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The Financial Situation
CONSIDERABLE disappointment is now being
voiced concerning the action of the House of
Representati
pressed matters too far and Congress definitely failed
to respond. That is still as true as it ever was, and
ves in passing by a large majority the perhaps as significant. The fact that the AdminisTennessee Valley Authority measure in about the tration with all the means at its disposal to bring
form desired by the Administration. The bill as it pressure upon members of Congress had succeeded
came to the floor of the House contained a number in having its way in another measure, albeit of a
of provisions that would have limited the damage highly destructive sort, must not be taken to mean
likely to be caused by the contemplated further that the revolt on the former measure is without
practical application of the so-called yard-stick important significance or that a changed attitude
principle. To these the Administration was violently on the part of many groups in the population, which
opposed, and it has now succeeded in having them was really responsible for the revolt, has suddenly
removed and the measure adopted in approximately disappeared.
the form in which it had already passed the Senate.
The point is simply that the action of the House
The measure as it now
in the holding company
stands will do infinite harm
bill and the success of
"Not Even a Good Soap-Box Formula"
to legitimate utility enterSenator Glass in amending
Characterizing the President's "soak-the
prises unless of course the
the banking bill in the
rich" tax proposals as"not even a good soapcourts intervene. It is to
box formula," Senator Vandenberg in a radio
Senate Committee indicate
address at the beginning of the week set forth
be deeply regretted that it
that there is a distinct
some facts that ought to be pondered by every
will, as now appears incitizen of this country.
possibility now, as there
evitable, become the law
Asserting that we had in two years exhas not always seemed to
pended some $14,000,000,000 while collecting
of the land. The fact that
be during the past year
in taxes only about $7,000,000,000, he added
it was able to muster a
that "there are but two possible results—
or two, of making headway
either deliberate money inflation to cheat
very large majority in the
against the current mania
our debts and debtors, or we balance the
House, which so recently
budget, pay as we go and restabilize the
for panaceas and punitive
public credit by heavily increased taxation."
had resisted the efforts of
legislation. Uninterrupted
The Senator, with whom we are often
the Administration to force
success in checking the
obliged to disagree, then proceeded to set
it to include the so-called
forth the sound doctrine that a balanced
Administration in its cambudget must be achieved not so much by
"death sentence" in the
paign for harmful measures
raising taxes as by reducing expenditures,
utilities measure, carries
was never at any time to
and that such increase in taxes as is unavoidunpleasant implications.
able must be laid upon a much larger probe expected, and there
portion of the people at large.
Whether it is true, as
never has been a time
It would be tragical if the people were led
some observers of long exto believe that by"soaking the rich" it would
when one could be certain
be possible to make any appreciable headway
perience are now inclined
thateventhe ground gained
in balancing the budget, or indeed if they
to believe, that this action
could be held. What was
gained the idea that the new tax program of
of the House suggests, if it
the Administration had any logical or sincere
clear, and what still is
relation to budget balancing.
does not plainly forecast,
plain in our judgment, is
This program was obviously designed for no
success for the Adminissuch purpose, and equally as obviously
that the time has come
could serve no such purpose. The worst of it
tration in its attempt to
when able and constructive
is perhaps that so long as politicians can give
have its own way in the
leadership can make real
the impression that a favored few pay the
Conference
enormous governmental outlays of the times,
Committee
headway in leading the
while the rank and file go free, we shall not
now considering the two
country back to common
be able to make satisfactory progress in imversions of the holding
pressing the average voter with the necessity
sense in the management
of curtailing expenditures.
company measure,it would
of our national affairs.
The man with a small income pays,and pays
be hazardous to predict.
Such leadership will, howheavily, and will continue to pay heavily for
It certainly raises a serious
the budgetary sins of the day regardless of
ever, be essential. If the
the nature of taxes levied.
question concerning this
opportunity now presentmatter.
ing itself is not fully
utilized, and if for a time it is possible for the fanatics
Uneven Progress to Be Expected
and the dreamers to regain complete ascendancy in
We think, however, that it would be unwise to Washington, it will be because no forthright,
courlose heart in too large a degree over the action of the ageous, and able leadership of a constructive
variety
House in the Tennessee Valley Authority matter. is developed. So far there is still unfortunatel
y none
After all, there never was any good reason to believe in view, and the prospects of
it still appear to be
that the revolt in the House on the holding company unpromising. This fact, and not
the action from day
matter would flourish uninterruptedly, and daily to day in Congress, is the really disheartening aspect.
wax in stature and vigor. Such movements do not of the current situation.
ordinarily conduct themselves in that way. It has
The Lobby "Investigation"
been evident for some time past, or at least it has
This lack of constructive leadership among the
seemed so to us, that considerable sections of the opposition is painfully evident in any
case, but at
business public had become rather over-enthusiastic no point is it more conspicuous perhaps
than in the
about what had been accomplished and was being serio-comic "investigation" that is apparently
about
accomplished in checking the trend of destructive to start in both the House and the Senate
of the
legislation. At best, really very little of a concrete "lobbying" that allegedly took place in connection
nature has been achieved. The point is that in the with the utility holding company measure. Every
utility measure, as in the banking bill, the President school child knows what sort of pressure is being
152
exerted upon members of Congress in behalf of Administration measures, and everyone knows how
useful the billions of dollars being spent by the Administration in a thousand different ways can be
for such a purpose. But everyone who has given the
matter a moment's serious thought knows equally
as well that this type of pressure would be of slight
effectiveness upon a Congress largely composed of
able men whose only interest was the true welfare
of the country as they saw it. Can anyone imagine a
politician attempting to force Senator Glass into
line by threatening to withhold Federal moneys
scheduled to be disbursed in the State of Virginia?
The weakness of the charges made by members of
Congress against Administration supporters in this
connection is that the very charges themselves seem
usually to be a confession of undue interest in certain local projects and patronage on the part of the
complaining legislators. It is of course common
knowledge that many members of Congress, probably an overwhelming majority of such members,
have long been quite willing to sell their votes for
such coin as this, provided they received what they
considered an adequate quid pro quo, and also provided they could make use of some one or more
of the dozens of parliamentary tricks known to them
all to make their peace with the "lobbyists" on the
other side if the pressure from that source became
troublesome.
The trouble is with the whole system, which is
tainted from head to foot, and we shall never make
really satisfactory progress in ridding .ourselves of
that system until we learn to select our representatives in Washington intelligently and dispassionately on the basis of real ability and public spiritedness. The present Administration has simply taken
an old and familiar mechanism, greatly improved it,
and utilized it to the limit. This it was able to do
by taking advantage of the insane idea so widely
prevalent that it is possible for us to squander our
way out of the depression. It would be a good thing
if the full truth of all this were brought fully into
the light of day, which it probably will not be, but
even this highly desirable procedure would do no
more at most than to improve the opportunity already existent for qualified leadership to come to
the front and take over the management of our
affairs.
The Power "Lobby"
As to the "lobbying" allegedly done by utility interests, no concrete evidence of anything of the kind
has been brought to light, unless indeed efforts to
impress the serious nature of current proposals upon
both legislators and the public at large are to be so
designated. If in such a campaign it has been necessary to appeal to the legitimate self-interest of
millions of investors, we for our part can see nothing
objectionable in a policy that faces that fact and
proceeds accordingly. Of course if public utility
interests, as is darkly hinted, have been guilty of
wrongdoing, the fact is to be regretted and whatever action is appropriate ought to be taken. Some
of these interests have not always been scrupulous
in the way that they have dealt with the public. So
far as we are aware, however, there is no evidence
of any recent misbehavior on their part, and we do
not believe that a tithe of what is being said about
them can be substantiated. But let it be repeated,
the important thing is the nature of the legislation
proposed, its desirability or the contrary viewed
July 13 1935
Financial Chronicle
from the standpoint of the good of the country as a
whole. There can be no question that those who
voted against the Administration in utility matters
can easily justify their action on the ground of public welfare. The legitimate complaint against them,
or most of them, is that they did not go far enough.
The chief and the depressihg feature of all the
"lobby" discussion proceeding in Washington is the
fresh reminder • that it affords of how relatively
small a part dispassionate consideration of the public interest really plays in shaping legislation in
this country.
The Legislative Program
TO the general legislative program of the Administration, it appears to be about as difficult as it has been for some time past to arrive at
any definite judgment of the likelihood of its full
consummation at this session of Congress. The
President early in the week appears to have agreed
to make some modifications in his so-called "must"
list of measures, although it is not altogether clear
just what the significance of this step on his part is.
It is at least conceivable that in order to get on better terms with some of his following in Congress
the Chief Executive has simply replaced his "must"
measures in part at least with "highly desirable"
bills, and will proceed in the future much as he has
in the past. It is impossible at this time to be certain what the effect of such a maneuver on his part
would be. The action of the House in the matter of
the Tennessee Valley Authority bill may be one of
the results of the White House conference that is
said to have occasioned this step by the President.
There are reports also that the President would
consent to an adjournment within about thirty days
provided he is reasonably well satisfied with the
accomplishments recorded by that time, but apparently only on condition that the House has passed
a tax measure satisfactory to him. It would in that
event be understood, however, that he would call
Congress for another session early in the fall, at
which time it would be expected to take his tax measure to the statute book. Of course a large part of
all these reports are to be regarded as hardly more
than conjecture, but conjecture by observers of considerable political experience. What is clear is that
the business community must reconcile itself to a
considerable further period of uncertainty concerning current legislation.
A
Works Relief
HE program under the Works Relief measure is
daily taking on more of the typical characteristics of another Civil Works Administration campaign. The President, apparently stung by his critics, is calling for action and attempting to appease
an impatient and doubting public by announcing a
vast multitude of petty projects whose economic
value is obviously very near zero. Officials are repeatedly issuing statements in defense of what has
become known as "boondoggling." As the affair is
now proceeding the Administration is clearly destined to waste an enormous amount of money providing just the sort of relief that was afforded by
the ill-fated Civil Works Administration, and of
course we may definitely count upon a marked reappearance of the evils that beset that project in
the early days of the present Administration. It
is a disheartening picture, but one that was ex-
T
Volume 141
Financial Chronicle
pected by all those who had given the facts any important consideration.
Federal Reserve Bank Statement
HANGES in the credit and currency statistics
this week consist chiefly of an abrupt rise of
reserve balances of member banks with the Federal
Reserve system, and a decline in the amount of currency in use. Both tendencies are in accord with
expectations, and the condition statement of the
twelve Federal Reserve banks, combined, presents
no surprises. The increase in member bank reserve
balances in the week from July 3 to 10 was no less
than $152,074,000, and the actual balances established a new high record at $5,051,797,000. But excess reserves over requirements failed to make a new
mark, although they are very close to previous record levels of about $2,500,000,000. The gold flow
from Europe is not in evidence at present and only
a nominal change is recorded in the gold certificate
holdings of the Federal Reserve banks. Currency in
use declined sharply in accordance with normal expectations after the July 4 holiday, and the increase
of reserve balances was due mainly to this factor and
to Treasury use of its own deposits with the Reserve
system. The tendency of the circulating medium
should •be downward hereafter, until close to the
end of the year, and member bank balances probably
will increase on this account. Excess reserves -quite
possibly will be stimulated as well by deposit of gold
certificates as national bank notes are retired from
actual circulation. All in all, it would appear that
supplies of idle funds are destined to increase even
beyond the current exaggerated levels.
Gold certificate holdings of the Federal Reserve
system totaled $6,226,231,000 on July 10, against
$6,226,221,000 on July 3, but the return of currency
caused a rise in other cash, and the total reserves
advanced to $6,490,061,000 from $6,465,277,000.
Member bank deposits on reserve account soared to
5,051,797,000 from $4,899,723,000, but Treasury,
foreign bank and other deposits all showed recessions, and the aggregate deposits were $5,455,841,000
on July 10, against $5,393,593,000 a week earlier.
Federal Reserve notes in actual circulation dropped
to $3,267,401,000 from $3,299,860,000, and it is noteworthy that the credit summary reflects an even
larger decline in all forms of currency in use. Although reserves increased and circulation liabilities
declined, the deposit liabilities advanced commensurately, and the ratio remained at 74.4%. Discounts by the system fell slightly to $6,841,000 from
$8,371,000, but industrial advances mounted again
and attained a level of $28,175,000, against $27,904,000. Open market bill holdings were quite unchanged at $4,687,000, while United States Government security holdings fell $346,000 to $2,430,413,000.
C
Government Crop Report
RICULTURAL conditions are excellent according to the July report of the Department
of Agriculture of the United States Government.
Such enthusiasm as is shown has not been in evidence in many a long day. A large increase is noted
in the probable production of wheat this year over
the earlier estimates. The corn crop will be considerably larger than last year, if production holds
up with present indications. The estimate of yield
for 1935, however, is comparitively unimportant
N
153
when some of the many bumper crops of past years
are remembered. The enthusiasm of the Department
breaks out into a poetical strain. The poor farmers,
by using Government loans and seeds, "and keeping
their tractors chsgging far beyond the usual hours
of labor," have "with the aid of their families
planted," etc., etc. How about the New Deal's thirty.
hour week and all that sort of thing? It might be
that if the same spirit were shown generally all conditions would be bettered.
The outlook for winter wheat is for a yield of
458,091,000 bushels. This contrasts with 441,494,000
bushels, the June estimate, and with last year's harvest of 405,552,000 bushels. The crop this year is
threatened with a widespread rust infection, which
may or may not prove serious. The July 1 condition
this. year was 73.0% of normal, against 74.2% on
June 1, and 57.2% on July 1 1934 for the short winter wheat crop, harvested last year. The latter was
the lowest July 1 condition in many years. The area
to be harvested this year was revised upward in the
July report to 31,389,000 acres compared with 30,497,000 acres on June 1, and 32,968,000 acres a year
ago. The outlook for spring wheat this year is very
good. The July 1 condition figure was 85.1% of normal compared with 38.4% the July 1 condition last
year,for the very small spring wheat crop harvested
then. In the past eighteen years the July 1 condition
has been higher than this year only on three occasions. The area in spring wheat on July 1 this year
was 20,837,000 acres against 9,281,000 acres a year
ago and 18,077,000 acres July 1 1933, and the estimated yield 272,954,000 bushels compared with last
year's harvest of only 91,453,000 bushels. A bumper
spring wheat crop was that of 1927, when the July 1
condition was 89.7% of normal, the highest of these
eighteen years, and the harvest 326,967,000 bushels.
For both winter and spring wheat this year's production is now estimated at 731,045,000 bushels.
This figure compares very favorably with the yield
of the preceding three years. With these exceptions,
however, it is below any year since 1920 except
only 1925.
Corn acreage this year is put at 93,590,000 acres
in the July report. This compares with 87,795,000
acres a year ago, and 103,022,000 acres, July 1 1933.
This year's crop was estimated at 2,044,601,000 bushels, but a great deal can happen before the crop is
gathered. Last year the July 1 estimate of yield was
2,113,000,000 bushels but the harvest was 1,377,126,000 bushels; in 1933 the harvest was 2,330,237,000.
The July 1 condition of 67.5% of normal this year
compares with 71.8% a year ago. The latter declined
to a very low figure, however, before the harvest,
There were many years in the past when the July
condition was above 80% of normal, and in 1921 it
was 91.1%.
Other crops generally are in good condition and
an increased yield is indicated for most of them excepting potatoes. Oats are put at a production this
year of 1,266,243,000 bushels. This is by no means
a large yield compared with many earlier years.
Last year, however, the harvest of oats was down to
528,889,000 bushels. For rye a marked increase of
9,000,000 bushels in the past month has raised the
July 1 estimate to 53,100,000 bushels this year,
against last year's harvest of only 16,040,000 bushels.
A forecast of 316,850,000 bushels for barley against
last year's yield of 118,348,000 bushels.
154
Financial Chronicle
Government's Cotton Report
HE acreage of cotton under cultivation this
year, according to the official announcement
of the Department of Agriculture, is placed at
29,166,000 acres. It compares with 27,883,000 acres
reported a year ago, for last year's crop, and is the
smallest for any year excepting last year since 1905.
The harvest last year was 26,987,000 acres, and for
the preceding year it was 27,883,000 acres, although
the area under cultivation on July 1 of that year
was placed at 40,852,000 acres. That was the year
when a large area was ploughed under early in the
season in agreement with the Government under
the New Deal. Comparison with other years for a
long way back shows the great change that has
recently taken place in regard to this important
crop.
The increase in this year's acreage over that of
last year was 4.6%. Nearly every State shows an
increase this year. The only important State where
a reduction in.acreage appears was Oklahoma. This
was due to unfavorable conditions of the weather
and certain complications in connection with the
contracts made by the Agricultural Adjustment
Administration. It was also announced by the
Department that increases permitted to producers
who signed two-year acreage reduction contracts
last year are partly offset by reductions made by
producers offering contracts this year for the first
time. The area planted to cotton in Texas this
year was 11,357,000 acres against 10,816,000 acres
last year. Relatively, the highest percentage of
increase in the important cotton-growing States
was for Louisiana, of 10%.
T
The New York Stock Market
ODEST but fairly persistent advances occurred
this week in the stock market and a number
of prominent stocks attained best levels of the year.
The high levels were not retained in all instances,
but the tone of the market was favorable at most
times. Less concern was felt by the financial community regarding the legislative enactments and
investigations, and the prospect of adjournment by
Congress next month proved encouraging. Reports
from the steel trade and some of the large automobile companies proved favorable and also stimulated
the market. Share turnover on the New York Stock
Exchange exceeded 1,000,000 in the first three sessions of the week, and closely approximated that figure in the trading Thursday and yesterday. Good
buying was noted in steel and motor stocks on Monday, and issues in these groups led the market to
better levels. Merchandising stocks were prominent
in the movement and various specialties also advanced, but rail stocks were dull. After a good opening, Tuesday, prices tended to recede in most sections, but some of the average compilations recorded
best levels of the year before profit-taking developed.
Silver shares were in demand throughout- the session, partly because large purchases of the metal
were made on the London market by the United
States Treasury. The close was slightly irregular,
with net changes small. The upswing was resumed
on Wednesday, and a fairly impressive list of new
highs for the year made its appearance. American
Telephone & Telegraph, General Motors, Chrysler,
United Aircraft, Inland Steel and National Steel
were among the issues that touched best levels.
Metal stocks and some of the rails also were in de-
M
July 13 1935
mand. A reaction set in on Thursday and wiped out
some of the previous gains. Profit-taking sales were
absorbed rather well, however, and the declines
were less pronounced than the previous advances.
Aircraft and metal stocks resisted the decline. Movements yesterday were mostly fractional, but a number of stocks advanced a point or more. Some of
the aircraft stocks showed good gains and a few
specialties also improved, but the great bulk of
issues held to former levels.
In the listed bond market the tone was irregular.
United States Government securities were marked
upward early in the week, when it appeared that
short term borrowing would be relied upon to raise
funds needed immediately. Some long-term Treasury bonds attained best levels in history on that
modest move. When it was announced Thursday
that a further competitive sale of long-term bonds
in the amount of $100,000,000 would be held next
week, prices receded slightly. Highly rated utility,
railroad and industrial bonds showed only small
variations. Speculative railroad securities in the
bond list were quite heavy for a time, but tended to
corded in Italian bonds, but Latin-American issues
followed the tendency of the stock market. In the
foreign dollar bond section a sharp drop was recorded in Italian bonds, but Latin American issues
improved because of a favorable debt settlement
with Costa Rica. Commodity markets advanced
sharply early in the week, and this tendency doubtless aided the securities markets. Movements were
mostly reactionary later in the week. Foreign exchange dealings afforded nothing that was new. The
dollar was weak against sterling on Monday, owing
to large transfers by the United States Treasury
to pay for silver metal purchases, but the tone was
steady thereafter. Gold units held to former levels.
On the New York Stock Exchange 199 stocks
touched new high levels for the year and 29 stocks
touched new low levels. On the New York Curb
Exchange 124 stocks touched new high levels and
18 stocks touched new low levels. Call loans on
the New York Stock Exchange remained unchanged
/
at 14%,the same as on Friday of last week.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 515,870
shares; on Monday they were 1,309,750 shares; on
Tuesday, 1,345,930 shares; on Wednesday, 1,150,160
shares; on Thursday, 995,960 shares, and on Friday,
1,097,817 shares. On the New York Curb Exchange
the sales last Saturday were 96,040 shares; on Monday, 164,605 shares; on Tuesday, 235,450 shares; on
Wednesday, 232,700 shares; on Thursday, 193,128
shares, and on Friday, 221,055 shares.
The general movement of prices on the Stock Exchange this week was toward moderately higher
levels, with trading volume much above last week's
total. Yesterday, after early irregularity, prices
advanced fractionally, and in many instances closed
higher than on Friday a week ago. General Electric
7
/
/
closed yesterday at 26' 8 against 2612 on Friday of
/
last week; Consolidated Gas of N. Y. at 2534 against
/
2634; Columbia Gas & Elec. at 7% against 8;Public
Service of N. J. at 37 against 38%; J. I. Case Thresh/
/
ing Machine at 5814 against 5734; International
4
1
/
at 47% against 46 ; Sears, Roebuck &
Harvester
/
Co. at 4718 against 44; Montgomery Ward & Co.
/
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at 2914 against 28%; Woolworth at 6214 against
61%, and American Tel. & Tel. at 127 against 128.
Allied Chemical & Dye closed yesterday at 1577/8
Volume 141
Financial Chronicle
against 156 on Friday of last week; E. I. du Pont de
Nemours at 10638 against 10378; National Cash
/
/
Register A at 17 against 18; International Nickel
/
1
2
at 28 against 27; National Dairy Products at 1678
/
against 1614; Texas Gulf Sulphur at 3478 against
/
/
34 ; National Biscuit at 3118 against 29%; Conti/
1
2
/
nental Can at 853 against 8678; Eastman Kodak
%
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at 14878 against 150; Standard Brands at 15%
/
against 16; Westinghouse Elec. & Mfg. at 5818
/
against 56 ; Columbian Carbon at 90 against 903
/
1
2
%;
Lorillard at 21% against 2114; United States In/
dustrial Alcohol at 462 against 431/4; Canada Dry
/
1
at 1178 against 1012; Schenley Distillers at 32%
/
/
against 295s and National Distillers at 27 ex/,
/
1
4
dividend against 2678
/.
The steel stocks again closed higher for the week.
United States Steel closed yesterday at 36%
against 351 8 on Friday of last week; Bethlehem
/
Steel at 30
/ against 29; Republic Steel at 1412
1
2
/
against 1418 and Youngstown Sheet & Tube at 1978
/,
/
against 19 . In the motor group, Auburn Auto
/
1
2
closed yesterday at 22% against 24 on Friday of
last week; General Motors at 36
/ against 33½;
1
4
Chrysler at 5278 against 5078 and Hupp Motors at
/
/,
1% against 1 . In the rubber group, Goodyear
/
1
4
Tire & Rubber closed yesterday at 19 against 18%
/
1
2
on Friday of last week; B. F. Goodrich at 8 against
8 ,and United States Rubber at 131 8 against 12%.
/
1
2
/
The railroad shares for the most part show increases
over the previous week. Pennsylvania RR. Zlosed
yesterday at 23% against 22% on Friday of last
week; Atchison Topeka & Santa Fe at 49% against
48½; New York Central at 17
/ against 171 8;
1
2
/
Union Pacific at 106 against 13; Southern Pacific
at 18 against 18; Southern Railway at 7 against
/
1
4
/
1
2
/,
712 and Northern Pacific at 1978 against 20.
/
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 48 against 47 on Friday of last
/
1
4
/
1
2
week; Shell Union Oil at 1018 against 101 8 and
/
/,
Atlantic Refining at 25 against 26 . In the copper
/
1
2
group, Anaconda Copper closed yesterday at 16
against 14% on Friday of last week; Kennecott
Copper at 1878 against 181 8; American Smelting &
/
/
Refining at 43 against 421 8 and Phelps Dodge
/
1
4
/
,
at 1778 against 17.
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Trade and industrial indices show no great variations, but comparisons with last year are mostly
favorable. Steel-making for the week ending to-day
was estimated by the American Iron and Steel Institute at 35.3% of capacity against 32.8% last week,
when the July 4 holiday caused a drop; 39.0% one
month ago, and 27.5% one year ago. This represents an increase of 2.5 points, or 7.6%, from the
preceding week. The Edison Electric Institute reports output of electrical energy in the week ended
July 6 at 1,665,420,000 kilowatt hours, whereas the
preceding full week showed production of 1,772,138,000 kilowatt hours. Car loadings of revenue
freight in the week to July 6 totaled only 472,421
cars against 618,036 cars in the preceding weekly
period, the American Railway Association reports.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 8138c. against 81c. the close on Friday
/
of last week. July corn at Chicago closed yesterday
at 813
/ as against 79 c. the close on Friday of
4c.
/
1
4
last week. July oats at Chicago closed yesterday at
3314c. as against 33c. the close on Friday of last
/
week.
155
The spot price for cotton here in New York closed
yesterday at 12.45c. as against 12:20c. the close on
Friday of last week. The spot price for rubber
yesterday was 12.16c. as against 12.18c. the close
on Friday of last week. Domestic copper closed
yesterday at Sc., the same as on Friday of last
week.
In London the price of bar silver yesterday was
/
311 8 pence per ounce as against 31 pence per ounce
on Friday of last week, and spot silver in New York
closed yesterday at 6834c. as against 69c. on Friday
/
of last week. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
$4.95% as against $4.95 the close on Friday of last
week, while cable transfers on Paris closed yesterday
/
/
at 6.6134c. as against 6.62 c. the close on Friday
1
2
of last week.
European Securities Markets
pRICE
trends were irregular this week on stock
exchanges in all the foremost European securities and financial markets. Uncertainties prevailed
everywhere on political grounds, while progress
toward international currency stabilization remained lacking. The London Stock Exchange was
fairly steady in most sessions, but a little unsettlement was occasioned by the evident intention of the
Italian Government to wage war against Ethiopia.
On the Paris Bourse the serious decline of last week
in rentes was offset in part by an advance, early this
week, but the movement did not continue very long.
The advance was initiated by official intervention,
according to Paris dispatches. The international
situation is unhappy, from the French viewpoint,
while anxiety prevailed with regard to the budget
balancing efforts of Premier Laval. Disclosure of
his economy proposals was postponed by the French
Premier until after the Bastille Day• celebrations,
and in the meantime Fascist leaders in France issued predictions of clashes and the fall of the Government. The Berlin market was firm until Wednesday, when a sharp decline was brought about by the
Directors of the Boerse, who declared that recent
advances of German stocks had no basis in the business situation. There are indications, indeed, that
the German recovery is proceeding only slowly at
present. In Great Britain, however, the advance of
business was referred to by several Ministers during
interpellations in the House of Commons. Prime
Minister Stanley Baldwin, in defending the unemployment policy of the National Government, made
disparaging remarks, Tuesday, concerning "one very
great country" which expended State funds on an
unprecedented scale, without producing the desired
natural revival of industry. British unemployment
again declined in June, but the statistics of the International Labor Office at Geneva indicate that
the world unemployment situation has not changed
materially during the last twelve months, since 20,000,000 unemployed are reported in the 29 principal
industrial countries.
The London Stock Exchange was quiet in the initial session of the week, with changes small and in
both directions. Declines in wheat and silver quotations unsettled the market to a degree. British
funds eased slightly, but in the industrial section
more gains than losses were recorded. International
securities were steady. Activity did not increase on
Tuesday, but the tone improved. British funds ad-
156
Financial Chronicle
July 13 1935
Stabilization Rumors
vanced a little, when trading was started at a preONTHLY meetings of Bank for International
mium in a New Zealand 3% issue. Home rail shares
Settlements Directors at Basle have tended
improved and some bright spots appeared in the into give rise, lately, to rumors of various kinds redustrial list. International issues remained steady.
of currency stabilization
In another dull session on Wednesday, British lating to the possibility
with floating units. The
funds again advanced. Industrial securities were by the leading nations
Monday was no exception,
uncertain, but an advance developed in silver stocks meeting last Sunday and
immediately by rumors in London
owing to gains in the price of the metal. Gold mining as it was followed
Central Bank governors, who
issues also were in better demand, but foreign se- to the effect that the
directorate of the B.I. S., had agreed to
curities were irregular. The session on Thursday comprise the
further speculative attacks
was cheerful and some increase in activity was re- act in common if any
against specific eurrencieg should materialize. The
ported. A new Indian loan was taken up readily,
London, reported that Montagu
and further inquiry appeared for British funds. In- Daily Herald, of
better, while favorable Norman, Governor of the Bank of England, had
dustrial issues were generally
Great Britain's £375,000,000
reports from New York occasioned advances in most pledged employment of
on Fund for the support of alinternational issues as well. In quiet trading yester- Exchange Equalizati
currency which shows weakday, slightly lower levels were common both among most any international
Such statements, of course, can have little or
ness.
gilt-edged and speculative securities.
the British Fund ManageWhen trading was resumed for the week on the no genuine basis, since
fall. The ment rests with the British Treasury, while the
Paris Bourse, prices once again started to
merely acts as the agent of the
steady downward movement of last week was con- Bank of England
the session, but just before the Treasury, so far as these matters are concerned.
tinued during most of
are due to a reported underclose strong buying of rentes was noted and was at- The rumors apparently
the Central Bank governors,
tributed to official intervention. The final upswing standing among
make speculative operations
equalized the movements of the day, and rentes reached last Sunday, to
currencies as difficult and costly as possible.
closed practically unchanged. French equities and against
francs were especially
international securities showed improvement. The Speculative sales of French
was contin- pronounced late in May, and the operations were
upward tendency established in rentes
the free
ued all of Tuesday, and sharp advances were scored conducted mainly through London, where
French bank, utility and industrial gold market makes possible a hedge against the sales
in this session.
The Bank of
stocks also improved, but on a smaller scale, while of gold currencies for future delivery.
steps some weeks ago to curtail such
international issues were irregular. Erratic upward England took
the Bank of France
and downward movements developed on Wednesday, speculative enterprises, and
moved in the same direction by halting gold loans
with rentes slightly lower at the close. Little business was done, but the tendency was lower in almost entirely.
In a Basle report of last Sunday to the New York
all departments of the market. The Bourse was exthat no concerted action by
tremely dull on Thursday, and movements again "Times" it is remarked
Central Banks is contemplated, but
were toward lower levels. Rentes lost only small the European
made to punish the speculators
fractions, but bank and utility stocks were rather every effort will be
making francs difficult to obtain when the time
heavy, while international securities remained ir- by
short sale contracts, which usuregular. Sentiment improved yesterday, owing to arrives to cover the
ally run for 90 days. Even this report should be
an impression that difficulties will be avoided
of salt, for the speculators would
to-morrow. Rentes and equities alike moved taken with a grain
face real difficulties only in the unlikely event of
higher.
currency dislocations and action
After an 'uncertain opening on the Berlin Boerse, serious immediate
authorities to prevent utilization of
Monday, prices improved quite generally and small by the British
hedges. The Basle meeting last Sunday
gains were registered in nearly all groups of issues. the gold
and Monday was attended by all the leading EuroThe initial decline was attributed to profit-taking,
Bank governors. It was, however, enwhich was absorbed easily, and the long advance of pean Central
taken tirely routine so far as the activities of the B. I. S.
quotations then was resumed. No interest was
concerned. In the course of the informal
in bonds, which remained motionless. In a more ac- itself are
s, much attention apparently was paid the
tive session on Tuesday, new advances materialized, discussion
on the Italian economy of the conwith gains ranging from 1 to 3 points. One potash possible effects
of conquest with Ethiopia. Italian
mining stock was marked up 5 points. Utility stocks templated war
the Board of Directors were very redid not participate in the movement, while bonds members of
correspondent of the New York "Times"
were stagnant. A rising tendency again was in evi- served, the
and they left Basle early, apparently withdence Wednesday, but the Directors of the Boerse stated,
colleagues any information on how
brought it to an abrupt halt an hour before the close out giving their
not Italy proposes to finance a venture against Ethiopia.
by a statement that business developments do
Basle were said to view with misjustify the recent gains. Recessions were general Other bankers at
with small gains. givings the repercussions on other currencies and
thereafter, but a few stocks closed
the strain likely to develop in Italy if
The majority, however, showed losses. • The official economies of
Mussolini continues his Ethiopian
statement was a more potent influence on Thursday, Premier Benito
French situation was viewed more optiwhen quotations dropped sharply in all sections of policy. The
despite the delay by Premier Pierre
the market. Losses of 2 to 3 points appeared in the mistically,
Laval in making known his plans for balancing the
specialties that Previously were in greatest demand,
while almost equally sharp declines were common French budget.
Jean Tannery, Governor of the Bank of France,
among other issues. Hardly any trading was done
discussed the stabilization problem in general terms,
eased slightly.
yesterday on the Boerse, and prices
M
Volume 141
Financial Chronicle
Wednesday, at a meeting of the American Club in
Paris, but he added nothing to the known circumstances. The argument for international action
toward stabilization was presented ably by the
French bank official, who declared that the "fate
of the world depends in large measure upon close
financial co-operation by New York, London and
Paris." The French determination to defend the
franc against every attack was emphasized, and M.
Tannery added that "in the present state of the
country devaluation would be both iniquitous and
vain." The success of recent French efforts to protect the franc should prepare the way for measures
of wider importance, he said. "After economic
restoration and the resumption of normal commercial relations between our peoples should come a general stabilization of currencies," the French bank
Governor continued. "Heralding the end of the
depression, this stabilization would be the surest
method of causing a real and durable rise in prices.
It would re-establish security, for business leaders
no longer would have to take the exchange factor
into account when the unstable currencies become
definitely fixed. The disappearance of this risk
would permit them to make long-term contracts, and
monetary stabilization thus would provoke business
recovery and a development of the credit mechanism
that is indispensable for modern economic life."
Italo-Ethiopian Impasse
O
VERWHELMING evidence that Italy intends
to wage a war of conquest against Ethiopia
in the autumn, when the rains cease in East Africa,
occasioned widespread diplomatic efforts this week
to prevent any outbreak of actual hostilities. The
British Government assumed the initiative in these
endeavors some time ago, possibly because Lake
Tsana, an importaht source of water for the Nile,
lies within Ethiopian territory. Premier Benito
Mussolini found unsatisfactory certain concessions
proposed by the British Government, even though
they involved a surrender of some British territory
in East Africa. Despite this rebuff, Great Britain
turned once again to the difficult task of finding a
means to placate the Italians and prevent warfare.
New proposals were hinted by Foreign Secretary
Sir Samuel Hoare,in the course of an address before
the House of Commons, Thursday, but the nature of
the further British effort was not disclosed. Ethiopia, in the meanwhile, appealed to the United
States Government to act for the prevention of war
under the Kellogg-Briand treaty. An appeal for
prompt measures also was addressed to the League
of Nations. There is, of course, little that the
United States can do in this situation, while the
moribund League probably can do less. It is upon
the direct diplomatic moves of the British Government that peace really depends, but there is only a
slim chance that war can be averted.
Premier Mussolini virtually closed all doors to
peace last Saturday when he addressed a further
division of Fascist troops about to sail for the
Italian colonies adjoining Ethiopia. "We have decided upon the struggle and we will carry it through
to the end," the Italian Dictator declared, from a
perch on a gun-carriage. "All Italy is behind her
sons sailing to Africa. Our determination is irrevocable. I and the Italian Government and the whole
people have taken the road and will not turn back."
The troops about to embark answered with shouts
157
of "War! War! War!" Signor Mussolini talked of
the coming struggle, a dispatch to the New York
"Herald Tribune" said, as "a heroic phase in the
history of our nation." The troops were urged to
avenge the Italian defeat suffered at Adowa, nearly
40 years ago. Still more troops were dispatched
this week, and it is suggested in some reports that
Signor Mussolini intends to place between 225,000
and 250,000 trained Italian troops on the ground
before beginning hostilities. In an Associated Press
report of last Sunday from Rome it was pointed out
that the first Italian attack probably will be directed
against Adowa. The Ethiopian appeal to the League
was described at Rome, Wednesday, as a "useless
attempt," and on the same day Premier Mussolini
called into council 120 generals and other high officers of his army. Military experts in London were
of the opinion that full conquest of Ethiopia is the
aim of the Italian Dictator, and some reports suggested that an attempt may be made to foment rebellion among the Ethiopian tribal chiefs by presenting
them with large sums.
Ordinary means of conciliation in the dispute between Italy and Ethiopia came to an end on Tuesday, when a special conciliation and arbitration
commission, appointed under a treaty between the
two countries, terminated its sessions at Scheveningen, The Netherlands. The sessions were marked by
continuous bickerings and disputes, and the final
clash occurred when a representative of Ethiopia
insisted that Ualual, the scene of a border conflict
last December,is in Ethiopia. The Italian delegates
refused to listen further, and the sessions were suspended indefinitely. Normal procedure would require the appointment of a fifth and neutral member to adjust points in dispute, but the commission
apparently could not agree even to that degree. The
League of Nations delegated the adjustment of the
dispute to the commission, with a provision that a
report is to be made to the League Council by
Aug. 25. In view of the breakdown in the conciliation efforts and the appeal by Ethiopia, it is evident that the League faces a further crisis. Italy
is understood to have informed Great Britain
already that a way for keeping Italy in the League
might be found by accusing Abyssinia of failing to
live up to her obligations as a League member.
There was some discussion in the British House
of Commons, Monday, about the slavery which still
is widespread in Ethiopia, and the impression was
gained by some correspondents that this issue might
be used to salve the consciences of neutral Europeans and to save the League from falling into utter
disrepute. On Thursday, Sir Samuel Hoare again
went before the House and suggested there might be
justification for certain Italian claims against
Abyssinia. He promised, however, that every effort
would be made to avert warfare and intimated that
another diplomatic move to prevent a conflict is
under way. The important disclosure was made
that Great Britain has not asked, and has no intention of asking, France to join her in any economic
blockade of Italy. All such rumors are without
foundation, the British Foreign Secretary declared.
He hinted also that the estrangement between London and Paris, caused by the British treaty on naval
armaments with Germany is passing, and the impression was gained that a joint Anglo-French
effort may be made as regards Ethiopia. "We stand
for peace and will not abandon any
reasonable
158
Financial Chronicle
chance that may offer itself for helping to prevent
a disastrous war,".Sir Samuel declared. But he
made it quite plain that the British Government
certainly will not go so far as to attempt a blockade
of Italy. In Paris reports it was admitted that the
French Government faces a dilemma, since aloofness
probably would mean the end of the League. But
French resentment over the British naval treaty
with the Reich remains keen, and stands in the way
of whole-hearted co-operation with Great Britain to
prevent an Italo-Ethiopian war. Some London reports suggest that Italy might be willing to accept
a settlement on the basis of wide territorial concessions by Ethiopia, together with the establishment
of a further large sphere of Italian influence.
The Ethiopian Government chose July 4 as the
date for an appeal to the United States to invoke
the Kellogg-Briand treaty, which outlaws war as
an instrument of national policy. A long memorandum was submitted, outlining the developments in
the dispute and setting forth the Ethiopian contentions that Italy intends to wage a war of conquest.
To this appeal a prompt reply was made by President Roosevelt, who pointed out that the issue
already was in process of arbitration by the League
of Nations. The United States Government, it was
indicated, would be loath to believe that Italy or
Ethiopia would resort to other than pacific means
as a method of dealing with this controversy. That
an exceedingly realistic attitude prevails in Washington, however, was shown last Saturday, when
approximately 125 Americans who live in Abyssinia
were advised by the United States Government to
leave the country. Secretary of State Cordell Hull
conferred on Thursday with the Italian Ambassador, Augusto Rosso, and he is reported to have informed the Ambassador that this country would
view with serious misgivings any steps Italy might
take toward actual warfare. When the conciliation
commission proceedings ended at Scheveningen, the
Ethiopian Government promptly sent a communication to the League of Nations demanding an immediate session of the League Council to consider the
problem. But at Geneva the view was taken that
the time for an urgent League Council meeting has
not necessarily arrived, and it seems quite likely
that the League will equivocate on this important
issue.
European Armaments
FFORTS are being made in Europe to heal the
diplomatic rifts occasioned by the Anglo-Gerweek
man naval treaty, and the atmosphere this
in the period immediwas perceptibly calmer than
Much
ately following the signature of that accord.
all Chancelleries to the conattention was paid in
dispute
flict between Italy and Ethiopia, and that
developments to a degree. The
overshadowed other
British Government sought French aid in preventindignaing actual warfare, but there was still much
the result
tion in France over the naval pact, and
Forremains in doubt. Sir Samuel Hoare, the new
National Cabinet, gave
eign Secretary in the British
Thursday,
an extended account of foreign relations,
House of Commons, and he
in a speech before the
questions
shed a little light on some of the leading
The naval accord with the Reich was
of the day.
contribudefended in this speech as an "all-round
on
tion to peace," and emphasis again was placed
to unreresort
the German undertaking not to
E
July 13 1935
stricted submarine warfare. The desirability of the
proposed Western European aerial defense agreement was stressed, and the British Government
again was placed on record as favoring Eastern
European and Danubian pacts. British interest in
the League of Nations has not diminished, Sir
Samuel indicated, and in British opinion it remains
the "key to collective security." It was held
urgently necessary to prevent the development of
any crisis that is likely to weaken or destroy the
principles upon which the League is built, and
British interest in the Abyssinian crisis was attributed to such motives. France was reminded of the
intimate collaboration of the last 30 years, and
assured that "it is not the British way to sacrifice
old friendships for new." Anglo-American relations
were described as excellent, and Sir Samuel even
saw signs of better days in the Far East. The
speech, it must be added, was not considered
especially appropriate or forceful by most observers,
in view of the war clouds now visible in several directions. The German Government made public last
Monday some of its naval plans. It was announced
that the construction program for this year will
include two 26,000-ton battleships, two 10-000-ton
cruisers and 28 submarines. These additions will
total 107,500 tons.
Austria Moves Toward Monarchism
ESTORATION of the monarchy in Austria was
brought a long step nearer on Wednesday,
when the Federal Diet approved unanimously a
Government proposal for abolition of the anti-Hapsburg laws of 1919. The tendency has been long in
evidence and no great surprise was occasioned by
the incident, but international repercussions are
quite possible. The three couqtries of the Little
Entente are firmly opposed to restoration of the
Hapsburgs to the throne in Austria, as a move of
that kind might aid the agitation for re-assembling
some of the lost territories of the old Dual Monarchy.
France, as the supporter and ally of the Little Entente States, probably would take a similar attitude. It is not yet clear what the German and
Italian reactions might be. The principal effect of
the measure approved at Vienna, Wednesday, is to
make possible a return to Austria of the members
of the old ruling house who declined to renounce
their aspirations to the throne. The former Empress, Zita, and her son, Archduke Otto, who have
been living in Belgium in recent years, are expected
to take advantage of the new situation at an opportune time. Austrian Government officials insisted,
when the old laws were rescinded, that actual
restoration of the monarchy is not contemplated,
but their protestations are not considered to have
much significance. The Austrian Government is
empowered, under the new laws, to return to the
members of the Hapsburg family virtually all the
properties confiscated when the Republic was
formed. Whether the Austrian people desire a return of the Hapsburgs or the restitution of the
former imperial properties is not known, for they
were not consulted by Chancellor Kurt Schuschnigg
and the Ministers of the Fascist Cabinet.
R
Costa Rican Debt Settlement
LOWLY but steadily the defaults on foreign
dollar bonds which marked the early years of
the depression are now ;being replaced by arrange-
S
Volume 141
Financial Chronicle
ments for resumption of debt service. To the list
of countries that have taken steps toward such adjustments, Costa Rica was added on Wednesday,
when announcement of a new arrangement was
made by the Foreign Bondholders Protective Council, Inc. The agreement is highly creditable both
to the small Latin American Republic and to the
skilful negotiators of the Council, for it signifies
an early resumption of cash payments on a basis
of 50% of the sums called for in the loan contracts.
Such payments are to continue for three years, and
thereafter the Costa Rican Government undertakes
to service its dollar bonds in full accord with the
stipulated requirements of the original contracts:
In announcing this plan, the Council took occasion to praise the "high ideals which motivated the
Costa Rican Government in seeking to make an
arrangement which would be fair to the bondholders
and which the Government could carry out." The
negotiations were conducted by the Council with a
Costa Rican delegation consisting of Alberto Ortuno and Manuel Montejo, and an exchange of letters reveals that the Costa Rican President, Don
Ricardo Jimenez, approved the settlement. At the
conclusion of the negotiations, Costa Rica expressed
her firm determination to carry out the plan.
Two issues of Costa Rican dollar bonds, floated
in 1926 and 1927, are affected by the new agreement.
One issue is an $8,000,000 7% loan, due in 1951, of
which $7,198,000 bonds remain outstanding, while
the other is a $1,800,000 71 2% loan, due in 1949, of
/
which $1,583,000 bonds remain outstanding. Default on these bonds occurred in 1932 and 1933, and
the Costa Rican Government at such times made
funding bonds available to the holders in lieu of cash
interest payments. Holders of the 7% loan received
$23 in cash and a funding bond of $222 for coupons
maturing up to Nov. 1 1935, while holders of the
71 2% loan received a funding bond for $300 for
/
coupons maturing up to March 1 1937. The arrangement now made calls for cash payment in dollars
of 50% of the interest and 50% of the amortiza
tion
requirements for a period of three years after expiration of the terms during which funding bonds
cover the interest. When the three-year periods
end, the full interest and amortization service
is
to be resumed, in observance of the original
loan
contracts. It is noted in the Council's announcement that the Costa Rican delegation first suggeste
d
a permanent settlement on the basis of 3% interest
and 1% annual amortization, but after "frank and
friendly negotiations," the adjustment was made on
the basis of the temporary arrangement for three
years and full resumption of debt service thereafter.
The Costa Rican Government agreed, moreover, not
to make any arrangements with holders of its sterling and franc bonds that would be more favorabl
e
than the current adjustment. It was indicated that
holders of the bonds will be asked to contribute to
the modest expenses of the Council by making a
single payment of $1.25 for each $1,000 bond, and
the Costa Rican Government has been asked to make
a similar contribution.
Australia
ELATIONS, between the United States and Australia, which always have been excellent, were
reviewed briefly this week as a consequence of a
visit to this country by the Australian Premier,
Joseph A. Lyons. Accompanied by Mrs. Lyons and
R
159
several secretaries, Mr. Lyons arrived in New York
last Saturday from Europe, where he attended the
jubilee celebrations for King George V, as the
official representative of Australia. Economic
conditions in Australia, the Prime Minister said on
his arrival, have improved very materially since the
period from 1929 to 1932, when the ravages of the
depression were most severe. Governmental expenses were curtailed and kept within income, he
remarked, and the wisdom of this course is demonstrated by results for the year ended June 30 1935,
when the fiscal period was closed with a surplus of
£700,000. Prime Minister Lyons went to Washington last Sunday, where he was the guest of President and Mrs. Roosevelt until Tuesday. He was
greeted on his arrival at the capital by Secretary
of State Cordell Hull, and in the course of his
stay he discussed with leaders of the Administration
the possibility of negotiating a reciprocal trade
agreement between the United States and Australia.
In a Washington dispatch of Tuesday to the New
York "Times" it was stated that the basis for such
an agreement was laid in the Washington discussions. Secretary Hull and Prime Minister Lyons
agreed as to objectives, it was said, and active discussions probably will be undertaken within the
next few weeks by Sir Henry Gullet, Minister without portfolio in the Australian Cabinet. Sir Henry
is now in London discussing a meat agreement with
the British Government, and he will spend some
time in Washington before returning to Australia.
Mr. Lyons and the members of his party left Washington for Montreal, Tuesday evening, and the
return to Australia will be effected by way of
Vancouver.
Discount Rates of Foreign Central Banks
HE Bank of Spain on July 10 reduced its discount rate from 532% to 5%. The 532% rate
had been in effect since Oct. 29 1934, at which time
it was reduced from 6%. On the same day the Bank
of Austria reduced its rate from 4% to 33/2%, the
4% rate had been in effect since Feb. 23 1935, at
which time it was lowered from 43/2%. Present rates
at the leading centers are shown in the table which
follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria__
Batavia _ __
Belgium__
Bulgaria...
Canada....
Chile
Colombia...
Czechoslovakia__
Danzig.. __
Denmark_ _
England._
Estonia....
Finland ___
France._ _.
Germany_.
Greece... _
'tolls nd
Rate in
Effect
Date
July12 Established
Pre!nous
Rate
3S4
4
2
7
234
4
4
July 10 1935
July 11925
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
334
6
234
2
5
4
4
4
7
3'4
Jan. 25 1933 434
May 31935 4
Nov. 29 1933 3
June 30 193
254
Sept.25 1934 534
Dec. 4 1934 434
July 4 1935 5
Sept. 30 1932 5
Oct. 13 1933 734
July 619354
4
434
234
8
_
434
5
Country
Rate in
Effect
Date
July12 Established
Hungary _
434 Oct. 17 1932
India
334 Feb. 16 1934
Ireland
3
June 30 1932
Italy
334 Mar.25 1935
Japan
3.65 July 3 1933
Java
434 June 2 1935
Jugoslavia_ 5
Feb. 1 1935
Lithuania_ 6
Jan. 2 1934
Morocco
634 May 28 1935
Norway
334 May 23 1933
Poland._
5
5 Oct. 25 1933
Portugal
5
Dec. 13 1934
Rumania_
454 Dec. 7 1934
SouthAfrica *4
Feb. 21 1933
Spain
5
July 10 1935
Sweden
234 Dec. 1 1933
Switzerland
234 May 2 1935
PreMous
Rate
5
4
334
4
3
34
(iSZ
7
414
4
6
534
6
5
534
3
2
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16@%% as against 9-16©%%
on Friday of last week, and %% for three-months'
bills as against %% on Friday of last week. Money
on call in London on Friday was 5'2%. At Paris
the open market rate remains at W and in SwitzerI%
land at 3%.
Bank of England Statement
HE statement for the week ended July 10 shows
a gain of £7,915 in bullion, which, together
with a contraction of £719,000 in circulation, brought
T
July 13 1935
Financial Chronicle
160
0 marks, in investments of
about an increase of £727,000 in reserves. The Bank in advances of 44,369,00
daily maturing obligations of
now holds £193,271,840 gold, which compares with 872,000 marks,in other
in other liabilities of 3,889,000
£192,154,902 a year ago. Public deposits decreased 101,231,000 marks and
n of the different items for
£1,268,000 and other deposits £3,531,948. Of the marks. A compariso
years appears below:
latter amount £1,919,762 was from bankers' accounts three
REICHSBANK'S COMPARATIVE STATEMENT
and £1,612,186 from other accounts. Loans on
Changes
Government securities decreased £2,395,000 and
July 6 1935 July 7 1934 July 7 1933
for Week
latter conReichsmarks Reichsmarks Reichnnarks
loans on other securities £3,083,130. The
Reichsmarks
Assets—
70,122,000 194,156,000
85,824,000
+211,000
bullion
17,652,000
17,916,000
22,109,000
sists of discounts and advances, which fell off £3,- Gold and depos. abroad
No change
Of which
86,008,000
6,850,000
4,006,000
3,000
+
Reserve in foreign curr_
115,211, and securities, which rose £32,081. The Bills of exch.and checks —262,315,000 3,669,327,000 3,327,561,000 3,185,250,000
+51,760,000 179,110,000 218,175,000 229,531,000
Silver and other coin_ - _
7,717,000
8,989,000
8,936,000
+4,422,000
reserve ratio rose to 34.31% from 32.81% a week Notes on other Ger. bks —44,369,000 45,113,000 . 72,839,000 84,693,000
Advances
—872,000 660,126,000 694,395,000 319,712,000
it was 44.74%. No change was made Investments
ago; last year
+27,293,000 676,193,000 579,821,000 483,425,000
Other assets
Liabilit
in the discount rate from 2%. Below we show the Notes in circulation_
—154,747,000 3,740,490,000 3,631,890,000 3,392,172,000
Other daily mater. oblig —101,231,008 717,765,000 557,582,000 359,174,000
figures with comparisons for several years:
213,196,000 165,483,000 195,413,000
Other liabilities
Propor. of gold & torn
curr, to note circula'n
BANK OF ENGLAND'S COMPARATIVE STATEMENT
July 10
1935
July 11
1934
July 12
1933
July 15
1931
July 13
1932
£
£
£
E
£
358,913,277
400,652,000 384,625,984 378,471,340 366,271,208 15,676,264
Circulation
8,360,000 17.433,369 16,840,467 17,047.517 100,134,130
Public deposits
144,959,228 133,463,727 152,293,086 116,325,840
Other deposits
82,759,203 66,429,340
Bankers'accounts- 108,593,215 97,285,294 95,958,793 33,566,637 33,704,790
36,366,013 36,178,433 58,334,293
Other accounts_
82,647,071 87,055,963 65,785,765 30,020,906
95,802,044
Govt.securities
37.571,598
22,954,400 18,789,665 27,645.095 39,718,909 7,406,783
Other securities
14,771,076
Disa.& advances_ 10,372,619 7,832,157 15,099,677 24,947,833 30,164,815
10,957,508 12,545,418
12,581,781
Securities
45,933.529 66,286,617
Reserve notes di coin 52,620,000 67,528,918 72,498,025 137,204,737 165,199,894
193,271,840 192,154,902 190,969,365
Coin and bullion
Proportion of reserve
57.23%
34.43%
42.86%
44.74%
34.31%
to liabilities
234%
2%
21
,
2 7,
,
27
itAnk mtg.
Bank of France Statement
HE weekly statement dated July 5 shows an increase in gold holdings of 255,040,814 francs.
The total of gold is now 71,272,418,907 francs, which
compares with 79,653,055,691 francs a year ago and
81,264,491,576 francs two years ago. French commercial bills discounted register a loss of 994,000,000
francs and creditor current accounts of 608,000,000
francs. Notes in circulation record a gain of 99,000,000 francs, bringing the total of notes outstanding
up to 82,197,561,545 francs. Circulation a year ago
stood at 81,892,015,075 francs and the year previous
at 83,906,508,580 francs. An increase also appears
in bills bought abroad of 1,000,000 francs and in advances against securities of 79,000,000 francs. The
Bank's ratio is now 74.60% as against 69.56% a year
ago and 78.13% the year before. Below we furnish
a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings
Credit bals. abroad.
a French commercial
bills discounted
b Bids bought abr'd
Adv. against securs_
Note circulation_ _ _
Credft.current accts.
Propor'n of gold on
hand to sight liab_
July 5 1935
July 6 1934
July 7 1933
Francs
Francs
Francs
Francs
+255,040,814 71,272,418,907 79,653,055,691 81,264,491,576
14,568,975 2,572,952,103
6,029,597
No change
—994,000,000 7.027.886,553 3,862,159,798 3,173,939,042
+1,000,000 1,203,386,636 1,141,449,221 1,404,168,232
+79,000,000 3,356.397,942 3,154,870,215 2,762,209,104
+99,000,000 82,197,561.54581,892.015.075 83,906,508,580
—608,000,000 13,343.902,101 18,223,281,214 20,111,919,535
78.13%
79.56%
74.60%
+0.67%
abroad.
Includes bills purchased in France. b Includes bills discounted
a
—3,889,000
+0.10%
2.40%
2.1%
8.3%
New York Money Market
OUTINE dulness prevailed in the New York
money market this week, demand for accommodation being light and rates unchanged in all
departments. A new high record was attained in
the reserve balances of member banks with the Federal Reserve System this week, and this is as good
an illustration as any of the state of the market.
Also significant is the great demand for short-term
obligations of the best classifications. The United
States Treasury offered last Monday $500,000,000
notes due in four years and five months, and with a
coupon of only 1%%. Notwithstanding the extremely low return, applications amounted nearly
to $3,000,000,000. The Treasury sold on Monday
two series of discount bills, and rates on these instruments also were extremely low. One series of
$50,000,000 bills, due in 133 days, was awarded at
an average discount of 0.068%, computed on an
annual bank discount basis, while a further series
of $50,000,000, due in 273 days, went at 0.08% average discount. New York State sold on Monday an
issue of $75,000,000 notes due in 10 months at the
record low rate of 0.35%. Call loans on the New
York Stock Exchange held to 1/4% for all transactions, whether renewals or new loans, and time
loans up to six months' maturity also continued at
that figure.
R
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, Yi of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money shows no change this week, no. business
having been reported. Rates are Yi% on all maturities. Trading in prime commercial paper has
been fairly active this week. The demand has been
strong and there has been a good supply of paper at
3
hand. Rates are 4% for extra choice names running
from four to six months and 1% for names less known.
Bankers' Acceptances
D
Bank of Germany Statement
HE quarterly statement dated July 6 reveals another increase in gold and bullion, this time of
211,000 marks. The total of gold is now at 85,824,000 marks, which compares with 70,122,000 marks
last year and 194,156,000 marks the previous year.
HE market for prime bankers' acceptances has
Reserve in foreign currency, silver and other coin,
been extremely quiet this week. Few bills
assets record
notes on other German banks and other
marks,4,422,000 have come out and there has been little interest
increases of 3,000 marks, 51,760,000
marks and 27,293,000 marks, respectively. The displayed in this section of the market. Quotations
Bank's ratio is now 2.40%, in comparison with 2.1% of th6 American Acceptance Council for bills up to
a year ago. Notes in circulation show a contraction and including 90 days are 3-16% bid and %% asked;
-4% bid and 3-16% asked; for
of 154,747,000 marks, bringing the total of the item for four months,?
to 3,740,490,000 marks. Last year circulation five and six months, /% bid and 5-16% asked.
down
aggregated 3,631,890,000 marks and the previous The bill buying rate of the New York Reserve Bank
for
1
year 3,392,172,000 marks. A decline is recorded in is M% for bills running from to 90 days, Yi%
120-day bills, and 1% for 121- to 180-day bills.
bills of exchange and checks of 262,315,000 marks 91- to
T
T
Volume 141
Financial Chronicle
161
The Federal Reserve banks' holdings of acceptances United States Treasury in London. For some weeks
remain unchanged at $4,687,000. Open market the price of silver in the London open market has
rates for acceptances are nominal in so far as the been declining steadily owing to heavy selling by
dealers are concerned as they continue to fix their Far Eastern speculators. On Saturday last the
own rates. The nominal rates for open market accept- Indian and other eastern speculators showed a strong
ances are as follows:
tendency to dump their holdings in the belief that the
SPOT DELIVERY
United States would not continue to push up the
--180 Days— —150Days— —120 Days—
Asked
Bid
Asked
Bid
Asked
Bid
price of silver for the present. According to London
Prime eligible bills
3(
'tot
dispatches on Saturday, the tenor of which was not
—90 Days— —80 Data— —30 Days—
Asked
Bid
Bid
Asked
Bid
Asked
denied here, only heavy buying by the United States
Prime eligible bills
34
'Is
34
34
II.
FOR DELIVERY WITHIN THIRTY DAYS
Government prevented an unparalleled break in the
Eligible member banks
ii% bid
price of silver. The fixing price was not determined
Eligible non-member banka
34% bid
until after, an unprecedented delay of nearly three
DiscountRates of the Federal Reserve Banks
hours, when on bidding by agents of the United
HERE have been no changes this week in the
States Treasury the price was finally set at 30 11-16d.
rediscount rates of the Federal Reserve banks.
an ounce for cash and 30 5-16d: for two-months
The following is the schedule of rates now in effect
forward delivery, declines of 5-16d. and /d. an
3
for the various classes of paper at the different
ounce, respectively, from the previous close. Far
Reserve banks:
Eastern selling was renewed on Monday, although
DISCOUNT RATES OF FEDERAL RESERVE BANKS
the price advanced a full penny without any visible
Rate in
sign that the United States Treasury was active in
Federal Reserve Ban,t
Date
Preylout
Effect on
Established
July 12
Rate
the market.
Boston
Feb. 8 1984
234
2
New York
Feb. 2 1934
2
On Tuesday, however, evidence of Far Eastern
134
Pblladelphia
Jan. 17 1935
234
2
Cleveland
May 11 1935
2
134
dumping was again apparent and for 50 minutes
Richmond
May 9 1935
2
234
Atlanta
Jan. 14 1935
2
234
beyond the usual "fixing time" the market was in a
Chicago
Jan. 19 1935
2
234
St. Louis
Jan. 3 1935
2
234
deadlock. Brokers who were responsible for fixing
Minneapolis
May 14 1935
2
234
Kansas City
May 10 1935
234
2
the price, apprehensive because of the known quanDallas
May 8 1935
2
234
San Francisco
Feb. 18 1934
2
234
tities available in the market, delayed action and
made frantic pleas for support to the British banks
Sterling Exchange
Course of
•
and to those acting for the United States Treasury.
STERLING exchange is firm. It is believed that
•
only steadying operations undertaken by mutual The United States answered the appeals with bids,
arrangement between the London and American thus allowing the fixing of the quotation. The forbanking authorities prevented the pound from ward price of bar silver coincided with the spot price
attaining exceptionally high ground this week. In for the first time in a year. It was down 5-16d.
/
Tuesday's trading sterling cable transfers sold as Spot silver was quoted at 301 0., off 3-16. Sterling
was exceptionally strong, as those acting for the
high as .98%, a new high for the year and the
highest since November. The range for sterling this United States Treasury Department bought sterling
week has been between $4.94% and $4.98% for with dollars to obtain funds with which to purchase
bankers' sight bills, compared with a range of between silver. Hence the quotation for sterling in New York
$4.93 and $4.953 last week. The range for cable of $4.98%, making a new high for the year.
4
According 'to the London correspondent of the
transfers has been between $4.95
and $4.985
%
"Wall Street Journal," Washington's methods in
%
compared with a range of between
.933 and
$4.95 a week ago. Although the French franc and the carrying out the silver purchase program are congold bloc currencies are also exceptionally strong in demned in London as "playing ducks and drakes
terms of the dollar, the French franc, as reflected in with the life-blood of one-third of the world's poputhe London check rate on Paris, ruled easier this lation. . . . The actual demand for consumption is
week than last, that is, more in favor of London. It is negligible. Speculation arising from the American
believed that only active co-operation by the Ex- program is alone held responsible for the present
change Equalization Fund prevented a sharp rise prices, which otherwise would be much lower. There
is great danger of widespread failures in the Far East
in the pound against the franc.
should American support be withdrawn. There is
The following tables give the mean London check
rate on Paris from day to day, the London open equal danger that rising prices would cause a further
market gold price, and the price paid for gold by the breakdown in Chinese trade through more deflation."
Various countries have imposed embargoes or other
United States:
emergency measures in an attempt to prevent the
MEAN LONDON CHECK RATE ON PARIS
melting of their silver currencies or the hoarding or
Saturday, July 6
74.687
Wednesday, July 10
74.82
Monday, July 8
74.828
Thursday, July 11
74.895
exportation of their silver stocks. Among the counTuesday, July g
74.875
Friday,
July 12
74.877
tries taking such action owing to the high prices of
LONDON OPEN MARKET GOLD PRICE
silver in the world's market are China, Peru, Mexico
141s.
Saturday, July 6
Wednesday, July 10_ _140s. 11d.
1405. 9d. I Thursday, July 11___140s. 8d.
Monday, July 8
and Italy. It now seems probable that some coun1409. 7d.
Tuesday, July 9
Friday,
July 12_140s. lid.
tries will impose severe restrictions against the export
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
of gold. Should this occur, the Far Eastern offerings
$35.00
Saturday, July 6
Wednesday, July 10
$35.00
of gold,from hoarded stocks may be seriously cur35.00 Thursday, July 11
Monday, July 8
35.00
Friday,
35.00
Tuesday, July g
July 12
35.00
tailed. According to a United Press dispatch from
The foreign exchange situation is essentially un- Teheran, Iran (Persia), the Government imposed a
changed from recent weeks. The sharp rise of sterling, severe decree on July 6 of embargo against the
reor rather weakness in the dollar, especially from moval of either gold or silver from the country. The
Saturday to Tuesday, was due to an unusual set of decree provides that anyone who tries to remove the
circumstances connected with silver purchases by the metals will be liable to execution by a firing squad.
T
1935
July 13
Financial Chronicle
All the gold available in the London open market
The decline in sterling on Wednesday to around
was taken this week for unknown destinations. On
4
$ .963/2 for cable transfers, corresponding of course
last there was available and so taken
to firmer dollar quotations, reflected a normal mar- Saturday
on Monday £240,000, on Tuesday £350,ket and a firm sterling market for this season of the £230,000,
Wednesday £285,000, on Thursday £123,000
year. Aside from special contingencies which may 000, on
Friday £165,000.
arise at any time through such measures as the silver and on
The gold movement at the Port of New York for
purchasing drive, or special and secret steps taken
week ended July 10, as reported by the Federal
by central bank authorities to regulate some unlooked the
e Bank of New York, was as follows:
for or extraordinary movemeut in exchange, bankers Reserv
NEW YORK,JULY5—JTJLY 10,INCLUSIVE
expect that sterling will continue firm and in demand (GOLD MOVEMENT AT
Exports
Imports
None
with fluctuations at a minimum from now until
$5,000 from Nicaragua
toward the end of August. Seasonal factors favor
35.000 total
t
sterling and tourist requirements are at the highes
Net Change in Gold Earmarked for Foreign Account
or
Decrease: $345,000
level in several years. Probably not since 1929
of gold was
Note—We have been informed that approximately $222,000
requirements for accommoda1930 have travelers'
received from China at San Francisco.
tion been so heavy.
The above figures are for the week ended on
The flow of funds to London both for safety and
Wednesday. On Thursday and on Friday there were
investment continues unabated. In no other currency
no imports or exports of the metal, or change in gold
are nervous funds so secure. British business conheld earmarked for foreign account. On Friday it
tinues to expand and a sense of buoyant confidence is
by was reported that 826,000 of gold was received at
reflected in business circles in London, enhanced
San Francisco from China.
recent remarks of Chancellor of the Exchequer Neville
Canadian funds during the week in terms of the
Chamberlain, who said that he had almost realized
dollar were quoted at a discount ranging between
his ambition to remove the burdens imposed during
1
4% and 1-16%.
the crisis of 1931. He declared that he did not think
Referring to day-to-day rates, sterling exchange
for risky
public confidence in 1933 would have stood
on Saturday last was firm in a dull half-day session.
relief, but that in 1934 he had been able to give
4
Bankers' sight was $4.94%@$4.953 ,cable transfers
stimulating relief upon the standard rate of the
6. On Monday the pound was active
$4.953 3@$4.9
income tax and that 2,250,000 people would benefit
to operations on the other
nces and 1,200,000 from the and firmer owing chiefly
from restored allowa
4
side. The range was $4.95k@$4.971 for bankers'
restoration of salary cuts. Mr. Chamberlain's reg sight bills and $4.96@$4.973/ for cable transfers.
marks were made on the occasion of the third readin
On Tuesday sterling went to a new high for the year.
in the House of Commons of the Government's
Bankers' sight was $4.96W$4.98%; cable transfinance bill which implements the budget presented
fers, $4.96M@S4.98/. On Wednesday the market
in April.
abroad was quiet, ranging between $4.953% and
The latest bankers' loan statistics are £40,000,000
3
the $4.964 for bankers' sight and $4.959@$4.96% for
above 1934, and it is asserted in London that
Thursday sterling was steady.
activity is not in sight yet. Hence cable transfers. On
peak of domestic
Bankers' sight was $4.95M@$4.963 and cable transthe London opinion, evidently inspired, that "there
ate fers were $4.95%@$4.96%. On Friday sterling was
is, therefore, no hurry to return to gold to stimul
zation steady and the undertone was firm. The range was
international commerce." Nevertheless stabili
.
ch of $4.953 4 @$4.95% for bankers' sight and $4.95%®
talk continues. According to a Paris dispat
or of the Bank of $4.95k for cable transfers. Closing quotations on
July 10, M. Jean Tannery, Govern
nd Friday were $4.95:for demand and $4.95k for cable
France, predicted that "America, France and Engla
transfers. Commercial sight bills finished at $4.954,
soon will unite for stabilization."
dur- 60-day bills at $4.94, 90-day bills at $4.9332, docuThe decision of the Central Bank Governors
-day
act in ments for payment (60 days) at .93k, and 7
ing the recent monthly meeting at Basle to
of re- grain bills at $4.95%. Cotton and grain for payment
common if there should be the slightest sign
y repre- closed at $4.953.
newed attack on the currency of any countr
Settlements has
sented in the Bank for International
Continental and Other Foreign Exchange
n. The
caused considerable discussion in Londo
RENCH francs are firm and on numerous occaon
"Daily Herald" declares that it is virtually a decisi
sions during the past week sold well above new
zation
by private bankers to achieve currency stabili
dollar parity. The franc situation is essentially untion
without governmental agreement. In this connec
d. from last week and the firmness is due to
that central banks never take a change
it is well to point out
the the cessation of pressure against the franc, which
public position which would be contrary to
might reached a critical stage near the end of May. Neverpolicies of their respective Governments. It
central theless there still exists a large short interest in francs,
be reasonable to surmise that the leading
by their though not on this side, and this short interest will
bank authorities are now being encouraged
za- not be compelled to cover until August. Meantime,
Governments to feel a way toward de facto stabili
cuous co- it is understood that the central banks of the gold
tion of the currencies. Certainly the conspi
United bloc countries are imposing certain restrictions on
operation recently manifest between the
France forward transactions and putting obstacles in the
States Treasury Department, the Bank of
nce to way of bear covering of engagements undertaken by
and the London authorities, would give substa
such speculative interests in May. Dispatches from
such an opinion.
bills are Basle stated that on Sunday, July 7, central bank
In the London open market two-months'
-months' authorities gathered for the monthly meeting of the
9-16% to %%,three-months' bills /%,four
bills 1346% Bank for International Settlements arrived at some
bills %% to 11-16%, and six-months'
sort of agreement whereby bear speculators against
to %%.
162
F
Volume 141
Financial Chronicle
francs and other currencies would be "taught a
lesson" that would make them fear to attack the franc
again. Doubtless the central banks are able to place
severe curbs upon bear speculation in exchange, but
in so doing they commit a violation of the principle
of free markets, which in the long run will prove
damaging to any country which thus interferes with
the rights of traders to cover their contractual obligations.
Aside from this consideration, the truth of the
• matter is that the weakness in the franc and the socalled attacks on other gold bloc currencies originated
not so much in bear speculation as in the actual flight
of capital from those countries in the fear of ultimate
devaluation. In the case of France, the unsatisfactory budgetary position of the Government, which
still continues, had much to do with the flight of
capital from Paris and the excessive hoarding of gold
by French nationals. Up to the present M. Laval has
taken no measures to improve the French economic
situation. It is expected that on July 16 M. Laval
will disclose his program for the protection of the
franc and the reduction of Governmental expenditures and other measures to bring about economic
improvement.
In a recent address before the American Club in
Paris, M. Jean Tannery, Governor of the Bank of
France, said that France was determined to avoid
devaluation as "unjust and serving no purpose." He
said that the Bank was firmly decided to "defend
the franc with all our means-and we have the
means."
It will be recalled that the Bank (If France reduced
its rate of rediscount on July 4from 5% to 4%. Before
the severe pressure against the franc developed with
the devaluation of the Belgian currency on March 31,
the Bank of France rate was 2 %. During May the
/
1
2
rate was rapidly increased by successive changes to
6%. It is thought now that in the interests of general
business and in view of measures of co-operation
taken by the central banks, the Bank of France may
soon make a further reduction in its rediscount rate
from its present 4% level. The Paris money market is
quite out of line with the money markets of New
York, London, Amsterdam and Brussels.
The Austrian National Bank reduced its rate of rediscount on July 10 from 4% to 3 %. The 4% rate
/
1
2
had been in effect since Feb. 23 1935.
There is no change in the unsatisfactory German
reichsmark situation. Fears are entertained in well
informed quarters as to the ability to continue the
present monetary policies of Germany. There are
signs that the German recovery, if it could be called
such, is declining. The comparative ease of money
in Berlin at present is attributed to business hesitation. The Reich debt is officially acknowledged to be
around 13,000,000,000 reichsmarks, but the prevailing opinion seems to be that certain vast items of
expenditure are concealed and that the true debt of
the Reich is near 30,000,000,000 reichsmarks.
The Italian lira, contrary to the trend of the franc,
the guilder and the Swiss unit, is showing considerable weakness. This condition is due, no doubt, to
the underlying position of the lira in consequence of
the heavy expenditures entailed by the threats against
Ethiopia.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
163
Old Dollar New Dollar
Parity
Parity
3.92
6.63
13.90
16.95
5.26
8.91
19.30
32.67
40.20
68.06
Range
This Week
6.613i to 6.65%
16.88 to 16.94
8.21% to 8.2834
32.72 to 32.88
68.11 to 68.33
The London check rate on Paris closed on Friday
at 74.88 against 74.70 on Friday of last week. In
New York, sight bills on the French center finished
on Friday at 6.61, against 6.611 cable transfers
/
2
;
at 6.613 , against 6.622 and commercial sight
4
/
1
,
bills at 6.583 , against 6.591 2 Antwerp belgas
4
/
.
finished at 16.90 for bankers' sight bills and at 16.91
for cable transfers, against 16,89 and 16.90. Final
quotations for Berlin marks were 40.35 for bankers'
sight bills and 40.36 for cable transfers, against
40.32 and 40.33. Italian lire closed at 8.22 for
bankers' sight bills and at 8.23 for cable transfers,
against 8.272 and 8.282 Austrian schillings
/
1
/
1
.
closed at 18.97, against 18.96;exchange on Czechoslovakia at 4.18, against 4.182 on Bucharest at
/
1
;
1.002 against 1.004; on Poland at 18.94, against
/
1
,
18.96; and on Finland at 2.191 2, against 2.183 .
/
4
Greek exchange closed at 0.943' for bankers' sight
bills and at 0.94% for cable transfers, against 0.943'
and 0.94%.
XCHANGE on the countries neutral during the
war is firm. The Scandinavian currencies move
in sympathy with sterling. On July 10 the Bank of
Spain reduced its rediscount rate from 5 % to 5%.
/
1
2
It should be recalled that the Holland situation has
improved to such an extent that on Friday of last
week the Bank of The Netherlands reduced its rate
of rediscount from 4% to 3 %. Open market money
/
1
2
rates in Amsterdam have since become so much
easier, with the private discount rate on funds down
to 23 %,that another reduction in the Dutch bank
4
rate is considered imminent. Gold stocks have been
increasing in both Holland and Switzerland in recent
weeks.
Bankers' sight on Amsterdam finished on Friday
at 68.17, against 68.17 on Friday of last week; cable
transfers at 68.18, against 68.18 and commercial
sight bills at 68.15, against 68.15. Swiss francs
closed at 32.73 for,checks and at 32.74 for cable transfers, against 32.74 and 32.75. Copenhagan checks
finished at 22.13 and cable transfers at 22.14, against
22.09 and 22.10. Checks on Sweden closed at 25.55
and cable transfers at 25.56, against 25.51 and 25.52;
while checks on Norway finished at 24.90 and cable
transfers at 24.91, against 24.87 and 24.88. Spanish
pesetas closed at 13.702for bankers' sight bills and
/
1
at 13.713/2 for cable transfers, against 13.72 and 13.73.
E
XCHANGE on the South American countries
presents no new features of importance. Exchange on Buenos Aires continues to display increased
activity and the peso is moving in rather close conformity to the trend of sterling. The Brazilian
exchange situation is rather enigmatic and apparently
the control restrictions are being more rigidly enforced, while quotable rates are largely nominal.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against
32.95 on Friday of last week; cable transfers at
333/2, against 33. The unofficial or free market
close was 26.60@,26%, against 26/g@26.65. Bra5
zilian milreis, official rates, are 8.20 for bankers'
sight bills and 83( for cable transfers, against 8.20
E
1
and 8%. The unofficial or free market close was
5% against 5M. Chilean exchange was nominally
quoted on the new basis at 5.20, against 5.20. Peru
is nominal at 23.71, against 23.71.
XCHANGE on the Far Eastern countries is of
course sharply affected by the fluctuations in
the London silver market. The Shanghai dollar in
particular is affected by these fluctuations. In the
above resume of sterling exchange some observations
were made on the recent slump in silver prices and
the assistance given the market by the United States
Treasury. In the same review note was made of the
imposition of an embargo by Persia on both gold and
silver traffic. It is intimated that more strenuous
efforts may be made by other countries to offset the
drain of both gold and silver coin, bullion, and scrap
which has persisted because of the high prices prevalent in London and New York.
Closing quotations for yen checks yesterday were
29.18 against 29.10 on Friday of last week. Hong
-Kong closed at 53%@54 13-16, against 54%@,
55 5-16; Shanghai at 39%, against 393/s; Manila
at 49.80, against 49.80; Singapore at 57.80, against
57.75; Bombay at 37.45, against 37.42, and Calcutta at 37.45, against 37.42.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
E
P
BY FEDERAL RESERVE
FOREIGN EXCHANGE RATES CERTIFIED
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
JULY 6 1935 TO JULY 12 1935 INCLUSIVE
Country and Monetary
Untt
Noon Buying Rate for Cable Transfers In New York
Value In Untied States Money
July 6
July 8
July 9
July 10
July 11
July 12
$
$
8
$
Europe.189158 .189141* .189016*
Austria, schilling__ .188950* .188908* .189258 .168903 .168819 .168750
.169000 .169380
.168900
Belgium. belga
.013225* .013000 .013125 .013125* .013075* .013125*
Bulgaria, lev
.041856 .041834 .041775
Czechoslovakia. krone .041850 .041844 .041975 .221466 .221400 .221058
.221300 .221575 .222359
Denmark, krone
4.961000 4.958750 4.952916
England. pound stern;4.956666 4.964083 4.981607 .021895 .021860 .021850
.021840 .021865 .021970
Finland. markka
.066274 .066277 .066473 .066285 .066218 .066113
France.franc
.403135
reichsmark .403864 .403757 .404692 .403376 .403475 .009460
Germany,
.009475 .009460
.
009427 .
Greece. drachma
.682085 .681957 .683257 .681676 .681350 .681057
Holland. guilder
.296700 .296625* .296875* .296875* .296750* .298750*
Hungary, pengo
.082790 .082620 .082613 .082381 .082338 .082148
Italy, lira
.248991 .249350 .250240 .249216 .249183 .248718
Norway, krone
.189540 .180520 .190080 .189840 .189700 .189380
Poland, zloty
.045031 .045132 .045292 .045157 .045122 .045100
Portugal, escudo
.010010 .010010 .010030 .010035 .010050 .009990
RUM111111k,113U
.137317 .137325 .137728 .137361 .137278 .137065
Spain, peseta
.255495 .255890 .256787 .255736 .255691 .255254
Sweden,krona
.327728 .327228
frau- .327696 .327853 .328800 .327907 .022980 .022937
Switzerland,
- .022950 .022950 .023037 .023012
Yugoslavia, dinar_
AslaChina.391666 .392083 .392916
Chefoo (yuan) dol'r .392083 .392500 .383750 .392083 .392500 .393333
Hankow(yuan) dol'r .392500 .392916 .384166 .391875 .392291 .392500
.391875 .383958
Shanghal(yuan) dol. .391875
.392083 .392500 .393333
Tientsin(yuan) dol'r .392500 .392916 .384166 .530625 .536562 .540312
Hongkong, dollar- .541250 .535625 .507812 .372990 .373445 .373050
.373775 .374900
372850
India. rupee
.291195
.290825 .291560 .292410 .291600 .291415 .574687
Japan. yen
.574375 .575625
Singapore (S. S.) dol'r .573750 .575625 .578125
Australasia
3.935625* 3.930937'
3.928125*3.938750* 3.952187* 3.940833*
Australia. pound
3.958750•3.954375*
.
New Zealand, pound_ 3.951250•3.982187*3.975625 3.960833*
Africa
16500* 4.902000*
Africa, pound-.4.905000'4.012000'4.930000* 4.908000*4.9
South
North America
.998465 .998750 .999296 .998255 .998333 .997916
Canada, dollar
.999200 .999200 .999200 .999200 .999200 .999200
Cuba, peso
.277800 .277800 .277800
Mexico, peso (silver). .277550 .277800 .277800
.995750 .995312
Newfoundland, dollar .995703 .996250 .996875 .995750
South America
.330625* .330112* .330175*
.329650* .330725* .331550*
Argentina, peso
.083250* .083127* .083127* .083127* .083152* .083127*
Brazil, mIlreis
.051000*
.051000* .051000* .051000* .051000* .051000* .803625*
Chile, peso
.804850* .804900* .806250* .805150* .804850*
Uruguay, peso
.537700• .536200• .534800* .529100* .530500* .530500•
Colombia, peso
• Nominal rates: firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
exchange) in the principal European banks as of
of
July 11 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
July 13 1935
Financial Chronicle
164
Banks of-
1935
£
England... 193,271,840
France a_ __ 570,179,351
3,185,750
Germany b_
90,780,000
Spain
83,047,000
Italy
54,836,000
Netherlands
102,574,000
Nat. Belg
45,125.000
Switzerland.
19,737,000
Sweden _ _
7,394,000
.
Denmark.
. . 6,602,000
Norway_
1934
£
192,154,902
637,224,445
2,180,500
90,533,000
71,678,000
70,572,000
75,801,000
81,209,000
15,254,000
7,397,000
6,577,000
1933
£
190,969,365
650,115,932
8,202,200
90,379,600
72,645,000
62,062.000
76,507,000
61,464,000
12,011,000
7,397,000
8,569,000
1932
1931
E
£
137,204,737 165,199,894
659,773,475 449,817,863
68,304,600
35,788,450
97,024,000
90,220,000
57,574,000
57,574,000
41,451,000
81,696,000
41,004,000
73,321,000
29,415,000
89,155,000
13,232,000
11,445,000
9,546,000
7,440,000
8,131,000
8,324.000
980,699,357
Total week_ 1,156,731,941 1,230,580,847 1,238,321,497 1,251,941,662
Prey wpo.k 1 152 mho 500 1 228 840.334 1.241.526.266 1.254.046.116 978.152.887
of France as reported in the new form
a These are the gold holdings of the Bank
are exclusive of gold held
of statement. b Gold holdings of the Bank of Germany
abroad, the amount of which the present year is £1,105,450.
The Guffey CoalBilland the Constitution
Until Tuesday the Guffey Coal Stabilization Bill,
purporting to "stabilize the bituminous coal mining
industry," stood close to the top of President Roosevelt's "must" list of legislation pending in Congress.
It had occupied that place ever since June 4, when
it was bracketed with the Wagner Labor Disputes
Bill as one of the two measures specially relied upon
.
to support the so-called "skeletonized" National Recovery Administration. It acquired a kind of crucial
importance on June 14, when President Roosevelt
induced John L.Lewis, president of the United Mine
Workers of America, to postpone until June 30 a
strike which he had threatened to call in the bituminous field, in return for an assurance that every
effort would be made by the President to secure the
passage of the bill by that date. When Executive
urgency failed to accomplish what was expected, the
bill was still important enough to lead Mr. Lewis to
grant a further postponement of the strike until
July 31. On Tuesday, following what appear to have
been pretty serious representations to Mr. Roosevelt
by a group of Senate and House leaders, the "must"
list was reported to have been transformed into a
list of measures regarded as "expedient," with the
Guffey Bill heading a section of those classed as
"highly desirable." As Mr. Lewis is still ready to
call out the miners on July 31 if the bill is not
passed, the change from what was imperative to
what is now urgent or desirable does not greatly
alter the critical significance of the bill.
The Guffey bill, although introduced some weeks
before the decision of the Supreme Court in the
Schechter case, was nevertheless drafted with a
view to meeting some of the constitutional objections that had been urged against the National Industrial Recovery Act. The bill followed precedents
in declaring that an "emergency" existed in the bituminous coal industry, and added the further declarations that the production and distribution of
bituminous coal are "affected with a national public
interest," that the general welfare, conservation of
natural resources, and the right of owners to fair
profits and of workers to fair wages and working
conditions mark bituminous coal mining as "a public utility," and that "all production and distribution of bituminous coal directly bear upon and affect" inter-State commerce and "national public
service."
The bill accordingly created a National Bituminous Coal Commission, under whose direction the
total bituminous coal production of the nation was
to be limited, and production quotas allocated to
the various mining districts and to individual mines
in a district. No new mines, or old mines not operated since 1929, could be opened without the consent of the Commission, and prices of coal were to
be fixed by district boards of producers which the
Volume 141
Financial Chronicle
Commission supervised. An initial bond issue of
$300,000,000, to be recovered through a graduated
tax on coal, was authorized for the purchase of
mines and their properties to be withdrawn from
production. Collective bargaining was guaranteed
as a legal right, the right to be exercised through
district boards whose labor members were to be
elected "by the national organization of employees
representing the preponderant number of employees
in the industry," and agreements regarding minimum wages and maximum hours were to be binding
upon all employees.
In order to compel producers to accept a code
the provisions of which were set out in the bill, resort was had to the Federal taxing power. The bill
provided that "there is hereby imposed upon the
sale or other disposal of all bituminous coal produced within the United States a tax of 25% on the
sale price or fair market value of such coal at the
mine," the tax to be paid monthly by producers under regulations prescribed by the Commissioner of
Internal Revenue. It was further provided, however, that "any such coal producer who has filed
with the National Bituminous Coal Commission his
acceptance of the code" set out elsewhere in the bill,
"and who acts in full compliance with the provisions
of such code, shall be entitled to a drawback equivalent to 99% of the amount of such tax," the right or
benefit of the drawback to begin "upon the producer's filing with the Commission his acceptance of
said code in such form of agreement as the Commission may prescribe."
• Following the Schechter decision, a number of
amendments to the bill were offered, intended to
avoid the condemnation which the Supreme Court
had passed upon Federal interference with intraState commerce. The principal changes were the
dropping of the requirements for the allocation of
production among districts and mines, and the provision for the Federal purchase of submarginal mines
and properties. All the other essential parts of the
scheme, however, were retained, the provisions regarding marketing were further elaborated, and a
new provision was added impowering the Coal Commission to classify coal. It was promptly pointed
out by opponents of the bill that this latter provision
would enable the Commission, whose decisions must
be arbitrary since there are no generally agreed
standards, to "put any particular mine out of operation by merely declaring its product of such
classification as to command a higher market price
than its natural competitors."
The Guffey bill has been from the first a storm
center of controversy. A large number of coal operators have favored it, apparently because they
expected that it would actually stabilize the industry and enable them to operate their mines at a
profit. Another large group of operators have opposed it, preferring the bituminous coal code if there
must be Federal regulation at all, while still another
group are strongly averse to Government regulation of any kind. President Roosevelt has demanded
it because it would bolster the skeletpnized National
Recovery Administration and set a kind of standard
for Federal control of all natural resources, and labor has endorsed it with the expectation that it
would make an end of non-union mines, stabilize
employment and increase wages. Incidentally, the
demand of the United Mine Workers, which the operators have refused, is for a 30-hour week and a
165
minimum daily wage in Northern fields of $5.50,
compared with the 35-hour week and $5 basic wage
under which they are now working. An appreciable
popular support has come from the section of the
public who accept former President Hoover's characterization of bituminous coal mining as "a sick
industry" and feel that nothing short of drastic
Federal regulation can restore it to health.
Yet from every point of view the Guffey bill is
objectionable, and from some points of view highly
dangerous. The bill proceeds on the fallacious assumption, all too familiar in New Deal philosophy,
that because a great industry needs reorganization
the Federal Government should step in and reorganize it. If the kind of reorganization and control
which the bill contemplates is extended, as it is
likely to be if the bill passes, to other industries
which the Government chooses to class as public
utilities because they exploit natural resources, a
long step will have been taken toward the nationalization of industry which the Administration
would apparently be glad to see accomplished. It
seems improbable that the price-fixing provisions of
the bill can be applied without eventually raising
the price of coal, in which case consumers will turn
to other forms of fuel. The bill creates a monopoly
at the same time that it exempts the operations of
the proposed Commission from the anti-trust laws,
sets up a bureaucratic organization to administer
the system, and discriminates sharply against all
producers who do not accept the proposed code.
One of the strongest arguments at the moment is
that, if the bill is not passed, Mr. Lewis will call a
strike, Ad a Congress that legislated under such a
menace would forfeit all claim to public respect.
There is serious doubt, moreover, whether the bill
is constitutional. Attorney General Cummings, on
July 5, declined to give the Ways and Means subcommittee of the House an opinion one way or the
other regarding the constitutionality of the measure,
but there is good authority for believing that he has
since advised the President that the bill is unconstitutional and that the opinion has been withheld
from publication. The Supreme Court,in the Schechter case, made clear its opinion that coal mining is
not inter-State commerce, yet the Guffey bill proposes a detailed and virtually monopolistic regulation of coal mining on the ground that coal, after
it is mined, often enters into inter-State trade. The
Schechter case put the codes under a ban, but the
Guffey bill re-enacts a code for the bituminous coal
industry, and penalizes, by a tax of 25% on the sale
price or fair market value of the coal mined, all producers who do not subscribe to the code, and rebates
all but 1% of the tax to producers who do. It is
more than doubtful if the Federal taxing power can
constitutionally be used in such fashion to achieve
indirectly what cannot be achieved directly.
Nevertheless President Roosevelt, with the Attorney General to back him, urges Congress to pass the
bill and let the Supreme Court adjudicate. His
letter of July 6 to Representative Hill, chairman of
the Ways and Means subcommittee which is considering the bill, is one of the most extraordinary
documents in American history. "A decision by the
Supreme Court," he declared, "relative to this measure would be helpful as indicating, with increasing
clarity, the constitutional limits within which this
Government must operate.... I hope," he concluded,
"your committee will not permit doubts as to con-
166
Financial Chronicle
stitutionality, however reasonable, to block the suggested legislation." Never before has a President,
bound by his oath of office to "preserve, protect and
defend" the Constitution, urged the enactment of
legislation "however reasonable" might be the
doubts regarding its constitutionality.
The letter is difficult to explain save on the assumption that Mr. Roosevelt, irritated and alarmed
at the obstacles which the Constitution, as interpreted by the Supreme Court, puts in his way, is
determined to challenge the authority of the Court,
and force upon the country consideration of an
amendment which would deprive the Court of its
right to declare a law unconstitutional. If such is
his purpose, the passage of the Guffey bill at his
demand, in the face of reasonable doubt of its constitutionality, may well prove to be the last thing
needed to awaken the country to the dangers of socialized industry and Executive dictatorship with
which it is threatened.
Testing the League and the Kellogg Pact
If reports from European capitals are to be believed, Italy may be expected to begin active military
operations in Ethiopia late in September or early
in October, as soon as the rainy season is over. It
will do this not only without a serious protest from
any of the greater Powers, but with the tacit approval of France and the reluctant neutrality of
Great Britain. It will not need to fear obstruction
from any of the lesser Powers, for none of them
wishes just now to be in Italy's bad graces, and
Yugoslavia, long its most pronounced oppOnent in
southeastern Europe, has suddenly become friendly.
It will leave behind it a League of Nations whose
inability to protect one of its weaker members or
impose any of the penalties which the Covenant provides for an aggressor will have been conclusively
demonetrated, and a Kellogg anti-war pact of no
more practical importance than a scrap of waste
paper. Whether it will succeed in subjugating Ethiopia, or whether a war flame kindled in Africa will
scatter dangerous sparks elsewhere are questions on
which military and political opinions differ, but the
campaign will be launched regardless of consequences.
This is the situation as it appears at the moment.
The on1S- thing that can change it, apparently, is an
agreed partitioning of Ethiopia which would give
Italy a satisfactory share, and to which Ethiopia
would have to submit because of the impossibility of
offering effective resistance to a combination of
Powers. It is possible that such a partitioning may
be undertaken. There is in existence a treaty, concluded in 1906 'between Great Britain, France and
Italy, by which those three Powers agreed, while
preserving the nominal independence of Ethiopia,
to appropriate in their discretion "spheres of influence" in that country. It is not clear that Italy now
desires any more or different territory than it expected to get ultimately when the treaty was made,
and if the three Powers should agree that the time
has come to assert their respective claims, Italian
operations might be halted. Doubtless there would
be some fighting, but it could hardly be very important, and in any case Great Britain and France
would have to carry their share. There is nothing
else, as far as can now be seen, that can prevent the
Italian campaign from going on.
July 13 1935
The events of the past two weeks afford the most
striking illustration yet shown of the fundamental
discord among the greater Powers, the political helplessness and uselessness of the League and the complete futility of the Kellogg pact. When Captain
Anthony Eden, returning from an unsuccessful mission to Paris and Rome, told the House of Commons
on July 1 that he had been "authorized" to make,
and had made, to Premier Mussolini a "tentative
suggestion" by which Great Britain "would be prepared to offer Abyssinia a strip of territory in British Somaliland giving her access to the sea," and
that the proposal was "intended to facilitate such
territorial and economic concessions by Abyssinia
to Italy as might be involved in an agreed settlement
between those two countries," he raised a storm
which subsequent explanations have not allayed. By
what authority, it was indignantly asked, did the
Baldwin Government propose to hand over to another country any British territory without first
obtaining the approval of Parliament, and why was
it trying to force the hand of Ethiopia in the quarrel
with Italy?
This has been only one of Mr. Baldwin's troubles.
French resentment over what it regards as British
desertion in the conclusion of the Anglo-German
naval agreement continues keen, and it has not been
placated by the communication to France, Italy,
Japan and the United States on July 5, under
pledge of secrecy, of the German naval building
plans, for German 'building means French building
also. Moreover, France has not only refused to join
with Great Britain in putting any pressure upon
Italy or proceeding with negotiations for a new
naval conference or air agreement, but it appears
to have concluded an understanding with Italy under which Italian and French forces on the ItaloFrench frontier have been materially reduced,
thereby freeing more Italian troops for the Ethiopian campaign. On July 3 it was reported that the
British Cabinet was studying the possibilities of an
economic blockade of Italy, but that fantastic proposal was quickly dropped when it was realized that
,
a blockade could not be imposed without involving
other Powers, among them the United States, that
both Italy and France would resist, and that any
attempt at enforcement would bring on a naval conflict in the Mediterranean. The suggestion of closing the Suez Canal to Italian war vessels and supply
ships was equally short-lived, since such action
would be in direct contravention of a treaty which
specifically guarantees the freedom of the Canal
alike in peace and in war. It is true that the Canal
was closed to enemy commerce, in behalf of the Allies, in the World War, but 1935 is not 1914.
All this, of course, has been excellent grist for
Premier 'Mussolini's mill. With a deep rift between
Great Britain and France, Franco-Italian relations
more cordial than for a number of years, a distinct
rapprochement with Germany and a complete reversal of the long-time unfriendly relations with
Yugoslavia, the only obstacle to Italian plans is the
.
League. Unless events undergo a sudden and dramatic change, it is clear that the League offers no
obstacle whatever.
Early in the controversy, when Ethiopia made
formal complaint to the League of the aggressions
of Italy, the League Council found it inconvenient
to act. Later, when Ethiopia insisted, an international commission, on which both Italy and Ethiopia
Volume 141
Financial Chronicle
were represented, was appointed to examine the incidents complained of. The commission has been
in session for some weeks at Scheveningen, The
Netherlands, but not without evidences of internal
friction; on Tuesday it suspended its work indefinitely when the legal adviser to the Ethiopian Government insisted upon raising a question about the
Italo-Ethiopian boundary, notwithstanding that
167
boundary questions were not among those which the
commission was instructed to consider. The next
step would regularly be a report of disagreement
made to the League Council, which was expected to
meet on July 25. Premier Mussolini, however, who
from the first has declined to admit the jurisdiction
of the League, has let it be known that if the Ethi(Continued on page 173)
Gross and Net Earnings of United States Railroads for the
Month of May
Financial results of the operations of United
States railroads during May again make gloomy
reading, the situation in this respect resembling
that of the immediately preceding months. All that
can be said of the statistics now available, and
assembled in our comprehensive tables, is that the
downward trend of earnings is less pronounced than
in some months. The effects of the cumulative hardships under which the carriers have been struggling
have received much emphasis in the last few weeks.
Two of the principal systems of the country—the
Chicago & North Western, and the Chicago Milwaukee St. Paul & Pacific—now have applied for
permission to reorganize under Section 77 of the
amended Bankruptcy Act. The fact that these
great railroad systems found it advisable to seek a
reduction in their fixed charges resulting from
bonded indebtedness means that the strain resulting from the depression and governmental regulations is becoming unbearable in important instances.
The primary adverse factor is, of course, the tremendous loss of revenue suffered by all the railroad
systems during the trying years since 1929. Also
Of much significance, however, is the inability of
the railroads under the present governmental regulations to reduce some of their most important
operating charges, such as the wage scale. The
small temporary reduction in wages accorded the
carriers some years ago now has been effaced, and
the unequal struggle to make ends meet has been
accentuated.
One of the most pressing dangers facing the railroads of the country is the tendency in Washington to view the problem of the carriers from different angles at different times, but seldom as a
unified whole. Typical of this tendency is the
attempt made by the present Administration to
foist upon the railroads a pension system that would
have increased charges even more, if the Supreme
Court had not found the legislation unconstitutional. On the other hand, we find sensible statements made periodically about the need for bringing competing modes of transportation under Federal regulation, to the end that the competitive
struggle can be more nearly equalized. There
appears still to be a much greater readiness to pile
charges on the railroads than to afford them relief,
for utopian schemes are enacted speedily while general regulation of all transportation in the interests of all concerned remains in the discussion
stage. Business statistics would indicate that the
carriers have not shared fully in the modest recovery effected since 1933, and it is apparent that
truck and bus competition continues to deplete the
earnings of the railroad systems. This situation
cries ever more loudly for correction, and the earnings statistics we have now assembled give emphasis
to the matter. Thus we find that gross earnings in
May actually were !;42,489,273, or 0.88% lower than
in the same month of last year. Operating expenses
fell only $822,423, or 0.39%, and the major part of
the loss in gross earnings therefore was reflected
in a loss of net earnings, which fell $1,666,850,
or 2.31%.
Month of May—
1935
Inc. (+) or Dec. (—)
1934
Miles of 144 roads
237,951
238,980
—1,029 0.43%
Gross earnings
$279,153,707 $281,642,980
—2,489,273 0.88%
Operating expenses
208,737,337
209,559.760
—822,423 0.39%
Ratio of expenses to earnings_
74.78%
74.41',
+0.37%
Net earnings
$70,416,370
$72,083,220
--$1,660,850
2.31%
In general, of course, the low level of both gross
and net earnings is due to the persistence of the
depression and the prostration which continues to
affect virtually all business. In taking, as is our
practice, the leading trade indices as the measure of
business activity, we find the automobile trade alone
shows an increase, and not a very substantial one
at that, over May a year ago, the output of motor
vehicles in the whole of the United States, according to the Bureau of the Census, having aggregated
364,721 cars in May 1935 as against 330,455 cars in
May last year. This is an increase of 34,276 cars.
In May 1933 the production of automobiles was
214,411 cars; in 1932, 184,225 cars, and in May 1931,
317,163 cars. Back in 1930, however, we find that
the automobile output reached 420,027 cars, and in
May 1929 was no less than 604,691 cars. Turning
now to the iron and steel industry, it is found that
the make of pig iron in the United States during
May the present year, according to statistics compiled by the "Iron Age," was only 1,727,095 gross
tons as compared with 2,042,896 gross tons in May
1934. The present year's output, however, compares with only 887,252 tons in May 1933 and
783,554 tons in May 1932. But in May 1931 the production of pig iron was 1,994,082 tons; in May 1930,
3,232,760 tons, and in May 1929, 3,896,082 tons. In
the case of steel, the American Iron and Steel Institute calculates the output of steel ingots in May
the present year at 2,602,054 tons as against
3,352,788 tons in May 1934, but comparing with
1,976,428 tons in May 1933; 1,125,243 tons in May
1932, and 2,551,633 tons in May 1931. Still further
back, we find the production of steel ingots in
May 1930 -was 3,982,915 tons, and in May 1929 no
less than 5,286,339 tons.
Coming now to the production of coal, the United
States Bureau of Mines reports that 26,790,000 net
tons of bituminous, or soft, coal were mined in May
1935. This compares with 27,385,000 net tons in
May last year, but with 22,488,000 tons and
18,384,000 tons, respectively, in May 1933 and May
1932. In May 1931, however, the quantity of bituminous coal mined was 28,314,000 tons; in May 1930,
36,314,000 tons, and in May 1929, 40,706,000 tons.
As to Pennsylvania anthracite, the output in May
1935 is, reported at 4,930,000 net tons as compared
with 5,250,000 net tons in the same period last year.
168
Financial Chronicle
In May 1933 the quantity mined was only 2,967,000
tons, and in May 1932, 3,278,000 tons, but back in
May 1931 the output was 5,005,000 tons; in May
1930, 5,911,000 tons, and in May 1929, 6,308,000 tons.
In the case of building and new construction work,
it is needless to say there was a shrinkage. The
F. W. Dodge Corp. reports that construction contracts awarded during the month of May the present
year in the 37 States east of the Rocky Mountains involved an outlay of only $126,718,600 as compared
with $134,363,700 in the same period of 1934, or a
loss of $7,645,100. It is proper to state, however,
that the money value of construction contracts
awarded in May 1933 had fallen to $77,171,700 from
$146,221,200 in the same period of 1932. In the three
years preceding 1932 we find the outlay involved was
$146,221,200 in May 1932;$306,079,100 in May 1931;
$457,416,000 in May 1930, and no less than $587,765,900 in May 1929. In the lumber trade the falling off was more pronounced. The National Lumber Manufacturers Association reports that for the
five weeks ended June 1 1935 the cut of lumber by 863
identical mills aggregated only 714,359,000 feet as
against 787,513,000 feet in the same five weeks of
1934; that is, production was 9% below that of a
year ago. It'was, however, 4% above the record of
comparable mills during the same period of 1933.
As it happens, too, the grain movement over
Western roads fell below that of May last year,
when it reached the lowest level for May in all
recent years. In explaining the decrease in May
a year ago as compared with May 1933, we stated
that the falling off was in part due to the curtailment of acreage under the crop control plan, and
the same holds true of the present year's shrinkage.
We deal in detail with the Western grain movement
in a separate paragraph further along in this article,
and need only say here that for the five weeks ending June 1 1935 the receipts of wheat, corn, oats,
barley and rye, combined, at the Western primary
markets were only 32,148,000 bushels as against
35,519,000 bushels in the same five weeks of 1934;
81,594,000 bushels in the corresponding period of
1933; 54,638,000 bushels in May 1932; 62,286,000
bushels in May 1931; 53,503,000 bushels in 1931, and
49,712,000 bushels in the same five weeks of 1929.
It is, however, when we come to the statistics
showing the loading of revenue freight on all the
railroads of the United States that the composite
result of all that has been said above is most plainly
apparent. For the four weeks of May the present
year the loading of revenue freight comprised only
2,327,120 cars as against 2,446,365 cars in the corresponding four weeks of 1934, but comparing with
2,143,194 cars in the same period of 1933 and
2,088,088 care in the same four weeks of 1932. Going
further back, however, we find the loading of revenue freight embraced 2,958,784 cars in the four
weeks of May 1931; 3,650,775 cars in the same four
weeks of 1930, and no less than 4,209,577 cars in the
corresponding period of 1929.
In view of what has been said above, it is no surprise to find that when the figures of earnings of
the different roads and systems are scrutinized, the
list of decreases in both gross and net earnings
alike is a long one; in fact, assumes dismal proportions. True, a fair number of roads are able to
show increases in the gross, but of these roads only
eight are able to report a gain in the net also. In
this category we find the Duluth Missabe & Northern
July 13 1935
a
with an increase of $574,067 in gross earnings and
n Togain of $690,275 in net earnings; the Atchiso
and
peka & Santa Fe with $107,466 gain in gross
Northern with
$1,754,879 increase in net; the Great
$555,994 increase in gross and $993,584 gain in net;
the Chicago Milwaukee St. Paul & Pacific, which
has $233,894 increase in gross and a gain of $947,868
6
in net, and the Delaware & Hudson with $119,88
and $489,974 gain in net. To name
gain in gross
separately, with their losses, even the more conspicuous of the roads reporting losses in both gross
and net earnings alike would involve a needless loss
of time and space,so we shall therefore only mention
a few. As might be expected, the Pennsylvania RR.
and the New York Central head this list, the former
with a decrease of $1,181,526 in gross earnings and
a loss of $750,628 in net earnings, and the latter
with $642,779 loss in gross and $1,164,443 decrease
in net. These figures cover the operations of the
New York Central and its leased lines. Including
the Pittsburgh & Lake Erie, the result is a decrease
of $791,153 in the gross and of $1,237,803 in the net.
The Erie RR. reports a loss of $815,349 in gross
earnings, accompanied by a decrease in net earnings
of $617,533; the Baltimore & Ohio, a decrease in
gross of $357,533 and a decrease in net of $750,628,
and the 'Chesapeake & Ohio, with $576,465 loss in
gross, shows a loss in net of $538,460. In the following we bring together all changes for the separate
roads for amounts in excess Of $100,000, whether
increases or decreases, and in both gross and net:
S FOR THE MONTH
PRINCIPAL CHANGES IN GROSS EARNING
OF MAY 1935
Decrease
Increase
nia
$1,181,526
Southern Pacific (2 roads) $627,304 Pennsylva
815.349
Northern 574,067 Erie(2 roads)
Dul. Missabe &
a642,779
555,994 New York Central
Great Northern
576,465
Milw. St. P.& Pac- 233,894 Chesapeake & Ohio
Chic.
476,156
217,697 Missouri Pacific
Illinois Central
404,555
Louisville & Nashville- 170,071 Reading& Western
364,866
Norfolk
Union Pacific (4 roads)-- 167.653 Baltimore & Ohio
357,533
165.854
Grand Trunk Western _ _ _
-Texas _ _
Missouri-Kansas
Deny. & Rio Gr. Western 165,223 Chic. R. I. & Pac.(2 rds.) 211,053
199,336
138,625
Central of Georgia
178,738
134,916 N. Y. Chic. & St. Louis__
Virginian
-San Fran. (3 roads) 150.808
119,886 St. L.
Delaware & Hudson
& Lake Erie:. 148,374
Atch. Top. & Santa Fe__ - 107,466 Pittsburgh & Hartford_ _
131,898
106,357 N.Y.N.H.
Bessemer & Lake Erie__
127,644
Bangor & Aroostook
New Orleans Texas & Pac.
125,720
(3 roads)
Total(22 roads)
$6,092,800
$3,485,007
cover the operations of the New York Central and the
a These figures
Louis, Michigan Central,
leased lines-Cleveland Cincinnati Chicago & St. is & Terre Haute. InCincinnati Northern, and Evansville Indianapol
Erie, the result is a decrease of $791,153.
cluding Pittsburgh & Lake
Total (18 roads)
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTII OF
MAY 1935
Decrease
Increase
456,246
Norfolk & Western
Atch. Top. & Santa Fe---$1,754,879 Illinois Central
363,694
993,584
Great Northern
328,056
Chic. Milw. St. P.& Pac_ 947,868 Southern Pacific (2 roads) 272,549
Duluth Missabe & North.. 690,275 Missouri-Kansas-Texas
& North Western 538,207 Chic. R. I. & Pac.(2 rds.) 267,856
Chicago
250,122
489,974 Alton
Delaware & Hudson
223,812
233,068 Atlantic Coast Line
Bessemer & Lake Erie_ 203,925 Southern
208,608
Jersey---Central of New
203.924
Minn. St. P.& S.S. Marie 156,996 Reading
201,560
109.526 N. Y. Chic. & St. Louis_ _
Virginian
108,014 Northern Pacific
179,903
Grand Trunk Western
_
Los Angeles & Salt Lake_
152,755
$6,226,316 Denver & Rio Grande W. 142,073
Total (11 roads)
Pere Marquette
137,536
135,547
Decrease Texas & Pacific
a$1,164,443 St. Louis Southwestern_ -- 133,513
New York Central
750,628 Cinc. New 0. Tex. & Pac. 118,240
Baltimore & Ohio
118,001
712.944 Del. Lack. dr Western_
Pennsylvania
(3
655,577 St. Louis San Fran. rds.) 107.569
Union Pacific (4 roads)
617,533
Erie (2 roads)
Total (33 roads)
$8,441,149
538,460
Chesapeake & Ohio
New York
a These figures cover the operations of the St. Louis, Central and the
Michigan Central,
-Cleveland Cincinnati Chicago &
leased lines
Cincinnati Northern, and Evansville Indianapolis & Terre Haute, Includ& Lake Erie, the result is a decrease of $1,237,803.
ing Pittsburgh
When the roads are arranged in groups or geographical divisions, according to their location, the
unfavorable character of the showing as compared
with May last year is very clearly brought out by
the fact that of the three districts-the Eastern,
the Southern and the Western-only the Western
district is able to show an increase in gross earnings,
and the same holds true, likewise, in the case of the
net. Moreover, not all the regions grouped under
the Western district were included in the increase,
Volume 141
Financial Chronicle
the Southwestern region reporting a decrease in
both gross and net. Our summary by groups is
given below. As previously explained, we group the
roads to conform with the classification of the Interstate Commerce Commission. The boundaries of
the different groups and regions are indicated in
the footnote to the table:
169
1934; 81,594,000 bushels in May 1933; 54,638,000
bushels in May 1932; 62,286,000 bushels in May
1931; 53,503,000 bushels in May 1930, and 49,712,000
bushels in the same five weeks of 1929. In the subjoined table we give the details of the Western grain
movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS
SUMMARY BY GROUPS
District and Region
Gross Earnings
Month of May1934
1935
Inc.(+)OT Dec.
(-)
Eastern District$
$
New England region(10 roads)_ _ _ 12,463,336
12,718,066
-254,730 2,00
Great Lakes region (24 roads)
55,386,648
57,197,603 -1,810,955 3.17
Central Eastern region (18 roads)._ 58,934.529 60,452,959 -1,518,430
2.51
Total (52 roads)
126,784,513 130,368.628 -3,584,115
2.75
Southern District
Southern region (28 roads)
35,051,480 34,676,120
+375,360
1.08
Pocahontas region (4 roads)
16,633,338
17,399,861
-766,523 4.41
Total (32 roads)
51,684,818
52,075,981
-391,163 0.75
Western District
North Western region (16 roads)._ 33,321,982 31,521,717
+1,800,265 5.71
Central Western region (20 roads). 46,419,511
45,777,513
+641,998
1.40
Southwestern region (24 roads)
20,942,883
21.899,141
-956,258 4.37
Total (80 roads)
100,684,376
99,198,371
+1,486,005
1.50
Total all districts (144 roads). _279,153,707 281,642,980 -2,489,273
0.88
District and Region
Net Earning
Month of May
-Mileage
1935
1934
Inc.(+)orDec.(-)
Eastern District- 1935
1934
New England region_ 7,129
7,143 3,381,615
3,387,540
-5,925
Great Lakes region_ 26,820 26,904 13,882,585 15,462,361 -1,579,776 0.18
Central Eastern reg'n 25,071 25,028 16,073,420 17,176,092 -1.102.672 10.22
6.42
Total
59,020 59,075 33,337,620 36,025,993 -2,688,373 7.46
Southern District
Southern region
39,230 39,381
6,676,936
7.660,890 -983,954 12.84
Pocahontas region_
6,015 6,038 6,569,560 7.468,016 -898,456 12.03
TotaL
45,245 45,419 13,246,496 15,128,906 --1,882,410 12.44
Western District
Northwestern region_ 48,344 48,533 9,156,333
5,778.392 +3,377,941 58.46
Cent. Western region 54,866 55,166
9,779,827 9,726,655
+53,172 0.55
Southwestern region_ 30,476 30,787 4,896,094
5,423,274 -527,180 9.72
Total
133,686 134,486 23,832,254 20.928,321 +2.903,033 13.88
Total all districts_237,951 238,980 70,416.370 72.083,220 -1,666,850
2.31
-Our grouping of the roads conforms to the classification of the Interstate
NOTE
Commerce Commission, and the following indicates the confines of the
different
groups and regions.
EASTERN DISTRICT
New England Region-Comprises the New England States.
Great Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago. and
north of
a line from Chicago via Fittsburgh to New York
Central Eastern Region-Comprises the section south of the Great Lakes
Region
a line from Chicago through Peoria to St. Louis and the Mississippi
east of
River
to the mouth of the Ohio River. and north of the Ohio River to Parkersburg, W.
Vs.. and a line thence to the southwestern corner of Maryland and by the Potomac
River to its nunnix.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi River and
south
Ohio River to a point near Kenova, W. Va.. and a line thence following
of the
the
eastern boundary of Kentucky and the sonnet n 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.
and south of a line from Parkersburg to the southwestern corner of Maryland Va.,
and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west
of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to
Portland
and by the Columbia River to the Pacific.
Central Western Region-Comprises the section south of the Northwestern
Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of
a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican
boundary
to the Pacific.
Southwestern Region- Comprises the section lying between the Mississippi
south of St Louts and a line from St. Louts to Kansas City and thence to El River
Paso,
and by the Rio Grande to the Gulf of Mexico.
5
5 Weeks End. Flour
June 1
(Bbls.)
Chicago
1935
804,000
1934
859,000
Minneapolis
1935
1934
Duluth
1935
1934
Milwaukee
1935
171,000
1934
66,000
Toledo
1935
1934
Detroit
1935
1934
Indianapolis & Omaha
1935
1934
St. Louis
1935
617,000
1934
624,000
Peoria
154,000
1935
1934
194,000
Kansas City
65,000
1935
50,000
1934
St. Joseph
1935
1934
Wichita
1935
1934
.Sioux City
1935
1934
Total all
1935
1934
Wheat
(Bush.)
Corn
(Bush.)
Qals
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
1,057,000 4,676.000 1,612,000
652,000 1,735,000
2,158,000 3,065,000 2,315,000 1,062,000 1,204.000
2,780,000
3,447,000
411,000
254,000
538,000 1,073,000
293,000 1,596,000
1,510,000
3,587,000
37,000
473,000
4,000
154,000
166,000
358,000
934,000
421.000
126.000 1,352,000
74,000 1,125,000
5,000
81,000.
120,000
590,000
116,000
93,000
138,000
858,000
76,000
7,000
89,000
79,000
102,000
26,000
35,000
67,000
32,000
126,000
70,000
36,000
36,000
368,000
122,000
1,013,000 1,133,000
600,000
652,000 1,498,000 1,007,000
124,000
253,000
5,000
78,000
189,000
129,000
888,000
583,000
905,000 1,215.000
454,000
474,000
149,000
68,000
2,000
19,000
62,000 1,104,000
48,000
993,000
60,000
364.000
382.000
170,000
221,000
45,000
1,654,000 2,422,000
1,372,000
590,000
116,000
146,000
100,000
224,000
233,000
208,000
542,000
851,000
23,000
77,000
1,000
90,000
108,000
55,000
16,000
37,000
15,000
86,000
266,000
1,000
26,000
1,811,000 9,756,000 12,058,000 3,838,000 4,179,000 2,317,000
1,793,000 14,402,000 8,938,000 5,999.000 4,246,000 1,934,000
Flour
Wheat
5 Most End.
June 1
(Bbls.)
(Bush.)
Chicago
3,533,000 3,452,000
1935
1934
3,516,000 3,923,000
Minneapolis
8.984,000
1935
15,159,000
1934
Duluth
2,020,000
1935
1934
6,819,000
Milwaukee
1935
411,000
225,000
1934
463,000
305,000
Toledo
1,506,000
1935
1934
1,986.000
Detroit
376,000
1935
1934
339,000
Indiar.apolts & Omaha
1935
34,000 2,764,000
1934
4,428,000
St. Louis
1935
2,654,000 2,500,000
1934
2 743,000 4,915,000
Peoria
815,000
254,000
1935
1934
978,000
279,000
Kansas City
319,000 5,460,000
1935
1934
251,000 10,047,000
St. Joseph
647,000
1935
1934
858,003
Wichita
1935
2,250,000
1934
2,417,000
Sioux City
405,000
1935
440,000
1934
Corn
(Bush.)
Oats
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
10,081,000 2,892,000 3.043,000 1,804,000
16,879.000 5,903,000 4,458,000 1,302,000
862,000 1,350,000 3,996,000 376,000
4,123,000 1,765,000 7,582,000 1,060,000
46,000
2,175,000
164,000
514,000
454,000
407,000
334,000
148,000
2,122,000
3,208,000
674,000 4.595,000
565,000 5.324,000
21,000
151,000
472,000 2,115,000
635,000 1,773,000
83,000
30,000
9,000
123,000
268,000
323.000
314,000
362,000
147,000
117,000
6,600,000 2,153,000
10,572,000 3,538,000
23,000
348,000
294,000
4,806.000 2,690,000
5,803,000 2,716,000
632.000
275,000
70,000
113,000
323,000 1,315.000
1,236,000
930,000
942.000
367,000
119.000
290,000
5,829,000
6,194,000
The grain traffic over Western roads in May the
614,000
9,414,000
5,622,000
632,000
present year, as already indicated, was much smaller
644,000
855,000
even than in May 1934, when it fell far below that
2,089,000
827,000
of the corresponding period in all immediately pre83,090
61.000
2,000
800,000
44,000
2,000
ceding years. While the movement of corn and of
366,000
135,000
1,000
1,000
rye was much larger than in May a year ago, the
282,090
31.000
58,000
2,030
receipts of all the other cereals were on a reduced Total al/
1935
7,766,000 30,843,000 41,655,000 14,083,000 14,513.000 4,054,000
scale, the falling off in the case of wheat having
1934
7 793,000 52,133,000 58,672,000 19,867,000 19,451,000 3,677,000
been particularly pronounced. Thus the receipts of
The Western livestock movement also fell very
wheat at the Western primary markets for the five much below that of May 1934. At Chicago the
weeks ending June 1 1935 were only 9,756,000 bush- receipts comprised only 6,468 carloads as compared
els as against 14,402,000 bushels in the same five with 10,947 carloads in the same period last year;
weeks of 1934; the receipts of corn, 12,058,000 at Kansas City they were only 3,567 cars against
bushels as compared with only 8,938,000 bushels; of 3,724 cars, and at Omaha but 1,600 cars against
oats, 3,838,000 bushels as against 5,999,000 bushels, 2,881 cars.
and of barley, only 4,179,000 bushels against
As to the cotton traffic over Southern roads, this,
4,246,000 bushels. Adding rye, the receipts of which too, was on a greatly reduced scale both as regards
were 2,317,000 bushels as compared with only the overland movement of the staple and the receipts
1,934,000 bushels, total receipts of the five cereals, at the Southern outports. Gross shipments of cotwheat, corn, oats, barley and rye, at the Western ton overland were only 37,676 bales as against 45,963
primary markets during the five weeks of May the bales in May 1934, but comparing with 36, 17 bales
-3
present year aggregated only 32,148,000 bushels as in May 1933; 23,095 bales in May 1932; 29,191 bales
against 35,519,000 bushels in the same period of in May 1931; 44,635 bales in May 1930, and 35,141
July 13 1935
Financial Chronicle
170
bales in May 1931. Receipts of the staple at the
Southern outports during May the present year
reached only 87,477 bales as compared with 197,085
bales in May 1934; 423,059 bales in May 1933;
222,102 bales in May 1932; 99,776 bales in May 1931;
205,975 bales in May 1930, and 134,735 bales in
May 1929. Details of the cotton receipts at the
different Southern outports for the last three years
are given in the table we now present:
OF MAY
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH
AND FROM JAN. 1 TO END OF MAY 1935. 1934 AND 1933
Since Jan. 1
May
Ports
1935
Galveston
Houston, &c
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charim
Wilmington
Norfolk
Jacksonville
16
1 Total
1934
1933
14,271
20,441
1.136
81,001
24,291
622
93,975
115,261
5,713
39,349
2,841
1,843
1,934
2,464
501
1,512
1,142
43
66,319
11,844
2,590
4,757
126
2,995
148
486
1,863
43
121,900
22,588
3,117
16,493
1,061
24,605
6,036
1,897
3,340
73
87,477
197,085
423,059
1935
162,033
163,290
9,072
95
273,558
22,058
9,480
14,278
28.475
2,674
4,231
13,323
588
1934
569,367
363,786
13,943
679
490,088
48,971
33,588
29,116
14,473
27,889
12,104
6,029
11,022
2,258
1933
504,798
835,445
27,628
2,470
685,215
116,501
13,115
38,439
7,987
51,464
28,101
12,911
13,819
1,658
703,155 1,623,313 2,339,551
RESULTS FOR EARLIER YEARS
As we have already indicated, this year's decrease of
$2,489,273 in gross and of $1,666,850 loss in net came after
an increase in gross earnings of $26,769,505 and a decrease
in net of $1,618,619 in May last year. In the previous year
(May 1933) there had been a gain in gross of $3,584,364
and a gain in net of $27,428,140, but these increases followed
tremendous losses in the three years immediately preceding. In May 1932 our compilations tbowed a loss
of $114,034,479 in gross and of $33,623,278 in net, and
this followed $94,091,632 loss in gross and $30,320,738 loss
in net in May 1931 and $75,131,912 loss in gross and $35,711,276 in net in May 1930, business depression having
been the cause of the continuous decline in the three-year
period. In May 1929 the returns, of course, showed improved results, but not to the extent expected, having
regard to the trade activity prevailing at the time, but which
was reflected at that time only in minor degree in the revenue returns of the railroads. Our compilations for May
1929 showed only $26,110,817 gain in gross, or 4.86%, and
$17,754,001 gain in net, or 12.9%. Moreover, this very moderate improvement came after poor or indifferent results in
May 1928 and May 1927, one reason for this having been that
the agricultural communities of the country were even at
that time already suffering depression, greatly impairing
their purchasing and consuming capacity, though the situation in that respect was not so strongly accentuated as it
has since become. In May 1928 our tabulations recorded
$8,823,323 decrease in gross, with $840,317 increase in net,
and in May 1927 our tables also showed relatively slight
changes, namely, $1,088,017 increase in gross, with $1,063,507
decrease in net. An important fact to remember, however,
Is that this last followed quite substantial improvement
(we are speaking of the roads as a Whole) in May 1926
over May 1925, when our compilation showed $28,515,298
gain in gross, or 5.85%, and $15,677,492 gain in net, or
13.89%. Moreover, these gains in 1926 succeeded substantial improvement in 1925 over 1924, our tabulations for
May 1925 having recorded $11,114,584 increase in gross and
$16,805,030 increase in net. On the other hand, it is essential to bear in mind that these increases of 1926 and 1925
came after tremendous decreases in 1924, and to that extent constituted merely recovery of what was then lost.
Our statement for May 1924 showed no less than $70,476,133 falling off in the gross and $30,448,063 falling off
in the net. These losses, in turn, however, followed prodigious gains in the year preceding-that is, in May 1923,
when the totals were of exceptional size. In May of that
year the roads were in enjoyment of an unexampled volume
of traffic, and our compilations showed an addition to the
gross (as compared with the preceding year) of no less than
$97,510,054, or 21.77%, and an addition to the net in the
sum of $32,573,715, or nearly 35%. It should be remembered, too, that the 1923 gains in net were simply the topmost of a series of increases that began long before 1923.
Thus, in May 1922, when business revival had already begun,
but when the carriers suffered a very notable reduction of
their coal tonnage by reason of the strike at the unionized
coal mines then prevailing throughout the country (coal
loadings then having fallen off 47.4% as compared with May
of the year before) there was only a very small improvement in the gross earnings-only $4,069,751, or less than 1%
-but there was at the same time a contraction in expenses
of $23,995,177, and this brought about an augmentation in
the net in amount of $28,064,928, or, roughly, 43%. There
was improvement also in the net in the year preceding
(1921), though gross at that time was declining, owing to
the collapse in trade. The decrease in the gross then was
$13,214,331, but it was accompanied by a reduction in expenses of $58,054,141, thus leaving a gain of $44,839,810 in
the net earnings. The loss in the gross at that time was
only 2.89%, which, of course, failed to reflect either the
great falling off in traffic or the extent and magnitude of
the depression in trade under which the country was then
laboring, the reason being that railroad rates, both passenger and freight, had been advanced and the added revenue
from the higher rates served to that extent to offset the loss
in earnings resulting from the shrinkage in the volume of
traffic. Contrariwise, the saving in expenses then achieved
was effected in face of higher wage scales, the Railroad
Labor Board having the previous summer awarded a 20%
increase to the employees, at the same time that the Interstate Commerce Commission granted the carriers authority
to put into effect higher rate schedules for passengers and
freight. Had business and traffic remained normal, the
higher rate schedules would, according to the computations
made at the time, have added $125,000,000 a month to the
gross revenues, and the higher wage schedules would have
added $50,000,000 a month to the payroll of the carriers, as
was pointed out by us at the time.
On the other hand, in any attempt to appraise correctly
the big reduction in expenses effected in 1922 and 1921,
and the steady improvement in operating efficiency that
followed, the fact should not be overlooked that, as a result
of the antecedent prodigious increases in the expenses, net
earnings in 1920 had been reduced to very low levels. High
operating costs had been a feature of the returns for many
years preceding, and it so happened that in May 1920 the
so-called "outlaw" strike, which served so seriously to
interfere with railroad operations the previous month, continued with greatly aggravated consequences. In these circumstances, it was no surprise to find that although gross
earnings increased $38,629,073 over the amount for May of
the previous year, the augmentation in expenses reached
no less than $61,001,464, leaving a loss in net of $22,372,391.
But, as already stated, the 1920 decrease in net was
merely one of a series of losses in net that had been continuing through successive years. As indicating how expenses had been mounting up, it is only necessary to note
that in May 1919, though gross earnings increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached $69,091,093, leaving a diminution
in the net of $33,958,788. Similarly, for May 1918 our
compilations registered $31,733,655 increase in gross, but
$14,459,024 decrease in net, owing to an increase of $46,232,679 in expenses. For the three years combined, therefore, the loss in net for this single month was $70,790,203,
in face of an increase in gross earnings of $105,535,033. Expenses in the three years for this month increased $176,325,236. Even prior to 1918 rising expenses were a feature
of the returns, though not, of course, to anywhere near
the extent whiCh subsequently developed. In the following
we show the May comparisons for each year back to 1909.
We give the results just as registered by our own tables
each year:
Gross Earnings
Month
of
May
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Year
Given
Year
Preceding
Inc. 1+) or
Dec.(-)
$196,826,686 $170,600,041 +$26,226,645
230,033,384 198,049,990 +31,983,395
4,624,078
226,442,818 231,066,896 232,229,364 226,184,666 +6,044,698
263.496,033 232,879,970 +30,616,063
26,007,920
239.427,102 265,436,022 244,692.738 243,367,953 +1,324,785
308.029.096 244,580,685 +63,448,411
353,825,032 308,132,969 +45,692,063
373,237,097 342,463,442 +31,773,655
413,190,468 378,058,163 +35,132,305
387,330.487 348,701,414 +38,629,073
444,028,885 457,243,216 -13,214,331
+4,069,751
447,299,150 443,229,399
545,503,898 447,993,844 +97,510,054
476,458.749 546,934.883 -70,476,133
487,664,385 476,549.801 +11,114,584
516,467,480 487,952,182 +28,515,298
+1,088,016
517,543,010 516,454,998
509,746,395 518,569,718 -8,823,323
536.723.030 510,543,313 +26,179,817
75,131,912
462,444.002 537,575,914 368,485,871 462,577,503 -94,091,632
254.382,711 368,417,190 -114,034,479
257,963,036 254,378,672 +3,584,364
281,627,332 254,857,827 +26,769,505
2.489,273
279,153.707 281.642,980 Net Earn ngs
Month of
May
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Year
Given
864,690.920
70,084,170
69,173,574
66,035,597
73,672,313
57,628,765
71,958,563
105,598,255 109,307,435
91,995,194
58,293,249
28,684,058
64,882,813
92,931,565
126,173,540
96,048,087
112,859,524
128,581.566
126,757,878
128,780.393
146.798,792
111.387,758
81.038,584
47,429,240
74,844,410
72,084,732
70,416,370
Mileage
Per
Cent
15.37
16.25
1.99
2.67
13.14
9.73
0.54
25.94
14.82
9.28
9.29
11.08
2.89
0.92
21.77
12.89
2.33
5.85
0.21
1.70
4.86
13.95
20.35
30.95
1.41
10.50
0.88
Year
Given
220,314
229,345
236,230
235,410
239,445
246,070
247,747
248,006
248,312
230,355
233,931
213,206
235,333
234,931
235,186
235,894
236,663
236,833
238,025
240,120
241,280
242,156
242,716
241,995
241,484
238,983
237,951
Year
PrececrO
217,933
225,274
232,503
231,597
236,619
243,954
245,207
247,189
247,842
228,892
234,339
211,040
234,916
234,051
235,472
234,452
236,098
236,858
237,275
239,079
240,798
241,758
242,542
242,163
242,143
240,906
238,980
Inc.) or Dec.(-)
-I-)
Year
Preceding
Amount
Per Cent
$49,789.800
64.857.343
70,868,645
68,488,263
66,499,916
73,385,635
57,339,166
71,791,320
105,782,717
107.454,218
92,252,037
51,056,449
20,043,003
64,866,637
93,599,825
126,496,150
96,054,494
112,904,074
127,821,385
127,940,076
129.044,791
147.099,034
111,359,322
81,052.518
47,416,270
73,703,351
72,083.220
+514,901,120
+5,226,827
-1,695,071
-2,452,666
+7.172,397
+15,756,870
+14,619,397
+33,806,935
+3,524,718
+14.459,024
-33,958,788
-22,372,391
+44,839,810
+28.064,928
+32.573,715
-30,448,063
+16,805,030
+15.677.492
-1,063,507
+840,317
+17,754,001
-35,711,276
-30,320,730
-33,623,278
+27,428,140
1,618,619
1,666,850
29.93
8.06
2.39
3.58
10.79
21.47
25.50
47.09
3.33
13.58
36.81
43.82
223.72
43.27
34.79
24.07
17.49
13.89
0.83
0.66
12.09
24.22
27.23
41.48
57.85
2.20
2.31
Volume 141
Financial Chronicle
171
Annual Report of the Federal Reserve Board—Revaluation of Gold, Heavy Gold
Imports and Expansion of Bank Deposits Listed Among Features of 1934—
Rehabilitation of Banking Structure Described—FDIC Credited with Growth
in Confidence
Issuance of the annual report of the Federal Reserve
Board, covering the operations of the year 1934, was briefly
noted in the "Chronicle" of July 6, pages 35 and 36. Reference was made to the Board's arrangement with the Bank
for International Settlements whereby the Federal Reserve
Bank of New York was prepared to furnish credits secured
by gold if international exchange emergencies prompted such
assistance.
The Board's report, made public on July 3, lists as among
the outstanding financial developments in 1.934 the revaluation of gold at $35 per ounce;the large volume of gold imports
into the United States; the expansion of bank deposits, reflecting chiefly Government spending, and further progress
in the work of rehabilitating the nation's banking structure.
Federal Reserve holdings of United States Government securities remained almost unchanged during the year.
Discussing the easier credit situation last year, the report
says:
Developments in 1934 were all in the direction of easier credit conditions.
The expansion in excess reserves during the year, which was caused chiefly
by gold imports, was not accompanied by an increase in bill or security
holdings of the Federal Reserve banks that could be sold for the purpose
of abosorbing the excess reserves, if that should become desirable. With
this limitation on the System's power to reduce member bank reserves by
the sale of assets in the open market, the System's ability to restrict credit
expansion, if it should become excessive, rests chiefly on new powers conferred upon it by recent legislation. Among these are the power in an
emergency and with approval of the President to raise reserve requirements
of member banks, provided in the Act of May 12 1933: authority to restrain
speculative activities of member banks under differnet provisions of
the
Banking Act of 1933; and control of margin requirements on security loans
by brokers and by banks, granted by the Securities Exchange Act of 1934.
Duties and activities of the Board and of the Federal Reserve banks have
been considerably enlarged by legislation passed during recent years, and a
large part of the work of the System in 1934 arose out of this new legislation.
These additional duties were imposed by the Banking Act of 1933, the Securities Exchange Act of 1934,and an Act permitting direct loans for Industrial
purposes by Federal Reserve banks.
Net imports of gold into the United States during 1934,
the Board states, were $1,134,000,000, of which $500,000,000
came from England and $260,000,000 from France. The
report points out that these imports were in large measure
an outcome of the revaluation of the dollar in January 1934,
and recalls that in the two months immediately following this
revaluation the Treasury acquired 3650,000,000 of gold
which chiefly reflected "a return of American funds from
abroad and a movement of foreign capital into dollar balances
and securities."
Despite the huge increase in monetary gold stocks last
year, however, the Board contends that this rise was not
accompanied by a reduction in the aggregate of central bank
reserves abroad. On the contrary, the report declares, the
reported gold reserves of foreign central banks and Governments increased by $130,000,000, valued at $35 an ounce.
In discussing changes in monetary gold stocks in various
countries during recent years, the report says, in part:
Although reported gold reserves of foreign countries as a whole
increased
somewhat during 1934, in a number of countries there were
substantial
declines. Reserves in Germany declined $124.000,000: in Italy,
$114,000,000; in the Netherlands, $54.000.000; in Belgium, $53,000,000;
in
Switzerland, $29,000,000; and in New Zealand. $16,000,000. Reserves in
Czechoslovakia increased $26,000,000; in Japan. $35,000,000; in the Union
of Soviet Socialist Republics,$40,000,000; and in South Africa,
343,000.000.
By far the largest increase, however, occurred in gold reserves of the
Bank
of France. which, notwithstanding considerable fluctuations, were
$333,000.000 larger at the end of the year than at the beginning. They were
still, however,somewhat below the peak attained in December 1932.
Since the outbreak of the World War the greatest increases in gold
reserves has been in the United States and France. Both the United States
and
the Netherlands received large amounts of gold during the war in payment
for purchases of materials by the belligerents. In the early post-war period
gold continued to flow to the United States, which occupied a creditor
position and was the most important free market for the metal until the general return to the gold srandard that began toward the end of 1924.
After de facto stabilization of the franc at the end of 1926, the gold movement for five years was predominantly toward France. The movement
reflected the fact that France during the period of currency depreciation had
experienced a continuoou.s outflow of capital which had been balanced in
her international payments by a large excess of exports over imports. When
after de facto stabilization capital began to flow back to France, the Bank of
France accumulated both gold and foreign exchange. The rapid increase
in gold reserves of the Bank of France after England's departure from the
gold standard in September 1931 reflected mainly the Bank's conversion
into gold of these previously acquired foreign exchange holdings in order to
avoid further losses through currency depreciation abroad. The increase
at the same time of gold reserves in the Netherlands, Belgium. and Switzerland was in part of a similar character. Since the only important foreign
etchano holdings on which central banks could freely realize were in New
York, most of the gold acquired was drawn from the United States. The
movements were concentrated in the fall of 1931 and the spring of 1932.
From that time until the end of 1934 foreign countries added little gold to
their reported holdings, while the United States gained large amounts of
gold in the last half of 1932 and again in 1934.
In an analysis of the sharp advance in member bank reserves and the excess reserves of banks during the year 1934,
the Board says that these were attributable principally to
the inflow of gold, which continued in large volume, despite
a monetary interruption caused by the inauguration of the
silver-purchase program.
At the close of 1933 excess reserves of member banks approximated $850,000,000, while the total volume of excess
reserves at the end of 1934 was $1,800,000,000, marking an
all-time high record. The Board notes that the largest increase in the excess reserves of banks was about $500,000,000
in New York City, as a result of the increased holdings by
New York banks of balances for other banks.
The report reveals that during 1934 total deposits at
member banks increased about $6,700,000,000 to an aggregate of $33,850,000,000. The growth of customers' deposits alone during the year amounted to about $4,000,000,000. Important factors in this gain included Treasury expenditures, deposits of gold certificates based on newlyacquired gold and the issuance of silver certificates.
Gross earnings of the Federal Reserve banks in 1934
amounted to $48,903,000, or $584,000 less than in 1933,
when earnings were $532,000 below 1932. Net earnings in
1934 were $15,231,000, or $7,274,000 more than in the
preceding year. All Federal Reserve banks paid dividends
last year to member banks at the rate of 6% on their paid-in
capital. These dividends totaled $3,781,661.
In its review of business conditions in 1934, the Board
states that profits of industrial corporations were higher than
in any year since 1930, and that industrial output and employment also recorded substantial gains.
The report devotes considerable space to a discussion of
industrial advances by Federal Reserve banks, designed to
aid small enterprises. It also reviews the Board's activities
with regard to the margin provisions of the Securities Exchange Act of 1934, and analyses this and other legislation
affecting monetary and financial conditions during the year.
Extracts from the report are given below:
Progress of Banking Reconstruction
During the year 1934 banking facilities available to the public increased
considerably. About 19,000 banking offices of unrestricted institutions,
including mutual savings and private banks, were in operation at the end of
the year, of which 3,000 were branches. This represented an increase of
1,000 head offices and about 200 branches during the year.
Active membership in the Federal Reserve System increased by 431
banks to 6,442 by the end of the year. The increase was accounted for in
part by licensing of restricted banks, in part by organization of new banks,
and in part by admission to membership of nonmember State banks.
Deposits in member banks as of Dec.31 1934, amounted to $33,850.000,000.
which was about 86% of the deposits in all commercial banks, exclusive of
mutual savings banks, and about 69% of the deposits in all banks, inclusive
of mutual savings banks.
Bank Suspensions in 1934—Bank suspensions in 1934 were fewer than in
any year since 1920. The suspensions during the year comprised 57
licensed banks with deposits of $36.793,000, one of which. with deposits at
time of suspension of $40.000. was a member of the Federal Reserve System.
There were eight other suspensions among banks participating in Federal
deposit insurance.
Unlicensed Banks—By the end of 1934 the number of unlicensed banks
had been reduced to relatively unimportant proportions. After the bank
holiday in March 1933 more than 4,500 banks with deposits of about
$4.200,000,000 were reported as not licensed to conduct an unrestricted
business. By the beginning of 1934 these had been reduced to about 1.800
banks with deposits of approximately 31,000,000,000, and by the end of the
year only about 160 banks with deposits of approximately $90,000,000 were
reported as remaining unlicensed, after deducting 920 banks placed in
liquidation or receivership during the year. Most of the remaining unlicensed banks were not members of the Federal Reserve System,as is shown
by the following table:
UNLICENSED 'BANKS
Jan. 1 1934
Dec. 31 1934
Number
National
State member
State non-member
Total
Deposils
452
60
1,257
$435,000,000
93,000,000
500,000,0OG
5
4
153
86,500,000
1,800,000
80,000,000
1.760 S1.028.000,000
162
388,300,000
Number
Deposits
New Capital for Banks—Many unlicensed banks were ab e to reopen
during 1934 and many active banks were strengthened by the addition of
capital funds, a large part of which was furnished by the Recnstruction
Finance Corporation. During the year the program for strengthening the
capital structure of the banking system initiated in the summer of 1933 was
pressed through the joint efforts of Federal and State agencies. The program was furthered by the Comptroller of the Currency in the case of
National banks, by the Federal Deposit Insurance Corporation in the case
of nonmember banks whose deposits were insured by the FDIC. and by the
172
Financial Chronicle
July 13 1935
Reserve Bank of Minneapolis made the first industrial advance. The
Federal Reserve Board and the Federal Reserve banks in the case of State
Reserve banks received many inquiries and informal applications for inmember banks. When the program was initiated in 1933, the Federal
the.
dustrial advances immediately following the passage of the Act, and for
the Federal Reserve agents to keep In touch with
Reserve Board requested
on
first few weeks the industrial advisory committees were not able to act
such banks in their respective districts as might require assistance, and
applications as rapidly as they were received. By the first part of Septemduring the year 1934 Federal Reserve officials continued to co-operated with
ber, however, this situation was changed, and by December the number of
the various supervisory authorities in developing and consummating plans
applications received was much smaller and these were being acted upon
for strengthening the capital of member banks.
without material delay. . . .
On Dec. 31 1934, the RFC had an aggregate investment of $845,960.000
In the period elapsed since adoption of Section 13b of the Federal Reserve
In the capital structure of banks and had lent in addition $19,124,000 to
made
Act, the Federal Reserve Board and the Federal Reserve banks have
purchases of preferred stock.
local interests in order to enable them to make
generally
constant and energetic efforts to make the provisines of the law as
in preferred stock and $260,102,000
The investments included $585,858,000
of
known as possible to banks and prospective borrowers. Co-operation
In capital notes and debentures. In addition, the RFC had authorized,
member banks has also been obtained. These efforts have been made
contingent upon the preformance of certain conditions, investments of
At the
through visits to bankers and through frequent circularization.
$200,076,000 more in the capital structure of banks. Altogether 6,900
and
same time the Board and the Federal Reserve banks have given careful
banking institutions had had their capital structures strengthened by the
Every
repeated consideration to the procedure for handling applications.
RFC. The largest part of the investments of the RFC in the capital
the
complaint received from rejected applicants has been carefully investigated
structure of banks was made after the beginning of 1934, at whclh time
Imand the reasons for rejection explained to the applicant. In order to
total investments did not exceed $250,000,000.
prove procedure and co-ordinate policies under this law there have been
reports of member banks as of Dec. 31 1934.indicated that the
Condition
members
frequent meetings of Board members, Reserve bank officials, and
capital structure of member banks included $553,574,000 of preferred stock
Reserve
of the industrial advisory committees. The efforts of the Federal
and $118,515,000 of capital notes and debentures, an aggregate of $672,provisions of
banks and the Federal Reserve Board to make known the
089,000. Most of this was held by the RFC.
applications have entailed considerable
in the
Section 13b and the examination of
Federal Deposit Insurance—An important contribution to stability
leans
by the
work and expense to the Federal Reserve banks. The servicing of the
banking structure during the year was the insurance of bank deposits
is expensive; the security for loans includes mortgages upon property.
administration of a temporary
FDIC. On Jan. 1 1934, the FDIC began the
be taken
on
assignment of accounts receivable, contracts, &c., and care must
fund, which insured the deposits of all participating banks up to $2,500
in
to
that taxes and premiums are paid, that contracts are fulfilled, and
the net approved claim of each depositor. All licensed banks belonging
of the
general that no impairment of the security occurs.
the Federal Reserve System were required to become members
insurance fund, and State banks which were not members of the Federal
Securities Exchange Act of 1934
Reserve System were permitted to participate after examination and after
With a view to preventing the excessive use of credit for the purchasing
, certification of State authorities that they were in solvent condition.
fund
or carrying of securities, the Securities Exchange Act of 1934, which became
Under the Banking Act of 1933, it was provided that the temporary
the
law on June 6, requires the Federal Reserve Board from time to time to
should be effective from Jan. 1 1934 through June 30 1934, after which
would
prescribe rules and regulations with respect to the amount of credit that may
Permanent plan, which would cover a larger percentage of deposits,
plan was
be extended and maintained on any security registered on a national securibecome effective. By the Act of June 16 1934, the temporary
provision
ties exchange. Certain securities are exempted by the act from these proextended to operate from July 1 1934, through June 30 1935, but
visions. For the initial extension of credit such rules and regulations must
was made to insure each depositor during this period up to $5,000. Mutual
be based upon a certain standard set forth in the Act, but the Board is auwhich continued membership were given the option of coversavings banks
thorized to prescribe such requirements lower than the standard as it
ing their deposits up to $2,500 or up to $5,000. A number of mutual
"deems n .psa.ry or appropriate for the accommodation of commerce and
savings banks discontinued participation in the fund on July 1 1934,in part
in
industry, having due regard to the credit situation of the country," and such
because of the establishment of a State fund for mutual savings banks
higher requirements as it may "deem necessary or appropriate to prevent
New York..
the excessive use of credit to finance transactions in securities."
When operations began on Jan. 1 1934, 12,617 banks were members of
The Act makes it unlawful for any member of a national securities exthe fund and this number increased to 14,205 banks by the end of the year.
change, or any broker or dealer who transacts a business in securities
Of these, 5,462 were National banks; 980 State banks which were members
or
through the medium of any such member, to extend or maintain credit to
of the Federal Reserve System; 68 mutual savings banks; and 7,695 other
for any customer (1) on any registered security (other than an exempted
banks. It was reported that on Oct. 1 1934. 44% of the total deposit
security)in contravention of the Board's rules and regulations, or (2) without
liability of insured banks was protected. This ratio varied considerably
collateral or on collateral other than registered securities and (or) exempted
for the different classes of banks, being as high as 72% for commercial banks
securities, except in accordance with such rules and regulations as the Board
not members of the Federal Reserve System, due to the fact that these
may prescribe to permit the extension or maintenance of such credit in cerbanks as a group have a preponderance of small accounts. Among State
tain cases.
bank members of the Federal Reserve System, 33% of deposits was covered
In accordance with the Act the Board issued on Sept. 27 a regulation
by insuranc.
(Regulation T)effective Oct. 1 dealing with the extension and maintenance
Computations made as of Oct. 11934.indicated that 98% of the 51,245,of
of credit by brokers, dealers, and members of national securities exchanges.
000 depositors in insured banks were fully protected under the provisions
The regulation placed no restrictions on the amount of or collateral for loans
the law. The remaining depositors who were only partially insured, howfor industrial, commercial, or agricultural purposes. In prescribing the
ever. had 823,000 accounts with total deposits of about $25,000,000,000,
margin requirements specified in this regulation the Board adopted the basis
about two-thirds of all deposits of all banks participating in the insurance
stated in the Securities Exchange Act of 1934 and provided that, with
fund. An important proportion of these large accounts was in New York
certain exceptions, a member of a national securities exchange, or a broker
State and in many cases probably represented deposits of correspondent
or dealer subject to the regulation, shall not make any initial extension of
banks and other corporations. Because of the concentration of so many of
credit to any customer on any registered security (other than an exempted
the large accounts in New York, the percentage of insured deposits was
security) for the purpose of purchasing or carrying any security, in an
considerably smaller for that State than for the country as a whole. Among
amount which causes the total credit extended on such registered security
New York State commercial banks 24% of the deposits were insured, as
to exceed whichever is the higher of:
compared with 44% for the country as a whole. including New York.
(1) 55% of the current market value of the security; or
Industrial Advances by Federal Reserve Banks
(2) 100% of the lowest market value of the security computed at the
lowest market price therefor during a specified period preceding the current
By an Act of Congress approved on June 19 1934, the Federal Reserve
month, but not more than 75% of the current market value. The period
to make
banks and the RFC were authorized, within prescribed limitations,
specified is one of 36 calendar months except that until July 1 1936 it is
credit available for the purpose of supplying working capital to established
the period between July 1 1933 and the beginning of the current month.
ReIndustrial and commercial businesses. This Act amended the Federal
At the level of security prices when Regulation T went into effect, brokers
provisions
serve Act by the addition of Section 13b, which embodies the
could extend credit on most registered securities up to 75% of their current
the prorelating to the Federal Reserve banks. Regulation S, relating to
market value. In case of any substantial increase in security prices, howvisions of this section, was issued by the Board on June 26 1934.
ever, the average margin requirement prescribed by the regulation increases
enterprises had
This legislation was advocated because many small
automatically, since the loan value of an increasing proportion of outstandinadequate
suffered severe capital losses during the depression and had
ing securities becomes less than 75% of current market value.
working capital. Such enterprises find it difficult to obtain their requireThe margin requirements stated in the law and now prescribed by the
commercial
ments of working capital through the capital market, while
Federal Reserve Board are designed to exert a restraining influence on specuabout
banks and other financial institutions, in many cases, were hesitant
lative trading. By imposing higher margin requirements on securities that
in making
undertaking on their single responsibility the risks involved
have had a rapid rise than on more stable securities, the prescribed requirerelatively long-time loans for working capital purposes.
ments make credit lessfreely available for trading In speculative securities.
businesRecognizing the possible need of these industrial and commercial
Regulation T does not prescribe a specific margin that must be mainresume
ses for additional working capital to enable tham to continue or
emtained after a loan has been granted, but imposes restrictions on the operanormal operations and to maintain employment or provide additional
tions which the customer may be permitted to carry on in his account if
powers to
ployment, Congress granted the Federal Reserve banks broad
his margin falls below the standard prescribed for intitial extension of credit.
medium
enable them to provide such working capital, either through the
Thus the amount of credit maintained in an account is not required by the
of banks, trust companies,and other financing institutions or.in exceptional
regulation to be reduced ass consequence of a decline in the market value of
circumstances, by advances directly to such commercial and industrial
the securities held, but additional extensions of credit are not permitted
businesses.
unless sufficient additional margin is supplied for the new extension itself.
The conditions imposed by the law are such that loans must be made to
The regulation provided means by which accounts in existence on Oct. 1
establish industrial or commercial businesses, must be made for the purpose
five
1934, might be recorded separately by the creditor at any time prior to
of supplying working capital, and must have maturities not exceeding
be
Nov. 15 1934. and thereafter be maintained separately until liquidated.
years. In addition, direct loans by the Federal Reserve banks may
but not later than July 1 1937. In order to prevent circumvention of the
made in exceptional circumstances, when credit is not obtainable on a reasonmargin rules, however. transactions in such accounts are subject to restricable basis from the usual sources, and provided the loan can be made on a
tion.
reasonable and sound basis.
Under Section 8 of the Securities Exchange Act of 1934 brokers and dealers
When credit is advanced through the medium of banks or other financing
subject to the Act may not borrow on registered securities (other than
institutions, the procedure is ordinarily for the financing institution to make
exempted securities) from lenders other than member banks except under
the loan and procure from the Federal Reserve Dank a commitment binding
certain conditions. Nonmember banks must sign an agreement in the form
the Federal Reserve bank to take over the loan at the option of the financing
specified in Regulation T before brokers and dealers who are subject to the
institution. ( uch commitments are specifically authorized in the Act.
regulation may borrow from them, and by Dec. 31 1934, 121 nonmember
Before the Federal Reserve bank can grant such a commitment it must
banks had signed this agreement. Members of registered securities exsatisfy itself that the loan is properly made and is one that it is authorized
changes,and other brokers and dealers subject to the regulations are also
by the Act to acquire.
permitted to borrow from and lend to one another under specified conditions.
The Federal Reserve bank, therefore, must make the same credit investiRules are also included in Regulation T regarding cash transactions,
gation of a loan by a financing institution for which it is to grant a commitreports by brokers, and such administrative deatils as the borrowing and
This is especialy netessay
ment as of a loan which it is to make direct.
lending of securities, the debiting on interest, commissions. &c., the handling
because, under the law, when such a loan is discounted for a financing inof guaranteed accounts, the transfer of accounts, temporary credit for clearstitution by the Reserve bank the financing institution need retain obligaance of securities, and adjustments for innocent mistakes.
for no more than 20% of any loss thereon.
tion
In preparation for the adoption of margin requirements the Board made a
The law provided for the appointment of an industrial advisory committee
pursurvey of the condition of margin accounts held with brokers in the summer
in each district, consisting of members actively engaged in industrial
by the
of 1934. At the request of the Federal Reserve Board the New York.
suits. Members of these advisory committees had been selected
Chicago, and San Francisco Stock Exchanges obtained certain reports from
third week in July, and the consideration of applications by the committees
Federal
their members as of July 311934. Reports were secured covering approxand by the Reserve banks began immediately. On Aug. 1 the
Volume 141
Financial Chronicle
imately 213.000 accounts and over two-thirds of all customers' borrowings.
They showed that a large number of accounts contained substantial amounts
of excess margin, as judged either by the rules of the New York Stock Exchange or by the standard used in Regulation T. In 85% of the accounts
reported, customers were not borrowing more than 66 2-3% of the value
of the securities in the account. The value of the securities held in all the
accounts was nearly twice as large as the amount borrowed on the securities.
that is to say, total borrowings were equal to approximately 50% of the total
value of the securities carried.
The reports showed the amount of each individual security held in customers' accounts with debit balances and in partners' and firms' accounts.
These data covered in all some 20.000 different issues with total market
value estimated at about $2.600,000,000. Detailed analysis was made of
figures representing about 80% of the total estimated value of all securities
held by brokers for their customers. This analysis indicated that on the
basis of market values as of July 31 1934, over two-thirds of the securities
so held, exclusive of unlisted securities, could have been carried under the
provisions of Regulation T with a maximum loan of 75% of market value,
about one-fourth permitted loans of percentages varying from 55 to 75%
of market value and averaging 67.6%, and the remainder, or about onetwelfth, had a maximum loan value of 55% of market value. The average
maximum loan value on all these securities was slightly under 72%. This
compared with a maximum percentage permitted by the New York Stock
Exchange of about 77% for large accounts and 66 2-3% for small accounts,
averaging about 75% for all accounts.
When the new margin rules went into effect the securities markets were
relatively inactive, and remained so during the rest of the year. There was
accordingly no occasion, such as might be afforded by a rapidly rising
market, to test the effectiveness of the new rules in accomplishing the purposes for which they were adopted. Between September 1934 before
Regulation T became effective, and the last month of the year, security
prices advanced somewhat. The Increase for common stock, according to
the index of the Standard Statistics Co.. amounted to about 3%. From the
end of September to the end of December there was little change in the total
volume of customers' borrowings from brokers. The total borrowings of
members of the New York Stock Exchange at the end of 1934, amounting to
8880,000,000, were 835,000,000 larger than at the end of 1933 but only
about 10% of their maximum in the autumn of 1929.
The Securities Exchange Act of 1934 also empowers the Federal Reserve
Board, within certain limitations, to prescribe rules and regulations, including margin requirements. for credit extended or maintained by other
persons than members of a national securities exchange, or brokers or dealers
who transact a business in securities through the medium of such members,
for the purpose of purchasing or carrying any security registered on a national securities exchange. These other persons include all banks in the
United States except such banks as are subject to Regulation T by reason
of their holding membership in a national securities exchange. This
authority is additional to that conferred by other statutes for credit supervision. The Board is studying the subject and in due time will issue the
required regulation as to bank loans made to purchase or carry securities
registered on a national securities exchange.
Earnings and Expenses of Federal Reserve Banks
Gross earnings of the Federal Reserve banks in 1934 amounted to $48,903,000. or 8584,000 less than in 1933. After deducting current expenses
of $29,242,000. reserves for depreciation on bank premises, and reserves for
losses. self-insurance. Sze., there remained net earnings of $15,231,000, or
87,274,000 more than the amount of net earnings for 1933. Earnings,
expenses, dividend payments, &c., for all Federal Reserve banks combined
for 1934 and 1933 are shown in the following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING
1934 AND 1933
1934
Total earning
Current expenses
1933
348,903,00G $49.487,010
29,242,000 29,223.006
Current net earnings
$19,881,000 $20,264,000
Additions (profits on sales of U.S. Govt.securities,&c.)
Deductions (depreciation and other reserves, &c)
Net deductions from current net earnings
Net earnings
$8,928,000
13,358.000
81,782,000
14,089,000
$4,430,000 $12,307,000
16,231,000
7.957,000
Dividends paid
Transferred to surplus (Sec. 7)
Withdrawn from surplus (Sec 13b)
..
38.781,000
8,510,000
80,000
88.874,000
-917.000
All Federal Reserve banks paid dividends to member nabks at the rate
of
6% per annum on their paid-in capital. These dividends amounted
to
88,781,881.
Gross and net earnings dueing the year 1934 and the distribution of
net
earnings of each Federal Reserve bank are shown in the following table:
FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE
BANKS DURING 1934
Fed. Res. Bank
Gross
Earnings
Dividends
Paid
$932,792
8,307,134
1,042,879
1,042,897
313,347
1355,812
1,404,491
139,998
178,285
243,534
331,869
840,573
$1344,075
3,567,690
925,875
789,098
299,050
284,093
781,334
241,009
181,117
247,158
237,924
843.242
$291,872
4,747,138
117,900
281,757
14,595
394,351
689,479
-100,988
644.902.813 311.231409
E5.781.661
M510(171
Boston
$3,055,928
New York _. - 18,031,935
Philadelphia
3,725,022
Cleveland
4,137,558
Richmond
1,987,801
Atlanta
1,818,181
Chicago
8,152,371
St. Louis
1,824,453
Minneapolis... 1,415,097
Kansas City_
1,960,098
Dallas
1,521,971
San Francisco. 3,222.420
Total
Transferred
to Surplus
(See. 7)
Net
Earnings
93,945
WUhdrawn
from Surplus (Sec.
136)
$3,155
7,894
898
8,158
298
2,632
28,322
47
4,832
3,822
2,889
ton 292
Earnings on total bills and securities were slightly less In 1934 than in
1933, an increase of about $74,000,000 in average daily holdings of bills and
securities being more than offset by a reduction from 1.98% to 1.91% in
the average rate of earnings. Average daily holdings of bills and securities,
together with average rates and amounts of earnings thereon, are shown for
recent years in the table below.
Current expenses of the Federal Reserve banks in 1934 were $29,241.000.
or 81804 more than in 1933.
Salary payments during 1934, including contributions to the retirement
system of the Federal Reserve banks established on March 1 1934, were
$1,551,000 in excess of salary payments in 1933. Other items of expenditure that show a substantial increase over 1933 are the assessments for expenses of the Federal Reserve Board,which increased $572,000,and taxes on
banking houses, which increased 8110,000. Owing largely to the falling off
173
EARNINGS ON BILLS AND SECURITIES
[Amounts in thousands of dollars]
Bills and Securities
Total
Bills
Bought in (1.5. Gov- All Other
Bills Dis- Open
ernment Bills anti
counted Market Securities Securities
Daily average holdings:
$
$
1931
1,251.0U 326,217 245.280 889,013
10,568
1932
2 082,448 520.837
70,902 1,461,258
9.649
1933
2,421,588 283.22
, 82,882 2,052,180
3,295
1934
2 495,497
35,788
24,742 2,431,673
x3,294
Earnings:
1931
9,821
27,585
5,010
12,428
306
1932
17.881
47,992
26,924
2,781
402
1933
9,137
47,995
1,238
37,530
90
1934
1,231
47,855
141
48,131
x152
Average rate of earns.(per cent):
1931
3.01
2.20
1.86
2.04
2.90
1932
3.43
2.33
1.84
3.93
4.17
1933
3.23
1.98
1.49
1.83
2.74
1934
1.91
3.44
.57
1.90
x4.61
x Includes industrial advances.
In the demand for currency in 1934 as compared with 1933, when there was
an abnormal demand for currency preceding the banking holiday, expenditures of the Federal Reserve banks for the printing and redemption of Federal Reserve currency declined 81,359.000 and insurance on currency shipments by $68,000. Other substantial reductions in expenses were $120.000
In taxes on Federal Reserve bank notes,$219.000 in telephone and telegraph
charges. $240,000 in postage and expressage, $71,000 in printing, and 8148.000 in insurance other than on currency shipments.
The average number of officers and employees exclusive of those assigned
to RFC work, was 10.376 in 1934 compared with 10.015 in 1933. During
the year the Federal Reserve banks had an average of 1.351 officers and
employees engaged on work of the RFC compared with 1,114 in 1933.
Testing the League and the Kellogg Pact
(Concluded from page 167)
opian controversy is taken up by the Council, Italy
will withdraw from the League.
The situation is more than awkward for the
League, and at the same time peculiarly embarrassing for Great Britain and France. The withdrawal
of Italy, following the withdrawal of Japan and
Germany, would end the little prestige that is left
to the League as an international body, and make
it less likely than ever that Germany could be induced to return. France, on the other hand, which
theoretically has insisted that international action
should be taken through the League, would be deprived of a weapon which it has used with some success against Germany and could no longer object to
bilateral agreements, and Great Britain, which has
consistently supported the League, would find itself
isolated and its influence weakened as far as Continental affairs are concerned. The League,in short,
finds itself faced with a situation in which,if it fails
to act in the Italo-Ethiopian dispute, it will be contemptible, while if it does act it will invite its own
dismemberment.
Into the confused picture enters now the United
States. On July 3 the Emperor of Ethiopia appealed
to the United States to invoke the Kellogg anti-war
pact against Italy. President Roosevelt, replying
the next day through the Department of State, acknowledged the interest of the American Government "in the maintenance of peace in all parts of
the world," expressed gratification that the controversy had received the attention of the League and
was "now in process of arbitration," and declared
that the American Government "would be loath to
believe" that either Italy or Abyssinia, both of which
were signatories of the Paris pact, "would resort to
other than pacific means as a method of dealing
with this controversy, or would permit any situation
to arise which would be inconsistent with the commitments of the pact." Two days later the handful
of Americans in Ethiopia were advised by the Government to withdraw.
The only implication to be drawn from this reply
appears to be that the League and the Kellogg pact,
as far as their efficacy in preserving peace is concerned, are regarded by the Administration as nothing more than a faint hope. It is not clear that any
Financial Chronicle
174
more importance is to be attached to Secretary
Hull's reported statement to the Italian Ambassador, on Thursday, that the United States would
"view with extreme misgivings" any action by Italy
that would bring on actual war with Ethiopia, and
that the controversy ought to be dealt with by the
League. Such expressions are of a piece with the
usual language of diplomacy, and neither express
great confidence in the League nor warn Italy that
it must not violate the Kellogg pact.
There the matter stands, awaiting further developments. There is a suspicious tinge to the report
that the issue is to be taken up in a conference of
Great Britain, France and Italy, for those three
Powers are precisely the 'ones which have already
staked their claims to Ethiopian territory, and once
partitioning is entered upon the independence of
Ethiopia will be only a form of words. The speech of
Sir Samuel Hoare, British Foreign Secretary, in the
House of Commons on Thursday, is ominous for
Ethiopia, for while it held out a vague hope of peace
through some British plans which he was not able
to divulge, it also admitted the justice of some of
Italy's claims. Neither conferences nor secret negotiations, moreover, can Save the reputation of the
League unless they lead to League action, for the
Covenant binds the League to act, and action is
what it has persistently tried to avoid. If Italy, in
spite of the remonstrances which have been addressed to it, goes to war with Ethiopia over any
question that could be settled by negotiation or conciliation, the conclusion of the world will certainly
coincide with that of the ordinary man in the street,
namely, that neither the League nor the Kellogg
pact is able to prevent aggression, and that no important opposition will be offered to the warlike
policy of any strong Power that puts on a bold front.
July 13 1935
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
(Compiled by the Midland Bank, Limited]
1935
1932
1933
1934
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17,467,795
£8,310,263
7,167,385
13.447,603
8,247,859
14,614,014
17,541,251
£10,853,233
7,007,995
7,081.462
9,590,367
22,440,935
12,048,454
£15,592,347
12,620,080
12,386,235
4,108,238
19,727,811
20.610,166
£74,771,883
£69,328,375
£69,022,446
£86,044,877
£3,312,507
72,500
17,000
19,745.198
10.807,078
4,312,163
£6,001,777
21,208,047
7,164,097
10,026,260
12,786,859
6,353,481
£14,997,397
9,878,332
6,747,571
23,446,272
13,056,095
13,041,644
£113.038.329
£132.868.896
£150.189.757
January
February
March
April
May
June
6 months
July
August
September
October
November
December
Year
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank, Limited]
United India and Other Brit. Foreign
Countries Countries
Ceylon
Kingdom
-January
1933
February
March
April
May
June
6 months
.
July
August
September
October
November
December
Year
-January
1934
February
March
April
May
June
6 months
July
August
September
October
November
December
Year
-January
1935
February
March
April
May
June
6 months
£
£
£
56,000
269,000
7,875,000
30,000 1,727,000
4,917,000
1,000 1,160,000
12,287,000
7,283,000
241,000
9,328,000 4,753,000
5,000 1,070,000
16,029,000
Total
£
8,310,000
7,167,000
13.448,000
965,000 8,248,000
292,000 14,614,000
437,000 17,541,000
£
110,000
493,000
57,719,000 4,845,000 4,467.000 2,297,000 69.328,000
5,232,000
1,285,000
6,738,000
6,814,000
12,172,000
5,089,000
244,000
478,000 6,002,000
15,589,000 4,334,000 21,208,000
250,000 7,164,000
176,000
11,000 3,016,000
185,000 10,026,000
67,000
437,000
111,000 12,787,000
867,000
341,001) 6,353,000
47,000
48,000
95,059.000 5,018,000 24,796,000 7.996,000 132,869,000
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7,021,000
49,000
221,000
7,000
12,000
62,000
32,000
47,085,000
384,000 20,473,000 1,080,000 69,022,000
9,958,000
3,165,000
5,631,000
20,764,000
11,016,000
9,122,000
1,000 5,014.000
25,000 14,998,000
5,485,000 1,228,000 9,878,000
566,000
137,000
413,000 6,748,000
61,000 2,465,000
156,000 23,446,000
1,899,000
141,000 13,056,000
14,000 13,042,000
550,000 3,355,000
1,763,000
1,433,000
873,000
850.000
10,945,000
4,609,000
359,000 10,853,000
45.000 7,008,000
190,000 7.082,000
63,000 9,590,000
37,000 22,441,000
386,000 12,048,000
106741000 1,133,000 39,258,000 3.058,000 150,190,000
14,433,000
9,688,000
11,076,000
3,443,000
18,788,000
19,571.000
957,000 1,202,000 16,592,000
2,346.000
586,000 12,620,000
176,000 12,386,000
1,135,000
660,000
5,000 4,108,000
568,000
118,000
254,000 19,728,000
872,000
13.000
154,000 20,610,000
76,999,000
130,000 6,539,000 2,377,000 86,045,000
A Question Asked!
Of the one-third of the homes that are substandard, what part are accounted for by the ownership
of a car which the substandard owner of the substandard home cannot afford to own or run?
A SUBSCRIBER.
New Capital Issues in Great Britain
The following statistics have been compiled by the Midland Bank,Ltd. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already issued
securities which add nothing to the capital resources of the
company whose securities have been offered; issues for conversion or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans by municipal and county
authorities escept in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the prices
of issue.
UNITED KINGDOM
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE
[Complied by the Midland Bank, Limited]
Moruh of
June
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
IORA
June
Quarter
6 .11onths to
June 30
£16,823,000
27,560,000
33,919,000
21,990.000
34,763.000
19,322,000
23,652,000
29,222,000
19,965.000
41,372.000
25,398,000
13,225,000
12,832,000
17,468,000
17,541,000
12,048,000
20.610.000
£40,413,000
94,217,000
65,871,000
74,940,000
77,636,000
58,963,000
66.955.000
53,608,000
76,749,000
99,254,000
81,296.000
72,395,000
25,529,000
47,777,000
40,403,000
44,080,000
44,446,000
£80,299,000
241,232.000
124,221,000
168,147,01)0
123,525,000
106,215,000
124,354,000
131,636,000
159.694,000
202,616,000
195.543,000
141,860,000
70,915,000
74,772,000
69,328,000
69,022,000
86,045.000
Year to
June 30
£132,815,000
398,474,000
267,199,000
259,722,000
191,046,000
186,451,000
241,685,000
227,178,000
281.325,000
357,636,000
355,447,000
200,066,000
165,215,000
92,523,000
107,595,000
132,563,000
167,212,000
The Course of the Bond Market
The bond market has again given a satisfactory account
of itself this week. New highs have been r^^nrded by many
utility and industrial issues. The only cloud in the picture
has been renewed declines among lower-grade rail bonds,
accompanied by rumors of additional receiverships or reorganizations among the weaker roads.
Highest-grade issues and United States Governments remain at peak prices. The Treasury, in its first offering of
the new fiscal year, readily sold $500,000,000 of 1%% fouryear five-month bonds for the purpose of replenishing its
cash balance, which had declined to $1,509,500,000 on July 8.
Bank reserves again advanced to new high levels.
Fractionally lower levels were witnessed by high-grade
and medium-grade railroad bonds. Atchison Topeka &
Santa Fe gen. 4s, 1995, closed at 109%, down % for the
week. New York Central 3%s, 1997, closed at 97%, off %.
An exception to the general trend has been the Cleveland
Union Terminal 1st 4%s, 1977, which closed at 92, up 154.
Declines of as much as 5 points were witnessed among lowergrade rail bonds. Erie 5s, 1975, declined 5 points to 59%;
Kansas City Southern 5s, 1950, closed at 60%, off 4%;
Southern Railway 4s, 1956, declined 3Y/ to 33%.
High-grade utilities have remained firm. Non-callable
issues, including Bell Telephone of Pennsylvania 5s, 1960;
/
New England Telephone & Telegraph 41 2s, 1961; Syracuse
Lighting 5s, 1951; West Penn Power 5s, 1063. and United
Electric Co. of New Jersey 4s, 1949, advanced to new high
ground. Lower-grade issues have been moderately strong
in the first nart of the week, but some setback was received
on Thursdays particularly among holding company debentures because of unfav-rable political develonments. New
bond issues have been absent but resumption of financing
is expected in coming weeks.
Industrials continued buoyant this week, almost without
exception. The steel group has been firm, with Wheeling
Steel 4%s, 1953, advancing to another new top at 10014.
Financial Chronicle
Volume 141
The Vanadium 5s, 1941, were 3% points higher at 811
/
2
.
Anthracite coal bonds were better, led by a 1%-point rise
in Philadelphia & Reading Coal & Iron 6s, 1949, to 39%.
Childs 5s, 1943, were one of the few issues to sell lower,
but the decline amounted to only % point. Drug, motion
picture and rubber issues moved higher. In the building
field the Pennsylvania Dixie Cement 6s, 1941, made a new
high at 90%, whereas the volatile Certainteed Products 5%s,
1948, rallied 3% points to 781 the level of some weeks ago.
4,
Foreign bonds have been comparatively steady, with few
price changes among the better-grade issues. Scandanavian
and Finnish bonds were relatively well maintained. Some
weakness has been apparent in Japanese bonds, while
Italians have been under continued pressure. Argentine
issues have been somewhat higher, as have been Peru's and
Chile's.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICESt
(Based on Average Yields)
1935
Daily
Averages
U. S.
120
Govt. DomesBonds
tic
S.
Cory.*
July 12._ 109.00
11.. 109.03
10.. 109.03
109.03
109.01
6._ 108.97
108.95
Stock
108.97
108.88
108.93
Weekly
June 28.- 108.99
21- 108.80
14_ 108.81
108.81
May
108.22
108.66
17._ 108.56
10._ 108.61
108.89
Apr. 26-- 108.61
19..
12._ 108.26
5.. 108.54
afac.29... 108.07
22.. 107.79
15.. 107.94
107.85
1-- 108.22
Feb 23.. 108.44
16- 107.49
107.47
1._ 107.10
Jan. 25-- 107.33
18-. 106.79
11-. 100.81
105.76
EUgh 1935 109.04
Low 1986 105.00
High 1934 108.81
Low 1934 99.06
Yr. A go
J uJy 1234 106.78
2 YrsAgo
July12'33 103.80
120 Domestic Corporate*
by Ratings
Aaa
An
A
103.15
103.48
103.65
103.65
103.85
103.65
103.65
Exchan
103.65
103.65
103.85
119.48 110.42 103.48
119.89 110.61 103.48
119.48 110.42 103.48
119.69 110.42 103.48
119.69 110.42 103.48
119.89 110.42 103.48
119.69 110.42 103.85
go Clog ed119.48 110.23 103.85
119.48 110.42 103.65
119.48 110.23. 103.65
103.32
103.32
102.64
101.84
101.64
101.81
101.97
101.64
101.81
101.81
119.27
119.27
118.86
118.86
118.45
118.45
118.04
118.45
118.66
118.86
100.81
100.17
99.36
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
103.82
99.2U
100.00
84.86
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.86
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
110.05 103.48
110.05 102.81
109.88 101.97
109.68 101.14
109.49 101.47
109.88 101.64
110.05 101.47
110.05 101.47
110.05 101.47
110.05 100.98
Stock E xchang
109.68 99.68
109.49 99.36
109.12 98.88
109.86 100.17
110.61 100.33
110.98 101.14
111.35 101.64
111.16 102.14
110.79 101.14
110.42 100.49
110.06 100.33
110.05 100.81
109.31 99.62
109.12 99.62
108.94 98.88
111.54 103.65
108.67 100.73
108.75 99.04
93.11 81.78
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
120 Domestic
Corporates by Groups
Baa
RR.
84.47
84.85
85.81
85.81
85.48
85.87
85.81
95.78
96.23
96.85
97.00
96.70
97.31
97.31
85.74
85.61
85.61
P. U. Indus.
108.07
106.07
106.07
106.07
106.07
105.89
105.89
108.39
108.57
108.57
108.39
108.39
108.39
108.39
97.47
97.94
96.70
94.29
94.14
94.43
94.88
93.85
94.29
95.83
105.20
104.88
104.33
103.99
103.85
103.65
103.82
103.82
103.99
02.64
107.67
107.67
107.31
107.31
107.49
107.85
107.85
107.85
107.67
107.87
94.29
92.82
90.83
93.55
93.28
95.83
97.78
99.68
99.68
99.04
99.04
100.49
99.68
100.17
100.00
100.49
90.69
100.49
85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.88
98.41
97.94
98.73
98.23
96.93
94.58
106.07
94.14
94.58
742.6
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
106.78
106.96
106.96
108.75
106.78
106.78
98.64
99.84 115.81 108.21
97.78
82.62 100.33
90.69 106.42
87.43
75.50
98.25
AU
1935
120
Domes
Daily
Averages
tie
97.47 105.72 108.21
97.47 105.64 108.21
97.62 105.37 108.21
85.23
85.87
84.72
82.50
82.38
82.50
83.35
82.02
82.50
82.87
e Close
80.84
79.56
77.88
79.45
79.11
81.42
82.99
83.97
83.60
82.50
82.38
84.35
82.26
82.60
81.54
86.64
77.88
83.72
66.38
175
91.53
93.55 106.60
84.97
96.23
July 12._
11..
10.-
Weekly
tune 28.21._
14._
May 31__
24_.
17..
10__
Apr. 26__
19._
12-22_.
1581_
Feb. 23_
16.
8_
1_
Jan. 25..
11._
Low 1935
hum i935
Low 1934
High 1934
Yr. A poJuly12'34
2 Yrs.A go
July12'33
120 Domestic Corporate
by Ratings
Aaa
Aa
A
4.56
3.69
4.64
4.15
4.54
4.14
3.68
4.54
4.53
4.54
4.15
3.69
4.53
4.54
4.15
3.88
4.53
4.54
4.15
3.68
4.53
4.15
3.68
4.54
3.68
4.53
4.15
4.53
Stock Exchan go (Nos ed4.53
3.69
4.53
4.16
4.53
3.69
4.53
4.15
3.89
4.53
4.53
4.16
120 Domestic
Corporate by Groups
f
30
ForP. U. Indus. dens.
Baa
RR.
5.84
5.81
5.75
5.75
5.76
5.73
5.75
5.02
4.99
4.95
4.94
4.96
4.92
4.92
4.39
4.39
4.39
4.39
4.39
4.40
4.40
4.26
4.25
4.25
4.26
4.26
4.26
4.26
5.91
5.95
5.98
5.95
5.89
5.84
5.85
5.74
5.75
5.75
4.91
4.91
4.90
4.41
4.42
4.43
4.27
4.27
4.27
5.79
5.82
5.79
4.44
4.47
4.49
4.51
4.53
4.53
4.52
4.52
4.51
4.59
4.30
4.30
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.30
5.81
5.80
5.81
5.82
5.83
5.88
5.86
5.85
5.97
6.93
4.68
4.88
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.85
4.88
4.63
4.99
6.01
5.10
4.39
5.13
5.10
8.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.24
4.35
4.35
4.97
6.11
6.23
0.48
6.33
6.16
6.12
8.03
6.02
6.04
6.01
8.12
6.16
6.16
6.22
8.30
5.78
8.46
0.86
8.66
7.37
4.55
4.55
4.59
4.65
4.65
4.64
4.63
4.65
4.64
4.64
3.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
3.73
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
4.70
4.74
4.79
4.72
4.72
4.85
4.80
4.68
4.81
4 65
4.87
4.62
4.70
4.70
4.73
4.52
4.81.1
4.75
5.81
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.76
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
6.20
4.76
3.87
4.27
4.89
5.99
4.73
5.17
4.36
5.37
4.37
4.86
5.61
6.62
5.31
5.80
4.99
4.54
4.91
5.78
4.58
5.73
4.88
4.63
5.82
4.96
4.68
5.12
6.00
4.66
6.01
5.13
4.65
5.11
6.00
4.66
5.08
5.93
4.66
6.04
5.15
4.68
6.00
5.12
4.69
5.97
5.03
Stock E xchang e Close
4.77
8.14
5.12
4.79
8.25
6.22
4.82
8.40
5.36
4.74
6.17
8.26
4.73
6.29
6.19
6.09
4.88
6.03
4.65
4.89
5.96
4.62
4.77
6.88
6.91
4.68
4.77
4.72
8.00
4.81
4.73
6.01
4.81
4.70
4.72
6.86
4.78
6.02
4.77
4.78
6.00
4.74
4.82
6.08
4.75
4.53
5.67
4.72
4.83
0.41.1
8.37
4.81
6.90
4.72
6.08
7.68
5.75
9.18
•These prices are COM uted from average yields on the basis 01 One "ideal" bond (434% coupon. maturing In
31 years aud do not
level or the average move neat of actual pr he qUotatiOnS. They merely serve to Illustrate In a more COmprenemilve Way the relat ve purport to show either the average
levels and tne relative movement 01
yield averages, tile latter being tile truer picture 01 the bond market. Yor Moody's Index of bond prices uy mouths
••ActUal average price Of 8 long-term Treasury Issues. t The latest Complete list of bonds used in co.nputing theseback IA 1928 see the Issue of Feb. 6 1932, page 907.
indexes was published In tile issue 01 May 18 19.15.
page 3291. tt Average 01 30 foreign bonds but adjusted to a co.op.irabie oasis wan previous averages of 40 loreign oonUs.
BOOK REVIEW
Wheat and the AAA
By Joseph Standiffe Davis. 469 pages.
Washington. The Brookings Institution. $3.00.
Mr. Davis's book is a searching examination and criticism
of the whole experiment, political and economic, of the
United States with the wheat problem down to the end of
March of the present year. Beginning with the background
in the developments before, during and immediately after
the World War and the depression years 1929-32, it recounts
the evolution of the Agricultural Adjustment Act and the
philosophy which underlaid it, the elements of the wheat
program and its formulation, and the domestic wheat adjustment efforts of 1933 and 1934 as shown in the allotments
and acreage requirements, the educational campaign, the
extent of participation by growers, the first and second
sign-ups, the effect of the drought in contracting acreage
and the compliance plans, procedure and results. The
wheat benefit or adjustment payments, including their
distribution and use, and the processing and other taxes
are also studied.
Following his examination of these topics, Mr. Davis
takes up the regulation of grain exchanges and the principal
codes, the surplus relief operations, the Pacific Northwest
export arrangement, and the international wheat agreement
and its effects. The remaining chapters deal with the early
results of the Agricultural Adjustment Administration's
operations in the reduction of acreage and output; the
disposition and carry-overs of wheat, prices of wheat, flour
and bread, and the income of wheat growers; the attitude
of farmers, the grain trade and the public toward the wheat
program, and the general outlook.
On all of these topics the book offers a wealth of detailed
information, and the statistical exhibit is extraordinarily
full. The Department of Agriculture has co-operated in
making information available, but it is in no way responsible
for what is presented.
In a final chapter modestly entitled "Contributions Toward
an Appraisal" Mr. Davis gives his conclusions regarding
the wheat program. His criticism on the whole is both
fundamental and drastic. He concedes that political and
social conditions in 1932-33 made a new wheat program
inevitable, and for "the skillful and herculean efforts by
which the wheat program was carried through its first two
years" he expresses admiration. He is unable to see, however, that control of production through voluntary contracts
has been "a demonstrated success. It has not raised
materially the farm prices of wheat, and the attainment of a
"parity price"seems to him illusory. The main achievement
seems to him to have been the addition of over $200,000,000
to the wheat growers' income, but it has not "contributed
appreciably,if atall,to promoting general business recovery."
Mr. Davis is skeptical about the regulation of wheat
production or export by international agreement, and unqualifiedly condemns as "a form of unfair international
competition".the proposal to subsidize the exportation of
100,000,000 bushels of American wheat. The practical
unsoundness of the "ever-normal granary" scheme is also
exposed. He thinks that the AAA was "more nearly right
than its critics" on the main issue of the need of reducing
wheat production, but he seems to doubt whether it will be
possible to enforce contracts rigorously enough, in the face
of public opposition to the destruction of crops, to make
limitation very effective, nor do'es he think it likely that an
attempt will be made to apply such compulsory methods of
control to wheat as have been applied to tobacco and cotton.
Mr. Davis apparently •accepts in general the idea of social
planning, but he nevertheless warns that "available techniques' are "ill developed, and that crude economic experimentation on a wide front and a large scale increases the risks
of failure with consequent disillusionment and reaction."
Examining at some length the philosophy of a "parity
price," Mr. Davis concludes that the significance of a
statutory definition of parity prices lies "chiefly in determining at what heights processing tax rates and benefit payments
can be set." This brings up the question of political influence, and on that question Mr. Davis is outspoken.
"The distribution of payments to wheat growers," he
declares, "powerfully influences votes in the regions most
concerned." Once the policy is established "and the flow
of funds well started, attitudes of voters tend to be determined not by the inherent wisdom of the policy as a whole,
but by the desire to keep these funds flowing in." The
tendency, accordingly, is "for the spread of a sinister form
of political corruption." Mr. Davis, who is probably the
leading expert in the field with which he deals, does not
believe it possible to fix "a truly fair price" for wheat "even
176
July 13 1935
Financial Chronicle
as an average over a period of years," and he sees no substitute for the price adjustments worked by natural economic
forces "short of complete socialization." With all credit
to the AAA for what it has done, it is nevertheless his final
conclusion "that neither the results nor the promises justify
indefinite continuation of the experiment in the form that
now seems in contemplation."
The book deserves the widest reading, irrespective of
whether the agricultural part of the New Deal program is
or is not the reader's special interest.
Indications of Business Activity
-COMMERCIAL EPITOME
THE STATE OF TRADE
Friday Night, July 12 1935.
General trade continued to make a good showing, with
retail sales showing gains over last year. The trend of
most of the industrial indices was also upward. Steel production advanced to 35.2% of capacity. Lumber production
and shipments were the largest in seven weeks, but new
orders showed little change. Commercial failures dropped
)
t, the smallest number since September, but were 7.2%
above the 1934 total. Electricity output fell off 6% in the
week ended July 6, owing to holiday curtailment, but the
decline was less than that of a year ago. Coal output, however, was lower. Automobile production was maintained
at a good level, and large retail sales continued to be
reported. General Motors' sales to consumers in the first
six months showed a gain of 32% over last year, while sales
of dealers in this country increased by only 20%. Real
estate sales continued at a relatively high level for recent
years. Steel prospects are better and demand from railroads and the automotive industry is expected to increase
materially in the fall. Crude oil production and gasoline
stocks declined. Copper and lead were in better demand and
firmer. Tin and zinc were quiet, but prices were steady.
Grain markets show a slight advance for the week, owing
to fears of damage by black rust. The bearish Government
report caused selling and a sharp decline on Thursday.
Cotton showed little activity and very little change in
prices. The Government report on the acreage was about
in line with expectations and had little effect marketwise.
Good weather caused selling and setbacks at times, but
trade buying brought about recoveries. Sugar was fairly
active, and after declining sharply early in the week, rallied
and showed more firmness later on. Coffee was quiet and
easier. Rubber was dull and lower. Hides and silk were
lower in rather slow trading. Cocoa was in good demand
from manufacturers and closed higher than a week ago.
Torrential rains in central New York on the 7th inst. resulted in severe flood conditions, the destruction of hundreds of thousands of dollars worth of property and 45
deaths. Swollen creeks wiped out at least a score of highway bridges, and two dams crumbled before the terrific
pressure of rising water. Several families were rescued in
rowboats from their submerged homes. Heavy damage was
reported throughout western New York, especially in
Rochester, and also in Syracuse, Utica, Glens Falls and all
the surrounding territory. Parts of Vermont near Bennington were also drenched. The flood damage was estimated
late in the week at $45,000,000. Valuable crops were destroyed and thousands of acres of farm land were submerged. President Roosevelt called upon the American
Red Cross to aid the flood-stricken areas, and Governor
Lehman was enlisting all possible help. The most devastating flood since 1868 swept Philadelphia and eastern Pennsylvania on the 9th inst. The Schuylkill River and Wissahickon, Frankford and Pennypack creeks rose over their
banks. Scores of homes were inunudated, many roads were
closed, two towns were isolated, railroad service was disrupted, and 5 deaths were reported. New York City early in the
week had rather heavy rains, but later it became clear
and very warm. On the 6th inst. the mercury touched 88
degrees, the worst of the year, and with the humidity above
77 all day and reaching a high of 92%, the city had another
sweltering day on the 8th inst. The mercury reached 91 on
the 12th inst., the hottest day of the summer. Rain and
State loans resulted in the removal of all Kansas farm
owners from relief rolls. Severe heat hit crops and livestock and caused many deaths. Record temperatures for
the year were established at many points in Kansas, Oklahoma, Missouri and Texas. Heavy storms in Canada
ruined crops and caused many fatalities. To-day it was
fair and warm here, with temperatures ranging from 75
to 91 degrees. The forecast was for local thundershowers
to-night and possibly Saturday morning. Cooler Saturday.
Sunday fair. Overnight at Boston it was 74 to 84 degrees;
Baltimore, 78 to 90; Pittsburgh, 70 to 88: Portland, Me.,
72 to 86; Chicago, 76 to 92; Cleveland, 76 to 90; Cincinnati, 70 to 94; Detroit, 78 to 92; Charleston, 74 to 84; Milwaukee, 74 to 92; Dallas, 76 to 100: Savannah, 72 to 88;
Kansas City,68 to 102; Springfield, Mo., 74 to 90; Oklahoma
,
City, 76 to 102; Denver, 60 to 72; Salt Lake City# 54 to 92;
Seattle, 60 to 78; Montreal, 74 to 88, and Winnipeg, 58 to 80.
273,558 Surplus Freight Cars in Good Repair on June 14
Class I railroads on June 14 had 273,558 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on July 8.
,31, at
This was a decrease of 31,660 cars compared with May
which time there were 305,218 surplus freight cars.
Surplus coal cars on June 14 totaled 41,868, a decrease
of 26,348 cars below the previous period, while surplus box
cars totaled 185,784, a decrease of 2,899 cars compared with
May 31.
Reports also showed 29,180 surplus stock cars, an increase
of 687 compared with May 31, while surplus refrigerator
cars totaled 6,189, a decrease of 2,468 for the same period.
Moody's Daily Commodity Index Rises Moderately
Basic commodity prices have been generally stronger over
the week just passed, although a sharp dip in wheat prices
toward the weekend reduced the gain in the Index to relatively small proportions. The Index closed on Friday at
158.0 compared with 159.1 a week ago.
The items which registered advances included top hogs,
which rose to the best levels since October 1930; cotton,
corn, lead, silk and cocoa. Declines were suffered by wheat,
which broke sharply, silver and rubber. Other spot commodities, including hides, steel, copper, wool, copper and
sugar remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri._ _ _July 5
July 6.......
Sat.
Mon. July 8
Tues. July 9
Wed. July 10
Thurs. July 11
July 12
Fri.
157.1
Not compiled
157.5
159.1
159.9
159.4
158.0
2 Weeks Ago, June 28
Month Ago, June 14
Year Ago,
July 13
1934 High
Aug.29
Low
Jan. 2
May 23
1935 High
Low
Mar.18___
157.9
157.5
143.4
156.2
126.0
162.
148.4
Revenue Freight Car Loadings Drop Sharply
for the week ended July 6
Loadings of revenue freight.
1935 totaled 472,421 cars. This is a loss of 145,615 cars or
23.6% from the preceding week, a drop of 48,320 ears or
9.3% from the total for the like week of 1934, and a decline of 71,089 cars or 13.1% from the total loadings for the
corresponding week of 1933. For the week ended June 29
corresponding week of 1934
loadings were 4.3% under the .
and 3.7% under those for the like week of 1933. Loadings
for the week ended June 22 showed a loss of 8.9% when
compared with 1934 and a drop of 6.9% when the comparison is with the same week of 1933.
The first 18 major railroads to report for the week ended
July 6 1935 loaded a total of 216,711 cars of revenue freight
on their own lines, compared with 287,962 cars in the
preceding week and 257,062 cars in the seven days ended
July 7 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
Receivedfrom Connections
Weeks Ended
-
July 6 June 29 July 7 July 6 June 29 July 7
1934
1935
1935
1935
1934
1935
Atchison Topeka ar Santa Fe By.
Baltimore& Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
yChicago & North Western By...
Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
z New York Central Lines
New York Chic.& St. Louie By..
Norfolk & Western By
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash By
17,084
17,525
10,742
10,409
13,318
11,737
2,106
1.970
3,629
10,505
29,588
3,705
10,362
43,782
3,744
3,481
19,044
4,010
18,714
26,731
20.610
12,486
16.207
13,743
2,042
2.076
4,391
12,449
37,193
4,382
19,403
59,586
4.948
5,334
22.831
4.836
19,942 4,289 4,419 4,481
24.402 12,046 13,462 11,740
17,511 7,433 8,544 8,263
13,382 5,732 5,772 6,002
15,191 8,222 6,384 6,396
13,560 7.493 8,094 8,166
1,462 1,201 1,406 1,149
2.650 1,849 1,820 1,913
4,114 2,287 2,421 2,594
12,450 6,690 7,220 7,208
30,435 28,759 34,537 30,092
3,733 6,565 7,286 7,022
13,818 3,434 4,138 3,899
50,879 29,607 38,731 30.017
4,059 3,620 3,973 3,616
3.346 3,296 5,859 3,955
21,118
x
5,010 6,244 7,088 6,000
216,741 287,962 257,062 134.767 161,154 142,513
x Not reported. y Excluding ore. z Includes cars loaded at stat ons and received
from connections by the Boston & Albany, New York Central, Michigan Central,
Big Four and Peoria & Eastern railroads as a unit. The interchange of traffic as
between these lines, which formerly was included in the report as cars received from
connections, has been eliminated. Reports of mist periods are revised to the same
basis in order to provide proper comparisons.
Total
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of cars)
Weeks Ended-July 6 1935
Illinois Central System
St. Louis-San Francisco By
Total
June 29 1935
July 7 1934
20.475
10.765
26,410
12,306
22,192
11,491
31.240
38.716
33,683
The Association of American Railroads in reviewing the
week ended June 29 reported as follows:
Loading of revenue freight for the week ended June 29, totaled 618,036
oars. This was an increase of 50,189 cars above the preceding week, but a
reduction of 27,967 cars below the corresponding week in 1934, and 23.694
cars below the corresponding week in 1933.
Miscellaneous freight loading for the week ended June 29, totaled 237,728
cars, an increase of 11.389 cars above the preceding week, but a reduction of
Financial Chronicle
Volume 141
13,624 cars below the corresponding week in 1934, and 1,450 cars below the
corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 157,388 cars,
an increase of 817 cars above the preceding week, but a reduction of 3,236
cars below the corresponding week in 1934, and 14,889 cars below the same
week in 1933.
Coal loading amounted to 118,401 cars, an increase of 30,679 cars above
the preceding week, 11,272 cars above the corresponding week in 1934, and
4,446 cars above the same week in 1933.
Grain and grain products loading totaled 28,230 cars, an increase of
3,139 cars above the preceding week, but a reduction of 14,854 cars below
the corresponding week in 1934, and 18,194 cars below the same week in
1933. In the Western Districts alone, grain and grain products loading for
the week ended June 29, toteled 18,444 cars, a decrease of 13,355 cars
below the same week in 1934.
Live stock loading amounted to 9.406 cars, an increase of 322 cars above
the preceding week, but a reduction of 8,850 cars below the same week in
1934 and 5,991 cars below the same week in 1933. In the Western Districts
alone, loading of live stock for the week ended June 29, totaled 6,634 cars,
a decrease of 8,412 cars below the same week in 1934.
Forest products loading totaled 28.495 cars, an increase of 2,549 cars
above the preceding week, 4,229 cars above the same week In 1934, and 29
cars above the same week in 1933.
Ore loading amounted to 32.590 cars, an increase of 1,217 cars above the
preceding week, but a reduction of 2,284 cars below the corresponding
week in 1934. It was, however, an increase of 13,773 cars above the
corresponding week in 1933.
Coke loading amounted to 5,798 cars, an increase of 77 cars above the
preceding week, but a reduction of 620 cars below the same week in 1934.
and 1,418 cars below the same week in 1933.
177
The Eastern and Pocahontas districts reported increases, compared with
the corresponding week last year in the number of cars loaded with revenue
freight for the week of June 29, but the Allegheny, Southern, Northewstern,
Centralwestern and Southwestern reported reductions. All districts, except
the Northwestern, which showed an increase, reported reductions compared
with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years follows:
1935
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week of June 1
Week of June 8
Week of June 15
Week of June 22
Week of June 29
Total
_
_
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
585,342
830.836
853,092
567,847
618,038
15 176 057
1934
1933
2.183,081
2,314,475
3,067,812
2,340,460
2,448,365
579,656
816,768
818,881
623,322
648,003
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
512,974
569,157
592,759
809,827
641,730
15.436.623
1L344300
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
June 29 1935. During this period a total of 69 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Erie RR., the Reading Co., the Norfolk &
Western RR., the Southern System,and the Great Northern
Railroad.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED JUNE 29
Total Revenue
Freight Loaded
Railroads
_
Eastern District
Group .4-'-.
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. dr Hartford
Rutland
1935
1934
Total Loads Received
from Connections
1933
1935
1934
939
b
7,371
929
2,922
10,022
707
689
3,075
8,555
949
2,779
11,626
664
390
b
9,635
2,052
1,844
11,781
962
280
b
9,236
2,392
1,720
11,376
959
23,527
22,890
28,337
26,884
25,063
Group B
Delaware dc Hudson
6,294
Delaware Lackawanna & West
10,339
Erie
12,836
Lehigh dr Hudson River
177
Lehigh & New England
•
2,451
Lehirdi Valley
•
9,426
Montour
•
2,304
New York Central
• c37,192
New York Ontario & Western. •
2,016
Pittsburgh & Shawmut
•
604
Pittsburgh Shawmut dr North_ •
404
5,849
10,312
12,709
180
1,542
8,518
1,770
c38,810
1,309
229
311
6,205
9,414
12,660
189
1,707
8,949
2,172
21,071
1,864
565
356
8,441
5,718
12,522
1,943
984
6,645
51
c34,538
1,985
30
188
8,717
5,857
13,510
1,772
1,020
6,546
78
c35,109
1,989
22
193
84,043
81,539
65,152
71,005
72,813
600
1,140
b
13
228
305
2,197
4,709
b
3,707
4,382
4,948
5,166
845
4,836
3,555
694
1,113
b
22
173
282
1,983
3.715
b
3,013
4,383
5,090
6,141
1,333
5,347
4,240
533
1,366
8,109
30
165
330
1,558
3,772
7,586
3,646
4,815
5,099
6,033
1,407
5,295
3,314
1,001
1,609
b
44
94
2,110
988
5,747
b
197
7,286
3,973
6,027
1,088
7,088
2,898
980
1,821
b
47
93
1,804
1,026
5,652
b
231
8,041
4,047
4,834
890
7,135
2,999
36,629
37,529
53,058
40,148
39,400
144,199
141,958
146,545
137,817
138,176
482
26,731
4,401
288
1,450
7,071
583
298
86
900
811
59,588
13,770
8,338
68
3,325
443
28,211
4,148
216
904
8,445
463
230
97
844
1.078
59,848
13,430
9,321
51
3,232
545
29,435
2,716
243
a
6,228
507
243
93
952
1,282
63,408
13,619
9,010
41
2,907
527
13,462
1,416
7
18
10,257
36
35
23
2,451
1,429
38,731
13,185
3,401
2
4.716
571
13,881
2,143
126,188
128,961
131,227
89,696
89,308
20,610
19,403
811
3,542
22,883
17,800
794
3,093
22,120
19.107
799
3,523
8,544
4,138
1,363
653
10,026
4,375
1,414
820
44,368
44,350
45,549
14,698
16,635
7,455
948
492
185
29
1,878
395
8,022
1,020
332
125
38
2,529
352
7,778
1,237
493
181
46
1,847
574
4,353
1,281
885
325
59
1,038
667
3,970
1,457
771
247
98
902
758
8,11,3
1
17,925
121
8,g81
17,907
124
6,A3
,
20,584
171
2,t320
.9
9
11,285
670
'111
'
1
7
11,244
514
Total
Group C
Ann Arbor
Chicago Indianapolis dr Louise.
.
C. C. C. dr St. Louis
Central Indiana
Detroit dr Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
.
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louls
_
Pere Marquette
_
Pittsburgh & Lake Erie
Pittsburgh dr West Virginia...._
Wabash
Wheeling & Lake Erie
-_
Total
Grand total Eastern District
_
Allegheny District-.
Akron Canton & Youngstown_ _
Baltimore & Ohio
Bessemer dr Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey
..
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Penn-Reading Seashore Lines .
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
.
Western Maryland
Total
Pocahontas DistrictChesapeake .6 Ohio
Norfolk & Western
Norfolk dr Portsmouth Belt Li le
Virginian
Total
._
Southern District
Group AAtlantic Coast LineClinchfield
Charleston OZ Western Caroll L.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Seaboard Air Line
-Southern System
Winston-Salem Southbound_ ..
Total Loads Received
from Connections
1935
1,406
b
8,002
1,049
2,925
9,547
598
Total
Total Revenue
Freight Loaded
Railroads
5
30
9,974
36
21
40
2,098
727
37,128
13,969
3,842
o
4,863
Group R
Alabama Tennessee & Northern
Atlanta Birmingham dr Coast__
Atl. dr W.P.
-W.P.R. of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile dr Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile .6 Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total
1934
1933
1935
169
839
631
3,531
232
416
801
400
1,550
17,059
18,563
143
150
1,828
2,594
268
219
979
597
3,334
182
368
773
453
1,355
17,672
17,277
100
131
1,686
2,439
311
219
973
721
4,223
209
318
750
573
1,504
18,535
18,185
120
170
2,000
3,101
318
114
531
939
3,155
219
334
1,241
652
747
9,988
3,675
331
252
1,255
2,313
528
1934
155
523
801
3,042
201
349
1,248
535
707
8,308
4,114
297
258
1,305
2,203
573
47,174
47,878
51,919
26,254
24,619
Grand total Southern DLstrict.
83,829
84,755
91,872
53.323
50,447
Northwestern District
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw, St. P.& Pacific
Chicago St. P. Minn. & °mall ,
Duluth Miasabe & Northern...
Duluth South Shore dr Atlanti:
Elgin Joliet dr Eastern
.
Ft. Dodge Des Moines & Soot i
Great Northern
Green Bay & Western
Lake Superior & Lsh peming- .
Minneapolis dr St. Louis
.
Minn. St. Paul & S. S. M... .
NorthernPacific
Spokane International
Spokane Portland & Seattle .
875
15,652
1,935
16,207
3,219
9,723
1,207
5,186
305
15,646
529
1,752
1.373
5,084
6,464
322
1,656
753
19,385
2,121
18,664
3,268
9,039
1,288
6,453
255
14,008
525
1,908
1,753
5,570
7,885
254
1,560
850
17,292
2,567
18,398
3.708
5,835
670
5,057
351
10,025
480
1,755
2,158
5,558
8,453
174
1,144
1,581
8,094
2,171
6,384
2,519
131
370
3,333
130
2,717
458
84
1,193
2,119
2,498
140
972
1,897
8,637
2,524
8,743
2,874
101
325
3,878
127
2,866
360
66
1,193
2,050
2,594
136
1,152
87,116
94,689
84,473
34,894
37,323
18,714
2,407
227
12,486
1,849
11,129
2,118
775
1,799
302
1,384
1,728
884
104
17,588
152
244
9,873
231
1,188
25,165
2,830
176
14,834
1,233
13,047
2,252
798
1,802
324
2,654
2,021
912
82
19.195
300
377
10,412
138
1,603
20,185
3,098
186
14,839
1,458
12,529
2,418
590
1,451
187
1,424
2,035
588
145
15,866
256
327
11,104
160
1,080
4,419
1,926
30
5,772
553
7,168
1,751
1,038
2,007
23
1,028
965
320
94
3,880
176
1,094
6,478
5
1,276
4,541
2,192
20
6,354
555
7,180
1,841
886
2,260
13
1,506
1,012
387
64
4,187
277
1,021
6,743
5
1,854
85,180
99,955
89,904
40,003
42,838
167
133
104
2,042
2,076
205
1,713
1,330
163
192
598
78
4,391
12,449
44
70
7,211
1,970
5,243
4,167
2,757
238
30
153
185
157
192
106
160
1,728
1,957
2,827
4,297
178
143
1,637
1,697
1,297
1,016
128
161
381
307
559
555
129
112
5,004
4.846
14,876
14,515
53
65
247
152
8,239
7,921
1,902
2,375
5.609
5,303
4,248
4,141
1,799
2,243
243a
55
17
3,574
250
159
1,406
1,820
752
1,407
792
293
750
125
208
2,421
7.220
20
103
3,558
1,721
2,059
3,508
15,890
111
43
3,505
355
172
1,188
1,813
941
1,355
785
273
877
170
260
3,013
8,318
12
113
3.277
1,941
2,1n
3,891
15,899
71
6.!
Total
Central Western District
Atch. Top. & Santa Fe System
.
Alton
_
Bingham & Garfield
•
Chicago Burlington & Quincy_
.
Chicago & Illinois Midland_ .
Chicago Rock Island dr Pacific
.
Chicago & Eastern Illinois_ .
Colorado & Southern
Denver & Rio Grande Westero
Denver & Salt Lake
Fort Worth & Denver City .
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)_ _ _ _
St. Joseph dr Grand Island__
Toledo Peoria & Western
_
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
_
Burlington-Rock Island
Fort Smito dr Western
Gulf Coast Lines
International-Great Northern _
Kansas Oklahoma & Gulf
._
Kansas City Southern
Louisiana & Arkansas
._
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri .6 North Arkansas._ ._
Missouri-Kansas-Texas Lines._
Missouri Pacific
Natchez dr Southern
Quanah Acme .6 Pacific
St. LUIlib-81.11 Francisco
St. Louis Southwestern
Texas .6 New Orleans
Texas & Pacific
Terminal RR. of St. Louis_
Weatherford M. W.& N. W ._
Wichita Falls & Southern
...
-
36,455
38,879
39,753
27,069
25,828
Total
47,380
51,335
52,360
48.188
50.21,
8
Note-Figures for 1934 revised. • Prey ous figures. a Not available. b Included in New York
Central figures. C Includes figures for the Boston .6 Albany SUL tae
C. C. C. & St. Louis RR.. and thelMichigan Central RR.
Total
Wholesale Commodity Price Average Advanced During
Week of July 6, According to National Fertilizer
Association
The weekly wholesale commodity price index of the
National Fertilizer Association advanced in the week ended
July 6 to 77.5% of the 1926-1928 average, as compared
with 77.2 in the preceding week; 77.5 in the second preceding week; 78.0% a month ago,and 71.6 a year ago. The
rise in the index last week followed five consecutive weekly
declines which had resulted in the index falling off 1.5%.
An announcement by the Association July 8 also said:
Four of the 14 component groups of the index moved upward and two
declined. The principal advances occurred in the grains, feeds and livestock and textiles groups: the advances in the foods and miscellaneous
commodities indexes were small. The rise in the grains, feeds and livestock index was due largely to higher prices for wheat and livestock; the
price decline which occurred during the last part of the week took the
quotations for corn, oats, and rye to new low levels for the current year.
Higher prices for cotton and wool raised the textile index to 68.5 from
67.7 in the preceding week. The trend of foodstuff prices was mixed during
the latest week, with four items in this group advancing and three declining. The slight change occurring in the miscellaneous commodities
index was the result of an advance in leather prices which was not fully
offset by a decline in coffee prices. A slight drop in cottonseed meal was
the cause of the change in the fertilizer materials index.
Price declines last week balanced the advances, with 20 quotations
moving in each direction: in the preceding week 18 commodities advanced
and 27 declined:in the second preceding week 22 advanced and 36 declined
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
Inn n
Latest
Week
July 6
1935
Pre•
ceding
Week
Month
Ago
Year
Ago
81.6
Foods
69.3
Fuel
Grains, feeds and livestock-. 84.0
68.5
Textiles
69.1
Miscellaneous commodities
88.0
Automobiles
78.1
Building materials
81.4
Metals
84.8
House-furnishing goods
65.6
Fats and oils
94.6
Chemicals and drugs
64.3
Fertilizer materials
77.7
Mixed fertilizers
101.6
Agricultural implements
81.5
69.3
83.0
67.7
69.0
88.0
78.1
81.6
84.8
65.6
94.6
64.4
77.7
101.6
82.0
69.4
88.3
67.3
69.9
87.3
78.7
82.7
84.9
68.6
94.4
65.1
76.3
101.6
69.0
69.3
59.8
69.5
69.6
90.8
81.2
83.8
86.2
51.5
93.2
67.2
76.9
98.8
77.5
77.2
78.0
71.6
Group
All
arnlIna rnmhinfq1
____
Decrease of 0 6 of 1% in Retail Prices of Food During
Two Weeks Ended June 18 Reported by United
States Department of Labor
Food prices moved downward 0.6 of 1% during the two
weeks ended June 18, Commissioner Lubin of the Bureau of
Labor Statistics of the United States Department of Labor
announced July 2. "The current index, 123.0(1913=100.0)
registers a decrease of 1.7% below the year's high of April
23," Mr. Lubin said. "It is 12.8% higher than one year
ago and 27.2% higher than on June 15 1933, when the index
was 96.7." He continued:
The price decline of the past two weeks was general. Eighteen of the
48 foods in the index decreased in price, 18 showed no change. For 12
foods there were price increases ranging from 0.1 of 1% for tea to 1.3%
for sliced bacon.
The most striking price change for the period was a reversal in the upward trend of meat prices, the group as a whole decreasing 0.5 of 1%. All
beef and pork items with the exception of sliced bacon were included in this
downward movement. Leg of lamb was unchanged in price. Decreases
• ranged from 0.5 of 1% for round steak to 1.4% for pork chops.
Prices of flour fell 2.0% resulting in a drop of 0.4 of 1% for the cereals
group. There were no other price changes in the group. Butter prices
receded 2.5%. Cheese decreased 1.2%. No change was reported for
milk.
The controlling factor in the decrease of 1.9% for fruits and vegetables
was the continued and marked decline in prices of cabbage, 10.0%, and
onions. 7.0%. Prices of bananas and oranges fell 1.8 and 2.7% respectively. Four foods in the group advanced in price and four remained unchanged.
1930
1933
All foods
Cereals
Meats
Dairy products
Eggs
Fruits .i. vegs_
Beverages
Fats and oils_
Sugar Sr sweets
123.0
150.7
159.3
106.5
93.3
122.6
96.8
117.0
110.3
121.7
151.1
149.6
113.3
84.6
117.7
100.2
114.0
105.7
123.8
151.2
160.2
107.4
92.7
125.0
97.5
116.9
110.2
114.3
150.9
120.1
108.8
108.1
103.6
98.2
98.4
107.0
116.4
151.7
131.7
105.3
102.0
114.3
98.0
91.3
109.7
108.5
146.5
117.8
101.1
71.3
124.1
96.5
74.9
104.8
96.7
117.2
103.7
93.5
58.0
120.2
91.9
72.3
104.1
147.9
160.1
179.9
133.7
97.4
200.7
131.6
123.7
115.9
Prices used in constructing the weighted ndex are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 48
important food items. The index is based on the average of 1913 as 100.0.
The weights given to the various food items used in constructing the index
are based on the expenditures of wage earners and lower-salaried workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau for June 18 1935, compared with June
4 and May 21 1935, June 19 1934, June 15 1933, and June 15, 1930:
CHANGES IN RETAIL FOOD PRICES. JUNE 18 1935 BY COMMODITIES
Percent Change, June 18 1935 compared with-1934
All foods
Cereals
Bread, white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Meats
Beef
-Chuck roast_.. _
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb, leg of
Pork-Bacon, sliced
Ham,sliced
Pork chops
Salmon, red, canned
Dairy products
Butter
Cheese
Milk,evaporated
Milk, fresh
Eggs
Fruits and vegetables
Bananas
Oranges
Prunes
Raisins
Beans, navy
Beans with pork, can'd
Cabbage
Corn, canned
Onions
Peas, canned
Potatoes. white
Tomatoes, canned__
Beverages
Cocoa
Coffee
Tea
Fats and oils
Lard
Lard compound
Veg. lard substitute
Oleomargarine
Salad oil
Jugar and sweets
Sugar. granulated...,...
Corn syrup
Molasses
Strawberry preserves
June 4
(2 Wks.
Ago)
May 21
(4 Wks.
Ago)
-0.6
-0.8
-0.4
0.0
0.0
0.0
-2.0
0.0
0.0
0.0
0.0
-0.5
-1.2
-1.2
-1.3
-0.5
-1.0
-0.7
0.0
+1.3
-0.9
-1.4
+0.5
-0.8
-2.5
-1.2
0.0
0.0
+0.6
-1.9
-1.8
-2.7
+0.9
+1.0
0.0
0.0
-10.0
+0.8
-7.0
+1.1
0.0
0.0
-0.7
-0.5
-1.2
+0.1
+0.1
+0.5
0.0
-0.4
0.0
0.0
+0.1
0.0
+0.7
+0.7
+0.5
1933
1930
June 19
(1 Year
Ago)
1935
Commodities
June 15
(2 Years
Ago)
June 15
(5 Years
Ago)
+12.8
+27.2
+2.9
+2.5
0.0
+18.2
0.0
+0.6
+2.5
+14.9
+2.1
+35.3
+50.0
+62.5
+37.9
+33.0
+29.1
+24.0
+2.9
4 47.4
+21.4
+48.6
0.0
+5.3
+3.0
+7.2
+7.4
+6.3
+30.8
-1.2
-5.7
-18.8
-0.9
+3.1
+7.0
+4.5
+9.1
+15.9
+34.7
+7.2
-8.7
-1.0
+0.4
+28.6
+25.8
+2.4
+44.4
+44.1
+9.0
+38.3
+37.5
+10.3
+53.6
+59.7
+gem
+45.1
+45.3
+39.1
+40.2
+23.3
t78.8
43.8
96.8
+12.1
+13.8
+11.0
+9.5
+9.0
+16.7
+61.0
+2.0
-8.5
+14.3
+23.9
+7.6
+15.1
+7.7
-21.7
.
+33 7
+43.5
+39.1
-8.7
+15.6
+5.4
-LK;
+5.5
+56.2
+85.4
+71.6
+16.2
+45.9
.8
-L4
-+17.2
+61.9
+96.9
4-175
$5.6
9.6
2.2
___
+1078
+49.2
-Pa
+5.6
-16.8 I
"4,O066CDOolai.i:,6;:oi.C.3;o62,*zA.16;Diabi.;-.1.i.abizei.2674PininboO,C,“-•;-.ODeo:4io
98.8
8116.1
115.6
Farm products
112.9
127.7
129.9
Food products
111.0
al06.7
*106.7
Textile products
162.5
162.7
162.7
Fuels
110.3
108.9
109.1
Metals
113.8
111.5
111.5
Building materials
98.9
98.5
98.5
Chemicals
88.7
83.2
83.1
Miscellaneous
113.6
8122.9
123.4
All commodities
67.5
72.2
72.7
dollar basis
b All commodities on old
France.
•Preliminary. a Revised. b Based on exchange quotations for
Switzerland, and Holland; Belgium Inc uded prior to March 1935.
1934
1935
June 4 Mar.12 Dec. 18 Sept. 25 June 19 June 15 June 15
June 18 2 Weeks 3 Mos. 6 Mos. 9 Mos. 1 Year 2 Years 5 Years
Ago
Ago
Ago
Ago
Ago
Ago
Ago
July 10 1934
if, +11 1 , 111 ±,± 111 1IIIIIIIIIIIIIIIILLIIL111111+1111
tg580•-••73"8-4Zita30124•58t3tigra.0514430.6.1bals.7Nbio-,..,:t5c0b.21-.80‘0,
July 2 1935
INDEX Is/UMBERS OF RETAIL PRICES OF FOODS
(1913=100.0)
COW,: t440',
July 9 1935
From Mr. Lubin's announcement of July 2 we take the
following:
64, ioCe.
The advance reflected higher prices for hogs and the meats potatoes.
fruits, cotton and wool, hides, tin and lead. Although eggs and rubber
declined, the grains were the only commodities to show important losses,
reflecting the change of policy on the part of the Canadian Government
and the prospect of an early liquidation of the excessive Canadian wheat
surplus.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for Seasonal Variation. 1913=100
41-1
I I
IL I444441 +II+++
+111+
o.0000woo...
.w000. wDapw.
D
1
6.-466.binb.-.4;p.4Erambi:26bOoibb;=i4b. 140.Wica6bobbbbi .
0
Continuing its advance, the "Annalist" weekly index of
wholesale commodity prices rose to 123.4 on July 9 from
122.9(revised)July 2. In noting theforegoing, the "Annalist"
also said:
Beverages decreased 0.7 of 1%. Coffee prices moved downward 1.2%.
An increase of 0.1 of 1% in the price of tea marked the continuation of a
gradual and steady advance, which has amounted to 2.1% since Jan. 2.
Fats and oils showed negligible price changes. Sugar prices were unchanged.
The price decline during this period extended throughout all nine of the
geographical areas. In 39 of the 51 reporting cities prices showed a downward trend. The largest decrease, 2.4%, was in Houston where bread
prices dropped nine-tenths cents per pound. Three cities recorded no
change and nine reported increases of less than 1%.
++ + IIopoo.II
+++I
c000po
"Annalist" Weekly Index of Wholesale Commodity
Prices Higher During Week of July 9
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
July 13 1935
Financial Chronicle
178
---___
Trend of Business in Hotels, According to Horwath
& Horwath-Sales During May Showed Slight
Increase
"There was no marked change during May in the trend of
&
hotel sales," reported Horwath. Horwath, presenting the
following tabulation for comparison:
Sales Increases
Total
February
March
April
May
15%
14
12
13
Rooms
10%
12
9
9
Restaurant
21%
18
14
16
Rates
0%
0
1
1
Actual
Occupancy
62%
60
63
61
In their review of the trend of business in hotels, Horwath
& Horwath also said:
Seventy-four percent of all hotels reporting showed higher occupancy
than in last May, but more than half of them achieved the rise by reducing
rates. It will be noted that the widely scattered hotels included in the
group "all others" have checked the decline in rates more than have the
Volume 141
Financial Chronicle
INDEX OF ROOM RATES AT END OF MARCH 1935
-SAME MONTH OF
1929=100%
New York City
65% I Philadelphia
70%
Chicago
69%
All others
75%
The following shows the decreases in total sales for the last six months
from the corresponding months six years ago:
TOTAL SALES DECREASES FROM SAME MONTHS SIX YEARS AGO
Dec.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
Feb.
Jan.
March
April
May
35.8
39.7
51.7
20.4
40.0
27.0
37.0
30.5
35.7
38.4
52.6
13.3
44.7
38.7
41.8
31.8
35.9
41.1
56.8
30.7
42.8
31.6
41.2
36.8
38.6
32.7
49.4
28.9
37.0
35.7
36.8
31.0
31.4
26.6
44.3
16.1
37.2
26.3
38.5
35.0
32.8
Total
36.2
41.8
46.5
13.5
46.8
29.2
38.2
33.0
35.4
35.4
37.3
32.8
31.1
The firm also issued the following analysis by cities:
TREND OF BUSINESS IN HOTELS
-MAY 1935 COMPARED WITH
MAY 1934
Sales
Percentage of Increase (+)
or Decrease (-)
Total
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others
+4'
Rooms
Ilestaur't
+3
Room
Rate
Percentage of
Same Inc.(±)
Month
or
Last Year Dec.(-)
Occupancy
This
Month
16
+17
+15
13
16
+10
+9
+17
+22
.61
61
46
67
63
67
59
65
59
+13
+9
+16
61
58
+1
+14
+10
+18
62
57
+1
+8
+5
+9
+3
117
Total
Average to date
+7
+4
+7
+4
+14
tt
+5
+11
+2
+21
59
57
43
61
61
58
53
58
66
-1
-1
+5
-1
0
0
-5
o
+1
The May rise in wholesale prices brought the index to the highest
monthly
average since November 1930. The current level is 8.8% higher
than in the
corresponding month of last year and 28% above the level of May 1933.
Higher average prices in May were reported for farm products, hides
and
leather products, textile products, fuel and lighting materials, metals
and
metalproducts, building materials, and chemicals and drugs. Two groups,
feeds and housefurnishing goods,registered decreases and the miscellaneo
us
commodities group was unchanged from the April level.
The number of commodities showing price changes
by groups are shown
below:
Groups
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
Total
Increases
Decreases No Change
30
25
15
38
. 8
13
16
13
1
12
30
55
3
13
9
4
9
4
0
9
7
42
23
61
7
113
61
72
60
31
171
136
477
The raw materials group, which includes basic farm products
hides and
skins, raw silk, hemp, jute, sisal, crude petroleum,
scrap steel, crude
rubber, and similar commodities, advanced fractional
and for
19% above a year ago. The large group of finished products, May was
sshich includes more than 500 manufactured articles, registered
a minor increase
during May and is now about 6% above the May 1934 level.
The index for the group of semi-manufactured articles,
covering such
Items as raw sugar, leather. iron and steel bars, and pig iron
shows an
increase of 1.7% over April. Compared witn the
corresponding month
of last year the index for this group shows a decrease of 0.3%.
For the first time since July 1934, an advance was recorded in
the monthly
index for the group of "All commodities other than farm products
and processed foods." The increase in May was 0.5%, and brings
the index to
77.6% of the 1926 level. In spite of this advance, the average
for the group
is still 1.6% below that of May 1934. The larger group of
non-agricultural
commodities also advanced slightly. The May index-80.0
-is 4.4% above
a year ago.
Influenced by sharp advances in hides, skins, and leather, the
hides and
leather products group increased 2.3%. The sub-group of "Other
Leather
Products" decreased slightly, and the price of shoes remained
unchanged.
Metals and metal products which have shown very little
fluctuation
during the past 10 months, rose 0.8% in May, due to strengtheni
ng prices
of certain iron and steel items, motor vehicles, Pig lead, lead
pipe bar
silver, pig tin, and pig zinc. Average prices of agricultural
implements and
plumbing and heating fixtures were steady.
Pronounced advances in average prices of petroleum products
and smaller
increases in bituminous coal more than counter-balanced the
seasonal
drop in anthracite coal and lower average prices of electricity and gas,
with
the result that the group of fuel and lighting materials advanced 0.4%.
The index for the building materials group partially recovered
the April
loss and rose to 84.8% of the 1926 average. The sub-groups of paint
paint materials, and other building materials were higher. The sub-gr and
oups
of lumber and brick and tile were lower, and cement and structural
steel
showed no change.
For the first month during the current year textile products with
an
Index of 69.4 registered an increase. Advances of over 1% in cotton
goods
GROUPS OF COMMODITIES
(1926=100)
May
1935
Apr.
1935
Farm products
80.6
Grains
83.2
Livestock and poultry
87.6
Other farm products.... 75.0
Foods
84.1
Butter, cheese and milk_ 77.7
Cereal products
92.3
Fruits and vegetables... 66.3
Meats
97.0
Other foods
77.7
Hides and leather products 88.3
Boots and shoes
97.2
Hides and skins
76.1
Leather
79.6
Other leather products... 84.4
Textile products
69.4
Clothing
78.5
Cotton goods
82.7
Knit goods
60.4
Silk and rayon
27.6
Woolen & worsted goods_ 73.5
Other textile products... 68.2
Fuel & lighting materials
73.1
Anthracite coal
73.0
Bituminous coal
95.7
Coke
88.7
Electricity
•
Gas
•
Petroleum products
52.2
Metals & metal products
86.6
Agricultural implements_ 93.6
Iron and steel
86.6
Motor vehicles
94.4
Nonferrous metals
69.2
Plumbing and heating
67.1
Building materials
84.7
Brick and tile
89.3
Cement
94.9
Lumber
79.8
Paint & paint materials_ 79.9
Plumbing and heating
67.1
Structural steel
92.0
Other building materials_ 89.8
Chemicals and drugs
81.2
Chemicals
87.5
Drugs & pharmaceuticals 74.2
Fertilizer materials
65.9
Mixed fertilizers
73.1
Housefurnishing goods_ _ _ _ 80.6
Furnishings
84.1
Furniture
77.1
Miscellaneous
68.7
Automobile tires & tubes 45.0
Cattle feed
107.0
Paper and pulp
80.0
Rubber, crude
24.9
Other miscellaneous_ _ _ _ 79.4
Raw materials
77.6
Semfmanufactured articles_ 73.5
Finished products
82.4
Non-agricul. commodities_ 80.0
All commodities other than
farm products & roods... 77.6
80.4
87.9
86.9
74.5
84.5
84.9
93.3
67.3
94.3
76.2
86.3
97.2
71.2
74.9
84.6
69.2
78.5
81.8
61.6
27.6
73.1
67.5
72.8
75.5
95.4
88.7
87.8
88.0
51.0
85.9
93.6
86.0
93.6
68.2
67.1
84.6
89.7
94.9
79.9
79.2
67.1
92.0
89.4
81.0
87.2
73.8
66.0
72.9
80.7
84.2
77.1
68.7
46.3
104.9
80.4
23.7
79.0
77.5
72.3
82.3
79.9
Groups and Subgroups
All commodities
80.2
77.2
May i.fay
1934 1933
80.1 I 73.7
50.2
52.8
46.8
51.8
59.4
58.8
69.3
58.8
52.3
60.4
76.9
83.6
67.3
68.3
77.2
65.9
61.9
57.9
48.0
29.1
61.5
70.7
60.4
78.5
78.3
75.2
94.6
99.5
31.2
77.7
83.0
75.2
90.4
56.6
61.3
71.4
75.2
81.8
59.6
70.7
61.3
81.7
78.8
73.2
80.9
55.0
66.8
63.1
71.7
72.0
71.6
58.9
37.6
54.4
70.7
10.2
74.0
53.7
61.3
67.2
65.4
May
1932
46.6
42.6
44.4
49.6
59.3
59.6
68.1
61.5
56.5
54.9
72.5
88.4
35.7
60.6
97.9
54.3
62.9
52.9
50.5
29.1
58.3
67.2
70.7
85.6
82.0
77.1
106.1
103.0
47.2
80.1
84.9
80.0
93.8
48.3
64.4
71.5
77.4
75.0
59.5
73.9
64.4
81.7
78.2
73.6
79.1
58.7
69.4
69.0
84.8
75.5
74.1
64.4
39.2
45.9
76.5
6.7
84.6
53.9
58.1
70.3
68.1
68.5
64.4
73.2
93.0
82.1
93.2
96.5
92.2
92.3
84.0
109.4
101.3
79.7
102.6
103.7
96.8
104.2
105.7
83.4
87.2
89.0
83.6
68.1
80.0
87.6
80.3
86.7
88.5
84.0
98.4
97.9
66.5
93.5
94.6
90.1
102.6
82.3
96.2
92.4
90.6
92.2
89.6
92.8
96.2
91.9
94.5
90.2
95.3
68.5
86.5
93.8
93.6
92.4
94.6
80.4
53.0
110.3
86.6
29.2
98.5
87.8
83.1
90.1
87.9
102.2
88.2
110.0
101.7
98.0
104.2
84.4
89.2
111.5
90.8
106.7
106.2
104.7
110.7
105.4
90.7
90.1
98.5
89.9
80.9
89.2
93.2
82.5
87.4
89.2
84.7
93.1
93.4
72.5
101.2
99.0
95.6
107.8
105.5
96.0
95.5
95.3
94.6
94.2
92.3
96.0
99.6
97.5
94.1
98.4
71.6
94.1
96.7
94.0
93.8
94.3
82.0
U.S
101.6
89.3
44.9
98.3
95.3
93.0
94.6
93.1
87.3
70.4
62.7
May IMay May
1931 1930 1929
1..:0.4.moO4o6.1.rirvol40.1.-cdo.o6m4mmcoo.6.64m4nic6
c.ocont-n.r.c-c-mcoonwoonmcovapt-moomwomm000mmcomoomnoommooc
.icOroviOe
60. coowwwwwwc
4c.iocior...
mmaioicy
Dnvow.coocconr-
United States Department of Labor Notes Increase of
0.1% in Wholesale Commodity Prices from April
to May
Wholesale commodity prices in May, according to the
Bureau of Labor Statistics, United States Department of
Labor, registered a fractional advance. The composite
index, with an increase of 0.1% in comparison with the
preceding month, stood at 80.2% of the 1926 average, the
Bureau announced June 22, adding:
179
and other textile products. including burlap, jute, and hemp, and a minor
increase in woolen and worsted goods were responsible for this rise. Knit
goods. on the other hand, were lower by nearly 2%, and clothing and silk
and rayon were unchanged.
The index for farm products stood at 80.6 in May. This represents an
increase of 0.2% over the previous month and was due to advancing prices
of livestock and poultry and other farm products, including cotton, eggs,
apples, hops, tobacco, onions, sweet potatoes, and wool. Grains, on the
contrary, were lower than in April by more than 5%. Individual farm
products for which lower prices were reported were barley, corn, oats, rye,
wheat, steers, lemons, oranges, hay, fresh milk at Chicago, seeds. nried
beans, and white potatoes. rhe farm products index for May is 35% above
a year ago, when the index was 59.6 and over 60% above two years ago,
when the index was 50.2.
Weakening prices of fertilizer materials, in the group of chemicals and
drugs, were offset by strengthening prices of chemicals, drugs. pharmaceuticals, and mixed fertilizers with the result that the group as a whole
advanced 0.2%.
During May wholesale food prices dropped 0.5% because of a decrease of
8.5% in butter, cheese, and milk: 1.5% in fruits and vegetables; and
1.1% in cereal products. These declines were in a large measure seasonal.
Meats, on the other hand, were up 2.9%, and the sub group of "Other
foods." including canned red salmon, glucose, lard, peanut butter, salt, raw
and granulated sugar. edible tallow, and cotton seed oil, advanced 2%.
Lower prices were reported for butter, cheese, oatmeal, flour, cornmeal,
canned and dried apricots, and peaches, raisins, prunes, canned tomatoes,
fresh beef at Chicago, lamb, mutton, mess pork, cocoa beans, coffee, oleo
oil, pepper, corn starch, and most vegetable oils. The food index for May,
84.1, is 25% above a year ago and more than 41% higher than two years
ago, when the indexes were 67.1 and 59.4, respectively.
The index for the group of houseftuaishing goods decreased slightly
because of lower prices for furnishings. Average prices of furniture were
stationary.
In the group of miscellaneous commodities higher prices for cattle feed,
crude rubber, and certain other miscellaneous commodities were counterbalanced by lower prices for tires, tuba', paper and pulp. The index for the
group remained at 68.7% of the 1926 average
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets, and based on average prices for the year 1926 as 100.
Index numbers for the groups and sub-groups of commodities for May
1935 in comparison with April 1935 and May of the past six years are given
in the accompanying table:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB-
.4.4-44bmwm-44.monom.4m.4..3-4comcoom.4o.ccomacmoom.4.4.mt
1 .4 co--4c4ww.4w.o.co..towat4mato4..ftow
c...4am-4o.coo.coo4comm .4m..wm ..400m..4.40.4w=
tot.zwoce4moommo mococ44.ma
Ikv
hotels in the larger cities. This is illustrated by the following comparison
with 1929:
91.5
88.8
94.7
•Data not yet available
Weekly Electric Output Shows Gain of 6.4% Over
Like Week of 1934
The Edison Electric Institute, in its weekly statement,
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended July 6 1935 totaled 1,655,420,000 kwh. Total
output for the latest week indicated a gain of 6.4% over the
corresponding week of 1934, when output totaled 1,555,844,000 kwh.
PERCENTAGE INCREASE OVER 1934
Week Ended
July 6 1935
Major Geographic
Region,
Week Ended
Week Ended
Week Ended
June 29 1935 June 22 1935 June 15 1935
7.4
4.4
6.6
5.7
9.9
31.3
x1.2
6.7
4.4
2.3
3.3
6.8
28.4
2.1
5.7
6.7
3.3
4.5
6.9
28.7
3.2
3.2
4.5
0.4
3.2
6.0
32.7
8.2
6.4
New England
Middle Atlantic
Central Industrial_ _
West Central
Southern States
Rocky Mountain
Pacific Coast
5.0
6.0
4.6
Total United States_
x Decrease.
DATA FOR RECENT WEEKS
1931
1,480
1,465
1,481
1,470
1,455
1,429
1,437
1.436
1,425
1,381
1,435
1.442
1.441
1,457
1.342
1,680 1,723
1,647 1,708
1,641 1,715
1,676 1.733
1,644 1,725
1.637 1,698
1,654 1,689
1,645 1,717
1,602 1,723
1,594 1,660
1,621 1,657
1,610 1,707
1,635 1,698
1,607 .1 704
1,604 1,594
.....
.......W..
1932
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1.494
1,461
1,542
1,578
1,598
1,656
1,539
200...0490W00
NWW0000..00WOCVW0
+2.8
+5.2
+5.1
+1.7
+0.3
+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
+6.4
1,
41 073,4 41 .000
0.1 .4,
04
1929
1930
1933
Mar.30__ _ 1,712,863,000 1,665,650,000
Apr. 6__ 1,700,334,000 1.616,945.000
Apr, 13___ 1,725,352,000 1,642.187,000
Apr. 20_ -- 1,701,945,000 1.672,765,000
Apr. 27- 1,673,295,000 1,668,564,000
May 4___ 1,698,178,000 1,632,766,000
May 11._ _ 1,701.702,000 1,643,433.000
May 18_ __ 1,700,022,000 1,649,770,000
May 25__ _ 1,696,051,000 1,654,903,000
June I _ _ _ 1,628,520,000 1,575,828,000
June 8___ 1,724,491.000 1,654,916,000
June 15_ _ _ 1,742,506,000 1,665,358,000
June 22_ _ _ 1,774,654,000 1,674,566,000
June 29_ _ _ 1,772,133,000 1,688,211,000
July 6_ _ _ 1.655,420,000 1,555.844.000
I
1934
1935
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
P. C.
Clege
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
1935
1934
Jan.__. 7.762,513 7,131,158
Feb____ 7,048,495 6,608,356
March. 7,500,566 7,198,232
April_ 7,382.224 6.978.419
7,249,732
May...
7,056,116
June_
7,116,251
July_
7,309,575
Aug_
6,832,260
Sept7,384,922
Oct_
7,160,756
Nov_
Dec.....7,538,337
P. C.
Ch'ge
+8.9
+8.7
+4.2
+5.8
____
____
____
__
____
____
____
-_
1932
1933
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
1930
1931
7,435,782
6,678,915
7,370,687
7,184,514
7,180.210
7,070.729
7,286.576
7,166.086
7,099,421
7,331,380
6,971,644
7,288,025
8,021,749
7,066,788
7,580,335
7.416,191
7,494,807
7,239,697
7,363,730
7,391,196
7,337,106
7,718,787
7.270,112
7,566,601
85.584.124 ____ 80.009.501 77.442.112 86.063.969 89.467.099
-The monthly figures hown above are based on reports covering approxiNote.
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Total
United States Department of Labor Reports Increase
in Wholesale Commodity Prices During Week of
July 6
The first week in July witnessed an increase of 0.3% in
Comthe composite index of wholesale commodity prices, U. S.
missioner Lubin of the Bureau of Labor Statistics,
Department of Labor, announced July 11, stating:
during the five
The advance contrasted with an uninterrupted decline
1926 average. It
preceding weeks and brought the index to 79.1% of the
nearly 18% above two
and
is now approximately 6% above a year ago
respectively.
years ago, when the indexes were 74.7 and 67.2,
increase
upturn in the market price offarm products and a smaller
A sharp
for the advance in
in processed foods were the principal factors accounting
which includes all comgroup,
the combined index. The large industrial
foods, declined 0.1%
modities other than farm products and processed
week's level. This group has fluctuated within narrow
from the previous
-is 0.4%
-77.8
present index
limits during the past six months. The
and 1.2% above the low of
below the high point reached early in January
April 6.
and leather products and
In addition to farm products and foods, hides
metal products and
fuel and lighting materials also advanced. Metals and
Textile products, chemicals
building materials registered a minor decrease.
commodities remained
and drugs, housefurnishing goods, and miscellaneous
unchanged from the previous week.
products prices
Compared with the corresponding week of last year,farm
5%; hides and leather
are higher by nearly 22%; foods, 15%; chemicals,
Contrasted with
products. 2%;and fuel and lighting materials, about 1%.
textile products and
these increases building materials are down 3%;
metal products
miscellaneous commodities, about 235%; and metals and
%.
and housefurnishing goods approximately 1
groups is above the corresponding week of
Each of the 10 commodity
and leather products and
1933. The increases range from 7% for hides
metals and metal products to 33% for farm products.
In noting the above, an announcement issued by the
Department of Labor further stated:
as compared with
Group index numbers for the week of July 6 1935,
the percent of change are
May 25 1935, July 7 1934, and July 8 1933, and
shown in the table below:
Commodity Groups
All Commodities
Farm products
Foods
Hides and leather products_
Textile products
Fuel and lighting materials_
Metals and metal products_ _ _
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous commodities-.
All commodities other than
....... nrnr1Iietq nnei fonds _
Percent July Percent
of
8
of
Change 1933 Change
July
6
1935
May Percent July
7
of
25
1935 Change 1934
79.1
80.3
-1.5
74.7
78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
68.0
81.5
84.3
89.5
69.4
74.1
85.6
84.9
81.0
82.0
69.0
-4.3
-2.8
+0.3
+0.4
+1.1
+0.1
-0.1
-1.9
-0.2
-1.4
64.1 +21.7
71.0 +15.4
87.9 +2.2
71.5 -2.5
74.2 +0.9
86.9 -1.4
87.5 -3.1
75.7 +5.0
83.1 -1.6
69.9 -2.7
58.5
62.9
83.7
64.1
65.7
79.9
77.0
73.0
73.6
62.9
77.8
77.8
0.0
78.6
71.1.. +9.4
+5.9
-1.0
67.2 +17.7
+33.3
+30.2
+7.3
+8.7
+14.0
+7.3
+10.1
+8.9
+11.1
+8.1
of the preceding week and
The group of farm products recovered the loss
due to rising prices for wheat and rye.
rose 1.2%. Grains were up 2.9%
Barley, corn, and oats, on the other hand, were lower. The sub-group of
other farm products, including cotton, eggs, lemons, oranges, clover seed,
dried beans, potatoes, and wool, advanced 0.8%. Livestock and poultry
increased 0.5% because of higher prices for steers and light hogs, although
prices of calves, cows, heavy hogs, and live poultry at Chicago weakened.
Wholesale food prices advanced 0.4% during the week due to a higher
average for the sub-groups of cereal products; butter, cheese and milk;
fruits and vegetables; and meats. The sub-group of other foods registered
a minor decrease because of weakening prices for coffee, lard, pepper,
edible tallow, canned red salmon, and vegetable oils. Food items for which
higher prices were reported were butter, cheese, oatmeal,flour, mutton,and
dressed poultry in New York. The current index-81.9- Is 15% above a
year ago and 30% above two years ago.
Higher prices for hides and Skins forced the index for the hides and
leather products group up 0.2%. Leather, on the other hand, was lower.
The sub-group of shoes remained unchanged at the high point of the year,
and other leather products were unchanged at the low.
In the fuel and lighting materials group, falling prices of petroleum products were more than offset by rising prices of coal. Coke remained unchanged. The index for the group as a whole rose to 74.9.
.Metals and metal products declined 0.5% due to lower prices for copper
in the nonferrous metals sub-group. Iron and steel was slightly higher
because of strengthening prices for scrap steel. The sub-groups of agricultural implements, motor vehicles, and plumbing and heating fixtures
were unchanged.
The index for the building materials group dropped fractionally as a
result of declining prices for paint materials and sand. Lumber, on the
contrary, was slightly higher. The sub-groups of brick and title, cement,
and structural steel remained at the previous week's level.
In the textile products group lower prices for cotton goods were offset by
higher prices for silk and rayon with the result that the index remained
at 69.7. Clothing, knit goods, woolen and worsted goods, and other textile
products were unchanged.
The index for the group of chemicals and drugs also remained unchanged.
Higher prices for mixed fertilizers were offset by lower prices for certain
chemicals. Average prices of drugs and pharmaceuticals, and mixed
fertilizers registered no change during the week.
Housefurnishing goods also were unchanged. Average prices of both
furniture and furnishings were stationary.
The index for the group of miscellaneous commodities remained at
68.0, the lowest for any of the 10 major groups. Minor decreases in prices
of cattle feed and other miscellaneous commodities were not reflected in the
level for the group as a whole. The sub-group of automobile tires and tubes,
paper and pulp, and crude rubber were steady.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups Of corn
modities for the past five weeks and for the weeks of July 7 1934, and
July 8 1933:
INDEX NUMBERS OF WHOLESALE PRICES FORWEiies ENDING
JULY 6, JUNE 29, JUNE 22, JUNE 15 AND JUNE 81935, AND JULY 7
1934, AND JULY 8 1933 (1926=100)
CommodUy Groups
All Commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
All commodities other than farm
strnrinetsa and foods
July
8
1935
June June June June
22
15
8
29
1935 1935 1935 1935
July
7
1934
July
8
1933
79.1
78.9
79.3
79.8
79.9
74.7
67.2
78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
68.0
77.1
81.6
89.6
69.7
74.8
86.1
84.9
79.5
81.8
68.0
79.9
83.4
89.4
69.1
74.9
85.9
85.3
80.4
81.7
68.4
79.9
83.7
89.1
69.3
74.7
85.6
85.1
80.7
81.8
68.9
64.1
71.0
87.9
71.5
74.2
86.9
87.5
75.7
83.1
69.9
58.5
62.9
83.7
64.1
65.7
79.9
77.0
73.0
73.6
62.9
77.8
77.9
ocemoom-4moom-4
-4 o4.—co,o4.4"omwm,
Electric output during the week ended June 29 1935 totaled
1,772,138,000 kwh. This was a gain of 5.0% over the
1,688,211,000 kwh. produced during the week ended June 30
1934. The Institute's statement follows:
Week of-
July 13 1935
Financial Chronicle
180
770
77 St
•71a a
71 1
Review of Industrial Situation in Illinois by Illinois
Department of Labor-Decrease Noted in Employment and Payrolls in May as Compared with
April
A decline of 0.3 of 1% in the number of persons employed and 1.5% in total wages paid is shown by summaries
of reports from 4,342 manufacturing and non-manufacturing
enterprises in Illinois, according to Peter T. Swanish,
Chief of the Division of Statistics and Research of the
Illinois Department of Labor. He noted:
-year period 1923-1934, inclusive, the records of the Division
For the 12
of Statistics and Research show that the average April-May change in
employment was a decline of 0.2 of 1%, while the average change in total
wage payments was an increase of 0.4 of 1%. The decrease in employment
during May in comparison with April of this year, while typical of the
-May interval, is slightly greater
behavior of this series during the April
-year average figure of change, while the decrease in total
than the 12
wage payments represents a reversal of the seasonal trend in payrolls.
Mr. Swanish said that in comparison with May of last
year, however, "the May indexes of employment and
payrolls represent a higher level of industrial activity."
In his review issued June 22 he continued:
The index of employment for all reporting industries rose from 72.4
in May of 1934 to 74.0 in May of this year, while the index of payrolls
advanced from 54.2 to 57.1, respectively.
Changes in Employment and Wages Paid According to Sex
Reports from 3,661 industrial enterprises, which designated the number
of employees by sex, showed an increase of 0.2 of 1% in the number of
male, but a decrease of 1.8% in the number of female employees. Total
wages paid male workers decreased 1.1%, while wages paid female workers
declined 4.0% during May in comparison with April.
In the manufacturing group of industries, with 1,898 reporting concerns,
the number of male and female workers decreased 0.7 of 1% and 2.4%,
respectively. Total wages paid male workers declined 2.1%, while wages
paid female workers decreased 6.4% during May in comparison with April.
The non-manufacturing group of industries, 1,763 reporting concerns,
showed an increase of 2.9% in the number of make workers, but a decrease
of 0.9 of 1% in the number of female workers employed. Total wages
paid male workers increased 1.4% while wages paid female workers declined 0.8 of 1%.
Financial Chronicle
Business Conditions in Philadelphia Federal Reserve
District
-Seasonal Slackening of Activity Noted
"Business activity in the Philadelphia Federal Reserve
Distnct has slackened seasonally since April," said the
Federal Reserve Bank of Philadelphia in its July 1 "Business
Review." It continued'
After rising for three months, factory production declined a little more
than usual during May, while activity at coal mines increased for the second
consecutive month. Output of crude oil has continued downward. Industrial production in the aggregate, as measured by these three branches combined according to their relative importance, failed to maintain its usual
May level by about 2%, but for the year to date the rate of output has
been 4% greater than last year. The value of all building contracts awarded
Increased in the month, owing to larger volume in the non-residential type
of construction. The conditions of crops and livestock indicate increased
production, and farm income continues larger mainly because of higher
prices and rental and benefit payments.
The value of retail trade sales during May fell off more than usual, but
some improvement was indicated in June. For the year to date dollar
sales have been slightly smaller than last year. Virtually no important
change has been noted in the case of wholesale trade sales, which continue
larger than in the first part of last year, largely because of higher prices.
Manufacturing
Manufacturing activity continues to reflect seasonal quiet, although
current sales offactory products in general appear to be well sustained when
compared with the volume last year. Prices of manufactures on the whole
have shown a slight rise since the middle of May,reflecting mainly advances
In wool fibers and their products as well as in some of the other commodities,
particularly cement and lumber
Production of manufactures during May declined by a larger proportion
than is seasonally to be expected, following a marked improvement
in the
preceding three months. This flank's index of productive activity dropped
from 74 in April to 72 in May,or about the same
level as it was in March,
when adjustment is made for working days and the
usual seasonal variation.
Compared with a year ago, it was 4% higher and for the year
to date 0%
above the average level in the first five months last year.
Country's Foreign Trade in May-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on June 5 issued its statement on the
foreign trade of the United States for May and the 11
months ended with May, with comparisons by months
back to 1930. The report is as follows:
United States foreign trade showed practically no change during May.
Exports, which usually decrease 1%, were about 1% greater in value,
while
Imports, which usually decline about 6%, showed no change.
For the
second consecutive month imports exceeded exports; the excess
amounted
to $5,100,000.
Exports, including re-exports, were valued at $165,457,000
in May,
compared with $164,188,000 in April 1935 and $160,197,000
in May 1934.
General imports, which include goods entering consumption
channels
Immediately upon arrival in the United States, plus goods
entered for
storage in bonded warehouses, totaled $170,559,000, compared
with
$170,580,000 in April 1935 and $154,647.000 in May 1934. During the
first five months of 1935 exports exceeded imports by $16.000,000,
an
average of only slightly more than 33.000,000 a month.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival in the United States, plus withdrawals
from bonded warehouses for consumption, were valued at
$166,791,000
compared with $166,157,000 in April 1935 and $147,467,000 in May
1934.
Re-exports of foreign merchandise, which in April totaled approximately
$3,600,000, amounted to $5,700,000 in May 1935. Exports of merchandise
produced domestically were approximately $1,000,000 smaller than in
April.
Agricultural exports were valued at $39,066,000, approximately the same
amount as in April. Raw cotton shipments amounted to 161,400.000
pounds. valued at $19,400,000. compared with 180,900,000 pounds, valued
at $21,800,000, in April. Although the May exports of cotton were relatively small even for this season of the year. they were 4% larger in quantity than during May 1934. Tobacco, apples and sugar exports also
dropped to lower levels in May. All agricultural commodities, other than
the four mentioned above, expanded in value from $12,100,000 in April to
$15,400.000 in May,or 27%. Meats,lard, wheat flour, vegetables, canned
and dried fruits and milled rice all shared in the advance. Milled rice
exports in May, totaling $28,746,000 pounds, were somewhat larger than
the total shipments of rice during the first four months of 1935.
Non-agricultural exports decreased less than 1%,from $121.532,000 in
April to $120,723,000 in May. Principal non-agricultural exports which
contributed to the decline included automobiles, copper, electrical machinery and apparatus, office appliances, steel mill products, lubricating oil,
lumber, coal tar products, and rubber manufactures. The value of exports of automobiles, including parts and accessories, decreased nearly
$3.500,000 during May and the total of $21,500,000 was only slightly above
the value of $20,600,000 in May 1934. During the preceding four months,
however, exports of automobiles were $18.700,000 larger in value than in
181
the corresponding period of the preceding year. The decline in exports of
machinery, including electrical apparatus and office appliances, totaled
approximately $1,200,000 during May, but for the five months ending
with May total machinery exports exceeded those of the corresponding
period of 1934 by $43,000.000. Exports of naval stores, cigarettes, coal,
crude petroleum, gasoline, fuel oil, steel scrap and other steel manufactures, agricultural implements, chemical specialties, and fertilizers increased
considerably in value during May.
While the total value of May imports changed relatively little as compared with April, imports of some commodities expanded considerably
while others showed sharp declines. Total imports for consumption of
agricultural products declined from $92,805,000 in April to $90,199.000
in May, while non-agricultural imports increased from $73,352,000 to
$76.592,000. In the former group, smaller imports of tropical products
such as crude rubber, coffee and cocoa, accounted for a considerable part
of the decline, although among the more competitive imports, sesame seed,
Cuban sugar, vegetables, butter, meats and tobacco dropped off considerably. Vegetable oil imports increased from a total of $7.798,000 in April
to $7,952,000 in May, while tallow and grain imports were, respectively.
18 and 5% larger in value. Raw silk imports in May icnreased considerably as compared with April, but were smaller than they were in March.
Principal commodities responsible for the expansion in the non-agricultural total included wood pulp, newsprint, diamonds, hides and skins,
leather, copper, tin, iron and steel manufactures, crude petroleum and
fertilizers. Imports of art works, burlaps, cotton gloves, cotton cloth.
hats of straw and other fiber, fuel oil, ferro-alloys, nickel and coal tar
products dropped to a lower level than in April.
MERCHANDISE TRADE BY MONTHS
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
(Preliminary figures for 1935 corrected to July 3 1935)
May
5 Months Ending May
Exports and Imports
1935
Exports
Imports
Excess of exports
Excess of imports_
Month or Period
Exports Including
Re-exports
January
February
March
April
May
June
July
August
September
October
November
December
1934
1935
1934
Increase(÷)
Decrease
(-)
1.000
Dollars
165,457
170,559
1,000
Dollars
160,197
154,647
1.000
Dollars
853 789
837,803
1,000
Dollars
865,534
727,734
1.000
Dollars
-11,745
+110,069
5,550
15,986
137,800
5,102
•
1934
1935
1933
1932
1931
1930
1,000
1,000
1.000
1.000
1,000
Dollars Dollars Dollars Dollars Dollars
176.223 172.220 120,589 150,022 249,598
162,990 162,752 101,515 153,972 224,346
184,931 190,938 108,015 154,876 235,899
164,188 179,427 105,217 135,095 215,077
165,457 160,197 114,203 131,899 203,970
170,519 119,790 114,148 187,077
161,672 144,109 106,830 180,772
171,984 131,473 108.599 164,808
191,313 160,119 132,037 180,228
206.413 193,069 153,090 204,905
194,712 184,256 138,834 193,540
170,654 192,638 131,614 184,070
1.000
Dollars
410,849
348,852
369,549
331,732
320.035
294,701
266.762
297.765
312,207
326.896
288,978
274,856
• 5 monthsending May 853,789 865,534 549.539 725,864 1,128,890 1,781,017
11 months ending May 1,950,535 1,871,198 1,320,543 1,834,187 2,896,353 4,398,924
2,132,800 1,674,994 1,611.016 2,424.289 3,843.181
12 months ending Dec.
General Imports
January
February
March
April
May
June
July
August
September
October
November
December
166.859 135.706
96,006
152,480 132,753 83,748
177,325 158,105 94,860
170,580 146,523 88,412
170,559 154,647 106,869
136.109 122,197
127,229 142.980
119,513 154.918
131,658 146,643
129,635 150,867
150,919 128,541
132,258 133.518
135.520 183,148
130,999 174,946
131,189 210,202
126,522 185,706
112,276 179,694
110,280 173,455
79.421 174,460
91,102 166,679
98,411 170,384
105,499 168.708
104,468 149,480
97,087 153,773
310,968
281,707
300,460
307,824
284,683
250,343
220.558
218.417
226.352
247,357
203.593
208,636
5 months ending May 837,803 727,734 469,895 636,506 933,696 1,485,642
11 months ending May 1,629,016 1,585,201 1,045,883 1,619,990 2.258.6193,598,628
12 months encUng Deo.
1,655,055 1.449.559 1,322,774 2,090,635 3,060.908
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
May
Exports and Imports
1935
1.000
Dollars
Exports (U. S. mdse.) _ 159.789
imnorm for consumn'n_ 166.791
Month or Period
-U.S.
Exports
Merchandise
January
February
March
ApriL
May
June
July
August
September
October
November
December
1935
5 Months Ending May
1934
1,000
Dollars
157,161
147.467
1934
1934
1935
1,000
Dollars
835,763
829.145
1933
1,000
1,000
1,000
Dollars Dollars Dollars
173,560 169,577 118,559
160,296 159,617
99,423
181,571 187,418 106,293
160,547 176,490 103,265
159,789 157,161 111.845
167,902 117,517
159,128 141,573
169,851 129,315
188,860 157,490
203,536 190,842
192,156 181,291
168,442 189,808
Increase)-1-)
Decrease(-)
1,000
Dollars
850,262
696.133
1,000
Dollars
-14,499
4133.012
1932
1,000
Dollars
146,906
151,048
151,403
132,268
128,553
109,478
104,276
106,270
129,538
151.035
136,402
128,975
1931
wyggooN2m.
Changes in Man-Hours During May in Comparison with April
F Man-hours worked were reported by 3,036 industrial enterprises. For
male and female workers combined, in all reporting industries, the total
number of hours decreased 1.6%. Total hours worked by male and
female workers during May in comparison with April declined 1.1% and
2%.respectively.
In the manufacturing industries 1,697 concerns reported man-hours
worked by both sexes combined, and in these enterprises the total hours
worked were 2.5% less in May than in April.
Hours worked in 1,660 manufacturing plants, reporting man-hours
for male and female workers, separately, declined 1.5% for male workers
and 4.0% for female workers. In the non-manufacturing group, 1,339
establishments reported an increase of 0.1 of 1% in total man-hours worked
by male and female workers combined. -Within this group of industries.
1.238 firms showed increases of 0.2 of 1% and 1.7% in the total number
of man-hours worked by male and female workers, respectively.
Average actual hours worked by 348,767 wage earners in the 3,036 industrial enterprises reporting man-hours data declined from 38.1 in April
to 37.4 in May. or 1.8%. In manufacturing plants the average weekly
hours declined from 37.2 In April to 36.4 in May, or 2.2%. In nonmanufacturing plants the average number of hours worked per week
during May was 39.5. or 1.2% less than in April.
.....t.Dbatota .
wvo.sco.4cow
Volume 141
1930
1.000
Dollars
404,321
342,901
363,079
326,536
312,460
289,869
262,071
293,903
307.932
322,676
285,396
270,029
5 months ending Miy 835,763 850,262 539,385 710,178 1,106,754 1,749,297
11 months ending May 1,917,737 1,840,582 1,295.880 1,798,609 2,848.760 4,327,861
12 months encUng Dec.
2,100,135 1,647,220 1,576,151 2,377.982 3,781,172
Importsfor Consumption
January
February
March
April
May
June
July
August
September
October
November
December
168,509
152,234
175,454
166,157
166,791
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126,193
92,718
84,164
91,893
88,107
109,141
123,931
141,018
152.714
147,599
149,288
125,269
127,170
134,311 183.284
129,804 177,483
130.584 205,690
123,176 182,867
112,611 176,443
112,509 174,516
79.934 174,559
93,375 168.735
102.933 174,740
104,662 171,589
105.295 152,802
95,898 149,516
316,705
283,713
304,435
305,970
282,474
314,277
218,089
210.920
227.767
245,443
198,917
201,367
5 months ending May 829,145 696,133 466,023 630,486 925,767 1,493,297
11 months ending May 1,633,948 1,539,192 1,048,120 1,622,426 2.232,270 3,601,253
12 months ending Dec.
1,636,003 1,433,013 1,325,093 2.088,455 3.114.077
GOLD AND SILVER BY MONTHS
5 Months Ending May
May
Esparta and Imports
1934
Increase(+)
Decrease(-)
1935
1935
1,000
Dollars
1,780
35,362
1,000
Dollars
1,060
574,851
1,000
1,000
Dollars
Dollars
-5,567
6,627
782,096 -207,245
140,016
Excess of exports_
Excess of imports
1934
1,000
DoUars
49
140,065
GoldExports
Imports
33,582
573,791
775,469
SUM
Exports
Imports
2,885
13,501
1,638
4,435
10,515
80,782
5,321
13,9,4
10 010
Excess of exports_
Excess of Imnortst _
2 797
70 207
1935
1934
1933
1935
1934
+5,194
+66,848
1933
1932
363
46
540
62
49
4,715
51
44
37
1,780
6,586
114
14,556
22,255
2,173
310
140
14
21,521
28,123
16,741
22,925
4,380
85,375
81,473
58,282
34.046
2.957
10,815
N.
cowpwpww-4
1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Exports
January
February
March
April
May
June
July
August
September
October
November
December
1,248
1,661
3,128
1.593
2,885
859
734
665
1,425
1,638
2,404
1,789
1,741
1,424
1,162
1.698
1,014
1,551
209
269
193
235
343
2,572
7,015
3,321
2.281
464
590
1,611
942
967
1.617
1,865
1,268
828
433
868
1,316
875
1.260
5 mos.end.May 1,060 6,627 89,324 541,721 10,515 5,321 2,457 7,002
11 mos.end.May 40,607 279,575 131,012 1007727 19,342 21,562 8,038 18,711
16,551 19,041 13,850
52.759 366,852 809,528
12 mo5.end. Dec.
Imports
January
February
March
April
May
June
July
August
September
October
November
December
149,755 1,947 128,479
122.817 452.622 30.397
13,543 237,380 14,948
148,670 54.785 6,769
140,065 35,362 1,785
70,291 1,136
52,460 1,497
51,781 1,085
3,585 1,545
13,010 1,696
121,199 2,174
92,249 1.687
34,913
37.644
19,238
19,271
16,715
20,070
20,037
24,170
27,957
20,674
21.756
100.872
19,085
16,351
20,842
11,002
13,501
3,593 1,763
855
2.128
1,693
1.823
1,955 1,520
4,435 5,275
5,431 15,472
2,458 5,386
21,926 11,602
20,831 3,494
14,425 4,106
15.011 4,083
8.711 4,977
2,097
2.009
1,809
1,890
1,547
1,401
1,288
1,554
2.052
1.305
1,494
1.203
5 mos.end.May 574,851 782,096 182,378 127,781 80,782 13,934 11,106 9,352
11 mos.end.May 909,134 791,780 397,843 499,959 164,143 47,580 20,002 23,982
102.175 60.225 19,656
I18667l 193,197 363.315
12 m mend. Dec.
Manufacturing Activity in May Declined Seasonally
from April According to National Industrial Conference Board
A seasonal decline in manufacturing activity as measured
by man-hours worked in May as compared with April is
reported by the National Industrial Conference Board in its
monthly survey of 25 manufacturing industries. The decline
resulted chiefly from a more-than-seasonal shortening of the
average work-week rather than from lay-offs usual at this
time of the year. Issued under date of June 28 the Board's
survey said:
The reduction in the length of the average work-week from April to May
was 1.1% compared with an average decline of0.4% in the period 1923-1929.
while the reduction in the number of employees was 0.4% compared with
an average seasonal decline of 1.0%. Total man-hours consequently decreased 1.4% from April to May. Payroll disbursements fell off 1.2%.
Although hourly earnings advanced fractionally.from 59.8 cents in April
to 59.9 cents in May, or 0.2%, the reduction of nearly half an hour in the
average work-week brought weekly earnings down from $21.93 to $21.76.
or 0.8%. A drop in the cost of living, however, offset part of the nominal
decline, so that real weekly earnings were only off 0.3%.
Compared with a year ago, the May figures show a nominal rather than
real gain for the workers. While there has been an increase of 0,7% in
total man-hours worked, of 2.9% in payroll disbursements, of 2.2% in average earnings per hour, of 2.3% in the average number of hours worked per
wage-earner, and of 4.6% in nominal average weekly earnings, there were
1.5% fewer workers employed, and because of the advance in the cost of
living, real weekly earnings were 0.8% lower than a year ago.
As compared with May 1929, a gain has been made in average hourly
earnings; they were 59.9 cents in May 1935. and 59.1 cents in May 1929,
or 1.4% higher. A 25.5% reduction in the average work-week from 48.7
hours to 36.3 hours lowered weekly earnings from $28.79 in May 1929, to
$21.76 in May 1935, or 24.4%. Since the reduction in the cost of living
during this period was less than the decline in nominal weekly earnings the
weekly pay envelope in May, 1935 had 9.5% less purchasing power than
that of May 1929. The number of workers employed in Slay 1935, was
still 19.8% less than six years ago, their combined payroll was 39.4% lower,
and the total number of man-hours worked was 40.2% less than in May
1929.
Wholesale Trade in Chicago Federal Reserve District
During May Above April-2% Decline Noted in
Department Store Sales-Mid-West Distribution
of Automobiles
The Federal Reserve Bank of Chicago, in its "Business
Conditions Report" of June 30, states that increased sales
were shown in May over April by all reporting groups of
wholesale trade in the Seventh (Chicago) District, while
department store trade decreased 2% during the period.
With regard to trade at wholesale, the Bank said:
All reporting groups of wholesale trade had heavier sales in May than a
month previous, the gains of 4. 6 and 4% in groceries, hardware, and
electrical supplies, respectively, being in accordance with seasonal trend,
while that of 2;i% in the drug trade compared with a decline of 1%% in
reporting
the 1925-34 average for the period. Although a majority of
grocery and electrical supply firms sold more goods in May than in the
corresponding month last year, a decline in sales of some of the larger distributors effected decreases from last May in aggregate sales; the decline in
WHOLESALE TRADE IN MAY 1935
Per Cent Change
from Same Month Last Year
Silver
1932
electrical supply sales was the first to be recorded in the yearly comparison
since April 1933. Hardware and drug sales continued to be moderately
heavier than a year ago. Cumulative sales for the five months of 1935
showed increases over the same period of 1934 of 3% in groceries, 0% in
drugs, and 12% each in hardware and electrical supplies. Stocks in all
groups were lighter on May 31 than at the close of April.
Commodity
A 012
Gold
Month or
Period
July 13 1935
Financial Chronicle
182
Groceries
Hardware
Drugs
Electrical supplies
Net
Sales
Stocks
Accts. Out
standing
-4.4
+8.3
+11.6
-1.5
+12.9
+0.5
-0.8
-2.9
--17.8
--2.7
--5.I
--4.2
Collections
+0.5
+4.8
+5.1
+9.0
Ratio of
Accts. Outstanding to
Net Sales
82.8
157.9
151.6
141.5
In reporting on department store sales in the Chicago
District the Bank has the following to say:
A decline of 2% took place in May from the preceding month in Seventh
District department store trade, which compares with an increase of 1%
in the 1925-34 average for the period and with gains of 7% and 9%,
respectively, in 1934 and 1933. Indianapolis trade recorded an increase of
1% over April and stores in smaller cities sold a dollar volume aggregating
2% heavier, but sales by Chicago stores declined 23-%. those of Detroit
firms 3%, and Milwaukee trade 9%. Owing to decreases from a year ago
in Chicago and Detroit trade, district sales were 1% smaller in the aggregate
than in May last year, which decline is the first shown in the yearly comparison since May 1933. Stocks totaled 1% less at the close of May
than a month previous and were slightly under the 1934 level at the same
time. It will be noted in the table that collections on accounts outstanding
continue to be better than a year ago.
DEPARTMENT STORE TRADE IN MAY 1935
Per Cent Change
May 1935
from
May 1934
Locality
P.C.Change
5 Months
1935from
SarnePeriod
1934
Ratio of April
Collections
to Accounts
Outstanding
End of April
Net
Sales
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month
Net
Sales
1935
1934
-1.7
-2.4
+7.5
+2.4
+0.8
+0.6
-0.4
-16.5
--1.9
+2.7
+5.4
+6.6
+10.4
+4.4
+4.5
31.3
47.1
42.4
42.1
35.3
31.0
45.8
39.9
38.4
33.1
-0.9
-1-5.8
38.6
37.0
Following three months of unusually favorable trends, the retail shoe
trade showed a decline of 2% in May from April, whereas the 1926-34
average for the month records an increase of 6% in the comparison. The
majority of reporting dealers and department stores, however, had heavier
sales than in April. Most firms shared in the 8% decrease in sales from
May a year ago. Sales in the five months of 1935 totaled 5% larger than
-the result of increased sales by department
in the same period of 1934
stores, as paractically all dealers showed losses in this comparison. Little
change took place in stocks between the close of April and May 31, and
they totaled 11% above those at the end of May last year.
Aggregate sales of furniture and house furnishings by reporting dealers
and department stores expanded 13;5% during May over the preceding
month (the seasonal increase for May is estimated as 6%) and were 6%
larger than in the same month of 1934. Sales by dealers totaled less than
for last May,department stores effecting the gain shown in this comparison.
Stocks declined 4% during the month and about equaled those held at the
close of May a year ago.
Although small increases took place in May in grocery, drug, and cigar
chain sales, total sales of 13 chains including in addition to those mentioned,
five-and-10
-cent store, shoe, men's clothing, and musical instrument chains,
were 2% smaller than in April. In the yearly comparison, an aggregate
decline of 1% was shown, although grocery, drug, and cigar chains reported
heavier sales than for last May.
In reporting on the distribution in the Middle West, the
Bank, in its 'Monthly Business Review," said'
Distribution of new automobiles in the Middle West likewise declined in
May, the number of cars sold at both wholesale and retail being less than
in the preceding month, although sales continued to total well above those
of the corresponding month in 1934. Stocks rose somewhat over the close
of April, but were much smaller in number than on May 31 last year.
Sales of used cars, on the other hand, increased over a month previous,
while stocks declined to some extent, though totaling almost two-thirds
heavier than on the same date a year ago. Sales of new cars made on the
deferred payment plan increased during May in their ratio to total retail
sales, amounting to 43 % of this total in May, for dealers reporting the
item, as against only 38%% in April for the same dealers; in May, last
year, however, the ratio was 45%.
Building Operations in United States During May,
According to United States Department of Labor
Further Increase Noted in Number and Estimated
Cost of New Buildings
The estimated cost of new building construction and
repairs for which permits were issued in May shows a
slight advance over the preceding month and a marked
gain over May of last year, Commissoiner Lubin of the
Bureau of Labor Statistics recently announced. "This is
the fifth consecutive monthly increase shown by the Bureau's
figures," Mr. Lubin said. He added:
Each of the five months from January to May shows a large gain over
the corresponding months of 1934. Compared with May of last year the
estimated cost of all buildings for which permits were issued shows an
increase of nearly 30%. Over the same period, the value of new residential buildings shows a gain of over 112%, all nine geographic divisions
registering increases in the number and value of residential buildings.
Three geographic divisions indicate gains of over 200% in the estimated
cost of residential building, comparing May 1935 with the corresponding
month of 1934.
Residential construction in May also shows a gain over the month preceding. The rise in the number of new residential buildings, comparing
May with April, was 17.3%, and the increase in value amounted to 9.3%.
New non-residential buildings, although increasing n number, show a
Financial Chronicle
Volume 141
decrease in estimated value. Additions, alterations, and repairs increased
both in number and value. These comparisons are based on reports
received by the Bureau of Labor Statistics of the United States Department of Labor from 773 identical cities having a population of 10.000
or over.
From an announcement issued by the Department of
Labor we take the following:
rho percent of change from May 1934 to May 1935 is shown in the
following table:
Estimated
Type of BuildingNumber
Cost
New residential
+112.2
+130.7
New non-residential
-11.1
+23.9
Additions, alterations. repairs
+26.1
+17.4
183
countries exceeds the decline in the United States, the difference represents a competitive advantage held by those countries.
The following table shows the percentage changes in the general level
of wage rates and earnings in the United States and various countries
from 1929 to 1934:
Poland
-11
-20
Canada
G
Germany
-10
-21
Estonia
Italy
1
-18
United States
Belgium
-14
For five countries the latest available data are for 1933 only. The
percentage changesfrom the 1929 level in these countries are shown below:
Australia
Switzerland
-19
-3
Hungary
-16
Sweden
2
Netherlands
-11
Total
+20.6
+25.3
Permits were issued during May 1935 for new buildings to provide
6.875 new family-dwelling units, an increase of 105% as compared with
May of the previous year.
The percent of change from April to May 1935 for the different types
of construction is shown below:
Estimated
Type of BuildingNumber
Cost
New residential
+17.3
+9.3
New non-residentlal
-6.2
+2.7
Additions, alterations, repairs
+3.7
+1.2
Total
+1.9
+3.0
The permit valuations as shown above include, in addition to private
construction, all buildings for which contracts are awarded by Federal
and State governments in the cities included In the report. For the month
of April the value of such buildings was $6,339,564; for May,$4,287,935.
Permits were issued during May for the following important building
projects: For a school building in Boston, Mass., to cost $685,000; for
a factory building in Rahway, N. J., to cost $200.000; for apartment
houses in Brooklyn, N. Y., to cost $2,000,000; for a public building in
the Borough of Manhattan to cost $835,000; for apartment houses in the
Borough of Queens to cost over $500,000; for school buildings in Los
Angeles, Calif., to cost over $300,000; for school buildings in San Francisco. Calif.. to cost over $400.000; for a school building in Kansas City.
Mo., to cost nearly $600,000; for a sewage treatment plan in Washington,
D. 0., to cost over $1,000,000; for a school building in Cumberlasd. Md..
to cost over $600,000, and for a college dormitory in Austin, Tex.. to
cost over $400,000.
Contracts were awarded by the Procurement Division of the United
States Treasury Department for a parcel post building in Detroit, Mich..
to cost over $800,000, and for a post office and Federal court house in
San Antonio, Tex., to cost over $1.800.000.
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS, ALTERAATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 773 IDENTICAL
CITIES IN NINE REGIONS OF THE UNITED STATES. AS SHOWN BY
PERMITS ISSUED IN APRIL AND MAY 1935
New Residential Buildings
Geographic Division
Cities
Estimated
Cost
May
New England
108
Middle Atlantic
173
East North Central
189
West North Central_ 68
South Atlantic
77
East South Central
30
West South Central_ 47
Mountain
23
Pacific
58
Total
773
Percentage change
Geographic Division
Cities
may
April
31,550,510
7,891,466
2,836,171
1,561,396
4,457,559
331,482
1,145,175
460,884
3,011,418
393
2,465
766
515
960
129
544
149
979
325
2,059
561
473
1,472
115
492
134
877
$25,418,766 823,246,061
+9.3
6.900
+6.0
6,508
$1,908,465
8,547,061
3,918,938
1,797,870
3,540,218
311,768
1,398,766
485,065
3,510,015
New Non-Residential
Buildings,
Estimated
Cost
May
New England
108
Middle Atlantic
173
East North Central__ 189
West North Central- 68
South Atlantic
77
East South Central
30
West South Central_ 47
Mountain
23
Pacific
58
Total
773
Percentage change__ _
April
Families Provided for in
New Dwellings
81,805,572
6,288,545
4,239,600
1,427,669
2,916,325
696,859
2,833,270
821.670
2,959,289
April
83,552,960
6,465,998
5.470,965
701,133
1,694,949
662,884
1,058,883
374,598
5,583,478
Total Building
Construction (Including
Alterations and Repairs),
Estimated Cost
May
S5,531,481
21,475.564
11,851,989
4,491,579
9,197,800
1,595.963
5,000,806
1,695,990
8.957,816
April
36,954,167
19,902.130
11,505,222
3,549,278
9,807,264
1,518,669
3,340,341
1,327,959
10,561,354
S23,988,799 S25,565.848 369,798.988 868,466,384
-6.2
+1.9
United States Production Costs Sharply Above Those
of Competing Countries as Result of NRA, According to National Industrial Conference Board
Certain foreign countries, including Germany, Italy, and
Belgium, enjoy a marked advantage over the United States
in wage costs, principally because the National Recovery
Administration codes raised hourly wages in this country
to a level only 1% below that of 1929, according to a survey
by the National Industrial Conference Board made public
yesterday (July 12). Average hourly earnings in this
country dropped 17% from 1929 to 1933, but recovered
sharply in the following year, while comparable figures for
Germany and Italy show respective 1934 declines from
1929 of 21 and 18%. Other European countries also suffered substantial losses which have been only partially
erased. A press release by the Conference Board yesterday
added:
A comparison of wages in different countries is beset with numerous
difficulties, the Conference Board points out, but adds that the general
trend can be indicated and that these trends can be compared. Although
other factors need to be considered when direct comparisons are made,
hourly wage rates or earnings in themselves furnish some indication of
labor costs.
American average hourly earnings in manufacturing dropped 17%
from 1929 to 1933, but recovered in 1934 to a point only 1% below that
of 1929. To the extent that the decline in hourly earnings in foreign
of Flour During Year Ended June 30
1935 Slightly Below Previous Year
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour-milling centers of the United States,
reports that during the month of June 1935 flour output
totaled 4,773,545 barrels, as against 4,975,434 barrels in
the preceding month and 5,059,077 barrels in the corresponding month of 1934. In May of 1934 production
of flour totaled 5,160,516 barrels.
During the 12 months ended June 30 1935 flour output
by the same number of mills reached a total of 62,305,574
barrels, as compared with 62,929,372 barrels during the
12 months ended June 30 1934. The corporation's summary follows:
Production
PRODUCTION OF FLOUR (NUMBER OF BARRELS)
onth of June
Northwest
Southwest
Lake Central & Southern
PacIfic Coast
Grand total
12 Months Ended June 30
1935
1.109,382
1.756,061
1,577,034
331,068
1934
1,344,039
1,811,212
1,704,702
199,124
1935
14,424,742
22,810,004
20.552,142
4,518,686
1934
16,819.644
21,648,832
20,677.207
3,783,689
4,773.545
.5,059,077
62,305,574
62,929,372
Decreases in Factory Employment and Payrolls During
May Reported by United States Department of
Labor-First Declines Since November 1934
Employment in 13 of 17 Non-Manufacturing
Industries Increased
Factory employment decreased 1.5% from April to May
and payrolls decreased 3.2%, marking, said the Bureau of
Labor Statistics, United States Department of Labor, the
first recessions to be reported since November 1934. Employment normally declines in May, the Bureau said,
decreases having been reported in 10 of the preceding 16
years. An important factor in depressing the levels of
employment and payrolls in May 1935 were strikes in the
automobile and lumber industries. The Bureau further
reported:
Gains In employment over the month interval were shown in 37 of the
separate 90 manufacturing industries and gains in payrolls were reported
in 33 industries.
The declines in employment and payrolls from April to May were less
pronounced in the durable goods group of industries than in the nondurable goods group. Employment decreased 0.6% in the durable goods
group and payrolls declined 2.8%. while in the non-durable goods group
decreases of 2.2% in employment and 3.9% in payrolls were reported.
The Bureau of Labor Statistics' preliminary index of factory employment for May 1935 (81.2) is 1.6% lower than the May 1934 index (82.5)•
The index of factory payrolls is 68.5 (preliminary). or 2.1% above the May
1934 index (67.1).
fhe indexes of factory employment and payrolls are computed from
returns supplied by representative establishments in 90 manufacturing
industries. The base used in computing these indexes is the three-year
average, 1923-25, taken as 100. In May reports were received from
23,434 establishments employing 3,685,772 workers whose weekly earnings
were *76,514,338. The employment reports received from these cooperating establishments cover more than 50% of the total wage earners
in all manufacturing industries of the country.
The most pronounced changes in employment over the month interval
were largely seasonal. The largest percentage gain was in the cement
industry (14.1%). A number of other industries allied to the construction
industry showed substantial gains, viz.: Marble-slate-granite, 7.2%;
brick, 7.0%; plumbers'supplies, 5.9%; millwork. 2.5%;and steam fittings.
2.3%. Additional industries in which seasonal gains were shown were:
Beet sugar, 13%; ice cream, 12.4%; butter. 4%, and beverages, 3.6%•
Other industries in which substantial gains were shown were: Aircraft,
10.1%; woolen and worsted goods, 4.7%; engines-turbines-tractors, 4%,
and cast iron pipe, 3.9%. Employment in the machine tools industry.
which is an indicator of orders placed for power driven metal cutting
machinery, continued the expansion which has been reported in each
month since November of last year. The gain of 1.5% from April to
May brings the level of employment in this industry to the highest point
recorded since May 1931.
Among the industries reporting declines from April to May, seasonal
decreases were shown in: Fertilizers, 29.1%; cottonseed oil-cake-meal,
21.1%; millinery, 11.5%; women's clothing, 8.1%; men's clothing, 7.5%;
boots and shoes, 5.4%; hats. fur-felt, 5.0%. and confectionery, 4.3% •
Other decreases in industries of major importance were: 7.2% in silk and
rayon; 4.3% in cotton goods. and 4.0% in dyeing and finishing. Strikes
in the sawmill industry in the States of Oregon and Washington offset the
gains reported in the industry in other sections of the country, resulting
in a net decline of 2.1% in employment in May. Payrolls decreased
to a much greater extent (14.8%) due to the fact that a large number of
workers were on the plant payroll for a limited number of days during the
usual pay-period reported. Employment in the automobile industry
declined 3%, while payrolls decreased 10.3%. In this industry labor
difficulties in certain localities caused reduced plant operations, which
indirectly affected operations of other plants within the industry. The
blast furnaces-steel works-rolling mills industry showed declines of 0.3%
in employment and 2.1% in payrolls.
Financial Chronicle
184
In the table following are presented the indexes of employment and
payrolls for May 1935, April 1935 and May 1934 for each of the manufacturing industries covered by the Bureau of Labor Statistics. The
Indexes arecnot adjusted for seasonal variation:
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
(Three-Year Average 1923-1925=100.0)
Payroll Totals
Employment
may
1934
May
1935
April
1935
May
1934
82.4
82.5
68.5
z70.8
67.1
71.6
71.5
60.1
61.8
58.6
72.3
z72.2
75.2
58.4
559.4
61.3
73.5
80.1
49.1
z73.7
80.1
47.3
76.8
87.1
51.1
61.0
65.1
27.4
z62.3
67.6
26.3
66.1
68.1
29.9
78.3
60.0
53.2
78.3
80.3
62.8
54.4
73.9
81.3
60.7
82.0
54.1
59.6
47.5
42.3
49.0
60.1
52.2
46.3
46.1
59.3
45.7
61.8
30.4
51.4
99.1
50.2
97.4
47.7
95.5
34.5
74.2
33.8
73.7
30.6
68.5
55.8
90.4
555.3
88.3
58.5
91.2
41.0
87.0
z39.8
85.4
41.5
86.9
64.3
127.4
65.4
128.9
61.8
134.8
60.8
115.9
60.8
121.5
54.0
123.1
84.5
97.0
85.1
97.0
81.3
83.0
67.8
110.5
67.6
108.8
62.2
87.2
102.7
104.6
103.9
83.2
84.9
82.3
70.7
70.9
65,4
58.2
58.4
49.9
101.4
97.5
74.3
73.8
81.8
83.0
168.0 182.4
65.8
63.6
93.6
95.8
102.7 z104.8
392.0 358.1
116.4 119.9
59.1
60.3
32.3
30.1
76.6 z74.6
52.9
53.6
65.6
65.7
52.0
52.7
80.9
80.4
66.6
66.3
81.8
80.8
68.9
73.6
71.9
201.2
75.9
78.8
99.7
371.3
114.4
50.6
29.2
73.1
59.6
66.7
59.1
77.8
78.1
81.2
74.2
57.9
70.1
101.5
51.6
80.2
94.2
317.7
105.1
65.8
13.3
66.2
52.5
60.2
.52.0
63.3
59.8
61.5
69.6
58.0
67.8
107.0
51.6
78.0
102.7
291.5
117.1
65.1
15.0
z62.0
50.7
60.4
50.1
64.4
60.9
64.1
45.2
56.8
59.3
112.4
62.9
62.3
88.3
314.9
100.4
49.2
12.7
60.0
53.8
59.4
53.5
60.6
63.5
62.1
80.5
65.8
69.2
73.9
79.9
69.4
70.1
71.7
72.1
65.9
65.6
71.1
64.7
49.8
58.2
57.0
64.9
51.4
59.0
51.2
58.7
49.0
52.7
52.0
79.5
95.6
50.9
67.0
40.7
34.0
99.0
55.0
29.6
57.0
94.8
77.1
97.6
51.7
68.6
39.7
34.8
99.2
53.2
27.6
50.0
94.2
65.3
95.6
51.0
61.3
40.4
36.1
102.4
57.7
33.1
57.6
95.1
51.1
84.8
34.9
47.1
29.1
20.2
57.3
40.3
17.7
36.8
81.6
49.8
89.6
37.5
49.2
27.7
23.7
57.9
39.3
16.3
31.9
82.7
42.0
83.6
34.6
40.5
25.3
24.2
51.4
39.5
18.1
35.8
75.8
28.5
71.5
26.5
73.4
34.6
74.9
21.2
50.3
18.2
53.4
24.9
50.2
Non-Durable Goods Group
-
91.9
94.0
94.3
79.1
552.3
78.1
Textiles & their products
Fabrics
Carpets & rugs
Cotton goods
Cotton small wares
Dyeing & finishing textiles_ _
Hats,fur-felt
Knit goods
Silk & rayon goods
Woolen & worsted goods- - Wearing apparel
Clothing, men's
Clothing, women's
Corsets & allied garments_ - Men's furnishings
Millinery
Shirts & collars
Leather & its manufactures
Boots & shoes
Leather
Food & kindred products
Baking
Beverages
Butter
Canning & preserving
Confectionery
Flour
Ice cream
Slaughtering & meat packing
Sugar beet
Sugar refining, cane
Tobacco ma.nufactures
Chewing & smoking tobacco &
snuff
Cigars & cigarettes
Paper & printing
Boxes, paper
Paper & pulp
Printing & Pub'g-book &Job
Newspapers & periodicals
Chemicals & allied products, &
petroleum refining
Other than petroleum refining
Chemicals
Cottonseed-oil cake,& meal
Druggist's preparations
Explosives
Fertilizers
Paints & varnishes
Rayon & allied products
Soap
Petroleum refining
Rubber products
Rubber boots & shoes
Rubber goods, other than boots,
shoes, tires. & inner tubes_ _ Rubber tires & inner tubes
May 1935 indexes preliminary
93.5
91.0
79.7
88.0
89.2
110.0
80.6
112.0
65.9
91.1
95.3
87.6
123.9
91.1
107.3
61.6
106.5
87.3
85.9
93.2
95.1
112.7
161.6
73.2
69.1
74.3
73.5
77.7
80.6
44.6
83.6
56.6
97.2
93.3
79.1
91.9
90.6
114.6
84.9
114.3
71.0
87.0
101.8
94.7
134.8
93.8
111.3
69.6
104.3
91.5
90.8
94.5
94.7
111.8
158.0
70.4
70.7
77.6
74.2
89.1
81.5
z39.5
83.8
56.8
96.1
94.9
68.0
101.4
87.0
113.0
84.7
113.9
72.8
75.3
94.7
81.5
126.5
94.8
104.0
78.0
106.7
91.4
91.3
92.1
99.6
113.2
169.1
84.4
67.9
71.6
74.0
79.6
96.7
43.8
86.4
61.3
75.5
74.9
73.7
70.7
75.7
86.2
68.5
102.0
54.5
71.2
72.1
64.4
89.4
83.0
71.0
48.6
103.9
73.1
67.7
90.0
86.9
97.3
162.5
57.4
78.7
63.4
62.3
62.2
74.0
42.1
75.7
43.8
82.4
78.0
74.2
74.0
78.7
95.7
71.2
110.3
59.6
66.5
86.4
82.5
103.9
91.3
76.7
70.0
104.4
79.1
75.1
91.4
85.5
95.5
153.6
54.7
78.7
64.7
62.5
55.5
74.3
39.0
76.2
43.1
74.1
74.9
53.3
79.5
70.8
87.8
79.2
106.4
56.3
54.1
68.1
53.3
88.6
85.2
71.9
67.9
94.1
78.9
77.6
82.0
87.2
95.3
167.0
64.7
68.6
60.6
61.2
63.7
80.7
36.2
70.5
46.3
66.3
55.3
96.5
84.5
109.9
86.2
99.6
68.7
55.3
96.9
85.7
109.8
87.1
99.4
76.9
59.3
95.9
85.3
107.2
86.6
99.1
64.5
41.2
84.8
75.5
86.9
78.8
90.4
64.9
40.3
84.6
78.1
87.3
77.1
90.5
65.3
43.9
80.6
76.2
79.8
73.4
88.4
108.0
108.0
107.1
42.3
96.8
87.3
110.1
112.6
326.9
98.2
108.3
81.2
47.2
111.5
112.3
106.9
53.6
98.9
84.6
155.3
109.2
334.9
102.7
108.3
z82.5
z47.1
106.1
105.3
111.2
56.5
97.7
98.3
111.8
107.4
287.7
102.3
109.5
89.1
47.8
94.9
94.2
97.8
38.3
93.9
74.4
91.7
95.1
237.8
93.8
97.1
66.8
43.2
z95.9
z95.6
96.2
49.4
97.7
69.3
119.9
91.9
242.7
97.0
z96.9
z71.2
z43.8
88.3
87.0
94.4
50.6
88.5
75.2
84.0
87.9
191.2
87.1
92.7
70.3
42.8
124.8 126.7 135.2 104.6 106.7
65.4
59.2
82.7
74.9
73.5
subjec to revision. z navi3en.
105.8
84.5
Manufacturing Industries
-
z May
1935
April
1935
81.2
71.2
All industries
Durable goods group-.
Iron and steel and their products,
not including machinery-Blast furnaces, steel works, and
roiling mills
Bolts, nuts, washers Jo rivets
Cast iron pipe
Cutlery (not incl. silver and
plated cutlery)& edge tools
Forgings, iron and steel
Hardware
Plumbers supplies
Steam & hot water heating apparatus & steam fittings
Stoves
Structural St ornamental metal
work
Tin cans and other tinware_ - -Tools (not including edge tools,
machine tools, files, & saws).
Wirework
MachinerY, not including transportation equipment
Agricultural implements
Cash registers, adding machines
& calculating machines
Electrical machinery,apparatus
& supplies
Engines, turbines, tractors, &
water wheels
Foundry & machine-shop prods.
Machine tools
Radios & phonographs
Textile machinery & parts
Typewriters & parts
Transportation equipment
Aircraft
Automobiles
Cars, electric & steam railroad Locomotives
Shipbuilding
Railroad repair shops
Electric railroad
Steam railroad
Nonferrous metals & their prods
Aluminum manufactures
Brass, bronze,& copper prods_
Clocks & watches & time-recording devices
Jewelry
Lighting equipment
Silverware & plated ware
Smelting & refining-copper,
lead.& zinc
Stamped & enameled ware
Lumber & allied products
Furniture
Lumber, millwork
Lumber,sawmills
Turpentine & rosin
Stone, clay, & glass products
Brick, tile,& terra cotta
Cement
Glass
Marble, granite, slate, & other
products
Pottery
July 13 1935
Gains in employment were shown in May 1935 in 13 of
the 17 non-manufacturing industries surveyed, the Bureau
of Labor Statistics stated. The only industries in which
employment declines were reported were wholesale and
retail trade, metalliferous mining and hotels. Gains in
payrolls were shown in 10 of the 17 non-manufacturing
industries for which data are available, the Bureau said,
adding:
Wholesale and Retail Trade
Reacting from the marked expansion reported in retail trade establishments in April, recessions in employment and payrolls were shown
in May. Reports received from 54,367 establishments employing 844,972
workers in May 1935 indicate that employment decreased 1.7% dyer the
month interval. In the general merchandising group, which is composed
of department, variety and general merchandise stores and mail-order
establishments, employment decreased 3.2%, while in the remaining 50,854
retail establishments a decrease of 1.2% was reported. Gains in employment were shown in several lines of retail trade, among which were
dealers in automotive products, lumber and building materials, and furniture and household goods. Employment in the group of apparel stores
showed a sharp decline and retail food stores showed fewer employees
In May than in the preceding month.
Employment in wholesale trade establishments decreased 0.8% from
April to May. This percentage change was based on reports supplied
by 16,742 establishments employing 293,361 workers in May. Sharp
declines in employment were shown in the packing and shipping of fruits
and vegetables. Firms engaged in the wholesale leaf tobacco trade also
showed pronounced declines. The group of wholesale grocery establishments showed practically no change in number of workers over the
month interval, while the dry goods and apparel group showed a decline
of 1.8%.
Public Utilities
Each of the three public utility industries surveyed showed small gains
in employment from April to May. The electric light and power and
manufactured gas industry showed an increase of 0.8%; telephone and
-bus operation and maintelegraph, 0.4%. and electric-railroad and motor
tenance, 0.3%.
Service Industries
Each of the service industries surveyed, with the exception of hotels,
showed gains in number of workers from April to May. Employment
In brokerage firms increased 1.9%; laundries and dyeing and cleaning
establishments reported gains of 1.3% each, and small gains were reported by banks and insurance. The hotel industry reported 0.9% fewer
employees in May than in the preceding month.
Mining
Four of the five industries in the mining group showed gains in employment from April to May. The quarrying and non-metallic mining
Industry reported a seasonal expansion of 9.4%. Employment increased
1.8% in anthracite mining and 1.6% in the crude petroleum producing
industry.
The bituminous coal mining industry showed a slight recovery from
the pronounced decreases of the preceding month, employment increasing
1.4% and payrolls 9.1%. In the metalliferous mining industry the decrease of 3.5% in employment was due primarily to strikes in lead and
zinc mines in Oklahoma, Kansas and Missouri.
Building Construction
Further expansion was shown in the private building construction
industry from April to May, employment increasing 11.2% and payrolls
increasing 15.3%. These gains exceed the increases reported in May
In any of thefour preceding years for which data are available. The changes
In May 1935 are based on reports supplied by 10,274 contractors employing 84,692 workers, whose weekly earnings during the pay-period
ended nearest May 15 totaled over $2,000,000. These workers were
employed in private building projects not aided by Public Works Administration funds. Increases in employment were generally reported
in the localities for which data are available.
The 17 non-manufacturing industries surveyed, with indexes of employment and payrolls for May 1935, where available, and percentage
changes from April 1935 and May 1934 are shown below. The 12
-month
average for 1929 is used as the index base, or 100, in comparing the index
non-manufacturing industries. Information for earlier
numbers of the
years is not available from the Bureau's records:
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON
-MANUFACTURING INDUSTRIES IN MAY 1935, AND COMPARISON WITH
APRIL 1935, AND MAY 1934
(Average 1929=100)
Employment
Payroll
P. C. Change From
Industry
Index
May
1935
April
1935
May
1934
Index
May
1935
P. C. Change From
April
1935
May
1934
---0.4
--0.8
64.6
82.5
-Wholesale
--0.3
Trade
A-3.2
--1.7
---0.8
62.0
82.2
--0.8
Retail
+0.8
91.4
-3.2
-0.7
76.3
-1.6
General merchandising_
+2.4
Other than general mer79.8
-1.2
-0.9
59.0
chandising
-0.6
+0.3
Public Utilities
+0.4
-0.3
70.0
73.7
+0.8
Telephone & telegraph__
+3.2
Electric light & power &
+0.8
+0.1
83.2
79.8
manufactured gas
+1.1
+2.8
Electric-railroad & motor+0.3
-1.4
63.6
+0.5
bus operation & maint... 71.6
+1.0
+1.8 --18.1
49.5
53.5
--0.7 --22.7
Mining-Anthracite
49.1
-1.8
+1.4
75.3
+9.1
Bituminous coal
-9.7
---3.5
+8.8
31.4
44.4
---1.3 +22.7
Metalliferous
-8.8
+9.4
32.8 +13.5
49.5
Quarrying & nonmetallic
-6.3
-0.9
+1.6
57.8
+1.9
+2.5
Crude petroleum producing 76.0
Services
Hotels (cash Payments
---1.1
---0.9
66.4
554.8
---1.1
+0.8
only)
+1.3
-1.2
66.6
+1.7
81.1
-0.4
Laundries
d-1.3
--4.0
61.7
80.9
--0.3
--5.2
Dyeing and cleaning
+0.2
+0.8
b
b
+1.2
+0.1
Banks
+1.9 -21.7
b
b
+2.3 -24.8
Brokerage
+0.1
b
b
+0.6
-0.1
+0.4
Insurance
+11.2
+0.6
b
b
+15.3
+3.6
Building construction
a The additional value of board, room, and tips cannot be computed. b Data
not available for the 1929 base.
Factory Employment in New York State Decreased
Seasonally from Mid-April to Mid-May, According
to New York State Department of Labor-Payrolls
Also Lower
The usual seasonal decrease in employment occurred in
New York State factories from the middle of April to the
The decrease in the number of persons employed this May followed a
slight increase in April, whereas the usual March to April change 's a decrease of about 1%. Seasonal curtailment in the clothing industries
accounted for most of the decline. Further seasonal gains in employment
were noted in structural and architectural iron plants and glass, paints
and colors factories as well as in brick and cement plants.
The decreases during May lowered the Labor Department's index of
factory employment to 73.7 and the index of factory payrolls to 61.4.
Both indexes are computed with the average for the three years 1925-27
taken as 100. Compared with the same period of last year, the number
of persons employed this May was 2.3% higher and the total amount of
payrolls was 5.6% larger.
le Reports from 1.634 representative factories located throughout the
State form the basis for this analysis. These factories report each month
to the New York State Labor Department's Division of Statistics and
Information, which is under the direction of Dr. E. B. Patton. During
the middle week of May they employed 352,766 persons on a total weekly
payroll of $8,362,996.
The percentages changes in employment from April to May in the last
21 years are given in the following table:
Percentage Increases
April to may
1915
1922
1933
185
Financial Chronicle
Volume 141
middle of May. Total employment decreased 1.4%, while
total weekly payrolls dropped 2.4%. According to a statement issued June 10 by Industrial Commissioner Elmer F.
Andrews, decreases in both employment and wage payments
are to be expected at this season of the year; the usual
changes, as shown by the average movement for the last
20 years, are decreases of 1.3% in employment and 0.6%
in payrolls. The statement continued:
2.0
0.8
3.3
April to May 1935
City
1916
1917
1918
1919
1920
1921
1923
1934
1925
1.9
0.7
0.3
1.0
1.5
2.0
0.9
4.2
1.3
1926
1927
1928
1929
1930
1931
1932
1934
1935 (prelim.)
Employment
Payrolls
-1.7
+0.1
-1.2
+1.2
No change
-1.7
-3.2
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
-2.4
+7.7
-2.9
-1- 0.4
-2.1
-2.2
-5.5
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary)
Percentage Decreases
April to May
2.1
1.4
1.1
0.8
1.8
2.1
7.3
1.5
1.4
Metal Industries Report Slight Decrease
The metal products and machinery industries reported a slight decrease
of 0.3% in employment in May, following continued gains during the
previous five months. Slight increases and decreases in employment
occurred in electrical machinery and electrical apparatus concerns. Cuts
In forces at several large foundries and machine shops caused a net drop
In the number employed in this group. Railway repair shops in most
cases had about the same number of employees as in the earlier springt
months, with the group reporting a net gain, due mainly to a further
increase in the force of one shop. Railway equipment shops reported fairly
large increases and decreases in forces, but the group as a whole registered
a decline. Cuts in forces at several large iron and steel plants and automobiles and automobile parts factories caused net decreases in employment
of 3% and 3.7%. respectively. Most manufacturers of business machines,
appliances and scientific instruments maintained or added to their April
forces. In the brass, copper, and aluminum plants, the reopening of part
of one large plant offset a good part of the cuts reported by several concerns. Further gains in employment in two silverware and jewelry concerns caused most of the increase in employment in that group. All boat
and ship building and repairing firms operating in the New York City
area reported much larger forces, while up-State concerns operated with
fewer employees.
Further Seasonal Cuts in Clothing Trades
The clothing trades reported seasonal curtailment of forces. The usual
slackening of activity occurred in most shops manufacturing boys' and
men's clothing. Some of these firms, however, continued to employ their
full forces beyond the date which usually marks the end of the spring
season. Manufacturers of men's shirts and collars and other furnishings
reported slight fluctuations in employment but the net change was a
decrease in both groups. Makers of women's coats and suits reported
large seasonal cuts in employment, while many dress manufacturers had
as many employees as in April. Most millinery and women's underwear
concerns curtailed their forces, while several manufacturers of artificial
flowers recalled many of the employees who had been laid off in April.
Laundries and cleaning and dyeing plants were somewhat busier.
Textiles Report First Decrease in Six Months
The textile industries reported a decrease of 2% in employment after
consecutive gains in each of the last five months. .Almost all divisions
in this group of industries reported cuts in forces. Among the knit goods
concerns, good gains in employment in several beach wear and knit outerwear factories were offset by cuts in forces at knit underwear mills. Some
manufacturers of carpets and rugs reported fairly large increases in employment, while others curtailed their forces; the net change was a slight
Increase. Silk and silk goods and cotton goods mills generally cut forces.
Slight Fluctuations in Employment in Other Groups
Processors of flour, feed and cereals and bakers reported only slight
fluctuations in employment. Most tobacco factories reported small cuts
in forces. Ice cream and beverage plants were generally busier. A cut
in the force at one miscellaneous groceries firm caused most of the employment decline in this group.
Most manufacturers of shoes curtailed forces in May, although several
large concerns had about the same number of workers as in April. Miscellaneous leather goods factories reported seasonal cuts in forces, while
manufacturers of canvas, camping and sport goods were generally busier.
Although some manufacturing furriers curtailed employment, the majority
held their April forces or reported slight increases. Some firms making
office furniture and office equipment reported further increases in employment, continuing the expansion which has been reported so far this year.
Seasonal Cuts in Employment and Payrolls in New York City
Employment in New York City factories declined 3.2% and total weekly
payrolls were cut 5.5% in May. Seasonal curtailment in the clothing
Industries accounted for most of the decrease. All divisions of the clothing
group, except laundering, cleaning and dyeing, reported cuts in forces.
Shoe factories and miscellaneous leather goods concerns curtailed forces.
Paints and color factories were busier: while almost all other divisions
in the drugs and chemicals group reported decreased forces. Brass, copper
and aluminum plants and structural and architectural iron works reported
net gains. Machinery and electrical apparatus concerns reported a loss
of about 1% in employment. Contrary to the movement in the State as
a whole, New York City silverware and jewelry manufacturers reported
a net decrease in forces, although both gains and losses were noted among
the reporting firms. A net drop in employment was reported by plants
making instruments and appliances. In the foods and tobacco group
Increases at ice cream and beverage plants were offset by a fairly large
drop in the miscellaneous groceries division.
Downward Tendency in Most Up-State Cities
The Buffalo, Albany-Schenectady-Troy and Utica districts each reported decreases of a little more than 1% in employment from April to
May and more than 2% in payrolls. In the first two districts the decreases were most pronounced in the metal industries, while in Utica
textile industries accounted for most of the drop. The Syracuse district
also showed a 2% drop in payrolls but employment losses were offset by
slight increases in drug and chemical plants and in some metal products
factories. The downward tendency which was apparent in most Rochester
Industries was completely wiped out by substantial gains at a few plants.
The district as a whole showed a net increase of 1.2% in employment and
0.4% in payrolls. In the Binghamton district shoe factories reported a
sharp increase in payrolls, offsetting the drop reported in April.
The percentage changes from April to May in employment and payrolls
by districts are given below:
Percentage Change
April to May 1935
Industry
Total State
N. 3'. Ctry
+4.2
-1.2
+3.6
+7.5
+6.0
Stone, clay and glass products
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &c
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, arc
Chemicals, oils, paints. dcg
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tuba
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
+5.7
-22.0
-1.3
+70.4
+15.2
+1.4
+3.4
-0.7
--3.1
+6.0
-0.3
-8•1
+1.7
-0.8
3.7
-0.2
+13.7
+0.8
-0.3
+1.4
-1.0
1.8
+0.5
-2.1
+1.4
+11.1
---2.4
---5.6
-1.5
-2.2
+0.6
+1.3
+6.4
-3.2
+1.2
+1.8
+0.2
-2.0
No change
+0.7
-2.1
-1.6
-1.2
-2.4
-3.4
-2.2
-6.8
-6.9
-4.3
-13.9
-6.5
+1.8
-F4:2
-1.2
-1.0
-3.7
+20.1
-2.0
-3.0
-6.2
-10.1
No change
-5.7
-9.4
-7.6
-2.4
-4.0
+0.1
-0.8
+7.9
-3.8
-1.4
+0.6
+0.5
-1.6
+2.8
+0.4
+1.7
-10.5
--18.3
-7.4
-14.3
-6.9
-3.8
-3.3
+1.6
-1.4
-2.1
+2.2
-10.4
+0.9
-0.8
+2.8
+7.7
-1.9
-0.1
--2.3
+1.4
-1.2
-0.2
-6.0
+1.4
-0.2
+0.9
+4.9
-2.5
Total
-1.4
-3.2
Production of Lumber During Four Weeks Ended June
29 7% Above Like Period of 1934-Shipments Up
25%
We give herewith data on identical mills for the four weeks
ended June 29 1935 as reported to the National Lumber
Manufacturers Association:
An average of 776 mills reported as follows to the National Lumber
Manufacturers Association for the four weeks ended June 29 1935:
Production
(in 1,000 /1.)
Softwoods
Hardwoods
--Total lumber
Shipments
Orders Received
1935
1934
1935
1934
1935
1934
584,646
37,067
540,234
38,248
587,048
42,350
473,866
29,351
592,019
44,085
462,919
23,980
621.713
578.482
629.398
503.217
684 084.
455 RAO
Production during the four weeks ended June 29 1935, was 7% above
that of corresponding weeks of 1934, as reported by these mills and 13%
below the record of comparable mills during the same period of 1933.
Softwood cut in 1935 was 8% above output during the same weeks of 1934
and hardwood cut was 3% below that of the 1934 period.
July 13 1935
Financial Chronicle
186
Shipments during the four weeks ended June 29 1935, were 25% above
those of corresponding weeks of 1934, softwoods showing gain of 24% and
hardwoods, gain of 44%.
Orders received during the four weeks ended June 29 1935, were 31%
above those of corresponding weeks of 1934, and 36% below those of
similar weeks of 1933. Softwoods in 1935 showed order gain of 28% and
hardwoods gain of 84%, as compared with corresponding weeks of 1934.
On June 29 1935, gross stocks as reported by 869 mills were 4.199,822,000
feet. As reported by 506 softwood mills stocks were 2,978,388,000 feet.
the equivalent of 135 days' average production, as compared with 3,594.615,000 feet on June 30 1934, the equivalent of 163 days' production.
On June 291935. unfilled orders as reported by 869 mills were 893,640,000
feet. As reported by 506 softwood mills, unfilled orders were 729,811,000
feet. the equivalent of 33 days' average production, as compared with
645,121,000 feet on June 30 1934, the equivalent of 29 days' production.
Lumber Production and Shipments Increase
Lumber production and shipments during the week ended
June 29 1935, were the highest in seven weeks; new business
remained about the same as during the preceding three
weeks. For the first six months of 1935, shipments and
new business exceeded production by 14% and 20%, respectively. During that period production was 2% greater
than during the first half of 1934; shipments were 26%
greater and orders 25% heavier than were these items in
the 1934 period. During the week ended June 29, shipments were 2% above output; new business was 2% below.
Total production gained 21% over that of the corresponding
week of 1934; shipments were 32% greater and new business
was 26% heavier than during the 1934 week. These comparisons are based upon telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 607 leading hardwood and
softwood mills. During the week ended June 29, these produced 163,576,000 feet; shipped 167,643,000 feet; booked
orders of 159,981,000 feet. Revised figures for the preceding week were mills 926; production, 155,706,000 feet;
shipments, 158,084,000 feet; orders received, 160,409,000
feet. The difference in number of mills reporting is due
largely to the dropping of many small mills in the West Coast
region, making a difference, however, of less than 5% in
the reported total footage of that section.
Of reporting softwood regions, West Coast, California Redwood and
Southern Cypress reported orders above production during the week ended
June 29. Total softwood orders were 3% below production; hardwood
orders, 8% above hardwood output. Softwood shipments were 1% above
production. All regions but California Redwood and Northern Pine reported orders above those of similar week of 1934.
Identical softwood mills reported unfilled orders on June 29 as the equivalent of 33 days' average production and stocks of 135 days' production,
compared with 29 days' and 163 days' a year ago.
Forest products carloadings totaled 28,495 cars during week ended
June 29. This was 2,549 cars above those loaded during the preceding
week; 4,229 cars above those of corresponding week of 1934 and 29 cars
above those of similar week of 1933.
Lumber orders reported for the week ended June 29 1935. by 521 softwood mills totaled 151.156,000 feet; or 3% below the production of the
same mills. Shipments as reported for the same week were 157,213.000
feet, or 1% above production. Production was 155,435,000 feet.
Reports from 100 hardwood mills give new business as 8,825.000 feet,
or 8% above production. Shipments as reported for the same week were
10,430,000 feet, or 28% above production. Production was 8,141,000
feet.
Unfilled Orders and Stocks
Reportsfrom 869 mills on J11110291935.give unfilled orders of893.640,000
feet and gross stocks of 4.199,822,000 feet. The 506 identical softwood
mills report unfilled orders as 729,811,000 feet on June 29 1935, or the
equivalent of 33 days' average production, compared with 645,121,000 feet,
or the equivalent of 29 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 513 identical softwood mills was 151,695,000
feet, and a year ago it was 121.857.000 feet; shipments were respectively
155,015,000 feet and 118,581,000; and orders received 149,118,000 feet,
and 119,838.000 feet. In the case of hardwoods, 103 identical mills reported production last week and a year ago 8,040,000 feet and 9.819,000
feet; shipments 10,326.000 feet and 6,399,000 feet and orders 8.769.000
feet and 5,562,000 feet.
with 477,746 vehicles in April, 330,455 vehicles in May 1934,
and 214,411 vehicles in May 1933. These statistics were
released recently by Director William L. Austin, Bureau
of the Census, Department of Commerce.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars
and 83 making trucks (10 of the 29 passenger car manufacturers also making trucks). Of the 119 manufacturers
reporting prior to June 1934,seven have gone out of business.
Figures for passenger cars include taxicabs and those for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers, and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Canada
United States
Year and Month
Total
1935January*
February*
March*
April
May
Passenger
Cars
Trucks
Total
Passenget Cars Trutt.
i
2,338
4,229
3,796
3,435
3,072
63,584
60,076
68,018
76,088
57,199
10,607
18,114
21,975
24,121
20,765
8,269
13,885
18,179
20,686
17,093
1,900,817 1,575,822 324,995
95,582
78,112 17,470
42,912
43,482
59,160
64,620
56,691
6,904
8.571
14,180
18.363
20,161
4.946
7,101
12,272
15,451
16.504
Total (5 months)._ 1,407,786 1,140,921 266,865
261,280 45,197
306,477
June
223,094 41,839
264,933
July
183,500 51,311
234,811
August
125,040 44,967
170,007
September
84.003 47.988
131,991
October
49.020 34,462
83,482
November
111,061 42,563
153,624
December
68,179
56,274 11,905
13,905
11,114
9.904
5,579
3,780
1.697
*2,694
10,810
8,407
7,325
4,211
2,125
1,052
2,443
Total (5 months)
i934'
January
February
March
April
May
Total (year)
1933
January
February
March
April
May
Total (5 months)._
June
July
August
September
October
November
December
Total (year)
Revised.
292,817
335,699
429,834
477,716
364,721
155,666
230,256
338,434
352,975
330,455
229,233
275,623
361,816
401.628
307,522
112,754
186,774
279,274
288,355
273.764
1,958
1,470
1,908
2,912
3,557
3.095
2,707
2.579
1.365
1.655
645
*251
2,753,111 2,177.919 575,192 •116.852 *92,647 '24,205
18,992
15,319
17.803
25,677
33.760 .
3,358
3,298
6,632
8,255
9,396
2.921
3,025
5,927
6,957
8,024
437
273
705
1,298
1.378
627,836 112,551
30,939
26,854
4,085
42,130
38,092
41,441
34.424
29,813
18,318
29,776
7.323
6,540
6,079
5.808
3,682
2,291
3.262
6.005
5,322
4,919
4,358
2.723
1,503
2,171
1,318
1,218
1,160
1,450
959
788
1.091
1.920,057 1.573,512 346,545
65,924
128,825
105,447
115,272
176,432
214,411
109,833
90,128
97,469
149.755
180,651
740,387
249,727
229,357
232,855
191,800
134,683
60,683
80,565
207,597
191,265
191,414
157,376
104,870
42,365
50,789
53.855 12,069
-Crops in Prairie
Crop Report of Bank of Montreal
Provinces Reported Generally Satisfactory
"Crops in the Prairie Provinces of Canada, although about
a week to 10 days late, continue in a generally satisfactory
condition," according to the weekly crop report of the Bank
of Montreal, issued July 11. "In Mamtoba and Saskatchewan," the report said,"wheat is beginning to head out. The
,
weather has been moderately cool and higher temperatures
are needed to hasten growth. Light to!drenching rains have
been received over wide areas and moisture conditions are
satisfactory except in southern Alberta and southwestern.
and West Central Saskatchewan." The following is also.
from the report:
In Quebec, crops generally are progressing satisfactorily and haying has
commenced. In Ontario warm weather has been beneficial to crops which
are doing well, with heavy yields of barley and oats in prospect. In the
Maritime Provinces,conditions are now favorable for the growth of all crops.
In British Columbia. general heavy rains have damaged the first crop of
alfalfa but should materially benefit later hay crops, grain and vegetables,
though on Vancouver Island, the rains came too late to repair drought
damage.
Heavy Gains in Motor Vehicle Production Shown in Entries of Sugar into United States Against Quotas
of
June
Under Jones-Costigan Sugar Act-Imports During
Members of the Automobile Manufacturers Association
First Six Months of Year Totaled 2,790,037 Short
produced 276,218 motor vehicles in June-an increase of
Tons, AAA Reports
11% over the preceding month and 21% above the corThe quantity of sugar entered for consumption into the
responding month last year, the preliminary report released United States during the first six months of this year from
to-day by the Association disclosed.
Cuba, the Philippines, Puerto Rico, the Virgin Islands and
On the basis of this estimate the output of Association Hawaii totaled 2,790,037 short tons, raw value, without
- final polarization and final outturn adjustments. This
members for the first half of 1935 amounted to 1,537,906
an increase of 20% over the same period last year and 48% quantity has been charged against the 1935 quotas for the
over the average for the last five years.
areas indicated, the Sugar Section of the Agricultural AdThe estimate which is based upon reports of factory ship- justment Administration announced July 8. It stated:
ments covers the operations of all but one of the major
shows that
The report, covering entries of sugar from Jan. 1
producers in the industry. Production by Association the quantity entered represented 62.6% of the total ofto July 1,tons admis4,454,019
members is summarized below:
sible from those areas under the quotas established for 1935 by General
June 1935
May 1935
June 1934
276,21816 months 1935
249,835 6 months 1934
229,191
1,537,906
1,280,609
Automobile Sales in May Show Decrease as Compared
with April
May factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts
made in the United States as reported and complete units
or vehicles), consisted of 364,721 vehicles, of which 307,522
were passenger cars, and 57,199 were trucks, as compared
Sugar Quota Regulations, Series 2. Such quotas and the balances available for the rest of the year under such quotas are subject to change under
the Jones-Costigan Act when effect is given to the revised data on hand as a
result of the investigation of importations from the producing areas in the
so-called "basic" years, or if consumption changes, or if any other debits
required under the provisions of the Act are given effect.
In addition to giving the record of sugar entries from the
areas mentioned above, the report presents a summary of
the quantity of sugar entered and certified for entry from all
foreign countries, the Sugar Section of the AAA stated,
adding:
Volume 141
Financial Chronicle
This report includes all sugars from Cuba, the Philippines, Puerto
Rico.
the Virgin Islands and Hawaii recorded as entered and certified for
entry or
certified for entry upon arrival from those areas prior to July 1 1935. The
statistics pertaining to full-duty countries include, in addition to the sugar
actually entered before July 1 1935, all quantities certified for entry, ineluding quantities in transit on July 1 1935 prior to that date.
The figures are subject to change after final outturn-weight and polarization data for all importations are available.
The status on July 1 1935 of the principal quotas established under
General Sugar Quota Regulations, Series 2, for 1935, is as follows:*
(Tons of 2,000 pounds
-degree equivalent)
-96
Area
Quantity of Sugar
Which May Be Admitted for 1935 Under
General Sugar Quota
Regulations, Series 2
Amounts
Charged
Against
Quotas
1,857,022
918,352
779,420
893,884
5,341
2,088,035
582,444
598,003
520,530
1,025
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
Percent Jan.
June Entries
Are of Total
Balance
Entries Admis- Remaining
sible in 1935
58.59
63.42
76.72
58.23
19.19
768,987
335,908
181,417
373,354
4,316
Total
4,454,019
2,790,037
62.64
1,663,982
•This does not give effect to pending readjustment of
quotas referred to in the
press release of April 6 1935, or drawback and export
credits.
In addition to the sugar charged against the quotas for
Cuba and the
other insular areas, a large part of the sugar which may be admitted
from
full-duty countries was entered or certified for entry during the
first five
months of the year. The following table shows, in pounds,
the amount
of sugar which may be admitted in 1935, the amount which was
charged
against quotas during the period January-June, and the amount
which
may be admitted during the remainder of the year from
the areas specified:
187
1,013,000 Bags of Coffee Destroyed by Brazil During
First Six Months of Year-Compares with 3,299,000
Bags During Like Period of 1934
Brazil destroyed 1,013,000 bags of coffee during the first
six months of 1935, according to cables to the New York
Coffee & Sugar Exchange, against 3,299,000 bags during
the similar 1934 period. Since the start of the program
in June 1931, 35,121,000 bags have been destroyed, the
Exchange said on July 8. It continued:
During the crop year ending June 30 1935, Brazilian destruction totaled
5,980,000 bags while shipments amounted to 13,757,000 bags for the 12
months period, a total disappearance of 19,737.000 bags. With production
officially estimated at 14,102,000 bags during the 1934-35 year, the apparent decrease in Brazil's surplus amounts to 5,635,000 bags.
World's Visible Coffee Supply Decreased According to
New York Coffee & Sugar Exchange
The World's visible supply of coffee exclusive of restricted
stocks in Brazil aggregated 7,540,413 bags on July 1, a
decrease of 985,486 bags or 11.6% during the crop year just
ended, the New York Coffee & Sugar Exchange announced
July 5,stating:
Stocks a year ago amounted to 8,525,899 bags. The decrease was almost
wholly accounted for by the drop in stocks in and afloat for various consuming ports of Europe from 4,081,000 bags on July 1 1934 to 3,176,000 bags
this year. United States supplies were 1,302,413 this year against 1,342,899 a year ago while stocks in various Brazilian ports amounted to 3,062,000
bags against 3,102,000 bags in 1934.
(Founds
-degree equivalent)
-96
Area
Quantity Which
May Be Admitted
for 1935
Charged
Against
Quota
194,462
372,795
53,252
137,117
173,975
4,406,150
139,670
116
77
608,950
3,985,518
143,952
7,343,561
231,700
600,000
194,462
372,795
53,252
137,117
173,975
4,406,150
139,670
116
77
608,950
134,158
143,952
7,343,561
231,676
420,063
Belgium
Canada
China
Hong Kong
Czechoslovakia
Dominican Republic
Dutch East Indies
France
Germany
Haiti
Mexico
Netherlands
Peru
United Kingdom
Unallotted reserve
Balance
Remaining
3,851,360
24
179,937
Total
18,391,295
14,359,974
4,031,321
Direct
-consumption sugar is included in the amounts charged
against
the various quotas since the direct-consum
ption-sugar quota is included in
the total quota for each area. The
following tabulation indicates the
direct consumption-sugar quotas, amounts
of direct-consumption sugar
admitted during the first six months
of 1935, as well as the amounts which
may be admitted for the remainder
of the year:
Cuban direct-consumption sugar:
1935 quota
Quantity charged against quota
•
Balance remaining
Puerto Rican direct-consumption
sugar:
1935 refined-sugar quota
Quantity charged against quota
Short Tons
96
-Degree Equivalent
408,545
218,606
189,939
123,529
81,743
Balance remaining
1935 raw-sugar quota
Quantity charged against quota
41,786
9,590
9,590
Balance remaining
Hawaiian direct-consumption
sugar:
1935 quota
Quantity charged against quota
29,111
16,102
Balance remaining
Philippine direct-consumption
sugar:
1935 refined-sugar quota
Quantity charged against quota
69,665
20,536
Balance remaining
1935 raw-sugar quota
Quantity charged against quota
0
13,009
49,129
9,996
9,996
Balance remaining
This report of the AAA, covering the period
to July 1, is the sixth such to be issued; the last from Jan. 1
previous report was given in the "Chronicle" of June 15, page 3974.
United States Sugar Consumption During June Reported 16% Below Year Ago
Sugar consumption in the United States as measured by
distribution showed a decrease in June of 16.0% compared
with June of last year, according to the preliminary estimate
of B. W. Dyer and Co., sugar economists and brokers. The
firm said:
Consumption amounted to 490.000 long tons, raw sugar value,
compared
to 583,357 tons in June of 1934,a decrease of 93,357 tons.
For the first six months of 1935 consumption is preliminarily
estimated
at 3,010,026 tons an increase of 148.962 tons or 5.2% compared
with the
same period of 1934 when 2,861,064 tons were consumed.
Average Price for Cuban Raw Sugar Higher During
First Six Months of 1935 Than Corresponding
Period Year Ago
The average price for Cuban raw sugar excluding the duty,
delivered at New York, during the first six months of 1935,
was 2.194 cents per pound as contrasted with an average
of 1.086 cents per pound during the corresponding period
last year, an increase of 1.108 cents per pound, or over 102%
according to Lamborn's Statistical Department. The 1935
average price for the Jan.
-June period is the highest in
seven years, or since 1928 when the six months' average was
2.633 cents per pound, it was announced.
Petroleum and Its Products
-Five-Point Plan Seen
Reported to Congress-Refinery Control Backed
by J. E. Shatford-Texas to Set August Quota
Decision Reserved on California Lease Measure
-Crude Output Off in Week
The special oil subcommittee of the House Inter-State
and Foreign Commerce Committee probably will suggest
a five-point plan in its final report to Congress on what
oil legislation it thinks necessary following its one-year study
of conditions in the industry.
This was unofficially disclosed in Washington in mid-week
following an informal meeting of the group in the office
of Chairman W. P. Cole (Dem.) of Maryland. Other
members of the subcommittee include Pettingill (Dem.),
of Indiana; Kelly (Dem.), of Illinois); Mapes (Rep.), of
Michigan, and Wolverton (Rep.), of New Jersey.
Chairman Cole refused to comment upon the meeting
following its conclusion, but it was learned unofficially that
the final report, to be made within a week or so, probably
will include specific recommendations for legislation to
provide the following five points:
1. Ratification of an inter-State compact to limit output.
2. Formation of a Federal Petroleum Board, independent of the Dopartment of the Interior, to establish demand quotas through surveys
and to recommend the needed amount of production to the various oil
States.
3. The limitation of imports.
4. Federal approval of voluntary agreements in the industry to promote
refining and marketing stabilization.
5. Some form of limited power for the Federal Government to restrict
inter-State movements of crude oil or its products from States which do
not have regulatory laws or agencies.
Such legislation would find general favor in the industry,
most oil men agree, pointing out that they embody most of
the suggestions of the American Petroleum Institute presented to Congress recently in a resolution.
' Enactment of legislation permitting voluntary agreements
in the oil trade to provide for regulation of refinery runs,
subject to Federal supervision, was urged by J. E. Shatford,
National Refinery Co-ordinator, under the oil code, in a
letter sent July 6 to Senator Borah.
"My status as a refiner and my experience under the
code have made it clear that the small man in the oil industry cannot hope to survive the effect of proration laws
and the operations of major companies unless some referee
be appointed who shall have the right to keep the contest
within the limits of certain rules of equal opportunity and
fair play," the veteran oil refiner told Senator Borah.
"This is a situation peculiar to the oil industry," he
continued. "As a result of the policy of legislation, the
small refiner and marketer who does not own his own crude
oil production is compelled to purchase his raw material
on a market which is statistically balanced as to supply
and demand but which is actually strengthened by a psychological shortage, and in turn sells his product on a
wholesale market that at present has no restrictions put upon
it, and a retail market that is fraught with all manner of
competitive abuses."
Stocks of domestic and foreign crude oil dipped 1,664,000
barrels during the final week of June to 320,116,000 barrels,
the Bureau of Mines reported July 11. A slash of 1,752,000
barrels in holdings of.domestic crude was slightly pared
by an increase of 88,000 barrels in stocks of foreign crude.
Imports averaged 95,000 barrels.
A. State-wide proration hearing will be held by the Texas
Railroad Commission on July 19 in Austin, it was announced at the start of the week when the Commission
called for nominations of prospective purchases of crude
during August. The Commission said that reduction in
crude oil prices in Texas will be accepted as prima facie
evidence of overproduction in the affected areas, and would
188
Financial Chronicle
mean.curtailment of the allowables there until the price
situation had been corrected.
The sharp increase in crude oil production in recent weeks,
due mainly to unrestrained output in California, is not
serious with respect to the country's supply-and-demand
position, an editorial in the current "Lamp," house organ
of the Standard Oil Co. of New Jersey contends.
"To much importance should not attach to week-to-week
changes in the quantity of crude oil produced in the United
States," the magazine argued, adding, "in some districts
operating under quotas it has been found economical to produce the entire allowable for one month in a single week and
shut down for the remainder of the period. Where this is
done on any considerable scale it, of course, destroys the
value of comparative production figures by weeks.
"As was to be expected, the sudden and unexpected
termination of the control exercised under the petroleum code
brought about increases in crude petroleum," it continued.
"There was bound to be a lag between the removal of restrictions exercised under the authority of the code and the
putting into operation of regulatory measures by the principal oil States.
"It is interesting, however, to note that there was no
increase whatever in the combined production by two of the
three principal States-Oklahoma and California-in the
first half of June, despite an increase of 74,537 over the
May daily average. Nearly all the production was contributed by producers in California, which had no State law
to take over the enforcement of restrictions which were
dependent upon the continuance of the NRA.
"California daily production, which was 490,582 barrels in
May, rose to 558,037 barrels in the first half of June, an
increase of 67,455 barrels, or about 90% of the total for the
country. Another increase of 3,852 barrels was accounted
for by the Rocky Mountain States.
. "This increase, large as it was in California, is not serious
in respect to the country's supply-and-demand position.
This has been much improved in recent years, partly through
a reduction in crude production and partly through gains in
consumption of products. In the last of the post-war boom,
1929, the United States produced 1,007,000 barrels of crude
and consumed 443,000,000 barrels of gasoline. In the lowest
point in the depression, production fell to 785,000,000 barrels,
and gasoline consumption to 410,000,000.
"In the current year, estimates forecast crude production
of 963,000,000 barrels and gasoline consumption of 451,000,000 barrels. Less crude is required for the increased quantity
of gasoline, because of the increased recovery per barrel
through running more gas oil through the cracking coils.
Thus, in 1929, there was a demand for 434,000,000 barrels
of gas and fuel oil for consumption as such, whereas this year
it is expected that requirements will not exceed 365,000,000
barrels.
"The position also will be improved over that of six years
ago by the reduction which has since occurred in imports of
crude. The total imports of crude and products in 1929
were 109,000,000 barrels and this year probably will not
exceed 54,000,000 barrels. The stock position of crude and
products has been improved to a marked degree through a
reduction from 701,000,000 barrels at the end of 1929 to
570,000,000 barrels at the close of April 1935."
A sharp reduction in daily average crude oil output in
Oklahoma during the first week of July pared the aggregate
by 12,450 barrels to 2,677,400 barrels, the American Petroleum Institute reported. Oklahoma's cut offset gains in
Texas and California.
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P. I. degrees are not shown)
$0.70
$2.05 Smackover. Ark.. 24 and over
Bradford.Pa
1.00
1.15 Eldorado, Ark.. 40
Lima(Ohio 011 Co.)
1.00
Rusk, Tex.. 40 and over
1.37
Corning.Pa
.87
1.13 Dust Creek
IlUnola
1.02
1.13 Midland District, Mich
Western Kentucky
1.35
Mont
Mid-Cont., Okla., 40 and above- 1.08 Sunburst,
.81 Santa Fe Springs,Calif..40 and over 1.34
Hutchinson. Tex..40 and over
1.10
1.03 Huntington. Calif., 26
Spindletop. Tex., 40 and over
2.10
.75 Petrolia. Canada
Winkler.Tex
-GAS PRICE WAR IN BROOKLYN
REFINED PRODUCTS
-MID-WEST BULK GAS PRICES
BUNKER FUEL OIL CUT
WORRIES INDUSTRY
-HEAVY REFINERY RAFE
EASE
-WEST COAST GAS
GAS STOCKS RISE DESPITE HOLIDAY
-APRIL RECEIPTS DIP
PRICES CUT
Secret price-cutting which has been prevalent in Brooklyn
since the end of the NRA oil code broke out in an open
price-war Thursday when gasoline was posted at 6 gallons
for 98 cents, Federal and State taxes included.
The price was 2 to 3 cents a gallon under the general
level prevailing throughout the metropolitan New York
area. The general price in Brooklyn prior to the "war"
was 17.8 cents a gallon, Federal and State taxes included.
An announcement was made following a meeting of the
Gasoline Merchants of Brooklyn and Queens on Thursday
night that "a determined effort" would be made at the outset of next week to restore prices to their former levels.
While no official statement was made by any of the
companies involved in the price cutting, it was learned that
the cuts developed from the widening practice of granting
old customers price concessions which made it necessary
for a general cut in order to cope with this type of competition.
The outbreak was the first in the metropolitan New
York area, although in the past month there have been
July 13 1935
several reductions in certain sections of New England and
in up-State New York, where local competitive conditions
have brought price-wars.
Standard Oil Co. of New Jersey Thursday lowered the
price of Grade C bunker fuel oil 10 cents a barrel to $1.05
at New York, Baltimore and Norfolk, and $1 at Charleston,
S. C. The cut, however, did not include the Gulf Coast
area, where prices held unchanged.
A reduction of -cent a gallon, Tuesday, in the Chicago
tank car price of 63-70 octane gasoline to 5M cents, refinery,
was the first halt in the upward movement which has continued unchecked for the past six months.
The weakness in the bulk market was reflected Friday in a
reduction of 2 cents a gallon of all three grades of gasoline
in the metropolitan Chicago area posted by the Deep Rock
Oil Corp.
The reduction, Western oil men held, is the direct result
of the continued rise in refinery operations in recent weeks
which culminated in an increase of 131,000 barrels in gasoline stocks during the week ended Ju y 6.
The advance in gasoline stocks, at the time when seasonal
factors are lifting consumption.to their peaks for the year
and in a week including a hohday, is contra-seasonal and
distinctly unusual. It is explained by the heavy output by
refineries, since consumption, according to all reports, is
continuing at a satisfactory level.
While the continued heavy rate of production of gasoline
at refineries has an unfavorable effect upon the country as
a whole, it is even more effective as a market factor in the
mid-continent area where there is a large group of refiners
who have no outlet for their stocks save the tank-car market.
.
The first indication of the weaketung of the tank-car price
structure in the mid-west developed in the final week of
June when major companies found it necessary to absorb
increasing stocks of excess gasoline to maintain a stable
market.
Continued unfavorable weather conditions in many
sections of the mid-west during the first week of July cut
consumption and curtailed the market for the increasing
these excess stocks upon
flow of gasoline, and the pressure of.
the market were credited with forcing the reduction of 3/scent a gallon Tuesday.
Gasoline stocks rose 131,000 barrels during the first week
of July to 50,138,000 barrels, a decline of 8,000 barrels in
refinery holdings beirrg more than offset by an increase of
139,000 barrels in bulk terminal holdings, the report released
by the American Petroleum Institute disclosed.
The report also showed that production of gasoline by
cracking rose to another new peak at a daily average of 558,000 barrels, up 23,000 barrels from the previous week.
Refinery operations were off 1.1 points to 75.3% of capacity.
Daily average runs of crude oil to stills dipped 37,000 barrels
to 2,564,000 barrels.
In addition to reductions in Buffalo and Boston where
local competitive conditions brought fluctuations in retail
prices of gasoline, cuts of 3 and 4 cents a gallon were posted
in "pump" prices of gasoline in the San Joaquin Valley in
California on July 5.
Despite the fact that the New York State tax on gasoline
was lifted 1 cent a gallon on April 1 to 4 cents a gallon,
receipts for the month were $90,968 under a year ago at
$3,271,294. Officials of the American Petroleum Industries
Committee attributed the decline, in part, to the decline in
consumption coupled with a probable increase in tax evasion.
Daily average production of gasoline during May of 4,179,000 gallons represented a decline of 100,000 gallons from
the April average, the Bureau of Mines reported July 8.
Representative price cuts follow:
-.Retail gasoline prices were cut 3 and 4 cents a gallon in the
July 5
San Joaquin Valley in California.
July 9-A reduction of % cent a gallon was posted in the tank-car price
of 63-70 octane gasoline at Chicago, making the new price 514 cents, refinery.
July 11-Gasoline prices were slashed to 6 gallons for 98 cents, Federal
and State taxes included, in Brooklyn, 2 to 3 cents under the Metropolitan
price level.
July 11-Standard Oil Co. of New Jersey reduced Grade C bunker fuel
oil 10 cents a barrel to $1.05 at New York, Baltimore and Norfolk, and $1
at Charlestown, S. C.
July 12
-Deep Rock Oil Corp.cut service station prices of gasoline 2 cents
a gallon in the metropolitan Chicago area only.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas-$.03%-.03% I New Orleans-$.04 -.0414
B
( York
NewaFonn
.0314-.04
$0.05 I Los Angeles_ .0434-.05 I Tulsa
Fuel 011, F.O.B. Refinery or Terminal bunko c....$1.15
27 plus D
N. Y.(Bayonne)
Bunker
1.00
.
1.65
$1 15
Diesel 28-30 D - 1..60 New Orleans C 81.15-1.25
Gas 011, F.O.B. Refinery or Terminal
!Chicago,
$ 02%-.0214
Y.(Bayonne).
plus.....$.04 -.04141 32-36 00..8.0214-.0214 I
S. Gasoline, (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
5.0554-.05X
Standard 011N. J..$.0614 New YorkChicago
6
0
Colonial-Beacon-$. 6Li
.0514-.0514
Socony-Vacuum---- .06%
i
New Orleart
I.os Ang.ea .0414-.0414
Texas
T de Water 011 Co__ .0814
0614 Gulf porta__ .05%
Gull
Richfield Oil (Calif.) .0814
.084 Tulsa
Republic 011
.05)4-.05%
Warner-Quinlan Co_ .0614
Shell East'n Pet-- .06
Gasoline, Service Station, Tax Included
$ 176
Cincinnati
$ 183
zNew York2.185 Minneapolis
.185
18-.195
NewOrleans
Cleveland
178
zBrooklyn
.20
17
Philadelphia
Denver
168
Newark
18
18
Pittsburgh
Detroit
168
Camden
.205 San Francisco
185
Jacksonville
135
Boston
.17
St. Louis
.169 .
Houston
17
B
no
145
Los Angeles
.175
Chicago
Not including 2% city Baled tax.
Volume 141
Financial Chronicle
Governor Merriam Defers Decision on New Californi
a
Lease Bill
"Governor F. P. Merriam to-day took under consideration
a bill which opponents charged would give the Standard
Oil Co. of California a virtual monopoly of the State-owned
oil deposit, valued at S500,000,000," a United Press dispatch
from Sacramento reported in the New York "World
Telegram" of July 11.
The dispatch continued:
189
refineries operated during May 1935 at 70% of their capacity, compared
with an operating ratio of 68% in April.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
Jan.May
1935
Jew.
May
1934
May
1935
April
1935
May
1934
82.454
2,660
3,085
145
85,684
2,764
78,427
2,614
3,056
138
81,621
2,721
79.870 393,847 368,640
2,576
2,608
2,441
2,907 15,602 14,671
172
137
745
82,949 410,180 384,056
2,676
2,716
2,543
Monthly Natural Gasoline Output Continues Decline
The production of natural gasoline continued its steady
decline, the daily average for May 1935 being 4,179,000
gallons, or 100,000 gallons below the average in April,
according to a report prepared by the Bureau of Mines,
Department of the Interior. Daily average production in the
Panhandle increased slightly in May, and the output in east
Texas rose to a new high level. Production in the Oklahoma
City and Kettleman Hills fields was materially lower. Stocks
of natural gasoline at refineries declined in May but this was
more than offset by seasonal increases at plants and terminals.
The Bureau's report further disclosed:
PRODUCTION AND STOCKS OF NATURAL GASOLINE
(Thousands of Gallons)
Production
Stocks
May 31 1935
May
1935
April
1935
Jan.
May
1935
April 30 1935
Jan.,
Al
Al
Al
At
May
RePlants
RePlants
1934 fineries & Ter- fineries dt Terminals
minals
East Coast
10,962
10,468
Appalachian_ _
4,943 5,623 29,878 27,000
.
252 5,130
378 5,500
Ind. Ill ,Ky
,
757
810 4,220 3,500 1,764
489 1,806
478
Oklahoma
30,892 30,398 148,744 151,000 3,780 21,222 3,192 17,418
Kans., Mo., Arc_
2,497 2,803 13,335 11,300
210 1,614
168 1,178
Texas
43,154 40,758 209,026 177,300 9,744 67,025 12,432 53,211
Louisiana
3,828 3,481 18,639 17,200
7,866
84 3,456
Arkansas
1,159 1,139 5,408 5,400
126
194
168
219
Rocky Mountain 4,172 4,126 21,520 23,700 1,260 1,368
882 1,320
California
38,169 39,220 205.036 199.800 114,618 3,413 118,944 3,302
Total
129,561 128,358 655,306 616,200 114,716 108,321 148,512 86.082
Daily average_ _ 4,179 4,279 4,340 4,080
^
Total (thous.
of barrels)
3,085 3,056 15,602 14,671 14,671 2,579 3.536 2,050
Daily average
100
102
103
97
Crude Oil Production During May Gains 45,600 Barrels
The Monthly Petroleum Report of the United States
Bureau of Mines showed that the production of crude oil
in May 1935 was 82,454,000 barrels, a daily average of
2,659,000 barrels. This represents an increase of 45,600
barrels over April and about 84,000 barrels over May a
year ago.
The increased production in May was due principally to
a higher allowable and to seasonal factors. Production in
California, which had been abnormally low in April, rose to
just below the 500,000-barrel mark. Production in Oklahoma registered a slight gain. The steady gain in the Louisiana Gulf was continued. Kansas showed little change but
the daily average output in Texas, 1,067,200, was 11,000
barrels higher than in April. All of this gain was registered
in east Texas, production in the rest of the State remaining
virtually stationary. The Bureau's report further disclosed:
Primarily because the increase in crude runs to stills, which
averaged
2,594,000 barrels daily in May, exceeded the gain in production,
stocks of
crude declined in May after increasing in March and April. The net withdrawal from crude oil stocks in May was 1,234,000 barrels, which
broguht
the total for refinable grades down to 338,559,000 barrels. Stocks
in
California showed the largest decline: in fact, stocks east of California
increased.
The yield of gasoline from crude increased to 44.3% in May; this is the
highest since October 1933. Compared with April, the May yield
represents an increase of 0.6%; this gain was entirely attributable to increased
cracking as the straight-run yield decreased 0•1%•
The domestic demand for motor fuel in May totaled 39,089,000 barrels,
a daily average of 1,261,000 barrels. Compared with May 1934, this demand represents a gain of 3%. Exports of motor fuel exceeded expectations, totaling 2.141,000 barrels, compared with 1,467,000 barrels in April
and 1,907,000 barrels in May 1934. Because of the substantial increase
in demand, stocks were withdrawn more rapidly than anticipated. The
decline in finished and unfinished stocks of gasoline totaled 2,910,000
barrels; this brought the total as of May 31 to 61,483,000 barrels, or about
5,000,000 barrels below the accepted economic level.
The first definite seasonal decline in fuel oil demand occurred in May.
The daily average indicated domestic demand for kerosene declined to
114,000 barrels from 125,000 barrels in April and the daily average domestic
demand for all grades of gas oil and fuel oil decreased from 956,000 to 871,000
barrels in the same period.
According to the Bureau of Labor Statistics, the price index for petroleum products for May 1935 was 52.2, compared with 51.0 for April 1935
and 50.7 for May 1934.
The refinery data of this report were compiled from refineries having an
aggregate daily recorded crude oil capacity of 3,685,000 barrels. These
474
2,959
629
1,970
1,075
566
90,758
2,928
1,114
737
86,071
2,869
Decrease in stocks, all oils
The measure, passed by the 1935 General Assembly, proposed
that the
State lease oil rights in tideland pools to owners of littoral
lands adjacent
to the tidelands on a minimum royalty basis of 162-3%.
The proposal developed bitter controversy at a hearing held
yesterday.
Standard Oil Co. owns practically all the littoral land adjacent
to the
Huntington Beach pool, it was said.
Proponents advocated executive approval of the measure as the
logical
way to develop the pools and at the same time protect
ocean beaches by
preventing actual tideland drilling by requiring slanting of wells.
Governor Merriam has until July 20 to sign or veto the measure.
He
gave no indication of when he expected to act.
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Dally average
Imports:b
Crude petroleum:
Bonded warehouses
For domestic use
Refined products:
Bonded warehouses
For domestic use
Total new supply all oils
Daily average
1,198
1.291
91,956
2,966
87,362
2,912
4,613
5,133
3,776
4,305
39,089
3,545
27,010
1,919
93
531
1,531
478
4,411
187
3,416
36,076
3,751
28,685
1,802
88
406
1,244
292
3,916
167
2,854
38,141 161,656 155,868
3,222 20,151 19,493
26,744 149.338 147,043
1,941
8,192
7,977
78
389
410
524
2,697
3,641
1,2854,688
3,579
779 • 1,195
1,659
3,674 19,655 17,252
172
925
736
3,288 15,728 14,658
82,210
2,652
79,281
2,643
79,848 384,614 372,316
2,576
2,547
2,466
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
Total domestic demand
Daily average
Stocks
Crude petroleum
Natural gasoline
Refined products
110
2,902
3,145
9,409
971
13,127
1,079
4,943
4,518
365
4,215
1,258
87,405 431,892 403,928
2,820
2,860
2,675
2.082
c4,192
14,500
89,487 427,700 418,428
2,887
2,832
2,771
3,724
5,915
16,843
26,243
15,047
31,065
338,559 339,793 355,883 338,559 355,883
5,977
5,586
4,420
5,977
4,420
223,804 224,159 227,410 223,804 227,410
Total'. all oils
Days' supply
568,340 569,538 587,713 568,340 587,713
192
196
204
201
212
a From Coal Division. b Imports of crude as reported to Bureau of
Mines:
Imports of refined products from Bureau of Foreign and Domestic Commerce.
c Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND
PRINCIPAL
FIELDS
(Thousands of barrels of 42 gallons)
May 1935
Total
Arkansas
California:
Huntington Beach
Kettleman HMS
Long Beach
Santa,Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana:
Daili
'Av.
Dailyelv
.
Jan.May
1935
Jan,
May
1934
965
31.1
924
30.8
4,585
4,585
1,189
1,675
2,027
1,135
9,316
15,342
123
382
66
4,736
464
38.4
54.0
65.4
36.6
300.5
494.9
4.0
12.4
2.1
152.8
15.0
1,164
1,588
1.956
1,108
8,358
14,174
150
338
61
4,550
445
38.8
53.0
65.2
36.9
278.6
472.5
5.0
11.3
2.0
151.7
14.8
5,887
9.286
9,791
5.702
43,751
74,417
658
1,717
307
22,530
2,197
8,209
9,464
6,321
41,007
71,011
435
1,908
335
18,892
1,758
Gull Coast
3,408
109.9
Rest of State
734
23.7
Total Louisiana
4,140
133.6
Michigan
1,234
39.8
Montana
384
12.4
New Mexico
1,675
54.0
New York
360
11.6
Ohio-Central and East
278
9.0
Northwestern
85
2.7
Total Ohio
383
11.7
Oklahoma--4)kla. City_.... 5,071
163.6
Seminole
4,182
134.9
Rest of State
6,962
224.6
Total Oklahoma
16,215
523.1
Pennsylvania
1,414
45.6
Texas
-Gulf Coast
5,213
168.2
West Texas
4,612
148.8
East Texas
14.954
482.4
Panhandle
1,894
111.1
Rest of State
6,410
206.7
Total Texas
33,083 1,067.2
West Virginia
349
11.2
Wyoming:
Salt Creek
539
17.4
Rest of State
616
19.9
Total Wyoming
1,155
37.3
Others
4
._
_
Total United States
April 1935
Total
82.454 2,659.8
8,010
3,096
103.2 14,690
7,246
708
23.6
3,474
3,944
3,804
126.8 18,164 11,190
1,179
39.3
5,523
4,408
332
11.1
1.716
1,156
1,639
54.6
8,040
6,673
350
11.7
1,722
1,479
274
9.1
1,330
1,333
82
2.8
386
410
356
11.9
1,716
1,743
5,013
167.1 23,988 27,569
3,970
132.3 19,344 15,998
6,670
222.4 33,130 32,768
15,653
521.8 76,462 76.335
1.380
46.0
6,600
5,814
5,124
170.8 25,623 24,285
4,523
150.8 22,691 20,144
14.131
471.0 72,469 74,817
1,801
60.0
9.137
7,898
6,107
203.6 30,529 27,206
31,686 1,056.2 160,449 154,350
336
11.2
1,658
1,678
530
536
1,066
4
17.7
17.8
35.5
-__
2,643
2,667
5,310
16
2,691
2,195
4,886
4
78,427 2,614.2 393,847 368.640
a Includes Missouri, Tennessee and Utah.
Coal Operators Record Conflicting View Points
Guffey Bill-Opposing Groups Send Communicon
ations to Ways and Means Subcommittee
Coal operators representing 60.1% of the total 1934 United
States coal production, or 215,515,466 tons, are
opposed to
the Guffey Coal Bill, according to a letter on July
10 from
the Committee Against the Guffey Coal Bill to
Represent
tive Hill, Chairman of the House Ways and Means acommittee that is considering the measure. H. R. subthorne, Chairman of the Committee, said that Hawmany
operators who were listed as in support of the
bill
actually against the measure. His letter was in reply were
sent Mr. Hill several days earlier by Charles O'Neil, to one
head of
another operators' group favoring the bill. A
dispatch of
July 10 from Washington to the New York "Times"
quoted
from Mr. Hawthorne's letter as follows:
Replying to Mr. O'Neill's assertion that coal prices
would not increase
materially to the public if the Guffey bill were
enacted, the letter alleges
July 13 1935
Financial Chronicle
190
that its sponsors would use it "to force upon the industry a reduction in
hours and an increase in wages."
Mr. Hawthorne said that the estimated increased cost per ton if the bill
became law would be from 75 cents to $1.20. These increases, he added,
the industry would be forced to pass on to the consumer.
"Higher coal costs will mean higher transportation costs," he continued.
"Transportation costs are already strangling the industry. As prices go
of
up more business will go to competitive fuels produced with a minimum
labor.
coal, coke, oil, wood and
"No regulations are proposed for anthracite
this
other competitive forms of energy. While the inevitable effect of
legislation must be to increase costs it is by no means necessary to secure
payment of
the renewal of a proper wage contract and the continuance of
wages that may be called for in such contract."
Another dispatch to the "Times" from Washington on
July 8 gave the following extract from Mr. O'Neill's letter:
of the proIn his letter to Representative Hill, Mr. O'Neill, Chairman
representing
Guffey bill groups,said that 287 operators favored the measure,
an output of 160,000,000 tons in 1934 out of a total production of 358.000,000 tons.
minimum prices
He pointed out that by express mandate in the bill "the
and certainly
of coal are determined by the actual average cost of production
public."
such return would not impose an undue burden upon the consuming
for the wages of more
"On the contrary," he said, "it assures security
by removing
than 400,000 men employed in the coal mines of the country
wages in the comfrom the producer the necessity of breaking down such
out-of-pocket
petitive struggle for a return that will approximate even the
cost of his products."
Production of Coal During Latest Week Shows Fair
Increase
The United States Bureau of Mines, in its weekly coal
report stated that production of bituminous coal during the
week ended June 29 is estimated at 6,482,000 net tons, compared with 4,831,000 tons in the previous week. The
extremely low output in the week of June 22 was largely a
reaction against the forced buying of the two weeks preceding, when many consumers had been purchasing for storage,
29,
in anticipation of a strike. During the week of Juneprohowever, there was a recovery from this reaction, and
duction showed a gain of 1,651,000 tons, or 34.20%. week
Anthracite production in Pennsylvania during the
ended June 29 is estimated at 1,464 000 net tons. This is
an increase of 349 000 tons, or 31.3%, over the preceding
week, and compares with an output of 1,143,000 tons in the
corresponding week of 1934.
During the calendar year to June 29 1935 a total of 189,098,000 net tons of bituminous coal and 28,645,000 net tons
of Pennsylvania anthracite were produced. This compares
with 180,856,000 tons of soft coal and 32,507,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF COAL
COKE (NET TONS)
•
Calendar Year to Dale
Week Ended
June 29
1935c
June 22
19354
June 30
1934
1935
1934e
Imports of petroluem at principal United States ports (crude and refined
oils), for the week ended July 6, totaled 594.000 barrels, a daily average
of 84.857 barrels, compared with a daily average of 149,428 barrels for
the week ended June 29 and 155.786 barrels daily for the four weeks ended
July 6.
Receipts of California oil at Atlantic and Gulf Coast ports (crude and
refined) for the week ended July 6 totaled 281,000 barrels, a daily average
of 40,143 barrels, compared with a daily average of 8,714 barrels for the
week ended June 29 and 25,893 barrels daily for the four weeks ended
July 6.
Reports received from refining companies owning 89.5% of the 3,806,000
barrel estimated daily potentital reflnding capacity of the United States,
indicate that 2,564.000 barrels of crude oil daily were run to the stills
operated by those companies and that they had in storage at refineries
at the end of the week 30,410,000 barrels of finished gasoline. 6,132,000
barrels of unfinished gasoline and 101.867,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 19,728,000 barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units, averaged 558,000 barrels daily during
the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Average
Dept. of
4 Weeks
Interior
Calcula•ns Week End. Week End. Ended
June 29
July 6
July 6
(July)
1935
1935
1935
Week Ended
June
Avg&
June 22 June 15 June 8 June 23 June 24 June 22 1923 f
1929
19350 1932p 1935 p 1934r 1933 r
•
a
2
2
2
1
Alaska
387
298
188
204
218
154
Alabama
70
54
12
27
31
15
Arkansas and Oklahoma_
175
96
42
79
91
37
Colorado
a
s
2
1
1
1
Georgia dr No.Carolina
819 1,243
510
1,040
453 1,030
Illinois
418
289
188
349
418
113
Indiana
55
88
43
68
87
28
Iowa
128
93
71
110
137
68
.
Kansas and Missouri_ _ . 509 729 678 515
661
840
Kentucky-Eastern a.._
183
208
90
168
157
85
Western
47
44
19
35
42
23
Maryland
12
14
6
8
15
6
Michigan
38
47
33
59
65
35
Montana
51
43
17
28
29
20
New Mexico
all
a14
10
21
22
20
North and South Dakota
441
888
344
529
566
196
Ohio
2,754 3,613
2,483 2,376 1,712
Pennsylvania bituminous 1,303
97
113
59
91
91
51
Tennessee
21
20
14
13
13
13
Texas
57
89
25
37
57
20
Utah
225
240
170
233
228
142
Virginia
44
42
18
20
22
22
Washington
1,901 1,380
1,145 1.898 1,720 1,400
W. Va.-Southern b__..
856
711
508
675
290
701
c
Northern
104
83
56
82
81
87
Wyoming
s5
s2
1
*
•
Other western States d
6,055 6.024 9,244 10,866
4,831 9,220 8,653
Total bituminous
805 1,018 1,173 1,956
anthracitee 1,115 1,450 1,387
.
.
81.414 . VW..
Cm
000
..
,
Wr.8r40,...-4,2 ..3n,b201,0,Ce.1,
,—,000 4.-00Co>100 .— 00CCA 0,La.
o
N•10.
,...
cAn7g
ODCA
State
Pennsylvania
5.045 10,670 10.040
6.860
7.042 10,417 12,822
in V rginia is
a Coal taken from under the Kentucky mountains through openings therefore not
the figures are
credited to Virginia in the current reports for 1935, and
on the N & W.,
comparable with former years. d Includes operations Kanawha,
directly
Mason.
the B.& 0.in
C.& 0., Virginian, K.& M., B. C.& G., and on
Week
Ended
July 7
1934
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
521,200
147,500
515,500
147,500
500.450
130,550
58,700
59,250
25,450
153,900
50,000
466,900
42,350
64,450
59,550
59,150
25,450
154,550
49,800
464,900
42,350
61,150
63,150
57,550
27,100
141,550
54,750
503,100
51,600
48,150
145,900
155,600
491.600
145,200
60,450
59,250
25,450
156.400
49,900
468,950
42,350
60,700
517,400
Dklahoma
Kansas
143,900
142,700
119,350
1,064,400 1,069.350 1,064,900 1.059.600 1,066,300
1929
180,856,000 257,848,000
Tot. for per. 6,482,000 4,831,000 8,146,000 189,098,000 1,184,000 1,578,000
Daily avge. 1,080,000 805,000 1,024,000 1,240,000
anth. b
Penna.
28,645,000 32,507.000 35,512,000
Tot. for per_ 1,464,000 1,115,000 1,143,000
234,400
214,600
181,100
Daily avge. 244,000 185,800 190,500
Beehive coke
590,700 3,356,000
466,100
14,600
12,700
12,900
Tot, for per
21,652
3,811
3,007
2.433
2,117
2,150
Daily avge__
fuel. b Includes
lignite, coal made into coke, local sales, and colliery fue . c Subject
a Includes
and colliery
Sullivan County, washery and dredge coal, local sales,
comparable the number of working
to revison. d Revised. e Adjusted to make
years.
days in the several
COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION OF
(IN THOUSANDS OF NET TONS)
carloadings and river shipments
[The current weekly estimates are based on railroad
tonnage reports from district and
and are subject to revision on receipt of monthlyoperators.]
source(' or of final annual returns from the
State
Daily Average Crude Oil Output Off 12,450 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 6 1935 was 2,677,400 barrels. This was a drop of
12,450 barrels from the output of the previous week. The
current week's figure, however, was above the 2,660,000
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil producing States during July. Daily average
production for the four weeks ended July 6 1935 is estimated
at 2,704,900 barrels. The daily average output for the
week ended July 7 1934 totaled 2,564,300 barrels. Further
details as reported by the Institute follow:
Total Texas
Bitum.coals
,
Grans +.0 11
and Clay counties. c Rest of State, Including Panhandle District and Grant.
Mineral, and Tucker counties. d Includes Arizona, California, Idaho, Nevada,
and Oregon. e Includes Sullivan County, washery and dredge coal, local sales,
colliery fuel, and coal shipped by truck from established operations. Does not
nclude an unknown amount of "bootleg" production. I Average weekly rate for
the entire month. p Preliminary. r Revised. a Alaska. Georgia, North Carolina.
and South Dakota included with "other Western States." •Less than 1,000 tons.
North Louisiana
L.uatsal Louisiana
22,550
116,750
22,650
118,550
22,750
116,550
25,000
72,350
Total Louisiana
139,300
141,200
139,300
97,350
30,750
103,750
42,850
30,950
107,700
42,950
30,850
104,900
43,050
31,900
97,350
30,950
39,800
11,450
4,100
38,400
10.100
4,050
38,950
10,550
4,050
36,500
8,700
3,200
55,350
52,550
53,550
48,400
53,050
546.200
52,900
528.000
53,050
557,600
48,550
512,500
Arkansas
Eastern (not Incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mt. States
New Mexico
California
Total United States__ 2,660,000 2,677,400 2,689,850 2,704,900 2,564,300
-The figures indica ed above do not Include any estimate of any oil which
Note
might have been surreptitiously produoed.
CRUDE RUNS TO STILLS;FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED JULY 6 1935
(Figures in thousands of barrels of 42 gallons each)
Stocks a Stocks
Stocks
of
of
b Stocks
of
UnPinof
Gas
Daily P. C. faked finished Other
and
Reporting
Care- Motor
Aver- Oper- GasoFuel
Oil
Fuel
Una
WI.
Wed
Total P. C. age
Daily Refining
Capacity of Plants
District
Poten-
oaf
Rate
East Coast__
Appalachian.
Ind., III.,Ky.
Okla., Kan.,
Missouri_
Inland Texas
Texas Gulf__
La. Gulf.._....
No. La-Ark _
Rocky Mtn.
California__
Totals week:
July 6 1935
June 29 1935
612
154
442
612 100.0
146 94.8
424 95.9
453
330
617
169
80
97
852
384
160
595
163
72
60
789
84.8
48.5
96.4
96.4
90.0
61.9
92.6
Crude Runs
to St its
492 80.4 15,695
101 69.2 2,112
380 89.6 9,364
273
100
538
125
47
46
462
71.1
62.5
90.4
76.7
65.3
76.7
58.6
5,306
1,160
5,007
1,249
278
900
9,067
777
301
772
260 11,494
145
823
55 4,703
640
234
2,007
229
50
101
1,021
545 4,555
1,325 1,744
295 10,204
3,877
....__
90
387
801
55
3,010 63,279
3,405 89.5 2,564 75.3 d50,138 6,132 5,780 101,867
3,405 89.5 2,601 76.4 c50,007 6,098 5,785 101,818
a Amount of unfinished gasoline contained in naphtha distillates. b Es imated,
Includes unblended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 30,418,000 barrels at refineries and 19,589,000 barrels at
bulk terminals, in transit and pipelines. d Includes 30,410,000 barrels at refineries
and 19,728.000 barrels at bulk terminals, in transit and pipe lines.
3,806
3,806
Lead Advanced 15 Points During Week on Good
Buying-Copper Firmer Abroad
The July 11 issue of "Metal and Mineral Markets„ said
that trading in major non-ferrous metals was in fair volume
during the last week, despite the holdiday and the warm
spell. The general tone was steady to firm. Activity in
Volume 141
Financial Chronicle
lead continued at a rate that was well above the average,
and producers raised the price five points on three occasions.
Copper in the domestic market held on the 8 cent basis,
though excitement ran high on July 10 on the sale of a round
lot on July 9 at concessions and under "special" circumstances. The foreign copper market turned upward on
covering by shorts as well as a better call for the metal
from consumers. Zinc was in fair demand and unchanged.
Tin was higher. Speculators sold silver abroad, and the
price weakened until purchases from the United States
-halted the decline.
Domestic Copper Eight Cents
Sales of first-hand copper in the domestic market for the last week
totaled 4,500 tons, against 6,000 tons in the preceding seven-day period.
Our quotation was maintained at 8 cents, Valley, or 7.775 cents f.o.b.
refinery throughout the week, notwithstanding the fact that one agency
reported the sale of 5,000 tons on Tuesday, July 9, on the basis of 7
cents. Details on the transaction at the lower level were withheld, with
the result that it was impossible to state whether the sale involved firsthand or resale metal. Under the circumstances, the business was not
considered in arriving at our average of that day. Moreover,a fair amount
of copper sold each day at 8 cents, and on July 10 the trade was unanimous
In quoting the market at 8 cents.
The foreign market moved moderately higher as operators abroad
regained confidence in the situation. The marketing committee of the
international group is to meet in London on July 15 to consider plans
for handling business in the foreign field. United States representatives
to participate in the meeting are Carl Ulrich, Kennecott; Edward Mosehauer, Anaconda, and Bernard N. Zimmer, American Metal Co. Operators in copper in London who have been rather bearish since the ending
of NRA, were credited with buying. Sales abroad on July 10 were made
at prices ranging from 7.43 cents to 7.525 cents, c.i.f. usual ports.
A feature in the July 10 foreign business was the improvement in the
demand for copper from Japan. The buying from that source was in good
volume and in some quarters it was stated that Japanese interests purchased
more than 2,000 tons.
Exports of refined copper from the United States during May totaled
14,303 tons, which compares with 24.674 tons in April and 23,668 tons in
March. Exports, by countries, in short tons, during April and May:
ToMay
April
Mexico _____
442
143
Belgium _______________________________________________ 770
849
France ______________________________________________ 7,219
2,219
Germany _________________
3,075
1,373
Great Britain
3,761
2,833
Italy
2.561
1.698
Netherlands
611
286
Sweden
577
690
China and Hong Kong
62
156
Japan
3,105
4.988
Other countries
652
907
24,674
14,303
Exports of refined copper during the first five months of the current
year totaled 107,659 tons,against 93,303 tons In the same period last year.
Lead Advanced to 4.15 Cents
The heavy buying,n the preceding week was followed by another sevenday period of good business in lead, with the result that the price was
raised 15 points, establishing the quotation at 4.15 cents, New York, and
4.00 cents, St. Louis. Sales for the last week totaled slightly more than
6,000 tons, a figure well above the average, with buyers specifying both
July and August metal. Demand came from a variety of sources though
purchases by battery makers, corroders, and sheet lead and pipe manufacturers predominated in the week's business.
The American Smelting & Refining Co. announced changes in Its settling
basis as follows: New York, July 5, 4.05; July 8, 4.10, July 9. 4.15.
St. Joseph Lead Co. sold lead in the East at a premium, but met the
regular market on sales in the St. Louis district.
The following tabulation shows lead stocks at the works of smelters and
refiners in the United States on May 1 and June 1, so far as reported to the
American Bureau of Metal Statistics:
May 1
June 1
In ore, matte, and In process
64.627
65,373
In base bullion:
At smelters and refiners
10,419
8,068
In transit to refiners
a2,331
2,272
In process at refineries
12,410
12.337
Refined lead
213,246
217,497
Antimonlal lead
6,797
7,560
Total stocks
0309,830
313,107
a Revised,
Zinc Bolds Steady
Sales of zinc during the calendar week ended July 6 amounted to 3,000
tons, about the same as in the preceding week. In other words, business
was in fair volume. The undertone remains firm, despite an increase in
total stocks. The gain in total stocks did not affect prime Western zinc.
according to trade authorities. The supply of the ordinary grade catually
decreased 1,050 tons during the month of June. High grade stocks gained
because of a slackening in automobile operations.
Tin Moves Higher
Moderate activity was reported here in tin at slightly higher prices.
London was firm, and the backwardation in prices on the Metal Exchange
increased, the spread on July 10 amounting to C. Straits tin, prompt
shipment New York, was quoted at 52.20 cents, against 51.950 cents a
week ago, and 50.50 cents a month ago. The advance in sterling was a
factor in raising the price.
Chinese tin. 99%, was quoted nominally as follows: July 4, holiday;
5th. 50.95 cents; 6th, 51.10 cents; 8th, 51.20 cents: 9th. 51.15 cents; 10th,
51.20 cents
June Slab Zinc Output Shows Small Gain-Shipments
Continue Lower
The American Zinc Institute in its monthly zinc report
released on July 6 disclosed that a total of 34,677 short
tons of slab zinc were produced during the month of June
1935. This compares with 34,597 tons produced in the
preceding month and 25,160 short tons during June 1934.
Shipments of zinc during the month under review totaled
29,393 tons, as against 35,652 tons the previous month and
30,217 tons the same month a year ago. Inventories as of
June 30 1935 were above the total for a month ago, and
191
the same time last year. They stood at 112,909 short tons
on June 30, as against 107,625 tons last month and 99,672
tons at the end of June last year. The Institute's statement
follows:
BLAB ZINC STATISTICS (ALL GRADES)
-1929-1935
(Tons of 2,000 Pounds)
(a)
Retorts Average Unfilled
Stock at Shipped Operatino Retorts Orders
End of DUTillIg End of
End of
for
Period Export Period Period Period
Produced
During
Period
Shipped
During
Period
631,601
52.633
602,601
50,217
75,430
6.352
529
57,999
68.491
18,585
504,463
42,039
436,275
36,356
143,618
196
16
31,240
47,769
26,651
300,738
25,062
314,514
26,210
129,842
41
19,875
23,099
18,273
1929
Total for year
Monthly aver_
1930
Total for year.
Monthly aver_
1931
Total for year.
Monthly aver_
1932
Total for year,.
Monthly aver_
1933
Total for year
Monthly aver_
213,531
17,794
218,517
18,210
124,856
170
14
21,023
18,560
8.478
324,705
27,069
344,001
29,667
105,560
239
20
27,190
23.653
15.978
1934
January
February
March
April
May
June
July
August
September
October
November_ _
December_ _ _ _
23,077
30,296
33,845
30,686
30,944
25,160
24,756
26,169
26,515
34,527
34,977
35,981
26,656
32,485
32,877
32,072
35,589
30,217
26,966
21.663
21,913
30,294
29,928
32,003
111,981
109,792
110.760
109,374
104,720
99,672
97,462
101,968
106,570
110.803
115,852
119,830
44
0
3
0
0
48
0
0
0
0
53
0
28,744
30,763
26.952
26,692
27,193
31,284
30,324
30,442
31,352
31,964
32.793
32,944
26.975
27,779
29,816
25,349
25,086
27,720
29,048
30.637
30,562
32,179
30,265
32,226
26,717
26,676
21,976
27,396
20,831
21,726
16.058
14,281
11,121
19,188
31,929
30,786
Total for year. 366,933
Monthly aver_ 30,578
1935
35,218
January
33,494
February
March
36,667
352,663
29,389
32.658
33,210
35,196
629,691
33,719
627,000
32,389
625.709
33,836
627,172
32,230
33,157
32,535
629.665
32,450
629,467
30.387
628,003
31,230
628.814
a
148
12
35,538 e117.685
34,903 116,276
41,137 111,806
0
33
0
April
35,334
38,460
108,680
3
May
34,597
35,652
107.625
23
June
34,677
29,393
112,909
01
1
28,887
25,993
25,816
20,000
22,435
35.878
26,967
a Export shipments are included in total sh pments. b Equivalent retorts computed on 24-hour basis.
Note
-These statistics include all corrections and adjustments reported at the
year-end.
Post-Holiday Recovery is Sharp-Output Rebounds
to 3634%
The "Iron Age" of July 11 states that steel ingot output
has rebounded to 36i% of capacity, or only 1M points
short of the rate that prevailed in the last two weeks of June.
The current operation compares with 27% in the corresponding week of 1934. But the difference in the production
pace does not fully measure the improvement in the industry's
position over what it was a year ago. At that time producers' customers were loaded up with swollen inventories
which had been accumulated in anticipation of price advances. To-day buyers' stocks are relatively light and, in
some instances, actually subnormal because of postponement of purchases for possible price advantage. The "Age"
further said:
Other favorable factors are the sustained demand for automobiles, with
July assemblies estimated at 275,000 units, and marked betterment in the
condition of the farmer, who a year ago was faced by one of the worst
droughts in history. Agricultural buying is not only sustaining farm
equipment and tractor manufacture but is accounting for out-of-season
activity in roofing sheets, barbed wire and fencing.
Leading automobile makers will be down for a time in August for retooling, but volume purchases of steel for new models, which will get Into
production in September. will be made late this month or in the first half
of next month. Current steel business from the motor car industry consists both of fill-in lots for final runs on 1935 models and initial small orders
for 1936 cars.
A real test of steel prices will develop when buying sets In in earnest for the
new models. Even now a prominent motor car producer is pressing steel
suppliers for f.o.b. mill prices, apparently hoping to induce mills near
Detroit to furnish steel at base prices equivalent to the Pittsburgh price
plus a switching charge. It has not yet succeeded In breaking the market,
having placed a small tonnage in the past week at prevailing prices. It is
confident, however, that, when it is ready to place its fourth quarter requirements, around Aug. 15, it will succeed in obtaining what amounts to
a Detroit base. As a means of persuasion it is threatening to withhold
business from local mills and place it with producers that have long hauls.
Tin plate shipments in June assumed record proportions for some producers and,in the case of other mills, will reach an apex this month. Output has made an excellent recovery since the holiday interruption and now
averages 65%. Releases from can companies reflect the condition of packing crops, which are abundant except for peas, which have been ravaged
by lice in a number of leading producing States. A contract placed by the
Premier-Pabst Corp.. Milwaukee. with a can company for containers
points to a marked expansion in the use of tin plate for beer cans.
New York City has placed orders for 5,800 tons of cement
-lined cast iron
pipe and Los Angeles has opened bids on 3,500 tons of cast pipe.
The Nickel Plate is in the market for 4,000 tons of rails, while the Delaware Lackawanna & Western has closed for 1,500 to 2,000 tons of maintenance track supplies.
Prospects of larger tonnages from public works have been brightened by
the exemption of Mississippi River improvements from the arbitrary rules
of the Government concerning relative expenditures for labor and materials.
Bids will now be taken on the river projects at the rate of about one a week
until early fall. Large quantities of structural shapes, plates, sheet piling
and reinforcing bars will be required. Tenders to be taken this week and
next on two contracts for the Bonneville, Ore., dam involve 7,800 tons of
steel.
Structural steel lettings total 21,800 tons as against 7.000 tons a week
ago. Private work was well represented, leading awards including tonnages for a paper company plant, a brewery and two apartment houses.
previous week
New projects of 19,500 tons compare with 9,000 tons in the
and 56,675 tons two weeks ago.
steel, includTotal awards, reported to date this year, of constructional
steel, are
ing structural steel, plate work, sheet steel piling and reinforcing
the corresponding period in
557,749 tons, compared with 687,419 tons in
1934.
lly
The scrap market has a strong tone, although prices remain substantia
steel holding
unchanged, the "Iron Age" composite for heavy melting
prices for pig iron and
at 810.75 a gross ton. The "Iron Age" composite
a lb. refinished steel also are unaltered at 817.84 a gross ton and 2.124c
declined, this
spectively. Connelisville furnace coke, however, has again
been demoralized
time 10c a ton to $3.25, ovens. The fuel markets have
threatened coal
by the flood of offerings that had accumulated prior to the
strike.
lowered, this time by
Our tariff on iron and stel products has again been
5, which follows
a reduction in duties on high-grade steels, effective Aug.
.
the conclusion of a Swedish-American trade agreement
as against 205,336
Iron and steel exports in May totaled 286,599 tons
shipments consisted
tons in April, a gain of 39.6%. The bulk of outgoing
tons, compared with
of scrap, the May total for old material being 209,425
131,731 tons for April.
THE "IRON AGE" COMPOSITE PRICES:
Finished Steel
(Based on steel bars, beams, tank plates
July 9 1935, 2.124o. a lb.
2.124o. wire, rails, black pipe, sheets and hot
One week ago
2.1240. rolled strips. These products make
One month ago
2.1310. 85% of the United States output.
One year ago
Low
High
2.124o. Jan. 8
2.I240. Jan. 8
1935
2.008e. Jan. 2
24
2.199e. Apr.
1934
1.8670. Apr. 18
2.0150. Oct. 3
1933
1.926c. Feb. 2
1.977c. Oct. 4
1932
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.018e. Dec. 9
2.2730. Jan. 7
1930
2.273e. Oct. 29
Apr. 2
2.317e.
1929
2.2170. July 17
2.2860. Dec. 11
1928
2.212e. Nov. 1
2.4020. Jan. 4
1927
Pig Iron
(Based on average of basic iron at Valley
July 9 1935. 317.84 a Gross Ton
517.84 furnace and foundry irons at Chicago,
One week ago
17.84 Philadelphia. Buffalo. Valley and
Oae month ago
17.901 Birmingham.
One year ago
Low
High
$17.83 May 14
517.90 Jan. 8
1935
16.90 Jan. 27
May 1
17.90
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 8
14.81 Jan. 5
1932
14.79 Dec. 15
16.90 Jan. 6
1931
15.90 Dec. 61
18.21 Jan. 7
1930
18.21 Dec. 71
18.71 May 14
1929_
17.04 July 24
18.59 Nov. 27
192817.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on No. 1 heavy melting stee
July 9 1935. 810.75 a Gross Ton
$10.75 quotations at Pittsburgh, Philadelphia
One weeasigo
10.71 and Chicago.
One month ago
10.58
One year ago
Low
High
110.33 Apr. 23
812.33 Jan. 8
1935
9.50 Sept.25
18.00 Mar. 13
1934
8.75 Jan. 8
12.25 Aug. 8
1933
8.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 8
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
9929
13.08 July 2
16.50 Dec. 31
9128
13.08 Nov. 22
15.25 Jan. 11
1127
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
28.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
1934Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov.12
Nov.19
Nov.26
Dec. 3
Dec. 10
Dec. 17
Dee. 24
22.3%
24.2%
23.2%
23.8%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
1934Dec. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Apr. 1
"Steel" of Cleveland, in its summary of the iron and steel
markets, on July 8 stated:
this week,
A rebound to at least 35% is expected in steel works operations
suspensions last week,
following the artificial low consequent to holiday
when the rate dropped 6 points to 31%.
n production is
In every district except New England and Youngstow
there will
scheduled to regain all its losses this week, and at Pittsburgh
anThe American Iron and Steel Institute on July 8
nounced that telegraphic reports which it had received indihaving
cated that the operating rate of steel companies 35.3%
be
98.7% of the steel capacity of the industry will
d with 32.8%
of the capacity for the current week, compareone year ago.
last week, 39.0% one month ago, and 27.5%
from the
This represents an increase of 2.5 points, or 7.6% d rates
estimate for the week of July 1. Weekly indicate
of steel operat ons since June 4 1934 follow:
1934June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept.10
July 13 1935
Financial Chronicle
192
1935
43.8%
39.2% Apr. 8
44.0%
Apr. 15
44.6%
43.4% Apr. 22
43.1%
Apr. 29
47.5%
42.2%
49.5% May 6
43.4%
52.5% May 13
42.8%
52.8% May 20
42.3
50.8% May 27
49.1% June 3__ -- 39.5%
47.9% June 10____ 39.0%
48.2% June 17____ 38.3%
47.1% June 24-- 37.7%
32.8%
48.8% July 1
35.3%
48.1% July 8
44.4%
be an increase.
many open hearths down
Sharp as was this midsummer recession, with
idle several days ingot
for the entire week, and a majority offinishing mills
e period last year.
production still was 9 points above that in the comparabl
to 22%, and in the ensuing week
Then the steel rate declined from 46
recovered only to 30%.
conditions,
The third quarter, therefore, begins under more favorable
appear imand steel makers, taking a long range view of the markets,
ahead.
pressed with prospects which lie just
by steelmakers
A factor for strength is the Increasing interest manifested
are loath to part with
In scrap, and the firmness of prices, as scrap dealers
to have purchased 40,000 to
supplies. A valley steelworks is reported
are estimated as 30 to 40%
50,000 tons. Dealers' and consumers' stocks
less than at this time last year.
also made a sharp dip, to
Temporarily, too, automobile assemblies
retail market for automobiles is
59,000 for the week, down 30,000. The
anticipated, and this has led makers to slow
proving much stronger than
Some will not start until
down programs for introducing new models.
Sept. 1, or 30 days later than they had planned.
for new models by Aug. 10,
Steelmakers look for substantial releases
General Motors and others
but these may be deferred. In the meantime,
models. Chrysler's
have placed additional orders for materials for present
for frames will benefit a Cleveland
contract with Midland Steel Products Co.
this is a variable, depending
strip producer by at least 30,000 tons, although
upon actual releases for new cars.
are renewing pressure for prefWhile leading automobile manufacturers
have started a
erential prices based on tonnage, Toledo steel consumers
the
s
drive to abolish the practice adopted by steelmaker in 1933 whereby
Eastern mills to Michigan, thus giving
latter absorb some of the freight from
The price structure generMichigan a lower delivered price than Toledo.
nt requirements last week
ally is steady. On large railroad and Governme
quoted.
only established market prices were
i
Shape awards for the weak totaled 20.800 tons. The Mississipp Valley
week on barges requiring 10,000
Barge Lines Co., St. Louis. is to close this
tons of plates.
500 subway cars. Final figures
New York placed a $19,220,000 order for
bringing the number for the first
on June freight car awards total 5,151;
the period last year.
six months to 6,333. compared with 23,259 in
-was 7.2%
Daily average pig iron production in June-51.949 gross tons
-was down
for the month-1,558,463 tons
less than in May, and output
months, the total of 9,829,934 tons is lower by 0.22%
10.2%. For the six
The number of stacks in blast June 30
than that In the first six last year.
A year ago the number was rewas 91, only five less than on May 31.
duced 25 to 92.
in May, total iron and
Due mainly to increased imports of pig iron
over April to 47,719 gross
steel imports for that month increased 65.5%
tons, largest since September 1933.
points
Steelworks operations last week in the Detroit district declined 16
16; Buffalo 3 to 29; Pittsburgh
to 78%; Wheeling 8 to 40; Cleveland 30 to
nia 8 to 21; Youngstown 16 to
10 to 20; Chicago 8 to 33; eastern Pennsylva
unchanged as 30.
26: New England 5 to 56. Birmingham was
composite remains $32.39; the finished steel
"Steel's" iron and steel price
Index, 854; and the scrap composite 810.34.
Steel ingot production for the week ended July 8, is placed
of capacity, according to the
at slightly better than 33
"Wall Street Journal" of July 10. This compares with 38%
in the two preceding weeks.
U. S. Steel is estimated at 32%, against 35% in the two previous weeks,
the
while independents are credited with 35%, compared with 40% in
two preceding weeks.
The following table gives a comparison of the percentage of production
with the nearest corresponding weeks of previous years, together with the
changes, in points,from the week immediately preceding:
Industry
1935
1934
1933
1932 x
1931
1930
1929
1928
1927
U. S. Steel
335i - 414
2314 -2114
5314 -I- 115
-3
32
24
-17
4534 + 111
32
59
93
71
8614
- 134
-5
-1
-1
-I
3234
64
96
75
69
Independents
35 - 5
22 -28
61 + 1
- 114
-5
-1
32
54
90
68
-1
Rd - 1
-1
-5
-1
-1
x Not available.
Current Events and Discussions
The Week with the Federal Reserve Banks
bank credit
The daily average volume of Federal Reserve reported by
during the week ended July 10, as
outstanding
unchanged
the Federal Reserve banks was $2,475,000,000, the correg week and $7,000,000 above
from the precedin
the Federal
sponding week in 1934. After noting these facts,
Reserve Board proceeds as follows:
to 82,473.000,000. an
On July 10 total Reserve bank credit amounted corresponds with an
increase
Increase of 85,000,000 for the week. This
reserve balances, offset in part by
Increase of 1152,000,000 in member bank
, $70,000,000 in Treasury
decreases of 868,000,000 in money in circulation
banks. and $5,000,000 in noncash, and deposits with Federal Reserve
accounts, and an increase of
member deposits and other Federal Reserve
$4,000,000 in monetary gold stock.
holdings of discounted and
Relatively small changes were reported in
increase of $5,000,000 in
purchased bills and industrial advances. An
offset by a decrease of $5,holdings of United States Treasury bills was
000,000 in United States Treasury notes.
Beginning with the week ended Oct. 31 1934, the Secrethree Federal Reserve
tary of the Treasury made payments tons of Treasury regulabanks in accordance with the provisio of Section 13-B of
tion issued pursuant to sub-section (3)
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)".
The statement in full for the week ended July 10, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 228 and 229.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
July 10 1935, were as follows:
Increase (+1 or Decrease (-)
Since
July 11 1914
July 10 1935 July 3 1935
Bills discounted
Bills bought
U. S. Government securities
7,000,000
5,000,000
2 430,000,000
-1,000,000
-16,000,000
-1,000,000
-2,000,000
Financial Chronicle
Volume 141
Industrial .advances (not including
21,000,000 commitments—July 10)
Other Reserve bank credit
Increase (+) or Decrease (—)
Since
July 10 1935 July 3 1935
July 11 1934
$
28,000,000
3,000,000
Total Reserve bank credit
2,473,000,000
Monetary gold stock
9,123,000,000
Treasury and National bank currency2,503,000,000
+7,000,000
+28,000,000
—5,000,000
+5,000,000
+5,000,000
+4,000,000 +1,242,000,000
—1,000,000 +138,000,000
Money in circulation
_5,551,000,000 —68,000,000 +207,000.000
Member bank reserve balances
5,052,000,000 +152,000,000 +1,150,000,000
Treasury cash and deposits with Federal Reserve banks
—82,000,000
2 932,000,000 —70,000,000
Non-member deposits and other Federal Reserve accounts
565.000.000
—5.000,000 +111,000.000
Returns of Member Banks in New York City and
Chicago—Brokers Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
"account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York, loans on securities to others, acceptances and commercial paper, loans
on real estate, and obligations fully guaranteed both as to
.
principal and interest by the United States Government.
This new style, however, now shows only the loans to brokers
and dealers for their own account in New York and outside
of New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
.
now being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stood at $883,000,000 on July 10 1935, a decrease of $69,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
I.oans and investments—total
New York
July 10 1935 July 3 1935 July 11 1934
$
$
7 612,000,000 7,718,000,000 7,288,000,000
Loans on securities—total
1 628,000,000 1,700,000,000 1,752,000,000
To brokers and dealers:
In New York
Outside New York
To others
823,000,000
60,000,000
745,000,000
Accepts,and commercial paper bought
Loans on real estate
Other loans
886,000,000
66,000,000
748,000,000
833,000,000
55,000.000
864,000,000
144,000,000 149,000,0001
124,000,000 125,000,000)1,499,000,000
1 191,000,000 1,199,000,000)
U.S. Government direct obrigations__ _ _3,187,000,000 3,245,000,000 2,934,000,000
Obligations fully guaranteed by United
States Government
319,000,000 320,000,00011.103,000,000
Other securities
1 019,000,000 980,000,000f
Reserve with Federal Reserve Bank.__ _1,906,000,000 1,689,000.000 1,295,000.000
Cash in vault
45,000,000
48,000,000
39,000,000
Net demand deposits
7 622,000,000 7,503,000,000 6,144,000,000
Time deposits
569,000,000 569,000,000 697,000,000
Government deposits
182,000,000 201,000.000 733,000,000
Due from banks
109,000,000 112,000,000
88,000,000
Due to banks
1,951,000,000 1,970,000,000 1,656,000,000
Borrowings from Federal Reserve Bank..
Loans and investments—total _
Chicago
1,639,000,000 1,624,000,000 1,444.000,000
Loans on securities—total
196,000.000
200,000,000
279,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000.000
28,000,000
167,000,000
1,000,000
31,000,000
168,000,000
19,000,000
44,000,000
216,000,000
18,000,000
16,000,000
244,000,000
19,000,0001
16,000,000) 284.000,000
246,C00,000)
Accepts, and commercial paper bought
Loans on real estate
Other loans
U.S. Government direct obligations_ _ 830,000,000
Obligations fully guaranteed by United
states Government
81,000,000
Other securities
254,000,000
Reserve with Federal Reserve Bank_
Cash in vault
Net demand deposits
Time depot
-its
Government deposits
603,000,000
37,000,000
811,000,000
575.000,000
80,000,0001 306,000,000
252,000,0001
648,000,000
37,000,000
492,000,000
37,000,000
1,703,000,000 1,731,000,000 1.380,000,000
414,000,000 414,000.000 367,000,000
10,000,000
11,000,000
47,000.000
Due from banks_
Due to banks
209,000.000
520,000,000
215,000,000
521,000,000
165,000.000
421,000,000
Borrowings from Federal Reserve Bank.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monctay, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
193
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 3:
,
_
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 3 shows decreases for the week
of $160,000.000 in total loans and investments,$42,000,000 In time deposits,
$302,000,000 in Government deposits and $193,000,000 in reserve balances
with Federal Reserve banks, and an increase of $91,000,000 in net demand
deposits.
Loans on securities to brokers and dealers in New York increased $39.000,000 at reporting member banks in the New York district and $38,000,000 at all reporting member banks; loans to brokers and dealers outside
New York increased $10,000,000: and loans on securities to others declined
$10,000,000. Holdings of acceptances and commercial paper bought in
open market declined $10,000,000; real estate loans declined $4,000,000;
and other loans declined $10,000.000 in the Atlanta district. $8,000,000
each in the New York and Chicago districts, and $25,000,000 at all reporting
member banks.
Holdings of United States Government direct obligations increased
$25,000,000 in the Chicago district, and declined in all other districts, the
net decrease at all reporting member banks being $128,000,000. Holdings
of obligations fully guaranteed by the United States Government declined
$6,000,000 in the Chicago district and increased $5,000,000 at all reporting member banks. Holdings of other securities declined $18,000,000
in the New York district, $16,000,000 in the San Francisco district, and
$36,000,000 at all reporting member banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,284.000,000 and net
demand, time and Government deposits of $1,479,000,000 on July 3, compared with $1,298,000,000 and $1,493,000,000, respectively. on June 26.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together with changes for the week and the year ended July 3 1935,follows:
July 3 1935
Increase (+) or Decrease (—)
Since
June 26 1935
July 3 1934
Loans and investments—total_ - --18,508,000,000 *-160,000,000
+747,000,000
Loans and securities—total
3,099,000,000
+38,000,000
—457,000.000
To brokers and dealers:
In New York
Outside New York
To others
921,000.000
176,000,000
2,002,000,000
+38,000.000
+10,000,000
---10,000,000
--61.000,000
--9,000,000
--387,000,000
307,000,000
957,000,000
3,185,000,000
--10,000.001
.
--4,000.000
000,000
Accepts. and com'l paper bought
Loans on real estate
Other loans
U. S. Govt. direct obligations_ _ _ 7,279,000,000
Obligations fully guaranteed by the
United States Government
846,000,000
Other securities
2.835,000,000
--128,000,000
Reserve with Fed. Res. banks_
Cash in vault
---193,000,000
--7,000.000
Net demand deposits
Time deposits
Government deposits
3,682,000,000
295,000,000
15,514,000,000
4,385,000,000
372,000,000
---33.000,000
4-607,000,000
+5,000.0001 4-630,000,000
--36,000,000f
+899,000,000
+61,000,000
+91,000,000 +2,963,000,000
—42,000.000 —110,000,000
—302,000,000 —982,000,000
1,886,000,000
4,584,000,000
+44,000.000
i-166,000,000
+250,000,000
+780.000,000
Borrowings from F. R. banks
1,000,000
•June 26 figures revised (New York District).
+1,000.000
—9.000,000
Due from banks
Due to banks
Canada Passes Law Creating Grain Board to Establish
Minimum Wheat Prices—Officials Deny Plans to
Dump Grain on World Markets
Canada will seek to control the price of wheat received
by its farmers, under the terms of the Canadian Grain
Board bill which became law on July 5, following its approval by both Houses of Parliament and its signature of
Governor-General Lord Bessborough. The new law gives
the Government Board the power to fix prices and to dispose of all wheat, both the old and the new yield. It differs
little from a compromise bill which was drafted in committee, although the Liberal proposal to limit the law to
one year was not included in the final statute.
Announcement of the passage of the bill precipitated a
sharp drop in wheat prices on July 5, as traders feared
that the Canadian Government might dump its wheat on
world markets. Prime Minister R. B. Bennett thereupon
declared in the House of Commons that the Government
did not intend to offer its grain surplus "at fire-sale prices.
or throw its surplus on the markets of the world so long as
this Government exists."
United Press advices from Ottawa summarized the principal features of the new measure, as passed in final form,
as follows:
Monopolistic features of the legislation as it first was proposed were
eliminated.
The Grain Exchange will continue to function.
The farmer may sell his grain to the Government Board, at a fixed minimum price, and receive a certificate which entitles him to participation
in later profits, if any. Or he may sell outright for cash to the trade, at
the Grain Exchange current price.
It was stipulated definitely that the Government Board will deal only
with actual producers.
Although the Act was not restricted to this year, as the Liberals urged,
it was pointed out that if a Liberal Government is elected in September,
as is likely, this party probably would not extend the law.
The Beard will fix a minimum price for wheat, sanctioned by the Government. The open market will operate as before, resulting in two daily
wheat prices—one the quotation on the Exchange and the other the price
offered by the Government.
A dispatch from Winnipeg, July 6, to the New York
"Herald Tribune" discussed future Canadian policy with
regard to wheat as follows:
There will be no dumping of Canada's large wheat surplus on the world's
markets. That is certain and verified by conversations and with leading
Winnipeg grain men and high Government officials handling sales of
grain in Winnipeg.
194
Financial Chronicle
Premier Bennett's statement, made in Parliament four weeks ago: "There
will be no dumping of Canada's wheat," still stands as Canada's attitude
to world wheat trade.
However, the new Grain Board to be appointed next week will undoubtedly inaugurate an aggressive policy in an effort, under explicit
instructions of Parliament, to sell a portion of Canada's 220,000,000 bushels
of wheat surplus, offering it at 6c. a bushel, or slightly higher figures
over foreign wheats to big British buyers.
Liverpool quotations on Argentine wheat will be taken as a basis by
Canada; then Canada, having an advantage of 6c. preference in Great
Britain, will ask a premium for its quality over foreign wheats. On the
continent of Europe Canada will have to meet an open market competition
from Argentina and other countries, but Canada will rely on the quality
of its wheat to obtain slightly better prices than softer varieties command.
Contrary to statements made outside Canada, the grain trade of Canada
Is not worried over the probable large size of this season's wheat crop.
Predictions of 400,000,000 bushels yield must be taken guarderly. The
present crop has seven weeks to go before harvest will be general, and
lots of adverse conditions may happen before then.
The original bill authorizing the creation of the Canadian
Grain Board, to consist of three members with advisory
representative committee of nine, was first introduced in
the House of Commons on June 10 by Richard B. Bennett,
Canadian Premier. The powers of the Board under the
original bill, as noted in Ottawa advices June 11 to the
Chicago "Journal of Commerce," were:
1. To receive and take delivery of wheat in interprovincial and export
trade.
2. To buy and sell wheat and to acquire from the wheat pool its wheat
supply or contracts, to store and transport wheat, operate elevators, make
advances to producers on delivery or afterwards.
3. To take delivery and trade in oats, barley, rye and flax produced in
the Western provinces.
The Act further provides that every elevator shall be operated by or on
behalf of the Board unless such elevator be excepted from operation of Act.
If not excepted, operation shall be deemed a contravention of the Act and
certificates of grade refused.
Winnipeg advices of July 11 to the New York "Journal of
Commerce' said that the personnel of the new wheat board
was "unofficially reported by sources close to the Government." The dispatch added:
Although John I. McFarland, who has been solely responsible to the Government for marketing of Canadian wheat, has been unable to carry on his
duties regularly owing to illness recently, he will not be replaced. Mr.
McFarland. Robert McKee, Vancouver grain shipper, and Paul Bredt, head
of the Manitoba wheat pool, will constitute the new board, according to
reliable reports.
Stanley Baldwin Criticizes New Deal Spending Policy—
British Premier Says It Has Failed to Produce
Natural Industrial Recovery
Huge Government expenditures in the United States have
failed to produce a natural industrial revival, Prime Minister
Stanley Baldwin of Great Britain declared on July 9 in an
address in which he defended his Government against the
first motion of censure offered the Opposition since he resumed the Premiership. Mr. Baldwin did not mention
the United States by name, but his meaning was clear when
he had noticed in one very great country that expenditures
of unprecedented size had failed to bring recovery, although
some good results had been observed. A. copyright dispatch
from London on July.9 to the New York "Herald Tribune"
quoted from Mr. Baldwin's address as follows:
"Lavish expenditures for public works," Mr. Baldwin declared, "could
be justified only if it gave such an incentive to industry as would at the
same time enable the country to bear the burden and create such a momentum as would give the necessary volume of employment when the
expenditure ceased.
"We have seen in another country—a very great country—an attempt
at state expenditure of unprecedented magnitude. Some good and useful
results are observable, but it does not appear to me that up to the present
it has succeeded in producing the desired natural revival of industry.
"Experience has shown that it is necessary to spend at the rate of £10,000,000 ($50,000,000) a year for each 40,000 persons we are to employ.
State expenditure on the lavish scale that would be necessary would not. I
believe, bring about a revival of industry, and if it failed to bring about
that revival it would be disastrous."
Bank of England Seeks to Halt Speculation Against
Gold Currencies—Asks Co-operation in Discouraging Forward Dealings in Gold
The Bank of England is currently engaged in seeking to
stop speculation against gold currencies, according to an
Associated Press dispatch from London, June 24, which
added that meetings have recently been held with representatives of joint stock banks and bullion brokers at
which they were asked to discourage forward dealings in
gold. Privately-held gold in England was recently estimated by the Bank for International Settlements at £500,000,000. Much of this gold is being used for arbitrage purposes, buying securities and for legitimate exchange transactions. The Associated Press advices mentioned continued
the discussion of this °nation as follows:
On the subject of stabilization of world currencies, H. D. Henderson,
member of the Economic Advisory Council, has contributed his opinion in
Lloyds Bank "Monthly Review."
"The absence of a fixed parity between sterling and gold has been an
essential condition of the recovery which has taken place in Great Britain,"
he says. "It has enabled our authorities to maintain, as they could hardly
have done otherwise, conditions of cheap and abundant money without
interruption over a period of several years.
"That cheap money has been a material factor in our recovery is common ground; but it is important to appreciate that the benefits that have
July 13 1935
ensued have depended on the fact that the cheap money policy has been
sustained for a long period."
Had sterling been linked to gold there would have been frequent changes
in the bank rate during that period, he held. Exchange movements recently
were due to large•scale capital movements, which had occurred fn accordance with the vagaries of foreign confidence.
"It is these vagaries of foreign confidence," be went on, "that the
advocates of stabilization propose in effect to exalt as the supreme directors
of our economic life, as the arbiters of the question whether our trade
recovery should be allowed to proceed or should be roughly reversed.
"The risk is indeed so serious and so great, the possible benefits are so
contingent and remote, as to render the policy of early stabilization a
reckless gamble from the standpoint of our national interests."
He regarded stability of exchanges at appropriate ratios as desirable, but
placed the continuance of internal recovery far above it and said it would
be foolish to risk losing the latter for the sake of the former.
Costa Rica Offers 60% Settlement of Debt Service for
-Year Period—Foreign Bondholders Protective
3
Council Approves Plan Calling for Resumption of
Full Service in 1938.
The Foreign • Bondholders Protective Council, Inc., announced on July 10 that a financial delegation of the Costa
Rican Government had submitted an offer for the temporary
settlement of service on the country's dollar bonds, which
have been in default since 1932. Francis White, Executive
Vice-President and Secretary of the Council, stated that his
organization had approved the offer as "fair to the Republic
of Costa Rica and to the Costa Rican people and consistent
with the broad equities and long-view interests of the bondholders, and that the Council will be glad to inform the bondholders in this sense."
The Costa Rican delegation comprised Alberto Ortuno and
.
Manuel Montejo. The arrangement finally accepted by the
Council calls for the payment of 50% of the interest and 50%
of the amortization required for a period of three years, after
which the Costa Rican Government will assume full interest
and amortization payments in accordance with the conditions
stipulated in each bond contract. The period of three years
begins from the date of termination of the term covered by
the funding bonds issued in 1932 and 1933, on the 7% loan of
1926 and the 73 %Pacific Railway loan of 1927.
An announcement by the Council on July 10 said, in part:
The Government of Costa Rica has sent a delegation consisting of Messrs.
Alberto Ortuno and Manuel Montejo to New York to discuss with the
Foreign Bondholders Protective Council, Inc. an adjustment of the service
on the Costa Rican dollar bonds now in default since 1932. At that time
Costa Rica offered bondholders of the Republic of Costa Rica 7% Loan of
1926, due in 1951, $23.00 in cash and a Funding Bond of $222. for the coupons maturing November 1. 1932 to November 1, 1935.inclusive, and $300
in the form of a Funding Bond for the coupons maturing September i 1933
to March 1 1937,inclusive, on the 73 % Costa Rican Pacific Railway Loan
of 1927, due in 1949.
The Costa Rican Delegation now in New York suggested to the Council
a permanent settlement on the basis of 3% interest and 1% amortization
on all of Costa Rica's outstanding dollar bonds.
After the mostfrank and friendly negotiations,the Delegation was authorized by His Excellency the President of Costa Rica to offer the bondholders,
as a temporary arrangement for three years from the termination of the
Periods covered by the Funding Bonds issued in 1932 and 1933 on the 7%
Loan of 1926 and the 734% Pacific Railway Loan of 1927,respectively.50%
of the interestservice and 50% of the amortization required by the loan contracts. Coupons maturing during these periods will be cancelled on the
payment of 50% of the face value thereof. At the end of those three year
periods, the Government of Costa Rica undertakes to resume full interest
and amortization service in accordance with the conditions stipulated in
each of those bond contracts.
The Costa Rican Government has also modified its original proposal and
has agreed to pay the full service of the two dollar funding bonds of 1932
and 1933.
The Costa Rican Government at the same time undertakes not to make,
during the said three year periods, any agreement with any of the holders of
any other foreign bonds of Costa Rica for more than 50% of the interest and
50% of the amortization required under their bond contracts. As an exception to the above, Costa Rica reserves the right to service in full the 5%
Sterling Funding Bonds of 1933, the same as it agrees to service in full the
two 5% Dollar Funding Bonds of 1932 and 1933.
The Council was impressed throughout the course of the negotiations by
the high ideals which motivated the Costa Rican Government in seeking to
make an arrangement which would be fair to the bondholders and which the
Government could carry out. The Government of Costa Rica has expressed
its firm determination to carry out the offer now made.
$266,000 of 6% Sinking Fund External Loan Gold
Bonds of Norway Drawn by Lot for Redemption
The National City Bank of New York, as fiscal agent, is
-year 6% sinking
notifying holders of Kingdom of Norway 20
fund external loan gold bonds, due Aug. 15 1943, that there
redemption on Aug. 15 1935, at
has been drawn by lot for
100% of principal amount, $266,000 principal amount of
these bonds. Bonds so drawn should be presented to the
head office of the bank at 55 Wall Street.
Buenos Aires (Argentine) to Pay 75% of Aug. 1 Interest
on SA% External Sinking Fund Gold Bonds,Due
Aug. 1 1961
The Province of Buenos Aires, Argentine Republic, has
arranged to make a cash payment of approximately 75%
of the Aug. 1 interest on its 6% external sinking fund
gold bonds, due Aug. 1 1961, to holders assenting to the
Loan Readjustment Plan of 1933, it was announced this
week. Such holders will receive in cash the sum of $24.48
with respect to each $32.50 coupon and $12.24 with respect
.
to each $16.25 coupon maturing Aug. 1, 1935. In each case
5 per cent. Arrears Certificates will be issued for the balance
Volume 141
Financial Chronicle
remaining unpaid on such coupons. The announcement in
the matter also said:
Cash with which to meet the coupons has been made available by the
Province at the office of First of Boston International CorP.. 100 Broadway
.
New York City, for delivery on or after Aug. 1 1935. Interest money.
according to the notice, is payable only against the surrender of the substituted coupons due Aug. 1 1935. issued pursuant to the Loan Readjustment
Plan and attached to assenting bonds.
Funds Remitted to Redeem Cuban 5%% Gold Bonds,
Series "G", Which Matured July 1 1927
J. P. Morgan & Co. announced this week that funds have
been remitted by the Cuban Government to redeem Republic
of Cuba serial 5%% gold bonds, series "G" dated July 1
1927, which matured July 1 1934. Payment of the principal
amount of these bonds upon surrender thereof will be made
on and after July 11 1935, in United States currency or
current funds, at the offices of J. P. Morgan & Co. in New
York and at The National City Bank of New York in the
City of Havana, Cuba. The firm also stated:
Funds to pay interest on these bonds to July 1 1935, had been remitted
by the Cuban Government at an earlier date and payment of interest for
the period of Jan. 1 1935, to July 1 1935, has been and is being made upon
presentation of bonds for stamping.
195
The Exchange also stated on July 11 that dealings in the
following fully listed and temporarily registered securities
will also be suspended at the close of business July 15 1935,
due to the failure of the issuers thereof to file applications for
the permanent registration of such securities under the
Securities Exchange Act of 1934:
American Cigar Co., common stock, par value $100, preferred stock,
par
value $100; Anglo-Norwegian Holdings, Ltd., common stock, no par
value,
7% preferred stock, par value $100; Campo Corp. (The), common stock,
no par value; Chicago Nipple Manufacturing Co., class A stock, par value
$50; Cosgrove-Meehan Coal Corp., first mortgage 05% sinking
fund
convertible gold bonds, due May 1 1945; European Eleactric Corp.,
Ltd.,
(The), class A common stock, par value $10; Federal Bake Shops.
Inc.,
common stock, no par value; Foundation Co. (Foreign), capital stock,
no
par value; Garlock Packing Co. (The), common stock, no par
value;
Gemmer Manufacturing Co.. class A stock, no par value, class B stock,
no par value; Horn(A. C.) Co., Common stock, no par value,first preferred
stock, par value $50; John Warren Watson Co., common stock,
no par
value; Kerr Lake Mines, Ltd., capital stock, par value $4; Moore Drop
Forging Co., class A stock, no par value; Northam Warren Corp., convertible preference stock, no par value; Osgood Co. (The), 10
-year sinking
fund 6% gold debentures, due June 1 1938; Struthers Wells-Titusville
Corp., common stock, no par value; Transcontinental Air Transport, Inc.,
capital stock, par value $1; United Zinc Smelting Corp., common stock,
no par value.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for July 1 1935
The New York Stock Exchange issued the following
announcement yesterday (July 5) showing the total market
value of listed bonds as of July 1 1935:
New York Stock Exchange to Suspend Issues Which
Have Failed to Apply for Permanent Registration
New York Curb Exchange Also Acts
The Committee on Stock List of the New York Stock
As of July 1 1935, there were 1,513 bond issues aggregating
$43,511,242.Exchange, acting under authority granted by the Governi
ng 590 par value listed on the New York Stock Exchange, with a total market
Committee, announced on July 10 that trading would be value of $39.864,332,759.
suspended at the close of business July 15 in the followin
This compares with
securities, because these securities have ceased to be registere g 719,824,364 par value,1,520 bond issues, aggregating $43,listed on the Exchange
d
and will not then be exempt securities under the provisions with a total market value of $39,617,835,876. June 1 1935
of the Securities Exchange .Act of 1934 and will not be tempIn the following table, listed bonds are classified by
orarily exempt from registration under the rules and regula- governmental and industrial groups
with the aggregate
tions of the Securities and Exchange Commission.
market value and average price for each:
Stocks
Havana Electric Railway Co.. common stock no par
value;
Electric Railway Co., 6% cumulative preferred stock; Mallinson Havana
(H. R.)
Co., common stock no par value; Mallinson (H. R.) Co.,7%
cumulative
preferred stock $100 par value; Mexican Petroleum
Co., Ltd., common
stock $100 par value; Mobile Birmingham Railroad Co.,4% non-c
umulative
preferred stock $100 par value; Moto Meter Gauge & Equipmen
t Corp.,
common stock $1 par value; Noranda Mines, Ltd.,
common stock no par
value; Pierce Oil Corp.. class B common stock
$25 par value; Southern
Dairies, Inc., class A stock no par value; Southern Dairies,
Inc., class B
stock no par value; United Piece Dye Works (The),
common stock no par
value; United Piece Dye Works (The). 634
% cumulative preferred stock
$100 par value; Utah Copper Co., capital stock $10 par value; Western
Dairy Products co., class A stock no par value; Trico
Products Corp.,
common stock no par value.
Bonds
Atlanta Gas Light Co., 1st mortgage gold 5% -year
bonds due June 1
50
1947: Atlantic & Yadkin Railway Co., 1st mortgage
50
-year guaranteed
gold bonds due April 1 1949; Bethlehem Steel Co., purchase
money and
Improvement mortgage 5% 20
-year sinking fund bonds due July 1 1936;
Bethlehem Steel Co., first lien and refunding mortgage
series "A" 5%
50
-year gold bonds due 1942; Cleveland Mahoning Valley
Railway Co.,
-year gold mortgage 5% bonds due Jan. 1 1938;
50
Duluth Missabe &
Northern Railway Co., general mortgage 5% bonds
due Jan. 1 1941:
Georgia Midland Railway Co., 1st mortgage 3% bonds due
April 1 1946;
Havana Electric Railway Co., consolidated mortgage
5% bonds due Feb.
1 1952; Havana Electric Railway Co., 25
-year gold Debentures, series of
1926 due Sept. 1 1951; Indiana Natural Gas & 011 Co.,
refunding mortgage
30
-year 5% guaranteed gold bonds due May 1 1936; Kalamazoo
, Allegan
& Grand Rapids Railroad Co., 1st mortgage guaranteed
(currency) 5%
bonds due July 1 1938; Lackawanna Steel Co., 1st consolidat
ed mortgage
gold bonds 5% series "A" due 1950; Midvale Steel &
Ordinance Co.. 20
year collateral trust 5% sinking fund gold bonds due March
1 1936; Mississippi Central Railroad Co., 1st mortgage 5% gold bonds
due July 1 1949;
Mobile Birmingham Railroad Co., prior lien gold 5%
small bonds due July
1 1945; Mobile Birmingham Railroad Co., mortgage
gold 4% bonds
due July 1 1945; Mobile Birmingham Railroad Co., prior lien
gold
due July 1 1945; Pittsburgh, Shenango & Lake Erie Railroad 5% bond
Co., 1st
consolidated mortgage gold 5% bonds due July 1 1943;
Pittsburgh, Shenango & Lake Erie Railroad Co., 1st mortgage gold 5% bonds
due Oct. 1 1940;
Richmond Mecklenburgh Railroad Co.. 1st mortgage
gold 4% bonds due
Nov. 1 1948; Syracuse Lighting Co., 1st mortgage 5%
bonds due June 1
1951; Texas and Pacific Railway Co., 2nd mortgage 5%
gold income bonds,
due Dec.1 2000; Utica Gas do Electric Co..refunding and
extension mortgage
gold 5% bonds 50
-year due July 11957; Utica Electric Light & Power Co.,
1st mortgage sinking fund gold 5% 50
-year bonds dues Jan. 1 1950; Western
Electric Co., Inc., 20
-year 5% gold debenture bonds due April 1 1944.
The Stock Exchange also stated that under the provisio
of Rule JB7, issued under the Securities Exchange Act ns
of
1934, as amended July 8 1935, granting an extension until
July 20 1935, for the filing of financial statements or other
information omitted from the registration statemen
previously filed, the following security will not have lost t
status as a registered security until the close of bunsiness its
on
July 20:
The Foundation Co., common stock, no par value.
This company has
definitely decided not to complete its application.
The security will be
suspended from trading at the close of business July
20.
Board of Governors will suspend dealings in the
temporarily registered and fully listed securities at following
the close
of business July 15, pending the filing and effectiveness
applications of the issuers of such securities for the permane of
registration thereof under the Securities Exchange Act nt
of
1934:j
Happiness Candy Stores, Inc., common stock, no par value;
Nipissing
Mines Co., Ltd., capital stock, par value 5.
July 1 1935
Market
Value
United States Government
Foreign government
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing
Food
Rubber and tires
Amusement
Land and realty
Machinery and metals
Minining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Textile
Gas and electric (operating)
Gas and electric (holding)
Communication (cable, tel. de radio)._
Miscellaneous utilities
Business and office equipment
Shipping services
Shipbuilding and operating
Leather and boots
Tobacco
U. S. companies operating abroad
Foreign companies (including Cuba
and Canada)
All listed bonds
June 1 1935
Aver.
Price
Market
Value
Aver.
Price
$
$
$
8
20,124,961,410 105.34 20,178,273,468 104.67
4,511,561,901 83.98 4,488,395.846 83.35
4,860,443 55.89
4,581,071 52.69
72,657.839 103.86
71,646,074 102.41
89,791,005 98.40
89,476.464 97.97
53,430,373 90.72
52,688.519 89.46
65,177,629 101.56
65.998,597 102.82
229,934,020 104.09
215.006,935 104.35
147,309,788 100.17
148.614,452 98.81
59,259,414 80.33
56,515,586 76.61
15,117.331 38.59
13,567,688 34.64
29,115,881 46.34
29,553.290 46.62
137,875,718 64.27
145.264.906 64.60
374,119,280 95.87
392,399,344 95.62
65,867,388 77.44
64,669,517 75.94
22,071,316 87.14
18,530,749 83.57
8.029,016,261 74.37 7,803,117,560 72.22
437,660,084 92.19
384,703,793 90.43
8,117,920 55.18
8,268.725 55.38
1,952,340,999 103.39 1.940,253,539 102.48
190.565,788 85.88
180.994,067 81.57
1,104,755,729 107.17 1.098,370.185 106.55
432,277,516 74.04 426,676,13' 74.35
21.355.155 103.60
21.200,408 102.75
19,359,964 57.18
18,615,753 54.98
11,122,230 48.95
11.057.400 46.67
932.382 103.88
932,382 103.88
46,360,794 125.07
46,038,330 124.20
234,845,676 60.33 218,953,083 56.25
1,372,511,525 69.76 1,417,552.082 70.44
39,864,332,759 91.62 39,617,835,876 90.62
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Market
Value
1933June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
g
32,997,675,932
33,917,221,869
34,457,822,282
35,218,429.936
34,513,782,705
33,651.082,433
34,179,882,418
34,801,038,409
36,263,747,352
36,843,301,965
37,198,258,126
37,780,651,738
38.239.206.987
Average
Price
g
193480.79 July 1
82.97 Aug. 1
84.43 Sept. 1
84.63 Oct. 1
83.00 Nov. 1
82.33 Dec. 1
81.36
1935Jan. 1
83.34 Feb. 1
86.84 Mar. 1
88.27 Apr. 1
89.15 May 1
90.46 June 1
90.17 July 1
Market
Value
Average
Price
$
39,547,117.863
39,473,326,184
39,453,963,492
38,751,279,426
39,405,708,220
39,665,455,602
$
90.80
89.79
88.99
88.27
89.39
89.85
40,659,643,442
41,064,263,510
41,111,937,232
40,360.681,526
40,147,199,897
39.617,835,876
39.864.332.759
,90.73
91.30
91.29
89.49
90.69
90.62
91 62
Province of Lower Austria Remits Funds for Paymen
t
of Back Interest on Secured Sinking Fund
7%
Gold Bonds
-Affects Coupons Which Matured
Between Dec. 1 1932 and June 1 1935
J. & W. Seligman & Co., as fiscal agents, are
notifying
holders of Province of Lower Austria secured sinking
fund
754% gold bonds, due Dec. 1 1950, that they have
the sum of $19,706 with which to pay at their facereceived
amount
all interest coupons appurtenant to the above
bonds
matured between Dec. 1 1932, and June 1 1935, which
both inclusive, and which, according to &dykes received
from
officials of the Province, are still out standing. An announc
ement in the matter also said:
Such coupons will be paid on and after
July 12 1935, at the office
of the fiscal agent, 54 Wall Street, out of and to
the extent of the money re-
Financial Chronicle
196
ceived for this purose. Word has been received that payment in Austria of
interest coupons appurtenant to the bonds is Austrian schillings was discontinued July 3. The fiscal agents also announce the receipt of $137,203
on account of sinking fund payments on bonds due from Dec. 1, 1932. to
June 11935, both inclusive.
Hungary to Continue Payment of 60% of Interest on
State Loan of 1924 During Period from Aug 2 1935
to Aug. 1 1936
Speyer & Co., as American fiscal agents for the State
Loan of the Kingdom of Hungary 1924, have been advised
by cable by Eliot Wadsworth, American member of the
League Loans Committee, London, that the Hungarian
Government has agreed with the Committee to continue for
another year the arrangements announced on July 15 1933,
for the service of this Loan and will transfer in foreign exchange 50% of the interest service due daring the period
from Aug. 2, 1935, to Aug. 11936, inclusive.
The League Loans Committee, it is stated, recommends
that bondholders accept this proposal.
The arrangements of July 1933 were referred to in our
issues of July 22, 1933, page 580, and July 29, page 778.
Short Interest on New York Stock Exchange Increased
During June
The total short interest existing as of the opening of business on June 28, as compiled from information secured by
the New York Stock Exchange from its members, was
840,537 shares, the Exchange announced yesterday (July 5).
This compares with 768,199 shares as of May 31.
Filing of Registration Statements Under Securities
Act of 1933
The Securities and Exchange Commission announced
July 8 the filing of 37 additional registration statements
(Nos. 1499-1535, inclusive), under the Securities Act of
1933. The total involved is $328,039,877.50, of which
$320,925,147.50 represents new issues. This total is the
largest for one week ever filed with the Commission, the
announcement stated, adding:
-year sinking fund notes due
Included in this total is $32,000,000 of 15
July 1 1950. 32.000 common stock purchase warrants, and 960.000 shares
of no-par common stock reserved for issuance upon exercise of the above
warrants, of the Pure 011 Co. (Docket 2-1503. Form A-2, included in release No. 413).
Also included in the total is $70,000.000 of first mortgage 3%% bonds,
due 1965, of the Duquesne Light Co. (Docket 2-1507, Form A-2, Included
in release No. 415).
Also included in the total is $16,000,000 of first lien and refunding 4%
bonds, series I, of the Public Service Co. of Northern Illinois (Docket
2-1508, Form A-2, included in release No. 416)•
Also included in the total is $28,000,000 of first mortgage bonds, 4%%,
series A of 1960, of the B. F. Goodrich 0o.(Docket 2-1517. Form A-2, included in release No. 421).
-year
Also included in the total is $75,000,000 of first (Collateral) lien, 15
sinking fund bonds,series A,of the Consolidated 011 Corp.(Docket 2-1520,
release No. 422).
Form A-2,included in
Also included in the total is 250,000 shares of convertible preference
stock, $4.25 series of 1935, of the Commercial Investment Trust Co.
(Docket 2-1521. Form A-2, included in release No. 419)•
Also included in the total is $9,000.000 of 15-year 4% debentures, due
July 1 1950, of Armstrong Cork Co.(Docket 2-1523, Form A-2,included in
release No. 420).
Also included in the total is $8,500,000 of first mortgage 4% bonds,
series B, due July 11965. of the Associated Telephone Co., Ltd. (Docket
2-1535, Form A-2, included in release No. 424).
The filings of the above registration statements with the
SEC were noted in our issue of July 6, pages 36 and 37.
The Commission said on July 8 that the securities involved
in the 37 registration statements are grouped RS follows:
No. of Issues
30
4
2
1
Type of Issue
Commercial and industrial
Certificates of deposit
Securities In reorganization
Voting trust certificates
Total
8320.925,147.50
4,794,000.00
1,868,500.00
452.320.00
The following are the securities for which registration is
pending:
No. 1 Roseld Avenue Deal Corp. (2-1499. Form E-1) of Trenton, N. J.,
registering $375,500 of second mortgage general income bonds in reorganization. E. Kamp Cathcart is President. Filed June 26 1935.
Mid-Continent Carey Trust (2-1500, Form A-1) of Tulsa. Okla., seeking
to issue 3,860 units of beneficial interest in certain oil and gas mining leases
which the Trust intends to acquire with the proceeds of the issue. The
units are to be offered at $100 each. W. E. Brown, of Tulsa, is President
and trustee. Filed June 25 1935.
Olympic Forest Products Co. (2-1501. Form A-1) of San Francisco, seeking
to issue $1,000,000 par value of serial debentures, due 1936-40 (interest
rates from 13 to 5%) to be used to redeem outstanding first mortgage
bonds. Blyth & Co., of San Francisco, are principal underwriters. Edward M. Mills, of San Francisco, is President. Filed June 26 1935.
Spiegel, May, Stern Co. (2-1502, Form A-2) of Chicago, seeking to issue
70,000 shares of common stock at a proposed maximum of $47.50 a share,
and 175,000 rights to stockholders to purchase 2/5 of one share of common
at $47.50 a share. Members of the Spiegel family have a firm underwriting
agreement with Werthheim & Co., of New York City. The sub-underwriters are Lehman Brothers, New York City; White, Weld & Co., New
York City; Mayflower Associates, Inc., Jersey City, N. J.; BancamericaBlair Corp., New York City; Hemphill, Noyes & Co., New York City, and
Cassatt & Co., Inc., New York City. The proceeds are to be applied to
reduction of bank loans and general corporate purposes. Modie J. Spiegel
is Chairman of the Board. Filed June 26 1935.
Hassinger-O'Brien Lease (2-1504, Form A-1) of Butler. Pa., seeking to
issue 10,000 fractional undivided leasehold interests in a non-producing
limestone lease. The interests are to be offered at $100 per interest.
June 27
M. J. O'Brien, of Butler, Pa., is manager of the issuer. Filed
1935.
July 13 1935
Gyro Air Lines, Inc. (2-1505. Form A-1) of Denver, Colo., seeking:to
issue 4,000,000 shares of corporate capital stock, common class A, no par
value, to be offered at 25c per share. Thos. M. Shelton, of Denver, Colo.,
is President of the company. Filed June 27 1935.
New York Water Service Corp.(2-1506. Form A-2) of Long Island, N. Y.,
seeking to issue $2,300,000 of first mortgage 5% bonds, series B (due Jury
1 1935). The proceeds of the issue are to be used to retire $2,300,000 of
Rochester and Lake Ontario Water Service Corp. 5% First Mortgage Gold
Bonds, due March 1 1938. A. W. Cuddeback is President of the company.
Filed June 28 1935.
Noel & Co.. Inc. (2-1509, Form D-1A) of Nashville, Tenn., seeking to
issue certificates of deposit for $237.000 of first mortgage 6% real estate
gold notes, dated April 1 1925, due April 1 1935 in a plan for extension of the
notes. 0. F. Noel is President of the company. Filed June 28 1935.
Noel & Co., Inc. (2-1510. Form E-1) of Nashville, Tenn., seeking to
issue $237,000 of extension notes of the registrant, to be issued under a
plan for the extension of its first mortgage 6% real estate gold notes. Filed
June 28 1935.
Cleveland Railway Co. (2-1511. Form A-2) of Cleveland, Ohio, seeking to
issue $5.000,000 of 10-year 1st mortgage sinking fund 5% bonds, series A.
The proceeds are to be applied in the redemption of the company's let
(Closed) mortgage sinking fund 6% gold bonds outstanding in the amount
of $4,709,000, on Sept. 1 1935 at 104 plus accrued interest. The bonds are
to be due Sept. 1 1945. Hayden, Miller & Co., of Cleveland, are the principal underwriters. George D. McGwinn is President. Filed June 281935.
Medusa Portland Cement Co. (2-1512, Form A-2) of Cleveland, Ohio.
seeking to issue $2,200,000 first mortgage and collateral trust convertible
.5
serial bonds bearing interest at rates varying from 3% to 53 %,to be dated
July 1 1935, and to mature serially from Oct. 1 1936, to and including
Oct. 1 1945, and 44,000 shares of no par common stock to be reserved for
the conversion rights of the bonds. It is expected that Hayden, Miller
& Co., of Cleveland, or Hayden, Miller & Co. and associates will be the
underwriter. The proceeds of the issue are to be used for the retirement
of certain subsidiary bond and note issues, for the retirement of bond and
note issues of the registrant, and for other corporate purposes. J. B. John
is President of the Company. Filed June 28 1935.
Northern Ohio Telephone Co. (2-1513, Form A-2) of Bellevue, Ohio, seeking to issue $1.600,000 of 4%% first mortgage sinking fund 30-year bonds,
series of 1965, to be offered at 103. Frank A. Knapp, of Bellevue, is
President. Filed June 28 1935.
United Wholesale Druggists, Inc. (2-1514, Form A-1) of Boston, Mass.,
seeking to issue 10,000 shares of $25 par value preferred stock, to be offered
at par. J. S. McMahon, of Atlanta, Ga., is President of the company.
Filed June 28 1935.
North Central Gas Co. (2-1515, Form A-1) of Casper, Wyo., seeking to
issue $750,000 of first mortgage 5%% serial bonds. Charles A. Munroe of
Casper, Wyo., is President of the company. Filed June 28 1935.
Anglo American Mining Corp., Ltd. (2-1516, Form A-1) of San Francisco, Calif., seeking to issue 975,000 shares of common stock, 625,000
shares to be issued to holders of option purchase warrants at $2.25 per
share net to the issuer at any time on or before April 24 1938,300.000 shares
to be offered to the public at prices of between $2 and $3 per share, and
50.000 shares to be issued in exchange for stock of the Carson Hill Gold
Mining Corp. Walter Hyman Brown is President of the company. Filed
June 28 1935.
Citizens Mortgage and Securities Co., Inc. (2-1518. Form A-1) of Springfield. Mo., seeking to register 6,504% shares of $10 Par value preferred
stock, to be offered at $10 per share, and $100,000 in promissory notes.
J. Wyman Hogg. of Springfield, Mo., is President. Filed June 28 1935.
Reynolds Spring Co. (File 2-1519, Form A-2) of Jackson, Mich., seeking
to issue 53,000 shares of $1 par value common stock. It is not intended that
there be any issuance of any new securities under this registration statement. The purpose of this registration is to enable the sale of these shares
under the provisions of the Securities Act of 1933 by persons in the position
of issuers. Charles G. Munn, of Jackson, is President. Filed June 28.
1935.
Abbott Laboratories (2-1522, Form A-2) of North Chicago, Ill., seeking to
issue 5,000 shares of no-par common stock, to be offered at $60 a share.
The net proceeds will be paid into the general treasury for use as occasion
requires in the development of the issuer's business. S. DeWitt Clough, of
Glencoe, Ill., is President of the company. Filed June 29 1935.
Edward G. Budd Manufacturing Co.(2-1524, Form D-1A) of Philadelphia.
Pa., seeking to issue certificates of deposit for $1,493,000 6% sinking fund
convertible gold bonds, the market value of which is $1,015,240. Filed
June 29 1935.
Edward G. Budd Manufacturing Co. (2-1525, Form E-1) of Philadelphia.
Pa., seeking to issue $1,493,000 of 6% sinking fund convertible gold bonds,
due Feb. 1 1938, whose market value is $1,015,240. The bonds are to be
exchanges for the same debentures bearing a stamp extending the due date
of said bonds to Aug. 1 1941, waiving all past and future sinking fund payments and waiving the covenant running in favor of the debenture holders
against the further mortgaging of the company's plant. Filed June 29
1935.
Sussex Fire Insurance Co. (2-1526, Form A-1) of Newark, N. J., seeking
to issue 3.000 shares of $100 par participating cumulative preferred stock,
and 200,000 shares of$3.50 par value common stock. The parent company,
Eagle Fire Insurance Co., owns the preferred stock and 198,487 1/5 shares
of the common stock. Registrant states that proceeds from sale of the
stock will be used for additional working capital by the parent company.
Franklin W. Fort, of Newark, is President. Filed June 29 1935.
The Wehle Brewing Co.(2-1527, Form A-1) of West Haven,Conn.,seeking
to issue 17,800 shares of $10 par value class B stock, to be offered at not
less than $10 a share. Raymond J. Wehle, of North Haven, Conn., is
President of the company. Filed Juno 29 1935.
American Seating Co. (File 2-1528, Form A-2) of Grand Rapids, Mich.,
-year 6% convertible gold notes, due July
seeking to issue $2.827.000 of 10
1 1946, and 56,540 shares of no-par common stock, reserved for issuance
the gold notes. H. M. Tallaferro, of Grand Rapids, is
upon conversion of
President. Filed June 29 1935.
American Seating Co. (File 2-1529, Form D-1A) of Grand Rapids, Mich.,
-year 6% conseeking to issue certificates of deposit for $2,827,000 of 10
vertible gold notes. due July 1 1936. The market value as of June 24
the bonds was $2,706,852.50. Filed June 29 1935.
of
A. II. Walburg, et at (2-1530, Form F-1) of Dayton, Ohio, seeking to
issue voting trust certificates for 56,540 shares of no par common stock of
the American Seating Co. Filed June 29 1935.
Peoria Distillers, Inc. (2-1531, Form A-1) of Peoria, Ill., seeking to issue
30,000 shares of no-par convertible preference stock, and 30,000 shares of
no-par common stock. 7,800 shares of the preference stock have been
issued in exchange for interests in the issuer's property. The 30,000
shares, including the 7,800 will be offered at a maximum of $20 a share.
N.L. Rogers and Co., Inc., of Peoria, is the underwriter, and N.L. Rogers
18 President. Filed June 29 1935.
Virginia City Mining Co. (2-1532, Form A-1) of Butte, Mont.,seeking to
issue 100,000 shares of Si par value common stock, to be offered at par.
Financial Chronicle
Volume 141
Proceeds are to be used to protect the company's options, pay current obligations, etc. Frank R. Scott, of Fargo, N. D.. is President of the company. Filed June 29 1935.
Muskegon Piston Ring Co.(2-1533, Form A-2) of Muskegon, Mich.,seeking
to register 15,000 shares of no-par Class B common stock. According to
the prospectus these shares have already been issued and are fully paid and
outstanding in the hands of stockholders. "The sale of this stock represents no new financing on the part of the company and no part of the proceeds will be received by the company." George W. Olson, of Muskegon,
is President. Filed June 29 1935.
Refugee Economic Corp. (2-1534, Form A-1) of New York City, engaged
in assisting the economic reconstruction of emigres from foreign countries,
seeking to issue 200,000 shares of $25 par value common stock, to be offered
at par. Felix M. Warburg, of New York, is President. Filed July 1 1935.
In making available the above list the SEC said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in our issue of July 6, page 37.
Filing by Wilson & Co. of Chicago of Registration
Statement for $20,000,000 First Mortgage 20-Year
4% Bonds
Wilson & Co. Inc., Chicago, filed on July 5 a registration
statement (No. 2-1538) under the Securities Act of 1933 for
'
$20,000,000 first mortgage 20
-year bonds, series A, 4%, to
be dated July 15 1935, to be due July 15 1955, the Securities
and Exchange Commission announced July 5. Brief reference to the filing of the statement by the company was
made in the "Chronicle" of July 6, page 39. The SEC on
July 5 stated:
The approximate date of the proposed offering is July 25 1935. According to the registration statement interest is payable Jan. 15 and July 15.
Bonds are redeemable (other than for sinking fund purposes) at company's
option as a whole or in part by lot at any time and from time to time upon
30 days' notice at par and accrued interest, together with the following
premiums:
5%, if redeemed on or before July 15 1940;
, if redeemed after July 15 1940, and on or before July 15
,
3 o, if redeemed after July 15 1945, and on or before July 151945;
1948;
2 o. if redeemed after July 15 1948, and on or before July 15 1951;
1%, if redeemed after July 15 1951, and on or before July 15 1953;
and without premium if redeemed thereafter.
Bonds are also redeemable for sinking fund purposes upon thirty days'
notice at par and accrued interest, together with the following premiums:
2%. if redeemed on or before Sept. 15 1940;
1 %, if redeemed after Sept. 15 1940, and on or before Sept. 15 1945;
1%, if redeemed after Sept. 151945, and on or before Sept. 15 1950:
%, if redeemed after Sept. 15 1950, and on or before Sept. 15 1953;
and without premium if redeemed thereafter.
According to the prospectus. part of the proceeds of the issue will be used
to redeem the following:
On October 1 1935. the company's $16,222,000 principal amount first
mortgage 6% 20
-year sinking fund gold bonds, due April 1 1941, at 107H%
and accrued interest;
P•On Oct. 1 1935. $898,000 principal amount Wilson-Martin Co. second
Mortgage 15
-year sinking fund 5% gold bonds, due Dec. 1 1940, at 103%
and accrued interest;
On Aug. 1 1935. $409,600 par value ($100 per share) Central Products
Corp. 6% cumulative preferred stock at $103 per share and accrued dividends;
On Aug. 1 1935,$10,700 par value ($100 per share) Wilson & Co.. Inc.,
of Minnesota,7% preferred stock at $105 per share and accrued dividends.
The balance of the estimated net proceeds will be added to the general
funds of the company.
The principal underwriters of the issue are to be Edward B.Smith & Co..
of New York,and Field, Glore & Co.,of Chicago. The names of additional
underwriters, if any, the amounts to be underwritten by each underwriter,
the underwriting commissions or discounts, and the price of the issue to the
public will be supplied in an amendment to the registration statement.
Thomas E. Wilson and Edward Foss Wilson, both of Chicago. are
Chairman of the Board and President of the company, respectively.
1
32 Registration Statements Cos ering $148,000,000 Effective During May Under Securities Act of 1933
During the month of May 1935, 32 registration statements,
covering issues in the amount of slightly more than $148,000,000, became effective under the Securities Act of 1933,
the Securities and Exchange Commission announced July 9.
These registration statements fell into the three general
groups as follows:
Type of Issue
Industrials or Commercials
Financials
Reorganizations
Total
No. of Statements
21
6
5
32
Amount of
Offering
3115.000,000
18,000,000
15,000,000
$148,000,000
Thirteen registration statements, the Commission said,
only one of which had been reported as effective, were suspended during the month (one by stop order, one by consent
refusal order, and 11 by withdrawal).
Registration Statement Filed with SEC for Issue of
$12,500,000 First Mortgage 4% Bonds of Libby,
McNeill & Libby, of Chicago
It was announced on July 8 by the Securities and Exchange
Commission that Libby, McNeill & Libby, of Chicago, Ill.,
filed on July 5 a registration statement (No. 2-1539) under
the Securities Act of 1933 for $12,500,000 first mortgage
-year bonds, due Aug. 1 1955. The Commission
4% 20
stated:
According to the registration statement, the net proceeds of this issue
are to be used primarily for the purpose ofredeeming at 103% the company's
-year gold bonds due Oct. 1 1942, now outstanding
first mortgage 5% 15
in the principal amount of $10,312,000, which the company intends will be
for redemption on or about Aug. 1 1935. The balance of the procalled
197
ceods is to be added to the company's net working espies.] for general corporate purposes.
The bonds are redeemable at the company's option as a whole or in part
at any time and from time to time upon 30 days' published notice at par
and accrued interest, together with the following premiums:
307, if redeemed on or before Aug. 1 1941:
207, if redeemed after Aug. 1 1941, and on or before Aug. 1 1947;
1%, if redeemed after Aug. 1 1947, and on or before Aug. 1 1953; and
without premium if redeemed thereafter.
Interest is payable Feb. 1 and Aug. 1.
The underwriters of the issue are Field, Glore & Co., of Chicago, and
such others as may be designated. The associate underwriters, the respective amounts underwritten, the underwriting commissions, and discounts, and the price to the public are to be supplied in an amendment to
the registration statement.
The registration statement states that Swift & Co., of Chicago holds
78.72% of the voting power in the company. Edward G. McDougall of
Chicago is President of the company.
Ruling of SEC Allows Registrant to Incorporate by
Reference Any Financial Reports Filed with Previous Registration Statements
Announcement was made by the Securities and Exchange
Commission on June 29 of the adoption of a rule under the
Securities Act of 1933 which permits a registrant to incorporate by reference in its registration statement any financial
report which it has filed with the Commission as a part of a
previous registration statement. The Commission's announcement said:
The rule requires, however, that where the Act or the rules and regulations of the Commission require the consent of any person, the consent of
such person must be filed as a part of the subsequent statement. The
Commission reserves the right to refuse to permit incorporation by reference
whenever it would render the registration statement unclear or confusing.
Following is the new rule:
Incorporation by Reference ofFinancial Reports Filed with Previous Registration
Statements
The issuer of a security for which a registration statement is in effect
under the Securities Act of 1933, as amended, may incorporate by reference
in a subsequent registration statement under that Act any financial report
or part thereoffiled with any of its previous registration statements,subject,
however, to the following conditions:
(a) Any consent required by the Act or the rules and regulations of the
Commission adopted pursuant thereto, shall be filed in the subsequent
registration statement as to any such report or part thereof so incorporated
by reference.
(b) In each case the financial report or part thereof incorporated by reference shall be clearly identified in the reference.
(c) The Commission may refuse to permit such incorporation by reference in any case in which its judgment incorporation by reference would
render the registration statement unclear or confusing.
Form to be Used by Foreign Governments for Registration of Securities Promulgated by SEC
The publication of a registration form to be used by foreign
governments and political sub-divisions thereof for the registration of their securities on National securities exchanges,
was announced on July 5 by the Securities and Exchange
Commission. The form is to be known as Form 18. In
its announcement the SEC stated:
As provided in Rule ANT,registration statements filed on this form need
not become effective until Dec. 31 1935. provided the securities have previously been temporarily registered.
This is the first of the forms adopted for foreign issuerefiling statements
under the Securities Exchange Act of 1934. Further forms will be issued
covering securities of issuers other than governments and political buddivisions.
The form calls for a description of the security to be registered. There
are required to be set forth, in addition, statements concerning the following matters among others:
Internal and external funded and floating indebtedness of the registrant.
Receipts and expenditures of the registrant.
The note issue and gold reserves of the central bank of issue of the registrant.
A statment giving the imports and exports of the registrant; and
The balance of international payments of the registrant. In addition,
certain exhibits are to be included in the application.
Rule Issues by SEC Designed to Avoid Duplication of
Reports on Holdings
The Securities and Exchange Commission made public
on July 6 a rule designed to avoid duplication of reports by
officers, directors, and principal stockholders. The rule
provides, the Commission said, that if a person has already
filed a statement of his ownership, followed by reports of
subsequent changes, he need not file an additional statement
in case additional securities of the same issuer become registered under the Securities Exchange Act of 1934 or in case
he becomes a director, officer, or holder of more than 10%
of an equity security when he is already a member of the
reporting class.
The new rule, which is the form of an additional paragraph to Rule NM,follows:
(g) Notwithstanding the provisions of the preceding paragraphs of this
Rule, if a person has filed a statement of his beneficial ownership on Form
4, Form 5 or Form 6, and has reported all subsequent changes in his beneficial ownership with respect to all equity securities of the same issuer, such
person need not file an additional statement pursuant to paragraph (c) or
(d) of this Rule.
SEC Permits Exchange Absorbing Another to Continue
Unlisted Trading Until June 1 1936 in Securities
Admitted to Privilege on Absorbed Exchanged
Prior to March 1 1934
The Securities and Exchange Commission announced
June 23 the adoption of a rule, under the Securities Exchange Act of 1934, granting to any National securities ex
Financial Chronicle
198
change which has absorbed another exchange permission to
continue until June 1 1936, unlisted trading privileges in
securities which were admitted to such privileges on the
absorbed exchange prior to March 1 1934 and permission
for the continuance of which was heretofore granted to the
absorbed exchange by the Commission.
The effect of the rule, the Commission said, is to give to
the absorbing exchange permission to exercise the unlisted
trading privileges in such securities for the period during
which the absorbed exchange could have continued those
privileges.
The new rule follows:
Rule JF7. Continuance of Unlisted Trading Privileges on Merged Exchanges. (a) A National securities exchange which has absorbed another
exchange theretofore granted permission to continue unlisted trading
privileges in a security under Rule JF1, may continue such unlisted trading
privileges in such security without further order of the Commission subject
to Section 12 (f) and the rules and regulations thereunder.
(b) Unlisted trading privileges contained pursuant to this rule shall
expire at midnight. May 31 1938, or, after due notice, at such earlier date
as the Commission may, by rules and regulations or by order prescribe as
to any or all of the securities for which unlisted trading privileges have
been continued under this rule.
SEC Issues Stop Order Suspending Registration of
Securities of Wee Investors Royalty Co., Tulsa,
Okla.
After a public hearing held April 3 1935, the Securities and
Exchange Commission has issued a stop order suspending
the registration of securities of the Wee Investors Royalty
Co., of Tulsa, Okla., it was announced by the Commission
on July 11. The registration statement, No. 2-1167, was
filed on Oct. 29 1934, on Form A-1, and became effective
on March 7 1935. It covered an issue of $100,000 face value
of certificates of participation in a business trust organized
to own and deal in oil royalties. The filing of the registration statement was noted in our issue of Nov. 17 1934, pages
3072-3073. The Commission's announcement of July 11
further stated:
The plan for selling the securities included, among other things, a scheme
for "chain" distribution of the shares by investors themselves. Each purchaser of the shares was to sell a share to four others, and each of those
four to four others, etc. The original purchaser was to participate in the
profits from the employment of capital obtained from the "chain" sales
and a chart was shown to indicate that the distribution, in its sixth stage.
would bring $729.65 for each original $1 investment.
The Commission found that the description of this plan, as well as other
items of the registration statement, contained misleading and untrue
statements.
Federal Reserve Board Reports National Income Larger
Than in Three Preceding Years—In Monthly Bulletin Says Increase in Industrial Community
Reflects Gain in Activity—Increase in Member
Bank Deposits and Reserves
The national income has been larger this spring than in
the spring of any of the three preceding years, says the
Federal Reserve Board in its Monthly Bulletin for June
made available June 22. "Increased income in industrial
communities,' says the Board, "has reflected chiefly increased activity, while growth in agricultural income has
been the result of higher prices and benefit payments."
From the Bulletin we also quote in part as follows regarding
business and credit conditions:
Government expenditures for relief and for public works have continued
to be a factor in sustaining spending power.
The following table summarizes the statistics on the recent course of
business:
RECENT COURSE OF BUSINESS
[Index numbers adjusted for seasonal variation. 1923-21001
1934
May
1935
September January
Member Bank Credit
Deposits at member banks have continued to increase since the beginning
of this year. At weekly reporting banks in leading cities total deposits
increased by $1,065,000,000 between Dec. 26 1934 and May 29 1935.
Bankers' deposits included in this total increased by $475,000,000, and
United States Government deposits decreased by $620,000,000. Deposits
of other customers, after adjustment for an increase in collection items,
showed a growth of about 31.140.000,000 from the end of 1934. Most of
the growth was In demand deposits, but time deposits also increased. A
little more than half of this increase occurred at banks in New York City.
Call-report figures for country banks for March 4 show an increase in
deposits, similarly adjusted, of 8160,000,000 since Dec. 31 1934.
Loans and investments of member banks have shown only a slight increase since the end of last year. In May,loans and investments of weekly'
reporting banks declined somewhat. In the absence of growth in the interest-bearing public debt since the first of the year, bank holdings of direct
obligations of the United States Government showed little change. An
increase occurred in holdings of securities guaranteed by the United States.
and there was a small growth in holdings of other securities. Brokers'loans
increased somewhat from the first of the year and showed fairly wide fluctuations,reflecting,in part, activities of dealers in connection with Treasury
refunding operations and,in part, the taking over by New York City banks
of loans made by outside banks. This shift resulted from a decline in money'
rates on street loans. Loans to customers on securities continued to decline,
while other customers' loans showed little change.
Member Bank Reserve Balances
Member-bank reserve balances with Federal banks increased in May to
84,800,000,000, and excess reserves rose to above $2.300,000,000. Both
figures are the largest in the history of the System. The increase in May was
due to a growth of $150,000.000 in the monetary gold stock, reflecting principally large imports of gold from France. Fluctuations in these balances
since early this year have reflected principally changes in Treasury holdings
of cash and of balances with the Reserve banks, while continued gold
mports have been a constant factor of growth.
The increase in excess reserves has been distributed throughout the
country, although over 50% is now held by New York City and Chicago
banks, reflecting to a large extent the growth in bankers' balances held 1:01
banks in these cities.
Federal Reserve Board Issues Ruling on Record to Be
Kept by Broker in Special Cash Account
The Federal Reserve Board on July 8 issued an interpretation of Regulation T regarding the record of "the date
of payment by the creditor' for securities purchased by a
broker for a customer's account. The text of the ruling is
given below:
Ruling No. 45 interpreting Regulation T. The Federal Reserve Board,
in reply to inquiries regarding the provisions of section 6 of Regulation T,
as amended May 10 1935, rules that a debit entry made by a broker in
accordance with common practice in a customer's "special cash account"
as of the day on which the broker, in accordance with the usual custom of
the trade and in the absence of "failures to receive," would ordinarily
receive and pay for securities which have been purchased for the customer
in such account, shall be deemed, for the purposes of the third paragraph
of section 8, to constitute the required record of "the date of payment by
the creditor" for such securities in all cases except those in which the broker,
having in fact received and paid for the securities on a later day, shall have
recorded such later day in such account as the date of payment by the
creditor.
April
z88
90
71
86
,
Industrial production
Construction contracts awarded:
27
27
29
26
Total
18
12
11
11
Residential
33
39
44
38
All other
z82
81
74
83
Factory employment
z70
67
58
66
Factory pay rolls
73
74
75
77
Department-store sales
80
79
78
74
WhlReale prices.:
124
119
117
108
Retail food prices y
x Without seasonal adjustment; 1928=100. 9 Without seasonal adjustment:
1913=100. z Preliminary.
Note—The months shown in this table were selected on the basis of the recent
high and low points In industrial production.
For the first four months of the year as a whole industrial output was
7% larger than a year ago; since January, however, the Federal Reserve
Board's seasonally adjusted index of industrial production has declined
gradually. During this period the general index of wholesale prices advanced, reflecting chiefly increases in the prices of livestock and meats. In
the last week of May prices of leading commodities traded in on the organized exchanges showed marked declines.
With increased income this year as compared with last year, there has
been a larger volume of domestic trade in such durable manufactures as
automobiles, household equipment and agricultural implements. Export
trade in these commodities has also increased and production, employment and pay roils in the industries manufacturing these goods have shown
marked advances. At the same time exports of agricultural products
have been considerably reduced. In industries producing non-durable
goods. such as food and clothing, employment has been maintained with
ittle change from last year.
In the building industry, while the volume of new public work being undertaken has been considerably smaller than last year, actual expenditures
have been maintained at about the same level and considerable additional
work is provided for in the new Act currently being put into operation.
July 13 1935
Contracts for residential building have shown a definite increase, partly'
owing to the increased demand for housing and the greater availability of
mortgage money.
In general, goods produced during the spring have been sold to consumers
and have not gone into stocks of producers and distributors.
Profits of large industrial concerns during the first quarter of 1935 exceeded those of any other similar period since 1930. Among railroads and
other public utilities, however, results were not so favorable as in the first
quarter of 1934. The volume of capital issues of corporations for refunding
has increased substantially as a consequence of improvement in economic
conditions,further easing in the money market, and revision of regulations
concerning the issuance of securities.
Continued imports of gold, together with the expenditures of the Government, have resulted in a substantial increase in the volume of bank
deposits and reserves. Excess reserves at the end of May amounted to over
$2,300,000.000, and conditions in the short-term money market continue
to be exceptionally easy. In the long-term markets yields on Government
securities and on high-grade corporate bonds have declined further and have
avored refunding operations. .. .
Industrial Advances by Federal Reserve Banks—
Classification of Loans by Industry
Figures showing the classification by industry, of industrial advances by the Federal Reserve banks are presented
in the June issue of the "Monthly Bulletin" of the Federal
Reserve Board, made available June 22. Regarding the
advances and commitments, the Board says in part:
Federal Reserve banks have approved applications for about $86,000,000
of advances and commitments to make advances to supply working capital
to industrial and commercial businesses in accordance with authority'
contained in Section 13-B added to the Federal Reserve Act by an amendment dated June 19 1934. Up to May 29 1935 they had actually advanced
over $30,000,000 and on that date had $19,000,000 of commitments outstanding. The disposition of applications received up to May 29 1935 is
shown in the "ollowing table:
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13-B
OF FEDERAL RESERVE ACT JUNE 19 1934 TO MAY 29 1935
8245,078,000
Net applications received *
Applications under consideration
Rejected by Federal Reserve bank
Approved by Federal Reserve bank
$23,740,000
130,969,000
88,282,000
$17,478,000
Conditionally approved
19,425,000
Commitments outstanding
26,977,000
Advances outstanding
3,595,000
Advances repaid
5,531,000
Financing institution participations
6,894,000
Advances and commitments in process of completion
6,384,000
Withdrawn or reduced or expired unused
•Excluding applications withdrawn and changes in amounts applied for before
action by Industrial Advisory Committee but including withdrawals and changes
made after such action and before action by Federal Reserve banks.
Volume 141
Financial Chronicle
The amendment to Section 13-B of the Federal Reserve Act provides
that the Federal Reserve banks may co-operate with member banks,
non-member banks, and other financing institutions in making loans to
furnish working capital to established industrial and commercial businesses,
and, in exceptional circumstances, may make such loans directly to borrowers when credit is not available on a reasonable basis from the usual
sources. The loans may be made to established industrial and commercial businesses, they are to be made for the purpose of providing
working capital, they are to have maturities not exceeding five years, and
they are to be made "on a reasonable and sound basis."
Phe law limits funds available for advances and commitments by the
Federal Reserve banks to the total surplus of the banks as of July 1
1934.
about $140,000,000, plus certain payments to be made by the United
States Treasury, which would bring the total available up to about
$280,000,000.
The law provides that there shall be in each Federal Reserve
district
an industrial advisory committee (serving without Pay), the purpose
of which is to aid the Federal Reserve banks in carrying out the new provisions. This committee represents commerce and industry. Each
member of the Industrial Advisory Committee must be actively engaged
in some industrial pursuit within the district. Each application for
an
industrial loan must be passed upon by the Industrial Advisory Committee and transmitted to the Federal Reserve bank with the
committees
recommendat on as to the action to be taken. . . .
Classification of Loans by Industry.
The loans made either by the Federal Reserve banks direct or by
financing
institutions under commitments from the Federal Reserve banks vary
in
size from $250 up to amounts of several million dollars. The
maturities
range from a few months to five years. A wide variety of enterprises
is
covered. The table following shows the various types of industrial
and
business concerns that have asked for and received the most
assistance
from Section 13-B.
APPLICATIONS FOR INDUSTRIAL ADVANCES AND COMMITMENTS
APPROVED BY FEDERAL RESERVE BANKS JUNE 19 1934 TO MAY 1
1935
Business or Industry
Commitments
No.
Manufacturers
Aircraft
Autos, trucks and accessories
Chemicals and allied products
Electi Mal goods
Food products
Furniture, office and household equipmentBides and leather
Jewelry and silverware
Liquors, wines and beer
Lumber and builders' supplies
Machinery and machine tools
Metals
Paper products
Railway equipment
Rubber goods
Stone, clay and glass Products
Textiles
Wearing apparel, shoes, ke
Wood products
Other
Amount
Adrances
No.
Amount
17
15
9
27
31
4
2
21
31
33
27
10
1
1
6
10
34
6
20
2
87,732,500 16
363,500 28
1,027,000
4
1,029.300 68
1,964,500 46
111,400
6
27.300
6
2,455.000 15
2,286,000 46
3,285,000 .51
2,798,000 49
398,700 14
250,000
_
200,000
1
1,265,000 13
2,493,500 35
1,256,500 48
451,000 13
460,640 10
81,150,000
4,072,000
882,517
32,000
1,959,000
2,448,000
352,600
67,500
987,000
3,332,000
3,924,400
4,112,500
1,636,400
Total
Wholesale and Retail Trades
Autos and accessories
Chain and department stores
Clothing, dry goods, Jewelry
Drugs, tobacco and liquor
Florists, nurseries, Scc
Food products
Furniture
Grain, feed, seeds, &c
Hardware and machinery
Lumber and builders' supplies
011
Other
314
$29,855,940 511
832,625,867
Total
Miscellaneous
Contractors and construction
Hotels, apartments, restatuanta.
Laundries, cleaners, and dyers de
Mines and quarries
011 and gas production
Printing, Publishing, and allied trades
Shipbuilding and repairing
Transportation
Other
155
Total
Grand total
11
15
16
6
4
30
5
12
$116,200
689.000
435,500
126,000
49,000
1,985,000
53,000
753,000
42
4
10
1,630,700
360.000
235,500
22
48
25
13
5
50
13
28
4
40
18
26
30,000
235,250
3,735,750
1,466,450
474,000
1,728,500
$224,150
650,800
230,850
96.000
97,000
1,359,450
180,500
799,000
78,000
927,550
814,000
355,000
86,433,800 292
35,812,300
19
8
1
1
31,752,000
188,500
6,000
60,000
22
953,000
6
5
120,000
227,500
$1,553,500
334,500
277,200
966,500
210,000
811,600
75,000
515,000
750,900
37
4
13
15
3
51
1
4
30
62
53,127,000 158
$5,494,200
531
839,416.740 961
x43.h32.367
Bids Totaling $321,616,000 Received to Offering of
$100,000,000 of Two Series of Treasury Bills Dated
July 10-$50,045,000 Accepted to 133
-Day Bills at
Rate of 0.068% and $50,100,000 to 273
-Day Bills at
Rate of 0.080%
Secretary of the Treasury, Henry Morgenthau, Jr., announced on July 8 that tenders of $321,616,000 were received
to the offering of $100,000,000 or thereabouts of two
of Treasury bills, of which $100,145,000 were accepted. series
offering was referred to in our issue of July 6, page 41;The
the
tenders thereto were received at the Federal Reserve banks
and the branches thereof up to 2 p. m., Eastern Standard
Time, July 8. Each series of the bills was offered in
of $50,000,000 or thereabouts. One series was 133 amount
-day bills
maturing Nov.20 1935, and the other 27,3-day bills maturing
April 8 1936.
Details of the bids to the offering, as contained in Secretary Morgenthau's announcement of July 8, follow:
133-Day Treasury Bills, Maturing Nov. 20 1935
For this series, which was for $50,000,000, or thereabouts,
the total
amount applied for was $124,306,000, of which $50,045,000 was
accepted.
The accepted bids ranged in price from 99.977, equivalent to a rate of
about
0.062% per annum, to 99.973, equivalent to a rate of about
0.073% per
annum, on a bank discount basis. Only part of the amount bid for at
the
latter price was accepted. The average price of Treasury bills of this series
to be issued is 99.975 and the average rate IS about 0.068% per annum on a
bank discount basis.
199
173-Day Treasury Bills, Maturing April 8 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $197,310,000, of which $50,100,000 was accepted.
The accepted bids ranged in price from 99.955, equivalent to a rate of about
0.059% per annum, to 99.936, equivalent to a rate of about 0.084% per
annum, on a bank discount basis. Only part of the amount bid for at the
latter price was accepted. The average price of Treasury bills of this series
to be issued is 99.939 and the average rate is about 0.080% per annum on a
bank discount basis.
New Offering of $50,000,000 or Thereabouts of 273-Day
Treasury Bills-To Be Dated July 17 1935
Tenders to a new offering of Treasury bills in amount of
$50,000,000 or thereabouts were invited on July 11 by Henry
Morgenthau, Jr., Secretary of the Treasury, the tenders to
be received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m. Eastern Standard Time, Monday,
July 15.1 Bids will not be received at the Treasury Depart'
ment,"Washington.
The bills, which will be dated July 17 1935, will mature
in 273 days on April 15 1936, and on the maturity date the
face amount will be payable without interest. They will
be sold on a discount basis to the highest bidders. There is a
maturity of Treasury bills on July 17 in amount of $75,079,000. In his announcement of July 11 Secretary Morgenthau noted:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of 1,000, $10,000, $100,000. $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basisof100,with not morethan three decimal places,e.g. 99.125.
,
....sal
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on July 15 1935,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds
on July 17 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes:of
any tax now or hereafter imposed by the United States or any of its posses-
sions.
The Treasury for several weeks past has been offering
Treasury bills in amount of $100,000,000, or $25,000,000 in.
excess of weekly maturities. As to the change in the amount
of bills to be issued next week by the Treasury, Washington
advices, July 11, to the New York "Herald Tribune" of
July 12, said:
Apparently satisfied with the relation of receipts to expenditures, and
continuing its "cycle" theory on offering bills, the Treasury to-day reduced
Its weekly offerings from $100,000,000 to $50,000,000. For some weeks
there have been regular weekly bills to the amount of $100.000,000. but
now the Government will revert to the former program of selling only half
that amount.
This means that instead of netting $125,000,000 in funds each week from
the bills the Treasury will pay out that amount, for maturities average
$75,000,000 weekly. The reduction has been indicated previously, and it is
said to be based on several reasons, among which are a disinclination to
let the total of bills get too high or to destroy the "appetite" of the market
and a belief that the note and bonds issues will give plenty of funds.
$500,000,000 of Treasury Notes Offered by Treasury-Bear Low Rate of 13 g%
/ -Dated June 15 1935,
Maturing in Four Years and Five Months
-Books
Closed-Subscriptions Aggregate $2,970,000,000
The Treasury this week offered $500,000,000, or thereabouts, of four-year five-month 1%*, Treasury notes of
series B-1939, the rate of interest being regarded as a new
low for this type of financing. Announcement of the offering was made on July 7 by Henry Morgenthau Jr., Secretary of the Treasury. The books were closed at the close
of business July 8, the same day on Which they opened, but
subscriptions placed in the mail before midnight July 8 were
considered a "timely subscription."
Secretary Morgenthau announced, July 11, the subscription figures and the basis of allotment for the offering of
Treasury notes. He said:
Reports received from the Federal Reserve banks show that subscriptions
aggregate over $2,970,000,000. Subscriptions in amounts up to and'
Including $5,000 were allotted in full, and those in amounts over $5,000
were allotted 17%, but not less than $5,000 on any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks.
The new notes are dated July 15 1935 and will mature
on Dec. 15 1939 and are not subject to call for redemption
before that date. Interest is payable semi-annually from
June 15. Secretary Morgenth.0 said, in his announcement
of July 7, that "the notes will be exempt, both as to principal
and interest, from all taxation. The exemption," the Secre-
200
tary said, "does not apply to estate or inheritance taxes or
gift taxes."
On June 9 the Treasury offered an issue of 1%.% Treasury notes of series B-1940 in exchange only for $416,602,800
of 3% notes of series A-1935, which matured June 15, and
$353,865,000 of 1%% notes of series B-1935, maturing Aug. 1
1935. Reference to this previous financing was made in our
issues of June 22, page 4152, and June 15, page 3985. In
Washington advices, July 7, to the New York "Times" of
July 8 it was stated as follows regarding the new offering
this week:
The proceeds will go to swell the Treasury's cash balance, which has
ordinary
been depleted by meeting emergency expenditures in excess of
rvenues, and retiring consols called for redemption on July 1 in connection
with the gradual retirement of National bank notes.
about
The low rate quoted on the notes is considered by Treasury experts
% paid on an issue of five-year notes which were
2
/
comparable to the 11
on June 15
offered recently in exchange for other Treasury notes maturing
and Aug 1
notes
Treasury experts said that there was no significance in the use of
market for
rather than bonds at this time, except that there was a ready
The
securities of relatively short matuity at very low interest rates.
maturity of four years and five months was fixed because the notes would
date, Dec. 15 1939, when no
then fall due on a quarterly tax payment
other Treasury securities mature.
The fact that the Treasury made no large cash offering on the regular
financing date, June 15, but waited until the money actually was required
borrowings
gave further substance to reports which have been current that
would be made in the future from time to time as the necessity arose,
rather than by the marketing of great issues at stated quarterly periods.
By such a program the Treasury would keep at a somewhat lower level
fund.
than has been customary the average cash balance in the general
Although it is agreed that the Treasury must obtain large amounts of
the gap when, ordinary revenues falling
cash by the sale of securities to fill
short of meeting expenditures, a feeling is evident that the recovery
movement has gained an impetus which will cut down the Government
outlays well below estimates. If such hopes are realized the burden
thrown on the Treasury will be considerably lightened.
The closing of the subscription books to the offering was
made known in the following circular issued by the New
York Federal Reserve Bank:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1565—July 8 1935]
Subscription Books Closed
On Offering of United States of America 1%% Treasury Notes of
Series B-1939
To All Banks and Others Concerned in the Second Federal Reserve District:
In accordance with instructions received to-day from the Treasury Department the subscription books for the offering of United States of
America 1%% Treasury notes of series B-1939, dated and bearing interest
from July 15 1935, due Dec. 15 1939, were closed at the close of business
to-day, July 8 1935. Any subscription placed in the mail before midnight
July 8 1935, as evidenced by post office cancellation, will be considered
a timely subscription.
GEORGE L. HARRISON, Governor.
The following is Secretary Morgenthau's announcement
of July 7, issued for release July 8:
Secretary of the Treasury Morgenthau is to-day (July 8) offering for
subscription, at par and accrued interest, through the Federal Reserve
banks, $500,000,000, or thereabouts, four-year five-month 1%% Treasury
notes of series B-1939.
The Treasury notes now offered will be dated July 15 1935 and will
on a
bear interest from that date at the rate of 1%% per annum, payable
semi-annual basis on Dec. 15 1935, and thereafter on June 15 and Dec. 15
to
of each year. They will mature Dec. 15 1939 and will not be subject
in bearer
call for redemption before that date. The notes will be issued
$5,000, $10,000 and
form only in denominations of $100, $500, $1,000,
$100,000.
all
The notes will be exempt, both as to principal and interest, from
or
taxation. The exemption does not apply to estate or inheritance taxes
gift taxes.
Applications will be received at the Federal Reserve banks and branches,
genand at the Treasury Department, Washington. Banking institutions
erally will handle applications for subscribers, but only Federal Reserve
banks and the Treasury Department will be authorized to act as official
agencies. Applications from incorporated banks and trust companies for
their own account will be received without deposit but will be restricted
in each case to an amount not exceeding one-half of the combined capital
and surplus of the subscribing bank or trust company. Applications from
all others must be accompanied, if for more than $5,000, by payment of
$5,000 or 5% of the amount of notes applied for, whichever is the
greater; and, if for $5,000 or less, by payment in full. The Secretary
of the Treasury reserves the right to close the books as to any or all
subscriptions or classes of subscriptions at any time without notice.
Subject to the reservations set forth in the official circular, subscriptions
for amounts up to and including $5,000 will be given preferred allotment,
and subsoriptions for amounts over $5,000 will be allotted on an equal
percentage basis, but not less than the maximum preferred allotment.
Payment at par and accrued interest, if any, for the notes allotted
must be made on or before July 15 1935, or on later allotment.
Details of the offering are contained in the following
circular issued by the Treasury Department:
UNITED STATES OF AMERICA 1%% TREASURY NOTES OF
SERIES B-1939
Dated and bearing interest from July 15 1935—Due Dec. 15 1939—
Interest payable June 15 and Dec. 15
1935—Department Circular No. 545—Public Debt Service
TREASURY DEPARTMENT
Office of the Secretary
Washington, July 8 1935.
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917. as amended, invitee subscrip-
July 13 1935
Financial Chronicle
the United States,
tions, at par and accrued interest, from the people of
notes of series
for 1%% notes of the United States, designated Treasury
B-1939. The amount of the offering is $500,000,000, or thereabouts.
Description of Notes
that
The notes will be dated July 15 1935 and will bear interest from
semi-annual basis on
date at the rate of 1%% per annum, payable on a
year. They
Dec. 15 1935 and therefater on June 15 and Dec. 15 in each
redemption
will mature Dec. 15 1939 and will not be subject to call for
prior to maturity.
from all
The notes shall be exmept, both as to principal and interest,
taxation (except estate or inheritance taxes *) now or hereafter imposed
by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority.
The notes will be accepted at par during such time and under such rules
the
and regulations as shall be prescribed or approved by the Secretary of
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in demonanotes
tions of $100, $500, $1,000, $5,000, $10,000 and $100,000. The
will not be issued in registered form.
Subscription and Allotment
Subscriptions will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions generally will handle applications for subscribers, but only the Federal Reserve
banks and the Treasury Department are authorized to act as official
agencies. Applications from incorporated banks and trust companies for
their own account will be received without deposit but will be restricted
in each case to an amount not exceeding one-half of the combined capital
and surplus of the subscribing bank or trust company. Applications from
all others must be accompanied, if for more than $5,000, by payment of
$5,000 or 5% of the amount of notes applied for, whichever is the greater;
and, if for $5,000 or less, by payment in full. The Secretary of the
Treasury reserves the right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subuscription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts,
and to make reduced allotments upon, or to reject, applications for larger
amounts, to make classified allotments or to make allotments upon a
graduated scale, or to adopt any or all of said methods or such other
methods of allotment and classification of allotments as shall be deemed
by him to be in the public interest; and his action in any or all of these
respects shall be final. Subject to these reservations, subscriptions for
amounts up to and including $5,000 will be given preferred allotment,
and subscriptions for amounts over $5,000 will be allotted on an equal
percentage basis, but not less than the maximum preferred allotment.
Allotment notices will be sent out promptly upon allotment, and the basis
of the allotment will be publicly announced.
Payment
Payment at par and accrued interest, if any, for notes allotted hereunder must be made or completed on or before July 15 1935, or on later
allotment. In every case where payment is not so completed, the payment with application up to 5% of the amount of notes applied for shall,
upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for notes allotted to it for itself and
Its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve bank of its
district.
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for notes allotted, to make delivery of notes
on full-paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU JR., Secretary of the Treasury.
Similarly, the exemption does not apply to the gift
Decision 4550.
tax.
See Treasury
Gold Receipts by Mints and Assay Offices—Imports
During Week of July 5 Totaled $3,286,863
Announcement was made on July 8 by the Treasury
Department that receipts of gold by the mints and assay
offices during the week of July 5 totaled $6,353,188.01.
Of this amount, it is noted, $3,286,862.63 represented
imports, $1,186,672.34 secondary, and $1,879,653.04 new
domestic. The amount of gold received during the week of
July 5 by the various mints and assay offices is shown in
the following tabulation issued by the Treasury:
Philadelphia
New York
San Francisco
Denver
New Orlean.s
Seattle
Imports
$13,897,49
3,104,400.00
112,879.75
53,397.00
2,288.39
New Domestic
Secondarit
$153,519.04
$512.33
875,900.00
142,C00.00
60,178.85
930,245.26
45,642.00
499,328.00
35,603.99
590.00
15,828.46
307,008.45
Total for week ended July 5 1035_ $3286862.63 31,186,672 34 $1,879,653.04
Treasury Planning Offering of $100,000,000 of 234%
Bonds to Highest Bidders—Sales of "Baby Bonds"
Pass $100,000,000 Mark
It was announced July 11 by Secretary of the Treasury
Henry Morgenthau, Jr., that the Treasury plans to offer,
possibly on Monday (July 15), approximately $100,000,000
of 2%% bonds of 1955-60 to the highest bidders. In noting
this, Washington adviees, July 11, to the New York "HeraldTribune" of July 12,said:
Financial Chronicle
Volume 141
Coming on the heels of the $500,000,000 in 14% notes sold early this
week, the Treasury program gives further credence to reports that it will
keep its borrowings in as close relation with the spending of the $4,800,000.000 work relief fund as is possible. The Treasury had difficulty in its last
fiscal year, ended June 30, to maintain the policy because the Government
agencies spent about 15% less than budget estimates, while the revenue
was up about 2.4%.
Mr. Morgenthau revealed that he plans to keep the working balance of
the Treasury between $750,000,000 and 51,000.000,000. The balance now
stands at $1,215,689.681, and will be further increased with the proceeds
of the issues this week and next week, but to offset this rise there will be
more expenditures to retire the called consols, and the demands of the work
relief program will begin to be heavy.
Secretary Morgenthau also announced July 11 that sales
of United States Savings Bonds, better known as "Baby
Bonds," had that day exceeded the $100,000,000 mark.
These bonds were issued for the first time last March.
$291,202 of Hoarded Gold Received During Week of
July 3-$48,642 Coin and $242,560 Certificates
The Federal Reserve banks and the Treasurer's office
received $291,201.80 of gold coin and certificates during the
week of July 3, it is shown by figures issued by the Treasury
Department on July 8. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to July 3, amounted to
$126,545,174.27. Of the amount received during the week
of July 3, the figures show $48,641.80 was gold coin and
$242,560 gold certificates. The total receipts are as follows:
Received by Federal Reserve BanksWeek ended July 3
Received previously
Total to July 3 1935
Received by Treasurer's Office
Week ended July 3
Received previously
Gold Coin
Gold Certificates
$48,641.80
$238,760.00
30,508.508.47 93,308,760.00
$30,557,148.27 $93,547,520.00
263,906.00
$3,800.00
2,172,800.00
Total to July 3 1935
$263,906.00 $2.176,600.00
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 796,760.03 Fine Ounces During Week of July 5
During the week of July 5, it is indicated in a statement
issued by the Treasury Department on July 8, silver amounting to 796,750.03 fine ounces was received by the various
United States mints from purchases by the Treasury in
accordance with the President's proclamation of Dec. 21
1933. The proclamation was referred to in our issue of
Dec. 23 1933, page 4441. It authorizes the Treasury to
absorb at least 24,421,410 fine ounces of newly-mined silver
annually. Receipts by the mints since the proclamation
was issued total 39,302,000 fine ounces to July 5. During
the week of July 5 the Philadelphia Mint received 313,778.31
fine ounces, the San Francisco Mint 475,950.97 fine ounces,
and the Denver Mint 7,020.75 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
Week Ended- Ounces
1934Jan. 6
1.157
Jan. 12
547
Jan. 19
477
Jan. 28
94.921
Feb. 2
117,554
Feb. 9
375,995
Feb. 16
232.830
Feb. 23
322.827
Mar. 2
271,800
Mar. 9
126,604
Mar. 16
832.808
Mar.23
309.844
Mar.80
354.711
Apr. 8
589,274
Apr. 13
10,032
Apr. 20
753,938
Apr. 27
436,043
May 4
647,224
May 11
600,631
May 18
503,309
May 25
885.058
Jane 1
295,511
June 8
200,897
June 15
208,790
June 22
380,532
June 29
64,047
July 8
*1,218.247
•Corrected figures.
Week Ended-- Ounces
1934July 13
230,491
July 20
115,217
July 27
292.719
Aug. 3
118.307
Aug. 10
254,458
Aug. 17
649.757
Aug. 24
376.504
Aug. 31
11,574
Sept. 7
264,307
Sept. 14
353,004
Sept.21
103.041
1,054,287
Sept.28
Oct. 5
620,638
Oct. 12
609,475
Oct. 19
712,206
288,900
Oct. 26
Nov. 2
826.342
Nov. 9
359,428
Nov. 16
1,025,955
Nov.23
443.531
Nov.30
359,298
Dec. 7
487,893
Dec. 14
848.729
Dec. 21
797.206
Dec. 28
484.278
Jan 4
467,385
Jan. 11
504.363
Week Ended- Ounces
1935
Jan. 18
732.210
Jan. 25
973,305
Feb. 1
321,760
Feb. 8
1.187.706
Feb. 15
1,128.572
Feb. 21
403,179
Max'. 1
1,184,819
Mar. 8
844.528
Mar. 15
1,555,985
Mar.22
554,454
Max',29
695,558
Apr. 5
838.198
Apr. 12
1,438.681
Apr. 19
502,258
Apr. 26
87,704
May 3
173,900
May 10
686,930
May 17
86,907
May 24
363.073
May 31
247,954
June 7... .._ 203,482
June 14
462,541
June 21
1,253,628
June 28
407,100
July 5
798,750
Silver Transferred to United States Under Nationalization Order-2,804 Fine Ounces During Week of
July 5
Silver in amount of 2,804 fine ounces was transferred to
the United States during the week of July 5 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the order was issued and up to July 5 total
112,914,792 fine ounces, it was noted in a statement issued
by the Treasury Department on July 8. The order of
Aug. 9 was given in our issue of Aug. 11, page 858. In the
July 8 statement of the Treasury it is shown that the silver
was received at the various mints and assay offices during
the week of July 5 as follows:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended July 5 1935
Fine Ounces
508
970
783
318
225
--2,804
201
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended-- Fine Ors.
1934
Aug. 17
33,485,091
Aug. 24
28,088,019
Aug. 31
12.301.731
Sept. 7
4.144.157
Sept.14
3.984,363
Sept.21
8,435,920
Sept.28
2,550.303
Oct. 5
2,474,809
Oct. 12
2,883.948
Oct. 19
1,044,127
Oct. 28
746,469
Nov. 2
7,157,273
Nov. 9
3,685,239
Nov. 18
338.191
Nov.23
261.870
Nov.30
86,682
Week Ended- Fine Ozs.
1934
Dee. 7
292,358
Dec. 14
444,308
Dec. 21
692,795
Dee. 28
83,105
1935
Jan. 4
309,117
Jan. 11
535,734
Jan. 18
75,797
Jan. 25
62.077
Feb. 1
134.096
Feb. 8
33,806
Feb. 16
45.803
Feb. 22
152.331
Mar. 1
38,135
Mar. 8
57.084
Mar. 16
19.994
Week Ended- Fine Ors.
1935
Mar. 22
54,822
Mar. 29
7,515
Apr. 5
5,158
Apr. 12
5,755
Apr. 19
88,771
Apr. 26
50,269
May 3
7,941
May 10
5,311
May 17
11,480
May 24
100,197
May 31
5.252
June 7... ..
9.988
June 14
9.517
June 21
26,002
June 28........
18,360
July 5
2,814
President Roosevelt Revises List of Must" Legislation
'
-Tax Bill and Measure Legalizing Abrogations of
Gold Clause Placed Foremost
President Roosevelt on July 9, at a meeting with 14 leaders of the House of Representatives, revised his so-called
list of "must" legislation which he desired to see enacted
at the present session, and substituted what one of the
conferees described as an "expedient" list. Representatives who attended the White House conference said that
most important to the President were a bill involving his
taxation program and another providing legal sanction for
abrogation of the gold clause in governmental contracts.
All other bills were referred to as highly desirable in the
event that they could be enacted without endangering the
Administration's prestige. Among the measures listetd as
"desirable" were the Guffey Coal Control bill, the Tennessee Valley Authority amendments, legislation providing
Federal regulation of bus and truck operations in interState commerce, proposed amendments to the Bankruptcy
Act to facilitate railroad reorganization, and a proposal to
make permanent the Federal Alcohol Administration.
A dispatch from Washington, July 9, to the New York
"Times" described the developments at the meeting as
follows:
The conferees apparently proceeded on the assumption that the social
security measure, now in conference between- Senate and House, would be
enacted in the end. The same thought seemed to apply to the Administration Banking bill, which still has to pass the Senate, but is expected to
emerge in some form or other before the present session ends.
It was considered significant by some of those at the conference that
the President made no mention, as they said, of the utility holding company bill, now the chief point of contention before the White House and
House and Senate leaders.
A remark of one conferee in this connection seemed to emphasize the
belief heretofore expressed by Administration leaders that the President
was confident he would get a "strong" holding company bill from the
conference between the House and Senate on the "death sentence."
Other Measures 1Vell Along
Some other measures were not mentioned by leaders as they left the
White House, such as the amendments to the Agricultural Adjustment Act.
These measures had already been acted upon by either the House or
Senate and were considered to have been left out of the discussion for
the same reason; that they were. expected to reach the White House
finally in substantially the form sought by Mr. Roosevelt.
It was the sense of the meeting, according to one of the President's
chief lieutenants in the House, that every effort should be made to obtain
adjournment of Congress by Aug. 3. Another leader, viewing the situation more as a practical matter, suggested Aug. 15.
In any event, it was emphasized, it was considered highly desirable
‘
that 'adjournment be taken prior to completion of what was heretofore
understood by House leaders to be the "must" list, even if this meant
junking part of the program with a view to its renewed consideration next
January.
Speaker Byrne said, however, that there was no intention of recessing
Congress in the near future with a view to reconvening again in the Fall
to complete the program.
"The program will be completed at this session," he declared.
In response to questions, he said he "hoped" that adjournment could be
taken by Aug. 15, and when asked whether he felt there was likelihood of
an earlier adjournment date, he replied:
"Absolutely not."
President Roosevelt Considering Legislation for Permanent NRA-Business Advisory Council Suggests
Consolidation with FTC-NRA to Survey Major
Industries in Mapping 1936 Legislation
President Roosevelt was reported on June 28 to be considering proposals for legislation creating a permanent
National Recovery Administration, to be presented to
Congress on Jan. 1 in the event that permanent legislation
of this character is not enacted at the present session. The
President's plan would provide for a convocation of industry,
labor and consumer groups in Washington during the
Summer, to study the possibilities for legislation, survey the
industrial outlook as a result of the Supreme Court decision
in the Schechter NRA case, and examine every phase of
NRA experience during the last two years.
It was reported on June 30 that Secretary of Commerce
Roper's Business Advisory Council had drafted a definite
plan for welding the NRA and the Federal Trade Commission through new legislation. This plan would contemplate an increase in the Commission from five members
to nine, would combine the present NRA organization with
the Commission, and would divide the Commission into two
sections, one of which would be investigatory and the other
to make codes.
202
Financial Chronicle
A Washington dispatch of June 28 to the New York
"Times" discussed further plans of the President with regard
to the NRA as follows:
There would be a research organization now being set up by Dr. L. C.
to the
Marshall within the NRA, which would be specifically delegated
task of working out in complete form the lessons of the two years' experience
under the Blue Eagle.
All Agencies Would Aid
At the same time the impartial board of inquiry under Major Gen. Amos
and hour
Fries would be tackling the problem of investigating undue wage
decision.
changes resultingfrom the collapse of the codes under the Schechter
problems
Every government agency that had any knowledge of these
Labor
would be expected to contribute its share of effort, particularly the
a
and Commerce Departments.
1 and
The tripartite conferences would be expected to end about Oct.
public
the President would then ask both branches of Congress to hold
view to
hearings beginning Oct. 1 to mass all available information with a
formulating suitable permanent legislation.
be wholly
While the President is aware that wage reductions cannot
that no perprevented by hortatory appeals, he will probably, assuming
to maintain
manent legislation is enacted, make a strong appeal to industry
wages and the shorter hour week gained to labor from the codes.
on the
k It was represented to-day that the President's mind was open
legislation enacted at
question as to whether there should be permanent
of the American
this session of Congress. He heard William Green, president
corporations doing
Federation of Labor, describe a bill for the licensing of
the federation's
an interstate business which has been completed under
direction. This bill may be offered in Congress in a few days.
investigation
The NRA is planning to make a thorough
industries, and
of more than a score of the nation's major
next
on the basis of that survey to recommend to Congress least
of at
year legislation providing Government controlWashington,
Inter-State operations, it was reported in
disclose
July 7. It was said that the inquiry will seek to
The
the evil features of the present competitive situation.
necessarily
industries which will be investigated are not
which
the largest in the country, but rather are those in in the
the NRA believes it can show evils in competition or would
conditions under which employees work. The study shoes,
probably include, steel, cotton textiles, oil, boots and
motion pictures, automobiles, lumber and coal.
A dispatch of July 7 from Washington to the New York
"Journal of Commerce" discussed the proposed survey as
follows:
very inception of the bust-
The investigations would go back to the
structure
nesses in this country, and would go deeply into the corporate
operaAnd financing of the several industries, as well as into producing
tions, methods of competition and the conditions of labor.
show, among
On the basis of the information developed, which would
prior to
other things, the conditions in each of the selected industries
of codes
-adoption of their codes, improvements resulting from observance
of the
and retrogression following invalidation of code-making provisions
legislation
Recovery Act, it is proposed to frame recommendations for
the control it exerwhich would restore to the Government a measure of
case.
cised prior to the Supreme Court decision in the Schechter
comThe proposed legislation would be based either on the Inter-State
powers
merce clause of the Constitution or on the Government's taxing
ander the same document.
To Apply Inter-State
but NRA
It would, of course, apply only to inter-State operations,
industries Interofficials interested in the project believe that in many
at least in the
State and intra-State activities are so inextricably mixed,
would
case of larger concerns, that a substantial proportion of companies
be brought under control.
been made
Tentative suggestions for this type of regulation already have
of all concerns
In Congress in the sticipe of bills requiring registration
n or transusing the mails or other media of inter-State communicatio
portation.
be exercised
NRA officials are firmly convinced control of industry can
in the new proonly by legislation. Little or no confidence is placed
it being pointed
visions of the Recovery Act, authorizing voluntary codes,
to accept
out that industries making such agreements are to be required
maximum hours
the collective bargaining provisions of the law, provide
being perand minimum wages and outlaw child labor, while in return
outlawed
mitted only to prohibit such unfair trade practices as are already
by existing statutes.
Convictions Under Discredited New York State NRA
Law to Be Set Aside on Application—Fines Paid
Will Be Remitted
New York business men and corporations that were fined
and imprisoned for alleged violations of the State Schackno
Enabling law, before the United States Supreme Court decision on the unconstitutionality of the NRA codes, may
have the convictions canceled by a motion in Special Sessions Court, James J. Wilson, Assistant District Attorney
of New York City, announced on July 8, when he agreed
before Special Sessions Justices Caldwell, Gresser and McDonald to the quashing of convictions in three such cases
and the remission of fines. All of the fines remitted had
been paid under protest. Mr. Wilson said that he expects
many other concerns and individuals to take similar action
to obtain the return of NRA fines.
Decisions in the cases were noted as follows in the New
York "Times" of July 9:
The first case on which the court acted yesterday was that of three
members of the Krampf, Pitchman & Krampf Corp., furriers, at 214 West
Twenty-ninth Street. Louis and Samuel Krampf and Julius Pitchman
were fined $100 each for violating the fur code in September 1934 by
employing 12 persons on a Saturday afternoon in violation of the workinghours schedule dictated by the Fur Code Supervisor.
Exoneration next came to the Fleischmann dr Blindman Corp., furriers,
307 Seventh Avenue, which, at the close of last year, also was fined $100,
while Max Fleischman, one of the partners, was acquitted.
The court then abrogated the conviction of the Bathgate Live Poultry
Market, Inc., at 1587 Bathgate Avenue, the Bronx, and remitted Its fine
July 13 1935
dealing with the sale
of $100 for an alleged violation of the poultry code
The conviction
of poultry that had been specially selected by a customer.
chicken case, on which the Supreme
was exactly similar to the Schechter
unconstitutional.
Court of the United States declared the NRA codes
had pleaded guilty,
In the Bronx market case one of the co-defendants
was acquitted. The
and was fined $100, while a second co-defendant
also had violated
Poultry Code Administrator had charged the corporation
provide its pro rata
his demand for a weekly report and had refused to
share of the expenses of the Code Administration.
Plea Makes No Difference
cases was
"It makes no difference whether a defendant in these code
later. "He or the
convicted or pleaded guilty," Mr. Wilson explained
accusation if he makes a motion to
corporation must be exonerated of the
the United States in
that effect. The action of the Supreme Court of
declaring the NRA unconstitutional meant that these codes and the State
stay conEnabling Act never were legal, and nobody can plead guilty or
victed of violating laws that had no legal status."
Schackno law convictions had been
Mr. Wilson said that about 150
he estirecorded in the Special Sessions courts of the five boroughs and
would
mated that about $5,000 in fines had been paid, which the city
have to return.
went to jail," lir. Wilson was
"In those cases where the code victims
asked, "what can the court do for them I"
"I guess they are out of luck," he said.
President Roosevelt Makes Known Long List of Works
Projects in Reply to Critics—Announces New
Division of Responsibility in Supervising Program
—H. L. Hopkins Says 100,000 Projects Will Begin
by Aug. 1
President Roosevelt on July 3 replied to criticism that
the $4,000,000,000 work relief program consists mainly of
small, unimportant projects by reading to newspaper reporters a long list of approved projects of all kinds, in
order to show that these works were known in detail to
those responsible for their operation. The President also
issued a statement outlining a new division of responsibility
over work relief projects. Under this new plan, projects
in which the aggregate cost is estimated at more than
$25,000 will be under the jurisdiction of Secretary of the
Interior Ickes and the Public Works Administration, while
those costing lesser amounts will be in charge of Harry L.
Hopkins and the Works Progress Administration.
After the President issued his statement, Frank C. Walker,
Director of the Division of Applications and Information,
denied reports of discord between members of the relief
organization and said that he, for his part, had "enlisted
for the duration of the war."
Mr. Hopkins on July 3 said that all State projects will
have been passed upon by his organization by Aug. 1, when
he expects to have 100,000 projects ready for work. He
added that while "not a single man" had been put to work
on the new relief program, many of the projects would be
started within a week.
General Hugh S. Johnson,former Recovery Administrator
and at present Works Progress Administrator'for New York
City, was advised on July 5 by Mr. Hopkins that $17,500,000
of Federal funds would be available for New York City
in July.
The statement issued by President Roosevelt after his
press conference on July 3 read as follows:
STATEMENT
Defining types of applications to be considered by Federal Emergency
Administration of Public Works and Works Progress Administration,
PART I
In order to assure the expeditious and orderly headlining of the great
number of applications of States, Territories, possessions, including subdivisions and agencies thereof, municipalities, the District of Columbia
and public bodies, now being submitted under the Emergency Relief Appropriation Act of 1935, and in order to further the development of a
balanced program of sound projects which will take a maximum number
of workers off the relief rolls, it is desirable to define what types of
projects shall be within the jurisdiction of the Federal Emergency Administration of Public Works and what types of projects shall be within the
jurisdiction of the Works Progress Administration.
PART II
Applications shall be submitted to the Federal Emergency Administration
of Public Works for:
(1) Works Projects—Construction projects (other than repair and maintenance projects, and other projects directed in this statement to be submitted to the Works Progress Administration) where the aggregate cost
upon completion is estimated to be more than $25,000. Examples of such
projects are: airport buildings, armories, almshouses, auditoriums, bulkheads, canals, docks, dormitories, schools and university buildings, electric heat, light and power plants and distribution systems, gas plants and
distribution systems, jetties, piers, wharves, highways, bridges, tunnels,
subways, viaducts, hospitals, dispensaries, sanitariums, markets, warehouses, city and town halls, court houses, fire and police stations, jails,
libraries, sanitary sewer systems, drainage improvements, garbage and
rubbish disposal plants, public buildings, sewage disposal plants, storm
sewer systems, terminals, water supply and distribution systems, filtration
plants and other similar projects.
(2) Slum Clearance and Low-Cost Housing Projects—Projects of a type
heretofore carried on by the Housing Divisions of the Federal Emergency
Administration of Public Works.
PART III
Applications shall be submitted to the Works Progress Administration
for:
(1)-Non-construction Projects—Projects of a type designed to assure
maximum employment principally to professional, clerical and white-collar
classes.
(2) Small Works Projects—Projects of any type where the aggregate
cost upon completion is estimated to be $25,000 or lees.
(3) Other Works Projects—All other projects, regardless of cost, except
those referred to in Part II above. Examples of such projects are: Recrea-
Volume 141
Financial Chronicle
203
tional facilities, parks, playgrounds, small dams, ditches, street repairs,
demolition, malaria control, pest extermination, airports, sidewalks, gutters
and curbs, levee works landscaping, grading, farm to market roads, reservoirs, swimming pools and similar projects.
poned for one month, as was noted in the "Chronicle" of
July 6, page 55.
The text of the President's letter to Representative Hill
is given below:
PART IV
Applications rejected by the Federal Emergency Administration of
Public Works shall be submitted immediately to the Works Progress
Administration.
PART V
All applications for loans shall be submitted to the Federal Emergency
Administration of Public Works.
White House, July 5 1935.
My dear Mr. Hill: Your subcommittee of the Ways and Means has
pending before it H. R. 8479, "a bill to stabilize the bituminous coal
mining industry and promote its inter-State commerce," drc., and I understand that questions of the constitutionality of some of its provisions have
arisen in the subcommittee.
This industry, from the standpoint of the operators and the miners, has
had many years of difficulty. The product is a great natural resource
entitled to the consideration of Congress both as to the conditions under
which it is produced and distributed and as to the measures which may
be taken for its conservation.
The deposits are limited to a few States, the consumption is nation-wide.
Competition and overexpansion have brought destructive price reductions,
which have inevitably reacted upon labor standards with a resulting dislocation, restriction and obstruction of inter-State commerce and a
recurring danger of industrial strife.
Circumstances such as these present the strongest possible illustration
of how conditions of production directly affect commerce among the States.
Admitting that mining coal, considered separately and apart from its
distribution in the flow of inter-State commerce, is an Intra-State transaction, the constitutionality of the provisions based on the commerce clause
of the Constitution depends upon the final conclusion as to whether production conditions directly affect, promote or obstruct inter-State commerce
in the commodity.
Manifestly, no one is in a position to give assurance that the proposed
Act will withstand constitutional tests, for the simple fact that you can
get not 10 but 1,000 differing legal opinions on the subject. But the
situation is so urgent and the benefits of the legislation so evident that all
doubts should be resolved in favor of the bill, leaving to the courts, in an
orderly fashion, the ultimate question of constitutionality.
A decision by the Supreme Court relative to this measure would be
helpful as indicating, with increasing clarity, the constitutional limits
within which this Government must operate.
The proposed bill has been carefully drafted by employers and employees
working co-operatively. An opportunity should be given to the industry
to attempt to work out some of its major problems. I hope your committee will not permit doubts as to constitutionality, however reasonable,
to block the suggested legislation.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
PART VI
This statement shall not govern applications involving projects falling
within the jurisdiction of any other Federal agency.
HAROLD L. ICKES,
Federal Emergency Administrator of Public Works.
HARRY L. HOPKINS,
Works Progress Administrator.
FRANK C. WALKER,
Executive Director, National Emergency Council.
Approved:
FRANKLIN D. ROOSEVELT,
The White House, July 2 1935.
We also quote, in part, regarding the President's press
conference from a Washington dispatch of July 3 to the New
York "Times":
Mr. Roosevelt had on his desk a sheaf of printed sheets, including a list
In part of work relief projects approved for Georgia alone.
These he began to read off. Saying he had a description of 881 Georgia
projects, he told the newspaper men that when they had heard enough
they could tell him to stop. If they wished to hear others he also had a
list of Indiana projects.
He read a page of the Georgia list amid a chorus of requests to stop,
and proceeded for some time after his listeners obviously had heard
enough. After he had stopped this recitation, he emphasized that each
of the projects, regardless of how small it might be, had been carefully
checked by somebody and approved on the basis of expense, potential
employment and the relation of total cost to wages that would be paid
to labor.
He also read lists of specimen projects approved for New York City,
Indiana and Alabama, including a reiteration pf allotments to these districts
which already have been announced.
In response to a question as to possible expansion of the rural road
program, Mr. Roosevelt said he hoped that this could be expanded to
include 37.5% of the $000,000,000 earmarked for highways instead of
25% of the money as originally conterhplated. A total of $800,000,000
was earmarked for roads, but $200,000,000 of this was segregated for
grade-crossing elimination.
Regardless of price, a long list of projects, largely of a type upon
which work can be split into a number of smaller proposals, will be undertaken by Mr. Hopkins's division.
Included in a list of such projects were the construction of recreational
acilities, parks, playgrounds, small dams, ditches, street repairs, farm-tomarket roads, airports, sidewalks, gutters, reservoirs and swimming pools.
In addition, the WPA will supervise all "white-collar" projects. The
PWA will carry out all slum clearance and low-cost housing projects, irrespective of the amount of money involved.
A stipulation that applications rejected by the PWA shall be submitted
to the WPA within 30 days was made to enable cities not in a financial
position to obtain PWA loan aid to benefit under the works program, Mr.
Hopkins said.
The Works Progress Administrator is permitted to make outright grants
of up to 100% for projects, whereas Mr. Ickes can make grands of only
45% of construction costa. Mr. Hopkins made it clear that cities in a
poor financial condition would, where possible, be forced to pay part
of the costs, but that their contribution would be smaller than under the
PWA arrangement.
"We don't want this thing to be abused and we intend that cities shall
pay part of construction costs if they are able," he remarked. "New
York City, which borrows most from PWA, will probably get more 100%
grants from WPA than other cities."
President Roosevelt Urges Passage of Guffey Coal
Control Bill Despite Doubts as to Constitutionality
—Letter Says Supreme Court Decision on Measure
Would Aid in Showing Limits Within Which
Government Must Operate
Early passage of the Guffey-Snyder coal control bill,
despite any doubts as to its constitutionality, was urged
by President Roosevelt in a letter to Representative Sam B.
Hill, Chairman of a House Ways and Means subcommittee
investigating the measure, made public on July 6. The
President in his letter said that no one is in a position to
give advance assurance regarding the bill's validity, but he
added that "the situation is so urgent and the benefits of
the legislation so evident that all doubts should be resolved
in favor of the bill, leaving to the courts, in an orderly
fashion, the ultimate question of constitutionality."
Mr. Roosevelt said that a Supreme Court decision would
"be helpful as indicating, with increasing clarity, the constitutional limits within which this Government must operate." He concluded by expressing the hope that the subcommittee would "not permit doubts as to constitutionality,
however reasonable, to block the suggested legislation."
Attorney-General Cummings on July 5 had told the members of the subcommittee that he believed Congress would
be justified in enacting the bill and allowing a later court
decision to determine its validity. He indicated, according
to some Congressmen, that he had personal doubts as to the
measure's constitutionality.
The President, in seeking to avert a threatened strike in
the bituminous industry on June 30, assured labor leaders
that he would use his influence to expedite the passage of
the Guffey-Snyder bill. As a result the strike was post-
A Washington dispatch of July 6 to the New York
"Times" commented on the President's action as follows:
Opinion was slow in forming as to the probable effect of Mr. Roosevelt's
communication. On this one point observers did agree: That it would
probably loosen a flood of constitutional arguments in the House and
Senate, which leaders had hoped to avoid this late in the session.
It was too early to-night to predict whether this probable oratory would
carry with it new opposition to the bill. Any estimate of the situation
had to take into account that the powerful labor lobby was behind the
bill as a vital part of its program, second only to the Wagner labor disputes bill which the President signed yesterday, after being passed by both
Houses despite protests based on the question of its constitutionality.
Those inclined to seek for fundamental trends saw in the President's
letter a manifestation of his determination to test the constitutional
barriers to the New Deal as implied by the Supreme Court's decision in
the Schechter case.
They saw, too, a desire by the President to define more clearly the
Issues raised by that decision, preparatory to such other action as he
might wish to take to modernize the Constitution.
Administration Seeks Early Passage of Banking Bill,
According to J. F. T. O'Connor—Senator Glass
Submits Detailed Report on Measure
Both the Administration and the leading bankers of the
nation wish early action on the proposed Banking Act of
1935, J. F. T. O'Connor, Comptroller of the Currency, said
on July 9 after a conference with President Roosevelt.
Senator Glass, who is Chairman of the subcommittee of the
Senate Banking and Currency Committee in active charge
of legislation, submitted a detailed report on the measure
to the Senate on July 6. The detailed report analyzes the
bill section by section.
It was reported from Washington on July 9 that modification of the prohibition against securities underwriting
by Federal Reserve member banks will probably be eliminated from the bill because of the insistence of President
Roosevelt and Marriner S. Eccles, Governor of the Federal
Reserve Board. It was believed that the Senate might
accept this modification despite Administration opposition,
but it was considered probable that it might be voted down
when the measure goes to conference.
A special committee of the American Bankers Association
met in Washington on July 10 to study the Senate version
of the banking bill. It was revealed on July 9 that an
Association proposal to change the underwriting limitations on banks under the present law had been drafted five
months ago. A Washington dispatch of July 9 to the New
York "Herald Tribune" commented on this proposal as
follows:
Giving the first indication of the attitude of the A. B. A. toward the
underwriting liberalization, the proposal which was devised by the special
committee gives indication that the meeting to-morrow will bring an
indorsement for altering the law to permit the banks to regain some of
the underwriting business lost two years ago. However, it was said to-day
that the A. B. A. stand is conditional on freeing the banks from the
liabilities contained in the Securities Acts, with the result that liberalization is expected to be favored only on the basis of making the 1933 Act
Inoperative in regard to banks. The Senate bill retains the liability.
Calls for Amendments
A report of the special committee of the A. B. A., which has never been
made public, calls for amendments of existing law to permit National and
204
Financial Chronicle
subject to
State banks to contract to purchase investment securities,
Following the
restrictions, remaining unsold after a public offering.
the provisions
English system of underwriting, this suggestion is similar to
limits placed
in the Glass bill. Howevevr, there is some variance in the
on the banks' operations.
the plan and
The special committee of the A. B. A., which devised
banking
which will meet here to-morrow to study the Senate version of the
Association;
bill, is composed of Rudolph S. Hecht, President of the
President of the
Robert V. Fleming, Vice-President of the Association and
National
Riggs National Bank; Tom K. Smith, President of the Boatman's
of the Chase National
Bank, St. Louis; Winthrop W. Aldrich, Chairman
Fulton
Bank, New York, and Ronald Ransom, Vice-President of the
National Bank, Atlanta.
We also quote from another Washington dispatch of
July 6 to the "Herald Tribune" regarding the detailed
report on the bill by Senator Glass:
Federal
Regarding the much-disputed Title II of the bill, affecting the
bill has been
Reserve System, the report says: "Title II of the House
over this title.
altered considerably," but it steers clear of controversy
Securities Underwriting Limit Explained
Title II and
While the bill contains numerous controversial features in
is the section of
Title III, one that has attracted exceptional attention
private
Title III relating to underwriting of securities by banks, including
with conbanks and State banks. President Roosevelt views this feature
Senate.
cern, and it is a certainty it will stir up a storm in the
bill was:
The explanation given by the report on this feature of the
of the revised statutes (relating
"Section 308(A) amends Section 5186
banks) so as to
to purchasing and holding investment securities by National
more than
eliminate the existing limitation against purchasing and holding
the limitation
10% of a particular issue of securities, and it also changes
of any one obligor in
against a bank purchasing and holding securities
said limitaexcess of 15% of capital and 25% of surplus, so as to reduce
tion to 10% of each.
Law Not Retroactive
held in
"This reduction of limitation is not to apply to securities lawfully
excess of this amount when the Act takes effect. An additlional amendHouse bill would
ment to this section which was not incorporated in the
permit National banks under regulations by the Comptroller of the Currency to underwrite and sell bonds, debentures and notes, such sales to
be limited to sales on a national securities exchange or directly to dealers
or brokers (other than banks) registered with the Securities Exchange
Commission, or at public auction or otherwise as may be prescribed by
the Comptroller of the Currency.
"Such underwriting is limited to 20% of any one issue, or $100,000,
whichever is the greater, and is further limited as to the total obligations
of any one issuer to 10% of the bank's capital and surplus. The aggregate of all underwriting engagements is limited to twice the bank's capital
and surplus.
"While these amendments are specifically made to the law relating to
the powers of National banks, they also affect private bankers, and all
State banks, whether or not they are members of the Federal Reserve
System. The provisions of Section 9 of the Federal Reserve Act subject
State member banks to the same limitations and conditions as to purchase,
sale, underwriting and holding of investment securities as are applicable
to National banks, and private bankers and State banks are relieved from
the operation of Section 21(A)(1) of the Banking Act of 1933 to the
extent that their securities operations are permitted in the case of
National banks."
The most recent reference to the bill was contained in the
"Chronicle" of July 6, pages 47 and 48.
Bill to Incorporate National Theater Signed by President Roosevelt—Private Institution to Sponsor
"Highest Type" Drama
President Roosevelt on July 5 signed a bill providing for
the incorporation of 45 social leaders as the American National Theater and Academy. The organization is a private,
and not a Government, institution, and will be non-profitmaking. It lists as its purposes the presentation of "highest
type" theatrical productions and stimulation of interest in
the drama "as an art belonging both to the theater and to
literature." United Press Washington advices of July 5
gave additional details of the project as follows:
It proposes to further "production of the best plays" by the best actors
the
at minimum costs and develop drama study in schools and colleges and
"art and technique of the theater through a school in the national academy."
Included among the organizers are Mr. and Mrs. Leopold Stokowski, of
Philadelphia; Anne Morgan, John Hay Whitney, Otto M. Kahn, John H.
Finley and Mr. and Mrs. Arthur Woods, of New York, and Mrs. Lars
Anderson, of Washington.
President Roosevelt Indorses Plan to Extend Federal
Credit to Lumber Growers Who Limit Acreage—
Measure Designed to Aid Smaller Companies
President Roosevelt announced on Jul^ 5 that he had
Indorsed in principle legislation to extend Federal credit to
lumber growers on the basis of controlled acreage. The
President's announcement was made at his press conference, after he had examined the proposed bill with Senator
Fletcher of Florida. The measure would provide that if
the owner of commercial forest land is willing to comply
with the general theory of cutting only as much as is equivalent to the maturing crop he is entitled to Federal credit.
The President said he believed this would be of great
service to the smaller- and medium-sized companies, most
of which are willing to co-operate with the Government. A
Washington dispatch of July 5 to the New York "Journal
of Commerce" gave further details as follows:
The plan under study by the Florida Senator, experts in the forest
service and representatives of the lumber trade since January 1934,
contemplates a Forest Credit Administration, within the Farm Credit
Administration, to provide a forest credit bank capitalized at $40,000,000
equipped to start with a $10,000,000 revolving fund this year and authorized to lend up to $200,000,000 in the next 10 years.
July 13 1935
Loan Interest Limited
associations and corpoLoans would be made to individuals, partnerships,
including improverations for payment of debts; general forestry purposes
products; for purchase of
ment and management and utilization of forest
lands. Borrowers would
forest lands; for transportation facilities to forest
plans for sustained
be restricted to firms agreeing to abide by approved
within 2% more than the
yield management. Interest would be limited to
Credit Administration's Government
cost to the Government of the Forest
guaranteed bonds.
purposes into effect is
The first drafts of the legislation to carry these
said to-night. The pronow before the Budget Bureau, Senator Fletcher
Conferences set up under the
posal originated with the Forest Conservation
10 of the code providing
lumber code to carry out the provisions of Article
upon joint study and recomfo7 sound forest practices. The plan is based
Credit Administration.
mendations of the forest service and the Farm
President Roosevelt to Describe Administration's Aims
in Series of Late Summer Speeches if Congress
Adjourns—Postmaster-General Farley Planning
Political Survey
President Roosevelt will probably describe the principal
aims of his Administration in a series of speeches to be
delivered after Congress adjourns, according to a Washington dispatdh of July 6 to the New York "Herald Tribune,"
which said that the President has already accepted tentative speaking engagements for late August and September.
It was added that under present plans he will make these
the occasion for major addresses covering the main points
to
of his program. If Congress adjourns in time for him in
make his projected visit to the San Diego Exposition,
September, at least two or three of these speeches will be
made at various points in his trip West.
A dispatch of the same date (July 6) from Washington
to the New York "Times" said that Postmaster-General
Farley will leave July 15 on a vacation of six weeks, a part
of which will be devoted to a political survey desired by
the President, who desires to discover whether the Administration has declined in popularity and, if so, the extent
of that decline, as well as the reasons. Mr. Farley plans
to spend his vacation in Hawaii.
The dispatch to the "Herald Tribune" mentioned above
added, in part:
there is
As to the desirable tone for his (the President's) speeches,
One
some difference of opinion in the upper reaches of the New Deal.
aspects of
trend of thought favors a stalwart reiteration of the liberal
opposing
the New Deal, spiced with militant criticisms of its principal
arising
interests. Another trend favors a tone of general reassurance,
the major legislative framework of the New
from a clear statement that
Deal has been completed—assuming that Congress completes the "must"
a
program now before it. A third trend favors laying the basis for
broad constitutional issue next year—taking cognizance of the possibility
its obiter dicta in the Schechter
that the Supreme Court will cling to
case and declare other important New Deal laws unconstitutional during
the coming winter.
The President has kept his own counsel, and it is anticipated that the
tone of his speeches will depend largely on what Congress does or does
not do before adjourning and what he senses the temper of the country
to be by late summer or early autumn. His insistence on enactment
of all proposed major legislation at this session is attributed by his close
associates to his desire to be able to say that his program, in the large,
has been completed and that he will have no important new recommendations in the domestic field to make to the 1936 Congress. This, in view
of many of his close friends, would go far to clear the air of uncertainties,
and encourage business men to go ahead.
On the other hand, some of the President's liberal supporters fear that
if he goes too far in trying to reassure business he will expose himself
again to the danger of an effective liberal or radical third party movement. They point out that his efforts to strike a "truce" with hankers
and business leaders last fall was a failure and that it imperiled his
political position. They feel that so long as he stands where he stands
now, there is no chance of the formation of an effective third party
movement on the left.
House Passes TVA Bill, in Form Desired by Administration—Measure Sent to Conference with Senate
—TVA Again Argues Question of Constitutionality
Before Appeals Court
A bill to amend the measure creating the Tennessee Valley Authority was passed by the House on July 11 by a vote
of 277 to 100, and was sent to conference with the Senate.
The bill as passed by the House had been revised on the
floor to conform more closely with the measure already approved by the Senate, and late this week it was anticipated
that there would be little difficulty for the conferees to
reach an agreement. A provision in the Senate bill permits
the TVA to increase its bond issuing capacity from $50,000,000 to $100,000,000, with the proceeds used to purchase private utility properties, to be resold to States and municipalities which desire to embark on power projects. The bill as
approved by the House retains the $50,000,000 limit, without
power to use the funds for refinancing the sale of private
properties to cities and States.
The final vote was regarded as a distinct indorsement of
Administration proposals. It had been foreshadowed, however, when the House on July 10 approved four amendments
sponsored by Administration supporters. The Administration amendments, and the margins by which they were approved, were as follows:
To remove a limitation under which TVA would be forced to sell power
or chemicals at not less than production costs after July 1 1937-98 to 67.
To liberalize proposed rigid control of the Controller General over TVA
-162 to 120.
expenditures
To eliminate a provision barring TVA construction of power-transmission
-130 to 102.
lines substantially duplicating existing private lines
Volume 141
Financial Chronicle
To give TVA control of the erection of all dams and appurtenant works
on the Tennessee River and its tributaries so that it might carry out a
"unifed" program of developing the Tennessee basin—accepted on a voice
vote.
The Administration gained a victory on June 10 in the
first important test on the compromise Tennessee Valley
Authority bill when the House, by a vote of 98 to 67, accepted an amendment eliminating a section which would
have forbidden the TVA after July 1 1937 to sell power or
chemicals below production costs. President Roosevelt had
vigorously opposed the insertion of this section. The House
vote was in line with a drive to amend the bill, as reported
by the Military Affairs Committee, so as to make it conform to the measure passed by the Senate, which reflected
Administration policies. Debate on the bill in the House
on July 9 was described as follows in a Washington dispatch
of that date to the New York "Times":
Because of considerable opposition to the TVA in the Military Affairs
Committee, the measure now before the House is a compromise which the
Committee was able to report out only by a vote of 13 to 12, and which,
friends of the experiment contend, lessens the power of the Authority
instead of increasing it, as they desire. Four shades of opinion were
reported in the various Committee reports on the bill.
Wilcox Defends Bookkeeping
Mr. Wilcox made a spirited defense of the Authority's bookkeeping in
setting up its rates to consumers of light and power, which is the "yardstick" the Administration hopes to hold up to private companies through'
out the country.
He said that he had questioned Dr. Arthur E. Morgan and David E.
Lilienthal, directors of TVA, very closely as to their accounting methods
under which the rates are established.
The TVA rate base included every item that an honest private utility is
entitled to charge into its rate structure, he told the House. The Authority
has set up a depreciation fund which would completely amortize the cost
of the power-producing plant in 43 years, he continued. He argued that
It set aside, in its rate base, 12.5% of its gross receipts under a heading
-of taxes, or more than private companies in the vicinity of the Tennessee
Valley paid.
Coder rates thus established, he said, the Authority could sell current
at 50% of the prices formerly charged by private companies in the area
served. The distributing association, he declared, were making profits of
38% of their gross receipts, although charging rural consumers only 3c. per
kilowatt.
Representative Taber of New York held that the TVA would lose $16,000,000 a year on its power sales if it charged up interest at 3% on the
investment plus a proper valuation on the dams and distribution charges.
Mr. Maverick asked the House to restore to the bill the Senate measure's
provisions permitting the TVA to float $100,000,000 in bonds to buy private
facilities, to duplicate private transmission lines, to sell surplus power
regardless of production cost, and to remove the financial dealings of the
TVA from the audit province of the Comptroller-General.
The TVA appeared in June before the Court of Appeals
in Atlanta, Ga., to appeal against a ruling by Judge William
I. Grubb of Birmingham, Ala., that the TVA had no constitutional rights to engage in a proprietary business in
.competition with private industry. In its appeal the TVA
asked the court to continue its life as an agency of the
Federal Government whose primary purpose was to improve navigation, prevent soil erosion and control flood
waters. It described its activities in the electrical field as
only incidental to its other operations, and contended that
unless the TVA utilized the falling water over its river
dams to generate electricity it would be "derelict in its
'duties."
The principal attack on the TVA activities was delivered
by Froney Johnston, counsel for power company stockhold•ers, who asserted that the TVA power program is unconstitutional and that the Federal Government has no right
to enter State domain in competition with private industry.
David E. Lilienthal, Director of the TVA, was a spectator
at the hearings, which were summarized, in part, as follows,
• in a dispatch from Atlanta on June 22 to the New York
"'Herald Tribune":
The plea of the TVA was that since the Federal agency had constructed
these dams and created the vast water reservoirs the water falling over the
•spillways should be utilized to drive power dynamos and generate electricity.
Judge Grubb ruled that since the TVA asserted its primary purpose in
• constructing these dams was flood control and improvement of navigation
It was not necessary for the agency to install generating capacity to the
extent that the TVA had to enter into.
Mr. Johnston, in a brief filed with the court, characterized the
TVA
program as the "most ominous in the history of American government,"
and charged that if sustained "will set a precedent for unlimited Federal
domination and operation of private enterprise." It was disclosed that the
'TVA purchased a small tract of land in the mountains of North Carolina
and blocked the expenditure of $100,000,000 by the Aluminum Co. of
America to build power dams and expand its manufacturing facilities in
that region. This incident was presented to the court as an example of
how the agency was hampering private enterprise.
The appeal was heard by Judges Rufus E. Foster, Samuel H. Sibley
and
Nathan P. Bryan. It had been indicated that a final decision will
be
sought from the Supreme Court in October. Mr. Johnston said that "on
the decision of the case depends the question of unlimited Federal proprietary operations as a collectivist or co-operative enterprise within
State
domain." It was his belief that if the TVA Act is upheld it will pave
the
way for the Federal Government to engage into every line of commerce in
-cempetition with private enterprise.
So great is the fear that the Federal Government, through its "bureaucratic agencies" will attempt to invade the field of private business and
destroy profits and initiative that the utility stockholders have asked
the
Court of Appeals that the decision of Judge Grubb be extended to a
declaratory affirmation that the "conduct by the TVA, or any other agency
of the Federal Government, or any agency financed, dominated or controlled
by the Federal Government," of the manufacture and sale of electric
-power in commercial competition with utilities in Alabama is a violation
.of the Constitution.
205
Utility Holding Company Bill Goes to Conference—
Senator Dieterich Withdraws Motion to Instruct
Senate Conferees to Give Way on "Death Sentence"
Provision
The Utilities Holding Company bill was sent to conference on July 10 when Senator Dieterich of Illinois withdrew an earlier motion which would have instructed Senate
conferees not to insist on the controversial "death sentence"
provision which was contained in the measure originally
passed by the Senate but was eliminated in the bill approved
by the House. Withdrawal of the motion by Senator Dieterich was interpreted as a temporary Administration victory, but there was no indication that the Senate conferees
could force their House colleagues to accept the Senate's
version. Senator Dieterich withdraw his motion after
Senator Wheeler promised that every effort would be made
to work out an agreement with the House on the controversial section, and added that if no agreement could be
reached the Senate would be given another opportunity to
vote on the disputed provision.
The House late yesterday (July 12) joined the Senate in
sending the bill to conference, after instructing the conferees
to insist on the changes in the measure which had been made
in the House.
A Washington dispatch of July 9 to the New York "Herald Tribune" summarized as follows the Senate action on
the bill, prior to the withdrawal of the motion by Senator
Dieterich:
The fact the holding company bill will go to a conference committee of
the two Houses means inevitably a long wrangle in conference, with
uncertain results. The outcome may be a deadlock and no legislation this
session, or it may be a compromise as between the Senate and House bills.
President Roosevelt is insistent on the "death sentence," and if the bill
fails is prepared to "go to the country" and make the holding company
contest an issue of the 1936 campaign. Senator Wheeler, head of the
Senate conferees, has been repeatedly quoted in the press as declaring he
would drop the bill rather than see the "death sentence" omitted.
The Senate sent the bill to conference about the middle of the afternoon, following a long and heated debate over a motion by Senator Dieterich to concur in the House bill. This was bitterly fought by Senator
Wheeler and by Administration leaders, headed by Senator Joseph T.
Robinson. Senator Dieterich consented to withdraw his motion to concur
provided he was allowed later to move that the Senate conferees be
instructed not to insist on the "death sentence" section. This aroused a
storm of protest from the "death sentence" advocates, and In the end the
vote on it went over until to-morrow.
Senator Wheeler to-day presented to the Senate a letter written to hits
by Joseph P. Kennedy, Chairman of the Securities and Exchange Commission, attacking parts of the House bill. Mr. Kennedy particularly attacked
Section 2 of the House bill, which is the House substitute for the
Senate
"death sentence" section, and called it "most unfortunate" and
incapable
of enforcement.
The letter read, in part, as follows:
My Dear Senator —
In accordance with your request of this morning, I am writing to
express my
views regarding the holding company bill as it passed the House.
As
the bill which passed the Senate and the House bill propose to give your you know,
Commission
a variety of duties and confer, even apart from Section 11, wide powers of
discretion
In the administration of this Act. These bills, among other things,
require us to
register holding companies, to regulate all security transactions, with
power to
supervise even the underwriting arrangements. In addition the
Commission
Is to regulate the acquisition, of all securities and capital assets of companies
subject
to the Act.
These duties, while enormous, can be discharged, I
with reasonable
efficiency by a trained and competent personnel, but the believe, put upon
burden
us
Section 11 of the House bill is simply staggering. I cannot be too vehement by
in
urging upon you my feeling that this section as now drawn is most
unfortunate.
I urge my objections to this section upon two grounds. The first is simply
the
limitations of human capacity to achieve results. The second objection Is
based
upon my conception of what Is wisdom In government.
Recent Congressional action on this bill was discussed
in the "Chronicle" of July 6, page 46.
House Rules Committee Conducts Inquiry Into Charges
of Lobbying in Connection with Utility Bill—
Testimony Concerns Disputed Conversations Prior
to Vote on "Death Sentence"—Senate Committee
Also Begins Hearings
The House Rules Committee on July 9 began hearings to
investigate charges of lobbying activities on the Public
Utilities Holding Company bill by both the Administration
and utility companies. Most of the first three days
of
inquiry were devoted to testimony regarding a charge the
by
Representative Brewster of Maine that Thomas G. CorcGran, counsel for the Reconstruction Finance Corporation
and co-author of the utility bill, had attempted
to "coerce"
him into changing his vote on the "death sentence"
provision. Approval of this inquiry was noted in
the "Chronicle" of July 6, page 47.
The Senate lobby committee also began hearings
yesterday
(July 12) on efforts to influence the vote on the
utilities bill.
Philip H. Gadsden of Philadelphia, Chairman of
the Public
Utilities Executives Committee, testified that
more
$300,000 had been spent by utilities executives seeking than
to defeat the "death sentence" provision in the bill.
His testimony was briefly summarized as follows in
Associated Press
Washington advices of July 12:
By an assessment of one-half cent a meter on the
companies, Mr.Gadsden
said, the committee of executives raised about $200,000,
of which $151,000
has been spent.
In addition, he declared, the Edison Electric Institute
of New York contributed $150,000.
Of this, he said. $75,000 each was paid to two law
firma, Sullivan dr Cromwell and Simpson, Thacher dc Bartlett, both of
New York.
T. Justin Moore of Richmond, Va., also was
employed, but Mr. Gadsden
said that his compensation had not been determined
by the utility executives.
The House on July 8 broadened the powers of the Rules
Committee in conducting the inquiry after Representative
206
Financial Chronicle
the Military
Rankin of Mississippi charged that members of"power trust
Affairs Committee conferred nightly with the
Tennessee
lobby" at a Washington hotel on the pending
Valley Administration amendments.
before the
Mr. Brewster and Mr. Corcoran both testified versions of
tee on July 9 and gave conflicting
Rules Commit
vote on the utility
their conversations prior to the House summarized as fole. This testimony was partly
measur
New York
lows in a Washington dispatch of July 9 to the
d Tribune":
"Heral
State figures of the past,
Among the outstanding Congressional and
in the Capitol's gloomy
silent bronze and marble witnesses of the affair
"brain truster" met
Hall, the Down-East Representative and the
Statuary
the "death sentence" and
a few minutes before the first House vote on
of their stories which
ended their relations, according to those parts
coincided.
" and "brutally" told that if
Mr. Brewster declared he was "bluntly
construction of the $36,he did not vote for the "death sentence" the
project in his district would
000,000 Passamaquoddy tide-harnessing power
be halted.
he informed the Representative
On the other hand, Mr. Corcoran testified,
poltically" and must now take into
that if he were "not a free man
be trusted to participate in the
account the power interests, he could not
plans for the "Quoddy" project.
Says Brewster Dodged Vote
Mr. Brewster as saying, "if I went
"Would it be satisfactory," he quoted
hotel and did not vote at all?"
back to the
point of the day's proceedings,
Calmly, emphatically, at this closing
his testimony concluded, shouted,
Mr. Brewster, seated as a spectator and
"You're a liar."
shot back, refusing to show
"We'll see if I'm a liar," Mr. Corcoran
y indicated. John J.
rage than the cold anger of all his testimon
further
of the Rules Committee,
O'Connor, Democrat, of New York, Chairman
warned Mr. Brewster to "refrain
pounded with his gavel for order and
from any comment."
Dr. Gruening Party to Talks
denouement in Statuary Hall.
There was one third party to the dramatic
to-morrow, and presumably
Ready to testify when the hearing resumes
Gruening, former editor of
In support of Mr. Corcoran, Dr. Ernest H.
Brewster in his fight
"The Nation," once the ardent supporter of Mr.
now head of the Division of
against the power monopoly in Maine and
Department, also tried
Territories and Island Possessions in the Interior
"death sentence," according
to persuade the Representative to vote for the
threats, Mr. Brewster said.
no
to both witnesses to-day. But he made
would be "a man without a
He simply warned the Representative that he
power magnates and liberals alike, if he opposed
country," obnoxious to
the "death sentence."
his relations with Mr. CorThe effect of Mr. Brewster's whole story of
inued pressure by the
coran was to direct the accusation of long-cont
sentence" and otherwise
"brain truster" to make him vote for the "death
Republican, of Maine,
use his influence with Senator Wallace H. White,
the utility bill, with its
and the Republican side of the House in favor of
out as the directabolition of holding companies. He made Mr. Corcoran
the "Quoddy" project.
ing genius behind both the utility bill fight and
Mr. Corcoran continued his testimony on July 10, as noted
of
In the following Associated Press Washington advices
that date:
with the original drafting
Mr. Corcoran said that he was assigned to help
request from President
of the holding company bill through a direct
Roosevelt.
yesterday, Mr. Corcoran's
In contrast to his rapid clear-voiced testimony
to members at the end
replies to questions to-day were scarcely audible
their inability to hear.
of the Committee table, and they complained of
was told by Mr. Corcoran
Representative Cox, Democrat, of Georgia,
Brewster's attitude for the
that he first noticed a "cooling off" in Mr.
the House vote.
abolition provision on the Monday morning before
that he was afraid of his
"It wasn't so much that he cooled off as
said.
political situation in Maine," Mr. Corcoran
of the House Interstate
He added that he had seen only two members
the bill, with the exception
Commerce Committee during consideration of
atives Mapes, Republican,
of Chairman Rayburn. The two were Represent
of Indiana.
of Michigan, and Pettengill, Democrat,
on the constitutionality of
Mr. Corcoran said that no formal opinion
nt of Justice.
the legislation was rendered by the Departme
of the Committee strayed
Frequently Mr. Corcoran and the members
as the intimidation charges.
from what Chairman O'Connor described
The Chairman protested.
President to clean up the
Mr. Corcoran said that he was asked by the
legal phases of the Passamaquoddy project.
ion and insisted: "I
He repeated his version of the Brewster conversat
have no power to stop the Passamaquoddy project."
Committee
Bill Approved by House Foreign Affairs War Except
Would Forbid Loans to Any Nation at
as Ally of United States
The House Foreign Affairs Committee on July 3 approved
a bill which would prohibit American loans or the extension of credit to the Government or citizens of any nation
the
at war, with the exception of countries allied with bill,
United States. Representative Kloeb, author of the of
told the Committee it was drafted "from the standpoint
attempting to do something for the preservation of White
civilization, because I felt that should another major war
come upon us and should we be drawn into it, it would
threaten the very existence of future white civilization."
His further remarks are given below, as contained in Associated Press Washington advices of July 3:
by
He said he felt with President Roosevelt that war was provoked
political leaders, and continued:
war could
"Now, if the leaders of these countries who are now inviting
doors
'realize that so far as the bankers of the world are concerned the
bring about another
of their vaults are closed in the event that they
catastrophe, they are less likely to bring about that catastrophe."
up
The bill would impose a maximum fine of $10,000 and imprisonment
Several similar bills have
to five years for extension of credit or loans.
been introduced in the Senate.
July 13 1935
Bill to
House Ways and Means Committee to Limit Tax of the
y
President Roosevelt's Proposals—Secretar Should
Treasury Morgenthau Says Any New Taxes Public
Be Used to Reduce Borrowing and Lower
Debt
Ways
Tepresentative Doughton, Chairman of the House ComCommittee, announced on July 9 that the the
and Means
hearings to
mittee had unanimously agreed to limit tax recent messagels outlined in President Roosevelt's
proposa
inheritances
calling for increased taxes on large incomes and
His.
for graduated taxes on corporation earnings.
and
bill considstatement was interpreted to mean that any tax to levies on
ered at this session of Congress would be limited and gifts,.
individual and corporation incomes, inheritances
and would not include the entire tax field. gton yesterday
It was unofficially reported in Washin
nment
(July 12) that the President might agree to anladjour new
his
of this session of Congress without approva of
newspaper
taxation program. One Presidential adviser told , although
men that Congress might adjourn early in August ed in the
he predicted that in this event it would be conven
late Autumn to complete action on the tax bill.
for
The House Committee began hearings on proposals ry
Treasu
tax revision on July 8, when Secretary of the
thau
Morgenthau appeared as a witness. Mr. Morgen subbeen
testified regarding 28 rate schedules which had a request
mitted by the Treasury Department in response to
Means
by Representative Hill, Chairman of the Ways and
ed
Subcommittee on Taxation. Mr. Morgenthau estimat
that the yield of these schedules would range from $118,revenues
000,000 to $901,500,000 a year. He added that the purfrom this source should be definitely earmarked for national
pose of reducing future borrowing and lowering the
debt.
the
The Secretary told the Committee that the worst of r
arrived to conside
depression is over and that the time has of
the public debt.
curtailment of borrowing and reduction
plans
He expressed the belief that the Administration tax
would not hinder business revival.
the
In a prepared statement read by Mr. Morgenthau to aCommittee he referred to the safeguarding of the stabiliz
would
tion fund and silver seigniorage and declared that "it s of
be in the highest public interest to regard the proceed
Treasthese taxes as occupying a third special drawer in the reduce
ury, available only to reduce our borrowings and later prethe national debt." The text of Mr. Morgenthau's
pared statement is given below:
Robert L.
n,
I am glad to respond to the request of your Chairma Mr.
from the Treasury's point of
Doughton, that I appear and discuss briefly,
whickthe
l
g
view, the principles and policies for obtainin additiona revenues
Congress.
President has outlined in his message to the
13. Hill,
,
The Chairman of your Subcommittee on Taxation Mr. Samuel
cal rate-schedules and
submitted to the Treasury a number of hypotheti
your Committee estimates of the
requested the Department to prepare for
each of these rateprobable amount of revenue that would be produced by
to furnish this statistical material
schedules. The Treasury is very glad
will be happy to supply any additional
for the use of your Committee and
desire for use in the discharge of
information which your Committee may
n.
Its responsibility for the formulation of revenue legislatio
and reducing the national
In looking forward to balancing the budget
Preasury in the legislation which your Comdebt the primary interest of the
although
mittee is considering relates to the revenue which it may raise,
to the revIt is true that the full consequences of tax laws are not limited
form hasin any
enues they produce. It has to be recognized that taxation
and social life, and
many collateral effects throughout our whole economic
be levied without these collateral results, and since
that, since taxes cannot
to avoid tax laws which prothey must be levied, there is a national duty
evils produce undesirable social consequences and a like duty to correct
n as they become apparent. I think it will'
duced by existing tax legislatio
these
n
be generally recognized that our tax legislatio has too often neglected
considerations.
t in his message to the
The sources of taxation proposed by the Presiden
to the
Congress of June 19 1935 can be made to yield substantial additions
is shown in our estimates of
receipts of the Federal Government. Tnis
ittee
revenue based upon the schedules of rates submitted by your Subcomm
taxesto the Treasury for calculation of probable yield. These proposed
to pay. They are devised to draw on acrest on the principle of ability
the most part, have beei.
cumulations of wealth and income which, for
their enactment
derived from nation-wide activities. In consequence,
in reshaping our tax structure
should constitute an important step forward
along sounder and fairer lines.
of the national revThe Treasury's first concern is with the adequacy
when the Treasuty must finance exenue. There are times of emergency
gs which increase the public
penditures in excess of income by borrowin
when such an emergency
debt. But the national welfare demands that.
to meet current expenditureshas passed, sufficient income be raised both
in the debt. The time has come toand to make substantial reductions
course, be unwise to impose tax burmove in this direction. It would, of
. But it would be equally unwise not to
dens which would retard recovery
reduce our borrowings and later
call on sources of revenue which would
interfering with recovery, and it is my
reduce the national debt without
the President has now recommended
belief that the additional taxes which
fall within this latter class.
for safeguarding the national
Because of our common responsibility
d in the use which is to be made of the
credit, we are all vitally concerne
proposed taxes. As Secretary of the
revenue that may be derived from the
it would be perilous to regard any part
Treasury, it is my conviction that
for new types of expenditures or asof these new revenues as available
carefully budgeted plans for Federal outjustifying any increase over our
sure will appeal to all of you as the only
lays. The course which I feel
derived from these new taxes shall be
sound procedure is that the revenue
d for reducing future borrowing and
regarded as very definitely earmarke
set aside the proceeds of these new
paying off the public debt. We should was the
stabilization fund.
as
taxes and safeguard them as carefully
matters, I spoke of the ncreSome months ago, in discussing monetary
revaluation as having been placed in a special
ment on gold resulting from
since it was being kept separate
drawer of the Treasury's cash register.
Volume 141
Financial Chronicle
from other funds and was not to be used for ordinary expenditures. Silver
seigniorage resulting from the Silver Purchase Act is being similarly handled.
In closing I should like to repeat that I think it would be in the highest
public interest to regard the proceeds of these taxes as occupying a third
special drawer in the Treasury, available only to reluce our borrowings and
laterreduce the national debt.
We also quote in part from a Washington dispatch of
July 8 to the New York "Times" regarding other portions of
Mr. Morgenthau's testimony:
The 28 proposed rate schedules were all suggested by Mr. Hill, with
•the Treasury asked to estimate the yields, Mr. Morgenthau explained.
He made it clear that the Administration expected the Committee to solve
the tax-rate problem and there would be no interference from the executive
branch of the Government. There was no draft of a bill before the Committee. Representative Woodruff of Michigan declared the Treasury
should state its own position as to the rates. Mr. Morgenthau refused to
concur.
It quickly appeared that the Administration faced a hard fight in Committee; that the minority would battle to the end and that the majority
would not present the solid front the Administration leaders faintly hoped
for.
Representatives Treadway of Massachusetts, Knutson of Minnesota
and Mr. Woodruff led a Republican onslaught to-day and Chairman
Doughton and Representatives Vinson of Kentucky. Lewis of Maryland
and Cooper of Tennessee did most of the talking for the Democrats.
A charge was made from the Democratic side of the Committee that the
Republicans were seeking to inject politics into the proceedings. They
were playing both ends against the middle, it was asserted, with one group
urging a $1.000,000,000 tax-raising proposal and another urging the policy
oflet things stand as they are.
When he had finished reading a statement he was asked by Representative Jenkins of Ohio:
Secretary Morgenthau told the committee that it would be unwise to
impose tax burdens that would retard recovery, but it would also be unwise
not to call on sources of revenue which would reduce borrowings as well as
the public debt.
He added that there was a "national duty" to avoid tax laws that would
"produce undesirable social consequences."
"Why do you couple the phrases 'reduce borrowing' and 'reduce the
public debt.' when it is obvious that the Government is running so far
behind that the taxes you expect to get from these new proposed levies
cannot be expected to fulfill both these conditions"
The reply was:
"The use of this money will come when we strike a balance. We are
planning that these revenues will be coming into the Treasury three
or
four years from now and by that time the emergency expenditures will be
reduced and we will be able to use these revenues to reduce the public debt."
"Is it your opinion that the emergency is over?" asked Representa
tive
Crowther of New York.
"Yes,in my opinion the worst of the emergency is over."
"May t inquire what steps, if any, have been taken by the Government
to reduce the deficit?" Representative Knutson inquired.
"We have just finished the fiscal year with a deficit considerably below
the President's estimate. In my opinion we have made progress," Mr.
Morgenthau announced.
Mr. Vinson Sees Politics
Representative Vinson remarked that it looked as though "politics"
was being interjected into the hearings.
Mr. Knutson replied:
"What we Republicans want to do is to get the Government off
the
merry-go-round and then proceed in a definite direction to help business."
"Like Mr. Hoover did," remarked Representative Doughton.
"I would like to know why the Treasury Department has failed to inform the Committee how much new revenue should be provided
for,"
said Mr. Woodruff.
"So far as I am concerned, that is a question to be decided by the
Congress and not by me," Mr. Morgenthau declared. "We are leaving
that
to the Committee and to Congress."
"We are preparing for revenues to come in for current and succeeding
years," Representative Hill remarked. "It will take some time
for these
taxes to begin coming in, anti in two or three or perhaps four
years we can
commence cutting down the public debt."
Mr. Knutson said what worried him most was tryign to decide
whether
the tax plan proposed oy the President was for the purpose of
"redistributing wealth" or, as Mr. Morgenthau said, to reduce the public debt.
He
was inclined to view the proposal as one for the redistribution of
wealth.
He added that he was going to move to substitute new excise taxes
to provide some of the money needed.
We also give below extracts from the various tables prepared by the Treasury, estimating the yields on some of the
taxes which have been suggested. Only a few of the representative schedules prepared by the Treasury are included:
207
Table 4-B-Estimated Revenue 525.4 Millions
Bracket
Rate
Tax • Percent. of
Bracket
Rate
Tax • Percent. of
(in thousands (per
(in
Tax to In- (in thousands (Per
(in
Tax to Inof dollars)
cent) dollars) heritance• of dollars)
Cent) dollars) heritance•
Up to
5060708010015020030011(1O-
50 No tax
60
70
80
100
150
200
300
500
75n
750- 1,000
3
6
9
12
15
18
21
24
27
300
900
1,800
4,200
11,700
20,700
41,700
89,700
157.200
Up to
300 No tax
300- 500
500- 750
750- 1,000
1,000- 2,000
2,000- 3.000
4
7
10
20
30
Bracket
Rate
Tax • Percent. of
In thousands (per
(in
Tax to Inof dollars)
cent) dollars) heritance•
3,000-4,000
8,000
25,500
50,500
250,500
550,500
1.60
3.40
5.05
12.53
18.35
40
4,000- 5,000
5,000- 7,000
7,000-10,000
50
BO
70
75
Over.10,000
950,500
1.450,500
2,650,500
4,750,600
23.76
29.01
37.86
47.51
232,200
397,200
577,200
967,200
1.387,200
1.837,200
2,317,200
3,337,200
4,417,200
23.22
26.48
28.86
32.24
24.68
36.74
38.62
41.72
44.17
•Computed on upper limit of brackets
Amount of
Amount
Inheritance
of
or Gift
Tax
(in Dollars) (in Dollars)
10,000
50,000
100,000
300.000
Percentage
of Tax to
Inheritance
or Gift
700
9,700
32,000
146.500
Amount of
Amount
li.heritance
of
or Gift
Tax
(in Dollars) (in Dollars)
7.00
19.40
32.00
48.83
500,000
1,000.000
5,000,000
10,000,000
265,600
573,000
3,093,000
6,243,000
Percentage
of Tax to
InherUance
or Gift
53.10
57.30
61.86
62.43
PRESENT INCOME TAX RATES APPLIED TO COMBINED INHERITANCE.
OR GIFT AND STATUTORY NET INCOME, WITH DEDUCTIONS OF
TAX PAID ON STATUTORY NET INCOME
-NO EXEMPTIONS.
Table 11-Estimated Revenue $678 Millions
Amount of •
Inheritance or Gift
(in Dollars)
Amount of
Tax
(in Dollars)
Percentage of Tax
to Inheritance
or Gift
Individual with no
statutory income
5,000
10,000
50,000
100,000
500,000
1,000,000
5,000,000
10,000,000
240
700
9,700
32,000
265,500
573,000
3,093,000
6,243,000
4.8
7.0
19.4
32.0
53.1
57.3
61.9
62.4
Individual with statutory
net Income of 55,000
5,000
10,000
50,000
100,000
500,000
1,000,000
5,000.000
10,000,000
460
1,050
11.160
34,560
268,310
575,910
3,095,910
6,245,910
9.2
10.5
22.3
34.6
53.7
57.6
61.9
62.5
Individual with statutory
net income of $10,000
5.000
10,000
50,000
100,000
500,000
1,000,000
5,000,000
10,000,000
590
1,360
12,520
36,900
270,900
578,600
3,0458,600
6,248,600
11.8
13.6
25.0
36.9
54.2
57.9
62.0
62.5
5,000
10,000
50,000
100,000
500.000
1,000,000
5,000,000
10,000,000
1,700
3,400
22,300
50,300
286,300
594,800
3,114,800
6,264,800
34.0
34.0
44.6
50.3
57.3
59.5
62.3
62.6
5,000
10,000
50,000
100,000
500,000
1,000,000
5,000,000
10,000.000
2.800
5.600
28,000
56,500
294,500
604.000
3,124,000
6,274,000
56.0
56.0
56.0
56.5
58.9
60.4
62.5
62.7
5.000
10,000
50,000
100,000
500.000
1,000,000
3,050
6,100
30,500
61,000
307,500
622,500
3,142,500
6,292,500
61.0
61.0
61.0
61.0
61.5
62.3
62.9
62.9
1,000,000
5.000.000
10,000,000
3,150
6,300
31,500
63,000
315.000
630,000
3,150,000
6,300,000
63.0
63.0
63.0
63.0
63.0
83.0
63.0
63.0
Individual with statutory
net income 0155,000,000
5,000
10,000
50,000
100.000
500,000
1,000,000
5,000,000
10,000,000
3,150
6,300
31,500
63,000
315.000
630,000
3,150,000
8,300,000
63.0
63.0
63.0
63.0
63.0
63.0
63.0
63.0
Individual with statutory
net Income or $10,000.000
5,000
10,000
50,000
100,000
500,000
1,000.000
5,000,000
10.000.000
3,150
6,300
31,500
63,000
315,000
630,000
3,150,000
6.300.000
63.0
63.0
63.0
63.0
63.0
63.0
63.0
63.0
Individual with statutory
net income of $50,000
Individual with statutory
net Income of $100,000
Individual with statutory
net income of 5500,000
5,000,000
10,000,000
5,000
10,000
50,000
100,000
Individual with statutory
net Income of $1,000,000
EFFECTIVE RATES
Bracket
Rate
Tax • Percent. of
(in thousands (Per
(in
Tax to Inof dollars)
Cent) dollars) herUance*
33
36
39
42
45
48
51
64
57
INHERITANCE AND GIFT TAX AT SAME RATES AS PRESENT INCOME
TAX
-NO EXEMPTIONS
Table 5
-Estimated Revenue $489 Millions
BRACKET RATES ON INHERITANCES, AMOUNTS OF TAX AND
Table 1-A-Estimated Revenue $5.0 Millions
30
1,000- 1,500
1,500- 2,000
2,000- 3.000
3.000- 4,000
4,000- 5,000
5,000- 6,000
6,000- 8,000
8,000-10.000
Over 10.000
.50
1.29
2.25
4.20
7.80
10.35
13.90
17.94
2096.
* Computed on upper limit of brackets.
500,000
Table 4-A-Estimated Revenue $93.2 Millions
Bracket
Rate
Tax • Percent. of
Bracket
Rate
Tax • Percent. of
(In
Tax to In- (in thousands (per
(in
Tax to Inof dollars)
(Jest) dollars) heritance• of dollars)
cent) dollars) heritance•
Up to
50 No tax
750- 1,000 40
5060
4
400
.67
1,000- 1,500 44
6070
8
1,200
1.71
1,500- 2,000 48
7080 12
2,400
3.00
2,000- 3,000 52
80- 100 16
5,600
5.60
3,000- 4,000 56
100- 150 20
15,600 10.40
4,000- 5,000 60
150- 200 24
27,600 13.80
5,000- 8,000 64
200- 300 28
55,600 18.53
6,000- 8.000 68
300- 500 32
119,600 23.92
8,000-10,000 72
500- 750 36
20.600 27911
Over 10,000 75
•Computed on upper limit of brackets
00 00,0
enaboi.26;o.W6
obacc4,coo.—ce
.........
888888888
(in thousands (Per
SURTAXES ON INDIVIDUAL INCOMES EXCEEDING
$1,000,000
Table 15
-Estimated Increase in Revenue $5.1 Millions
of Dollars)
Surtax
(Per Cent)
Combined
Normal and
Surtax
(Per Cent)
1,000- 1,500
1,500- 2,000
2,000- 3,000
3.000- 5.000
5,000-10,000
Over 10.01)0
60
63
66
70
75
80
64
67
70
74
79
84
Surtax Bracket
(in Thousands
•Computed on upper limit of brackets.
Total Tax *
(in Dollars)
Percentage
of Tax to
Total Taxable
InaMie •
893,000
1,228,000
1,928,000
3,408,000
7,358,000
59.53
61.40
64.27
68.16
73.58
Financial Chronicle
208
$150,000
SURTAXES ON INDIVIDUAL INCOMES EXCEEDING
-Estimated Increase In Revenue WA Millions
Table 16
Surtax Bracket
(in Thousands
of Dollars)
Surtax
(Per Cent)
-7,,444..4.
,
t . §§§§§g
WONeMCMON,NOWON•1
.04000CONMWM
NNMMV
kiiiiiihigib
54
56
58
60
62
64
66
68
70
72
74
76
78
RA
Total Tax *
(in Dollars)
Percentage
of Tax to
Total Taxable
Income *
89,000
119,000
150,000
182,000
215,000
283,000
458,000
638,000
1,378,000
2,138,000
2,918,000
3,718,000
5,768,000
Combined
Normal and
Surtax
(Per Cent)
44.50
47.60
50.00
52.00
53.75
56.60
61.07
63.80
68.90
71.27
72.95
74.36
76.91
* Computed on upper limits of brackets.
GRADUATED TAX ON CORPORATION INCOMES
Millions
Table 21-Estimated Increase In Revenue $66.9
Income Bracket
(In Thousands
of Dollars)
2
UP to
5
215
540
1540- 100
100- 300
300- 1,000
1,000-20,000
Over 20.000
Rate
(Per Cent)
10
11
12
13
14
15
16
17
1735
Total Tax
(in Dollars)•
Percentage of
Tax to Total
Taxable Income *
200
530
1,730
4,980
13,380
43,380
155,380
3,385,380
10.00
10.60
11.53
12.45
13.38
14.46
15.54
16.93
* Computed on upper limit of brackets.
-Estimated Increase in Revenue $100.6 Millions
Table 23
Income Bracket
(In Thousands
of Dollars)
Rate
(Per Cent)
2
Up to
5
215
540
1540- 100
100- 300
300- 1,000
Over 1.000
11
12
13
14
15
16
17
17:4
Total Tax
(in Dollars)*
220
580
1,880
5,380
14,380
46,380
165,380
Percentage of
Tax to Total
Taxable Income *
11.00
11.60
12.53
13.45
14.38
15.46
16.54
* Computed on upper limit of brackets.
of
M. L. Seidman, representing the New York Board on
Trade, told the House Ways and Means Committee but
July 9 that the organization favors increased taxation
only on condition that it be imposed solely for balancing the
budget, that Government expenditures and borrowing be
reduced, and that increased taxation be applied "all along
the line," to all incomes and all estates, and not only to those
sumin the highest brackets. Testimony on July 9 wasWashmarized as follows in a dispatch of that date from
ington to the New York "Herald Tribune":
the views
A political storm broke around Mr. Seidman as he advanced
the time had come to
of the New York organization. He had urged that
conditions "where
"consider saving rather than spending," had deplored
off on relief," and
men on relief rolls refuse jobs because they are better
tive Daniel A.
had asked for reassurances to business when Representa
him.
Reed, Republican, of New York. started to interrogate
,000 work-relief
"Does not the threats of inflation, of the $4,000,000 going into the
Government
fund, of future devaluation of the dollar, of the
in all types of business and
electric business, of the Government engaging
he asked.
of imports closing our mills frighten business?"
Representative David J.
Mr. Seidman answered in the affirmative, and
interposed: "In other words, adopt the
Lewis, Democrat. of Maryland,
Committee then proceeded
Republican party platform." Members of the
tive John D. Dingell, Democrat,
to take over the hearing with Representa
"deliberately" working against the
of Michigan, claiming that business was
other members joining in
Administration and with practically all of the
beliefs.
with comment varying according to their political
large corporations resulting
A graphic picture of the added taxation on
corporation income rate of 135i%
from subsdtution of the present flat
was painted by R. V. Fletcher,
for a graduated scale running from 10 to 17%
which includes the bulk
counsel to the Association of American Railways,
year and better. He urged
of the roads having revenue of a $1,000.000 a
since the Government in
that the railroads be exempt from the graduation
consolidate small carriers into
other ways has been working for 15 years to
larger corporations.
showing income tax
Mr. Fletcher presented the following tabulation
compared with levies under
payments during 1934 by ten leading railroads,
the proposed schedule:
Road
Chesapeake & Ohio
Norfolk & Western
Pennsylvania RR
Reading
Union Pacific
Delaware Lackawanna & Western
Pittsburgh & Lake Erie
Virginian
Duluth Missabe & Northern
Detroit Toledo & Ironton
Federal Income Tax
Accrued 1934
Estimated Federal
Tax at
Proposed Rates
64,425,000
2,725,000
2,666,352
967,315
902,681
415,142
375,241
332,898
196,980
191.258
$5,832,000
3,369,000
3,297,000
1,196,000
1,116.000
513,000
464,000
412,000
244,000
236,000
The Chamber of Commerce of the United States on July 11
's
announced a Nation-wide campaign against the President
ions a report
tax program,and sent to 1,500 member organizatproposals as
of its Finance Committee denouncing the tax
"destructive and confiscatory." We quote below in part
from that statement, as given in a Washington dispatch of
July 11 to the "Times":
committee declared that
The report of the Commerce Chamber's finance
is not more taxes on income but more
"the urgent need at the present time
Income to tax."
July 13 1935
and more reve"More income means more purchasing power for consumers
restoration of
nue for the government," it continued. "Efforts to obtain
that our people have enjoyed in past years are directly affected
the income
by the tax policies of the government.
and the
"In view of the shrunken income, the losses yet to be recouped,
of general tax polipresent methods of imposing taxes, the rates and effects
of personal and
cies now in force already bear too heavily upon the types
corporate enterprisothat must be depended upon to produce recovery."were
that the Roosevelt tax proposals
The position of the committee was
enterprises, esdestructive in that they were based on the idea that "large
without
tates and incomes should be taxed heavily merely because of size,
s of capital':
sufficient attention to utility or economic value of aggregation
George B. Chandler, representing the Ohio Chamber of
Commerce, appeared before the House Ways and Means
Committee yesterday (July 12) and said that the President's
than
tax plan would bring redistribution of poverty rather work
wealth. He also charged that radical influences are at
to destroy our presentform of Government,and declared that
some of the President's advisers are seeking to destroy privat
property.
House Committee Approves Resolution for Mixed
Commission to Study Desirability of Railroad
Retirement Legislation-Jesse Jones Says Pending
Senate Inquiry Need Not Postpone Railroad
Reorganizations
The House Inter-State and Foreign Commerce Committee
on July 10 approved a resolution by Representative Rayburn,
of
of Texas, calling for the appointment of a commission seHouse and Senate members and three Representatives
ty
lected by President Roosevelt to investigate the desirabilito
of further retirement and annuity legislation applicable t
the railroads. The inquiry was suggested by Presiden
Roosevelt after the Supreme Court decision invalidating the
Railroad Retirement Act. It was concluded that any attempt to amend the invalidated measure to make it conform
to the court decision was impracticable at this session of
Congress.
Jesse Jones, Chairman of the Reconstruction Pia,nance
Corp., said on July 8 that the Senate Inter-State Commerce
Committee'sImposed investigation intorelationships between
upon
railroads and financial groups should have no effectadded
railroads adopting projected reorganization plans. He
at a press conference that there is no necessity for railroads
to postpone their plans pending any legislation which might
result from the inquiry. A Washington dispatch of July 8
to the New York "Journal of Commerce" reported the press
conference in part as follows:
railroad
The Senate committee has not asked the corporation for data on
also
financing, he said, but if it does the information will be given "and
.
opinions, if wanted." . .
whether
Discussing railroad reorganizations in response to a question as to
the Senatorial investigation might delay adoption of plans, Jones said:
ought to take into account all mistakes
Any reorganization adopted now
them and if plans take
and bad judgment in the past. We know most of be done by plan as well
them into consideration, I do not see why it cannot principles that ought to
as by legislation. Everybody is in agreement as to
control reorganization.
that
He said every plan in which the R. F. C. participates must specify
reorganization expenses, both as to fees of lawyers and committees, shall
be "reasonable."
control
Asked whether the corporation would object to groups hitherto in
was
of roads which are in difficulties continuing in control, he said there
new
none so long as each class of security holder is represented on the
boards. The specification should be written so as to protect security holders and investors, he said.
Bankruptcy Act Held Constitutional by Federal Judge
in St. Louis
constitutionality of the amended Bankruptcy Act was
The
sustained July 2 in a decision by United States District
Judge C. B. Davis of St. Louis, who denied a motion filed
by Porter Wiegand, President of Standard Stamping Co.,
who sought to set aside a reorganization plan for his company which was recently approved by the court. Mr. Wiegand claimed that Section 77-B of the Bankruptcy Act was
Inconsistent with the Constitution because the latter did
not give Congress power to enact such legislation and because the section deprives one of property without due
process of law. United Press advices, July 2, from St. Louis
gave the following additional details of the case:
made
Attack on the constitutionality of Section 77-B was the first to be
The section gives debtor corporations opportunity to reorganize.
Judge Davis handed down a memorandum which said:
the Bankruptcy Act as amended deals
"The Court finds that Section 77-B of
In a St. Louis Federal Court.
which Congress is given legislative power
with the subject of bankruptcy over
that Section
deprive
by the Constitution of the United States, and of law in 77-B does not of the
violation of any
without due process
creditors of their property
provisions of the Constitution."
Conflicting Opinions on Validity of New York Mortgage
Act Given by Two State Supreme Court Justices
Question of Deprivation of Property Rights at
Stake
Different opinions regarding the constitutionality of the
law creating the Mortgage Commission of the State of New
York were recorded July 3 in rulings handed down by two
justices of the State Supreme Court. Justice William F.
Bleakley of White Plains said that the law is constitutional.
Justice Leander B. Faber of Mineola, on the same day, gave
a decision temporarily restraining the State Mortgage Commission from taking possession or control of bonds or underlying securities deposited in the Nassau County Trust Co.,
Volume 141
Financial Chronicle
depositary, against issues guaranteed by the Nassau-Suffolk
Bond & Mortgage Guarantee Co. In his opinion Justice
Faber revealed that he doubted the constitutionality of
the law.
These two decisions were summarized, in part, as follows,
in the New York "Herald Tribune" of July 4:
Justice Faber wrote that the validity of the argument by the plaintiff
that the mortgage commission law, in so far as it empowers the commission
to take over the equity, is unconstitutional in that it deprives the guarantee
company of property without due process of law, is at least in doubt under
court ruling.
The justice wrote:
"Counsel for the mortgage commission suggests that while it is possible
that those who drew the Mortgage Commission Act were not aware of the
difference in the manner or method whereby the Superintendent of Banks
and the Superintendent of Insurance have possession of assets, but argues
that there is at most 'a slight omission of almost no consequence in the
language' or 'at best a clerical omission in statutory draftsmanship' to
give weight to which will 'so strain the language of the statute as to fundamentally defeat the purpose of the Legislature.'
"I cannot say that this argument appeals strongly to me. The intention
of the Legislature may have been, as counsel contends, to include within
the scope of the Act any and all guaranty companies, but that would have
to be assumed so that it might operate by its own force so 88 to confer
power and jurisdiction explicitly granted. The need for precision in the
terms used was clearly of more importance than might be in some statutes
of ordinary or commonplace scope. The assumed or argued intention, not
effectuated by the language used, is not to be imported to the Act by
the court."
Justice Bleakley refused petition of a certificate holder to enjoin the
State body from assuming control of a $223,000 mortgage of the Westchester Title & Trust Co. on an apartment house. Had an adverse decision
been handed down the commission's powers with regard to more than
$800,000,000 of certificated mortgage issues, which it recently took over
from the New York State Insurance Department, would have been seriously
questioned.
After reviewing the events leading up to the creation of the commission,
Justice Bleakley refuted virtually all of the grounds on whioh the petitioners held that the law was unconstitutional on several points. The court
upheld the commission's sundry powers, under which it is now reorganizing the certificate issues of the mortgage guarantee companies which are
in rehabilitation or liquidation.
Seen Deprived of No Rights
"The taking over of the mortgages and the servicing of them deprived
the certificate holder of no property rights," Justice Bleakley's decision
pointed out. "The functions sought to be exercised which the petitioner
seeks to restrain do not constitute a taking of the certificate holder's
property for a public use.
"The mortgage remains intact. It will be serviced during its
administration. The owner is deprived of nothing that he had before and
the
public is benefited only indirectly. There is no impairment
of contract.
The company has been dissolved by an order of the Supreme
Court. It is
now in liquidation. It cannot service the property."
Co-ordinator Eastman Names 18 Railroads, with Financial Associates, for Senate Committee Study—
Nine of Roads Designated Now in Bankruptcy
Eighteen railroads, nine of them in bankruptcy or receivership, considered fairly typical of the railroad situation
as a whole and the financial interests which thave been associated with them are recommended for investigation by the
special Senate Interstate Commerce Committee in a letter
sent to Chairman Wheeler, July 5, by Joseph B. Eastman,
Co-ordinator of Transportation. J. P. Morgan & Co., Kuhn,
Loeb & Co., and several other banking concerns are listed
by Mr. Eastman. The letter was prompted by a Senate resolution authorizing the committee to make a thorough investigation of the financing, reorganizations, mergers, acquisitions and dispositions, insolvency and credit of railroads,
holding companies and subsidiaries.
A copy of the letter from the Co-ordinator to Senator
Wheeler, Chairman of the Committee on Interstate Commerce, follows:
S. Res. 71 authorizes and directs your committee to make
a
and complete investigation of the financing, reorganizations,"thorough
mergers,
acquisitions and dispositions, insolvency, credit and securities
operations
and activities, financial policies, intercorporate relationships in
respect
of inter-State railroads, railroad holding companies, railroad
and subsidiaries—any corporation or person which is or has been affiliates
affiliated
with any of the foregoing banking, legal, engineering,
accounting and
other professional corporations, persons, or groups occupying a
fiduciary
or contractual position or relation with any of the foregoing,
and any
member of the family of any such person, and any officer,
agent, or
director of any such corporation or group."
It is provided that the "member of the Interstate Commerce
Commission, heretofore designated by the President as Federal
Co-ordinator of
Transportation under the Emergency Railroad Transportation Act,
1933"
shall "select the railroads to be included in the investigation."
Being that
member of the Commission, the duty of selection devolves upon
me.
In the performance of this unsought task, I have been guided
by definite
considerations, which may be stated as follows:
1. It is manifestly impossible for your committee to make a
"thorough
and complete investigation" of the character described in
the Resolution
of all the "inter-State railroads, railroad holding companies,
railroad
affiliates and subsidiaries."
2. The ground to be covered ought to be fairly typical of the railroad
situation as a whole. The object of the investigation, I take it,
is not
merely to exploit certain possibly malodorous or questionable transactions,
but to appraise general railroad conditions with especial reference to the
conduct of financial matters and the part which financial influence plays
In railroad management, purposes and policies, all with a view to correcting any conditions, either by legislation or otherwise, which may be found
to be in need of correction. In other words, the investigation will have
the wholesome object of bringing representative conditions to light and
showing those who use or invest in the railroads either that these conditions need cause no apprehensions on their part or that there are
-•
209
various steps which can and should be taken to remove reasonable ground
for apprehensions.
3. At the public hearings before your committee prior to the adoption
of the Resolution, the affairs of certain railroads were discussed and
various alleged transactions in connection therewith were criticized sharply.
These preliminary hearings were not in the nature of an investigation, and
it was impracticable at the time to try out the issues which had thus
been raised. As a matter of fairness, therefore, the railroads whose affairs
were so discussed ought to be included within the scope of the investigation which is now to be had, in order that these issues may be followed
to a conclusion.
4. If fairly typical conditions are to be considered, it is desirable that
the railroads to be selected should not all be located in one part of the
country but should be representative of the three sections, East, West and
South, which are commonly recognized in railroad affairs.
5. Inasmuch as the financial affairs of the railroads and their relations with financial interests are apparently, from the terms of the Resolution and the discussions which preceded its adoption, to play an important
part in the investigation, it is desirable, if fairly typical conditions are
to be considered, that the railroads selected should be representative of the
financial interests which have been most closely associated with the railroads. The two leading interests to be considered in this connection are
J. P. Morgan & Co., and Kuhn, Loeb & Co., and affiliated financial institutions. There are others, such as Speyer & Co., J. & W. Seligman & Co.,
Hayden, Stone & Co., and Dillon, Read & Co., which have played lesser
parts.
6. While it seems desirable, in view of the emphasis in the Resolution
upon financial matters, including reorganizations, that railroads which
are in receivership or bankruptcy or in imminent danger thereof should
have an important place in the investigation, it should by no means be
confined to such railroads, if it is to be fairly typical of general conditions.
7. Similar reasoning leads to the conclusion that while larger roads
should mainly be selected, some smaller roads should also be included in
the list.
In making the selection which the Resolution requires me to snake, the
above are the considerations by which I have been guided. It will be
evident, therefore, that the fact that any particular railroad has been
Included in the list is not to be taken, and cannot be taken, as evidence
that it is an undesirable citizen in the railroad world, or even that I
believe it so to be. The same thing may be said of the financial interests
which have been associated with these railroads in the past. My duty,
as I see it, is not to pass judgment, or even to suggest the course of the
Investigation, but merely to select subjects for inquiry, and the reasons
for selection are those given above and none other.
If it should prove that I have staked out more ground than can well be
covered, your committee will, of course, be guided by practical necessities
in its inquiry. I should make it clear, however, that as I interpret my
duty under the Resolution, I am not precluded by the action in accordance
therewith which I am now taking from further action at a later time, if
it should deem desirable and appropriate. As the investigation goes on,
need may be shown, in order to pursue certain lines of inquiry to a conclusion, for selecting other roads in addition to those now selected. I
reserve the opportunity for such selection, if such need develops.
The railroads now selected are the following:
Western Region
St. Louis-San Francisco Railway (J. N. Kurn and John G. Lonsdale,
trustees), including all railroads owned, operated, leased or controlled by
that company, directly or indirectly, or under the same trustees.
Chicago Rock Island & Pacific Railway Co (Frank 0. Lowden, James
E. Gorman, Joseph B. Fleming, trustees), including all railroads owned,
operated, leased or controlled by that company, directly or indirectly, or
under the same trustees.
Missouri Pacific RR. (L. W. Baldwin and Guy A. Thompson, trustees),
Including all railroads owned, operated, leased or controlled by that company, directly or indirectly, or under the same trustees.
Chicago & North Western Railway Co., including all railroads owned,
operated, leased or controlled by that company, directly or indirectly.
Chicago Milwaukee St. Paul & Pacific RR., including all railroads
owned, operated, leased or controlled by that company, directly or
indirectly.
Kansas City Southern Railway Co., including all railroads owned, operated, leased or controlled by that company, directly or indirectly.
Comment—The affairs of the Frisco, the Rock Island, and the Missouri
Pacific were all discussed at the hearings preliminary to the adoption of
the Resolution. All three are in bankruptcy. J. P. Morgan & Co. has
been associated with the financial affairs of the Missouri Pacific, and
various other financial concerns with the financial affairs of the Frisco and
the Rock Island. Financial reorganizations of the Milwaukee and the
North Western are said to be under consideration. [Petitions filed by
both roads on June 29 and June 28, respectively, see "Chronicle," July 6,
page 109.] Kuhn, Loeb & Co. has been associated with the financial
affairs of both of these railroads, and with those of the Kansas City
Southern. The latter is a comparatively small railroad.
Eastern Region
Chesapeake & Ohio Railway Co., including all railroads owned, operated,
leased or controlled by that company, directly or indirectly.
Erie RR., including all railroads owned, operated, leased or controlled by
that company, directly or indirectly.
New York Chicago & St. Louis RR., including all railroads owned,
operated, leased or controlled by that company, directly or indirectly.
Pere Marquette Railway Co., including all railroads owned, operated,
leased or controlled by that company, directly or indirectly.
Chicago & Eastern Illinois Railway Co. (Charles M. Thomson, trustee),
including all railroads owned, operated, leased or controlled by that
company, directly or indirectly, or under the same trustee.
Pennsylvania RR., including all railroads owned, operated, leased or
controlled by that company, directly or indirectly.
Wabash Railway Co. (Norman B. Pitcairn and Frank C. Nicodemus
Jr.,
receivers), including all railroads owned, operated, leased or controlled by
that company, directly or indirectly, or under the same receivers.
Delaware & Hudson RR. Corp., including all railroads owned, operated,
leased or controlled by that company, directly or indirectly.
Comment—The Chesapeake & Ohio, Erie, Nickel Plate, Pere
Marquette,
and the Chicago et Eastern Illinois all belong to the Van
Sweringen group
of railroads, along with the Missouri Pacific System, and J
.P.
Co. and affiliated financial institutions have been associated Morgan &
with their
financial affairs. This group of railroads was discussed at
the bearings
prior to the adoption of the Resolution. Kuhn, Loeb &
Co. has been
associated with the financial affairs of the Pennsylvania, which,
in view
of the size of the Van Sweringen group, is appropriate of selection
in this
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Financial Chronicle
region as representative of rival financial interests. The Wabash is
named by reason of the large stock interest of the Pennsylvania, coupled
with the fact that the Wabash is in receivership and might not technically
be regarded as now under Pennsylvania control. The Delaware & Hudson
is a comparatively small railroad, with Whose financial affairs Kuhn,
Loeb & Co. has been associated, and which has certain links with the
Kansas City Southern in western territory.
Southern Region
Southern Railway Co., including all railroads owned, operated, leased
or controlled by that company, directly or indirectly.
Illinois Central RR., including all railroads owned, leased, operated or
controlled by that company, directly or indirectly.
Central of Georgia Railway Co. (H. D. Pollard, receiver), including all
railroads owned, leased, operated or controlled by that company, directly
or indirectly, or under the same receiver.
Florida East Coast Railway Co. (W. R. Henan Jr. and S. M. Loftin,
receivers), including all railroads owned, leased, operated or controlled
by that company, directly or indirectly, or under the same receivers.
Comment—J. P. Morgan & Co. has been associated with the financial
affairs of the Southern; John, Loeb Sr Co. with those of the Illinois
Central. The Central of Georgia is named by reason of the majority stock
interest of the Illinois Central, coupled with the fact that the Central
of Georgia is now in receivership. The Florida East Coast is a comparatively email railroad, now in receivership.
Standardization of Fraternal Insurance Policies Urged
in New York State—Insurance Department Advocates Adoption of "Closed Contract" by Fraternal
Organizations
Louis H. Pink, New York State Superintendent of Insurance, on June 28 made public a report by Charles C. Dubuar,
principal actuary of the Albany office of the State Insurance
Department, in which he discussed proposed reforms in
insurance certificates issued by fraternal insurance societies.
The last State Legislature passed a law providing that after
Jan. 1 1936 no certificate of insurance may be issued by
fraternal insurance societies in New York State unless its
terms and provisions have been approved by the Department. Mr. Pink asserted that surveys have shown that
more exact stipulations are needed in fraternal policies for
the protection of their members, but added that the Department does not intend to go to extremes.
The Superintendent pointed out that at present fraternal
societies use what is known as the "open contract" as compared with the "closed contract" or exact statement of facts
required of the mutual and commercial life insurance companies. The "open contract" leaves the insured member
subject to changes in by-laws regarding rates and extent of
benefits, although these changes may be made after his
policy is issued.
A press release by the Insurance Department on June 28
outlined the leading features of Mr. Dubuar's recommendations as follows:
Superintendent Pink believes that this arrangement is entirely too loose,
and time the Department should require that at least the essentials of the
Insurance contract be incorporated in the policy. He pointed out that the
great improvement in recent years in the financial condition of fraternal
societies would justify a more specific and uniform contract with their
members, who now are in the posItion of buying insurance more or less
blindly without knowing exactly what they are getting in the way of protection. On the other hand, the Superintendent has no desire to impose
harsh or unreasonanie restrictions on the societies. He believes that the
fraternals will co-operate in this endeavor and that a more definite policy
will react to the benefit of the fraternal organizations. In some.States.
notably Missouri, they have objected strongly to supervision of their
policy forms on the grounds that the "open contract" provided financial
strength and security of assets not afforded by a "closed" document.
In his report, Mr. Dubuar first pictures the improvement in actuarial
soundness of the fraternal societies in the following table of the growth of
their assets as compared with the insurance in force for all societies in the
United States and Canada:
Total Admitted
Total Insurance
Assets
In Force
(nearest million)
(nearest million)
Year
3 1,007,000,000
36,683,000,000
1933
553,000,000
9,121.000,000
1923
221,000,000
10,199,000,000
1913
55,000,000
7,044,000.000
1903
is
It is interesting to note that while the total insurance in force in 1933
actually less than the figure for 1903. the assets meanwhile have multiplied
gradual reapproximately twenty-fold. This fact is explained by the
placement of the oldar type of fraternal protection, issued at inadequate
modern
rates and with little consideration given to reserves, by more
related
types of contracts with the premiums and reserves scientifically
their own peculiar
to the benefits granted. The fact is that, while retaining
more and more mutual
characteristics, fraternal societies are becoming
is no
life insurance companies. From this, the report concludes, there
question of the desirability of a more standard form of contract between
and assurance
the society and its membership for the better protection
of the latter.
New York State Court Annuls Accounting Order of
the Public Service Commission as Usurpation of
Authority
The Supreme Court of New York, Appellate Division,
Third Department, in a decision handed down on June 27,
unanimously annulled and remanded to the Public Service
Commission its orders attempting to prescribe uniform systems of accounts for electric, gas and water utilities. The
opinion sustains the contention of the utilities that management of a public utility enterprise privately owned may not
be usurped under the form of regulating accounting procedure. It states:
The Legislature granted to the Commission power to prescribe uniform
methods of keeping accounts, records and books. The statute does not
authorize the Commission to prescribe uniform methods of management
July 13 1935
of the business of privately-owned corporations. The uniformity that may
be enforced is not as to what shall be done or how it shall be done, but as
to book entries in respect to whatever is done.
The decision is of far-reaching importance, not only to
utilities in New York State, but to the entire utility industry, since the principles at stake may affect all transportation, communication and water, as well as light and power
service. It covers points which are or will be at issue in
the case of similar orders by other State commissions and
by Federal regulatory bodies. It is the first judicial pronouncement on principles which are now strongly advocated
by a small but, under present conditions, influential group
who would make regulation of accounting methods the prime
Instrument for securing to governmental authority a degree
of control over utility management heretofore unprecedented
and which the Court holds in this case to be unlawful.
The orders of the Public Service Commission which the
decision annulled were issued in November 1933, with
amendatory orders issued in June 1934, and have been the
subject ever since of protest and litigation by practically all
utility interests operating in New York State.
The Court found that the Commission erred in at least
four points of fundamental importance:
1. The system of accounts which the Commission attempted to prescribe
would require all corporations to record on their books as the book value
of their property thq cost of such property not to the accounting corporation, but to the first owner to devote the property to the public service.
This cost is defined as "original cost." If the actual cost or value of
the property is in excess of such "original cost," the system would require
such excess to be "written off over such period and in such manner as the
Commission may by order prescribe."
The requirement, according to the testimony of a distinguished independent accountant on record in the case, would have established an
accounting procedure entirely without precedent or sound accounting
authority. It would have meant, for example, that if a public utility
corporation had constructed a plant in1910, in a period of relatively
low construction costs, and had sold it in 1920 to another public utility
corporation for a price fair and reasonable under conditions then existing
but materially in excess of the cost to the original owner, the purchasing
corporation would now be compelled to change its books so as to record
such property not at the actual cost to it but at the cost to the predecessor
owner, and to set up the excess of actual over "original" cost in an
account from which it must be "written off" at the pleasure of the Commission. The Court held that this requirement exceeded the power of the
Commission and would be confiscatory.
2. The system of accounts would require all corporations to adopt the
"straight-line" method of accounting for depreciation under certain rules
and regulations Prescribed in careful detail. The opinion of the Court
states that "the 'straight-line' method of computing depreciation has been
disapproved by the Supreme Court of the United States," citing McCardle
et al., vs. Indianapolis Water Co., 272 U. S. 400, 416; and Consolidated
Gas Co. of New York vs. Newton et al., 267 Fed, 231, 265. The Court
held further that "the Legislature has not granted the Commission power
to fix the method of setting up depreciation reserves. The order in this
regard is ultra viree."
3. The system of accounts would require all expenses in connection with
the issuance and sale of capital stock, such as taxes, printing, legal and
underwriting services, &c., to be charged to an account listed on the
balance sheet as a "deferred debit" and not, as has previously been the
universal practice in all accounting systems prescribed by governmental
authority, to a fixed capital, i.e., a permanent investment account. The
Court found that such expenditures represent elements of value which are
clearly entitled to be considered as part of the permanent investment on
which a fair return must be computed, and that the Commission's requirement would, therefore, be confiscatory.
4. The amendments to the uniform system of accounts which the Commission's orders of June 1934 attempted to prescribe would require "Regulatory Commission Expenses," i.e., all expenses incurred by the accounting
corporation "in connection with formal cases before Federal or State
regulatory commissions or other regulatory bodies, or cases in which such a
body is a party" to be charged to a special suspense account from which
such expenses might be distributed to other accounts, whether operating or
capital, only if, as, and when the Commission should so order. This
requirement the Court's opinion characterizes as "an unwarranted assumption of authority." Furthermore, the opinion states, "if the legislature
had granted such power, a serious question as to its constitutionality would
arise, as these expenses should not be paid from a capital account."
Attorney General Cummings Defends Administration
Proposal for Resolution to Bar Suits Against
Government Because of Gold-Clause Abrogation—
House Committee Approves Measure
Attorney General Cummings this week appeared before
the House and Senate Banking Committees to defend the
legality of President Roosevelt's proposal for legislation to
outlaw further suits against the Government arising out of
the abrogation of the gold clause in contracts. Testifying
before the House group on July 10, the Attorney General
said that unless such a resolution was passed "an international agreement to establish a gold standard would be almost
impossible," and added that a free gold market would also
be almost impossible, although he did not indicate that the
Administration is currently making any attempt to restore
the international gold standard.
We quote regarding his testimony from Associated Press
Washington advices of July 10:
Testifying as the committee opened hearings on a resolution to bar
gold-clause suits, Mr. Cummings said that $10,136,570,340 in gol I-clause
government securities were outstanding, and that the government faced
a potential loss of $7,000,000.000 if gold-clause suits were permitted and
damages were shown.
Contending that the resolution was just and would end uncertainties,
he told the committee that "there can be no doubt." of its constitutionality.
In response to questions, he said that under the resolution foreigners
could not sue on the gold clause in this country's courts and, if they took
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Financial Chronicle
a case to the International Court at The Hague, he had "no doubt as to
the result."
Me Panama bond question was injected, but the Attorney General said
that it was "not at point because it was a treaty arrangement" now under
negotiation.
Replying to Representative Hollister, Republican, of Ohio, who had
spoken several times of"repudiation." Mr. Cummings said:
"I don't feel repudiation is the proper word for action of the government
in excercising a solemn right."
United Press Washington advices of July 11 described the
hearing before the Senate Banking Committee on that date
as follows:
Senators Carter Glass (D., Va.),William G. McAdoo (D.Cal.), Thomas
P. Gore (D., Okla.) and Robert Bulkley (D. Ohio) openly condemned what
they described as an effort to have the Congress pass laws enabling the
government to "break faith" with its citizens.
"Nothing ever has been proposed," Senator Glass said. "more calculated to impair if not destroy the credit of the United States."
Mr. Cummings argued the proposed "gold clause" legislation was a
"legitimate, inevitable outcome" of the President's monetary program.
"The government embarked on a definite policy in which the financial
structure of the country was changed," Mr. Cummings said.
"In my opinion, that policy saved this country from complete chaos.
Having committed ourselves to it, then this is a legitimate, inevitable
outcome of it."
"I was one of those who supported the dollar devaluation policy," Senator Bulkley said,"but I don't regard this as an essential part of it at all."
Mr. Cummings said the proposed measure "grows out of a situation in
which the courts have held that no one has suffered any damage up to
date, at least."
When the holder of a government clause bond sought to collect the
former gold value—equal to $1.69 in present currency for each $1 face
value—the Supreme Court held that the government illegally had broken
its contract, but refused to grant damages on the ground that the bondholder had not suffered.
The administration now seeks to forbid all such suits as a safeguard
against possibility that damages might later be shown.
Senator Gore said he would seek an amendment permitting courts to
hear and determine cases in which claimants could show actual losses.
Mr. Cummings said he would "certainly oppose" such a proposal.
The House Banking Committee yesterday (July 12)
approved the Administration bill to prohibit suits against
the Government to collect alleged damages arising out of
devaluation of the dollar. Meanwhile the Senate Banking
Committee was discussing inflation possibilities inherent in
this legislation. Treasury experts denied before the Committee that such a possibility existed. The testimony was
described in part as follows in Associated Press Washington
adviees of July 12:
Senator McAdoo, Democrat, of California, a former Secretary of the
Treasury, raised the question when John G. Harlan, Assistant General
Counsel of the Treasury, said there were about $10.000,000,000 of outstanding gold clause obligations affected by a resolution provision which
would allow holders of such obligations to exchange them for cash.
Mr. McAdoo suggested the effect was to permit the issuance of $10,000,000,000 of Treasury notes or "printing press money."
Mr. Harlan contended that the resolution did not authorize the issuance
of any new currency. He said the Treasury would obtain the money by
the issuance of new bonds, as it has obtained refunding money in the past.
Senator Maloney, Democrat, of Connecticut, suggested, however, that
cancellation of the right to sue for damages might Create a "buyers' strike"
In which it would be impossible to float new bonds.
The Treasury expert contended also that in all probability only a small
part of the outstanding $10,000,000,000 would be presented for cash.
Persisting in his questioning, Senator McAdoo asked, however, what
would happen if all $10,000,000.000 were presented and the Government
could not obtain the money through the bond market.
"Both assumptions are unreal," J. G. Laylin another Treasury
counsel
interjected.
"It's conceivable," Mr. McAdoo insisted, "that so many would
be
turned in that the bond market couldn't absorb the new issues."
"Then just pass another act repudiating this promise," Senator Adams,
Democrat, of Colorado, suggested sarcastically.
Mr. Laylin replied it was "Inconceivable" all the bonds would be
turned
In because they are now selling above par, and carry higher interest
than
new bond issues.
Patrick J. Hurley Charges New Deal Seeks to Undermine Constitution—Ex-Secretary of War Declares
Administration Is Using "Subterfuge"
The Administration forces are seeking to change the
Constitution by subterfuge, Patrick J. Hurley, former
Secretary of War, charged in two speeches at Chicago on
July 10. He compared the Republican and Democratic
recovery programs to the detriment of the "costly experiments" of the latter. "The attack of the New Deal upon
the Constitution is significant" he declared, adding that 'it
would be easier for a dictator to govern America under a
collectivist form of Government than under a democracy.
Dictators have sneered always at the institutions of democracy and always fought self-Government." Further
extracts from his speeches are given below, as contained in a
Chicago dispatch of July 10 to the New York "Times":
"Bills of rights, charters of liberty and constitutions have been irksome
always to autocrats."
Recent decisions of the Supreme Court have not completely stopped the
attempt to centralize the Government and make it the master of the people,
according to Mr. Hurley. In the wording of preambles to Congressional
bills, he charged, the New Dealers are trying still to circumvent the Constitution, while appearing to operate under it.
"The Constitution should not be changed by subterfuge," he continued.
"If it is to be changed the people have a right to consider the proposed
changes and to approve or reject them."
At the polls, he said, the Republican party should survive or perish on
the Proposition that the Government is a creature of the people and that it
shall not become their master.
211
Standard Oil Co. of N. J. Criticizes Administration
Attacks on "Big Business"—Says Personal Animus
May Actuate Program
"Personal animus" may lie behind the current campaign
to penalize big industrial units to a point that "would not
prevent any further growth but break down their present
corporate structures," the Standard Oil Co. of New Jersey
asserted in the current issue of Its publication, "The Lamp,"
issued on July 8. Those who desire legislation to put the,
Nation's major industrial enterprises at a disadvantage in
competing with smaller companies "must believe that the
possible good from such punitive measures outweight the
certain injury," the article continued. It added that one
of the least understandable of the "cure-ails for the maladjustment of our economic position is the proposal to court
recovery through the destruction of business in the form
which contributed most largely to the last cycle of prosperity."
Further quotations from the article follow, as given in
the New York "Herald Tribune" of July 8:
The question is asked why size, because of its size, should be objectionable. "It had to be a big business that could spare capital to develop foreign supplies to supplement our own and foreign markets to consume our
surplus production. Only big business could hove ventured fortunes in
large-scale development work that had to be financed through many years
of vicissitude before reaching a position where it could pay returns. It
was big business that financed and carried on research and other pioneering
efforts in fields not susceptible of any immediate financial gain."
New Enterprises Needed
Hopes of this country to put men back to work, says "The Lamp," can
be fulfilled by the development of thousands of new enterprises and not
the development of a new industry. It says that regulations to regiment
or curb business have interfered with the formation of countless small enterprises that would have absorbed a large part of the idle workers.
"Big business does not stand in the way of this development any more
than the operation of trans-Atlantic liners interferes with the employment
of excursion boats in New York Harbor. Indeed, the bigger the business
the more opportunities there are for individuals with Initiative to become
established."
For each of the so-called major companies in the petroleum industry
there are numerous small units, most of who do relatively better,
taking
into account the ratio of capital to earnings, than the big integrated
companies.
Subsidiaries of Standard of New Jersey last year produced less than
8%
of the crude oil. Producers, refiners and marketers of the
balance had
freedom of action in every phase of the business, it is stated.
"Competition
has reached its fullest development in the oil business and has
made the
price regardless of the wishes of any of the larger integrated
companies."
Speakers at Virginia Institute of Public Affairs Assail
and Defend New Deal—Economists Criticize Administration Policies—Labor Program Praised by
John L. Lewis
The New Deal in the United States was the principal topic
of discussion before the University of Virginia Institute of
Public Affairs in a series of speeches within the past
weeks. Administration officals and others defended two
the
chief policies of the recovery program, and these in turn were
attacked by many economists and preminent men.
Sumner Welles, Assistant Secretary of State, on July 2
praised President Roosevelt's "good neighbor policy" toward
Latin America. Noel Sargent, Secretary of the National
Association of Manufacturers, told the Institute on July 8
that heavy new tax burdens "will tend to create industrial
decline." He warned that Congress should hesitate before
enacting any new tax legislation at this time, and said the
proposed corporation tax is "discriminating and unsound."
John L. Lewis, President of the United Mine Workers of
America, praised "imperishable achievements" of the New
Deal in an address on July 10. He devoted his speech only
to legislation affecting labor problems, and he criticized the
"misguided" labor policies of industrial and financial leaders
in 1930 as precipitating "the most critical situation in the
history of our country." The Agricultural Adjustment
Act, he said, has stabilized agriculture.
Extracts from a speech on July 9 by Dr. Neil Carothers of
Lehigh University are given below, as contained in a dispatch
of that date from University, Va., to the New York "Herald
Tribune":
"This entire program is founded on economic error," Dr.
Carothers said.
"It rests first on the profound error that artificial raising
of wages in depression promotes prosperity. The truth of the matter
is that a major
factor in prolonging depression is the continuance of high
wages and high
salaries in certain industrial lines. A horizontal reduction
of the higher
wage and higher salary levels of prosperous times is
the first essential of
recovery."
Productio Curb "Error No.2"
A second fundamental error, the speaker said, was the
theory that restriction of production increased prices and promoted recovery.
Recovers',
he declared, came from increased consumption due
to reduced costs, this
Increase in consumption encouraging production and employment.
A third basic error, he said, was the belief that private
enterprise could
be forced to an artificial activity by the squandering of
public funds in
unnecessary public works. The truth was, said the speaker,
that such
enterprises discouraged private enterprise and created fiscal
problems that
frightened private investment.
The program rested on a final economic error
that debasement of the
coinage automatically raised prices and stimulated foreign
trade, said Dr.
Carothers. Debasement of the coinage, he said, operated
to raise prices
only when conditions were favorable and normally only
after months or
Years had elapsed, while the stimulation of foreign trade was merely
temporary and in the long run tended to discourage both imports
and exports and
to retard recovery.
212
Financial Chronicle
been
As a consequence of these errors, the speaker said, recovery had
nt
definitely retarded, production had been restricted and unemployme
had grown worse.
July 13 1935
power
The petition alleged the act was an illegal delegation of legislative
by Congress to the Secretary of Agriculture, imposed a tax on one class for
CASS, and was in furtherance of a State and not a
the benefit of another
Federal funct.on.
On June 26 the first court attack on the processing taxes
Governor Talmadge Charges Administration Fails to
in New York was recorded when Judge Byers
Aid Small Business Man—Says Billions Are Lent to to be recorded City granted to Adolf Gooel, Inc., an order
of New York
Railroads and Great Industries
directing Government officials to show cause why they should
The Roosevelt Administration has acted to "choke off" not be enjoined from taking further steps to collect the tax
despite the adoption from the company. The New York "Journal of Commoney from the small business man,
case as
of emergency legislation, Governor Talmadge of Georgia merce" of June 27 outlined this — follows.
said in a speech before the Tobacco-Cotton Non-Tax Assoto
The Gebel Company, which owes $522,227.68 in processing taxes
on July 6. Billions of dollars
ciation at Wallburg, N. fa,
packing operationg for the past six months,
and other billions to great the Government, covering its on four constitutional ground. Counsel for
have been lent to railroads
and a.tacked the processing taxes
industries, Governor Talmadge said, but "in the rank than the packers alleged:
people money is scarcer to-day
file of small business
Cite Schechter Decision
the
ever in the history of our Government." He urged pri1. That the AAA, delegating authority to the Secretary of Agriculture
Government activities competing with
abolition of all
to fix the tax due, is an unlawful delegation of the power of Congress.
2. That the tax Is confiscatory, because its operation is ruinous to the
vate industry and the ending of processing taxes. Crop
production contracts with farmers, he said, should be paid packing business
3. That the tax is unlawful because it interferes with intra-state comout of the work relief fund.
as merce as defined in the Schechter decision by the United States Supreme
We quote further from Governor Talmadge's speech,
given in Associated Press advices of July 6 from Wallburg: Court.
but is class legislation taking
4. That the processing levy is not a tax,
away, and used as a
"If this $4,880,000,000 is squandered, thrown
forefathers will go
political bait in this country, the Government of our
on the rocks," he said
grown rapidly under
Governor Talmadge said unemployment rolls had
multiplied taxes had
policies of the New Deal Administration, and that
tripled living expenses in many instances.
undertaking to stop
He charged the Washington Administration with
of "increased
"starvation from overproduction and plenty" with a program
scarcity and 20-fold multiplication of taxes."
increasing shortly after President
The Governor said imports began
States would have
Roosevelt was inaugurated in 1933, and that the United
had not corn and
had a famine under the crop curtailment program
other products been brought in from foreign countries.
corn were imIn March 1934, Mr. Talmadge said, 16,892 bushels of
during the first
ported and 7,017,558 bushels came in from foreign lands
three months of this year.
Fall Decision by U. S. Supreme Court on AAA Processing Taxes Predicted by Attorney General
Cummings—Scores of Suits Filed—Injunction
Issued by Alabama Indiana and Other Courts—
'
AAA till Favorably Reported by Senate Committee
States Supreme Court is likely to rule upon
The United
the constitutionality of the processing taxes imposed under
the Agricultural Adjustment Act this fall, Attorney General
Cummings predicted on June 27. His remarks were made
in commenting upon the scores of suits recently begun in
Federal courts for recovery of processing taxes paid under
June 26
the AAA. Secretary of Agriculture Wallace onintimated
admitted that many such suits have been filed, but
that many of them were pressed by attorneys who sought
beto convi ce their clients that they would be successful
cause the Supreme Court held the National Industrial Recovery Act invalid.
Mr. Wallace said that he does not believe that the number
been
of suits and the several temporary injunctions that have any
have
granted to prohibit the collection of the tax would predicted
material effect on the volume of collections, and he
the
that all the suits would be invalidated automatically if
written.
AAA amendments,ending in Congress Pre paaed as 5 that
The Department of Justice announced on July taxes
court cases involving constitutionality of processing
section
had reached a total of 117 on that date, filed in every
country. Most of the cases sought injunctions to
of the
others
relieve meat packers, flour mills, textile mills, and
payment of the taxes.
from
proTypical of the many recent suits in connection with of
Grubb
taxes was ore before Federal Judge W. I. collection
cessing
Birmingham, Ala., who on June 25 enjoined the granting
of such taxes from meat packers under the AAA by
restraining
the Alabama Packing Company a temporary Revenue.
against the Alabama Collector of Internal
order
have
Other packing companies and textile manufacturers taxes
prominently in suits regarding the processing
figured
on meat and cotton. Judge Clrubb's decision and other
similar suits were noted as follows in Associated Press advices from Birmingham June 25:
for an injunction
Ten days ago the packing company filed application
alleged unconstitutionto halt collection of the processing taxes, based on
paid in taxes
ality of the AAA. The company seeks to recover $135,119
and to prevent collection of $51,444 now due.
company asked that the
Amending the original petition to-day, the
to the AAA
collector be enjoined from collecting the tax under amendments
the constitutionalnow pending in Congress. Judge Grubb did not rule on
ity of the act.
is scheduled for
Final hearing on the petition of the packing company
July 20.
Federal Court at
Seven cotton mills in Georgia joined in a suit filed in
Government in cotton
Macon seeking to recover $1,138,000 paid to the
processing taxes and the floor stock tax.
was the one
W. E. Page. Collector of Internal Revenue in Georgia,
the AAA was
against whom the suit was brought. The mills contended
with a..
unconstitutional and that Secretary Wallace had not complied
beginning Aug. 1.
provisions of the act by failing to decree a new ceop year
Federal
The Alabama Mills Company, cotton textile operator, filed in
cotton procesDistrict Court here a suit seeking to recover $308,000 paid in
sing taxes, alleging the AAA was unconstitutional.
restraining Harwell G.
Judge Grubb granted a temporary injunction
any further
Davis, collector of internal revenue,from assessing or collecting
for July 20.
processing taxes from the mills pending final hearing, see
the Fifth
The Alabama Mills petition attacked the AAA as violating
Constitution.
and Tenth Amendments to the Federal
money from Eastern consumers to aid Western farmers
The action filed by the Gobel Company is similar to a number of suits
filed by other meat packers on the Eastern seaboard in recent weeks.
Refusing to pay about $400,000 in processing taxes due
on July 1,four big milling companies filed suit in the United
States District Court in New York City on July 2 for a
declaratory judgment that the AAA was unconstitutional.
They also asked for an injunction to restrain Joseph T.
Higgins, Collector of Internal Revenue for the Third District, from collecting the taxes. As to further details we
quote as follows from the New York "Times" of July 3:
Federal Judge Henry W. Goddard signed a temporary order restraining
the collector from collecting the taxes until July 23. when an argument will
be heard on an order to show cause why the injunction should not be continued pending the outcome of the suits on the constitutiona.ity of the AAA.
The law firm of Sullivan & Cromwell appeared as attorneys for the
Standard Milling Company of 88 Lexington Avenue. Dawes, Abbott &
Littlefield represented the Dunlop Milling Co. at 250 Park Avenue and
Clarksville. Tenn.; the Postum Co. of 250 Park Avenue and Battle
Creek, Mich., and lgleheart Bros.. Inc., of 250 Park Avenue and
Evansville and Vincennes, Ind. Austin S. Igieheart. as Vice-President
of the Dunlop, Pos.um and Igleheart Companies, signed those three complaints.
Declaie Tax is Illegal
All four companies asserted that their attorneys had advised them that
the processing taxes due yesterday were not legally collectable on the
ground that the AAA was unconstitutional. The Standard Milling Company denied the right of the Government to col.ect $256,783, and the Dunlop. Postum and Iglegeart Companies, respectively $36,313.69, $40,226.40
and $76,553.13... The complaint papers explained that the taxes due July I
had been withheld because the companies feared they would soon be without
redress, inasmuch as the bill amending the AAA now pending in the Senate
and already passed by the House of Representatives, would make it impossible to sue the Government for the refund of processing taxes already
paid, regardless of whether the AAA is hest unconsatutionac.
The complaints alleged that the AAA was unconstitutional because It
was not warranted by the taxing power in Article 1 of the Constitution,
because It was an attempt by the Federal Government to exercise powers
reserved to the States or to the people by the Tenth Amendment, because
it purported to deprive plaintiffs of their property without due process of
law in violation of the Fifth Amendment, because it delegated legislative
powers to administradve officers contrary to the Supreme Court's decision
In the NRA case, and because it attempted to use the power of the Federal
Government to transfer property from one class of persons to another class.
Another charge was that the Secretary of Agriculture had failed to comply with all the provisions of the AAA.
On June 28 General Mills, Inc., announced that it would
institute a series of injunction suits designed to stop the collection of processing taxes. B. D. Davis, President of the
company, telegraphed to Secretary of Agriculture Wallace
that injunction proceedings would be filed to prevent colelotion of processing taxes until their legality was determined.
The petition of General Mills, Inc. for a permanent in'
junction was hoard by Federal Judge Joseph W. Molyneaux
of Minneapolis on July 8. Attorneys representing the
tax and the AAA are constiGovernment argued that the
tutional and urged that injunction proceedings are not the
proper method of contesting the tax.
The suits of these various milling companies were temporarily disposed of on July 11, when the United States District
Court at Minneapolis granted 10 temporary injunctions
against the collection of processing taxes. Yesterday
(July 12) disposition of requests for permanent injunctions
was left to the September term of the Federal Court in Minneapolis. When the hearing for permanent injunctions is
held the constitutionality of the AAA will be tested.
Federal Judge William H. Kirkpatrick of Philadelphia
on July 1 issued orders temporarily restraining collection of
processing taxes on tobacco from Bayuk Cigars, Inc., and
Bobrow Bros., Inc. Associated Press advices from Philadelphia on July 1 noted these cases as follows:
The cigar companies asked for declaratory judgments that the AAA is
unconstitutional because Congress illegally delegated its taxing powers
to a Federal department. Walter J. Rothensles, Collector of Intarnm
Revenue, Is restrained from cmlecting the 3 cents a pound tax on "unsweated leaf tobacco" due for May.
Charges are made in the bills of complaint that the taxes are not measures
to raise revenue for the Government, but to build up funds for the payment of "compensation" to the farmers for curtailing production.
The tobacco tax went into effect in October 1933, and has been maintained
since. The standard xi:or the assessment has been supposedly the "exin
change value" of farm products for the articles farmers usually buy
Volume
141
Financial Chronicle
other markets, but both the packers and the cigar manufacturers claim
that the Federal agricultural department has disregarded these standards
and set arbitrary taxes and maintained them regardless of the "exchange
values."
Another suit was filed in Federal Court in Indianapolis,
Ind. on June 17 by Kingan & Co., meat packers, to restrain
the '
Government from collecting $1,154,066 now due in
processing taxes.
In reporting the filing of the suit by Kinvn & Co., the
Indi napolis "News" of June 17 had the following to say:
Describing the act as unconstitutional, and its processing features as a
"gratuity levied on one class and paid to another," the suit cited at least
four points in which it is alleged it violates the Constitution of the United
States:
1. That it takes the property of the plaintiff without dos process of law.
2. That it was not adopted under any power expressly granted to Congress by the Constitution.
3. That it is an arbitrary exaction from the plaintiff and other meat
packers for the benefit of certain farmers and producers, therefore being a
gratuity instead of a tax.
4. That the act had no right to grant power to the Secretary of Agriculture to fix the amount of the processing tax, and that it also is an attempt
of Congress to delegate its legislative power to the Secretary of Agriculture.
The AAA, the suit alleged, is invalid because it taxes intra-state business. While the company said it was engaged in inter-state business in
the sale and distribution of meat, the slaughtering actually is an intra-state
transaction.
Referring to the processing tax rate set for the months of January to
June of this year by Henry A. Wallace, Secretary of Agriculture, the suit
asserted it was in complete disregard of the tax formula set up in the act
itself. Data and statistics, the suit said, show there is no basis for a processing tax of this amount.
From Indianapolis July 2 it was reported that an order
temporarily restraining the Government from collecting
processing taxes from seven large meat packers and millers
in Indiana was issued that day by Judge Walter C. Lindley
of the Eastern Illinois Federal District Court. Further advices, contained in an Indianapolis dispatch to the New York
"Times" stated:
Judge Lindley heard in the arguments an attack on the AAA and its
processing feature and then granted the temporary injunction.
He also took under advisement the Government's motion that the cases
be dismissed and said he hoped to make final decision this month.
Judge Lindley remarked that the plaintiff had brought out that there is
Pending in Congress a bill forbidding the repayment of processing taxes
even if the AAA is held unconstitutional. This, he said, constituted
an
unusual and extraordinary situation warranting the restraining order.
All the plaintiffs agreed to deposit in escrow the amount of taxes due
with the exception of the Dryfuss Packing and Provision Co.
Its attorneys said the plant Is menaced by the threat of being sold because
of
non-payment of taxes. Frozen assets total $200,000, but liquid assets
are $40,000. About $70.000 is owed in processing taxes.
The judge issued a special order in the Dryfuss case preventing
the sale
of the property without an order from the court.
Other plaintiffs are the
Lawrenceburg Roller Mills Company, which
filed suit late Monday; Major Brothers Packing Company of
Lafayette,
the Milner Provision Company of Frankfort and Schmadel
Packing and
Ice Company of Evansville.
Meanwhile the Senate Committee on Agriculture on June
29 ordered a favorable report on the bill providing for amendments to the AAA. Principal provisions of this measure
were summarized as follows in a Washington dispatch of
June 29 to the New York "Herald Tribune":
The committee revised the original bill
in an effort to meet the decision
of the Supreme Court in
the Schechter case. However, as it stands, it
gives the Secretary of Agriculture
largely increased power over producers
and processors.
The power of tho secretary
to issue orders to processors and handlers of
food was limited t y the
committee to the handling of goods that move in
inter-state commerce or "directly burden" inter-state
commerce.
The committee struck out
a Eviction intended to stimulate exports by
earmarking 30% of all customs uties to pay export benefits
equal to the
loss incurred. It also
removed the provision permitting the President to
raise tariffs and limit Imports
cf products which might interfere with the
AAA program.
Would Continue Cotton Control
The committee voted to continue the Bankhead
cotton control act and
the Smith-Kerr tobacco control program for a year.
Provision
that the compensating tax on rayon and other fibers competing was made
with cotton
be put at 125% of that on
cotton.
The bill contains a provision intended to bar suits for recovery
of processing taxes in event they are eventually found
unconstitutional.
The Senate yesterday (July 12) debated the bill amending
the AAA,and it was reported that an early decision might be
reached. United Press advices from Washington yesterday
described that debate as follows:
Resentment against the processing tax placed on commodity handlers
and aginst a section outlawing suits for recovery
of taxes already paid,
may delay passage.
The measure was criticized by Senator William King (D.,
Utah), for its
length and "complexity."
"There have been five prints of this bill," he said, "and each
time it
gets longer. It's eighty pages now and
if it went back to the committee
again it would pass the century mark."
He complained that no hearings were allowed during
second consideration of the bill by the Agriculture Committee. It was recommitted
after
the Supreme Court's NRA decision for modifications.
"Any legislation that discriminates against millions and millions
of consumers calls for severe scrutiny and perhaps condemnation,"
Senator King
said.
"I have thousands and millions of constitutenta in my State who
have
nothing to eat but the sidewalks of New York," said Senator Royal S.
Copeland (D., N. Y.), in reply to the statment that processing taxes were
the "farmers' tariff."
"They don't care anything about tariffs, but they do care about paying
three or four cents more for a pound of meat."
The American Liberty League issued a statement on June
30 demanding postponement of the AAA legislation as an
213
expansion of agricultural regimentation which had already
exceeded constitutional authority. The League asked that
further action be postponed pending Supreme Court decisions on the validity of the present AAA. The League
said, in part:
Provisions of the bill which embody specific admissions of the invalidly
of the existing statute include the following:
1. Enactment of present rates of processing taxes in lieu of an existing
undue delegation of blanket power to the Secretary of Agriculture.
2. Retroactive ratification of the assessment and collection of nearly
$600,000.000 in processing taxes.
3. A prohibition against the bringing of suits for refunds or credits of
processing taxes on the ground of their invalidity.
4. A prohibition against suits to enjoin the collection of processing taxes
or to obtain a declaratory judgment in connection with them.
5. Repeal of the present general authority to the Secretary of Agriculture with respect to rental or benefit payments to producers and substitution of lengthy new language setting forth methods and policies in detail.
6. Repeal of the present licensing section and substitution of new language authorizing the issuance of •'orders" applicable to processors and
other handlers of a restricted list of agricultural commodities.
7. Nominal restrictions of orders and marketing agreements to interstate commerce, but in language designed to make possible continued
control of a considerable volume of intra-state business.
Seven associations of advertisers and publishers yesterday
(July 12) issued a statment in which they attacked the AAA
measure and declared that it "must be beaten". The New
York "Sun" of July 12 noted this action as follows:
A manifesto, drawn up last night in readiness for the opening of the
campaign to-day, was signed by Jerome D. Barnum, president of the
American Newspaper Publishers Association; Allyn B. McIntyre. president
Association of National Advertisers; W. B. Warner, president National
Publishers Association (magazines and periodicals); John Benson, president
American Association of Advertising Agencies; Harry J. Prudden, Newspaper Representatives Association of New York; George J. Auer, Newspaper Advertising Executives Association, and Event B. Terhune, president Associated Business Papers, Inc.
Only Four Work Relief Projects Started by July 4—
Allocations of $316,278,881 Recommended by Advisory Committee on Allotments
Although hundreds of millions of dollars have been allocated for work relief projects, only four of the new ones
approved had actually been started by July 4, according to
reports from Washington on that date, wthich added that
only a few hundred men had been given work. Officials
said, however, that much detail was necessary in completing
plans so that work could be started, and pointed out that
President Roosevelt had remarked that he did not expect
the program to function at its peak until mid-November.
Robert C. Fechner, Director of the Emergency Conservation Works program, announced on June 30 that he had
compiled a list of major items to be purchased with a
*25,000,000 appropriation.
The Advisory Committee on Allotments on July 1 recommended to President Roosevelt allocations of $316,278,881,
including $142,245,275 to States and cities. It was estimated that this amount would give employment to 169,900
persons for one year. Details of this recommendation and
of others were given as follows in a Washington dispatch
of July 1 to the New York "Times":
The Committee also recommended for Presidential approval an allocation of $100,000,000 for the Civilian Conservation Corps, $50,000,000 to
finance the President's program for relief ,of the country's youth,
of
$5,110,689, representing a 45% grant, for 40
projects in various
sections, and $900,000 to be applied to the expenses of the National
Resources Commission.
Proposed Division
The work relief recommendation of $142,000,000 concerns, besides New
York City, Indiana, Alabama and Georgia and the District of Columbia.
Indiana would receive $37,052,973; Georgia, $10,256,600, and Alabama,
$10,196,346. The District of Columbia would receive $1,959,043.
The allocations were worked out on a basis of $812 a year per person
employed this amount to cover wages, overhead and materials.
Before meeting with the advisory committee the President approved
various allocations previously recommended, including $88,174,139 to the
Federal Emergency Relief Administration for the feeding and clothing of
the needy during July.
Another approved was $91,000,000 to be used for rural rehabilitation
and relief under the direction of Rexford G. Tugwell. Included are funds
to set up the organization. The Resettlement Administration thus began to
function officially to-day.
The President also approved an allotment of $69,985,000 for the lowcost housing and clum clearance activities of the Public Works Administration.
He took under consideration recommendation for an allocation of $13,913,118 for eradication of insects and plant diseases in all sections;
$2,800,000 would be used to combat the gypsy moth in New York, New
Jersey, Pennsylvania and the New England States.
Urge Farm Roads
Much larger allotments of work relief funds for the construction of
"farm-to-market roads," or secondary, cheap highways to act as feeders
for main roads, were asked of the President by a large delegation beaded
by Representative Utterback of Iowa and said to have included House
members from 17 States.
Its members generally expressed much dissatisfaction with the program,
which thus far has seen only $50,000,000 allocated to such roads.
Conclusion of Two-Year Contract with Union Partially Averts Threatened Walkout of 40,000 Garment
Workers—Governor Lehman Intervened to Prevent Strike
A threatened strike of 40,000 New York City garment
workers was partially averted on July 6, when the Inter-
214
Financial Chronicle
national Council of Cloak, Suit and Skirt Manufacturers,
Inc., agreed with the International Ladies' Garment Workers Union on the terms of a new wage and hour contract,
although thousands of employees quit work on July 9 pending signing of the contract. The Council's members employ 55% of the 40,000 cloakmakers who had been threatening to go on strike since the termination of their contract
on June 1. The new agreement will extent for two years,
and its major provisions were continued from previous contracts at the suggestion of Governor Lehman; who had intervened to prevent a walkout. The chief provisions were
noted as follows in the New York "Herald Tribune" of
July 7:
contractor limitation
The heart of the controversy was the question of
of the
which was embodied in the previous contract, but which some
which limits
employers' group! were averse to continuing. This provision,
was
the number of contractors to whom a jobber may give his work,
included in the new contract.
Continue 35-Hour Week and Old Wage
week
It was also agreed, as requested by Mr. Lehman, that the 35-hour
and the pay scales in effect under the old contract should be continued.
The union had asked for a 20% increase.
The most significant of the so-called "minor points" agreed upon yesterthe
day was the stipulation that all garments shall bear the label of
Coat and Suit Recovery Board, an agency formulated after the collapse
n to preserve gains made under it.
of the National Recovery Administratio
This was said to be the first time in the history of the garment industry,
with the exception of the NRA period, that a label denoting fair conditions and trade practice has been accepted.
It was also agreed that in all competing shops workers engaged In
Identical jobs, such as cutting or operating, for example, should be paid
the same wages by the same method, either on a piecework scale or
weekly. Piecework scales are so worked out by a labor bureau that the
workers of average skill shall earn what is agreed upon as an average
hourly return.
Some typical hourly rates are as follows: Operators, $1.50; upper
pressers, $1.50; under pressers, $1.25; finishers, $1.25, and finishers'
helpers, $1. Weekly pay scales include the following: Cutters, $55;
sample makers, $40; examiners, $36, and drapers, $29.
Union Chief Explains Pay Increase
David DubinsIcy, President of the International Ladies' Garment Workers
Union, in discussing wage scales, said that the reason the union had
asked for a 20% increase was that prices have risen between 20 and 30%
since the last contract was signed two years ago. He said that because
of the seasonal nature of the industry employees work only between 18
and 20 weeks a year. The average annual salary, he said, is less
than $1,000.
Despite the fact that the provisions of the agreement
appeared mutually satisfactory, the union on July 8 ordered
a temporary stoppage of work in the shops pending the
official conclusion of the contract: Employers protested
against this order, although they anticipated that the contract would be signed.
Peter M.IGrimm Named Assistant to Secretary of the
Treasury Morgenthau—Will Represent Treasury
ix; in Dealings on Real Estate Mortgage Loans
Secretary of the Treasury Morgenthau on July 9 announced the appointment, as Assistant to the Secretary,
of Peter Grimm, New York wuthority on real estate and
municipal finance. •Mr. Grimm will represent Mr. Morgenthan in relations with other Government agencies dealing
with real estate mortgage loans. These agencies include
the Federal Housing Administration, the Home Owners'
Loan Corporation and the Farm Credit Administration.
Further details of the Treasury announcement were given
as follows in a Washington dispatch of July 9 to the New
York "Times":
In addition to these duties, Mr. Grimm will make a study of real estate
loans in which the Government has participated, it is understood.
Advances by the HOLC, the Federal Farm Mortgage Corporation and
Many
the Federal Land banks have totaled to date about $5,500,000,000.
the
of these loans are guaranteed as to principal and interest by
Government.
of William A. White &
Mr. Grimm, who is 49 years old, is President
Sons, a real estate corporation, and was President of the Real Estate Board
of New York for four years. He was one of the founders of the Citizens
Budget Commission, which has studied municipal finances and introduced
economies in New York City expenditures, and was Chairman of the
trustees of the Commission.
J. P. Morgan Sails for England for Summer Vacation
J. P. Morgan, financier and banker, sailed for England
from New York at midnight on July 11 aboard the Aquitania.
It was announced that Mr. Morgan is making his usual
annual visit abroad and that he will return to the United
States in the Autumn.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The value of seats on the New York Curb Exchange
achieved a new high July 12, when arrangements were made
for the transfer of a membership at $27,500, up $2,500 from
the last previous sale of July 10. This marks the highest
price paid for a seat since July last year, when a membership
was exchanged for $30,000.
The membership of Morris Abraham in the New York
Cotton Exchange was sold July 12 to Harold L. Bache for
another for $11,200, this price being $950.00 in advance of
the previous sale.
Edward Townsend,former P- resident and Chairman of the
board of the old Importers & Traders National Bank, New
July 13 1935
York, died July 11. Mr. Townsend, who was 86 years old,
retired nine years ago. When he was 18 he joined the bank
as junior clerk. He served consecutively as head correspondence clerk, assistant cashier, cashier and became President
in 1902. In 1916, he resigned the presidency on his 50th
anniversary with the bank, and was elected Chairman of the
boards of directors. The bank merged in 1923 with the
Equitable Trust Co. of New York, which later became the
as
Chase National Bank. He continued with the institution &
chairman of the advisory committee of the Importers on
Traders office of the Equitable until 1926, when he retired
his sixtieth anniversary of banking.
The statement of condition of the Clinton Trust Co.of New
comYork as of June 29 showed total deposits of $4,535,766 31
Dec.
pared with $4,094,371 on Mar.30 and $3,528,404 on
with
1934. Total resources were $5,895,312 compared Bond
31.
$5,340,271 on Mar. 30 and $4,787,214 on Dec.
and
and stock investments as of June 29 totaled $2,562,191
$1,213,loans and discouqts secured by collateral aggregated
notes
840. Capital stock on June 29 was $500,000, capital
profits
or debentures $200,000 and surplus and undivided
$352,468. Reserves amounted to $307,077.
its
The Central Savings Bank of New York celebrated
76th anniversary on July 1. Concurrently, August Zinsser,
y
President of the institution, observed his 20th anniversar 0
as trustee. The bank has deposits in excess of $188,000,00
year.
an increase of approximately $3,000,000 over last were
The depositors number 216,000 about 45,000 of which
added during the past year.
The statement of the Lawyers County Trust Co., New
York, shows total resources of $37,974,050 at the end of the
first six months compared with $37,718,963 on Dec. 31. Deposits were $33,340,208 compared with $33,501,235. Undivided profits are up from X987,759 to $1,081,075, and reserves
likewise increased during the period from $148,394 to
$266,984. Cash and due from banks stood at $8,029,156 at
the half-year against $8,212,586 on Dec. 31, while all Government and municipal bond accounts were substantially
Increased. Government securities totaled $9,180,711 against
$8,801,272 on Dec. 31; New York State bonds were $1,551,285
against $1,330,275; and other State and municipals were
$2,566,432 against $2,120,907. In accord with the bank's
policy, all securities are carried on the books at the actual
market value.
The New York Hanseatic Corp., New York, in its statement of condition as of June 29 1935, shows United States
Government securities, including those pledged as collateral
and sold under repurchase amounting to $15,339,692, which
compares with $7,262,794 on Dec. 31 1934, and bankers'
acceptances, including those sold under endorsement, of
$3,534,616, compared with $5,996,801 on Dec. 31. Net profit
for the first six months of this year amount to $75,590,
which, after deduction of $40,000 for dividends for that
period, leaves surplus of $639,800 against $604,209 on
Dec. 31 last. Loans payable total $18,100,943, of which
$14,678,299 is secured by United States Government securities and $3,422,644 by bankers' acceptances,.
Howard R. McFarland has been appointed Assistant Secretary of the Harlem Savings Bank, New York. Mr. McFarland has been with the institution for the past 15 years.
Francis J. Goldman, Vice-President of the Central Hanover Bank & Trust Co., New York, died on July 1. Mr. Goldman, who lived in Mamaroneck, N. Y., died while vacationing
at his summer camp in Speculator, N. Y.
Addison H. Day, who was Comptroller of the Marine Midland Trust Co., New York, until a year ago, died on July 9
at his home in Chatham, N. J. He was 85 years old. Mr. Day
began his banking career when he was 19 years old as a
messenger for the Ninth National Bank. After serving for
22 years with the Bank of the State of New York which consolidated with the Bank of North America, he joined the
Coal & Iron Bank. This institution merged with the Fidelity
Trust Co., later becoming known as the Marine Midland
Trust Co.
George Stirling Dates, partner in the brokerage firm of
Dates & Dyer, New York, died at his home in East Orange,
N. J., on July 6. Mr. Dates started his brokerage career
when, as a youth, he entered the firm of McGraw, Blagsen
& Draper. Later he joined the firm of H. N. Whitney & Co.,
and in 1917 he became connected with James A. and James
R. Dyer to form the present partnership of Dates & Dyer.
The New York Banking Department on July 3 gave authority to the Empire City Savings Bank, New York, to move
Its branch at 34th Street and Lexington Avenue to 2 Park
Avenue (33rd Street).
A memorial tablet, marking the historic building in Paris
where the first Treaty of Alliance between France and the
United States was signed in 1778, was unveiled July 4 at
ceremonies participated in by French notables and promi-
Volume
141
Financial Chronicle
nent members of the American Colony of Paris, it has been
announced by the Guaranty Trust Co. of New York. The
building in which the famous treaty was signed is the Hotel
de Coislin,4 Place de la Concorde, now occupied by the Paris
Office of the Guaranty Trust Co. of New York. The commemorative plaque was placed in the arched facade of the
building fronting the Place de la Concorde. Jesse I. Straus,
American Ambassador to France, formally accepted the
plaque on behalf of the United States Government.
Shareholders of the National Shawmut Bank of Boston,
Mass., at a special meeting held July 8, voted to reduce the
capital stock of the institution from $20,000,000 to $10,000,000, that the entire amount of such reduction ($10,000,000)be transferred to surplus account,and that the par value
of the bank's shares be reduced from $25 a share to $12.50 a
share. The Springfield "Republican" of July 9,from which
this is learned, continued:
4The rearrangement of capital results in a structure with
$10,000,000 in
capital stock and $20000000 in surplus, and maintains the same
strong
ratio of about 18% of capital funds to normal deposits as existed
prior to the
rearrangement. The generally accepted ratio of capital funds to normal
deposits is 10%.
*Under the plan, stockholders will have the same number of shares
as at
present: each share will have the same assets behind it as at present;
and the
plan does not contemplate any reduction in the present annual dividend
of
$1 which is being fully earned even under present conditions, according
to
the statement of the directors to the shareholders. The transfer
of funds
from capital account to surplus account, without any deductions whatever,
so the directors state, is possible because all losses as determined
by the
federal supervising authorities have been charged off or have been
fully provided for by reserves.
The New Jersey State Department of Banking and Insurance on July 10 took over for liquidation the Merchabnts'
Trust Co. and the Security Trust Co., both of Paterson, in
order to conserve the interests of depositors. Both banks
have been operating under the restrictions of the Altman
act for the past eighteen months in an effort to reorganize.
Trenton advices on July 10 to the New York "Herald Tribune," from which this is learned, continued in part:
Carl R. Withers, State Commissioner of Banking and Insurance,
estimated
a dividend would be paid to depositors and creditors within
four months
in an amount substantially the same as proposed under
the contemplated
rehabilitation. Within a year he predicted they would receive
more from
liquidation than from the proposed reopening.
"The depositors," said Commissioner Withers,
"can be assured their interests will be protected and every effort will
be made to produce a maximum
from the assets to be liquidated. The liquidation
will be carried on with a
minimum of expense:".. .
Concerning the affairs of the defunct Farmers' State
Bank of Fountaintown, Ind., a dispatch from Greenfield,
Ind., on July 5 to the Indianapolis "News," contained
the
following:
A 12%% dividend is being paid
to depositors in the closed Farmers'
State Bank of Fountaintown. The checks are
being sent out by William
G. Jacobi, Cashier of the new Palestine Bank,
liquidating agent. The
dividend brings the payments on
deposits to 87%%.
Two Saint Paris, Ohio, banking institutions-the
First
National Bank, capitalized at $52,100, and the Central
National Bank, with capital of $50,000
-were consolidated
on June 29 under the title of the First Central
Bank of Saint Paris. The new organization is National
capitalized
at $50,000, with surplus of $10,000.
The First National Bank of Fort Branch, Fort
Branch,
Ind., as of July 1, changed its location to Owensville
,
and its title to the First National Bank of Owensville. Ind.,
As of June 29, the First National Bank of
Randolph, Neb.,
went into voluntary liquidation. The institution,
which
capitalized at $50,000, was succeeded by the First was
State
Bank of Randolph.
From the "Oklahoman" of July 2 it is learned
dend payments to depositors of three Oklahoma that diviliquidation were announced on July 1 by the State banks in
Banking
Department. We quote the paper:
Ten per cent, dividend, which
amounts to $23.579, was declared In
liquidation of Bank of Picher, Picher.
It is the first payment and will
be made July 8.
Others are; First State Bank, Goodwell,
10%, total of $1,598, July 8,
and Bank of Adair, Adair, 25%, $998.18,
making payment in full to
depositors July 5.
Gurney P. Hood, State Commissioner of Banks
Carolina, announced on July 3 that liquidation offor North
of Pee Dee, at Rockingham, N. C., had been the Bank
completed,
with depositors receiving about half their money
and
other claimants being paid in full. In noting this, all
the
Raleigh "News and Observer" of July 4 supplied
further
details as follows:
Depositors received $139,537.53, or 44.5% of
their money, in dividends,
and an additional $38,956.33 in offsets. Preferred
claimants were paid
$39,165.77, and secured creditors received $123,939.63
and $1.710.11 in
Interest.
The Rockingham bank, which closed in December 1930,
collected only
$385,089.23, or 46% of its assets of $846,595.40.
The Income during
liquidation amounted to $31,200.45, leaving a liquidating
profit of $1,911.26
over expenses.
215
In its statement of condition as of June 29, the United
States National Bank of Portland, Ore., shows deposits of
$94,573,693, or an increase of approximately $7,000,000, since
its March 4 statement, and of more than $14,000,000 during
the year from June 30 1934. From an announcement by
the bank, we also take the following:
Resources in its current statement total $102,400,756 as against slightly
over $91,000,000 a year ago. This is the first time the United States
National of Portland has exceeded the $100,000,000 mark in its resources,
but it has been known that the totals have hovered in excess of $100,000,000
for some months.
In addition to its five Portland units, the bank has nine branches
located in the following important Oregon centers: Albany, McMinnville,
Mount Angel, Oregon City, Pendleton, St. Helens, Salem, The Danes and
Eugene. This last-narned branch was established June 17 by purchase
of the United States National Bank of Eugene.
After a banking career extending over a period of nearly
forty-five years, C. W.Frazee, Supervisor of Branches of the
Royal Bank of Canada (head office Montreal) in Quebec,
New Brunswick and Eastern Ontario,retired from the bank's
service on June 30. In outlining Mr. Frazee's career, the
Montreal "Gazette" of July 2, said in part:
Mr.Frazee . . . entered the service of the Union Bank of Halifax at
Halifax, N. S., in September 1890, and within six years, after periods of
service at New Glasgow and Liverpool. he was appointed manager of the
bank's branch in Dartmouth. Two years later he took over the management of North Sydney branch and in 1903, at the comparatively early age
of twenty-nine years, he was appointed manager at Halifax, continuing in
charge after the amalgamation of the Union Bank of Halifax with the Royal
Bank of Canada in 1910. In February 1917, he was appointed Supervisor
of the bank's branches in British Columbia where he remained until his appointment in 1926 to the position which he has recently relinquished. . .
The statement of accounts of Barclays Bank, Ltd., of
London, as of June 30, shows substantial increases in deposits and total resources, deposits being quoted at £382,795,860 and total resources, £415,846,891, according to cable
advices received at the New York representative's office.
Cash items include cash in hand and with the Bank of
England of £44,291,043; balances with other British banks
and checks in course of collection in the amount of £12,239,946; money at call and short notice £24,682,400, and
bills discounted, £44,360,170. The bank's investment account
consists of almost exclusively of securities of, or guaranteed by, the British Government, representing £97,201,671
of an aggregate of £105,118,510. Total advances are reported as £163,266,305. Barclays Bank, Ltd., one of the
"big five" English banks, recently declared dividends for
the first half-year at the rate of 10% on the A shares and
14% on the B and C shares, these rates of dividend being
the same as those maintained for many years past.
The directors of Westminster Bank, Ltd. (head office
London), have declared an interim dividend of 9% for the
half-year ended June 30 on the £4 shares, and the maximum
dividend of 61
4% on the £1 shares for the same period.
The dividend (less income tax) will be payable on Aug. 1.
COURSE OF BANK CLEARINGS
/11 Bank clearings this week will again show an increase as
'
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
July 13) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be 3.4%
above those for the corresponding week last year. Our preliminary total stands at $5,326,725,317, against $5,153,686,906 for the same week in 1934. At this center there is a
gain for the week ended Friday of 3.0%. Ouricomparative
summary for the week follows:
Clearings
-Returns by Telegraph
Week Ending July 13
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Oreleans
32,700,278,647
198,213,387
259,000,000
164,000,000
73,581,208
62,700,000
100,861,000
76,768,355
65,527,254
54,774,489
47,395,227
21,049,000
Twelve cities, 5 days
Other cities, 5 days
Tra.01 .11 ni•lea inv. ars.ar
1934
Per
Cent
$3,824,248,567
614,689,197
-,-
Total all cities. 5 days
All cities, 1 day
1935
•
$2,622.168,849
+3.0
198,406,899
-0.1
246,000,000
+5.3
145,000,000 +13.1
65,767,590 +11.9
58,500,000
+7.2
84,400,000 +19.5
84,537,618
-9.2
52,539,234 +24.7
53,523,048
+2.3
43,041,608 +10.1
23,641,000 -11.0
$3,677,525,846
+4.0
532,892,370 +15.3
$4,438,937,764
887,787.553
$44,210,418,216
943,268,690
15 R2R 725 R17
IA 155 ARA WA
+5.4
-5.9
-La A
r Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 6.
For that week there is an increase of 26.8%, the aggregate
of clearings for the whole country being $6,301,488,068
against $4,968,377,164 in the same week in 1934. Outside
of this city there is an increase of 17.5%, the bank clearings
at this center having recorded a gain of 32.5%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 32.5%, in the Boston Reserve District of
23.7% and in the Philadelphia Reserve District of 13.1%.
In the Cleveland Reserve District the totals are larger by
13.8%, in the Richmond Reserve District by 8.5% and in
the Atlanta Reserve District by 15.9%. The Chicago
Reserve District enjoys an improvement of 24.3%, the
St. Louis Reserve District of 12.3% and the Minneapolis
Reserve District of 7.4%. In the Dallas Reserve District
there is a loss of 0.3% but in the Kansas City Reserve
District there is a gain of 5.7% and in the San Francisco
Reserve District of 26.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended July 6
Clearings al
1935
,
.3C 1 !MC 01.1.
•IFF 001 507
497 677 359
4-1 0
279_690.900
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended July 6
Clearings at
1935
1934
Inc. or
Dec.
1933
$
1932
$
3
%
$
First Federal Reserve Dirt rid -Boston623,513 +27.0
791,923
-Bangor
Me.
1,983,784 -9.6
1.792,866
.
Portland
. 238,291,402 188,402,256 +26.5
Mass -Boston.
548,307 +7.2
587,539
Fall River.
227,098 +40.1
318,274
Lowell
474,243 +61.9
767,945
New Bedford.
3,050,460 -1.3
3,009,696
.
Springfield...
1.265,022 +10.6
1,399,741
Worcester_ _.
11,568,495 +9.1
12,617,902
Conn.- Hartfor,I
3,782,761 +27.9
4,839,079
New Haven....
9,090,700 +0.5
9,139,200
R. I.-Providen 8
600,605 -10.0
540,284
N.H.-Manches'r
549,223
1,552,306
198,605,249
554,390
294,743
563,721
3,116.171
1,382,118
10,456.935
4.138,390
8,793.600
424,221
446,241
2.025,139
162,899,293
531,682
273,713
538.245
3,440,431
1,932,358
7,176,254
3,657,400
7,158,600
508,499
221,617,244 +23.7
230,431,067
Second Fede r al Reserve D istrict-New
7,867,765
12,765,188
.
-Albany.
N. Y.
1,236,878
1,340,152
Binghamton .
27,380,286
27,400,000
Buffalo
599,850
579,700
Elmira
486,890
657,581
Jamestown
. 4.081,399.589 3,079,431,565
New York.
7,945.706
8,774,247
Rochester_
Rochester._ _ _.
3.836,924
5,856,557
.
Syracuse
2,640,183
3,324,187
Conn.-Stamfor i
250,000
.400,000
N. J.-Montcialr
15,643,954
19,395,798
Newark
31,549,380
51,533,210
Northern N.J ,
105,332
445,919
52,009,839
2,177,421
1,371,084
968,923
13,374,000
1,057,421
3,216,858
14,979,654
706,846
4.891,559
2,108,562
318,931
201,155.538
602,616
1,935,878
541,834
792,254
811,185
172,444,596
446.259
2,040,764
487,148
1,290,830
333,690,488 +24.3
278,309,105
274,934,200
Elohth Fedora I Reserve Dis trick-St.Lo Web
-Evansville _
Ind.
64.800.000 +11.3
72,100,000
Mo.-St. Louts_
22,407.010 +17.4
26,315,352
Ky.-Louisville _
10,734,739 +7.5
11,541.671
Tenn.- Memphis
-Jacksonville
231.
375,000 +22.1
458,000
Quincy
52,600,000
17,676,876
10,432.046
is
48,300,000
15,995,612
7,111,787
346,000
461,653
98,316,749 +12.3
81,054,922
71,869,052
-Minn eapolls
Ninth Federal Reserve Dia tact
2,751,658 -10.2
2,471,791
Minn.
-Duluth_
52,400.295 -4 6.4
55,767,122
Minneapolis.-19,346,379 +8.0
20,892,088
St. Paul
1,500,000 +15.7
1,736,224
N.D.
-Fargo _ 361,410 +55.4
561.476
S.D.
-Aberdeen.
381,334 +23.0
469,096
-Billings _
Mont.
2,144,573 +33.0
2,851.972
Helena
2.856,226
53.148.847
14,127,213
1,529,891
453.499
271.278
1,949,829
2,758,001
46,087,544
13,285,466
1,592,822
546,963
280,060
1,540,941
+7.4
74,336,783
66,091,797
Tenth Federal Reserve Die trIct-Kans as City
126,072 +14.3
144,114
Neb.-Fremont _
73,441 +60.0
117,522
Hastings
2,203,226 +25.6
2,767,948
Lincoln
28,167,825 -3.3
27,238,737
Omaha
2,156,388 +4.5
2,253,822
-Topeka _ _
Kan.
3,385,427 -12.4
2,966,190
Wichita
77,412,086 +9.6
84,828,003
Mo.-Kans. City
2,763.405 -10.4
2,476,893
St.Joseph _
563,756 +23.9
698,641
-Col.Spa.
Colo.
604,543 +7.9
652,141
Pueblo
68,935
2,054,060
19,724,784
1,828,274
3,261,395
59,946,109
2,588,789
700,111
409,490
174.327
136,343
2,100,717
18,610,840
2,112,385
4,312,640
55,627.840
2,186,005
748,418
931,249
+5.7
90,581,947
86,940,764
-Da IlasEleventh Fede ral Reserve District
920,177 +7.7
990,794
-Austin ._
Texas
29,870,418 +4.8
31,317.183
Dallas
6.003.347 -21.3
4,725.661
Ft. Worth._ _ _
2,101,000 -27.4
1,526,000
Galveston
1,903.651 +11.6
2,124,887
La.
-Shreveport _
736,940
23,102,335
4,973,899
1,619,000
2,348,094
683,669
21,723,513
5,302.918
1,497,000
1,883,365
-0.3
32,780,268
31,090,465
Twelfth Feder al Reserve D IstrIct-San Francl sco-19,938,895 -1- 24.7
17,971,031
24,855,129
Wash.
-Seattle_ _
5.8
4,048,000
7,259,000
7,683,000
Spokane
448,341 +43.2
284,258
642,010
Yakima
18,363,467 +52.8
16,125,013
28,051,633
Ore -Portland._
10,128,385 +25.3
8.421,591
12,695,009
Utah-S. L. City
37.3
2,533,457
2,768,038
3,478,203
-L.Beach _
Calif.
2,475,119 +24.6
2,656,924
3,082,778
Pasadena
2,743.629 +145.1
2,826,315
6,724,142
Sacramento _ _
89,108,614
San Francisco. 132,454,000 109,624,389 +20.8
1,934.892 4 12.7
1,593,725
2,180,330
San Jose
1,404,088 -4.4
1,076,332
1,342,319
Santa Barbara _
1,295,669 +58.3
2,050,943
1,307,700
Stockton
20,244,347
4,897,000
449,443
15,088,172
7.996,413
2,847,718
2,820,584
6,896,923
87,812,342
1,694.135
1,272,755
1,431,726
Total(4 cltle9)-
Total(7 cities)-
Total(9 cities)
357.429,096
+13.1
259,394,526
Fourth Fede al Reserve D istrict-Clev eland-c
c
c
C
Ohio-Akron _
c
CC
C
•
Canton
36,252,389
40,098,966 +18.3
47,417,607
•
Cincinnati_ _ _
43,001,307
58,913,692 +5.6
64188,690
•
Cleveland
6,802,600
9,365,300 +0.5
9,410,300
•
Columbus
821,140
980,262 +8.7
1,065,894
•
Mansfield
b
b
b
b
Youngstown
75.929,027
90,240,992 +18.5
106,967,923
Pa.-Pittsburgh
227,050.414 199,599,212 +13.8 162,806,463
Total(5 cities)
268,637,804
c
c
36,068,907
60,577,661
6,203,000
873,386
b
72.526,386
176,249,340
-Mehra ondFifth Federal Reserve Dist riot
159.809 -15.0
135,945
W.Va.-Hunt'to
3.057,000 -14.4
2,617,000
Va.-Norfolk _
28.476,101 +4.8
29,834,455
Richmond _
925,957 +86.4
1,726,132
S.C.-Charlesto
59,104,624 +5.1
62.145,915
Md.-Baltimore
16,407,784 +26.9
20.823.476
D.C.-Washing'
83,224
2,429,000
21,206,066
749,181
36,657,969
12,573,685
302,181
2,975,762
22,441.051
673,533
50,309.086
17.727,781
Total(6 cities).
Sixth Federal
Tenn.-Knoxvill
Nashville
Ga.-Atlanta_ _ _ _
Augusta
Macon
Fla.- Jack'nvill
Ala.-Birm'ham _
Mobile
Mif18.-Jackson_
Vicksburg
-New Orleans
La.
Total(10 cities)
117,282,923
+8.5
73.699,125
94,429,394
8-+1.1
+21.2
+5.8
-16.3
-1.2
+37.0
+18.4
+39.0
b
+2.1
+20.3
3,410,927
9.645,972
28,700.000
1,187,317
5I1,169
10.087,000
8,645,546
1,027,902
b
121,072
18,809,099
1,262,936
7.835.926
22,800,000
617,092
525,221
6.608,766
7,513,132
742,629
b
101,425
21,480,417
96,843,682 +15.9
82,146,004
69,487,544
108,131,365
Reserve Dist rich-Atlan
2,286,743
2.312,143
10,280,024
12,463,001
34,500,000
36,500,000
894,828
748,850
774,768
765,499
10,107.000
13,846,000
14,837,691
17,571,289
1,043,167
1,449,768
b
b
126,281
128.901
21,993,180
26,460.608
112,246,059
Total(10 cities)
Total(5 eitles)-
York-4,824.924
11.981,350
+62.2
877.939
796,698
+8.4
22,189,216
23.069,167
+0.1
686,434
651,710
-3.4
584,437
,
346,70
+35.1
+32.5 3,628,310,274 2,500,291,712
7,587,386
7,630,992
+10.4
3,886,155
3.702,127
+52.6
2,759,850
2,325,082
+25.9
509,609
4211,158
+60.0
19,308,154
14,357,309
+24.0
27,315,735
29,108.781
+63.3
2,590,818,551
Total(12 cities 1 4,213,416,209 3,178,869,381 +32.5 3,722,706,357
Third Federa Reserve Dist rict-Philad elphia-331,956
351,650
436,336 +15.7
504,692
-Altoona _
Pa.
82,063,724
bb
8486,030
Bethlehem _ .
361,578
406.809
352,632 +13:5
434,892
Chester
1.067,926
739,935
939,924 +13.6
1,067,430
Lancaster..._ .
257,000,000
Philadelphia._ . 342,000,000 303,000,000 +12.9 249.000,004
1,772,911
1,647,410
1.523,165 -2.5
1.485,284
.
Reading
2,321,798
1,908.220
2,545,716 -3.5
2,456,509
Scranton
2,065,034
1,647,036
1,116,137 -1-13.2
1.264.011
Wilkes-Barre .
1,135,601
1,222,466
1,194,391 +34.6
1,607,278
•
York
2,581,000
2,471,000
4,906,000 +34.7
6,600,000
-Trenton.
N.J.
316,014,301
1932
513,203
36,597.910
895,719
577,289
448,604
9,933,000
430,208
2,979,885
12,622,730
238,056
5,450.681
2,274,769
414,734,692
110,415,023
84,749,769
190,587,855
Total(12 cltles) 274,095,851
1933
1932
1933
1934
1935
Week Ended July 6 1935
a
$
%
$
$
Federal Reserve Dicta.
190,587,865
230,431,067
221,617,244 +23.7
274,095,851
let Boston. _._12 Cltlee
4,213,416,209 3,178,569,381 +32.5 3,722.705,357 2,590,818,551
2nd New York_12 "
268,637,804
259,394,526
316,014.301 +13.1
357,429,096
3rd Philadelphia 9 "
176,249,340
162,806.463
199,599,212 +13.8
227,050,414
4th Cleveland__ 5 "
94,429,394
73,699,125
108,131,366 +8.5
117,282,923
5th Richmond - 6 "
69,487,544
82,146,004
98.943,6e2 +15.9
112,246,059
flth Atlanta____10 "
274,934,200
278,309,105
333,690.488 +24.3
414,734,692
"
7th Chicago ___19
71,869.052
81,054.922
98,316,749 +123
110,415,027
8th 56. Louts_ __ 4 "
66,091,797
74,336,783
78,885,649 +7.4
84,749,769
9th Minneapolis 7 "
86,940,764
90,581,947
117,461,169 +5.7
124,144,011
10th Kansas City 10 "
31,090,465
32,780,268
40,798,593 -0.3
40,684,525
5 "
11th Dallas
153,451,558
148,187,541
178,149,331 +26.4
225,239,496
12th Ban Fran 12 "
4,074,588,324
111 cities 6,301,488,068 4,968,377,164 +208 5,236,435.108 1,574,296,611
Total
2,220,088,479 1,888,945,599 +17.5 1,608,123,834
Outside N. Y. City
ge M.A.
Inc. or
Dec.
1934
Seventh Feder al Reserve D istrict-Chi ca0o77,772 +19.3
92,760
-Adrian _
Mich.
560,116 +12.0
627,519
Ann Arbor_
65,336,864 +15.1
75,208,090
Detroit
1,711,467 +0.2
1,714,169
Grand Rapids
971,245 +79.9
1,747,196
Lansing
666,102 +17.4
782,300
-Ft. Wayne
Ind.
13,620,000 +45.4
19,807,000
Indianapolis-718,306 +27.0
912,569
South Bend _
4,516,364 -10.3
4,053,089
Terre Haute...
13,034,082 +24.3
16,197,509
Wis.-Milwaukee
624,976 +46.8
917,241
Ia.-Ced. Rapids
5,691,229 +50.7
8,575,418
Des Moines _
2,528,948 +7.1
2.709,707
Sioux City - Waterloo
501,851 -31.0
346,285
-Bloomington
Ill.
275,519,360 218,777,175 +25.9
Chicago
527,112 +15.8
610,632
Decatur
2,176.624 +25.6
2,732,878
Peoria
529,729 +151.3
1,331,039
Rockford
1,120.526 -24.1
849,931
Springfield. _
Total(19 cities)
1,88.07
Dec.
Aavsarla
July 13 1935
Financial Chronicle
216
124,144,011
40,684,525
78,885,642
117,461,169
40,798,593
Total(12 cities) 225,239,496 178,149,331 +26.4 148,187,541 153,451,558
Grand total (111
6,301,488,068 4,968.377.164 +26.8 5,236,434,108 4,074,588,324
cities)
Outside New York 2,220,088,479 1.888,945,599 +17.5 1,608,123,834 1,574,296,612
Week Ended July 4
Clearings at
1935
Canada
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _
New Westminster
Medicine Hat _
Peterborough.._ _
Sherbrooke
Kitchener
Windsor
Prince Albert _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32cities)
1934
Inc. or
Dec.
1933
1932
121,701,099
99,934,448
61,578,297
15,585,688
18,931,694
4,450,002
2,350.061
4,350,027
5,647,743
1.611,498
1,662,364
3,232,743
4,178,217
3,941,418
304.763
556,662
1,425,846
638,911
1,180,116
550,582
544,556
256.880
756,417
621,851
1.020.981
2,407,186
350,692
671.772
839,775
453,721
460,012
659.912
108,558.720 4-12.1
130,621,201 --23.5
52,745,937 4-16.7
16,499.295 --5.5
4,964,040 1-281.4
4,708.104 --5.5
2,248,946 4-4.5
4,245,935 A-2.5
5,168,576 4-9.3
1,698,204 --5.1
1,532,624 48.5
3,140,452 4-2.9
A-7.1
3,900,762
3,290,550 4-19.8
305,720 --0.3
342,845 i-62.4
1,226,591 +16.2
832,499 --23.3
976,373 A-20.9
648,213 --15.1
601,239 ---9.4
212,593 420.8
683,462 +10.7
667,682 --41.9
1,030,452 --0.9
1,956,184 4-23.1
264,286 A-32.7
622,891 +7.8
737,479 413.9
474.959 --4.5
350,584 A-31.2
663,999 ---0.6
135,626,571
112,426,961
93,152,779
15.495,342
4.520,754
4,820.990
2,608,608
5,167,944
6,010,024
1,935,052
833,231
2,919,818
4,082,826
3,478,868
439,646
435,990
1,431,530
1,216,749
1,101,586
623,040
493,946
299,672
719,218
752,849
921,474
2,579,814
275,168
578,827
995,327
590,285
508,268
628,702
77,812,105
85.991,050
50,941,234
13,818,576
4,563,727
5,967,977
3,327,647
4,541,961
4,827,940
1,745,213
1,764,425
2,982,185
4,300,834
3,142,841
484,731
360,035
1,563,671
831,432
1,239,960
654,758
597,530
267,137
754,019
736,744
784,652
2,648,643
307,112
578,180
672,102
474,029
492.451
515,999
362,855,934
355,921,397
+1.9
407,677,359
279,690,900
a Not included n totals. is No clearings available. c Clearing House not functioning at present. * Estimated.
Financial Chronicle
Volume 141
THE CURB EXCHANGE
Price movements on the New York Curb Exchange have
been irregular during most of the present week. Profit
taking, particularly in the public utilities group, has been
in evidence from time to time but was, as a rule, quickly
absorbed. Transactions were generally light, but there
was a moderate drift to higher levels during most of the
week.
Profit taking, due to week-end adjustments, gave the curb
market an appearance of irregularity during the brief session
on Saturday. There were a few stocks that showed an
inclination to move against the trend, but throughout the
general list there was a tendency to work down to lower
levels. Public utility shares lost some of their gains of the
previous days, but the recessions were usually fractional.
Losses were also recorded by some of the prominent oil stocks
and mining issues as well as by a number of popular industrials and specialties. The turnover for the day was 96,000
shares.
Irregularity again marked the curb trading on Monday,
and while there was some profit-taking apparent from time
to time, mining issues and specialties were fairly strong and
advances ranging from fractions to a point or more were
in evidence as the session came to an end. The best gains
were registered by such trading favorites as Aluminium,Ltd.,
23% points to 27; Celluloid Corp. 1st pref., 23% points to 75;
Draper Corp., 2 points to 613/2; Driver Harris pref. (7),
2 points to 100; Consolidated Gas of Baltimore, 2 points to
84; Pacific Lighting pref., 2 points to 101; Pittsburgh &
Lake Erie RR., 23/2 points to 593%; A. 0. Smith,5 points to
67, and United Shoe Machinery, 13% points to 843'2.
Specialties assumed the leadership of the curb market on
Tuesday and a number of prominent stocks in this group
closed the session with modest gains. Merchandi ing shares
also attracted considerable buying as the market continued
its forward movement. Among the advances registered at
the close of the market were Crane Co. pref 2 points to
110; Great Atlantic & Pacific Tea Co. non-voting, 2 points
to 130; Commonwealth Edison, I% points to 803,2; Lynch
Corp., 2 points to 41; Mead Johnson, 4 points to 69, and
A. 0. Smith Co., 23% points to 62. The volume of trading
was approximately 165,000 shares.
Price movements on the curb xchange were somewhat
irregular and confused on Wednesday, some of the pcpular
stocks among the liquor shares showing substantial gains,
while many other active issues, particularly in the utilities
group, wero reactionary. The losses, however, were small
and were without special significance. Outstanding among
the gains were such stocks as Celluloid 1st pref., 4 points to
79; Commonwealth Edi on, 1 point to 82; Consolidated Gas
of Baltimore, 13% points to 853%, and Hiram Walker, IN
points to 283 .
4
Curb market prices were lower on Thursday due to early
pressure in the public utilities which extended later on to a
number of the regular trading favorites. Some of the mining
and metal stocks and a few of the specialties showed an inclination to resist the downward swing, and in most cases the
changes were comparatively narrow. Prominent among the
recessions were Dow Chemical 63/i points to 98, A.0. Smith
3 points to 62, Florida Power & Light ($7.) pref. 23% points
to 313% and Fajardo Sugar 23% points to 92.
The trend of prices was again toward lower levels on Friday.
Public utilities continued under pressure, the losses in this
group ranging from 1 to 3 or more points. Consolidated Gas
of Baltimore was particularly weak and dipped 3 points to 82.
Dow Chemical added 5 points to its loss of the preceding day
and Great Atlantic & Pacific Tea Co. pref. (7) slipped back
2 points to 1263/2. As compared with Friday of last week,
prices were lower, Allied Mills closing last night at 18%
3
against 18% on Friday a week ago, American Gas & Electric
at 293 against 303%, American Light & Traction at 11%
4
against 123/, Canadian Marconi at 1% against 2, Carrier
8
Corp. at 163 against 163/2, Cities Service at 1% against 2,
%
Commonwealth Edison at 80 against 83, Creole Petroleum
at 173% against 173 , Electric Bond & Share at 83/i against
4
9%, Fairchild Aviation at 7% against 8, Fisk Rubber Corp.
at 6 against 63%, Ford of Canada A at 273% against 28, Glen
Alden Coal at 173 against 183 ,Hollinger Consolidated Gold
4
4
Mines at 14 against 143%, International Petroleum at 35
3
against 35%, Lake Shore Mines at 503% against 51 and Niagara Hudson Power at 7 against 73%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
West"dal
July 12 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Mocks
(Number
of
Sharer)
Bonds (Par Value)
Domestic
Foreign
Foreign
GOVVISMOU Corporate
Total
96,040 $2,261,000
164.605 4,706.000
235,450 4,972,000
232,700 5,306,000
193,128 5,230,000
221,055 4,490,000
$9,000
39,000
82,000
20,000
61,000
49,000
$33,000 $2,303,000
45,000 4,790,000
52,000 5,106,000
31,000 5,357,000
110,000 5.401,000
33,000 4,572,000
1,142.978 X26.965.000
$260.000
3304.000 827.529.000
Sates at
New York Curb
Exchange
217
Wed Ended July 12
1936
1934
Stocks
-No. of shares.
1,142,978
861,400
Bondsj
Domestic
$26,965,000 $18,660,000
Foreign government.__
260,000
788,000
Foreign corporate._
304,000
699,000
Total
$27,529,000 $20,147.000
Jan. 1 to July 12
1936
1934
26,871,748
36,591,176
$654,766,000
9,242,000
6,767,000
$534,592,000
19,852,000
16,482,000
$670,775,000
$570,926,000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 26 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192.716.335
on the 19th instant, as compared with £192,663,934 on the previous Wednesday.
In the open market about £3,000,000 of bar gold changed hands at the
daily fixing during the past week. Prices have included only small premiums
over gold exchange parities and movements have again been within narrow
imits.
Quotations during the week:
Per Fine
Equivalent Value
Ounce
of Sterling
June 20
141s. 1 WI.
12s. 0.47d.
June 21
12s. 0.39d.
141s. 2;id.
June 22
141s. id.
12s. 0.52d.
June 24
140s. 1154d.
12s. 0.654.
June 25
141sJid.
12s. 0.554.
June 26
141s. 2d.
12s. 0.43d.
Average
141s. 1.17d.
128. 0.50d.
The following were the United Kingdom imports and exports of gold
registered frcinimid-clay on the 17th instant to mid-day on the 24th instant:
Imports
British South Africa
British West Africa
British India
British Malaya
Hongkong
New Zealand
Germany
Netherlands
France
Switzerland
Spain
Belgium
Other countries
£1,362,881
107,069
274,559
31,289
35,503
31,542
5,421
259.459
118,702
28,132
27,480
7,172
17,072
Exports
Germany
Netherlands
France
Belgium
Switzerland
U. S. A
Other countries
E54,200
154,218
50,042
189,200
13,036
114,500
6,239
/2,306,281
£581,435
The SS. "Comorin" which sailed from Bombay on the 22nd instant
carries gold to the value of about £487,000 consigned to London.
SILVER
The market developed a very weak tendency during_the_second half
iM
of the week and there wassharp declurices. This was duo mainly to
Rravy re-selling by tl=hian Bazaars, but there was alsii re-selling by
China andIipTculators generally. At the lower rates, substantial purchases
were made presumably for the American Treasury and there has also been
some buying on China account.
The bull position still remains large but the liquidations _made during
the week should make for healthier conditions. The immediateoutlook is
Uncertain and-deperds larZely upoirwhether_tIUTI Indian Bazaars continue
their re-sales; America is showing no inclination to press, but it seems likely
that further support from this quarter will be forthcoming, especially if
prices seem inclined to sag. The follewing
-were the United Kingdom imports and exportssilver
registered from mid-day on the 17th instant to mid-day on the 24th instant:
Imports
British West Africa
British India
Australia
New Zealand
Egypt
Soviet Union
Belgium
Switzerland
Java
Morocco
Aden & dependencies
Other countries
£4,783
28,709
33.206
5,724
115,521
77,794
30,121
9,646
9,132
7,500
13,852
11,491
£347,479
Quotations during the week:
Exports
Bombay-via other ports__ £10,695
3,800
Sweden
8.503
Italy
10.000
Liberia
146.310
U. S. A
1,764
Other countries
£181,072
IN LONDON
IN NEW YORK
(Per Ounce .999 Fine)
-Bar Silver per Oz. Std.7234c.
Cash
June 19
2 Mos.
June 20- --32 5-16d.
723ic.
June 20
32 9-16d.
June 21---323id.
32%d.
723(c.
June 21
June 22---32 5-164.
June 22
72Yic.
32 9-16d.
June 24-- _31%d.
31%d.
7034c.
June 24
June 25- _ _31 1-164.
69,ic.
June 25
31 5-16d.
June 26_ _ _31d.
31 Xd.
Average_ _ _31.719d.
31.969d.
The highest rate of exchange on New York recorded during the period
from the 20th Instant to the 26th instant was $4.95X and the lowest
$4.92%.
Stocks in Shanghai on the 22nd instant consisted of 280,000.000 dollars
and 44,600,000 ounces In bar silver, as compared with 279,000,000 dollars
and 44,600,000 ounces in bar silver on the 15th instant.
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 6
July 9
July 8
July 10
July 11
July 12
Silver, per oz._ 30 11-16d. 30 7-16d. 3031d.
3134d.
3135d.
,
3134d.
Gold, p.fine on. 141s.
140s.9d. 1409.7d. 1408.11d. 14013.84. 1408.11d.
Consols, 254% Holiday
8514
86
854
8514
85%
British 314%W.L
Holiday
10614
10614
10614
10614
1063(
British 4%1960-90
Holiday
11814
11814
11834
11834
11834
6834
50.01
694
50.01
684
50.01
77.57
77.57
77.57
77.57
77.57
NOTICES
and
-James E. Sauter, formerly a partner of Theodore Prince & Co.,
-Prince Corp., textile bankers, and A.
previously President of Bloomingdale
late Col. A.E.Humphreys
Putnam Munphreys of Denver,a grandson of the
Humphreys
prominent oil man of that city, have formed the firm of Sauter,
at 30 Broad
& Co., members New Yore Stock Exchange, with offices
York Stock
Street, this city. Mr. Humphreys is a member of the New
of Trade
Exchange, and Mr. Sauter Is a member of the Chicago Board
and the New Orleans Cotton Exchange.
Suite
-The Securities Signing Corp. has moved its executive offices to
room is to be
1004, 40 East 49th Street, New York City. The main signing
continued in the Kuhn Loeb Building, 52 William Street. in the heart of
the New York financial district.
of
The corporation has recently appointed Schwabacher-Frey Sr Co.
e and
735 Market Street, San Francisco, Calif., as its western representativ
Pacific Coast
signing equipment is being installed there for covering all
requirements.
and dealers
-Biter & Co., members of the New York Stock Exchange
In investment securities, with offices in New York, Chicago, Philadelphia
partnership of Reinert M.
and Boston, announce the admission to general
partner
Torgerson, and to limited partnership of Arthur Gwynne,formerly a
of Gwynne Brothers. Mr. Torgerson will be the New York Stock Exchange
member of the firm. Aubrey S. Whiteley has withdrawn from general
partnership in the firm.
-F. Eberstadt & Co., Inc., 39 Broadway, New 1 ork, has prepared a
special study of power and light preferred stocks which are now selling at
substantial discounts.
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government tstatements, shows the money holdings of the
Treasury at the beginning of business on the first of April,
May, June and July, 1935:
June 1 1935
$
$
$
Net gold coin and bullion_ 1,052.106.149 1,018.584,787 1,038,883,274
Net silver coin and bullion 167,105.226 157.355.827 147,384,638
3,005.466
3,193,997
2,135.154
Net United States notes.'.
21,263.833
20,100,816
20,363,321
Net National bank notes.
14,525,705
15.139,585
15,446,170
Net Federal Reserve not
1,872,794
1,148,904
1,727,323
Net Fed. Rea. bank notes.
7,437,616
4,696,791
3,411,327
Net subsidiary silver
8.610,344
7,425,689
10,033,827
Minor coin. &c
g
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$
995,044.850
146,304,999
1,894,113
29,652.823
16,024,045
1,584,012
4,972,721
18,150,402
M
ONN.
Net cash In Treasury
2,933,579 520 2,465.383,092 2,159.382,133 2,016,069,026
and In banks
174.723,487
Deduct current liabilities_ 487,737,648 530,065,559 202,545,878
1.841,345,539
Available cash balance_ 2.445.841.872 1.934,717,533 2,956,836,255
.
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.Includes In July $134,193,184 silver bullion and $4,585,305 minor,
not included In statement "Stock of Money."
MONTHLY REPORT OF THE UNITED STATES
TREASURY AS OF MAY 31 1935
The monthly report of the Treasury Department, showing
assets and liabilities as of May 31 1935 of governmental
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
daily statement for June 29. The report is the twelfth
such to be issued by the Treasury; the last previous one, for
April 30 1935, appeared in our issue of June 8, pages 38363838.
The report for May 31 shows in the case of agencies
financed wholly from Government funds a proprietary interest of the United States as of that date of $3,187,248,354,
wEich compares with $3,119,732,460 April 30. In the
case of these wholly-owned Government agencies, the proprietary interest represents the excess of assets over liabilities, exclusive of inter-agency items.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of May 31 was shown to be $1,119,603,739. This
compares with $1,103,817,174 as of April 30. In the case
these Partl3Zowned Government-agencies, the Governgfment's proprietary interest is the excess of assets over liabilities exclusive of inter-agency items, less the privatelyowned interests. The statement follows:
C
, A A
488 484=4 4 3 -=2:02 n 0
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July 1 1935
Total cash in Treasury_ 1,272,328,497 1227646.396 1,242,983,670 *1213 627,965
156.039,431 156.039.431 156,039,431 156,039,431
Less gold reserve fund
Cash balance In Tress 1,116,289,066 1.071,606,965 1,086,944,239 1,057,588,534
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and eertlficates of Indebtedness 1,325,360,000 1,238,647,000 925,971,000 799,021,000
451.409,987 113,882,334 106,784,120 118,346.260
Dep. In Fed. Res. bank
Dep. In National banks9,028,448
7.580,596
9.920.633
8,179,141
To credit Treas. U. S26,960,972
27,496,290
26,374,452
27,636,908
To credit disb. officers.
2,441,338
2,130,910
2.298.230
2,125.397
Cash in Philippine Islands
2.682,474
2,494,978
2,653,478
2,579,044
Deposits in foreign dente_
Dep. In Fed. Land banks.
.
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Total Group I
May 1 1935
11
.
.
.g- :... eldge: g
.
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Puolic Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Co
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies_g
Other_ It
Apr. 1 1935
1!.
All
Other
Holdings in U.S. Tr
Si
I4
ro
F.
0
0
0..
sa
GC
1-.
(a
tri
F.
..4
a
4
1Securities
Untied Guaranteed
by United
States
States
Securities
CURRENT
77.57
..: .a. ....
2
oi
a
.
.
1 g
.
C.
M
CO
Grand total
6834
50.01
m
M 0
M
0"
..
.7
0
Total Group II
eau
50.01
0
11. Financed partly from Govt. and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks for co-operatives
Home Loan banks
Home Owners' Loan Corporation_k
Federal Savings Iv Loan Insurance Corporation
Federal Savings & Loan associations
Federal Deposit Insurance Corporation
War Finance Corporation_p
68
50.01
Total
Thurs.,
July 11
4
.;
.
nelebr
e d
at iti
States
Wed.,
July 10
Ei
VI
.. 4
2
a
2 2
3
'A%:13333 " '3 g
2.
0-' ----0. - .......
4q
arta
States
Tues.,
July 9
P..
g
to
A
al
0
I.
al
Z
I.
3..
ga
Ct
Guaranteed Not Guar-
Mon.,
July 8
Distribution of U. S. Interests
Sat.,
July 6
Frt.,
July 12
.
,
4
rz 1, 1..., ,
e!.....
.n
Ltabilities and Reserves d
The price of silver per oz. (in cents) in the United States
on the same days has been:
Bar N.Y.(For*sign)
U. S. Treasury
U. S. Treasury
(newly mined)
July 13 1935
Financial Chronicle
218
Volume 141
Financial Chronicle
219
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNM
ENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS 01? MAY 31 1935. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASUR
.
Y
-Continued
DETAILS (la Thousands of Dollars
-Last Three Figures Omitted)
Monad Whal from Government Funds
,
Ream*frigates Commodity
Altana
Credit
Coln
Corp.
Assets-isms:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States, Territories. &a
Joint Stock Land banks
'
Ship construction and reconditioning loam
Mortgage loans (not otherwise classified).
Crop livestock and commodity loans
Other loans
Total loans
Flreferred capital stock. &o.:
Banks and trust companies
Insurance companies
Railroads
Other
ash:
With Treasurer, United
On hand and in bents states
In transit
In trust funds
Itwestments:
United States securities
Obligations guaranteed by United
States:
Federal Farm Mortgage Corporatio
Home Owners Loan Corporation n
Federal Land bank bonds
Federal Intermediate Credit bank secur's
Production credit associations-class A stock
Railroad bonds and securities
-Ship sales notea
Other investments
Amounts and other receivables
earned interest receivable
teal estate and business
property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
14teal estate and other property held
for saleother assets
$
$
$
$
$
$
50
59,136
1,386.252
59,136
76,507
503
31,442
831
22.456
576
390
100.763
22,153
181,217
Other h
$
152,778
132,520
8,431
Total
$
523,481
589.791
49,992
341
10.385
1,343
146,426
1,718
22,456
171,315
3,557
100,763
290,317
195,461
217
100,981
76,507
5,091
5,141
1196,648 2.107.353
3.419
4
282,182
503
869,707
100
3,419
4
869,707
100
7,629
74
e58
388
n
13,732
n
1,575
e90
259
229
17,437
207
577
53
61,902
11,698
75
5,354
103,503
15.458
133
5,553
123
3,104
11,362
23,939
198
.
2,091
1
10,361
20,431
20,690
20,432
1.755
22,445
76,766
661
677
37,996
n
4,460,713
2
303
2,967
11
366
17
534
1,484
89
a
874
2
115
77
1,811
89
422
130
20,005
803
5,758
648
24,188
1,342
1,321
12,155
36,079
1,370
6,128
a
56
121
45
66
14.248
81,739
121,168
43.442
195,885
n
2,447
660
n
54
564
439
288,310
5
60,417
a
14,858
574
2,318
120
46,435
15,929
3,361
5,001
67,699
76,766
2,472
20,005
892
11,938
43,767
D'
I
83,527
53,351
6,107
13,235
68,467
427,909 3,552,583
3,618.742 3.742,779
1,902,913 41.981.483
e84,265
e60,000
60,417
14,248
432,576
4684,911
993 1,414,424
81,739
121,168
44,016
195.885
14,858 5,950.559 11,376,183
mil
62.000
60
404
389
42
204
818
60
404
412
58.097
204
24,848
56,157
404
3,000
13.750
1,259
93
60,417
14,248
818
13,835
116
249,646
62,000
75
17
322
2,443
102
38,113
916
1
5,874
6,238
75
80,118
305,335
102
17,389
287
2,136
5,857
5,840
650 1,424,561 5.124,240
25,260
a432,576
204
935
13,835
725 1,504,680 5,489,575
44,500
el1,239
120,000
7,000
50,001
s3,599.294
845,495 a4,438,384 5,654,706
11,925 3,622,460
330
432,576
985
408
c21
81,739
121,168
1,191
36,081 c3,467,245
44,016
195,885
c31,361
2,632
c5,622 c3,393,191
14,858 5,950,559 11,376,183
page.
Internal Revenue Collections Increased $625,061,384 in
Last Fiscal Year-All Classes Showed Collection
Gains-Five States Paid More Than Half Total
Taxes.
Guy T. Helvering, Commissioner of Internal Revenue,
announced on July 9 that internal revenue collections for the
fiscal year ended June 30, including agricultural adjustment
taxes, totaled $3,297,300,579. This compared with $2,672,239,195 in the preceding fiscal year, and represented an increase of $625,061,384. All classifications showed an increase in collections. Mr. Helvering's analysis revealed that
five States paid more than half of the internal revenue taxes
in the latest fiscal year. These, in order, were New York,
Illinois, North Carolina, Pennsylvania and California.
A Washington dispatch of July 9 to the New York "Times"
added the following regarding the survey:
These States paid 81,690,391,072.69 of the total of 83,279,549.374.20
paid
from all States and Territories. This figure is exclusive of liquor
excise
taxes and sales of documentary stamps, which are not handled on a
Stateby-State basis.
With receipts from these sources included, the total internal revenue
collections for the year were $3,297,300,578.80. an increase of
$625,061,384.28
over 1934.
New York State led as in past years, with a total payment to the
government of 8666,344,806.21, as compared with 8564,321,812.43 in the
fiscal
year 1934.
U.S.
Shipping
War
Board- Emergency
Merchant
Corp.
Fleet
and
Corp. A genets, it
Regional
Agriad- Production Panama
Surat
Credtt
Railroad
Credit
Corps.
Co.
Corp.
129,403
17,960
3,166
Liatalittesfonds. notes, and debentures:
Obligations guaranteed by United States
249,646
Other
teemed Interest payable:
Guaranteed by United States
2,443
Other
)ther liabilities
el6,729
Yeterred income
586
tmerves:
For uncollectlble items
Other operating reserves
Total liabilities other than inter
269,406
-agencytiter-agency liabilities:
Due to governmental corporatio
ns or agencies 3,617,965
Total, all liabilities
3,887,371
3apital and surplus:
Capital stock
500,000
Paid-in surplus
Reserves from earned
sutPlm
Reserve for dividends and contingenci
125
es
Legal reserves
Earned surplus and undivided profits
e73,216
For footnotes see following
$
523,481
428,895
49,992
341
10,385
1,343
146,426
887
Total assets other than inter-agency
2,304.603
liter-agency assets:
Due from governmental corps,
r123,462
or
Capital stocks and paid-in surplus agencies_
of governmental corporations
78,570
Allocations for capital stock purchases
and
paid-In surplus
600,645
Other allocations
. 1,353,431
Total, all assets
4,460,713
Total liabilities, capital, and surplus
Public
Works
Adminisgigaton
$
$
ReportImport
BEMS
Last year North Carolina, a heavy contributor of tobacco levies,
was the
second highest taxpayer. Miscellaneous taxes for North Carolina
were
$235,233,795.56, one of the highest amounts for this item for any State.
The only States showing a decrease in general collections in 1935,
as corn
pared with 1934, were Maine, Nevada, New Hampshir
e and Oklahoma.
Hawaii and the Philippines also showed decreases.
All classifications of taxes showed large increases. Income
taxes, corporate and individual together, were 31,009,489,864.55, an
increase of 8282.464,524.83 over 1934; miscellaneous internal revenue taxes were
51.671.409,000, a rise of 8187,618.031.26, and agricultural adjustment taxes
were
8526.401,713.83, a gain of 8154,978,828.19.
CURRENT
NOTICES
-William L. Ross has been appointed Manager of the
investment
department of Abbott, Proctor & Paine's, Chicago office
at 208="
.ita
.
LaSalle Street. Mr. Ross was previously Chicago Western
Manager
grrenner Sc Beane, prior thereto having been President
of William L.
Ross & Co. Inc. of Chicago, Ross, Pratt & Batt3 JRoss
J.
Pratt &
Inc., AllAmerici
-Invesfors Corp. and Standar:CA- 1 America Corp., alrffi
1
New York City.
-Melvyn H. Hecht, for the past eight years with Scholl°
Brothers, and
Everard Kempshall, for the past 14 years with the same
firm, announce
the formation of Kempshall and Hecht. Inc., with offices
at 111 Broadway,
New York,for the transaction of a general investment business.
-John E. Sloane & Co.. 41 Broad St., New York, have
issued their
monthly summary showing comparative earnings
of 88 of thepiran pal
railroads in the country for the first five months of
1935.
July 13 1935
Financial Chronicle
220
OF THE UNITED
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
-Concluded
AS OF MAY 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY
-Last Three Figures Omitted)
DETAILS (In Thousands of Dollars
FATES
Financed Partly from Government and Partly from Private Funds
Federal
Land
Banks
Federal
Farm
Mortgage
Corp.
Banks
for
Co-operalees
Home
Loan
Banks
Home
Owners'
Loan
Corpk
$
AssetsLoans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative essociations
States, Territories, ,ko
Joint Stock Land banks
Ship construction and reconditioning loans....
Mortgageloans (not otherwise classified)
Crop livestock and commodity loans
Other loans
Federal
Intermediate
Credit
Banks
8
$
$
$
$
$
Federal
Sayings
and
Loan
Avsocialions
Federal
Deposit
Insurance
Corp.
War
Finance
Corp.p
$
Federal
Savings
and
Loan
Insurance
Corp.
$
$
Total
$
75,831
75,831
58,161
31.741
26,419
4 2,626,214
161.993
716,178
64
716,242
31,741
3,880
2,955
2,226
23,791
2,361
1,605
2,104,894
Total loans
Preferred capital stock, ace.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer, United States
On hand and In banks
In transit
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan corporation
Federal Land bank bonds
Federal intermediate Credit bank secure-Production credit associations-class A stock
Railroads bonds and securities
Ship sales notes
Other Investments
Accounts and other receivables
Accrued interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
Real estate and other property held for sale
Other assets
2,104,894
188.412
44,020
15,271
e9
67,450
35,237
25,367
11,344
2
38,167
8
Total assets other than Inter-agency
2,365,663
3
Inter-agency assets:
Due from governmental corps, or agencies
Capital stocks and paid-In surplus of governmental corporations
Allocations for capital stock purchases and
paid-in surplus
Other allocations
MOE/tiesBonds, notes, and debentures:
Obligations guaranteed by United StatesOther
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible items
Other operating reserves
121
n
92,884
106,873
680,743
23,858
99,999
6,863
680,743
23,858
77
11,114
32,605
3,088
1,409
155
18,402
5
687
202
5
458
4,600
33,833
5,699
2
16
44
6
3,507
3
244
279
18,981
90,525
2,883
121
a
9,399
22
87,375
1,071
19,551
192
43
586
31
281,698 1,420,071
130,291
91
50
m27,869
101,575
27,869
22
87,611
32,221
2.480
336,277
40
111,171 2,783,773
146.536
63,981
9
16,456
444,787
315,127
130 7,558,523
34,400
24,848
q100.000
100,000
306,547 1,420,071
130,291
111.171 2,883,773
101,t75
27,869
•
130 7,692,023
336,277
•
1,897,800
198,010
17,542
29,387
5,321
880
2,665
902
5
1
4
3,611
n
16.456
95
n
235
5,421
18,171
13,539
235
5,516
10 6,091,134
3,616 2,698,510
235
5,516
67,364
10 6,158,498
104,679
200,000
100,000
289,299
041.460
10 1,352,387
147,938
882
1.992
c14,736
1,339
111,171 2.883,773
101,575
3,604
43
Total liabilities other than Inter-agency- 1,964,610
Inter-agency liabilities:
67,364
Due to governmental corporations or agencies
2,031,983
Total, all liabilities
202.458 1,216,159
7
3,616 2,698,510
202,458 1,216,159
7
8,074
233,745
J77,227
70,000
29,250
200,000
126.783
11,056
18,095
3,106
4,838
3,911
3,423
306,547 1,420,071
130,291
2,375,215
17,676
18,427
71,065
7,565
13,588
4,088
18,842
1,103
3,525,675
10 2,419,012
12,337,199
323,192
1,188,476
14,566
------
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies__
Legal reserves
Earned surplus and undivided profits
15,640
1
1,278
16,456
2,375.215
Total, all assets
98,870
89
5,447,290
162,061
7 5,743,349
75,836 2,626,214
43,372
Total liabilities, capital, and surplus
4
4
27,869
78
109
27,869
336,277
11,135
19,087
3,875
130 7,692,923
Non-stock (or includes non-stock proprietary interests).
Excess inter-agency assets (deduct).
Deficit (deduct).
Exclusive of inter-agency assets and liabilities (except bond investments).
Adjusted for inter-agency items and items in transit.
for guaranteed loans, Ac.
Excludes contingent assets and liabilities amounting to 6500.750
U. S. Spruce Production Corporation, and notes received on account of sale of surplus war
Includes U. S. Housing Corporation, U. S. Railroad Administration,
supplies.
and Farm Authority, Inc.; Farm Credit Administration (crop production and other loans); Federal
h Includes Agricultural Adjustment Administration; Electric Home
(taken over on June 15 1035 by Resettlement ad ninistration);
Housing Administration; Federal Prisons Industries. Inc.; Federal Subsistence Homesteads Corporation
Associated Co-operatives, Inc.; Tennessee Valley Authority. Inc.; loans to railroads, and interInland Waterways Corporation;RFC Mortgage Corporation; Tennessee Valley
agency interests held by the U. S. Treasury.
I Net after deducting estimated amount of uncollectible obligations held by the Farm Credit administration.
I Includes 37,261,900 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-in surplus.
It Preliminary statement.
I Includes unissued bonds covering loans in process.
m Assets not classified. Includes only amount of capital stock subscribed by the United States.
n Less than 51,000.
o Includes assessments paid in by member banks and trust companies to the amount of $41,460,643.
p In liquidation.
proprietary inter-agency interests which are not deducted from the capital stock and paid-in surplus of the
q Represents capital stock, paid-in surplus, and other
corresponding organizations.
r Includes loans to Federal Land banks amounting to 567,364,447.
s appropriation provided by Congress.
a
b
c
d
e
I
CURRENT
NOTICE
-The chances that the new revenue proposals of the President can be held
within the bounds specified by him are very small, according to Edward B.
Smith & Co.in their July "Outlook for Equities." The whole fiscal situation
inflationist blocs in
'has been re-opened, in the opinion of the firm, and
Congress will probably make every effort to atone for their earlier failures.
"To the extent that the new tag proposals indicate the Government's
the firm,
Intention to make a sincere effort to balance the budget," states
term viewpoint,
"they_may be construed as quite favorable from the longer
but while Congress is discussing the character of the new levies, it will be
surprising if business noes not make a rather poorer showing than has heretofore appeared likely.
"The powerful monetary and economic influences which have for some
time been aligned on the side of recovery seem to be rapidly approaching a
potency sufficient to dominate the business trend despite unfavorable
political news. Business men do not seem to have lost confidence in the
ultimate probability of further important recovery, but are inclined to
await an agreement on the tag schedules and a clearer definition of what
corrpromises the Administration will be willing to accept from Congress in
Its program of 'must legislation'."
Financial Chronicle
Volume 141
221
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDI
TURES
THEREFROM, AND UNEXPENDED BALANCES AS OF JUNE 29 1935
The statement of funds appropriated and allocated as of June 29 1935, taken from the daily
Treasury statement, is
as follows (cents omitted) (see explanatory note below):
•
Sources of Funds
Expenditures
Appropriations
Organizations
Specific
Statutory and Executive Allocations
Reconstruction
National
Emergency
Finance
Industrial
Emergency
Relief
Corporation
Appropriation Appropriatit n
Recovery
Act
Act 1935,
Act 1935,
Approved
Apprved
Approved
lune 18 1933 June 19 1934 April 8 1935
S
Agricultural Adjustment Administration— 61683880,281
Leas processing tax
d874,428,668
$
37,554,000
$
$
Total
.
s
c
Fiscal Year
Fiscal Year
1934 and
Unezpencled
1935
Prior Years 8
$
1,721,434,281
d874,428,668
$
743,027,311
521,379,871
$
290,249,668
353,048.796
$
688,157,301
.
Net
809,451.613
37,554,000
847,005,613 221,647,440 e62,799,128 688,157,30?
Commodity Credit Corpomtion_f
3,000,000
.397,010,234 400,010,234 h60,144,064 164,341,934 295,812,369
Farm Credit Administration.?
80,000.000
60,000,000 146,785,000
313,247,481 600,032,481 141,390,549 282,004,974 176,636.957
Federal Farm Mortgage Corporation
200,000,000 200,000,000
265 199,999.734
Federal Land Banks
Capital stock
125,000,000
125,000,000
1,939,140 123,019,675
Paid-in surplus
41,185
125,000,000
125,000,000
33,630.185
Reduction in interest rates on mortgages
40,863,477
50,506.337
22,950,000
22,950,000
12,477,674
Fedeial Emergency Relief Administration. 11605,000,000 152,304,158
7,029,256
3,443.068
480,590,512 545,000,000 911,040,000 2,693,934,671 V737906,816 705,208,677
Federal Surplus Relief Corporation_ ___
1 134.194,854
76,570,514
Civil Worts Administration
40,053,808
1345,000,000 400,005,000
88,960,000 833,965,000
11.327.263 805,122,892
Emergency conservation work
17,514,844
93,101,630 323,362,315 343,390,000 222,744,000
982,597,945 435,608,643 331,940,851 215,148,450
Department of Agriculture, relief
92,845,000
92,845,000
80,561,249
Public Works
12,283,750
Tennessee Valley Authority
50,000,000
25,000,000
75,000,000
36,148,537
11,036,794
Loans to rallroads_f
27,814.668
199,580,506
j
199,580,506
66,230,752
70,739,000
Loans & grants to States, rallnle-.
62,610,753
516,848,830 155,078,397
dec-f36,782,328
708,709,555 137,707,417
j
Public highways
78,596,229 492,405,908
255,488,217 437,141,725
500,000,000
1192,829.942 317,356,940 267,882,017 607,390,985
Boulder Canyon project
18,339,960
44,125,000
3,000,000
65,464,960
23,820,507
19,445,381
River and harbor work
22,199,071
251,722,586
95,769,000 107,986,000
455,478,086 147,924,751
Rural Electrification Administration ____
72,450,381 235,102,953
75.000
75,000
16,820
Works Progress Administration
58,179
900,000
900.000
All other
900,000
72,000,000 724,871,179
70.751,720 114,236,286
981,859,185 327,354,650 133,285,711 521,218,823
Rome Loan system:
Home Loan Bank stock
125,000,000 125,000,000
200,000
Home Owners' Loan Corporation
81,445,700
43,354,300
200,000,000 200,000,000
46,000,000 154,000,000
Federal savings and loan stssociations...... k50,000,000
50,000,000
29,486,784
Emergency housing
754,800
19,758,415
33,729,500
161,632,000
195,361.500
6,479,835
Federal Housing Administration
369,351 188,512,313
1,000,000
e34,000,000
35,000,000
15,963,873
Resettlement Administration
19,036,126
38.918,877
3,389,487
99,250,000
141,558,365
1,761,663
Subsistence homesteads
139,796,702
6.811,963
6,811,963
3,661,937
Reconstruction Finance Corporation:
2,372,312
777,712
Direct loans and expenditures.?
1
c4264223,848 4,264,223,848 /1135,409,957 2,411,844,706 1,987,789,099
Export
-Import Banks of Washington_f___
1,250,000
12,500,000
13,750,000
h2,616,496
Federal Deposit Insurance Corporation__ 150,000,000
2,654,324
13,712,172
m
150,000,000
497,850 149,502,149
Administration for Industrial
17,408,000
Recovery-5,000,000
22,408,000
12,496,730
6,632,491
3,278,777
Total
2 751,331,422 3,299,633,643 1,421,599,117 1,788.606,114 6,545.981,50415807151.861 3,727,898.2766.099,797,507
Unallocated funds:
5,979,456,077
By the President
715,095 2,211,393,886
2,212,108,981
By Public Works Administration
2,212,108,981
366,356
n3,860,788
4,227,144
4,227,144
Grand total
_ 2,751,331,422 3,300,000,000 1,426,175,000 4,000,000,000 6,545,981,564 18023487,986 3,727,898,276
6,099,797.507 8,195,702,203
a The emergency expenditures included
in this statement for the period prior
Is increased by the sums necessary for such purchases not to exceed 5250.000,000
to the fiscal year 1934 include only expenditures on account of the Reconstructio
n
The purchase of such securities by the Reconstruct on Finance Corporation is
Malmo Corporation, and subscriptions to
reflected as expenditures of the Reconstruction Finance Corporation and as credits
under authority of the Act of Jan. 23 1932. capital stock of Federal Land banks
Expenditures by the several departagainst expenditures of the Federal Emergency Administration of Public
ments and establishments for public works under the Emergency
Works.
Relief and ConThe amount by which the available funds on account of such transactions has
struction Act of 1932 were made from
general disbursing accounts,
increased is, therefore, Included in the funds of the "Reconstruction Finance been
are not susceptible to segregation from the general expenditures and, therefore,
Corof such departporation—direct loans and expenditures."
ments and establishments on the basis
of the daily Treasury statements.
k Includes $500.000 allocated for savings and loan promotion as authorized
b Includes (a) $350.000,000 specific appropriations
by Sec. 11 of the Act of April 27 1934.
from the General Treasury
under the Acts of May 12 1933, May 25 1934
1 The appropriation of $500,000,000 for subscription to capital stock is Included
advanced by the Secretary of the Treasury and June 19 1934: (b) $924,885,000
In the figures shown in the column for Reconstruction Finance Corporation.
under authority
Agricultural Adjustment Aot, which must be returned to theof Sec. 12-B of the
m Under See. 3 of the Act of June 16 1934 the Reconstruction Finance
Treasury from the
proceeds of processing taxes collected
Corporation is authorized to purchase at par obligations of the Federal Deposit Insurance.
by the Secretary of the Treasury underon farm products; (e) $1.753.795 advanced
authority of Sec. 10-A of the Act of June 28
Corporation in a face amount of not to exceed $250,000,000, and the amount
1934; and (d) $8,000,000 allocated from
of
obligations which the Reconstruction Finance Corporation is authorized to
processing taxes for purchase of surplus
sugar under the Act of May 9 1934; less $758,513.02
outstanding at any one time is increased by $250,000,000. The amount have
transferred to Division of Disbutsement, Treasury Department.
to be
included in this column will represent the proceeds deposited with the Treasurer'
c There are no statutory limitations on the amounts of
of the United States on account of the sale of such obligations by the Federal
made available by the Reconstruction Finance Corporation funds which may be
for carrying out the
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
purposes of Sec. 5 of the Agricultural Adjustment Act,
and for the purchase by
n This amount represents the unallocated balance of an allocation of $400,000,000
the Reconstruction Finance Corporation of preferred stock or
by the President to the Administrator of Public Works. As and when such funds
capital notes of
banks and trust companies under
March 9 1933. The Reconstruction
are allocated by the Administrator to specific projects, the amounts are transferred
Finance Corporation is required tothe Act of
make available to
from an unallocated status to an allocated status.
istrator such funds as he may deem necessary for the the Federal Housing Adminpurposes of carrying out the
NOTE—The expenditures in this statement are on the same basis as those
provisions of the National Housing Act. The amounts
included in this column
exhibited on page ,2 of the daily Treasury statement, but differ with respect to
for the purposes specified are based upon checks issued therefor
classification. The purpose of this statement is to show all funds appropriated
by the Reconstruction Finance Corporation. The authority of from time to time
the Reconstruction
or allocated to the respective emergency organizatiods. the expenditures
Finance Corporation to issue its bonds, notes, and debentures
therehas been increased
from, and the unexpended balances. The principal difference in classification
by such amounts as may be required to provide funds
for such purposes.
of expenditures is with respect to amounts paid from funds allocated by the Recond The sum of $8,000,000 of this amount has been allocated
struction Finance Corporation to various emergency organizations. The
of surplus sugar under the Act of May 1934. The remainder for the purchase
expen9
is reserved to reimditures on page 2 under the caption "Reconstruction Finance Corporation" comburse the Treasury for the advances referred to in footnote
b.
prehend all expenditures from funds of the Reconstruction Finance Corporation,
e Exeees of processing tax, deduct.
including those allocated to other organizations, whereas expenditures included
t Expenditures are stated on a net basis. i.e.. gross expenditures
less repayments
in the foregoing statement on account of such allocated funds are exhibited
and collections, details of which are set forth in the supplementary
as
statement below.
expenditures of the organizations to which the funds were allocated rather
Net, after deducting repayments to the Reconstruction Finance
than
Corporation.
expenditures of the Reconstruction Finance Corporation. Similarly, certain
is Excess of credits, deduct.
expenditures of the Farm Credit Administration and the Commodity Credit
I The appropriation of $950.000.000 provided in the Act
Corof Feb. 15 1934 was
poration, representing funds allocated to those organizations for the
allocated by the President as follows: Civil Works Administratio
purpose
n, $345,000,000;
carrying out the provisions of the Agricultural Adjustment Act, are exhibited of
Federal Emergency Relief Administratio $605,000,000.
on
n,
page 2 under the caption "Agricultural Adjustment Administration," whereas
j Under the provisions of the Emergency Appropriation
such expenditures are exhibited in this statement as expenditures of the
the Reconstruction Finance Corporation is authorized to Act, fiscal year 1935.
Farm
purchase marketable
Credit Administration and the Commodity Credit Corporation, respectively.
securities acquired by the Federal Emergency Administratio
n
The total amount of expenditures for the fiscal year 1935 in this statement
but the amount which the Reconstructio Finance Corporation of Public Works,
CAD
may
be reconciled with the total amount of emergency expenditures shown
at any one time in such securities may nnot exceed $250,000,000. have invested
Moneys paid
by adding to the latter the amounts included in general expenditures on page 2
for such securities are available for loans (but not grants)
under the
under Title It of the
captions "Agricultural Adjustment Administration," "Refunds of receipts—ProNational Industrial Recovery Act. The amount of
obligations which the Reconcessing tax on farm products," and "Subscriptions to stock of Federal
struction Finance Corporation is authorized
to have outstanding at any one time
and deducting the receipts under the caption "Processing tax on farm Land banks,"
products."
DETAILS OF REVOLVING FUNDS INCLUDED
IN THF. TABLE ABOVE
This Month
Organizations
Repayments and
Collections
Fiscal Year 1935
Net
Expenditures
Repayments and
Net
Payments
Payments
Collections
Expenditures
Commodity Credit Corporation
$65,990,978
58,560,480
$57,430,497
Farm Credit Administration
$189,735,886
$249,879,951
aS60,144,064
17,264,578
8,670,376
8,594,201
Loans to raliroads.b
334,751,068
193,360,519
141,390,549
7,210,000
844,299
Loans and grants to States, municipalities, 44(1_6
6,365,700
141,576,500
75,345,747
66,230,752
15,038,653
776,823
14,261,830
Reconstruction Finance Corporation—Direct loans & expenditures
159,143,381
21,435,963
137,707,417
45,504,394
53,790,245
a8,285,851
1,179,279.886
Export
-Import Banks of Washington
1,314,689,843
8135,409,957
76,229
36,890
39,339
4,954,850
7,571,346
a Excess of repayments and collections, deduct. b
82,616,496.
Effective Apr. 18 1935, figures relating to "Loans to railroads" have been
and grants to States, municipalities, &c."
segregated from those relating to "Loans
COMPARATIVE PUBLIC DEBT STATEMENT
Mar. 31 1917
Pre-War
Debt
Aug. 31 1919
Highest PostWar Debt
(On the basis of daily Treasury statements)
Dec. 31 1930
Lowest PortWar Debt
Gross debt
Net bal, in general fund_ $1,282,044,346.28 $26,596,701,648.01 $16,026,087.087.07
74,216,460.05 1,118,109,534.76
306.803,319.55
Gross debt less net balance in iren. fund
21.207.R27 RRA.22 225.47R.692.113.25 215.710.252.707.112
June 30 1934,
a Year Ago
May 31 1935
Last Month
JUDO 30 1935
Gross debt
$27,053,141,414.48 528,638,385.223.28 $28,700,892,624.53
Net bal. in general fund_
2,581,922,240.16 1,956,836,254.85 1,841,345,539.47
Gross debt less net bal
ance in general fund $24.471.219.174.32 526.681.548.968.43 $26.859.547
MM AR
Financial Chronicle
222
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES JUNE 30 1936
The preliminary statement of the public debt of the United
States June 30 1935, as made upon the basis of the daily
Treasury statement, is as follows:
Consols
2% Consuls of 1930
2% Panama Canal loan of 1916-362% Panama Canal loan of 1918-38
3% Panama Canal loan of 1981
3% Conversion bonds of 1948-47
234% Postal Savings bonds (9th to 48th serial)
434% Fourth Liberty Loan of 1933-38 (called
and uncalled)a
Treasury bonds:
43(% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946-58
334% bonds of 1943-47
334% bonds of 1940-43
334% bends of 1941-43
334% bonds 051948-49
3% bonds of 1951-55
34% bonds of 1941
334% bonds of 1943-45
% bonds of 1944-46
3% bonds of 1946-48
314% bonds of 1949-52
236% bonds of 1955-60
8599,724.050.00
48,954,180.00
25,947,400.00
49,800.000.00
28,894,500.00
101,943.340.00
United States Savings bonds
Total bonds
Dreams Norse
1 34% series B-I935, maturing Aug. 11955...
234% series D-1935, maturing Dec. 15 1935_
% aeries A-I936, maturing Aug. 1 1938—
234% series B-I936, maturing Dec. 15 1938—
234% series C-1936, maturing Apr. 15 1936-14% series D-1936, maturing Sept. 151936..
% series E-1936, maturing June 15 1936—
354% series A-1937, maturing Sept. 15 1937.
3% series 13-1937, maturing Apr. 15 1937._
3% series C-1937, maturing Feb. 15 1937._
234% series A-1938, maturing Feb. 1 1938—
254% series 13-1938, maturing June 15 1938-3% series C-1938, maturing Mar. 15 1938_
% series D-1938, maturing Sept. 151938...
234% series A-1939, maturing June 15 1939-184% series A-1940, maturing Mar. 15 1940—
134% series 13-1940 maturing June 15 1940._
Ands—
Gold
8855.263,470.00
12,683,570,300.00
62,047,818.75
$14,935,849,188.75
818,178,400.00
418,291,900.00
364,138.000.00
357,921,200.00
558,819.200.00
514,066,000.00
686.616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276.679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1.293,714,200.00
1,378,209,100.00
738,393.400.00
10,500,903,900.00
Certificates ef Indebtedness
6% Adjusted Service Certificate Fund settee.
maturing Jan. 11936
Total interest-bearing debt outstanding
Matured Debt on 97Mcli Interest Has Ceased—
Old debt matured—issued prior to April 11911
334%,4% and 434% First Liberty Loan bonds
of 1932-47
4% and 44% Second Liberty Loan bonds of
1927-42
Loan bonds
434% Third Libertyof 1922-23 of 1928....
% Victory notes
434% Victory notes of 1922-23
Treasury notes, at various interest rates
Ctts. of indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
Debt Bearing No Interest-United States notes
Less gold reserve
75,150.000.00
75.185,000.00
75,079.000.00
75,129.000.00
75.106,000.00
75,185,000.00
75,112,000.00
75,024,000.00
50.054,000.00
50,114,000.00
50,052.000.00
50,125.000.00
50,079,000.00
50,063,000.00
50,021.000.00
50,013,000.00
50,009,000.00
50,013,000.00
50,000,000.00
50.185.000.00
50,072.000.00
50,149.000.00
50.006.000.00
50,071,000.00
50,018.000.00
50.062.000.00
50,020.000.00
50,155,000.00
50,085,000.00
50,091,000.00
50.255.000.00
50,020,000.00
50.037.000.00
50,0(0,000.00
50,080,000.00
50,059,000.00
50,010,000.00
Total_
Assets—
Gold (see above)
Silver (see above).
United States notes___
Federal Reserve notes_
Fed. Reserve bank notes
National-bank notes ___
Subsidiary silver coin__
Minor coin
Silver builion(cost value)
Silver bullion (recolnage
value)
Unclassified—
Collections, do
Deposits in:
Fed. Reserve banks—
Special dews. acct. of
,ales of Govt.secs_
Nat. and other bank
depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers...
Foreign depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers...
Philippine Treasury:
To credit of Treasurer of U. S
823,333,808.15
Total
823,333,808.15
GENERAL FUND
Mabtlittes—
839.005,418.71 Treasurer's cheeks outstanding
12,111,815.15
1,894,113.00 Deposits of Government
officers:
16,024,045.00
Poet Office Dept
1,584,012.00
Board of Trustees,
29,652,823.50
Postal Savings
4,972,721.00
System:
4,585,305.23
5% reserve, lawful
128,403,374.78
money
Other deposits
5,789,808.66
Postmasters, clerks of
courts, disbursing
13,585,097.25
officers. do
118,346,259.75 Deposits for:
Redemption of Nat':
bank-notes(5% fund
799,021,000.00
lawful money)
Retirement of addi
circulat's notes, Act
of May 30 1908._
9,028,448.32
Uncollected items, exchanges. da
28,960.971-83
6,274,983.80
4,471.004.79
55,320,545.63
10,725,465.56
77,620,462.79
12,231,894.45
1,350.00
8,077,779.56
174,723,486.58
1,247,791.83 Balance of increment resulting from reduction
In weight of the gold
1,434,682.22
dollar
700,091,147.08
Seigniorage Owe note 1)- 140,111,441.47
1,001,142,950.92
2,441,337.82 Working balance
Balance ts-daY......1,841,345,539.47
Total
2,016,069,026.05
2,016,069,026.05
Total
Note 1—This Rem represents selgnlorage resulting from the issuance of silver certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclamation dated Aug.9 1934.
Note 2—The amount to the credit of disbursing officers and certain agencies to-day
was $1,292,582,772.24.
$1,321,295 in Federal Reserve notes, 81.584,012 in Federal Reserve bank notes,
and $29,567,983 In National bank notes are In the Treasury in process of redemption and are charges against the redemption funds and retirement funds for such
notes.
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for June 1935
and 1934 and the 12 months of the fiscal years 1934-35 and
1933-34.
2,052.898.000.00
827,645,241,088.75
General & Special Funds—
Receipts—
Internal Revenue:
Income tax
Miscellaneous internal rev
Processing tax on farm prod'ts
Customs
Miscellaneous receipts:
-owned so
Proceeds of Govt.
curates:
Principal—torn obligations
Interest—foen obligations_
All other
Panama Canal tolls,.to
Seigniorage
tither miscellaneous
Total receipts
$1,514,630.26
144.801,650.00
1,736.200.00
2,803.550.00
10,900.00
772,600.00
9,793,950.00
12,692,100.00
56,185,000.00
351,575,00
230,662,155.26
S346,681,016.00
156,039,430.93
629,022.198.00
2,035.480.41
3,290.117.04
824,989,380.52
$28,700,892,624.53
Total gross debt
bonds called for redemption on April 16 1934,
a Includes amounts of outstanding
which interest has ceased.
<)et. 15 1034 and April 15 1935, on
9,115,380,809.40
Total
9,115,380,809.40
Nole--Reserve against $346,681,016 0 United States notes and 51,181,574 of
Treasury notes of 1890 outstanding. Treasury notes 01 1890 are also secured by
silver dollars in the Treasury.
SILVER
Liabilities—
$
$
Assets—
313,308,863.15 Silver ode. outstanding- 810,040,419.00
Silver
510,024,945.00 Treasury notes of 1890
Silver dollars
outstanding
1.181,574.00
12,111,815.15
Silver in gen.fund
150,500.000.00
2190,641,585.07
Dermas for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency...
Thrift and Treasury savings stamps, unclassified sales. do
CURRENT ASSETS AND LIABILITIES
GOLD
Liabilities—
9,115,380,809.40 Gold certificates:
Outstanding (outside
787,745,989.00
of Treasury)
Gold ctf. fund—Fed.
Reserve Board- _5,509,710,115.48
Redemption fund—
Fed. Reserve notes_ 22,879.855.28
156,039,430.93
Gold reserve
Exch.stabilization fund_ 1,800,000,000.00
839,005,418.71
Gold in general fund
Total
$10,023.251,900.00
4% CIA] Service retirement fund, series 1936
247.700,000.00
to 1940
4% Foreign Service retirement Lund, series
2,693,000.00
1936 to 1940
4% Canal Zone retirement fund, series 1936
2.349,000.00
1940
to
2% Postal Savings System series, maturing
125,000,000.00
June 30 1939
2% Federal Deposit Insurance Corporation
100,000,000.00
series, maturing Dec. 1 1939
Treating Bills (Maturity Value)—
Series maturing July 3 1935
Series maturing July 10 1935
Series maturing July 17 1935
Series maturing July 24 1935
Series maturing July 31 1935
Series maturing Aug. 7 1935
Series maturing Aug. 14 1935
Series maturing Aug. 21 1935
Series maturing Aug. 28 1935
Series maturing Sept. 4 1935
Series maturing Sept.11 1935
Series maturing Sept. 18 1935
Series maturing Sept. 25 1935
Series maturing Oct 2 1935
Series maturing Oct 9 1935
Series maturing Oct. 16 1935
Series maturing Oct. 23 1935
Series maturing Oct. 30 1935
Series maturing Nov. 6 1935
Series maturing Nov. 27 1945
Series maturing Dec. 4 1935
Series maturing Dec. 11 1935
Series maturing Dec. 18 1935
Series maturing Dec. 24 1935
Series maturing Dec. 31 1935
Series maturing Jan. 8 1936
Series maturing Jan. 15 1936
Series maturing Jan. 22 1936
Series maturing Jan. 29 1936
Series maturing Feb. 5 1936
Series maturing Feb. 11 1936
Series maturing Feb. 19 1936
Series maturing Feb. 28 1936
Series maturing Mar. 4 1936
Series maturing Mar. 11 1936
Series maturing Mar. 18 1936
Series maturing Mar.25 1936
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
June 29 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of June 29 1935.
1,334,967,600.00
758,95.5,800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352.993.950.00
544,914.050.00
818,646,000.00
755,477,000.00
834,474,100.00
1,400,570,500.00
1.518.858,800.00
923,215,900.00
491,377,100.00
2,304,102,800.00
July 13 1935
Expenditures—
General:
Departmental (see note 1)
Public bldg. construction and
sites. Treas. Dept.(note 1)..
River & harbor work (note 1)
National defense (note 1):
Army
Navy
Veterans' Admin. (note
Adjusted-service ctf.fund...Agricultural Adjustment Administration (note I)
Fat m Credit Admin.(note 1)_
Refunds of receipts:
Customs
Internal revenue
Process, tax on farm prod's.
Postal deficiency (note 3)_
Panama Canal (note 1)
Subscription to stock of Fedi
Land banks
Civil service retirement fund
(Governmentshare)
For'n Service retirement fund
(Government share)
Dist. of Col.(Govt. share)_
Interest on the public debt__
Month ofJune— —July 1 to June 291934
1935
1934-35
1933-34
$
$
$
253,707,427
188.021.315 1,099,118,638
817,961.481
130,406,714 1,657,191,519 1,189,593,550
137,715,025
39,479,107
35,338,168
521,379,871
353,048,797
28,178,714
20,836,933
343,353,034
313,434,302
2,355
163,098
829,736
1,792,761
1.184,890
4,823,187
2.580
163,958
1,200,020
2,754,871
285,576
7,855,675
66,710
601.115
38,105,612
21,701,283
58,035,251
57,911,191
396,755
20,033,594
57,415,484
27,103,068
517,205
5 ,
58,049813
4433,733,381
391.006,779
3
,800,467,202
3,115,551,049
27,442,630
31.240,253
355,992,512
341,335,354
919,312
4,975,112
3.1345,309
10,921,798
25,269,073
55,118,567
75,515.811
78,281,479
13,613,821
27,732,719
45,615,971
8,007,162
31,625,773
17,799,017
212,186,713
321,110,531
555.573,271
53.000,000
205.305,922
274,388,386
506,549,454
50,000,000
38,642,452
2,030.472
24,338,822
63,729,319
591,540,268
12,979,061
279,723.062
23,123,288
995,993
2.618,197
2.175898
28,892,715
902,881
1,671,212
4.381,006
274,452
25,000,296
1.551,119
20,715889
21,631,991
31,208,208
63,970,105
8,768,205
14,048,350
48,664,202
1,191,640
52,003,296
9,197,147
1.939,140
175,000
118,548,297
121,339,339
a1,737,780
20,850.800
20.850,000
159,100
4.539,295
820,928,353
292.700
5,700,000
756.617.127
Financial Chronicle
Volume 141
General & Special Funds—
Expenditures—
General (Concluded):
Public debt retirements:
Sinking fund
Purchases and retirements
from torn repayments _
Received from for'n govta.
under debt settlementsEstate taxes, forfeitures,
gifts, &o
Total
Month of June— —July 1 to June 291934
1934-35
1933-34
1935
$
$
$
165,291,050
95,500
573,001,000
359,490,900
357,850
557,250
15,343
480,602,420
310,161,790
3,721,234,635
3,100,914,534
13,458,390
8,301,699
10,500,781
3,771,245
805,054,891
7,778,384
150,415,255
111,0327,179
72,143,916
67,168,305
48,107,860
47,892.734
205,236,996
117,256
51,428,117
592,384
91,933,599
11,088,281
41,957,743
1,315,308,716
11,327,264
435,508,643
80,561,250
340,742,149
716,162,892
331,940,851
3,598,985
6.365,700
2,917,457
22,890,000
36,148,537
66,230,753
11,036,795
70,739,000
14,261,831
19,321,532
1,902,554
11,092,447
16,821
17,288
28,983,104
3,124,989
554,830
387,596
9,361,816
42,333,045
2,822,863
11,409,172
137,707,417
317,356,940
23,820,507
147,924,752
16,821
3,661,938
328,273,299
29,486,784
6,479,835
1,761,663
78,596,230
267,882,018
19,445,382
72,450,381
50,311,374
1,209,535
168.587,904
14381,184
941,438
391,670,537
497,850
12,496,731
1,614,932,338
149,502,150
6,632,492
Total
425,017,609
423,105,560
3,654,590,531
4,009,135,551
Total expenditures
905,620,029
733,267,359
7,375,825,166
7,105,050,085
Emergency:
Agricultural Adjust. Admin..
Farm Credit Administration_
Federal Farm Mtge. Corp_
Federal Land banks
Federal Emergency Relief Administration (note 2)
Civil Works Administration__
Emergency Conserva'n Work_
Dept. of Agriculture—relief__
Public Works:
Tenn. Valley Authority__
Loans to railroads
Loans and grants to States,
municipalities, &c
Public highways
Boulder Canyon project-River and harbor work__ _Rural Electrification Admin
Subsistence homesteads
All other
Fed'I says. & loan associa'n.s...
Emergency Housing
Resettlement Administration_ .._
Reconstruction Finance Corp.
(note 2)
Fed. Deposit Insur.
Admin.for Indus. Recovery
Excess of receipts
Excess of expenditures
4,754,181
29,865,969
333,500
48,438
135,743,767
754,800
369,351
441,886,668
342,260,590
3,575,357,963
3,989,496,035
Excess of expenditures
Less public debt retirements...
441,886,668
165,291,050
342,260,580
95,500
3,575,357,963
573,558,250
3,989,496,035
359,864,093
Excess of expenditures (excl.
public debt retirements)
Trust funds, increment on gold,
&a., excess of receipts
276,595,618
342,165,080
3,001,799,713
3,629,631,942
7,181,851
4,250,346
522,056,152
834,880,107
Less Nat. bank note retirements
269,413,767
91,415,650
337,914,734
2,479,743,560
91,415,650
2,794,751,835
Summary
Total excess of expenditures_
337,914,734 2,388,327,910 2,794,751,835
177,998,117
Increase(+)or decrease(—)In
general fund balance
—115,490,715 +560,209,232 —740,576,700+1,719,717,019
Increase in the public debt
898,123,966 1,647,751,210 4,514,468,854
62,507,402
Public debt at beginning of
month or year
28,638,385,223 26,155,017,448 27,053,141,414 22,538,672,560
Public debt at this date
28,700,892,625 27,053,141,414 28,700,892,624 27,053,141,414
Trust Funds, Increment on
Gold, &c.
Receipts—
Trust funds
Increment resulting from reduction in the weight of the gold
dollar
seigniorage (note 4)
Total
Expenditures—
Trust funds
Transactions In checking Beals
of governmental agencies(net)
Chargeable against increment on
gold:
Exchange stabilization fund....
Melting losses, dtc
Payments to Federal Reserve
banks (Sec. 13-II, Fed. Res
Act as amended)
For retirement of Nat, bk. notes
28,780,495
30,116,536
229,660,234
162,179,890
105,773
5,422,310
213,447
1,738,019
140,111,441
2,811,375,757
32,308,578
20,329,983
371,509,695
2,973,555,647
28,650,973
16,079,637
165,959,662
138,675,540
296,283,372
2429,528,749
538,150
675,121
805,325
91,415,650
20,931,857
91,415,650
2,000,000,000
Total
16,079,637 a150,546,457 438,675,540
25,126,726
Exams of receipts or credits_
4,250,346
7,181,852
522,056,152
834,880.107
Excess of expenditures
a Excess of credits (deduct)
Note 1—Additional expenditures on these accounts for the months
years are included under Emergency Expenditures, the classification and the fiscal
of which
be shown in the statement of classified receipts and expenditures appearingwill
on
Page Sot the daily Treasury statement for the 15th of each month.
Note 2—The expenditures of the Reconstruction Finance Corporation
5314,759.42 for this month and 5487,936.301.97 for the fiscal year 1935 to include
account of the Federal Emergency Relief Administration, in accordance date for
with the
Emergency Appropriation Act approved June 19 1934.
Note 3—The item Postal Deficiency represents advances from the General
Fund
of the Treasury to the Postmaster-General to meet deficiencies in the postal
revenues
These figures do not include any allowances for offlets on account of
extraordinary
expenditures or the cost of free mailings contributing to the deficiency of
revenues certified to the Secretary of the Treasury by the Postmaster postal
General
pursuant to the Act of Congress, approved June 9 1930.
Note 4—This item represents seigniorage resulting from the issuance of
silver
certificates equal to the cost of silver acquired under the Silver Purchase Act of 1934
and the amount returned for the silver received under the President's proclamation
dated Aug. 9 1934,
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHANGE OF TITLE AND LOCATION
June 29—The Staunton National Bank & Trust Co., Staunton, Va.
To: "The Staunton National Bank."
July 1—Location of The First National Bank of Fort Branch, Fort
Branch (Gibson County),Indiana,changed to Owensville,(Gibson
County). Indiana, and title chanegd to "First National Bank of
Owensville."
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
•
Name of Company
223
Per
Share
Across Canada Trust Shares
-Mills (quar.)
Adams
Preferred (quar.)
Agnew-Surpass Shoe Stores. pref. (quar.)
Albemarle Paper Mfg.,7% pref.(guar.)
Allied Mills (resumed)
American Accumulative Trust Shares
American Alliance Insurance (quar.)
American Art Works,Inc.,6% pref.(quar.)_
When Holders
Payable of Record
23.327.2 July 2 July 2
50c Aug. 1 July 20
Aug. 1 Jmy 20
$1
Oct. 1 Sept.16
$1
July 1 June 27
$1
July 31 July 20
2
5.072c July 15 July 1
25c July 15 July 5
__
July 15 June 30
$1
American Asphalt Roofing,8% pref. 'quar.)
July 15 June 30
$1
American Factors, Ltd.(monthly)
1
Aug. 10 July 31
American Paper Goods (guar.)
50c Aug. 1 July 20
American Machine & Foundry Co
20c Aug. 1 July 20
American Reserve Insurance
l_500 Aug. 1 July 18
American Security Shares (s
-a)
10c July 15 July 10
American Steamship Co.(quar.)
$1 July 1 June 15
Amsterdam Trading Co., Amer. shs.
33c July 20 July 15
Amsterdam City Nat. Bank(N.1/.) tquar.).._ _
$33.4 July 31 July 15
Apollo Steel (resumed)
1230 July 1 June 22
Archer
-Midland Co., pref. (quar.)
-Daniels
$15( Aug. 1 July 20
Argonaut Mining (resumed)
25c July 25 July 19
Atlantic City Electric, $6 pref. (quar.)
Aug. 1 July 11
$1
Atlas Powder Co., preferred (quarterly)
Aug. 1 July 19
$1
Avondale Mills (quar.)
25c July 1
Class B (quar.)
25c July 1
Belding-Corticelli. preferred (quar.)
$134 Sept. 14 Aug. 31
Best & Co (quar.)
50c Aug. 15 July 25
Birmingham rire Insurance Co.of Ala
25c June 29 June 15
Birtman Electric (quarterly)
100 Aug. 1 July 15
Extra
10c Aug. 1 July 15
Preferred (quarterly)
$1g Aug. 1 July 15
Bourbon Stockyards Co. tquar.)
July 1 June 24
Busy Bee Hosiery Co.,7% pref. .9-a)
$331 May 31 May 31
Briggs Manufacturing Co., common (quar.)
50c July 30 July 16
Bullack's, Inc., preferred (guar.)
$134 Aug. 1 July 11
Buywell Food Markets.7% pref
70c July 15 June 14
Calgary Power,Ltd., pref. tquar.)
$134 Aug. 1 July 15
Calamba Sugar Estates, coon. (quar.)
40c Oct. 1 Sept. 14
Canadian Dredge & Dock, pref. (quar.)
$134 Aug. 1 July 19
Canadian Investment Corp. (quai.)
10c Aug. 1 July 18
Canadian Investment Fund, ordinary shares
334c Aug. 1 July 15
Special
334c AL.g. 1 July 15
Capital Management (quar.)
15c Aug. 1 July 22
Case (J. I.), 7% preferred
$1 Oct. 1 Sept. 12
Castle (A. M.) & Co.(guar.)
50c Aug. 10 July 20
Caterpillar Tractor (quar.)
25c Aug. 31 Aug. 15
Extra
25c Aug. 31 Aug. 15
Cedar Rapids Mfg. & Power (guar.)
75c Aug. 15 July 31
Conti al Franklin Process,7% 1st pref.(guar.)- - $1
July 2 June 20
7% 2d pref.(quarterly)
July 2 June 20
Si
Central Life Assurance (guar.)
July 2 June 29
Ceatral Mississippi Valley Elec. Prop. pref. qu.) $131 Sept. 1 Aug. 15
Central Power & oAghe, 6% preferred
3734c Aug. 1 July 15
7% preferred
433'c Aug. 1 July 15
Century Shares Trust (se ni-ann.)
40c Aug. 1 July 10
Central Tube
Sc July 25 July 15
Chain Store Investment, preferred
h$1 Aug. 1 July 15
Chase National Bank (semi-annual)
70c Aug. 1 July 13
5% preferred (semi-annual)
50c Aug. I July 13
Cincinnati Northern RR.(s.
-a.)
$6 July 31 July 20
City of New York Insurance ($10 par)
50c Aug. 1 July 12
Coco-Cola Bottling of St. Louis (quar.)
40c July 20 July 10
Collins Co.(guar.)
$134 July 15 July 9
Columbia Gas & Electric Corp.
6 preferred, series A (quarterly)
Aug. 15 July 20
$1
5 preferred. series No. 25 (guar.)
Aug. 15 July 20
$1
5 preference stock (quarterly)
Aug. 15 July 20
$1
Commonwealth Life Insurance (Ky.)(quar.)-- July 1 June 26
4
Connecticut River Power,6% pref. (quar.)_ _ _ _ $134 Sept. 2 Aug. 15
Consolidated Rendering Co., td% pref.(quar.)_
$2 Aug. 1 July 31
Continental Can Co. (quar.)
60c Aug. 15 July 25
Continental Can Co.,Inc.(corn. guar.)
60c Aug. 15 July 250
Corn Exchange Bank Trust Co
75c Aug. 1 July 23
Courtaukls, Ltd.(interim)
xtc21?
Crane Co.. preferred
July 25 July 10
Crandall
-McKenzie & Henderson
1234c Aug. 1 July 16
Cuneo Press, Inc., common
300 Aug. 1 July 20
634% preferred
Sept.14 Aug. 31
$1
Delaware Rayon Co.,7% pref. (quar.)
July 1 June 29
$1
Distillers Co., Am. dep. rec. ord. reg
Aug. 8 July 9
xis 121
Domestic Finance Corp., pref. (quar.)
Aug. 1 July 20
Dow Chemical (guar.)
50c Aug. 15 Aug. 1
Preferred (guar.)
$14 Aug. 15 Aug. 1
Edison Electric Illuminating Co. of Boston- _
Aug. 1 July 10
Electric & Musical Industrie,6% Pf.(5. a.)
x3% July 15 July 1
Electric Power Assoc. (diva. omitted)
Enamel Products
10c July 20 July 15
Faber, Coe & Gregg. pref. (quar,)
$13i Aug. 1 July 20
Federal Knitting Mills (quarterly)
6234c Aug. 1 July 15
Federal Service Finance Corp.(Wash.. D. C.)
Quarterly
50c July 15 June 30
7% preferred (quarterly)
$13./ July 15 June 30
Fidelity & Deposit of Maryland (quar.)
July 25 July 15
Firemen's Insurance Co. of Wash.& Georgetown
Semi-annually
80c July 2 June 24
First All-Canadian Trust Shares
734c July 15
First Boston Corp
$1.20 July 25 July 12
Foreign Bond Assoc., Inc.(guar.)
75c July 17 July 10
Fourth National Investors
50c Aug. 1 July 22
Franklin Fire Insurance (quar.)
25c Aug. 1 July 20
Extra
Sc Aug. 1 July 20
Franklin Process(Jo. ,quar.)
50c July 1 June 30
Franklin Simon & Co.. preferred
$1% Sept. 3 Aug. 17
Freihofet Baking pref
h$1 July 1 June 27
General Shoe Corp., A & B
20c July 15 June 29
Gordon Oil Co.(Ohio),cl. B.(quar.)
25c June 15 June 1
Great American Insurance (quar.)
25c July 15 July 5
Great Lakes Steamship Co. quar.
25c June 29 June 19
Halle Bros., pref.(qual.)
$144 July 31 July 24
Have.ty Furniture
10c June 15 June 10
Preferred kquarterly)
3734c July 1 June 24
Hawaiian Agricultural(monthly)
20c July 27 July 20
Hawaiian Electric (monthly)
15c July 20 July 15
Heller (Walter E.)& Co. kquar.)
234c July 2 June 30
Extra
234c July 2 Jtme 30
7% preferred (dual-.)
43V1c July 2 June 30
Hershey Chocolate Corp
75c Aug. 15 July 25
Convertible preferred
$1 Aug. 15 July 25
Home Insurance ((mar.)
25c Aug. 1 July 12
Extra
Sc Aug. 1 Tuly 12
Homestake Mining (monthly)
$1 July 25 July 20
Extra
$2 July 25 July 20
Honolulu Rapid Transit Co
25c June 29 June 22
Houston Lighting & Power.7% Pref.(guar.)Aug. 1 July 15
$6 preferred (quarterly)
Aug. 1 July 15
Hunts. Ltd.. class A & B (deferred)
Hydro-Electric Security Corp-5% preferred B (semi-ann.)
25c Aug. 1 July 15
Illinois Northern Utilities, Jr. pref. (quar.)_ _ _ _ $13i Aug. 1 July 15
6% preferred (quar.)
$136 Aug. 1 July 15
Insurance Co.of the State of Penna.(5.-a.)
$.4 July 11 July 9
Inter-Island Steam Navigation Co. (quar.)_ _
30C June 29 June 20
International Bronze Products
25c July 15 June 30
International Cigar Machinery Co
45c Aug. 1 July 20
Jantzen Knitting Mills (quar.)
10c Aug. 1 July 15
7% preferred (quar.)
$134 Sept. 1 Aug. 25
Kalamazoo Stove (quarterly)
25c Aug. 1 July 20
Kansas City Life Insur. Co.(Mo.(s.
-a.)
$8 July 8 July 8
Kellogg Co
$10 July 5 June-29
Kelvinator of Canada,7% pref.(guar.)
$134 Aug. 15 Aug. 5
Keokuk Electric Co.. 6% preferred (quar.)
$134 Aug. 15 Aug. 10
F
Financial Chronicle
224
Name of Company
Per
Share
When Holders
Payable of Record
$1 Aug. 1 July 20
Keystone Steel & Wire
25c Aug. 1 July 15
King Royalty Co.(quar.)
50c July 10 July 3
Kittanning Telephone Co. (quar.)
25c Aug. 1 July 20
Co.(quar.)
Kress (S.
15c Aug. 1 July 20
Preferred(quar.)
25c Aug. 1 July 15a
Lee Rubber & Tire Corp
$154 July 10 July 1
Lincoln Telephone & Telegraph (quar.)
$13e Aug. 10 July 31
6% preferred A (quar.)
1
Lincoln Telep. Security Co.,6% pref. (quar.).. UM July 10 July 17
250 Aug. 1 July
Corp
Liquid Carbonic
$154 Aug. 15 July 26
Loew's Inc., $eg preferred (quar.)
15c Aug. 15 July 20
Lone Star Gas
$1.63 Aug. 1 July 20
654% preferred (quar.)
$4 Aug. 15 Aug. 1
-a.) —
Louisville Henderson & St. Louis By.(s.
$154 Aug. 15 Aug. 1
Preferred (semi-annually)
3c July 20 July 10
(quar.)
Lucky Tiger Combination Gold Mining
3c July 20 July 10
Extra
$154 Aug. 8
MacMillan. $6 preferred
J_ly 15 July 11
1
Mahoning Investment Co
July 15 July 11
1
Mahoning Investment Co
/4334 Aug. 1 July 25
Masonite Corp.. preferred
h$354 Aug. 1 July 25
Masonite Corp., % preferred
$5 June 15 June,15
Massachusetts i'ire & Marine Insurance
We Aug. 1 July 15
Maytag Co.. 1st preferred (quar.)
/Mg Aug. 1 July 15
$3 preferred
10c June 29 June 22
McLennan,MeFe.ely & Prior,cl. A &
Metropolitan Industries Co.
25c Aug. 1 July 18
preferred allotment certificates (qmkr.)
6%
h8754c July 15 June 29
Michigan Electric Power Co.. 7% pref
h75c July 15 June 29
6% preferred
3c July 15 June 29
Midwest Oil Co.(quar.) ($1)
30c July 15 June 29
Quarterly ($10)
Sc July 15 June 29
Preferred (quar.)
$1g Aug. 1 July 15
Mine Hill& Schuylkill Haven RR.,tees.)
75c Aug. 15 Aug. 3
Minneapolis-Honeywell Regulator to
250 Aug. 15 Aug. 3
Extra
$2 Aug. 15 July 31
& Power(quar.)
Montreal Light,Heat
$1g Aug. 1 July 24
Mortgage Corp. of Nova Scotia (quar.)
50c Aug. 1 July 13
City Bank (semi-ann.)
National
50c Aug. 1 July 13
Preferred (semi-ann.)
35c Aug. 1 July 13
Preferred(RFC stocks) (semi-ann.)
1734c Oct. 10 Oct. 1
Short Term Securities. pref.(quar.)_
National
July 31 July 22
National Steel (quarterly)
12gc July 31 July 22
Extra
1354c Aug. 1 July 15
pref. (quar.)
)e%
National Tea
June 29 June 20
Co..Ltd.. 7% preferred (quar.). _
Neilson (Wm.).
Aug. 1 July 15
$1
Neisner Bros. preferred (quar.)
Sept. 1 Aug. 16
$1
Newberry(J.1:)& Co.,7% Pref.(guar-) Co-250 July 27 July 16
New York & Honduras Rosario Mining
50c July 27 July 16
Extra
$1 Aug. 15 Aug. 10
New York Hanseatic (quar.)
20c July 20 July 10
Nomea Sugar (monthly)
5.2c July 15
Trust Shares (1956)
North American
750 July 15 June 29
Northern Indiana Public Service, 6% pref---87Sic July 15 June 29
7% preferred
Utilities,7% 1st pref. (qu.) 811 Aug. 1 July 10
Northern New York
$154 July 31 July 8
Northern RR. of N. H. (quar.)
Northwestern Title Insurance (Spokane, Wash.)
$2 June 30 June 30
Quarterly
$2 July 1 June 29
Noxzema Chemical Co
$2 July 1 June 29
B
Class
20c Aug. 15 Aug. 5
Oahu Sugar (monthly)
1
Ohio Public Service Co., 7% pref. (monthly) - 58 1-3c Aug. 1 July 15
July 15
50c Aug.
6% preferred (monthly)
412-3c Aug. 1 July 15
5% preferred (monthly)
$2 Aug. 1 July 1
Old Colony Insurance (quar.)
$2 Nov. 1 Oct. 21
Quarterly
50c Aug. 1 July 22
Outlet Co., common (quarterly)
$154 Aug. 1 July 22
1st preferred (quarterly)
$154 Aug. 1 July 22
2d preferred (quarterly)
344c Aug. 15 July 31
Pacific Gas & Electric,5g% pref.(quar.)
37 c Aug. 15 July 31
(quarterly)
6% preferred
1 June 29 june 25
Pacific Guano & Fertilizer Co. (quar.)
60c Aug. 15 July 20
Pacific Lighting Corp
preferred (quar.)_
$154 June 15 May 31
Paton Mfg. Co., Ltd., 7%
Sc Aug. 1 July 15
Penn Traffic Co. (semi-annual)
50c Aug. 1 July 15
-a.)
Philadelphia Insulated Wire (s.
250 Aug. 30 Aug. 2
Phillips Petroleum
142 Aug. 15 July 31
Phoenix Securities, preferred
eh le sh Aug. 15 July 31
Preferred
20c Aug. 1 July 20
Pioneer Mill, Ltd.(mo.)
$254 July 20 July 10
Pittsb. Cincinnati Chicago & St. Louis RR. Co
30c June 29 June 15
Plough. Inc. (quar.)
8154 July 20 July 2
Plymouth Cordage (quar.)
Aug. 1
$1
Potomac Edison. 7% preferred (quar.)
$134 Aug. 1
6% preferred (quar.)
37gc Aug. 15 July 250
Procter & Gamble (com. (quar.)
Public Service Co. of Colorado,7% pref. (mo.)- 58 1-3c Aug. 1 July 15
50c Aug. 1 July 15
6% preferred (monthly)
41 2-3c Aug. 1 July 15
5% preferred (monthly)
Sig Aug. 5 July 31
Public Utilities (quarterly)
75c Aug. 15 July 24
Pullman. Inc. (quarterly)
$2 June 29 June 18
Pyle National Co.,8% preferred (quar.)
2% Aug. 15 July 31
Pyrene Mfg. Co., co n. (special)
Sc Aug. 1 July 15
Quarterly Income Shares, Inc
15c Aug. 1 July 15
Republic Investors Fund,6% preferred A (quar.)
$1 Aug. 1 July 15
Rhode Island Pub.ic Service. A (quar.)
50c Aug. 1 July 15
Preferred (quay.)
250 July 15 July 5
Rochester American Insurance (quar.)
$134 Sept. 2 Aug. 15
Rolland Paper, Ltd., preferred (quar.)
50c Aug 1 July 20
5-10-25c. Stores (quar.)
Rose
$154 Aug 1 July 20
7% preferred kquar.)
50c Aug. 1 July 20
St. Lawrence Flour Mills (qtar.)
Eel Aug 1 July 20
Preferred (quar.)
20c Aug. 1 July 15
Salt Creek Producers (quer.)
7c Aug. 1 July 15
San Antonio Gold Mines
20c July 15 July 2
San Carlos Milling Co. (monthly)
30c Aug. 15 Aug. 6
&rotten Dillon
/41 Aug 1 July 22
Second National Investors. $5 pref
6.287c July 15 June 29
Selected Management,trust shares reg
$lie Aug. 1 July 15
Shamokin Valley & Pottsville RR. (5.-a.)
$2 July 20 June 30
Shearer(W.A.)Pen Co.,$8 pref.(quar.)
S1.237 July 24 July 17
Shell Transport & Trading (Amer.shares)$1e£ Aug. 10 July 31
Sioux City Gas & Elec., 7% pref. (quar.)
1254c Aug. 1 July 20
Smith Agricultural Chemical (quar.)
$134 Aug. 1 July 20
6% preferred (quar.)
July 1 June 15
Express
Southeastern
3754c June 27 June 24
Southern Fire Insurance (N. C.)(quar.)
Southern Franklin Process.7% pref.(quar.)_ --- $PA July 10 June 28
50c Aug. 1 July 25
Sparta Foundry (special)
$154 Aug. 1 July 15
Spiegel, May,Stern Co. preferi ed
50c July 23 July 16
Standard Fire Insurance(N.J.)(quar.)
50c June 30 June 27
Taylor, Colquitt Co. (quar.)
250 Aug 1 July 20
Telep. Investment Corp.(monthly)
$154 Aug 1 July 13
Power & Light,7% pref.(quar.)
Texas
$134 Aug 1 July 13
6 preferred (quar.)
45c Aug. 1 July 22
Third National Investors
$144 Sept. 1 Aug. 10
$6 pref. (quar.)
Tide Water Power.
2c Aug. 21 July 25
Toburn Gold Mines (quar.)
58 1-3c Aug. 1 July 15
Toledo Edison Co.7% preferred (monthly)
50c Aug. 1 July 15
6% preferred (monthly)
41 2-3c Aug. 1 July 15
5% prererred (monthly)
$5 Aug. 1 July 25
Troy & Bennington RR.(semi-ann.)
$2 Aug. 5 July 30
Twin Bell Oil Syndicate (monthly)
250 Aug. 10 July 20
Union 011 of Calif. (quar.)
4c Aug. 1 June 29
Trust Shares(F seg.)
United Insurance
86c July 15 June 30
United Investment Shares series A
$1.41 July 15 June 30
Series
.00867c July 15 June 30
United Investment Shares, A reg
1.410 July 15 une 30
Class C registered
50c Aug. 1 July 17
Leaf Tobacco Co., Inc.(quar.)
Universal
$2 Aug. 1 July 17,
Extra
1
Name of Company
July 13 1935
When Holders
Per
Share Payable of Record
$2
United New Jersey RR.& Canal (quar.)
$1
United Telep. Co.(Kan.)(quar.)
$1
7% preferred (quar.)
$1
6% preferred (quar.)
$1
Virginian Railway, pref. (quar.)
3
Walgreen Co
h$1 54
Walker Mfg.Co.,$3 cony. preferred
50c
Warren Foundry & Pipe Corp
90c
Washington Gas Light Co.(quar.)
$lg
White Villa Grocers,6% pref.(quar.)
50c
Winn & Lovett Grocery,class 11 (special) ,
35c
-a)
Wolverine Shoe & Tanning Corp.,7% prof.(8.
60c
Woolworth (F. W.) quar.)
50c
Zion Coop. Mercantile Institution
Oct. 10 Sept. 2011
July 15 June 30
July 15 June 30
July 15 June!30
Aug. 1 July 13
Aug. 1 July, 15
Aug. 1 Julyl 20
Aug. 1 JulYr 15
Aug. 1 July 15
July 1 June 15
July 15
June 29 June±29
Sept. 3 Aug. 9
July 15 July 5
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Per
When Holders
Share, Payable. ofRecord.
Name of Company.
Abraham & Straus, Inc.,7% preferred (guar.)._ ElM Aug. 1 July 15
16a Aug. 1 July 15
Adams (J. D.) Mfg.(quar.)
11c July 20 June 29 1
Administered Fund Inc
Sc Aug. 1 July 15
monthly)
*
Affiliated Products
75c July 15 June 29
Air Reduction Co.. Inc.(quar.)
July 15 June 29
Extra
3
Aug. 15 July 13
Alabama Great Southern RR.Co.. preferred—. $1
Aug. 1 July 15
Alabama Power Co..$5 pref.(quar.)
1
Aug. 1 July 10
Gold Mining (quarterly)
Alaska Juneau
15c Aug. 1 July 10
Extra
Sig Aug. 1 July 11
Allied Chemical & Dye Corp.common (quar.)
July 15 Jury 10
All-Penn Oil & Gas (quarterly)
250 July 25 July. 1
Alpha Portland Cement
10c Oct. 1 Sept. 20 ,
Goods Mfg. Co.(quar.)
Aluminum
50c Sept.30 Sept.15
Aluminum Mtgs.(quar.)
50c Dec. 31 Dec. 15
Quarterly
$154 Sept.30 Sept.15
preferred quarterly
7%
$1
Dec. 31 Dec. 15
7% preferred quarterly
July 31 July 15
Amerada Corp. quarterly
1gc July 15 July 10
Bankstocks (quar.)
American
S1 Aug. 15 July 250
American Can Co.,common (quar.)
$154 Oct. 1 Sept.19
7% preferred (quarterly)
(k) Aug. 1 July 11
& Light Corp
American Cities Power
$1 Aug. 1 July 11
American Coal Co. of Allegheny County (qu.)
25c Aug. 1 July 25
American Credit Indemnity Co.of N.Y.
July 15 June 15
(N. J.) (quar.)
AmericanDistrict Teleg.
$1" July 15 June 15
Preferred (quar.)
$1
Aug. 1 July 25
Envelope,7% pref. A & B (quar.)
American
$1
Nov. 1 Oct. 25
7% preferred A & B(quarterly)
$1
July 15 July 5
American Fork & Hoe. preferred (quar.)
250 Oct. 1 Sept.15
Corp.(quar.)
American Hardware
280 Jan, 1 Dec. 14
Quarterly
20c Aug. 1 July 150
(monthly)
American Home Products
25c Sept. 2 Aug. 21
Corp.
(quarterly)
American Hosiery Co.
American Ice Co.(Jersey City, N. J.)—
$1H July 25 July 5
Preferred (quarterly)
30c Aug. 1 July 15a
American Light & Traction Co.,comm.(quar.)_
Aug. 1 July 15a
Preferred (quarterly)
July 15 July 5
News, N.Y. Corp.(bi-mo.)
American
50c Aug.
American Paper Goods (quarterly)
50c Nov. 1
Quarterly
$154 Sept.15
7% preferred (quar.
Sig Dec. 15
7% preferred (quar.
50c Aug. 1 July 15
American Shipbuilding (quarterly)
146 Sept. 2 Aug. 9
American Smelting & Refining 6% 2d pref
Ely Sept. 2 Aug. 9
7% 1st preferred (quar.)
July 15 June 15
American Telephone & Telegraph (quar.)
Aug. 1 July 29
Androscoggin Electric Co..6% preferred (quar.) I?
3% July 30 June 29
Anglo-Amer. So. Africa, Ltd.,6% pref.(interim)
Am.dep rec.ord.reg.(final)z to1212% Aug. 7 June 27
Anglo-Persian Oil.
35c Aug. 1
Asbestos Mfg Co.,$1.40 cony. pref.(quar.)
35c Nov. 1
$1.40 convertible preferred (quar.)
35c Feb. 1
preferred (quer.)
$1.40 convertible
$2 Sept. 3 July 31
Atchison Topeka & Santa Fe
$254 Aug. 1 June 28
-a.)
Preferred (s.
-a.)
$454 Sept. 2 Aug. 20
Atlanta & Charlotte Air Line By.(s.
50c Aug. 1 July 15
Austin Nichols $5 prior A (quar.)
c25c Aug. 1 July 20
Automatic Voting Machine Corp.(extra) -a.)
- 87gc July 15 June 29
Automobile Finance Corp..7% preferred(s.
10c Aug. 15 Aug. 1
-a.)
Be timore American Ins. Co.(s.
Bancroft (Jos.) & Sons Co.(no action)
Sc July 20 July 3
Bandini Petroleum (monthly)
20c Aug. 1 July 10
Bangor Hydro-Electric (quar.)
July 15 June 29
(quarterly)
Bayuk Cigars, preferred
$l Aug. 1 July 15
Beatty Bros.. Ltd. 1st pref. kquar.)
Aug. 1 July 15
Belding-Corticelli (quarterly)
r$134 July 15 June 22
Bell Telephone of Canada (quar.)
$1fe July 15 June 20
pref.(quar.)
Bell Telephone Co. of Pa.,6le%(quar.)
3754c July 30 July 15
Beneficial Industrial Loan Corp.
87 c July 30 July 15
Preferred series A (quar.)
July 15 July 3
Blltmore Hats. Ltd
2 c July 15 July 1
(quar.)
Bishop Oil Corp.
c$1
Aug. 1 July 19
Bloomingdale Bros., pref. (quar.)
July 31 July 15
Bon Anil, class A (quar.)
Aug. 15 July 31
Boss Mfg. Co., common
Oct. 1 Sept.20
Boston Insurance (quar)
Oct. 1 Elept. 20
Providence BR.(quar.)
Boston &
*2.125 Jan. 2 Dec. 20
Quarterly
68fec Aug. 15 Aug. 1
referred (quar.)
ni
Bourjois,Inc.,$2ei t
25c July 25 July 1
(quar.)
Bower
Bow Roller Bear
Brantford Cordage, *W., 1st preferred (quer.). r50c July 15 June 20
40c July 15 June 29
Bridgeport Hydraulic (quar.)
h37,1ec July 15 June 29
Brewing Corp. of Canada. preferred
hil July 30 July 20
Bridgeport Machine 7% preferred
-an.). 2je% July 15
British Columbia Electric By.5% pref.(1.
r37c July 15 June 29
British Columbia Power Corp. A stock
$154 Aug. 1 eery 17
British Columbia Telep..6% pref.(quar.)
75c July 15 July 1
Brooklyn-Manhattan Transit
$1
July 15 Ade 1
Preferred (quar.)
$1
Oct. 15 Oct. 1
Preferred (quar.)
$1
1-15-36 Jan. 2
Preferred (guar.
111.4 4-15-36 Apr. 1
Preferred (quar.
$154 Oct. 1 Sept. 3
Gas (quarterly)
Brooklyn Union
1 ei
Aug. 1 July 20
Brown Shoe Co., pref. quar.)
July 15 June 15
Bruck Silk Mills (quar.)
Eastern Power.$5 pref (qu.) $154 Aug. 1 July1
Buffalo. Niagara &
8734c July 15 June 29
California-Oregon Power Co.7% preferred
750 July 15 June 29
6% preferred
75c July 15 June 29
67 preferred (ser. 1927)
20c Sept. 1 Aug. 15
Camps Corp common (quar.)
Sept. 1 Aug. 15
Canada & Dominion Sugar,Ltd.(quar.)
Dec. 1 Nov. 15
Quarterly
July 15 July 1
Canada Dry Ginger Ale
r3r3r7 0! July 25 June 29
73
Canada Northern Power Corp.corn. (quar.)
154% July 15 June 29
7% cum. pref.(quar.)
$1g Aug. 1 June 28
-a.)
Canada Southern By.(s.
150 Aug. 1 July 19
Canadian Bronze Co.common (quar.)
$1,4 Aug. 1 July 19
Preferred (quar.)
50c Aug. 15 July 31
Ltd.(quar.)
Canadian Converters.
Canadian Fairbanks Mores, preferred (quar.)_ _ $1 Se July 15 June 29
r$1 July 31 June 29
Canadian Induetries, A & B (quar.)
r75c July 31 June 29
A & B (extra)
g July 15 June 29
7% preferred (quarterly)
50c July 15 June 30
Canadian Light & Power (semi-annual)
$154 Oct. 1 Sept.20
Carnation Co..7% preferred (quarterly)
$154 Jan V36
7% preferred (quarterly)
$154 Aprl'36
$7% preferred (quarterly)
40c July 15 July
Carpel Corp. (quarterly)
11a
Volume 141
Financial Chronicle
When Holders
Per
Name of Company
Share Payable of Record
Carolina Clinchfield & Ohio Ry.(guar.)
$1 July 20 July 10
Stamped certificates (quar.)
$1 X July 20 July 10
Central Cold Storage
25c Aug.15 Aug. 5
Central Hudson Gas & Electric Corp. (quar.)-20c Aug. 1 June 29
Voting trust certificates (quarterly)
20c Aug. 1 June 29
Central Illinois Public Service. 6% preferred......
$1 July 15 June 20
$6preferred
$1 July 15 June 20
Central Kansas Power Co.,7% pref.(quar.)--- $1X July 15 June 29
6% preferred (quarterly)
$134 July 15 June 29
Central Power. 7% preferred
8734c July 15 June 29
6% preferred
July 15 June 29
Centrifugal Pipe Corp.(guar.)
10e Aug. 15 Aug. 5
Quarterly
100 Nov.15 Nov. 6
Century Ribbon Mills, pref.(quar.)
$1( Sept. 1 Aug. 20
Corrode Pasco Copper Corp
$1 Aug. 1 July 15
Chain Store Investors Trust (initial)
20c July 15 June 15
Chapman's Ice Cream (L. A.) (quar.)
Sc July 15 June 25
Chartered Investors,$5 pref.(quar.)
$I 3j Sept. 2 Aug. I
Chase Nat onal Bank of the City of New York
70c Aug. 1 July 13
Preferred
Aug. 1 July 13
Cherry-Burrell (quar.)
25c Aug. 1 July 20
Preferred (quarterly)
Chesapeake & Potomac Telep. Co. of Bait. City: $1( Aug 1 July 20
Cumulative preferred (guar.)
$1% July 15 June 29
Cincinnati MMing Machine Co., pref.
S134 July 15 July 1
Cincinnati Newport & Covington Lt. &(910
Trac
$134 July 15 June 29
$4)4 preferred (quarterly)
51.125 July 15 June 29
Cincinnati Northern RR. ,serni-ann.)-$6 July 31 July 21
Cincinnati Postal Terminal & Realty. - - - 6)4%
preferred (quarterly)
S134 July 15 July 5
Cincinnati Union Terminal. preferred (guar.)—
$134 Oct. 1 Sept.20
Preferred (quar.)
513 Jan. 1 Dec. 20
,
City Investing Co. common (guar.)
50c July 20 July 15
Preferred (guar.)
% July 15 July 10
City Water of Chattanooga.6% pref.
X Aug. 1 July 20
(quark
Cleveland Cincinnati Chicago & St. Louis R
Semi-annual
$5 July 31 July 20
5% preferred (quar.)
July
Cleveland Electric Illuminating. pref (guar.)— $134 Sept.31 July 20
1 Aug. 15
$134
Cleveland & Pittsburgh By.7%
87
Sept. 1 Aug. 10
guar.
guaranteed (quar.)
(quar.)%
8734c Dec. 1 Nov. 9
Special guaranteed (quar.)
Sept. 1 Aug. 10
Special guaranteed
50c Dec. 1 Nov. 9
Climax Molybdenum (guar.)
Co.(quar.)
Sc Sept.30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Clinton Water Works Co.,7% pref.
(quar.)---- $134 July 15 July
Cluett,Peabody & Co.,Inc.,com.(guar.)
2.50 Aug. 1 July 2
Coen Cos., Inc., class A
20c July 15 June 15
Coleman Lamp & Stove
50c July 15 June 29
Columbia Pictures Corp.. common
f2q7 Aug. 2 June 12
(8.-a
Common voting trust certificates (semi-ann.)
Aug. 2 June 12
Columbus Ry.„ Power& Light 2nd pref.(quar.) 12
$
July 15 July 1
Commonwealth Edison Co.(quar.)
$1 Aug. 1 July 15
Commonwealth Investors (Calif.) (quar.)
4c Aug. 1 July 13
Commonwealth Utilities Corp.
6)4% preferred 0 (quarterly)
$134 Sept. 3 Aug. 15
Community State Corp., class A_
7c July 15 June 25
Concord Gas, 7% preferred (reduced)
Aug. 15
Confederation Life Assoc.."Toronto- (quar.).... 8734c Sept.30 July 31
$1
Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Connecticut & Possumpic River RR..pref.(8 -a.)
$3 Aug. 1 July 1
Consolidated Chemical Industries pref. (quar.)_ 3736c Aug. 1 July 15
Consolidated Cigar, 7% preferred (quar.)
$14 Sept. 2 Aug. 15
63% prior preferred (quarterl
$134 Aug. 1 July 15
Consolidated Gas Co. of N. Y..y)
pref. (quar.).... $134 Aug. 1 June 28
Consolidated Gas & Electric Lt. of Bait
90c Oct. 1 Sept. 14
5% preferred (quarterly)
Consolidated Mining & Smelting Co. of Canada $131 Oct. 1 Sept. 14
Capital stock (8.-a.)
1.5% July 15 June 29
Consolidated Oil, preferred (quar.)
$2 Aug. 15 Aug. 1
Consolidated Royalty Oil (quar.)
Sc July 25 July 15
Consolidated Traction Co. corn.($100,par)(s-a)
$2 July 15 July 3
Consumers Power Co —
$5 preferred (quarterly)
$131 Oct. 1 Sept.14
6% preferred (quarterly)
$134 Oct. 1 Sept.14
6.6% preferred (quarterl
$1.65 Oct. 1 Sept.14
7% preferred (quarterly)y)
$134 Oct. 1 Sept.14
6% preferred (monthly
50c Aug. 1 July 15
6% preferred (monthly)
50c Sept. 3 Aug. 15
6% preferred (monthly
50c Oct. I Sept.15
6.6% preferred (monthil
55c Aug. 1 July 15
6.6% preferred (monthly
55c Sept. 3 Aug. 15
6.8% preferred (monthly
55c Oct. 1 Sept.15
Continental Oil (Delaware)
25c July 31 July 2
Continental Public Service A (semi-ann.)
65% July 15 June 29
COpperweld Steel (qllar.)
1234c Aug. 31 Aug. 15
Quarterly
1234c Nov.30 Nov.15
Corn Products Refining (quar.)
75c July 20 July 8
Preferred (quarterl
$134 July 15 July 8
Crane Co., preferred y)
AS1 July 25 July 10
Cresson Consolidated Gold
3c Aug. 15 July 31
(guar.)
Extra
2c Aug. 15 July 31
Crowell Publishing Co..7%
$334 Aug 1 July 24
pref. (s.
-a.)
Crum & Forster (quar.)
15c July 15 July 5
Extra
Sc July 15 July 5
8% preferred (quar.)
$2 Sept.30 Sept.20
Cudahy Packing (quarterl
6234c July 15 July 5
Cumulative Trust Shares y)
7.7c July 15
Curtis Manufacturing Co.(resumed
25c Aug. 1 July
)
Curtiss-Wright Export Corp.6% pref.(quar.)-- 5134 July 15 June 15
30
Preferred D (quarterly)
$134 Oct. 1 Sept.14
Preferred E (quarterly)
$134 Oct. 1 Sept.14
Cypress Abbey Co
c Taly 15 June 29
Darby Petroleum
25c July 15 June 29
Davenport Water Co.,
(quar.)
$134 Aug. 1 July 20
Dayton Power & Light6% Pref.pref.
Co.,6%
50c Aug. 1 July 20
Dennison Mfg. Co.. debenture stock(mo.)
h$2 Aug. 1 July 20
Denver Union Stockyards, preferred (quar.)-- $134 Sept. 1 Aug. 20
Detroit Edison Co. (quarterly)
Si July415 July 1
Detroit Hillsdale & Southwestern RR.(9.
1
$2 Jan. 6 Dec. 20
-11.)
Detroit River Tunnel Co.
54 July 15 July 8
Devonian Oil (quarterly) (semi-ann.)
15c July 20 July 1
Extra
10c July 20 July 1
63 %,preferred (quar.)
$134 July 15 June 20
Dome Mines, Ltd.(quarterly)
50c July 20 June 29
Extra
52 July 20 June 29
Dominion Textile ,preferred
r$14( July 15 June 29
Duff-Norton Manutacturing(guar.)
15c July 15 July 5
(quarterly)
Extra
10c July 15 July 5
Duplan Silk Corp. (semi-ann.)
50c Aug. 15 Aug. 2
Du Pont de Nemours (E. I.) & Co.—
Debenture stock (quarterly)
$134 July 25 July 10
Duquesne Light Co., 1st 5%
Eastern Bond & Share. B cum. pref.(quar.). $134 July 15 June 15
15c Aug. 1 June 28
iquarterlY)
Class B (extra)
Sc Aug.
Eastern Gas& Fuel Assoc..4)5 pref.(quer.)_ _ $1.125 Oct. 1 July 28
1 Sept. 14
%
6% preferred (quarterly)
$134 Oct. 1 Sept. 14
Eastern Theatres. Ltd., preferred (s.-a.
$334 July 31 June 29
)
East Penna. RR. Co.
$1.34 July 16 July 6
Eaton Manufacturing(semi-ann.) (quar.)
Co.common
25c Aug. 15 Aug. 1
Extra
12310 Aug. 15 Aug. 1
Electric Bond & Share Co..$6 pref.
5134 Aug. 1 July 5
(guar)
$5 preferred (quarterly)
$114 Aug. 1 July 5
Electric Household Utilities (quar.)
25c July 25 July 10
Elgin National Watch
15c Sept.16 Aug. 31
Elizabeth & Trenton RR..(semi-ann.)$1 Oct. 1 Sept.20
5% preferred (semi-annual)
$134 Oct. I Sept.
El Paso Electric Co., Dela., 7% pref. A (quar.) $134 July 15 July 20
1
$6 preferred B (quar.)
$134 July 15 July 1
El Paso Elec. Co.(Texas).8% prof.
$111 July 15 June 28
(guar.)Ely & Walker Dry Goods, first pref. (s.-a.)July 15 July 3
$3
Second preferred (semi-annual)
July 15 July 3
II
225
Per
When Holders
Name of Company
Share Payable of Record
Empire & Bay State Telep.,4% gtd.(quar.)---$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Nov. 21
Employers Group Assoc
1234c July 31 July 17
Eppens, Smith & Co., semi-annual
52 Aug. 1
27
Erie & Pittsburgh RR. Co.7% gtd.(guar.).— 8754c Sept. 10 July 31
Aug.
7% guaranteed (Quer.)
8734c Dec. 10 Nov.30
Guaranteed betterment (quar.)
SOc Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Eureka Pipe Line Co
$1 Aug. 1 July 15
Excess Insurance (quarterly)
25c July 15 June 29
Fairbanks, Morse & Co., preferred
h$334 July 15 July 1
Farmers & Traders Life Ins.(quar.)
$2A Oct. 1 Sept.11
Felln (J. J) semi-annual)
July 15 July 1
Preferred (quar.)
Si
July 15 July 1
Fibreboard Products, pref. (guar.)
$1X Aug. 1 July 16
Finance Co.of Amer.at Balt.,com.A& B
1234c July 15 July 5
c
7% preferred
4334c July 15 July 5
7% preferred, class A
83(c July 15 July 5
Finance Shares Corp.(semi-ann.)
23
4c July 15 RICO 30
Firemen's Fund Insurance (quar.)
$1 July 15 July 5
Firestone Tire & Rubber (quar)
10c July 20 July 5
First Nat.Corp.(Port Oreg.) $2 cl. A
h25c July 15 June 25
First State Pawners Society (Chicago, Ill.) (qu.) Si
Sept.30 Sept.20
Fishman (M. H.). 7% series A & B Pref. (guar.) $1
July 15 June 29
Florsheim Shoe Co..class A (guar.)
Oct. I Septa('
2
Class B (quarterly)
1254c Oct. 1 Sept.15
Food Machinery Corp. of N.Y
July 15 June 29
6q
preferred (monthly)
50c July 15 July 10
preferred (monthly)
8
50c Aug. 15 Aug. 10
6
preferred (monthly)
50c Sept.15 Septa()
Fort Wayne & Jackson RR..534% pref.(s.
-a.)
$2g Sept. 2 Aug. 20
Foundation Trust Share:, series A.. bearer
July 15
Freeport Texas,6% preferred (quarterly)
$134 Aug. 1 July 15
Froedtert Grain & Malt. cony. pref.(quar.)
afic Aug. 1 July 15
Fyr-Fyter, class A (quar.)
d25c July 15 June 20
Gardner-Denver Co. common (guar.)
250 July 20 July 10
Preferred (quar.)
$1A Aug. 1 July 20
General Cigar (quar.)
Aug. 1 JILLY 16
Preferred (guar.)
$154 Sept. 2 Aug. 23
Preferred (guar.)
Dec. 2 Nov.22
Preferred (quar.)
Mar, 2 Feb. 20
Preferred (quar.)
June 1 May 22
General Electric Co
1
July 25 June 28
General Electric of Great Britain
zw10% July 27 June 26
General Mills, Inc., common (quar.)
75c Aug. 1 July 15
General Motors Corp., $5 preferred (quar.)
$134 Aug. 1 July 8
General Stockyards
250 Aug. 1 July 15
Cony. preferred (quar.)
$134 Aug. 1 July 15
Georgia RR.& Banking (quar.)
$2
July 15 July 1
Gillette Safety Razor. $5 cony. pref. (guar.).— $1
Aug. 1 July 1
Glen Alden Coal (quarterly)
2
July 20 July 6
Extra
25c July
6
Goderich Elevated & Transit Co.. 7% Pr.(qu.)- $154 July 20 July 29
15 June
Gold Dust (quarterly)
30c Aug. 1 July 10
Golden Cycle (quarterly)
40c
Extra
$1.60
Gottfried Baking Co.,Inc. Preferred (guar.).— 154% Oct. 1 Sept.20
Grace(W. R.)& Co., pref.6% pref.(s.
-s.)......$3 Dec. 30 Dec. 27
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Rapids Metalkraft Corp
Sc July 31 July 10
Great Lakes Engineering Works (guar.)
10e Aug. 1 July 24
Extra
Sc Aug. 1 July 24
Great Lakes Power, $7 pref. (quar.)
$154 July 15 June 29
Green (H. L.) Co.(quar.)
75c Aug. 1 July 15
Preferred (quarterly)
5154 Aug. 1 July 15
Greenfield Gas Light, 6% preferred (quarterly)
75c Aug. 1 July 15
Guarantee Co. of No. Amer.(Montreal;(qu.)
$134 July 15 June 30
Hall (C. M.) Lamp
100 July 15 July 8
Hannibal Bridge Co. (quar.)
$2 July 20 July 10
Harbison-Walker Refractories Co., pref. (quar.) $1
July 20 July 8
Hardesty (R.)Mfg.Co..7% pref.(quer.)
Sept. I Aug. 15
$1
7% preferred (quarterly)
51
Dec. 1 Nov. 5
Harrisburg Gas, preferred(quar.)
July 15 June 29
$1
Hartford & Connecticut Western RR.(s.-a.)..
$ Aug. 31 Aug. 20
Hartford Electric Light (quarterly)
68%c Aug. 1 July 15
Hartman Tobacco
hit Aug. 1 July 15
Hat Corp. of Amer.,634% cumul. pref
851 Aug. .1 Any 15
634% cumulative preferred (quar.)
$1% Aug. 1 July 15
Hawaiian Sugar Co.(quarterly)
60c July 15 July 5
Hawaii Consol. By..7% pref. A (guar.)
20c Sept.15 Sept. 5
7% preferred A (quarterly)
20C Dec. 15 Dec. 5
Reda Mining (quarterly)
10C Aug. 15 July 15
Hercules Powder, preferred (guar.)
$15 Aug. 15 Aug. 2
,
1
Hershey Chocolate (quarterly)
75c Aug. 15 July 25
Cony. preferred (quarterly)
41 Aug. 15 July 25
Hibbard, Spencer, Bartlett & Co. (mo.)
100 July 26 July 19
Extra
300 July 26 July 19
Monthly
100 Aug. 30 Aug. 23
Monthly
I 100 Sept.27 Sept.20
Holland Land Co
Si July 15 July 5
Hollinger Consol. Gold Mines
1% July 15 June 28
Extra
July 15 June 28
Holly Sugar. 7% cum. preferred
lif Aug. 1 July 15
Home Dairy, Inc., series A
h500 July 15 July 5
Horn & Hardart of N.Y.(quar.)
400 Aug. 1 July 12
Preferred (quarterly)
$134 Sept. 3 Aug. 14
Household Finance Corp. A & B (guar.)
750 July 15 June 290
Preferred (guar.)
.
871 4c July 15 June 294
Humberstone Shoe (quar.)
50c Aug. 1 July 8
Hussemann-Ligonier (quar.)
el% Aug. 1 July 17
Preferred (quarterly)
714c Aug. 1 July 17
Hutchinson Sugar Plantation (monthly)
10c July 15 June 29
Life Insurance (guar.)
Oct. 1 Sept.30
terly
Jan. 2 Dec. 31
Incorporated Investors
250 July 20 June 20
Insurance Co. of North America (s-a)
$1 July 15 June 29
Extra
50c July 15 June 29
Inter-Allied Investment Corp., cl. A (s.
-a.) _
350 July 15 July 10
International Bronze Powders
25c July 1 June 30
6% cumulative preferred (quar.)
International Business Machines Corp. (quar.)_ 3734c July 15 June 30
$134 Oct. 10 Sept.21
International Harvester, corn. (quar.)
15 July 15 June 20
International Nickel Co. of Canada—
Preferred (quarterly)
lii% Aug. 1 July 2
International Printing Ink (quar.)
250 Aug. 1 July 15
Preferred (quarterly)
5134
International Utilities Corp.$7 prior pref.(qu.)_ 8734c Aug. 1 July 15
Aug. 1 July 20a
$334 prior preferred (quar.)
4331c Aug. 1 July 20a
Interstate Dept. Store,7% preferred
8515/ Aug. 1 July 19
7% preferred (quar.)
$134 Aug. 1 July 19
Interstate Hosiery Mills (guar.)
Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Intertype Corp.' first preferred
$2 Oct. 1 Sept. 16
Investment Fund.6% pref. (quar.)
38c July 15 June 30
6% preferred
h 12c July 15 June 30
Investors Fund, Inc., C. (quar.)
50c July 15 June 29
Iron Fireman Mfg.(guar.)
250 Sept. 2 Aug. 10
Quarterly
250 Dec. 2 Nov. 9
Jewel Tea Co.. Inc.. common (quar.)
75c July 15 July 1
Johns-Manville Corp
25c July 15 June 24
Kalamazoo Vegetable Parchment (guar.)
15c Sept.30 Sept.20
Quarterly
15c Dec. 30 Dec. 30
Kansas City St. Louis & Chicago ER.
6% preferred guaranteed (quar.)
$134 Aug. 1 July 17
Kaufmann Dept. Stores. Inc
20c July 27 July 10
li entucky Utilities Co..6% pref. (guar.)
$134 July 15 June 25
Keystone Steel & Wire, pref.(quar.)
5154 July 15 July 5
Kroehler Mfg. Co., 7% pref. (quar.)
$1
Sept.30
7% preferred (quarterly)
$1
Dec. 31
Class A preferred (guar.)
$1
Sept.30
Class A preferred (guar.)
$134 Dec. 31
E.
1m
Pti
Financial Chronicle
226
Name of Company
Per
Share
When Holders
Payable of Record
Kokomo Water Works Co.,6% pref. (quar.)_ _ _ $ui Aug. 1 July 20
3134 Aug. 1 July 19
laroger Grocery & Baking, 7% pref.(quar.)_
37 A c Sept.30 Sept.20
Landers. Frary & Clark kquar.)
3734c Dec. 31 Dec. 20
Quarterly
$134 Sept. 15 Sept. 5
Landis Machine,7% preferred (quarterly)
6134 Dec. 15 Dec. 5
7% preferred 'quarterly)
Aug. 1 July 15
IA
Lane Bryant Inc. 7% preferred (quar.)
June 30
$2
Larus & Bros. Co. B
June 30
8% preferred (quar.)
75c July 13 June 29
Lawrence Gas & Electric Co. (guar.)
4134 Aug. 1 July 29
Lazarus(F. & R.) CO., pref. (quar.)
25c Aug. 1 July 15a
Lee Rubber & Tire Corp
h50c July 15 July 5
Letcourt Realty, preferred
10c Aug. 1 July 15
Leonard Custom Tailors
50c July 15 July 8
Lerner Stores (quarterly)
$134 Aug. 1 July 22
Preferred (quarterly)
Lexington Telephone, 634% preferred (quar.)_ _ 1134 July 15 June 30
20c Sept. 1 Aug. 15
Link Belt
4134 Oct. 1 Sept. 14
Preferred (quar.)
Little Schuylkill Navigation RR. Coal Co..
$1.10 July 15 June 14
Semi-annually
25c Aug. 1 July 17
Liquid Carbonic (quarterly)
$2 Oct. 1 Oct. 1
Lock Joint Pipe, preferred (guar.)
$2 Jan. 1 Jan. 1
Preferred (quar.)
50c Aug. 1 July 18
Loose-Wiles Biscuit Co., common
4134 Oct. 1 Sept. 18
1st preferred (quar.)
$2 Aug. 1 July 17
Lord & Taylor Co.. 2nd preferred (quar.)
$134 Aug. 15 July 31
Los Angeles Gas & Electric, 6% pref. (quar.)
Louisiana & Missouri River RR.
$334 Aug. 1 July 17
7% guaranteed preferred (s.-a.)
$4 Aug. 15 Aug. 1
Louisville Henderson & St. Louis Ry.
4234 Aug. 15 Aug. 1
Preferred (semi-ann.)
- $134 Oct. 1 Sept.20
Lunkenheimer Co.,6 A % preferred (quarterly)
$194 Jan. 1 Dec. 21
634% preferred (quarterly)
50c July 15 June 29
MacAndrews & Forbes (quar.)
4134 July 15 June 29
Preferred (quarterly)
c$3 July 15 June 30
-a.)
MacFadden Publications, preferred (s.
50c July 15 June 29
Magma Copper Co
1234c July 15 June 30
Magnin (I.) & Co. (guar.)
$134 Aug. 15 Aug. 5
5% preferred (quarterly)
$134 Nev. 15 Nov. 5
6% preferred (quarterly)
$634 Aug. 1 July 15
Mahoning Coal RR.(quar.)
$2 July 15 June 29
Massachusetts Lighting Cos., 8% pref. (quar.)
$134 July 15 June 29
6% preferred (guar.)
50c July 15 Juno 6
Massachusetts Power & Light. preferred (quar.)
Massachusetts Utilities Association, pref. (qu.)- 6234c July 15 June 29
a3 Aug. 1 July 1
Massawippi Valley RR. (semi-ann.)
40c Sept. 3 Aug. lb
May Dept. Stores (qua,.)
50c Aug. 1 July 15
McCall Corp. common (quar.)
4334c Sept. 1 Aug. 31
McCiatchy Newspapers. 7% pf.(qu.)
43%c Dec. 1 Nov.30
preferred (quarterly)
41 A July 15 June 29
Oil, pref.(quar.)
Mc oll Frontenac
6234c Aug. 1 July 12
Melville Shoe
$134 Aug. 1 July 12
1st preferred (quar.)
734c Aug. 1 July 12
2nd preterred (quar.)
150 July 15 July 5
Meyer-Blanke Co., (quar.)
10c July 15 July 5
Extra
425 July 31 July 20
Michigan Central RR.(semi-ann.)
8734c Aug. 1 July 15
Michigan Public Service Co.,7% preferred
75c Aug. 1 July 15
6% preferred
$134 July 31 July 20
Milw. Elec. Thy. & Lt. Co.6% pref. (quar.)
Mine Bill & Schuylkill Haven RR.Co.(..-a.) _ 41.4 Aug. 1 July 15
Missouri River-Sioux City Bridge Co.—
$134 July 15 June 29
Cumulative participating preferred (quar.)
25c Aug. 1 July 20
Modine Mfg
250 July 15 July 10
Mills
Mohawk Carpet
SI Aug. 1 July 15
Mohawk Hudson Power Corp. preferred (guar.)
Monmouth Consol. Water,7% pref.(quar.)-- $134 Aug. 15 Aug. 1
150 Aug. 1
Monogram Pictures Corp.(quar.)
15c Nov. 1
Quarterly
15c Feb. 1
Quarterly
r38c July 31 June 29
Montreal Light. Heat & Power consol.(quar.)-80c July 15 June 29
Montreal Telegraph (quar.)
11234 July 15 July 5
Montreal Tramways (quarterly)
$134 Oct. 1 Oct. 1
Moore Dry Goods(quar.)
3134 Jan. 1 Jan. 1
Quarterly
20
Morris S& 10c to $1 Stores.Inc.,7% pref.(qu.)_ $1.34 Oct. 1 Sept.27
$1 Sept. 1 Aug.
Morris Plan Insurance Society,(quar.)
$1 Dec. 1 Nov. 26
Quarterly
50c Aug. 10 Aug. 1
Motor Products(quarterly)
$2 July 15 June 29
Mountain States Telep.& Teleg.(quar.)
Chemical Co.of Amer..6% Pref. MO- $1.34 Sept.28 Sept. 19
Mutual
WS Dec. 28 Dec. 19
6% preferred (quarterly)
50 July 20 July 10
Mutual Telep. Co., Hawaii (monthly)
250 Aug. 1 July 15
Nash Motors Co. common
25c Aug. 1 July 15
National Auto Fibres A (initial)
1234c Aug. 1 July 15
A. extra
1 July
National Bearing Metals Corp.7% pref. (qu.)_ _ s134 Aug. 15 June 19
14a
40c July
National Biscuit Co.. common (quarterly)
40c Oct. 15 Sept. 13
Biscuit Co. (quar.)
National
$134 Aug. 31 Aug. 15
Preferred (guar.)
$2 Aug. 1 July 19
National Carbon 8% preferred (quar.)
1234c July 15 June 29
National Cash Register (quar.)
SOc Aug. 1 July 15
National Distillers (quarterly)
25c July 15 June 29
National Fuel Gas (quar.)
National Lead, class B preferred (quarterly) _ $134 Aug. 1 July 19
10c Aug. 15 Aug. 1
National Liberty Insurance Co. of .Amer.(s.-a.)_
5c Aug. 15 Aug. 1
Extra
$134 Aug. 1 July 5
National Power & Light,$6 pref.(quar.)
87c Aug. 1
National Tel. & Tel. $334 1st pref.(quar.)
8734c Aug. 1
$334 2nd preferred (quar.)
Oc July 15 June 29
Nat.:arms Co. (quar.)
c$1 Aug. 1 June 29
Nevada-California Electric preferred
pref. A (qu.) 4134 Aug. 1 July 16
Newberry(J. J. Real Estate.634%
$134 Aug. 1 July 16
6% preferred B (quar.)
1234c July 15 June 3 0
New Brunswick Telep. Co.(quar.)
SOc Aug. 10 July 19
New Jersey Zinc (quar.)
50c Aug. 15 Aug. 2
Newmont Mining Corp
50c Aug. 1 July 20
Merchandise (quar.)
New York
4134 July 15 June 20
New York Telephone Co., 634% pref. (quar.)_
50c Aug. 15 July 31
1900 Corp. class A (quar.)
50c Nov. 15 Oct. 31
"A" (quar.)
$2 Sept. 19 Aug. 31
Norfolk & Western Ry.(quar.)
$1 Aug. 19 July 31
Adjustable preferred (quar.)
3
North American Edison Co. preferred (quar.).... 413.4 Sept. 15 Aug. 15
4.8c July
North American Trust Shares (1955-56)
5.90 July 15 June 29
1958
750 July 15 July 6
North Boston Lighting Properties (quar.)
75c July 15 July 6
Preferred (quarterly)
$334 Aug. 1 July 20
-a.)
North Carolina RR. Co., 7% gtd. (s.
$2 July 15 June 29
Northern Central RR. Co. (semi-ann.)
Northern Indiana Public Serviceh8734c July 15 June 29
- 7% preferred
h75c July 15 June 29
6% preferred
h683jc July 15 June 29
534% preferred
75e July 25 June 29
Northern Ontario Power Co.(quar.)
3134 July 25 June 29
6% preferred (guar.)
$1 Sept. 1 Aug. 20
N J. 4% iftd. (quer.)
Northern RR. Co. of
$1 Dec. 1 Nov. 21
4% guaranteed (quar.
Northern States Power co. (Del.)
July 20 June 29
7% cum. preferred (quarterly)
July 20 June 29
6% cum. preferred (quar.)
Bell Telephone 634% Pref.(quar.) $1% July 15 June 24
Northwestern
4% July 15 June 15
Norton Brewing Co.. common
4c July 15 June 15
Class B (initial)
15c July 20 July 10
Oahu Ry.& Land Co.(monthly)
20c July 15 July 5
Oahu Sugar Co.(monthly)
25c July 25 June 29
Ohio Brass
4134 July 15 June 29
Preferred (quar.)
20c July 20 July 10
Onomea Sugar Co.(monthly)
15c July 15 June 24
Otis Elevator Co.,common (quar.)
$134 July 15 June 24
Preferred (quarterly)
7a
11R
Name of Company
July 13 1935
Per
Share
When Holders
Payable of Record
Pacific Finance Corp. of California—
20c Aug. 1 July 15
Preferred A (guar.)
1634c Aug. 1 July 15
Preferred C (quar.)
1734c Aug. 1 July 15
Preferred D (quar.)
3734c July 15 June 29
Pacific Gas & Electric (quar.)
$134 July 15 June 29
Pacific Lighting. $6 pref. (quar.)
650 Aug. 15 July 20
Quarterly)
20c Aug. 1 July 15
Pacific Public Service, 1st preferred
$11.4 July 15
0
29
Pacific rel. & Tel. Co., preferred (quar.)
$13 Aug. 1 July
7%,1st pref.(quar.)
Package Machinery,
250 Aug. 1 July 20
Pan American Airways
h$134 Aug. 1 June 14
Penna-olass Sand.37 pref.(quar.)
55c Aug. 1 July 20
Pennsylvania Power Co., $6.60 pref. (mo.)_ _
550 Sept. 2 Aug. 20
46.60 preferred (monthly)
$134 Sept. 2 Aug. 20
$6 preferred (quar.)
75c July 15 June 29
Penna. Salt Mfg. (quar.)
$3 Aug. 1 July 25
-a.)
Pemigawasset Valley RR. (s.
750 Aug. 15 Aug. 5
Penmans, Ltd. (quarterly)
$134 Aug. 1 July 22
Preferred (quarterly)
20c Sept. 1 Aug. 16
Pepper (Dr.) kquarterly)
20c Dec. 1 Nov. 15
Quarterly
41% Oct. 1 Sept. 25
Petersburg RR.(semi-annual)
3134 Apr. 1 Mar. 25
Semi-annual
h25c July 28 June 14
Petroleum St. Trading, A
20c July 25 July 1
Philadelphia Co., common (quar.)
8134 Aug. 1 July 10
Philadelphia Electric Co. $5 pref (guar.)
50c Oct. 1 Sept. 10
Philadelphia Electric Power 8% cum. pref.. (qu.)
4234 Oct. 10 Sept.30
Penadelphia & Trenton R (quar.)
$1.34 Aug. 1 July 20
Philip-Jones. preferred (quar.)
250 July 15 July 2
Philip Morris & Co.(quarterly)
50c Oct. 10 Sept.30
Phoenix Finance Corp., 8% pref. (quar.)
50c Jan. 10 Dec. 31
8% preferred (quarterly)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer & Lake Erie (s-a)
Pittsburgh Ft. Wayne & Chicago Ry.(guar.)._ 3134 Oct. 1 Sept. 10
4134 Jan. 2 Dec. 10
Quarterly
$134 Oct. 8 Sept. 10
7% preferred (guar.)
$1 34 Jan. 7 Dec. 10
7% preferred (quar.)
$1$1 A ug 15 jul y 2
4
1
ne 0
8
Pittsburgh & Lake Erie RR.(8.-a.)
Pittsburgh Plato Glass (special)
Pittaburge Youngstown & Ashtabula RR.
4134 Sept. 1 Aug. 20
7% preferred (quar.)
8134 Dec. 1 Nov. 20
7% preferred (quar.)
$134 Sept. 15 Sept. 1
Pollock l'aper & Box Co., pref.(guar.)
1134 Dec. 15 Dec. 1
Preferred (quarterly)
Power Corp. of Canada,6% cum. pref. (quar.)_ rl %% July 15 June 29
n134% July 15 June 29
6% non-cumulative preferred (qua,.)
7e
r3c July 15 j
June 24
19
Premier Gold Mining Co
Premier Shares (semi-ann.)
12 July 15 June 25
Procter & Gamble.8% preferred (quar.)
61 J ept. 18 J ene 3
$10 suly 3 supt 2
. 9
Prudential Investors. Inc., $6 pref. (quar.)
Public Service Corp. of N.J.. corn.(quar.)
8134 Sept.30 Sept. 3
$5 preferred (quar.)
50c July 31 July 1
6% preferred (monthly)
50c Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept.30 Sept. 3
6% preferred (monthly)
$134 Sept.30 Sept. 3
7% preferred (quar.
42 Sept.30 Sept. 3
8% preferred (quar.
$$11.
A ug. 1 July 15
. 1.
5
Public Service of Nor. ill. 7% pref.(qua,.)
34
(quar.)
6% preferred
$1 July 15 July 1
Quaker Oats (quar.)
A u y 15 A u y 1
Julg. 31 Julg 10
l
$h
Preferred (quar.)
Rainier Pulp & Paper A
50c Aug. 8 July 11
Reading Co. (quarterly)
50c Sept. 12 Aug. 22
1st preferred (quarterly)
50c Oct. 10 Sept. 19
2nd preferred (quarterly)
15c Aug. 1 July 20
Reliance Mfg. "Illinois" (quarterly)
250 July 15 June 29
Rex Hide Rubber
41
50e A u8
. Jul y 1 5
g
J.u l
Rhode Island Pub. Sony. Co.cl. A (quar.)
Preferred (quarterly)
Rice-Stix Dry Goods, 1st & 2d pref. (guar.)._ 3134 Oct. 1 Sept. 15
c
5e A l
()c Augy
15 Juug 21511
1151
11
Richmond Insurance Co.of N.Y.(quar.)
Extra
July
Rickel (H. W.) (semi-annual)
4c July 25 July 15
Extra
21
$15 Aug.
. j ll y 15
Ju
Roos Bros., preterred (quar.)
15
Ryerson (Jos. T.)& Sons
5
20c Au y 1
5 e Julg 20 Ju y 15u
St. Croix Paper Co. (quarterly)
1
St. Louis Rocky Mountain ez Pacific RR.Co...._ _
3134 July 20 July 5
Preferred (quar.)
61 34 Oct. 21 Oct
Preferred (quarterly)
ha
0
7e Aug
2 c A u8. Jtu y 15
.
Salt Creek Producers Assoc. (quar.)
uly
San Antonio Gold Mining
20c July 15 July 2
San Carlos Milling Co.(monthly)
San Diego Consol. Gas & Elec. Co. pref. (qu.)
75c Ser t.: 0 erit 19
1%% j ity 15 tune 25
u
3
San Francisco Remedial Loan ABM.(quar.)
.
-a.)
Saratoga & Schenectady RR. (s.
$3 July 15 July 1
10c Aug. 1 June 29
Schuyler Trust Shares
3134 Aug. 1 July 18
Scott Paper Co.7% series A cum. pref. tquar.)
3134 Aug. 1 July 18
6% series B cum. pref.(quar.)
250 July 15 June 29
Second Twin Bell Syndicate (monthly)
*1 34 July 15 July 1
Sedalia Water, preferred (quar.)
621.40 Aug. 1 July 15
Seeman Bros. Inc.common (quar.)
41
Oct. 1 Sept. 20
Serve!, Inc. 7% preferred (quar.)
sI1.4 Aug. 1
-a.)
Shamokin Valley & Pottsville RR (s.
8734c Aug. 1 jul y 18
Ju l
Sharp & Dohme ,cum. pref. class A (quar.)
5
7
7:
Sioux City Stockyards Co.3114 Dart Pre(lquar.f 3 1 Aug. 115 Aug. 14
.5
.14
Nov.
3134 participating preferred (quar.)
1 Aug. 1 Aug. 1
Smith (S. Morgan) Co. (quarterly)
$1 Nov. 1 Nov. 1
Quarterly
Solvay American Investment.534 pref.(qu.) _ $134 Aug. 15 July 15
10c July 25 July 11
South American Gold & Platinum Co
Southern California Edison Co.. Ltd—
3734c Aug. 15 July 20
Common (quarterly)
4334c July 15 June 20
Original preferred (quar.)
3434c July 15 June 20
Series 0 534% preferred (quar.)
Southern California Gas,6% preferred A (quar.) 37340 July 15 June 29
371.4c July 15 June 29
6% preferred (quar.)
20c Aug. 15 July 31
Southern Canada Power Co.common (guar.)_ _ _
1 A % July 15 June 20
6% cum. preferred (quarterly)
4134 July 15 June 29
Southern Counties Gas,6% pref. (quar.)
3134 July 15 lune 29
Southern New England Telep. (quar.)
Sc July 15 June 29
Southland Royalty (quarterly)
3134 July 15 July I
South Pittsburgh Water 7% pref.(quar.)
$7151 JulyJu y 1155 JulyJu y 3
6% preferred (quar.)
1
Spicer Manufacturing, preferred (quar.)
4234 July 15 July 29
Stamford Gas & Electric Co.(Conn.)(quar.)
60C Aug. 1 July 3
Standard Cap & Seal Corp. (quar.)
Standard Coosa-Thatcher Co.,7% pref.(quar.)_ $134 July 15 July 15
3
5J
Standard Oil Co. (Ohio)—.5% cum. pref. (qu.)_ $101 JulyJu y 15 une 2
29
June
Standard Wholesale Phosphate & Acid Works.._
3734c Aug. 15 Aug. 3
Stanley Works.6% preferred (quar.)
r43 Sic Aug. 1 July 6
Steel Co. of Canada (quar.)
r4734334c Julg 20 Ju y 6
Au y 1
.
Preferred (quar.)
8
Sterling Brewers (special)..
ill July 15 July 1
Stetson (John B.)8% pref. (semi-annual)
33 July 15 June 29
Stony Brook RR. Corp. (semi-ann.)
$134 Aug. 1 July 15
Suburban Electric Security Co. 1st pref.(qu.)
4.50 July 15
Super-Corp. of Amer.,trust shares A-A
Trust shares B-B
12Ac .1ul y 15 July 5
4 5c J u
l
5
Superheater Co. (quarterly)
25e Jeut. 15 June 29
1.
2c suly
Supervised Shares, Inc. (quar.)
5
Industrial Corp.(qua,.)
Sept.
Sylvania
$2 July 15 June 20
Syracuse Lighting. 8% preferred (quar.)
813-4 July 15 June 20
% preferred (quar.)
ne 110
3 14 AA8g 1
$15c July 15 j . li yy 205
6% preferred iquar.)
% preferred
Tacony-Palmyra Bridge.
July
Telautograph Corp. (reduced)
950 Aug. 15 July 31
Thatcher Mtg. Co. cony. pref. (quar.)
4134 Aug. 15
Tide Water Oil. 5% preferred (qua,.)
$134 July 15 July 2
Toronto Elevators. 7% cony. pref.(quar.)
3134 July 15 July 6
Towle Manufacturing Co.(qua,.)
15c July 31 July 13
Transamerica Corp., (semi-ann.)
•
Volume 141
Financial Chronicle
Per
When Holders
Name of Company
Share Payable of Record
Trustee Standard Investment Shares—
Series C (semi-annual)
Sc Aug. 1 June 30
Series D (semi-annual)
4.8c Aug. 1 June 30
Trustee Standard Oil Shares series A (s.
-an.)- — 14.369c July 15 June 30
Trust Endowment Shares series A (registered).7.8c July 15 June 30
Tuckett Tobacco preferred (quer.)
$1 id July 15 June 29
Tung-Sol Lamp,53 pref.(quer.)
75c Aug 1 July 19
Union Bag & Paper
50c July 25 July 12
Union Copper Land & Mining Co
10c Sept. 1 Aug 1
United Biscuit Co. of Amer. pref. (qua:.)
July 15
M Aug.
United Bond & Share (qua:.)
Si
July 15 June 27
United Fruit Co
75c July 15 June 20
United Gas & Electric Co.5% prof.
July 15 June 29
=n) 23
United Gas Improvement (qua:.) (semi-1
Sept.30 Aug. 30
Preferred (qua:.)
$13i Sept.30 Aug. 30
United Gold Equities of Canada (qua:.)
254c July 15 July 5
United Gold Mines
lc July 15 June 30
United Light & Ry. Co. (Del.)
7% preferred (monthly)
58 1-3c Aug 1 July 15
6.36% preferred (monthly)
530 Aug 1 July 15
6% preferred (monthly
50c Aug. 1 July 15
7' preferred (monthly
58 1-3c Sept. 3 Aug. 15
6.36% preferred (mont ly)
53c Sept. 3 Aug. 15
6% preferred (monthly)
50c Sept. 3 Aug. 15
7% preferred (monthly)
581-3c Oct. 1 Sept.16
6.36% preferred (monthly)
53 Oct. 1 Sept.16
6% preferred (monthly)
50c Oct. 1 Sept. 16
United Securities (qua:.)
50c July 15 June 22
United States & Foreign, 1st pref.(quer.)
$1% Aug. 1 July 18
United States Petroleum (semi-annua
lc Dec. 15 Dec. 5
lly)
United States Pipe & Fdy Co..common (qua:.).. 12Mc July 20 June 29
Common (qua:.)
12J.c Oct. 20 Sept.30
Common (quar.)
12 c Jan. 20 Dec. 31
lit preferred (guar.)
July 20 June 29
lit preferred (quer.)
30c Oct. 20 dept.30
lit preferred (qua:.)
30c Jan. 20 Dec. 31
United States Smelting Refining & Mining Co.,
Common (quarterly)
$2 July 15 July 5
Preferred (quarterly)
87 Ad July 15 July 5
United Verde Extension (special)
Aug. 1 July 3
Universal Leaf Tobacco Co.. Inc. (quar.)--- 50c Aug. 1 July 17
Sa1Common (extra)
$2 Aug. 1 July 17
Universal Trust Shares
4.94c July 15
Upper Michigan Power & Lt.Co..
Aug. 10 July 31
6% pt.(cu.). 51
6% preferred (quarterly)
Nov. 10 Oct. 31
$1
6% preferred (quarterly)
SI
Feb 10 Jan. 31
Upson Co., 7% pref.(qua:.)
$1:1£ July 15 July 6
Utica Clinton & Binghamton
RY.—
Debenture stock (semi-ann.)
$24 Dec. 26 Dec. 16
Vulcan Datinning.Preferred
1St% July 20 July 10
(dner.)
Preferred (guar.)
15i% Oct. 19 Oct. 10
Wagner Electric
c25c July 1 July 1
Warren Foundry & Pipe
50c Aug. 1 July 15
Warren RR.(semi-annual)
Oct. I 50ct. 5
Wayne Products & Brewing
July 15 July 1
Co
•
ioa
Sig
227
Per
Share
Name of Company
When Holders1
Payable of Record
Western Grocers Ltd. (guar.)
50e July 15 June 20
Preferred (quarterly)
Si
July 15 June 20
Western Power Corp.7% cum.pref•(guar.)- - Si
July 15 July 1
Westland 011 Royalty Co.class A (monthly).— July 15 June 29
1
Westinghouse Air Brake Co. (guar.)
123c July 31 June 29
West Jersey & Seashore RR.(s.
-a.)
Jan. 1 Dec. 14
$1
Westmoreland, Inc. (qua:.)
Oct. 1 Sept. 14
3
West Penn Electric, 7% pref. (qua:.)
c$1N Aug. 15 July 19
6% preferred (quarterly)
Aug. 15 July 19
West Penn Power. 7% pref. (qua:.)
$1 Aug. 1 July 5
6% preferred ((Mar.)
Aug. 1 July 5
Si
Wichita Union Stockyards. 8% pref.
July 15 July 10
Wichita Water 7% preferred (qua:.)
SIM July 15 July 1
Wilson & Co
1204c Sept. 1 Aug. 15
$6 preferred (quer.)
Aug. 1 July 15
$1
Will & Baumer Candle Co.,Inc..corn
10c Aug. 16 Aug. 1
Winsted Hosiery (qua:.)
Aug. 1
$1
Quarterly
Nov. 1
Si
Worcester Salt Co.(guar.)
Aug. 15 Aug. 5
$1
6% preferred (qua:.)
$13i Aug. 15 Aug. 5
Wrigley(Wm.)Jr. Co.(Mh11174
25c Aug. 1 July 20
Monthly
25c Sept. 2 Aug. 20
Monthly
25c Oct. 1 Sept.20
Wisconsin Gas & Elec. Co.,6% pref. C (qua:.)... 5134 July 15 June 29
Wisconsin Teiep .pref.(qua:.)
July 31 June 20
SI
Yale & Towne Mfg. Co
15c Oct. 1 Sept. 10
Zions Cooperative Mercantile Ins. (guar.)
504 July lb
Quarterly
50e Oct 15
a Transfer books not closed for this dividend.
c The following corrections have been made:
Bloomingdale Bros., holders of rec. July 19 previously reported as July 10.
Pittsburgh Plate Glass, holders of rec. July 20, previously reported as
July 15.
West Penn Electric, holders of rec. July 19. prey ously reported as
July 15.
d Fyr-Ityter class A. pays one share class A stock tor each lour shares
held in payment 01 all accumulate dividends.
e Payable in stock.
I' Payable In common stock. g Payable in scrip. h On account of aeon•
mutated dividends. I Payable In preferred stock.
k Amer. Cities Pow.& Lt. Corp. qua:. My.of 1-32d of one share of class B
stock was declared upon each sh. of cony. class A stock, optional div. series.
Class A stockholders have the option of receiving 75c. in cash in lieu of the
div. in class B stock, providing written notice is received by the corporation
on or before July 22.
r Payable In Canadian funds. and In the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable in U. S. funds.
A unit. w Leas depositary expenses.
s Less tax. g A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 6 1935
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 10 1935,
in comparison with the previous week and the corresponding
date last year:
The weekly statement issued by the New York City
Clearing House is given in full below:
Clearlud House
Members
•Capital
Survive and
Undivided
Profits
Net Demand
Deposits.
4114Valla
Time
Deposits.
Assume
S
t
t
s
Bank of N Y & Trust Co10,564,300
128,378,000
6.000.000
5,598.000
Bank of Manhattan Co.
20,000,000
25,431,700
317,115,000
30,610,000
National City Bank-- 127,500,000
41,898,100 aL132,982,000 145,900,000
Chemical Ilk & Trust CO
20,000,000 48,725,100
388,488,000
19.463,000
Guaranty Trust Co
90,000,000 177,067,100 01,224,555,000
43,295,000
Manufacturers Trust Co
10,297,500
32.935.000
323,103,000
95,675,000
Cent Hanover 13k & Tr Co
61,523,900
21,000,000
669,466,000
21,618,000
Corn Each Bank Tr Co16,538,000
15 000,000
201,130.000
20.352,000
First National Bank__
10:000,000 90,301.700
417.587.000
5,571,000
Irving Trust Co
57,918,100
50,000,000
465,196,000
1,473,000
Continental Bk & Tr Co_
4,000.000
3,689.000
32,536.000
2,329,000
Chase National Bank
150.270,000
70,850,900 el,556.245,000
53,412,000
Fifth Avenue Bank
500,000
3,438,900
44.844.000
Bankers Trust Co
25,000,000 63,316,100 d751,697,000
10,830,000
Title Guar & Trust Co
10,000,000
7,957,900
14,716,000
298,000
Marine Midland Tr Co
5,000,000
7,789.700
62,651,000
3,259,000
New York Trust Co
21,361,500
12,500,000
288,584,000
19,096.000
Comml Nat 13k Jr Tr Co
7,682,400
7,000,000
62,355,000
1.579,000
Public Nat Bk & Tr Co.8.250,000
5.272,500
60,117,000
38.341,000
Totals
514 am non 721 824.400 8.121.705.000 515.599.000
* As per official reports: National. June 29 1935; State. June
29 1935; trust
companies, June 29 1935.
Includes deposits in foreign branches as follows: a 8204,806,000; b
$71,078,000:
c 865,820,000. d $25,605,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended July 5:
msTrruTIoNs NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY,
July 5 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Co..
Manhattan—
$
Grace National
21,739,200
Trade Banker N.Y
4,002,341
Brooklyn—
People's National_ _
. 3.912.000
8
81,000
196,378
$
3,946,600
858,106
103.000
1.316.000
Gross
Deposits
$
$
2,641,400 24,884.600
90,139 4,094,792
400.000
5.334.000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Cash
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere Trust Co..
Gross
Deposits
Manhattan—
$
$
$
$
$
Empire
47,288.000 *7,901,800 8,812,900 2,681,200 54,734,500
Federation
7.079,206
132,437
810,339 1,880,739 8,176,941
Fiduciary
10,073,485
*698,667 1,049,025
82,541 9,783.330
Fulton
17,417,500 *3,225,800
Lawyers County._ 23,891,600 *5,459,200 1,882.500 1,043,800 18,847,200
861,300
32,960,500
United States
72,404,841 26,407,191 17,640,322
87,836,578
Brooklyn—
Brooklyn
80,941,000 3,138,000 33,091,000
78,000 108,408,000
Kinser Counts
,
20274 401 9 949 A29 7 ARA RAO
79 700 Old
•Includes amount with Federal Reserve as follows: Empire,
ciary, $458,822: Fulton, $3,009,000, Lawyers County, $4,738,400.86,857,600; Fidu-
•
July 10 1935 July 3 1935 July 11 1934
Assets—
Gold certificates on hand and due from
$
$
$
U. S. Treasurys
2,397,473.000 2,297.885,000 1,589.895,000
Redemption fund—F. R. notes
1.019,000
1,107,000
1,474,000
Other cash5
71.882,000
63.697,000
60,164,000
Total reserves
2,470,374.000 2.362.689,000 1,651,533,000
Redemption fund—F. R. bank noses....
2,081,00e
Bills discounted:
•
Secured by U. 8. Govt. obligations
direct & (or) fully guaranteed
2,294.000
3,912.000
2,673,000
Other Mlle discounted
2,175,000
2,251.000
10,504.000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
4,489,000
6,163,000
13,177,000
1,801,000
6,856,000
1,801.000
6,830,000
1,995,000
99,498,000 99,496.000
469,080,000 470,463.000
175,762,000 174,359,000
165.750.000
387,727,000
224,278,000
744,318,000
777,755,000
744,318,000
Other securittee
Foreign loans on gold
35,000
Total bills and securities
757.444,000
759.112,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
257,000
6,595,000
111,620.000
11,882.000
32,084,000
256,000
1.203,000
5,620,000
6,960,000
134,346,000 104,038.000
11.882.000
11,449.000
31,371,000
31.821,000
Total assets
792,962,000
3,390,256,000 3,305,278.000 2,602,047,000
F. P., notes in actual circulation
R..
700,289,000 717,475,000 649.390,000
F. R. bank notes in actual circulation net
34,520,000
Deposits—Member bank reserve acmes__ 2,189,275.000 2,018,012.000 1.532,799.000
U. S. Treasurer—General account_
30.425,000
74.617,000
25.313,000
Foreign bank
8,524,000
9,294,000
2,011,000
Other deposits
219,016,000 219.321.000 131,262,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 130)
Reserve for contingencies
All other liabilitlee
2,447,240,000 2,321,244,000 1,691,385.000
110,121,000 137,571.000 100,386,000
59.425.000
59,386,000 60,241,000
49,964,000
49.964.000 45,217,000
6,578,000
6,578,000
7,500,000
7,500,000
4,737,000
9,159,000
5,558,000 16.171,000
Total liabilities
3,390,256,000 3.305,276.000 2,602,047,000
Ratio of total reserves to deposit a
F. R. note liabilities combined
78.5%
77.8%
70.6%
Cnntingent liability on bills purchased
for foreign correspondents
4114.000
Commitments to make Industrial ad
okmva
R ORI ono
Rota (100
•"other cash" does not, nelude Federal Reserve notes
or a bank's own Fedora
Reserve bank notes.
a These are certificates given by the U. 8. Treasury
for the gold taken over
from the Reserve banks when the dollar wan on Jan.
31
cents to 59.06 cents, these certificates being worth less 1934 devalued from 100
ference; the difference itself having been appropriated to the extent of the difunder the provisions of the Gold Reserve Act of 1934. as profit by the Treasure
July 13 1935
Financial Chronicle
228
Weekly Return of the Federal Reserve Board
showing the condition of the
The following is issued by the Federal Reserve Board on Thursday afternoon,July 11,
presents the results for the System as a
twelve Reserve banks at the close of business on Wednesday. The first table
corresponding week last year.
whole in comparison with the figures for the seven preceding weeks and with those of the
twelve banks. The Federal Reserve note
The second table shows the resources and liabilities separately for each of the
notes between the Reserve Agents
statement (third table following) gives details regarding transactions in Federal Reserve
the returns for the latest week appears in our departand the Federal Reserve banks. The Reserve Board's comment upon
ment of "Current Events and Discussions."
RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 10 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
June 5 1935 May 29 1935 May 22 1935 July 11 1934
July 10 1935 July 3 1936 June 26 1935 June 19 1935 June 12 1935
$
$
$
$
$
$
$
id
5
4,810,603,000
ASSETS
6,126,491,000 6,119,488.000 6,019,475,000 5,909,299,000 5,868,300.000 5.820,788,000
25,051,000
21.064,000
Gold otfs. on hand & due from U.S.Treasa 6.228,231,000 6,226,221.000
22,249,000
22,248.000
21.859,000
21,857.000
22,583,000
22,881,000
22,529,000
Redemption fund (F. R. notes)
222,982,000 219.947,000 232,782,000 231,324,000
241,301,000 216,175.000 239,814,000 234,018,000 233,432,000
Other cash •
6,164,529,000 6,110,496.000 8.074,834,000 5,066,978,000
8,490,081,000 8,465,277,000 6,388.888,000 6,375,363,000 6,274,768,000
Total reserves
3,504,000
Redemption fund-F.It, bank notes
Bills discounted:
4,154,000
Secured by U. S. Govt. obligations
3.388,000
4.914.000
4,690,000
4,434,000
3,881,000
3,591,000
5,384,000
3,939,000
18,530,000
3,370,000
direct and(or) fully guaranteed
3.372,000
3,393,000
3.300,000
3,200,000
3,546,000
2,987,000
2,902,000
Other bills discounted
22,684,000
8,286,000
8,758,000
8,083,000
7,734,000
6,881,000
7,137,000
8,371,000
6,841,000
Total bills discounted
5,259,000
4,700,000
4,700.000
4,700.060
4,706,000
4.723,000
4,690,000
4.687.000
4,687,000
Bills bought In open market
28.895,000
28.977,000
27,022,000
27,282,000
27,3813.000
27,518,000
27,904,000
28,17.5.000
Industrial advances
314,512,000 335,621.000 467,820,000
292,416.000 292.743.000 316.865.000 316,891,000 316,904,000 318,852,000 1,561,448.000 1.540,402.000 1,227,107,000
-Bonds
U.S. Government securities
1,528.108,000 1,533,137.000 1,510,483,000 1,615,436,000 1,512,480,000 1,552,980,000 554.304.000 554,304,000 736,852,000
Treasury notes
802,879,000 597,914,000 800.879.000 560,374,000
609,889,000 804,879.000
Certificates and bills
2,430.263,000 2,430,208.000 2,430,284.000 2,430,327,000 2,431,779,000
Total U. S. Government securities- 2.430,413.000 2,430.759.000 2,430,227,000 2,430,241,000
483,000
Other securities
Foreign loans on gold
,468.880,000 2,460,205,000
2,470.227,000 2
2,470,118.000 2,471,721,000 2,469,572,000 2,469,231,000 2.469,985,000 2.470,011,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
637,000
21,863,000
472,720,000
49,849,000
44,709,000
636,000
17,940,000
527,436,000
49.839,000
44.652,000
711,000
878,000
17,312,000
16.853,000
468,964,000 563,3:•1,000
49,822,000
49,826,000
42,531,000 42,098,000
894,000
18.020,000
523.601,000
49,814,000
49.592.000
700.000
15,743,000
455.926,000
49,701.000
47,086.000
700.000
15,888,000
499.881,000
49,711,000
47,620,000
9,549,955,000 9,577,501,000 9,437,145,000 9,517.819,000 9.386,472,000 9.238,340,000
698,000
18,820,000
478,931.000
49.701.000
44.942,000
3,138,000
20,361,000
429.215,000
52,717,000
48,353,000
9,149,879,000 9.134,406,000 8,084,471,000
LIABILITIES
3,171,850.000 3.148,543,000 3,098,273,000
.
3,267,401,000 3,299.860.000 3 197.898,000 3,188,278,000 3,178,446,000 3,182,049,000
F. R. notes In actual circulation
41,045,000
F. R. bank notes in actual circulation•
3,902,098,000
5,029,492,000 4,995,668,000 5,049,181,000 4,914,241,000 4,826.596.000 4.821,304,000
-Member banks' reserve account 5.051.797,000 4,899,723,000
Deposits
63,136,009
74,472,000
37.317,000
05,442,000
65,780,000
80,301,000 126,035,000
U.S Treasurer-General account__ __ 101,588,000 181,686,000
5.211,000
22.376,000
47,345.000
21.996,000
20,741,000
27,564,000
24,101,000
25.700,000
24,930,000
Foreign banks
193,407,000 174.468,000 215.021,000 262.888,000 217,700,000
277,526,000 286,484,000 281,499,000 273,778,000
Other deposits
5.143,885,000 4,188,145,000
415.393.000 5,423,043,000 5,329,109,000 5,208,147,000 5.183.434.000
5,455,841.000 5,393.593,000 5,
Total deposits
488.889,000 424,880,000
470,026,000 531,850,000 467,642,000 551,087,000 521,872.000 496,046,000 460.029.000 146.649.000 147,246,000
Items
Deferred avallablUty
146,613,000 146,570,000 146.584,000 146,594,000 146,622,000 146,628.000 146,854.000 144.893,000 158,383,000
Capital paid In
144,893,000 144,893,000 144,893.000
144,893,000 144,893.000 144,893,000 144,893,000
Surplus (Section 7)
19,939,000
20.065,000
20,065,000
20,482,000
20,482,000
20,482,000
20,870,000
20,871,000
22,540,000
Surplus (Section 13-B)
30,777,000
30.782.000
30,781,000
30,778,000
30,778,000
30,780,000
.778 000
30
30,777,000
.
23,959.000
Reserve for contingencies
12,372,000
10,831,000
11,731,000
14,272,000
12,664,000
13,475,000
9.088,000
13,530,000
liabilities
All other
9,517,819,000 9.386,472,000 9,238,340,000 9.149.879,000 9.134,406,000 8.084,471,000
9,549,955.000 9,577,501,000 9.437,145,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Shart-term Securities1-15 days bills discounted
16-30 days bills discounted
81-80 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
Total bills llscounted
1-15 days bi Is bought In open market16-30 days bills bought in open market.-E1-80 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
Total bills bough in open market
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days industrial advances
81-90 days industrial advances
Over 90 days Industrial advances
Total induttrial advances
74.4%
74.2%
74.0%
73.8%
$
6,675,000
197,000
317,000
644.000
250,000
S
6,176,000
821.000
398.000
849,000
242,000
$
5,107,000
851,000
245,000
318,000
237,000
$
14,755,000
1,593,000
1,336,000
4,749,000
251,000
7,734,000
8,083,000
8,286,000
8,758,000
22,684,000
1,998,000
838.000
671,000
1.199,000
1,121,000
1,648,000
1,197,000
734,000
969,000
1,997.000
1,390.000
354.000
502,000
583,000
544,000
3,071,000
2,723,000
618,000
475,000
1,443,000
4,706.000
4,700,000
4,700,000
4.700,000
6.259,000
1,317,000
183.000
299,000
460,000
25,043,000
1,256,000
224,000
320,000
349,000
24,873,000
1,251,000
180.000
334.000
318,000
24,894,000
1,407.000
107,000
339,000
236,000
24,806.000
27.282,000
27,022,000
26.977,000
26,895.000
20,579.000
20.404,000
20.008.000
$
5,055,000
92,000
604,000
866,000
224,000
$
6,401,000
255,000
838,000
871,000
206,000
$
5,070,000
412,000
110,000
1,294,000
251,000
S
5,180,000
158,000
290,000
1,059,000
194.000
$
6.419,000
192,000
303,000
592,000
228,000
6,841,800
8,371,000
7,137.000
6,881,000
667,000
373,000
891,000
2,756,000
908,000
495,000
960,000
2,326,000
870,000
607,000
714,000
2,499,000
1,777,000
857,000
762,000
1,327,000
4,687,000
4,887,000
----4,723.000
4,890,000
1,203.000
183,000
305,000
525,000
25.302,000
28,175,000
27,904,000
27.518,000
1,387,000
141,000
266,000
557,000
25,035,000
27,386,000
69.5%
1,401,000
18.640,000
20,844,000
1,207,000
200,000
227,000
791,000
25,479,000
73.3%
19.425,000
20,850,000
1,250,000
125,000
369,000
728,000
25,703,000
73.4%
73.3%
2,000
74.4%
19,688,000
41,103,000
40,903,000
83,810,000 115.365,000 137,442,000
66,180,000
48,050,000
51,255.000
1-15 days U. S. Government securities
63,810,000 148.435.000 147.351.000
66.160.000
45,550,000
43,023,000
51.055.000
44,853,000
16-30 days U.S. Government securities
94,617,000 170,308,000 186,005,000 120.495.000 113,297,000
. .
83 637 000
82,679.000
88,034,000
31-80 days U. S. Government securities
82,679,000 179,894,000 190,874,000
72,484,000
52,033,000
52,393,000
57,190,000
50,963,000
61-90 days U. S. Government securities...
2,169,074,000 2.005,948,000 1,960,290,000 1.942.337.000 1.937.902,000
Over 90 days U.S. Government securities_ 2,197,138,000 2,204,784,000 2,177,342,000
2,430,264.000 2.430.327,000
. . ,
2,430,413,000 2,430,759,000 2,430,227,000 2,430,241,000 2 430 263 000 2.430.206,000
Total U.S. Government securities
35,000
483,000
Total municipal warrants
In actual circulation
736,852,000
448,000
1-15 days municipal warrants
18-30 days municipal warrants
81-80 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
19,600,000
48,280,000
114,680,000
87,537,000
466,755,000
3,566,978,000 3,537,646,000 3,478,268,000 3.465,678,000 3,469,394,000 3,451,338,000
299,577,000 237.786,000 280,370,000 277.400,000 280,948,000 269,289,000
3.429,322.0003,425.006,000 3,392,326,000
257.872,000 276,483,000 294,053,000
3,287,401,000 3,299,860,0003.197,898.000 3,188,278,000 3.178,446,000 3,182,049,000
3,171,850.000 3,148,543,000 3,098,273,000
Collateral Held by Agent as Security for
Notes Issued to Bank
3.299.639.000 3.288,479,060 3.271,979.000 3.282,979,060 3,115,156,000
11,626,000
Gold OUR. on hand & due from U.S. TreaS- 3,414,839,000 3,392.839,000 3,277.639,000 3,284.139,000
6,741.000
5.212.000
6,524,000
6.212,000
5,371,000
6,880.000
5,618.000
5,349,000
302,000.000
By eligible paper
233,000,000 225.100,000 225,000,000 225,500,000 236.900,000 224.500.000
188,000,000 185.000,000
U. S. Government securities
3.515,620,000 3,512.691,000 3,428,782,000
3.608.188 000 3.564.719,000,3,516.257,000 3.514.610.000 3.521.851.000 3,520,503.000
Total collateral
• Revised figures.
• Other cash" does not include Federal Reserve notes.
dollar WWI devalued from 100 cents to 59.08 cents
a These are certificates given by the U S. Treasury for the gold taken over from the Reserve banks when the appropriated as motif by the Treasury under the,
1934, these certificates being worth less to the extent of the difference, the Olt erenoe itself having been
on Jan. 31
proVislOnS of the Gold Reserve Act of 1934.
Financial Chronicle
Volume 141
229
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STAll EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 10 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Total
Cleveland Richmond Atlanta
Phila.
New York
Boston
Micas°
St. Loses AM:neap. Kan. City
Dallas
San Pres.
RESOURCES
s
$
s
s
$
S
$
s
a
$
s
s
s
Id certificates on hand and due
trom U. B. Treasury
6,226,231,0 424,375,0 2,397,473,0 286,857.0 420,547,0 187,842,0 143,081,0 1,373,396,0 193,914,0 155,763,0 200,202,0 99,110,0 343,671,0
demption fund-F.R. notes
22,529,0 3,791,0
1,019,0 1,848,0 1,741,0 2,235,0 3,508,0
1,981,0 1,166,0
524,0
692,0
308,0 3,716,0
nor cash •
71,882,0 30.348,0 8,343,0 9,311,0 10,399,0
241,301,0 22,154,0
28,671,0 12,028,0 13,742,0 12,077,0 8,222,0 14,124,0
rotal reserve.
6,490,061,0 450,320,0 2,470,374,0 319,053,0 430,631,0 199,388,0 156,988,0 1.404.048,0 207,108,0 170,029,0 212,971,0 107,640,0 361,511,0
BIIN discounted.
Sins. by U. S. Govt. obligations
direct A:(or)fully guaranteed
2,294.0
3,939.0
954,0
220,0
115,0
60,0
58,0
4,0
145,0
89,0
Other bills discounted
2,175,0
57,0
30,0
2,902,0
108,0
60,0
57,0
21,0
284,0
65,0
45,0
Total bills discounted
1,062,0
4,469,0
277,0
6,841,0
145,0
120,0
57,0
4,0
79,0
373,0
65,0
190,0
Ii. bought In open market_
345,0
1,801,0
475,0
445,0
174,0
4,687,0
169,0
557,0
80,0
64,0
127.0
122,0
328,0
dustrial advances
6.856,0 3,680,0 1,543.0 4,512,0 1,073,0
28,175,0 2,263,0
1,923,0
475,0 2,054,0 1,160,0 1,865,0
771.0
S. Government securities:
Bonds
99,496,0 20,160,0 23,227,0 12,435,0 10.048,0
292,416,0 17,420,0
33,808,0 11,473,0 14,284,0 11,748,0 17,082,0 21,235,0
Treasury notes
1,528,108,0 99,799,0 469,060,0 112,183,0 138,606,0 74,200,0 59,890,0 224,833,0 68,969,0 43,774,0 67,807,0 42,261,0 126,721,0
Certificates and bills
609,889,0 40,459,0 175,762,0 44,777,0 56,192,0 30,081,0 24,281,0
97,043,0 27,758,0 17.540,0 27,489.0 17,132.0 51,375,0
Total U. S. Govt.securities_ 2,430,413,0 157,678,0 744,318,0 177,120,0 218,025,0 116,716,0 94,219,0 355,689,0 108,200,0 75,598,0 107,044,0 76,475,0 199,331,0
Total bills and securities
2,470,116.0 161,348,0
757.444,0 181,552,0 220,158,0 121,522,0 95,518,0
358.169,0 108,759,0 77,795,0 108,396,0 78,835,0 200,620.0
48,0
637,0
367,0
21,863,0
472,720,0 50,787,0
49,849,0 3,168,0
551,0
44,709,0
257,0
65,0
60,0
23,0
23,0
6,595,0
489,0
987,0 1,883,0 1.307,0
111,620,0 36,438,0 42,333,0 40,804,0 14,307,0
11,882,0 4,642,0 6,632,0 3,028,0 2,328.0
32,084,0 4,341,0 1,761,0 1,216,0 1,663,0
77,0
3,0
17,0
3,0
17,0
44,0
3,290,0 1,143,0 1,229,0 1,426,0
357,0 2,790,0
66,823,0 21,096,0 14,384,0 30,143,0 18,477,0 25.508,0
4,958,0 2,628,0 1,580,0 3,449,0 1,685,0 3.869,0
697,0
248,0
525,0
285,0
853,0
485,0
le from foreign banks._
Ft il. Rea. notes of other banks
'collected Items
ask premises
A I other resourcas
Total resources
9,549,955,0 666,589,0 3,390,256,0 546,580,0 702,562,0 367,864,0 272,134,0 1,838,062,0 340,985,0 265,545,0 350,687,0 207,864,0 594,827,0
LIABILITIES
R. notes In actual circulation_ 3,267,401,0 283,182,0
700,269,0 239,718,0 320,941,0 150,545,0 127.403,0
:posits:
Member bank reserve account_ 5,051,797,0 300,987,0 2,189,275,0 222,952,0 299,170,0 154,682.0 110,288,0
U. S. Treasurer-Ge0. acct.._ 101,588,0 1,610,0
30,425,0 5,515.0 2,258,0 3,812,0 3,713,0
Foreign bank
8,524,0 2,570,0 2,467,0
24,930,0 1,869,0
961,0
935,0
Other deposits
277,526,0 3,239,0 219,016,0 8,195,0 4,218,0 3,515,0 2,374,0
Total deposits
798,929,0 140,613,0 100,958,0 122,597,0 53,708.0 228,538,0
890,886,0 156,209,0 129,455.0 190,783,0 120,117,0 286,993.0
30,982,0 3,706,0 3,572,0 3,258,0 1,389,0 11,348,0
3,012,0
779,0
623,0
698,0
675,0 1,817.0
2,960,0 8,029,0 7,234,0
432,0 1,756,0 16,558,0
5,455,841,0 307,705.0 2,447,240,0 239,232,0 308,113,0 162,970,0 117,310,0
927,840,0 168,723,0 140,884,0 195,171,0 123,937,0 316,716,0
110,121,0 33,790,0 41,726,0 39,554,0 13,887,0
59,425,0 15,126,0 13,114,0 5,026,0 4,441,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540.0
6,578,0 2,098,0 1,008,0 2,918,0
754,0
7,500,0 2,996,0 3,000,0 1,416,0 2,602.0
9,159,0
150,0
289,0
249.0
197,0
68,295,0 21,218,0 14,806,0 29,514,0 19,906,0 26,215,0
12,792,0 3,991,0 3,129,0 4,037,0 4,019,0 10,759,0
21.350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
1,391,0
547,0 1,003,0
775,0
939,0
695,0
5,325,0
891,0 1,171,0
827,0 1,363,0 2,041,0
2,140,0
347,0
174,0
153,0
215,0
218.0
starred availability Items
tonal paid In
irplus (Section 7)_ _
Si rplus (Section 13-b)
a nerve for contingencies
A I other liabilities
Total liabilities
470,026,0 50,994,0
146,613,0 10,754,0
144,893,0 9,902,0
20.871,0 2,165,0
30,780,0 1,648,0
239,0
13,530,0
9,549,955,0 666,589,0 3,390,256,0 546,580,0 702,562,0 367,864,0 272.134,0 1,838,062,0 340,985.0 265,545,0 356,687,0 207,864,0 594,827,0
It stio of total res. to dep. it
note liabilities combined F.It
paiingent liability on bills Our
aimed for torn eOrreeponAdots
nomittmenta to make industrial
advances
....
74.4
76.2
78.5
66.6
68.'
63.6
64.2
81.3
67.0
70.3
67.0
60.6
66.3
20,850,0
2,877.0
8,061,0
783,0
1,472,0
1,798,0
666,0
514,0
1,789.0
151,0
243.0
448.0
2,048,0
•"Other Cash' does not include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Ran. City
Dallas
SonFran.
Federal Reserve notes:
S
S
Issued to F.R.Bk.by F.R.Agt_ 3.566,978,0 302,805,0
Held by Fed' Reserve Bank__ 299,577,0 19,623,0
i
5
S
$
$
$
811,759,0 253,632,0 335,567,0 160,683,0 145,133,0
111,490,0 13,914,0 14,626,0 10,138,0 17,730,0
5
S
5
5
5
S
836,759,0 146.608,0 107,545,0 132,401,0 61,650,0 272.436,0
37,830,0 5,995,0 6,587,0 9,804,0 7,942,0 43,898,0
In actual circulation
3 207 401,0 283,182,0
Collateral held by Agent an as- ' '
runtty for noted Issued to bks:
Gold certificates on hand and
due from U. B. Treasury-- 3,414,839,0 306,617,0
Eligible paper
5,349,0 1,062,0
U. S. Government securities
188,000,0
700,269,0 239,718,0 320,941,0 150,545,0 127,403,0
798,929,0 140,613,0 100,958,0 122,597,0 53,708,0 228,538,0
818,706,0 225,000,0 306,715,0 137,000,0 102,685,0
2,995,0
277,0
145,0
121,0
57,0
30,000,0 30,000,0 25,000,0 45.000,0
847,546,0 134,632,0 108,000,0 132,000,0 59,675,0 236,263,0
4,0
79,0
64,0
370,0
175,0
14,000,0
2,000,0 3,000,0 39,000,0
821,701,0 255,277,0 336,860,0 162,121,0 147,742,0
847,546,0 148,636,0 108,079,0 134,064,0 63.045,0 275,438,0
Total collateral
3,603,188.0 307,679,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
ghe latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS 1N LEADING CITIES.
BY DISTRICT'S. ON JULY 3 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and Investments-total
Total
Boston
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
St, Louis Minticap Kan, City
Dallas
SanFron•
18.508
1,151
8,568
1,085
1,219
348
331
2,035
527
345
589
405
1.905
Loans on securities-total
3,099
191
1,877
182
164
49
43
234
57
32
47
41
182
To brokers and dealers:
In New York
Outside New York
To otners
921
176
2,002
8
28
155
898
68
911
13
11
153
6
158
1
48
3
40
1
33
200
5
52
1
31
1
3
43
1
40
16
166
Acceptances and comm'l naper bought
I oans on real estate
Other loans
307
957
3,185
38
88
272
151
241
1,338
24
71
179
2
72
151
7
16
76
3
12
113
28
31
318
8
37
95
102
20
13
112
2
25
106
18
345
323
U.S. Government direst obligations_
Oblige, fully guar. by U. B. Govt.-Other securities
7,279
846
2,835
368
16
178
3,447
357
1,157
281
74
274
616
25
189
120
24
56
89
20
51
1,031
92
301
198
41
91
137
17
45
233
44
120
151
38
42
608
98
331
Reserve with Federal Reserve banks
Cash In vault
3,682
295
243
89
1,790
61
145
14
163
19
66
11
44
6
697
46
105
9
71
4
111
10
72
9
175
17
15,514
4,385
372
1,032
310
25
8,014
972
212
830
277
22
780
462
16
251
139
4
216
135
11
2,020
563
15
416
169
8
277
122
3
542
156
8
331
123
15
805
957
33
1.886
4,564
117
229
204
2,043
159
271
122
205
98
116
89
103
306
639
107
191
117
123
224
295
133
132
210
217
Net demand deposits_
Time deposits
Government depoelta
Due from banks
Due to banka
EIGITOwInas from
F. R. banks
1
1
6
6
Financial Chronicle
230
jittanrial
631111Iterfl
aronirig
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 MOs'
12 Mos.
Including Postage$6.00
$15.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.76
18.50
and Cuba
South and Central America. Spain, Mexico
Great Britain, Continental Europe (except Spain), Asia,
11.50
20.00
Australia and Africa
The following publications are also itiatiOd:
MONTHLY PUBLICATIONS
COMPENDIUMSBANK AND QUOTATION RECORD
PUBLIC UTILITY-(semi-annually)
MONTHLY EARNINGS RECORD
RAILWAY Si INtivirraieb-(four a year)
STATE AND MUNICIPAL-(S0M1-1111n.)
subscription price of the Bank and Quotation Record. the State and
The
Municipal Compendium and the Railway and Industrial Compendium
Compendium is
is $10.00 per year each. The price of the Public Utility Record is $6.00
$7.50 per year and the price of the Monthly Earnings
per year. Foreign postage extra.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Oinci-In Charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone State 0613.
-Edwards & Smith. 1 Drapers' Gardens, London, E.C.
LONDON Orrice
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
0/a point.
Daily Record of U. S. Bond Prices July 6 July 8 July 9 July 10 July 11 July 12
{High 101.23 101.24 101.22 101.21 101.22 101.20
Fourth Liberty Loan
41h% bonds of 193348_ Low. 101.23 101.22 101.21 101.21 101.20 101.20
Close 101.23 101.24 101.22 101.21 101.20 101.20
(Fourth 4ha)
17
2
20
7
5
1
Total sales in $1.000 uatts___
____ 117.1
117.3 117.3
.___ 117
{High
Treasury
- 117
117.3 117.3
___ 117
Low_
1947-52.
Ws
--- 117
117.3 117.3
_-__ 117
Close
5
___
5
4
4
--Total sales in 11.000 units-{High 11130 112.3 112.2 112.3 112.3- 112.3
112.2 112
112
112
1.0w. 111.30 112
4a, 1944-54
112
Close 111.30 112.2 112.2 112.2 112
8
18
62
19
58
1
.
Total sales in $1,000
(High
units_- 106.22 106.22 106.22 106.23 106.23 106.21
ILow. 106.20 106.20 106.20 106.22 106.19 106.19
53ds-3)1s. 194345
Close 106.22 106.22 106.22 106.23 106.19 106.20
a
'6
9
82
9
3
Total sales Is $1,000 units_ _
(High 110.14 110.14 110.16 110.16 ____ 110.14
____ 110.14
110.14 110.14 110.13
Low_ 110.13
$101, 1946-56
____ 110.14
(Close 110.14 110.14 110.16 110.16
1
16
1
13
Total sales in $1,000 units---------107.21
...... 107.21
High 107.23
--------107.20
107.20
11.0w. 107.20
519, 1943-17
--------107.21
____ 107.21
Close 107.23
5
-_-.
16
7
Total sales in $1,000 units--__-- 103.31 103.31 104.2 104.3
____ 104
{High
103.28 103.29 103.30 103.31 104.1
Low_
3s, 1951-55
____ 103.29 103.30 103.31 104.2 104.3
Close
28
6
14
17
63
-_
Total sales in $1,000
(High
units_- 103.25 103.27 103.28 103.27 103.29 103.27
Low_ 103.25 103.27 103.25 103.27 103.25 103.24
Si, 1946-48
Close 103.25 103.27 103.27 103.27 103.26 103.24
s
38
15
31
12
3
Total sales its $1,000 units...
____ 108.20 108.20 108.17 108.19 108.17
(High
...... 108.18 108.17 108.17 108.15 108.17
Low_
Ms.1940-43
.._ 108.20 108.19 108.17 108.17 108.17
Close
2
12
26
12
3
-___
_
Total sales in $1,000
rigti
units_- 108.21 108.20 108.20 108.23 108.17 108.25
0w. 108.21 108.20 108.20 108.19 108.17 108.18
L
IlIfs. 1941-43
Close 108.21 108.20 108.20 108.23 108.17 108.25
2
3
4
1
75
5
Total sales in $1.000 Snits...
(High 105.4 105.4 105.6 105.4 105.4 105.4
Low_ 105.2 105.4 105.4 105.4 105.1 105.4
5341, 1946-49
Close 105.4 105.4 105.6 105.4 105.4 105.4
5
3
2
37
3
5
_
Total sales in $1,000
(High
units_- 104.28 104.30 104.30 104.30 105.2 104.30
Low. 104.25 104.30 104.30 104.30 104.30 104.30
Ms.1949-52
Close 104.28 104.30 104.30 104.30 105.1 104.30
2
276
103
10
10
35
Total sales in $1,000 units__
illigh 108.19 108.23 108.23 -- 108.21 108.22
-___ 108.21 108.22
Low. 108.19 108.19 108.22
Ws, 1941
--__ 108.21 108.22
Close 108.19 108.21 108.22
1
9
____
20
39
3
Total sales in $1,000 units--106.13 106.15 106.14 106.16 106.16 106.14
11151)
Low. 106.12 106.12 106.12 106.14 106.13 106.13
SM.. 194446
(Close 106.12 106.15 106.14 106.16 106.15 106.13
12
33
15
30
14
5
Total sales in $1,000 anus__
High 101.24 101.28 101.27 101.27 101.27 101.24
101.21 101.24 101.25 101.25 101.22 101.22
Low_
2345, 1955-60
Close 101.24 101.26 101.27 101.27 101.25 101.24
24
1211
77
86
119
23
Total sales In $1.000 units_
-_
-------- 103.31 104.3
Federal Farm Mortgage {Mil; 103.29
--------103.30 104
Low. 103.29
She, 1944-84
--------103.31 104.3
Close 103.29
12
-------- -----2
_
3
Total sales In 81,000 units...
3 102.16 102.16
Federal Farm Mortgage {High 102.6 10'2.9 102.11
102.8 102.9 102.10 102.13 102.16
Low_ 102.6
3s, 1944-49
Close 102.6 102.9 102.10 102.13 102.16 102.16
10
9
31
23
164
2
Total sates in $1,000 units__
Federal Farm Mortgage
High 102.9 102.14 102.11 102.16 102.17 102.17
Low. 102 9 102.11 102.11 102.14 102.17 102 16
31, 1942-47
Close 102.9 102.14 102.11 102.16 102.17 102.17
46
5
93
10
1
1
Total toles M $1.000 units....
_._ 101.5 101.5 101.10 10i.10 101.16
Federal Farm Mortgage Ili igh
____ 101.5 101.5 101.9 101.10 101.15
Low.
Ms,1942-47
__ 101.5 101.5 101.10 101.10 101.15
Close
14
637
64
2
5
Total salotin $1,000 units...
High 102.3 102.6 102.6 102.8 102.12 102.13
- __Home Owners' Loan
Low_ 102.3 102.3 102.4 102.6 102.11 102.11
38, series A 1952
Close 102.3 102.5 102.5 102.8 102.12 102.12
103
7
52
65
34
28
Total ens .n 5..000 units_ _
101.2
I High 100.24 100.27 100.28 100.28 101
Home 0.-oers' Loan
Low. 100.22 100.23 100.24 100.26 100.29 100.31
1949
214s, series IL
Close 100.23 100.24 100.28 100.28 100.31 101.1
67
350
38
23
76
31
Total sates in 81.000 units_ _.
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
9 4th 41(s, 1932-38
5 Treasury 44, 1944-54
1 Treasury 31, 1951-55
0 Treasury 31$5, 1940
101.21 to 101.21
to 112
112
103.27 to 103.27
108.16 to 108.16
July 13 1935
United States Treasury Bills-Friday, July 12
Rates quoted are for discount at purchase.
Asked
Bid
Asked
Bid
July 17 1935
July 241985
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug. 28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Nov. 27 1935
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
Dec. 24 1935
0.20"
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Dec. 31 1935
Jan. 8 1936
Jan. 151936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Fab. 26 1936
Mar. 4 1936
Mar. 11 1938
Mar. 18 1936
Mar. 25 1936
Apr. 1 1936
Apr. 4 1936
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
-Friday, July 12
Indebtedness, &c.
Figures after decimal point represent one or more 32ds of
a point.
Maturity
Int.
Rate
June 15 1936Dec. 15 1939...
June 15 1940...
Sept. 15 1938_
Aug. 1 1935_
Mar. 15 1940..
June 15 1939_
Sept. 15 1938_
Dee 15 1935
134%
114%
134%
111%
111%
114%
214%
2.14%
244%
Asked
Bid
101 2
100.19
100.26
101.24
100.2
101.16
103.20
105.6
101.18
Maturity
Int,
Rate
101.4
100.21
100.28
101.26
____
101.18
103.22
105.8
101.20
Feb. 1 1938_
Dec. 15 1936_
Apr. 16 1936...
June 15 1938...
Feb. 15 1937_
A. 15 1937-Mar. 15 1938_
Aug. 1 1936-Sept.15 1937_
214%
234%
214%
214%
3%
3%
3%
334%
31i%
Bid
Asked
105.12
103.28
102.13
106.5
104.18
104.30
106.11
103.14
inti a
105.14
103.30
102.15
106.7
104.20
105
106.13
103.16
105.11
-For review
The Week on the New York Stock Market
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY
Week Ended
July 12 1935
Saturday.
Monday
Tuesday
Wednesday._
Thursday
Friday
Total
Railroad
State.
Stocks,
Number of and Miscell. Municipal .1
ForeignBonds
Bonds
Shares
$3,903,000
9,137,000
8,049,000
8,751,000
8.195,000
6,798,000
$868,000
1,134,000
1,184,000
1,334,000
1,850,000
2,385,000
II 415 457 R44_823.000
88.555.000
515,870
1,309,750
1,345,930
1,150,160
995,960
1,097,817
Week Ended July 12
Sales at
New York Stock
Exchange
-No. of shares.
Stocks
Bonds
Government
State and foreign
Railroad & Industrial.
Total
1934
1935
Untied
States
Bonds
$161,000
420,000
843,000
635.000
2.157,000
835,000
$4,732,000
10,691,000
10,076,000
10,720,000
12,202,000
10,018,000
15.051000 itsa Awl non
Jan. 110 July 12
1935
4.646,951
134,747,609
$5.051,000 524,133,200
8,555,000 13,213,000
44,833,000 40,155,000
$430.013,000
208,226,000
1,136,073,000
6,415,487
Total
Bond
Sales
1934
206,054,297
.4
$302,327,800
341,647,500
296,638,000
558.439,000 577,501.200 $1,774.312,000 51.940,613,300
CURRENT
NOTICES
E.
- W. Clucas & Co., members New York Stock Exchange, announce
that Frederick W. Nash has become associated with their new business
department.
Homer B. Hill, formerly associated with August Belmont & Co. has
become associated with Edward Lowber Stokes & Co. in their New York
office.
-Hirsch , Lilienthal & Co. announce that Frederick Lownhaupt has
become associated with them as the head of their statistical department.
-R.0. Fulton Husband, formerly associated with A. Iselin & Co. and
with Eldredge & Co.,is now with Granbery, Safford & Co.
-Marqusee,Stuart & Co., members New York Curb Exchange,announce
that Rene J. Cooke has become associated with them.
Phelps, Fenn & Co., 39 Broadway, New York, have issued a list of State
and municipal bonds yielding from 1.50% to 4.30%.
FOOTNOTES FOR NEW YORK STOCK FACES
• Bid and asked prices, no salsa on this day.
Companies reported in receivership.
a Deferred dellvery.
a New stock.
r Cash sale.
-dividend.
Es
y Ex-rights.
"Adjusted for 25% stook dividend paid Oct. 1 1934.
U Listed July 12 1934; par value 105. replaced fl par, share for share.
44 Par value 550 lire listed June 27 1934; replaced 500 lire oar value.
44 Listed Aug. 24 1933; replaced no par stock share tor share.
11 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
"Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April 30 1934.
N Adjusted for 100% stock dividend paid Dec. 31 1934.
40 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
as Listed April 4 1934; replaced no par stock share for Chars.
41 Adjusted for 25% stock dividend paid June 11934.
The National Securities Exchanges on which low prices since July 1 1933 wars
made (designated by superior figures In tables), are as follows*
la Cincinnati Stock
"
Pittsburgh Stock
New York Stock
"
"Cleveland Stock
Richmond Stock
New York Curb
14 Colorado Springs Stock 14 St. Louis Stock
New York Produce
14 Salt Lake City Stock
New York Real Estate 14 Denver Stock
1 San Francisco Stock
.
1 Detroit Stock
.
Baltimore Stock
17 San Francisco Curb
1
' Los Angeles Stock
Boston Stock
14 San Francisco Mining
"Los Angeles Curb
Buffalo Stook
14 Seattle Stock
"Minneapolis-St. Paul
California Stock
"New Orlean *Stock
"Spokane Stock
Chicago Stock
,
11 Washington (D.C.)Eltori
Chicago Board of Trade as Philadelphia Stock
I Chicago Curb
Volume 141
231
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
d1112L
--1.1
NOTICE--Cash and deferred delivery sales are disregarded in the day's range, unless
they are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 6
Monday
July 8
Tuesday
July 9
Sales]
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account is taken of such
Ranee S net Jan. 1
On Basis of 100
-chars Lots
July 1
1933 to Rasps for
June 30 Year 1934
1035
Higl
Low Loos
Wednesday
Thursday I
Friday
July 10
July 11
July 12
Lowest
Highest
$ per share $ per share $ per share S per share 3 per share $ per share Shares
Par 3 per share
$ per shard
$ perch
.35
36
36
36
*3412 36
*3412 36
35
*35
*3412 36
10 Abraham & Strout
No par
32 Apt 3 3712May 16
30
*112 114 *112 11314 *11212 113 011212 113
11212 113 .111 11312
Preferred_
30
100 110 Jan 10 114 Am 5
89
*543 56
8
553 5812 5814 5834 58
4
5758 5818
59
5778 5812 3,300 Acme Steel Co
25 51 Juno 25 59 July 10
21
614 614
63
8 65
8
612 634
612
638
612 63
8
63
8 63 10.200 Adame Express
4
15
414 Mar
No par
414
714 Jan 2
•89
91
*89
91
*89
91
91
•89
91
*89
*89
91
____
Preferred
10(1 844 Jan 2 90 May 29
65
317 32
8
32
32
*315 3214
8
32
32
315 32
8
3112 3112
1,700 Adams Millis
No par
28 June 6 3312 Jan 2
1412
*11
113
8
111s 1114
11
1114
107 11
8
107 107
8
8
8
3,100 Address Multigr Corn
107 11
117
8 Jan 12
8May 17
10
914
914
9
93
4
93 1018
4
103
10
8
10
1018
1018 1214 19,200 Advance RumelY
412 Mar 18
No par
1214July 12
318
*73
4
77
8
073
4
77
8
77
8
77
8 *73
4
*73
4 8
8
073
4
8
53 Jan 15
200 Affiliated Products Inc
47
No par
83 Feb 11
8
4
146 14612 14512 147
8
1463 147
8
4
4
1453 14612 1453 1453 14512 1463
4 3,500 Air Reduction Inc
No par 1043 Mar 18 147 July 8
8
801
*7
8
lis
*7
8
1
118
118
1
*7
8
118
8
7tt
300 Air Way Elec Appliance.- No Par
*7
7
8
17 Jan 7
11
4
3 Apr 3
1612 17
163 1718 X1612 1684 1612 16 4
4
1638 1612 163 1612 5,300 Alaska Juneau Gold Min
,
8
155 Mar 13 32018 Jan 9
111
8
1538
---- ---- ---- ------- ---- ---- ---- ---- ---- ------ Albany & Susquehanna
100 186 Apr 10 187 Apr 25 170
*112
134 *112
13
4 *112
13
4
4
112 *112 13
112
*112
134
200 A P W Paper Co
312 Jan 8
No par
112June 24
112
4
7
8
7
8
7,
7
8
7
8
7
8
1
7
8
1
1
7
8
7,500 :Allegheny Corn
1
No par
172 Jan 7
5 Mar 30
4
4
4
*312 412
4
412 *378
•378
4
438
418
418
400
Pref A with $30 warr
238 Mar 21
238
10€
7 Jan 4
*314 414
*314
414
*314
414
*314 414
4
4
*314
100
4
Prot A with $40 warr
2
2 Mar 27
612 Jan 2
109
*314 3 2
,
314 314
410 *314 414
*314
4
414
*314
4
300
Prof A without warr
13 Mar 28
4
63 Jan 5
106
8
1N
*812
978
*812 978
*812 978
*812 10
97
8
8 97
*9
10
100
63 Apr 2 12 41May 14
8
23.% prior cony pref__No par
,
65
8
293 30
4
29
293
4 28
2812 2812 2812 28
28 14 253 268
4
8 2,400 Allegheny Steel CO
21 Jan 12 3012June 19
No par
1314
15512 15614 15612 15912
160 z1583 15912 156 15912 1573 158
8
4
1585*
7,000 Allied Chemical & Dye...._No par 125 Mar 18 160 July 9 10712
8
*1247 127 *12478 127 *125 127
12514 12514 *125 127 *1233 127
4
100 Preferred
10€ 123 Apr 20 12718 Feb 27 117
412 412
412 43
4
43
4 5
47
8 514
8
518 21,800 Allied Stores Corp
5
514
47
No pal
318 Mar 13
318
614 Jan 13
587 587
8
8 59
6014 61
6112 6118 617
8 6014 61
*593 6014
4
3,800
5% prof
101 249 June 17 617 July10
18
o
235 237
8
8 2312 2412 2412 25
245 253
8
4 2414 2538 2412 2478 27,200 Allle-Chalmere Mfg
12 Mar 13 2534July 10
No par
8
108
1714 173
8
1734 1814
18
*177 1814 *177 18
18
177 18
8
8
8
2,600 Alpha Portland Cement No par
14 Mar 13 2014 Jan 6
1112
*214 23
4
*214
278 0214
27g •214
*214
23
4
Amalgam Leather Co
238 *214
203
312May 17
218 Mar 14
218
1
.2412 29
*2412 29
*2412 29
02412 29
*2412 29
*2412 29
26 June 25 33 Apr 22
7% preferred
2114
56
6414 6414 64
6412 65
65
6434 6534 653 653 x6614 6634
4
4
1,800 Amerada Corn
No pal
703
4May 17
27
4812 Jan 11
4414 4412 4414 4414 45
4514 4614 4614 4512 4612 453 4612 1,900 Amer Agri° Chem (Del) No par
4
4112June 1
20
573 Feb 16
4
277 2818 275 28
8
8
27
277
2714 263 2714 7,000 American Bank Note
8 273 273
4 27
8
4
11
1312 Jan 12 28' July1
1118
6214 6214 62
62
63 63
6012 62
6212 6212 61
62
490
Preferred
43 Jan 11 6414llav 10
51
3412
•31 8 32
,
3112 32
323 33
8
3234 3338 3314 333
4
4 323 33
3,100 Am Brake Shoe A Fdy___No pal
21 Mar 29 333
4July 11
1912
•126 1263 126 12614 *1253 12614 •126 12614 *126 12612 127 127
4
4
40
Preferred
101 119 Jan 8 127 July 12
88
140 1403 140 1413 140 14218 13934 1403 138 140
8
4
8
139 13914 8,600 American Can
21 110 Jan 15 144 June 22
80
*15612 160 *15614 15912 157 157 *157 1591 •157 15912 *158 160
100
Preferred
1011 151N Jan 4 168 May 3 120
173 18
8
173 183
4
1814 187
8
1838
18
8
177 1814
8
1814 20
11,800 American Car & FdY
10 liar 13 2014 Jan 9
No Pa/
10
43
4412 4312 4538 4412 457
4512 4512 507
8 4412 4512 45
8 9,000
Preferred
2512 Mar 13 507
10(
8July 12
2512
*912 10
*912 10
10
*012 10
*10
10
1034
103 *10
4
200 American Chain
No pal
8 Jan 30
1312 Apr 24
4
*72
78
072
7518
72
*60
72
*60
77
*68
77
77
7% preferred
100
1011
85N Apr 26
38 Jan 11
14
*9014 91
90
oo
90
9012 90
90
90
91
9014
90
1,100 American Chicle
No pal
66 Feb 8 96 June 8
4312
030
35
*3018 35
*3014 34
*3014 34
*30
35
*30
35
Ain Coal of N J (Allegheny Co)21
30 Mar 26 32 June 28
20
*314
312 *314
312
314
314
*318
318
312
318
*3
358
300 Amer Colortype Co
238 Mar 14
111
33
8May 17
2
2514 253
8 2538 2534 257 263
8
2614 26
263
8 26
4 2614 2714 11,800 Am Comnal Alcohol Corp
2212 Mar 18 334 Jan 3
2(
20 4
,
*153 153
8
4
143 15
4
1412 15
1412 147
8
1414 143
4 4,200 American Crystal Sugar
1412 143
4
It
173
612 Feb 5
4June 11
812
123 123 *121 12718 0121 12718 *121 12318 *121 12318 *121 12318
100
7% 2nd pret
10(
675 Jan 2 12712June 14
8
32
7
8
1
8
7
8
1
.7
8
7
7
8
78
1
78
*78
1
1,400 Amer Encaustic Tiling-No 1:18/
04
4May 24
3
3 Jan 3
*512 614
*414
614
*55
8 614 *53
*458
538
538
538
8 614
100 Amer Eurorean Sec'e____No pa:
24 Apr 2
512May 13
23
412 45
8
414
43
8
414 43
8
414 414
4,800 Amer & Forn Power
4
3 4 37
8
418
3
2
liar 13
No pa
518 Jan 3
2
2614 2612 26
2654 267 2814 28
g
283
2712 7,200
4 27
27
28
Preferred
14 Mar 15 2918June 24
No pa
113
4
*814
812 *8
812
*8
812 838
81
87
812 1,500
8
818
863
2nd preferred
37
No pal
37 liar 14
8
93
3June 24
2038 203
8 207 207
8
8 21
213
2012 207
217
4 2112 2214
21
8 4,500
96 preferred
12 Mar 30 2214 July10
No pa
1014
*10
107 .1018 1078 .10
8
10
10
4
10 14 101
103
300 Amer Hawaiian 8 13 Co
1012 1012
8 Apr 18
11
13 Jan 10
814
•412 518 .412 5
.412 478
45
8 *412 5
8 43
100 Amer Hide & Leather___No pa
21 Mar 13
*412 5
214
612N1ay 22
*2112 23
2212 23
*2212 2314 23
2314 2312 231 *2312 247
8
Preferred
700
17 Slur 13 2734May 22
101
17
3312 3338 3312 34
333 3418 331g 3314
8
333 333 x3314 3314
8
8
2,300 Amer Home Products
X 2018 Apr 12 34, July 9
8
24%
33
8
35
8
312 35
8
3
312
3
3
3 18
318
3
3'g
5,000 American Ice
47 Jan 17
No La
3 July I
3
*303 3114 *3014 3114 30
8
293 *25
8
29
3014 29
*27
2712
6% non-cum prof
600
101
1
287 Jan 2 3754 Feb 16
253
4
714
73
2
714
714
75
8
714
73
8
714
714
73
8
718 6,300 Amer Internal Corp
7
No pa
412 liar 18
758July 8
412
•214
3
*214
3
.214 23
4 *214 234 •214
23
•214
1 Am L France & Foamite pref101
23
4
114 Mar 13
1 4
,
6 Jan 18
133 14
4
133 1414
4
143 143
4
14
8
1414 1438
1412 1438 1538
7,200 American L000motive____No pa
9 Mar 13 2084 Jan 9
9
*4712 49
4712 49
3812 49
49
*48
49
49
48
50
2,800
Preferred
32 Mar 19 6612 Jan 9
10,
32
237 237
8
8 2312 2414 237 24
2314 235
8
233 24
8 2312 2312 5,000 Amer Mach & Fdry Co___No pa
1812 liar 13 24'4 July 8
12
*818 83
8
8
8
8
812
8
8
814
838
8
8 14
1,400 Amer Mach & Metals__ _No pa
414 Apr 4
93 Apr 26
4
3
*8 ' 83
4 *734
812
8
8 18
77
8 818
8
8
4 812
Voting trust ars
800
*73
912 Apr 26
No pa
3
412 Apr 4
*1818 1912 *1812 19
1812 19
4
183 193
8
19
1938
1914 19 8 2,500 Amer Metal Co Ltd
,
1312 Mar 15 2138llay 20
No pa
1114
*10312
-- *107
*108 110
108 108
108 108 010712--300
6% cony preferred
10,
8June 24
63
72 Jan 2 1097
*273 283 *2738 283 *273 2838 2812 2812 283 285 *2738
8
8
8
8
8
8
20
200 Amer News, N Y Corp.._ No pa 824 Jan 3 3018May 7
203
4
418
414
4
414
378
4
33
4 4
314
358
33
8
312 27,000 Amer Power & Light____No pa
112Mar 13
412July 5
ill
26
26 12 2512 2
638 257 263* 26
8
263
4 2412 24's 2314 2412 7,100
36 preferred
No pa
1018 Mar 13 277
8llay 11
Rae
2234 2318
227 2318 2212 2318 223 2314
8
4
2178 2214
2114 2112 8,600
$5 preferred
No pa
83 Mar 13 233
8
838
4June 5
1518 1514
1518 153
8
1518 153
8
8 15
143 1518
153
4
1434 15
41,700 Am Rad & Stand San'y
1012 Mar 13
1818 Jan 7
No Da
94
,
•143_ •143
. *143
___ 150 150
15014 15014 151 151
30
Preferred
10 13412 Mar 1 151 June 5 10712
2012 - 7
208 205 - 58 21 4 2114 22
213 213
8
4
2012 215
8 20 4 213 47,600 American Rolling M111
,
8
2
24 Jan 7
1534 Mar 18
1218
*8214 8412 *82
8412 8412 8512 86
86
87
87
8612 8612
800 American Safety Razor __No pa
86 Mar 14 87 July 11
3318
,
85
8 912
9
912
912 93
8
9
9
918
938
9
9
5,300 American Seating v I a.....No va
912July 6
412 Mar 12
2
*223 2354 227 227
4
8
8 2314 2414 2278 2314 227 23
24
X24
8
600 Amer Shipbuilding Co___No pa
20 Mar 14
15
2614 Jan 7
41
4112 4078 4178
4112 43
4
423 4338 4212 427
8 4212 4314 23,700 Amer Smelting & Refg___No pa
3I5s Apr 3 4712May 17
2812
*13412 138 *135 139
135 135 *135 138 *133 134
134 134
200
Preferred
121 Feb 4 144 Slay 8
10
71
01144 11412 11412 11514 1153
4 116
116 116 *11514 116 *116 11614
800
2nd preferred 6% gum
103 Feb 14 117 May 6
10
57
•7312 75
7434 743
4
7418 75
*7418 75
74
74
74
7438
800 American Snuff
25 63 Jan 16 76 June 26
43
*138- - •138
*138 140 *138 140
13812 13812 140 141
50
Preferred
125 Feb 20 141 July 12 106
10
163 1612 1638 - . 163 17
8 168
7
163 167
4
1612 17
8
8
1612 173
8 9,200 Amer Steel Foundrtee____No pa
12 Mar 14
1814 Jan 9
10111
*915 93
8
•92
93
*92
92
03
92
92
033
4 0312 9354
130
Preferred
88 Feb 4 943
10
4June 5
52
36
3612 *363 37
4
363 3634 3612 3612 *3612 37
8
3618 3612
1.300 American Stores
3312 Apr 4 43 Jan 9 Al 3312
No pa
*5812 59
5812 59
5914 5914
5914 5914
5918 5918 5884 5854
800 Amer Sugar Refining
55N liar 30 7012 Feb 16
10
4512
4
*1373 140
138 138 *138 13812 13814 1387 1385* 13812 13712 13712
8
900
Preferred
10
12612 Jan 3 14012May 6 102
2114 2112 2114 2138 213 217
4
8 213 22
2114 213
4
4 213 217
4
8 2.500 Am Sumatra Tobacco..---No Pc
1812 Jan 29
243* Jan 3
11
1283 1287 12818 12912 129 1297 1273 1303 12614 128
8
8
8
4
8
1253 12713 27,600 Amer Telep & Teleg
4
100 987 Mar 18 1303 July 10
8
2
987
2
93
93
9314 96
96
9612 953 9614 9412 96
4
9412 95
6,400 American Tobacco
6312
2
7212 Apr 3 9612July 9
943 943
4
4 9414 9714 9714 9812 9712 983
8 9612 9818 95'2 97
14,500
Common class B
26 7434 liar 21
9812July 9
647
2
*13712 13912 *137 13812 13712 13712 *13714 13812 *13712 14012 *13712
14012
100
Preferred
12918 Jan 18 14014June 11 105
10
*27
8
4
*3
4
*27
8
4
*278 4
312
*27
8
4
43
8
600 :Am Type Founders
No vc
212 Mar 18
6 4 Jan 18
0
218
127 127
8
4
1212 1212 127 1314 *1312 14
8
1312 133
4
133 1518 -460
4
Preferred
9 Mar 15 193 Jan 18
10
8
7
11
1114
1114 113
8
1118 1138
1118 1112 1052 1118
8
1038 107 16,800 Am Water Wire & Elec_--No ix
74 Mar 13 z147 Jan 10
8
718
7012 7112 7012 7134 *7014 72
71
71
72
*71
*7014 71
700
141 preferred
'Jo Da
48 Mar 19 744 July2
714
714
48
71.
*73*
712
734
712 75
738
8
74
73
8
75* 2,300 American Woolen
47 Mar 13
8
No pa
93
8May 21
47
2
*4314 443
8 4314 443; 4438 455s 44
4412 4312 44
434 44
3,900
Preferred
10
3512 Mar 18 5112May 21
3512
*5
8
7
/3
*5
8
3
4
*5
8
3
4
5
4
3
4
7
8
*5
8
*3
4
7
8
100 tem Writing Paver
N Mar 29
1114 Jan 18
*27
8
314
27
8
3
3
3 14
312 312
312 312 *314 37
1,100
8
Preferred
No pc
21,Mar 15
612 Jan 18
214
*33
4 37
8
37
8
4
37
8
4
37
13
334
4
*33
354
4 4
1,000 Amer Zinc Lead & Smelt_10
538 May 23
3 Mar 13
3
*36
40
*36
40
40
40
4138 *37
*38
417 .37
8
4012
100
Preferred
25 31 Mar 20 46 May 23
31
143 147
8
13
143 143
8
4
145 1514
8
1538 153
1514 157
8
4
153 16
8
84,300 Anaconda Copper Mining..
8 Mar 13 1812May 23
60
8
*183 20
4
*1812 1912
1912 1912 *1912 21
183 183 *19
4
4
21
200 Anaconda Wire & Cable__No pc
11314 Apr 1
25 Slay 17
75
8
13N 133
8
4
133 1458
143 147
1414 1414
8
8
144 15
1418 1414
2,300 Anchor Cap
1212Mae IS
'Jo vs
1212
175 Jan 4
8
100 100 *1003 103
4
101 101
1014 1013 *10214 106 *102 104
4
40
$6.50 cony preferred
July 6 109 Apr 26
No pc
100
80
*512 612 *512 612
*512 7
618
7
*512
618 *53
8 7
100 Andes Copper Mining
1
31g Mar 21
734M ay 25
318
8 4212 4212 4258 4278 427 43
4214 423
4212 43
43
8
44
4,400 Archer Daniels Micird___No pa
38 Jan 16
41 July 12
2178
-,- •
122
_ _ *122
.•I22
___ *122
_ *122
--7% preferred
10
1184 Jan 4 1217
8June 27 106
•122104 104 *104 10412 *104 10412 10412 101 *104 1043 10414 1043
- - 12
- - 8
-- 8
800 Armour & Co (Del) pref
97 Apr 3 1064 Feb 23
10
37
8
4
64
33
4 37
1
8
334 37
8
33
4 37
8
3 4 37
8
3
54
37 15.700 Armour of Illinole new
8
5 314 Apr 3 612 Jan 3
314
6312 6312 6312 6312 6212 6312 6218 623
4 6112 6214 6114 6112 2,100
98 cony pref
'Jo pc
5512May 1
703 Jan 10
8
4614
*95 102
*95 102
*25 102
*95 102
*97 10018 *95 102
Preferred
10
85 Jan 2 10612 Feb 4
311
,
For footnote* see Page 230
per share
35
43
111
89
_
117
6
8
7014 x85
16
347
8
11N
ON
31s
7N
95
44
8
913 113
4
13
8
33
8
165
8 337
2
196
205
23
4
77
4
154
1 14
43
,
1818
4
14 8
,
3i
7
145
8
-1313
15
11514 160 4
,
12213 130
312
814
2514 6312
10% 23N
2018
1112
2N
714
25
45
39
653
8
254 48
1112 2514
40
5012
1912 38
122
96
9014 1143
4
1264 15218
3378
12
32
5612
C2
1214
411
19
8
4814 703
22
3512
612
218
20,34 6212
1312
618
612 727
2
5
118
3,,
11%
612
11
1012
312
17 4
,
25 4
,
3
25 4
,
44
,
314
1412
3512
1213
3N
412
127
8
63
21
3
113
8
912
10
11112
1311
36
218
17%
3014
100
7114
48%
108
lot.
5972
37
48
10313
,
13 4
1(/018
8514
67
10714
3
7'
1252
54
7
38
1
27
34
364
10
014
1313
84
412
2814
10
7814
313
4614
54
10
133
4
30
1712
26
22%
1012
4214
368,
10
6514
11
10
385,
7484
2352
1014
10
27%
91
341
4
1214
39q,
2614
17%
13778
2814
.
‘5114
73
,
30
5114
125
10912
71
12712
1611
02
44 4
,
71
1291,
24
1254
8512
89
130%
13
2834
27 8
,
80
1718
833
,
414
1712
9
5018
17N
1858
241
4
108
1018
3918
117
103 3
,
64
,
7114
85
New York Stock Record-Continued-Page 2
232
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 13 1935
Rant.' Stises Jan. 1
Oa Basis of 1004hare Lots
Lowest
Highest
Aar I
1933 to fiawe for
June30 Year 1934
1935
Low Loto
High
$ per Mare $ Per sh $ per Shari
Par $ per Mars
$ per share $ per share $ per share $ per share 3 per share $ per share Shares
6ss Jan 3
7
2s
.
8%
4 Mar 6
Vs 513 6,500 Arnold Constable Corp
5
514 5%
8
53
47
5
478 .5
5
478 478
101j
4
3%
7 June 19
3
34 Mar 15
No par
Artloom Corp
3
1
/
*5 4 7
4 74 *53
3
*5
4 614
*53
4 Vs *51 7% *53
4 7
4
/
63 4
3
633e 704
100 70 Apr 25 7014 Jan 22
Praterred
_ __
__ *72
_ •72
_ •72
*72 - _ •72- - *72
714
714 1814
s Jan 8
712 Mar 13 1311
1
.
12
914 -- 18 104 lois 1012 1214 111* -- -14 29 100 Associated Dry Goode
4
1
4
/ 9
91 -/
6
1
1
/
4 its
83 44
46
90
7
100 80 8 Apr 3 9634Ju1y 12
0% let preferred
4 1,000
9518 9578 963
95
95
95
*94
9478 9478 9478 95
*94
8
647
36
36
100. 48 Mar 12 70 Jan 18
7% 2d preferred
597
1,400
69
67
*58
634 632 8414 66
*5618 60
598 60
26
2912 401*
4
25 293 Feb 21 3812J00e 27
50 Associated 011
3812 382 *3812 497
*3813 4012 *3812 4013 3812 3812 *3812 497
4Mar 28 551 Jan 7
3
4514 733
3
35 4
4
4
4918 493 24,600 atoh Topeka & Santa ye____130 353
8
473 4834 49
50
4914 5014 4813 4912
484 487
5314
7018 90
100 8658 Mar 28 91 June 26
Preferred
4 1,600
8812 883
1
' 4
4
9018 883 8914 8914 894 ' 883 90
89
4
893 90
1912
2412 5414
4
1
/
100 19% Apr 3 37 Jan 4
4,700 Atlantic Coast Line RR
4
4 2214 223
1
/
4 214 2214 213 22
4 22 223
4 2112 213
4
213 213
3
16
5
7 Jan 7
3 Mar 6
--No par
20 At CI & W I 88 Lines.
*612 7
8 7
*57
8 7
*57
8 7
.57
8 7
*57
7
7
77
6
24
9% Jan 19
6 Mar 5
71
100
Preferred
100
*71
3
7 8 738 *718 77
8
*71
*718 8
•718 8
2118
211* 3514
8
25 213 Mar 12 28 May 18
8,800 Atlantic Refining
4
4
2512 258 243 25% 243 25
2513 26
4
253 26
8
265
26
18
3514 5512
4
NO par 323 Apr 3 4413May 16
1,300 Atlas Powder
41
40% 40% 407
8 3912 40 •40
8
393 3938 40
39
39
75
83
107
4
100 1063 Jan 2 11212June 20
Preferred
80
110 110
110 110
110 110
111 111 *110% 111
*11013 111
----___
111 Apr 30 111 Apr 30 Ill
Pref called
111% •111 111% *111 11153
8
*111 11188 •111 1115 *111 1115s *111
4
3
7 4 Jan 8
4 Mar 13
513 1614
No par
600 Atlas Tack Corp
64 6%
4
612 63
612 612
4 612
4 64 *53
64 *53
*6
15
4
1
/
16 2 573
s
No par 15 Mar 18 29 Jan 7
3 8,000 Auburn Automobile
4
23% 22% 2314 2212 2314 223 233
8
237 2414 2314 2414 23
No par
51:may 6 14 Jan 2
4
4
/
4
/
61 161
714 714
700 Austin Nichols
7% 712
714
4
1
/ 714 *7
7
3
714 7 4
7
7
8
275
4
/
311 65
No pa• 8512May 7 63 Jan 2
Prior A
10
4313
*40
1
/
1
/
*4012 4212 4212 4212 *404 4312 *4012 434 *4012 43
35
3
103*
Ms Jan 3
.
3 Mar 13
-___5
3141
3 14 9,900 Aviation Corp of Del (The)
3
318
3
3
3% 314
314 33*
318 314
314July 5
3
-2 4July 10
3
New
8 3,700
4 27
23
8
4 27
23
4 318
23
318
3
4
/
318 31
3% 318
8
63 Jan 9
112
414 70
112 Feb 26
Baldwin Loco Works____No par
8 212 3,800
23
238 212
238 2121
8 212
23
8
214 23
218 214
7%
1614 64%
3
712 Apr 3 28 4 Jan 21
100
Preferred
500
1012 11
8
4
41 1012 11
4
4 113 113 *103 1112 *104 123
4
113 113
712
4 3411
123
712 Mar 13 15 Feb 18
100
4
1
/ 10,200 Baltimore & Ohio
8
105 10
4
4
8
8 107 1114 103 11181 103 11
4
1114 103 107
11
9%
8
16
373*
1
/
94 Mar 13 177 Jan 7
100
Preferred
1,300
4
13121 123 123 *1112 13
4
1212 1212 123 1314 13
13
13
86
4
/
4
/
861 1021
3
100 100 4 Feb 21 109 May 4
40 Bamberger (L)& Co pref
109 109 •10512 10912 *105 1091 *105 109'z
109 109
*109 10912
8June 21
2914
3513 45%
4
/
50 361 Mar 12 447
1
/
444 444 1,300 Bangor & Aroostook
4412 44l
4412 4412 4412 44
'2l 4414 441
*44
4
/
911
9518 115
100 10614 Mar 18 115 May 8
Preferred
70
*11114 11412 11412 11412 *112 11412 11412 114121 11412 114'2 114 114 4
3
5 8 Jan 22
214
314 Feb 25
4
1
/
2
612
No par
700 Barker Brothers
8 41
*43
412 41
4
8 *412 43
8 45
45
1
/
44 412
438 412
14
4
/
781 3814
100 32 June 21 43 July 12
240
6;4% cony preferred
40
42 I *4218 4414 43 43
42
411 *40
4 40
4
403 403
57 Mar 6 105
8May 16
4
1
/
5
7
5 8 10
5
7,800 Barnsdall Corp
4 9
83
4
1
/ 9
8
4
814 83
4
1
/
838 8
8
814 85
84 83
No par 3712Mar 14 503
8June 18
23
23
458
1,900 Bayuk Cigars Inc
48
,1 47
4788 47
471 48% 4812 488
47
47
*4638 47
709%
89
80
5
100 107 4 Jun 11 115 May 16
186 preferred
10
11018 11018 *1101 113 *1103* 113 *1104 113
•11018 113 •110% 113
8%
1014 193
25 1418July 6 19 Mar 1
1
/
,
143* 143* *1412 1434 144 1412 1,500 Beatrice Creamer]
1412 147
14% 14% 14% 15
55
100
55
100 10012 Jan 6 10818June 18
Preferred
500
105 105 *101 1061 101 101 •____ 10112 101% 1011 *100 104
1
/
764
53
64
20 72 Feb 2 91 July 9
1,300 Beech-Nut Packing Co
91
91
91
91
8912 8912 90
mar 27
Feb 3
7
83
.4
8
884 15'4
7
2,300 Belding Hemingway Co-No Par
4
/
111 117
1112 1112 1112 1112 1138 111
111
1112
4
/
111 1114
1
127
1118 Ap 18 131
85 Mar 2 117
100 Belglan Nat Rye part pref
8 89
*857
89
8618 8512 851 *85
871 *85
8718 •85
*85
98
934 23%
5 113* Mar 13 17% Jan 2
8
163 163 53,300 Bendix Aviation
1618 163
8
153 1618 153 163
1514 158 1514 16
8July 5 2 12
1218 1918 ,
7.500 Beneficial Indus Loan___No par 1518 Mar 13 193
181
8
4
/
4
183 181 183 19 z18
1812 187
1918 193* 1812 19
21
26
40
No par 34 Jan 30 4312July 12
4
1
/ 432 1,800 Best & Co
43
4
423 431
4212 43
4
413 42
4
403 404 40% 411
1
/
24% 404
18 34% Jan 8
215
No par 2188 Mar
4
3
30% 293* 30 8 293 303 81,400 Bethlehem Steel Corp
4 29% 308 3014 3114 30
293* 293
18 7812July 11
4438
5478 82
4
100 553 Mar
77 7712 773 7812 7634 7818 7,3007% preferred
773
4
77
4 7512 773
7518 753
4
1
/
19.4 40
4
143
820 Bigelow-dant Carpet Inc_ No par 14 Mar 19 26's Jan 23
8
1912 19
3
19 4 1912 203
4 19
1812 183
19
1812 1812 19
1
6
6
9% Mar 14 137 Jan 8
1614
Nova?
4
8 1112 1158 1112 113 13,400 Blaw-Knox Co
1214 117 123* 1112 117
8
1114 11
11
8June 19 2314 Jan 21
16
26
17
No par 165
Bloomingdale Brotbers
2014 *1718 201 *1718 2014 *1718 2014 *1712 2014 *1712 2014
*1714
85
88
109
100 10314 Jan 22 112 June 19
Preferred
410
11112
111
111 111 *11114 11312 11112 112
112 112
*11012 112
100 2814 Mar 13 58 May 16
5614
28
28
60 Blumenthal & Co pref
58
*53
58
*53
58
58 .53
*53
58
*53
53
53
4 1114
05
6%
4
1
/
6 Mar 18 10 Jan 2
5
4
1
/ 914 26.700 Boeing Airplane Co
4
/
8
812
8
8
814 87
814 85
4
/
4
1
/ 81
8
s
8's 81
s
4
333
4415 683
4
5 3958July 10 597 Jan 8
Aluminum & Br
9,700 Bohn
4 393 41
4014 41
41
40
8
8
413 428
4
423 44
4
433 44
88
94
76
No par 90 Jan 31 99 June 13
190 Bon Ami class A
1
/
984 29812 9812
98
9712 98
8
*963 98
98
97
98
*97
18
8 284
197
15 21 Mar 29 2534 Jan 7
25% 8,300 Borden Co (The)
8 25
4
2518 243 253
8
247 2514 25
2514 25% 2514
25
1113
1618 311
10 2814 Jan 15 43 July 12
4
/
4
433 11,500 Borg-Warner Corp
434 43
42
8 4114 43
4 40% 423
4
4112 403 413
41
712 Jan 4
34
3
3
3 4 Mar 27
514 1911
100
,
100 Boston & Maine
3 6
•43
5
5
5
*4
*412 5
5
*4
5
*4
12
3
%
1% Jan 9
12June 6
!Botany Cons Mills class A _50
8
7
*12
8
7
*12
8
7
*12
4 1
*3
202 1
*14 1
3May 21
812
812 Apr 30 113
NO V4T
13,300 Bridgeport Brass Co
4
4
/
4
4
4
1113 103 11'8 103 1118 103 111 103 11
1118 11
11
814
12
- - 2888
3 3612 44,800 Briggs Manufacturing-No so 2412 Feb 7 3718July 9
35
3
35 4 37
8
363 37
8
4 363 371
35% 35% 3518 363
10%
14
No par 2318 Jan 17 42 June 22
2718
3
3912 39 4 1.900 Briggs & Stratton
3912 40
4
1
/ 40
4012 40
4014 39
*3912 4018 40
39'2
23
5 3038May 25 3614 Jan 10
26
3712
4 1,500 Bristol-Myers Co
4
8 323 323
4
8
4 323 3212 3314 3314 3314 3318 323 333
*3212 333
4
1
/
8
4
1
/
3
3% Jan 5
13
8
13 Apr 18
1,100 Brooklyn & Queens Tr...--No par
2
8 •13
4 17
13
8 2
1
/
14 IN •15
4
/
112 11
8 2
•15
14
3114 5814
No par 1418May 2 3178 Jan 3
Preferred
400
4 6.000 Bk im Numb
4
193 193
20 20
20
20
4
193 193
4
4
•173 193 *1712 195
j
Transit
No par 36% Mar 15 4418 Feb 19
4
253
4
1
/
2814 . 44
8 4012 401/4
4 4118 413
1
/
4 394 40, 4012 4058 4012 413
4
393 393
8May 25
8914
1
/
834 97
1.6 preferred series A---No par 90 Jan 4 997
8 1,100
8
4 9818 9938 983 983
4
8 9912 9912 993 993
993
99
*9812 99
43
45
8012
*623 83
No par 43 Mar 18 65 June 28
1,400 Brooklyn Union Gas
6314 64
4 644 65
4
643 6431 644 64N 64, 643
4July 12
41
45
61
No par 63 Mar 11 623
2,100 Brown Shoe CO
625
6112 6218 62
8
603 61
6018 *5912 60
4 60
4
593 593
11814 1204
100 12314June 26 12514 Apr 11 117
Preferred
30
4
4
12314 12314 *1203 12212 .1203 12212
124 124
*124 125 *124 125
878 Jan 9
8July 5
312
4
33
4
/
101
600 Bruns-Balke-Collender--No pa
5
8 38
33
4
1
/
3
34 3
4 334
33
4
/
4
1
/ 41
312 312 *3
312 313
uss
312
318
1av 23
81313
414 Mar 14
10
1,500 Bucyrus-Erie Co
8 7
*67
7
7
7
7
718
7
8 718
67
4
1
/
4
1
/ 6
6
6
813 Mar IS 15 May 23
5
1412
6
3,600
Preferred
8
134 123 1212 1238 121 *1212 13
*123* 2212 123 13
125s
75
60
47
100 6234 Mar 22 90 July 12
7% preferred
32
88
89'a 90 90
*8614 89
8912 89 89
88
87
87
75g
814 Jan 2
3
314 Mar 16
3
No par
438
4
414 412
4's 41g 7,700 Budd (Et(1) Mfg
412 458
4
8 43
45
4% 43*
8Ju1y 3
16
44
to
100 23 Mar 14 347
7% preferred
610
31
31
3312 3218 32'8
*31
3412 3312 34
337 341 *34
1
/
54June 19
2
4
1
/
2 Mar 21
8
55
2
Nova,
8 8,600 Budd Wheel
418 43
8
8
418 43
4
/
41 412
4'8 43
43* 412
43* 43*
47 Jan 18
3
2%
3 4May 13
612
2%
No par
7
400 'Maya Watch
418
*37
41
414 *3
4% •37
4
4
/
4
1
/ 41
*3
4
1
/ 41
*3
8Ju3y 9
418
4 1512
57
814 Mar 13 167
No par
1
/
164 168 30,500 Bullard Co
4
1
/ 163
4 15
1
/
8
8 145 1614 1614 164 1618 163
1412 145
4
23 Jan 25
July 9
6
1
8
13
No par
'4
8 1,000 Burns Bros clam A
5
*58 1
"a
%
3
*3
53
8
*3
8
5
4
3 .._ 14
8
*5
38
38June 17
Jan 23
412
58
No par
Class A•
10
lgMar2O
8
13 Feb 7
Class B
No par
313
1
1
100
4
-38
*5
3
-3
8
*5
-34
5
;8
-3d
;Ea
4
-3
4
-34
8
*5
%
% Feb 20
18June 1
212
12
Class B etta
No par
-------------------- -- --- ---- ---- --- ---- ---7
9 s Jan 23
3
3 Mar 16
1512
4
100
7% preferred
500
3
3
4
1
/
3
3
2
4
8
8 *314 37
37
4 *3
4 33
3
1012
1013 21918
4 9.100 Burroughs Add mach ____No Nu 1314 Mar 14 17% July 12
8 1714 173
8 1718 173
8 1718 173
1714 1718 1714 1714 173
17
3% Jan 21
1 Apr 8
No par
5
31
4
3
4
5
8 112 2,400 Mush Term
112 112 .13
8
15
114
4
/
11 114
114
114 *I
•1
100
4
1
/
6 Apr 3 1013 Jan 22
2
912
234
Debenture
500
712
7
712
718 712 *7
4
/
6% 618 *418 71
88
*6
4%
5% 21
310 Bush Term 131 go Prof cifs-100 10 Mar 28 2211 Jan 21
8
4 1312 1412 133* 1312 *123 1412
4
*1218 1312 1218 1214 123 123
5
118 Mar 12
Apr 26
1%
113
31.4
400 Butte Copper & Zino
4
4 *112 13
4
/
4
/
I1 11 *112 13
8
112 15
*112 1% *113 1%
4
/
41
7%
38
%June 3
4
13 Jan 3
Na par
300 fButterick Co
13
32
12
8
*3
ll
s
4.3
8
3
as
12
8
*3
2
,
488
113*
4
4
1
/ 323
13
No par 113 Mar 14 205e Jan 7
5,400 Byers Co(AM)
4
154 16
8
4 153 16
4
/
171 1612 163
16
1618 17
8
164 163
100 32 Mar 14 80 Jan 6
32
,
40
380
Preferred
877
54
54
54
53
54
54
53
53
55
54
534 54
No par 33 July 1 421, Feb 18
4 41%
183
185*
3414 3412 4,600 California Packing
35
3512 3514 3512 35
35
3314 3312 3312 35
4
48
12
I% Jan 3
14 July 8
1
8
3 10,300 Callahan Zino-Lead
8
3
12
8
3
12
'4
8
3
8
3
8
3
8
3
14
8
5
8
3
8
0
41 Jan 7
4
1
/
2
2%
4
/
212 Mar 13
318 3,900 Calumet & Heels Cons Cop.....25
3
3 18
3
314
318
4
1
/
314 3
314
3
4
1
/ 31,
3
6
7% Mar 13 2233 July6
1578
6
8
213 18,800 Campbell W & C Ircly--__No par
1
/
8 204
4 2018 205
8
4 197 203
4 203* 213
2158 2252 2114 213
83
834 Mar 27 165* Jan 7
5
1213 3912
8
8
8 117 123 12,300 Canada Dry Ginger Ale
8
8 103 11% 11% 123
103* 103* 10% 1088 1018 103
44
100 50 Apr 9 53 Feb 4
481s 561s
400 Canada Southern
32
51
54
*52
54
5612 *52
*52
53
*52
53
*52
4
8
9%
93 Mar 18 133 Jan 9
107
25
8 1814
Pacific
1018 9,200 Canadian
1013 10
97 1018 10
1013 10
97 10
10
10
224
2813 3814
No par 30 June 1 38 Jan 10
1,000 Cannon Mills
3
3312 33 4 3312 34
4
4
/
3418 341 *333 34
34
34
34
34
45 Mar 21
912July 9
44
1
8 1014
51
800 Capital Adminie al A
9
9
9
9
94
9
912 912
•914 913 .84 93,
10 32% Feb 25 42 July 11
28
4 39
261
Preferred A
430
4012 4114
4118 4118 42 42
4
3
4 40 4 403 *4118 42
*401 403
60
88
74
Carolina Clinch & Ohio R7__100 8214 Feb 27 87 May 17
*8612 _-- *8612 ---- *8614 - - - *8614 4
/
*861 -- - *8614
70
9213
70
100 85 Mar 20 92 May 4
Stop
95
*90 95
*90
95
*90 - --95
*90 *91 15
*91 100
18 63 Feb 18
33
35
3
100 45 4 Mar
85%
5812 22,400 MOO (J I) Co
58
4
1
/ 59
4
1
/ 57
59
59
4
8 583 60
4
/
8 571 597
583
8
573
8 93
567
8
567
100 8312 Apr 11 103 July 6
Preferred certificates
1,360
101 10214 *10112 103
101% 102
10112 10112 10014 103
103 103
15
23
No par 361s Jan 16 5012July 9
38%
14,100 Caterpillar Tractor
8
493 50
50
1
/
4
4
1
/ 4912 5012 493 504 49
4
/
49% 4914 491 49
3 Jan 7
1713
1718 44%
No par 1912 Apr 26 35
8
267 45,400 Celanese Corp of Am
8 26
4
263 2812 27% 275* 261 273
8
265 283
27
26
4
/
61
4
/
11
118
8May 21
47
8
17 Apr 3
No par
200 7Celotex Corp
7
*212 3 s
4
1
/ 34 •25s 37
3
4
4 33
33
4
1
/
4 3
*33
*312 37
3
4 4May 21
Mar 8
4
1
114
4
1
/
No par
Certificates
4
1
/ 1.000
4
/
21 2
314
3
312
312 *3
*3
312 31
*312 33
1
/
8% 224
212
4June 13
100 1114 Mar 20 333
440
Preferred
2814 2814 2512 27
29
2912 2912 29
301
4 28
4
293 293
8
4 322
183
18%
2.800 Central Aguirre Asso-No Par 2214 Feb 13 29 May 8
8 263
4 2
2614 263
8
•263 27
65* 2688 263* 263* 2614 263* ,283 41
92
53
34
100 34 Mar 18 5151s Jan 4
200 Central RR of New Jersey
41
44
*41
40
40
44
*40
43
4
443 *41
*41
5%
512 12
614June 27 128$ Jan 18
4
1
/
500 Century Ribbon Mille-No par
712 712
3 714
65
8 7
*63
*614 7
*614 7
*614 7
75
100 9814 Mar 14 10912 Jan 2
11013
82
Preferred
•102 115 *102 115 *102 115 *102 115 *105 115 *105 115
3
233
Jan 15 63 4 Apr 25
4
3014 4412
4
4 57% 583 x57% 5814 19,500 Cerro de Pasco Copper___No par 885,Mar 13
583
5814 58
57
57
5512 5658 56
8
85 Jan 7
358
734
314
8
25
300 Certain-Teed Products---No par
8 •43* 4%
8 458 *414 45
45
4
3 43
*43
8 45
45
*458 5
8
105
1713 35
100 23 Mar 12 3314 Jan 23
7% preferred
300
4
283 29
29
2912 2912 29
31
30
3012 3014 31
30
4s8 Mar 27
5
8
63 Jan 7
412 1612
8
43
Checker Cab
4 6%
4 618 *43
61
4 618 *43
4 618 •43
4 6% *43
*43
*434
8
293*
8
487 ,
34
No par 36 Mar 12 447 Jan 4
1,600 Chesapeake Corp
42
42
43
*42
42 .42
42
42
42
8
415 41% 42
8
3912 48,,
4
/
371
25 3718Mar 12 453 Jan 7
4 4414 4412 4414 4412 11,000 Chesapeake & Ohio
4414 4414 443
44
5
8 43 8 44
4318 435
100
1 Apr 26
2 Jan 12
7
4
1
/
1%
1
:Chic & East Ill Ry Co
.13
314
4 112 ' 1
*3
4 112
*3
112
4
0
4 11
*3
4 1
*3
100
8
25 Jan 8
78
78June 3
8
15
0% preferred
200
118 is
Ps
*1
1
1
4
/
11
4
/
4 11 •1
*3
*% 1%
214 Jan 7
512
112
8
5
% Feb 28
100
100 Chicago Great Western
4
5
4
1
/
•
4
3
1
/
*4
8
5
8
3
4
3
8
95
3
8
*5
4
3
8
*5
41 Jan 4
312 117
1%
138 Feb 28
100
8
Preferred
600
4
4 23
23
7
4 28
4 314 *23
*23
4 3
*23
23
28
4 214
*23
7
2 Aor 13
1
IN
I Mar 30
100
!Chic Ind & Louis, prat
4
23
3
2 4 *1
4 *1
23
4 *1
23
*1
23
4 *1
23
*1
5 791,.thne 7 23 8 July 12 9 834
7
4
1
/ 19
8
4
1
/ 9.000 Chicago mall Order Co
4
1
/ 23
8 2112 2214 22
8
3
20 8 208 2114 207 213
20
20
*1912
4
1
/mar 29
812
3 Jan 3
2
14
4 2,700 :Chic Milw St P & Pac---No par
3
4
3
8
7
4
3
4
3
4
3
1
s
7
78
4
7
%
100
3
4 4 Jun 4
34
34 Mar 29
33* 1314
Preferred
2 13* 2,900
13
114 114
112
132
4
/
11 112
4
/
11 11
112 113
138June 28
312 15
8
13
558 Jan 7
4
/
4 11 5,700 Chicago & North Western-100
13
4
/
11 2
2
2
4
/
11 2
8 13
15
4
8 13
15
33
534 28
5
3 8July 1 1053 Jan 8
100
Preferred
700
413 412
4
412 43
412 412
414 414
44
44 414 *37
7
93
8 May 24
355
358
43s Mar 14
71
4.900 Chicago Pneumat Tool-_Na par
8
734 77
734 77
7
78
5
7
7
7 8 .8
758 8
1
/
144 283
4
/
141
No par 20 Mar 13 4414July 11
Cony preferred
8
1
/
444 433 4312 5.100
43
8
407 4212
4
/
401 41
8
41% 403 41
41
4
6,
2% Jan 9
4
/
11
4July 9
1
3
Rock 131 & Pactho-100
2.300 :Chicago
4 1
•3
4
1
/ 7
•
% 1
8
7
11
7
8
7
4
3
7
%
41 Jan 9
9%
4
/
3
23
1%
15s Mar 30
100
7% preferred
8 218
*17
300
8 21
*17
8 *Ps 2
4 17
13
4
/
*11 2
*178 2
8
4 Jan 10
2
1%
112 Mar 13
5% preferred_100
112 Ps 1,400
188
8 •112
112 15
8
152 15
8
8 15
15
4
"112 13
918 x18
9%
10 Feb 20 1118 Jan 3
NO par
Chicago Yellow Cab
1012 *9% 1012 *912 1012 *9% 1013
*8
101
1012 *8
*8
For footnotes see page 230
z
New York Stock Record-Continued-Page 3
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday i
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
share $ per share 3 per share $ per share $ per share I $ per share Shares
Pat
*2812 267
8 2612 267
8 2612 263
4 2612 2612 2614 2634 27
27
1,400 Chickasba Cotton Oil
10
43
4 48g
5
5
5
5
5
538
5
538
5
5 14 4,800 Childs Cc,
No par
*1534 173 *1512 173 *16
4
18
4
*1612 177
8 1612 1612 18
19
90 Chile COMM' CO
25
5114 515
8 503 52
4
5112 5212 513 527
4
8 507 5218 51
8
5272 144,000 Chrysler Corp
6
2114 2114 2132 2112 20 4 2112 2012 2034 207 21
3
2038 203
8
4 4,300 City Ice & Fuel
No par
94 94
93 2 94
3
94
94
933 94
4
*933 95
943 943
8
4
4
480
Preferred
100
*418 44
4
418
4
*334 414
4
37
8 3 8 *33
700 City Stores new
4 414
7
5
*1312 1412 13 8 1538 155 1618 15 4 1618 153 16
7
8
3
4
153 16
5,500 Clark Equipment
4
No par
2r3
2814 2818 281: 2838 2834 281 283
:
2813 28
4 28
2912 3,900 Cleve Graphite Monte CO(The) 1
•823 8312 *823 832 8312 8312 *823 85
4
4
4
4
*828 85
*823 85
4
30 Cleveland & Pittsburgh ___ _60
*48
_- *48
*48
_ *48
*48
*48
__ ___
Speo'l grt 4% betterment stk 50
*2614 II)
2712 28
*2614 19
*27 1818 *2614 2838 27 -27
300 Cluett Peabody & Co
No par
*125 126
126 126 *125 126 *125 126 *125 128 *125 126
40
Preferred
100
*2163 219 *2154 219 *21512 219 *217 218
4
218 218 216 217
400 Coca-Cola Co (The)
No par
*5413 55
547 55
8
54% 547
8 55
5512 5512 *5514 5512
55
500
Clam A
No par
*426__ *426
__ *426
_ *428
*426
*426
_
Coca Cola Internal Corp-No par
165 "
8 17
1612 17
/ 1614 1714 163 17
1
4
1612 - 7
8
16 g 163 174 __4
- 13,300 Colgate-Palmolive-Peet-- Nova'
104 104 *1037 104 *1033 104
8
8
104 104
104 104 *10312 104
6% preferred
300
100
1812 1858 183 183
8
4 185 187
8
8 185 187
1818 18
8
8 18
1814 5,400 Collins & Allman
No par
100 100
993 100
4
100 100
*9812 100
100 100
100 100 4
3
420
Preferred
100
•642 73
4 *612 73
4
7
7
7
7
*81
: 7 4 *612 73
150 Colonial Beacon OU
3
4
No Per
*13
8 112 *13
8 112 *13
8 112
138
138
138
112
13
8 13
8 1,000 /Colorado Fuel & Iron
No par
11
1114 103 1034 1058 105
4
8 107 11
1058 1038 1018 1018
8
420
Preferred
100
*1414 16
*14
18
*14
153 *14
4
15
1412 1412 *14
17
100 Colorado & Southern
100
14
14
14
14
15
1512 *15
16
15
1514 *1414 18
440
4% 1s8 preferred
100
*95 143
8
4 *958 1434 *1014 143 *1014 143 *1014 143 *1014 1414
4
4
4
100
4% 341 preferred
91
9114 91
924 92 92
901: 92
89
9012 89
90
2,400 Columbian Carbon v t o --No Par
7
513 7913 761 81
/
4
7712 7912 76
7712 7414 76
747 7712 11,900 Oolumb Pict Corp Vs o---No Par
8
77
4
8
74 8
3
71: 7 4
712 734
3
74 8
714 713 25,400 Columbia Oas & Elee__-_No par
73
7314 7314 731_ 731s 74
7412 7412 7414 75
7312 75 4
3
2,100
Preferred aeries A
100
70
70
70
7012 *66
*66
74
74
*66
*66
74
74
50
5% preferred
100
48
4814 48
4812 48
4858 48
4813 4712 483
8 477 4818 8,800 Commercial Credit
8
10
25
7 let preferred
%
50
25
Preferred B
-- ----___
____
_ ____
____
_ ____
_
6ll% first preferred
100
s114 114 *11312 1137 11312 113
;
-- -12 1133 113; 11314 113
-14 112341123* 700 54% preferred
4 - -7
$ Per
233
Fangs SW/ Jars. 1
On Basis of 100
-share Lots
Lowest
$ NT Mars
2511 Mar 12
34 Mar 15
9 Feb 23
31 Mar 12
20 Jan 14
87 Jan 10
314 Apr 30
1214May 15
2738July 3
80 Mar 28
48 June 25
24 Mar 22
11212 Jan 7
1617 Jan 2
8
53 8 Apr 20
3
Highest
July 1
1933 to Rang.for
June30 Year 1934
1935 -High
Lore Loy
8 per share 3 perch $ per sac,'
/
1
191
15
4 304
29 4 Feb 18
3
74 Jan 7
34
3114 111
/
4
21 May 22
9
1014 1752
52 8July 10
7
2614
2914 603
2
4May 20
243
1412
1714 241
/
4
100 May 9
63
/
1
4
67 924
/
1
5 Apr 16
314
2.,
Is
1618Ju1y 9
61
:
83
4 211
/
4
2814
303
8June 18
8312 July 9
60
Vils 78
31
48 June 25
38
45
22
284 Jan 7
247
8 45
126 May 20
90
95
115
222 June 6
85
9514 161.,
573 Mar 8
8
454
5018 57
200
314
314
1518June 1 1814 Jan 7
9
93
8 18.
1
66
684 1021:
101 Jan 3 10512 Mar 15
9 Mar 13 194June 26
/
1
9
281
,
10
74
4Ju1y 12
693
69 4 Mar 13 1003
4
94
3
7h Feb 15
5
9
5
634 Jan 10
54 Jan 21
12 Mar 13
h
3
/
1
4
83
.
5
5 Mar 14 2812 Jan 21
104 32
4
165
103
8 403
103 Feb 28 1954 Jan 8
4
2
331,
13
7
7 Feb 26 1612June 17
658 Mar 9 13 Jan 8
65
8
11
30
45
58
7714
67 Jan 15 93 June 12
171s
314 415*
3 4 Jan 16 81 July 8
0
38
3
/
1
4
814July 5
6
/ 191
1
4
3 Mar 13
,
282,
4
52
3518
3 Mar 13 755 July 12
513
31
31 Mar 15 7012July 8
41
71
8July 9
185
1114
8 4014
394 Jan 2 485
22
334 3012
29 Jan 5 3212May 14
4May 13
32
5212 Jan 7 593
88
63
23
24
2912 Jan 3 33 Jan 25
3012
85
4June 13 11814May 13
914 110
1093
112 June 27 11414July 2 112
/
1
5738May 2 60 May 22
4
57
32
32 May 2 3212June 5
..-- 63 4 643
3
4 ----------------di% 1113ig 6712 14,850
li8i8 No par 5614 Feb 7 6814June 24 "224
36
/ 61
1
4
*112 11314 *112 11314 *112 11314 11214 11214 112 11214 112 11218 1,200 Comm Invest Trust
Cony preferred
8411
:
91
No par 111 Mar 13 1151 Jan 29
114
4
107 20
4
198 205
1938 1978 191: 194 22,400 Commercial Solventa
197 2054 1912 20
8
/
1
4
7
153
No par 17 Mar 13 23 a Jan 7
4
152
4 36
/
1
4
112 13
4
112 15
8
: 158 36,300 Commonwith & Sou
112 13
11
4
112 13
4
15
8 13
4
3 Mar 6
4
1'4 July 5
No par
8
4
1
32
4
5212 51
52
515
8 511 524 52
/
4
4
5038 8,600
53 8 493 5278 50
3
36 preferred serles
8July 10
294 Jan 4 533
No par
173
4
3111 5254
914 *
*6
64 954 •
Conde Naas Pub., lact__No par:
614 914 •64 914 *614 914 *614 914
/
1
54 Mar 18 10 May 17
5
5
1344
.3612 26
357 36
8
36
36
354 3518 3512 2,000 Congoleum-Nairn Ino____No par 27 Mat 15 363
/
1
3514 354 35
4June 14
164
22
351
8
*123 127
4
8 1234 123
4 127 13
*1258 13
2
1
13
*12
*127 1318
8
400 Congress Cigar
8May 16
714
No par
9 Feb 7 147
7 4 1412
3712 3712 38
3812 *3914 42
4312 4413 43
43
45
42
680 Connecticut Ry & Lighting_100 23114 Mar 1 45 July 12
2354
32
61
*4954 - - *4054 5112 5112 5112 *5018
55 55
- *53
60
30
Preferred
41
100 41 Apr 2 55 July 12
55
58
74 7 4
3
73712 74
73
4 8
7 8 77
7
78 8
7
74
8
7 4 -- 3
3
800 Consolidated Cigar
No par
7 Mar 14 1012 Jan 9
514
514 133
2
*69
71
*69
71
*69
*67
71
69
71
71
69
*67
10
Preferred
100 62 Mar 28 74 Jan 24
3014
81
70
*74
78
*75
78
78
78
77
77
77
77
*74
7812
50
Prior preferred
4514
100 71 Apr 2 82 Feb 28
6514 747
8
*7514 - - *7514 77
*7514 77
*7638
77
77
30
77
77
Prior met ex-warranta
100 73 Mar 28 80 Mar 6
4514
70
69
48 1
,
'8
4'8 4'8 *4
4
418 413
4
41
4
/
4
"4
800 Consol Film Indus
312May 31
74 Jan 16
1
8
15
8
15
61
/
4
16
1614
16
161 16
/
4
1614 1614 1612 157 165* 157 16
2
2
3,300
221 Feb 15
/
4
Preferred
1414May 31
No par
74
3
103
1 204
/
1
2618 2612 26
2612 2614 263
5
4 2612 2718 25 8 2612 2512 25% 47,700 Consolidated Gas Co
No par 15 Feb 20 2754 July 2
/
1
4
157
8
184 4712
985 985
8
8 9812 99
99
9912 99
993
8 3,100
993
8 9914 993
4 99
4Ju1y 10 s71
Preferred
No par 721 Feb 23 993
/
4
171
90
*2
24 *2
/
1
24 *2
/
1
2
218
2
*2
218
2
2
300 Coneol Laundries Oorp_.-No par
14 Mar 12
2 Jan 18
/
1
4
112
14
4
/
1
4
84 814
814 838
814 83
818 814
81 814 25,300 Congo' 011 Corp
/
4
8
/
4
8
81 83
64 Mar 13 1012May 17
No par
64
74 141
/
4
*1103 11218 *1107 11118 *1107 11118 1107 11118 *1103 1117 *1103 1121t
4
8
8
4
4
8
8
300
8% preferred
100 1084 Feb 5 112 Jan 28 103
108
1124
414 414
4
/ 48
1
4
,
4
*33
3
4 4
.3 4 4
4
500 Consol RR of Cuba pref
*33
4 4
5 May 14
24 Jan 25
100
24
2
/
1
4
64
1
12
4
8
4
2
5
53
8
53
4
8
6
8
*12
58
*12
12 Mar 12
5
8 1,000 Consolidated Textile
12
14 Jan 5
No par
14
21
/
4
10 8 1012 1012 103
3
4 10
10
10
10
/
1
1012 104 1012 10
3,200 Gontalner Corp class A
30
83
4June 5 13 Jan 10
/
1
4
414
618 133
4
3
/ 314
1
4
3
/ 34
1
4
314 314
*314 3%
3
/ 34 314
1
4
354 1,500
Class B
2
2 8June 10
7
No par
518 Jan 9
33
s
Me
*614 612
5 2 614
7
6% 614
6
*6
6
614 1,900 Continental Bak elms A- Nova
614 614
714June 13
44
5
/ 1458
1
4
, 44 Mar 13
3
4
3
4
3
4
/
1
4
3
4
3
4
*3
4
7
8
3
4
3
4
7
8 2.500
Class B
3
4
5 Apr 1
8
14June 13
No par
la
7
a
Vs
*59
5912 59
5912 5912 5912 5912 60
*5912 6014 595* 6014
800
Preferred
100 4614 Jan 28 6014July 12
4414
4414 64
867 88
8
8712 881 8714 88
/
4
8714 87
8
/ 853 8712 855 8578 7,700 Continental Can Inc
1
4
4
30 62 4 Jan 15 8818July 8
3
37
56 4 0614
4
*10
105* 1014 103
4 1014 1053 1014 1014 *1018 1012 1012 1012 2.000 Cont'l Diamond Fibre
7 Jan 15 10 4May 23
3
5
6
8
118
4
37 37
363 363
4
4 37
375* 3712 377
8 373 37% 3712 3712 3,900 Continental Ineuranoe
s
8
2.50 287 Mar 13 37* July 10
20
33 8 3614
3
7
r4
1
7
4
4
7
8
1
7
8 1
/ 1
1
4
7
8 1
3,300 Continental Motors
NO par
14 Jan 8
/
1
3 Jan 2
4
/
1
4
3
4
23
8
2113 213
4 2118 213
4 2114 2112 2114 2158 211 2112 2012 2153 16,800 Continental 01106 Del
6 154 Mar 14 23 May 23
1214
153
4 223
4
53
5312 5312 54
535* 54
5312 5414 5314 545* 5312 54
1,050 Corn Exchange Bank Trust Co 20 413 Mar 11 515
8July 11
4012
4
4012 51
763 765
8
8 765 7738 7738 7814 78
8
7814 767 7712 9,500 Corn Products Relining
783
8
8 77
8July 10
25 62 Feb 6 783
554
564 8414
.
.,150 162 *155 162 *155 162 *155 162 *155 162 *155 162
Preferred
100 149 Jan 2 165 Mai 23 133
1504
136
412 412
412 45
8
45* 41
412
412 458
412
4
2,700 Coty Inc
42 43
No par
/
4
878 Jan 3
41 Mar 13
353
314
98
7
383 387
4
8 38
/ 39
1
4
384 38
/
1
8 3812 3834 3812 3812 2,200 Cream of Wheat otts
/ 387
1
4
/ 38
1
4
8
No par 35 Jan 15 397 Mar 4
/
1
4
23
28
11814
*1338 14
*1318 14
14
14
*133 14
14
4
1414 1414 14
300 Croeley Radio Corp
4May 14
No par 121 Jan 15 163
:
7
8
171s
33
337
4 33 5 343
7
4 3414 3518 3514 36
343 3534 35 35
4
6.800 Crown Cork & Seal
No par 2312 Mar 14 36 July 10
183
4
HA 3614
4714 4714 463 463 *46
4
4
46% 4612
47% *465 47% 4614 4612 0
400
$2.70 preferred
No par 43 Jan 4 473 Apr 20
/
1
4
4
32
31511 4414
*744 7512 *7612 86
*761 82
81
:
81
*744 82
*7814 80
200 Crown W'mette Pap let pfNo pa' 7413 Mar 13 86 Jan 11 'p40
47
84
4
4 18
4
3
/ 33
1
4
4
4
3'2312
353 312 *312 33
418 3,100 Crown Zellerbaok v t a... No par
313 Mar 18
3
/
1
4
5 Jan 10
/
1
4
3
/
1
4
63
8
2014 21
2053 22
:
2114 22
2134 22
201 21
203 203
4
4 5,500 Crucible Steel of America_.
--100 14 Mar 15 254 Jan 7
/
1
14
17 .38 .
/
1
4
64
64
664 67
/
1
68
4 6712 683
6714 1,200
4 67
69
883
68
/
1
4
Pyelerred
100 4712 Apr 12 69 July 9
80
44
71
1
1
118 148 *118
118 *1
1%
114 *118 1%
114
1
4
314
r
a
400 Cuba Co (The)
No par
I Jan 28
15 Feb 19
8
*61 854 *658 814 *63
/
4
2 814 *653 814 *6% 8
6% 65*
20 Cuba RR 6% pref
3
5 Jan 5 10 May 15
100
3
/ 1012
1
4
*61 61
/
4
/
4
61 63*
/
4
612 614
614 6% 5,100 Cuban-Ameiloan Smog
8
64 612
64 63
/
1
4
9
/
1
4
811May 13
10
34
213
5 Jan 2
6813 71
70
7014 70
6612 6918 68
68
71
13912 70
920
Preferred
100 4012 Jan 3 80 4May 13
144
/
1
2018 65
3
42
42
4112 42
4214 *41
4213 4212 4217 4212 41
413
4 2,400 Cudahy Packing
50 40 May 3 4713 Jan 2
351a
37
62
/
1
4
184 1813 184 187
/
1
/
1
8 187 1912 1912 19% 19
1934 195 1958 3,000 Curtis Pub Co(The)
8
No par 15 Mar 15 22 Jan 8
1312
134 29
/
1
4
/
1
4
104 104
1037 10418 104 10412 104 104
8
/
1
4
103 104
10412 10411 1,100
Preferred
No par 8912 Mar 14 10514Ju1ie 13
4312 95$4
884
24 258
24 214
/
1
2% 2%
2% 23* 11,900 Outt128-Wtlahl
2% 24
2% 214
1
2
2 Mar 12
3 Jan 2
24
$14
714 Ps
714 7'2
73
73
8 712
712
712 7%
16,100
Class A
71, 8
1
614 Mar 15 104 Jan 2
34
3
/
4
514 121
*8313 85
*8312 95
*8312 95
*8312 95
*83
95
*83
95
Cushman'/ Sone 7% Pref - .100 73 Mar 23 8312June 12
73
754 91
*62
75
*62
75
*62
/ 75
1
4
*6214 75
*6214 75
*6214 75
8% preferred
No par 61 June 8 s7014May 17
04% 90
61
2014 2014 2012 203
4 21
221: 22
8 22
213
8 2112 225
23
8,000 Cutler-Hammer Inc
No par 16 Mar 13 23 July 12
II
94
2112
*7
714 *67
8 714 *Vs 714
800 Davega Stores Corp
7
7
5
7
6 June 7
8 Feb 14
/
1
4
54
7
6
81
4
28
77
2814 2814 2953 29
2812 29% 2814 2853 13,300 Deere & Co
297
3018 29
No par 2234 Mar 18 81 Feb 18
104
1018 3418
243 243
4
4 2518 26
2612 261* 2653 263* 2638 7,900
26
2612 26
Preferred
20 19 Jan 15 2612July 9
104
/
1
104 1914
*29
294 2934 30
/
1
2912 31
/
4
/
1
3012 311 2912 304 293 303
4
4 5,900 Delaware & Hudson
100 231s Mar 26 4312 Jan 7
2312
35
734
1418 1414 13
/ 14'2 1412 151 141 144 144 1418 1418 1453 7,000 Delaware Lack &
1
4
/
1
8
/
4
Western---50 11 Mar 13 194 Jan 7
11
14
333
4
*158 21
*14 214
2
2
.2
214 *2
212 *2
4
212
100 Deny & RIO Or West pref
100
434 Jan 8
11 Feb 27
/
4
112
3 4 1314
3
9114 92
914 92
/
1
92
9118 913
9012 91
4 93
92
93
1,700 Detroit Edison
100 65 Mar 13 9412June 28
55
6314 84
*112 512 *112 51
*112 Big *1% 512 *112 512 *112 512
Detroit & Mackinao Ry Co.
-100
23
4May 1
6 Jan 17
23
4
5
7
*5
74 *5
71
.5
1
.
74 *5
712 •5
5% non-cum preferred
712 *5
713
100
112
6 June 28 1212May 1
10
1814
38
38
*3618 39
*363 373
4
37
3712 38
37
4 36
36
600 Devoe & Raynolda A__--No par 36 Mar 22 50 8 Jan 2
1
20
29
55 4
,
*118 12012 12012 12012 *118 12012 118 12012 *118 12014 118 118
20
let preferred
100 11412 Mar 8 12012July 8
8912
99
117
*331 35
/
4
34
35
35
35
3614 3614 35
*3412 347
35
800 Diamond Match
2
No par 2612 Jan 2 3614July 9
21
21
2
811
38
4 3854 *39
39 2 *3918 3012 *8914 3912 3912 3912 3912 3912
,
300
Participating preferred
25 3438 Jan 7 4112May 3
275
8
2814 3412
3814 3814 373 3814 3712 38
4
7
8 37 8 3812 38
3814 4,400 Dome Mines Ltd
3712 375
No par 3418 Jan 15 431
:May 17
25
82
4814
67
67
7
6
/ 63
1
4
7
4 *61 7
/
4
6% 672
6%
7
700 Dominion Stores Ltd
No par
63
4May 29 12 8
5
63
4
11
23
25
2512 2434 253
4 25
2614 2714 21334 83,200 Douglas Aircraft Oo Inc No par 17 Mar 12 283 Jan 28
8 2512
263
255* 25
4July 12
12
1118
1414 284
/
1
*1912 20% *1912 2012 2012 2138 2112 2112 21
21
*20
21
800 Dresser(BR)Blfg oonv A No Par 1312 Mar 15 23 May 23
8
/
1
4
8
20
8
8
*8
812 *8
*8
814 814
81
8
812
8
300
Convertible elan B
No par
63 Mar 18
8
98May 24
5
38
3
5
114
*14
/
1
4
*14
/
1
4
*14
3
4
14
14
014
/
1
4
"4
100 Duluth S S & Atlantio
3
8
14
100
14June 13
/ Jan 9
1
4
5
8
1'8
*14
52
*1
/
4
1
4
•
/
1
4
3
4
4
*
/
1
4
"8
"8
3
3
3
4
Preferred
4
100
14June 21
12
2112
h Feb 13
*214 212 *238 212
*238 3
25* •238 3
23* 23*
2
200 Dunhill International
2 June 6
1
2
54 Jan 18
3
111
/
4
*14
161: *1414 15
15
15
14
*14
14
15
*14
15
200 Duplan Silk
No gar 123
4May 21
1713 Jan 8
123
4
13
23
*10812 114 *1081: 114 *10813 114 *109 114 *109 114 *109 114
Preferred
100 103 Mar 20 10912May 22
92
92
110
1037 10418 1035 1053 1043 106
8
4
3
3
10412 1055* 10312 105 4 104 4 1065* 20.900 DuPont deNemellre(E.I.)&00.20 885 Mar 18 1065
8
8July 12 et 597
8 100
10378
*1283 12912 *1283 129 *12712 1283 1273 128
4
4
128 128
128 12818 1,000 6% non-voting deb
4
4
4
100 1267 Feb 8 131 Apr 22 1044 116
/
1
1281:
*112 ____ *112 ____ *112 ____ 1131 11312 114 114
112 112
:
50 Duqueene Light lel pref.-100 104 Feb 18 114 July 11
85
107
90
*12
.12 _ _ •12 _ _ *12
_ _ 4
•12 ---_ _ _ _ Durham Hooter, Mills pref-100 1712May 16 23 Mar 6
•12
13
21
80
55 1;
8
3
53
4 -3
6
6
118 6 "6
5 4 ---3
53
4
513 5
5
:300 Eastern Rolling Mills
5
3 4 Mar 13
3
8 Jan 7
313
44 124,
150 150
1491 1503 150 152
/
4
8
150 15114 14914 15012 14812 149
6,000 Eastman Kodak (N .7)___No par 11011 Jan 16 152 July 9
654
79
1104
*157 158
15712 15712 15513 1571 *15553 157 *15512 157
157 157
80 6% cum preferred
100 141 Jan 4 16112June 25 120
120
147
213 2218 211 2212 22
4
/
4
22% 221 2212 19,300 Eaton Mfg Co
225* 22% 223
8 22
No par
165 Jan 15 225
8
8July 9
10
121 221
/
4
*4
438 *4
:
4
/ *4
1
4
4
4
*4
43
8 *4
438
4
/
1
4
100 Eitingon SchUd
No par
3 Mar 27
/
1
4
7 Jan 4
/
1
4
34
6
19,
4
2314 235
8 2353 243
4 245 253
8 2412 25% 2413 2553 253* 2618 89,600 Mee Auto-Lite (The)
IS
193
8June 1 29 Jan 3
15
111
/
4
314
110 110
111 111
111 111
220
11012 11012 11053110', 11012 11012
Preferred
100 107 Jan 23 112 Apr 28
75
BO
11013
518 55*
8
58 512
53
8 5%
5% 5 8
52* 52
7
5
/ 57 31,000 Electric Boat
1
4
3
3
32* Mar 15
6 Jan 7
/
1
4
3
3
71,
54 5
1
/
1
4
58 58
7
7
5
/ 5
1
4
/
1
4
53
4 53
4 •5
/ 51
1
4
900 Elea & Mus Ind Am shares
/
4
e
57
8 57
Ms Feb la 34 412
5 4July 2
3
414
92
4
34 312
3
/ 3
1
4
2
/
1
4
/ 3
1
4
/
1
4
2
/ 3
1
4
5,900 Electric Power & Light -No pat
34 314
318 314
14 Mar 15
3 8July 5
5
14
2
/
1
4
9
1512 153
4 15% 157
8 15
1538 16
15
16
1614 157 1612
10,600
8
Preferred
No pat
3 Mar 13 1658June 22
3
/
4
658 211
*1312 13% 1312 137
2 13
135
14
/0 preferred .
5,100
133 1412 1314 1312 13
4
vo fur
21: Mar 13 141g July 2
211
6
19
For footnotes see page 230
New York Stock Record-Continued-Page 4
234
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 13 1935
Rano discs Jan. 1
On Baits of 100-staro Logs
Lowest
Highest
Aug 1
1933 to Range for
June 30 Year 1934
1935
Low Low
High
i Per Share 8 per r4
Par $ per Mare
8
No par 39 Mar 21 4912 Jan 7 35 337
Elea Storage Battery
/ Jan 10
1
4
14
14 Mar 29
No par
:Elk Horn Coal Corp
58
13 Jan 10
8
53 Apr 1
50
6% Dart preferred
45
/
1
4
50 52 Jan 16 6514June 14
Endloott-Johnson Corp
/
1
4
100 125 Jan 10 132 Apr 23 112
Preferred
11
/
4
8June 19
35
14!Aar 16
Engineers Public, Serv____No par
1018
No par 14 Mar 19 37 July 9
85 cony preferred
11
No par 1412 Feb 7 3712July 8
8534 preferred
12
No par 1512 Mar 19 3712July 6
RI preferred
5
8May 17
57
5 Jan 7
-No par
Equitable Mice Bldg...
712
718 Mar 20 14 Jan 4
100
Erie
84
14
84 Mar 26 17 Jan 4
100
First preferred
834
63 Mar 12 13 Jan 7
4
100
Second preferred
60 6911 Feb 18 70 Feb 2
50
Erie & PIttabUrg12
5
83
8
6 104 Mar 19 125 Feb 19
Eureka Vacuum Clean
3
6 15 May 7 284 Feb 21
Evans Products Co
2
5 Jan 18
2 Am* 30
Exchange Buffet Corp-No par
5
2 Jan 19
/
1
4
2
8
3 Mar 26
25
Fairbanks Co
9 Jan 18
/
1
4
312
4 Mar 19
100
Preferred
4
/
1
4
3
Falrbanka Morse & Oct-__No par 17 Jan 11 25 8 Apr 22
25
100 72 Jan 17 113 July 2
Preferred
4
3
5 2 Mar 15 1412July 10
15
Federal Light & Trao
33
No par 48 Jan 8 81 July 12
Preferred
Federal 541 & smelt 0
,
D____100 40 Apr 3 72 Apr 26
40
6
%M: 22 I. 50
;4
0 2
234
Aa 1
100 54 mpr 23 95
Preferred
34
Federal Motor Truck _.,No VW
1
41 Jan 7
/
4
2 July 6
Federal Screw Works--No par
138 Jan 7
4 Feb 25
/
1
4
-No par
Federal Water Berv A...
201:
16
,
Federated Dept Stores_ -No par 164 Mar 29 2058
n 7
Fidel Phen Fire In, N I- -2.50 2812 Mar 14 3714 July 10
18
Filene's(Wm)Sons Co__.:No par 16 Apr 9 2312 Jan 8
100 10614 Mar 6 114 July 3 z85
6%% preferred
134
10 134May 2 1818 Jan 7
Fireetone Tire & Rubber
6718
/
1
4
100 84 Apr 8 95 June 25
Preferred series A
45114
5
Fleet National Stores--No par 45 4May 6 5714June 22
1238
Feb 21 23 May 9
Florsheim Shoe class A-No par 19
2
13 Jan 7
/
1
4
214 Mar 8
No par
:Follansbee Bros
'
per 2014 Jan 15 43 July 8 7 10'4
Food Machinery Cor1) NO
84
/
1
Ws Mar 15 174 Jan 2
No par
Foster-Wheeler
444
3
No par 60 2 Mar 15 83 July8
Preferred
3
8June 7 10, Jan 7
25
8
25
No Dar
Foundation Co
164
4
1 193 Mar 21 2918July 12
Fourth Nat Invest w w
814
8 Mar 15 1712July 12
/
1
4
No par
Fox Film class A
20
Fkln Simon & Co Inc 7% Pf--100 3014 Apr 2 4812July 10
1714
10 1714 Mar 18 2812May 23
Freeport Texas CM
100 11212June 2 12013 Jan 22 11212
Preferred
1212
pref-No par 15 Mar 13 26 May 21
Fuller (0 A) prior
42
4
4 Mar 13 12 Jan 24
/
1
4
No par
86 2d peer
218 Jan 3
28May 21
78
No par
Gabriel Co (The) ol 4,
958 A nr 22
7
7 Mar 3
pa
No
Gamawall Oo (The)
812July 9
512
512Mar 1
No par
Gen Amer Inveetore
6412
4
No par 843 Jan 10 100 June 24
Preferred
25
/
1
4
5 3253 Mar 12 4214July 12
Can Amer Trans Corp
113
4
4
10 113 Mar 15 1918May 25
General Asphalt
61
/
4
93
8Ju1y 9
788 Mar 29
5
General Baking
No par 115 Jan 10 133 July 2 100
88 preferred
714May 23
5
54 Mar 4
5
General Bronse
43
4May 17
2
2 Mar 20
No par
General Cable
4
4 Mar 26 10 May 17
No par
Claus A
14
100 19 Mar 14 4612May 16
I% 011111 preferred
244
No par 50 Mar 25 6312July 9
Lieneral Cigar Inc
97
100 1274 Jan 2 143 May 21
7% preterred
No par 204 Jan 15 2718June 24 • 16
General Electric
114 Jan 3
11
10 11 Jan
Special
8
28
NO par 324 Mar 15 372 July 8
/
1
7
.13
/ 364 1718 14,400 General Foods
1
4
8
37 8
362 3714 364 -- -7
8
/ 3 8 ai - - -3- 502 3714 51 4 37
1 74
/ Jan 14
1
4
53 Feb26
No par
82
8
2
32
12
32 1,900 Gen'l Gas & Elea A
*3
8
3
2
3
8
12
12
12
453
5
/
1
4
No par 10 Mar 16 15 Apr 6
4
Cony prat lodes A
100
4
*133 1412 *1314 143 *1213 143
4
•1212 1418 1414 1414 *1212 15
684
No par 11 Mar 5 164 Apr 6
17 pref class A
51314 15
*1314 15
513
/ 15
1
4
51212 16
513
15
51212 15
74
/
1
3
No par 15 4 Jan 15 18 Apr 6
$8 prat class A
*1314 16
*1314 16
*133 16
4
*1212 16
*13
16
*1212 16
4
*
5518 Apr 20 613 1118b 5 3 54
Gen Rai Edison Elect Corp
8
8
3
/
4
5-, 571 '- _-- 573 *---- 575 *--- 5753 *---_ 575 *____ 5758
51
1
No par 597 Feb 6 7012July 8
693
4 3,000 General Mills
7012 7012 6912 7014 268
70
70 7012 70
70
70
/
1
100 116 Jan 3 1184 Apr 23 10012
Preferred
200
*11712 1184 11712 11712
*11714 11712 11714 1174 *11712 11818 *11712 11818
'
8
10 265 Mar 13 363 July 12 7223e
8
8
342 363 250,000 General Motors Corp
8
8 343 35
3412 3418 347
8 34
8
335 337
8
8 335 343
84
No par 11074 Jan 4 11712May 7
85 preferred
1153 1157
4
8 2,400
3
4
8
11414 1143 115 1153 115 4 116
1133 113
4
/ 114 115
1
4
84
No par 10 Mar 20 1312May 10
8
8
Gen Outdoor Adv A
*1212 1318 *1212 1318 *1212 1318 *1212 1318 *1212 127 *1212 127
4 Mar 21
314
3 Jan 9
/
1
4
No par
Common
600
3
4 312
8
/
4
34 312 *314 31 5314 312 *34 33
*313 37
2
/
1
4
1012
No par 17 Feb 5 3312July 10
2
323
4 317 3218 3,980 General Printing Ink
3212 3312 32
8
3113 313 33
/
1
3018 304 3014
6114
No par 9312 Jan 22 108 May 21
36 preferred
270
105 105
105 105
4
4
10512 10512 1053 1053 105 105 5104 105
2s July8
14 Mar 13
No par
14
7
24 2 8 *212 272 1,500 Gen Public Service
8
23
4 27
8
27
8 27
212 27
8
238 23
8
8July 12
15 8
8
5
Nova? 155 Mar 13 823
323
8 3,700 Gen Railway Signal
30
3114 31
30
294 303
4 30
3038 3038 2978 30
80
100 80 Jan 2 103 July 10
Preferred
10
103 103 "10112 107 *10112 107
*9913 10712 *102 1071 *10113 104
/
1
4
2 May 24
3 Apr 2
4
1
138
11 2.300 Gen Realty & Militia'
/
4
11 113
/
4
112 112
112 153
11 13
/
4
8
158
158
8May 24
10
4
No par 143 Mar 20 2153
1,300
21
88 preferred
2012 204 2012 *20
2112 213
4 20
*2013 22
21 ,21
8July 9
/
4
No par 161 Jan 30 233
812
2214 13,500 General Refractories
8 22
4
8 213 223
2234 2338 2212 222
213 2112 2214 23
8
74
------------------------9,400
Voting trust oertife--No par 164 Jan 15 23 July 9
22
/ 2238 23
1
4
2118 2138 2112
14
480 Gen Steel Castings prat .,.No par 14 Apr 13 32 Jan 22
2513 27
25
*224 227
8 24
24
24
24
23
52212 23
2May II 3 712
1534 12.100 Gillette Safety Rasor--No par 12 Mar 14 185
3
4 1512 15 4 15
8
8 1512 154 155 153
8 154 155
1512 153
454
Nova' 7012 Jan 4 8712May 8
Cony preferred
8614 2.000
8612 86
86
86
8614 86
86
86
86
86
86
3 Jan 4
/
1
4
218 Mar 13
No par
Da
4,500 Gimbel Brothers
3
3
2 4 318
3
/
1
4
8 2
4 525
25
8 23
234 2 4
3
2 3 258
5
Mar 27 283
4July 11
100 18
1312
Preferred
600
283 283
4
4 2814 2814
8 27 27
8
2512 2512 2618 2618 *253 267
3
12
NO par 233 Feb 7 32 June 15
293
4 284 294 22,500 Glidden Co (The)
/ 293
1
4
4 29
/ 27
1
4
2712 27
28
2813 2738 284
.
7
805
100 104 Jan 2 109321June 10
8
Prior Preferred
160
4
108 108 *108 1083 10813 10812
108 108
4
*108 1083 108 108
43 Jan 25
4
Ds Apr 26
113
5
158 1,100 :Gobel (Adolf)
112
113 112
*18
4 17
8
Ps 14
4
15
8 13
l7
2
No par 143
8
8MaY 2 18 Jan 7
2 4,400 Gold Dust Corp via
143
1612 1658 1612 167
165 17
8
4
17
1714 z163 17
17
17
9612
No par 11112May 3 120 June 29
16 oonv preferred
_ - *116
*116 - __ *116 - _ *116_ - *116 _ - •116
/
1
7 Mar 13 114 Jan 7
/
1
4
No par
9,000 Goodrich Co(B F)
72
7
/ 8
1
4
7
/ -1 8
4
- 8
53
8
512
7
/ 1
1
4
8
118
814 13
/
1
264
100 40 Mar 15 544 Jan 8
Preferred
3
8
4418 433 4312 4338 43 4 2,200
44
4314 45
/
4
43
4412 431 44
/
1
4
1534
4
, 195 204 1918 1912 1918 193 34,100 Goodyear Tire & Rubb-No par 153 Mar 13 284 Jan 7
8
3
8 1953 203
185 183
8
4 183 195
No par 70 Apr 11 92 Jan 10 13 5318
2,300
let preferred
4
784 773 7814 7814 7814 7814 80
7714
76
77
77 77
54 Jan 3
2 Apr 4
/
1
4
212
No par
4
300 Gotham Silk Hose
4
*37
8 418
4
4
3
/ 378
1
4
4
/
1
4
44 *4
*4
20
100 20 Apr 3 50 Jan 3
Preferred
20
*3213 3413 3212 3212
*3213 35
/
4
*321 34
530
4
/ 35
1
4
*303 33
314 Jan 3
114June 25
1
114
13
8 112 7,600 Graham-Paige Motors
*112 158 *112 118
112 112
13
8 112
13
8 112
83 Apr 25
4
4
54 Mar 19
/
1
-100
7
/ 818 3,300 Granby Cone AI 8m & Pr...
1
4
7
/ 73
1
4
2
57
/ 8
1
4
73
4 8
3
3
74 74
54
7
/ 7
1
4
5 Jan 7
2
/
1
4
214 Mar 15
1
/
1
4
/ 3
1
4
3
313 314 1,300 Grand Union Co tr etre
34
34 318 *3
318 34 534 312
4
143
8
No par 1435May 20 293 Jan 8
Cony pref series
200
183
4
*18
1812 1812 *18
1912 *1812 1914 194 1914 *1812 19
No par 184 Mar 29 2514May 17
300 Granite City Steel
4
4
184
/ 223 223
1
4
4
4
2313 233 233 52214 2313 *2214 23
*22
2314 23
NO par 26 Mar 2)1 8512May 16
25
8
354 5335 3414 2,500 Grant(W TI
/
1
34
3414 3438 344 3412 344 34
34
34
8
914 Mar 19 122 Jan 7
7
/
1
4
4 2,300 (St Nor Iron ore Prop---No Dar
4
8
4 113 113
4 115 113
8
8 115 113
/
4
8 1112 1112 111 117
•113 115
8
8Mar 12 22 July 10
93
100
953
2134 46,400 Great Northern pref
2178 21
21
22
4 21
4
214 2112 203 2114 2118 213
8May 6
25
4
2914 2918 2938 283 2918 3,000 Great Western Sugar____No par Me Jan 15 323
8 2918
8 2914 295
2938 293
8 294 295
300 119 Jan 2 140 May 4
99
Preferred...
40
132 132 513018 133
•13018 133
132 132 5132 133
133 133
21
Green Bay & Weetern RR Co-100 21 Apr 12 25 June 8
40
*23
*2312 40
40
*23
*23
40
523
40
40
523
100 34 Feb 6 55 Mcy 18
18
_ _ _ _ _ _ armee Cananea Copper
75
*51
75
*51
75
*51
75
*51
551
75
*51
75
5 4714Ju1y 10 5012July 1 3 5
4,500 Greyhound Corp (The)
/ 472
1
4
8
4714 47
8 47
4712 4838 4714 475
4734 48
47
/ 48
1
4
2 4May 13
3
5
8
1 Feb 1
Na par
300 Uuantanamo Sugar
8
112 *112 17
112
112
112
112 112
8
*Ds 17
8 *112 17
100 19 Feb 16 4314May 14
7
/
1
4
Preferred
20
25
*2418 3
3
2718 25
*2718 32
2718 2718 *25
*2718 32
4 Mar 7
6 Jan 6
100
4
Gulf Mobile & Northarn
8
8 *412 57
*413 57
*412 6
*44 6
*412 57
8 *412 6
6 Apr 3 16 June 29
6
100
Preferred
200
*14
143
4
15
514
4
5143 15
15
15
•5412 155* *1413 15
No par 12 Mar 29 24 Jan 8
12
1,100 Gulf States Steel
*2012 22
8 2012 21
1912 203
1812 1812 20 20
17
17
25„
100 48 Mar 29 68 May 23
Preferred
250
65
65
83
63
61
60
57
57
53
53
60
*57
25 2114 Jan 15 29 June 22
197
8
700 Hackensack Water
2814 2814
28
*2712 2812 *2712 2812 *2712 2812 *2712 2812 28
25 80 Jan 18 34 June 29
28
7% preferred class A
260
324 *3112 324
3312 3212 3212 32
33
*3313 34
*334 34
/
1
318 Mar 13
84
814 Jan 13
No par
Hahn Dept Stores
_ ___ .._--___ ____ ____ ____
7 Jan 2' 3
/
1
4
/
1
4
4 Mar 19
10
300 Hail Printing
4
4
418
418 *4
414 414 *4
418
43
8 *4
*4
93
4Inue 24
We Apr 30
No par
38
5
500 Hamilton Watch CO
8
95
8 95
4
8 93
4 *913 93
912 912 *95
912 94
94 912
/
1
100 63 Jan 4 8512July 9
20
Preferred
80
83
82
83
8512 83
8512 8512 *82
90
*81
95
*81
77
860 Hanna(M A) Co 87 Pf-No par 101 Jan 2 108 June 3
2
10512 1061 105 106
10612 10634 107 107 *107 108
*1083 107
4
8July 9
12
7,500 Harbison-Walk Refrao-No par 16 Mar 15 223
2114 22
8
2238 213 22
4
8 213 2214 2218 2238 22
2112 217
100 984 Jan 7 112 June 11
83
Preferred
10
111 111 *111 - - 511112 - *10712 - - 4,10214 111 *103 111
93
4May 28
112
54 Feb 6
814 1.600 Hat Corp of America el A....-1
8
12
814 - 3
8
812
*712 8
*7
8
8
8
1412
100 81 Feb 6 105 June 25
814% preferred
190
104 105 z103 103
104 104
104 104
104 104
•104 105
„
I May 15
18 Apr 27
900 Havana Electric Ry Co ...No par
3
8
*14
3
8
3
8
12
12
18
*12
52
*12
58
*12
612May 25
212
2 Apr 17
/
1
4
100
Preferred
/
1
4
4 5
/ *4
1
4
/ *414 5
1
4
*44 5
. *414 512 *414 512 •414 51
$ per share $ per share $ per share $ per share $ per share $ per share Shares
2,500
46
46
48
4313 4313 4312 4458 45
8 48
454 4613 465
*3
8
12
.3
8
12
*3
8
12
*38
12
100
12
12
*4
12
"8
7
8
"8
7
8
"8
7
8
"8
7
8
"8
7
8
*6
8
7
8
800
8
6412 6514 56438 853
65
65
64 64
*63
6388 6358 64
90
130 130
12814 12814 12812 12812 128 128 *12614 130 *128 130
25
8 2 8 1,200
5
31
8 3
23
4 27
8 *25
8 *23
3
4 33
34 34
3414 2412 2,000
34
34
34
34
4
3 / 363
5
1
4
4 353 3613 3512 37
1.600
3414 35
4
35 4 37
3
*3413 3512 343 35
37
36
3712 36
800
*3514 3618
36
3614 36
3712 3712 *36
3712 3614 3712 36
3,300
5
5
5
54
54
5
54 514
54
54 *5
*5
3,000
8
8
84
*8
838
8
7 8 84
7
7 s 812
7
84 812
700
11
8
8
*1018 113 *104 113 *10
11
11
1014 1114 *1012 11
100
712 712
712
8 *7
8 *712 84 *714 85
437
8 812 *712 85
_ _ __
_ *63
_ 563
563 *63
.. *63
5
63
11
1
*1113 11 4 1112 1112 1112 11 4 1114 1114 1138 1158 1113 - 12 1,000
1
8 4,100
2018 2018 1912 195
8 1912 2012 1914 1958 1918 1912 1914 193
25
8
258 *2
23
4 *2
278 *2
278 *2
*2
27
8 *2
*7
13
114
*7
8 114
* 8 112
7
*8 112
7
*7
8 112
*7
8 112
100
6
54 514 *5
54 54
*5
6
*514 6
*514 6
6,100
4
8
4
4 203 204 203 21
2038 203
4
4
4 203 2114 203 2114 203 203
70
112 11212 11212 11212 1124 11212 113 113
11214 11214
*110 113
1414 6,200
1312 1412 134 1412 14
1218 1214 1212 13
.1214 13
120
8018 81
80
80
80
*77
*7614 80
763 7638 *7614 80
8
*50
63
63
*56
63 .50
63
*57
*57
62
*57
BO
83
*75
83
83 *75
*75
575 83
*75
83
575
83
1,100
54 6
55
8 53
4
4
53
4 53
4 5.312 53
53
4 53
4
*55
8 6
400
238 238 *24 214 *218 214 *218 214
*218 23
2
2
8
800
118 118
/
4
118 114 *118 11 *118 114
11 14
/
4
114 114
185
8 1,100
1814 1814 18
173 18
4
1712 1712 1712 1712 *1712 18
3,700
3612 37
37
4
363 3714 37
4
364 363
4 3614 3612 363 37
60
1912
1914 1914 *18
19
19
*18
19
*18
19
518
19
20
113 113
113 113
*112 113 *112 113 *112 114 *112 114
2,300
147 15
8
15
15
15
154 15
15
1412 1412 1414 15
4 943 943
4
4
4 2,800
4
8 943 943
4 943 947
4
4 943 943
*945 943
8
4 9414 943
/ 5414 5414 5414 2,400
1
4
54
541 53
/
4
5413 534 54
*5312 54
/ 54
1
4
2214 *21
2214 •21
2214
2214 *20
2214 *20
•21
2214 521
700
25
8 24
8
213 212 *24 27
/
1
4
/ *212 2
1
4
2
/ 23
1
4
4 52:8 2
4212 4212 4212 1,500
423 4234 *42
4
8
422 43
42
/ 4212 4234 43
1
4
1414 1412 3,200
4
1514 143 15
1512 15
15 8 1512 153 1512 15
3
8
*7112 80
100
82
80
82
*76
*8114 84
82
837
8 82 82
358
358
312 353 1,900
4
*35
8 33
3:8 4
8
3
/ 35
1
4
8
*314 33
291 5,900
/
4
2858 28
8 28
2812 282
2712 2713 273 2818 2814 29
4
16
163
4 1614 1712 113,200
8 1618 17
1412 153
4 1514 1512 1514 163
140
49
/ 4612 4613 4812 4612 4653 *43
1
4
43
/ 43
1
4
*35
432 *39
3
2614 10,900
8 2618 2612 26
2512 265
*2558 2614 257 2638 2558 26
2
100
4 ___ *11313
__ 11618 11618 *1133
•11312
*11212
*11214
40
4
4 20 •163 I812
183 183 *163 4
4
5,165 8 20
*183 19
4
18 -18
190
8 72
8
565
/ 7
1
4
8
8
*7
8
3
7 4 73
3
8
4 574 7 4
*78
118
cl
v
/ I
1
4
300
118 118
/
1
4
78
1
1
14
712 712
270
8
8
81
8
87
8
878 *8
*8
8
8
818 814 8,700
818 814
8
814 83
84 812
818 814
814 814
9712
971 *90
*9512 987 *9512 9712 *954 9712 *954 97'2 90
8
4034 4214 13,200
4138 4038 41
8 41
4
393 4112 403 415
4
3914 391
4
8 5,900
4
8 173 183
4
183
4 173 1814 173 177
8
8 18
18
185
8 183 187
914 8,300
9
918 94
9
94
9
918
918 914
9
93
8
110
129 130 *12814 129
5128 130 *128 130 *12814 130 512814 129
64 612 1,600
64 63
8
618 6lj
614 612
65
8 65
8 *614 64
700
*35
8 3
/
1
4
4
4
34 3
/
1
4
313 312
8 3
/
1
4
312 3
/ 533
1
4
4,200
9
9
83
4 918
8
87
7
8
*618 612
612 7
900
*373 3914
4
35
3614 3612 37
*30
34
4
313 313
4
4 313 34
61
6114 3,000
62
6312 634 6314 61
60
62
/ 63
1
4
6014 60
30
*133 141
141 141 *139 142 *13914 142 *139 141 *139 141
8
0 2612 287 68,000
8
265 2718 265 2753 2614 261
8
263 267
8
8 2612 27
For footnotes gee pare 230
$ DOT abate
34
52
5
8
17
11
3
/
1
4
1
45
63
120
128
2
83
4
1012 2312
244
11
13
254
5
103
s
953 247
2
14 4 2814
1
9
23
50
68
7
144
/
1
9
2714
3
1012
1
24
Ps 1211
7
183
4
7714
80
4
1114
344 62
52
107
6 7, 98
2
8%
2
1
2%
0
3
53
3
4
314
33
23
87
13
714
63
15
2
1012
8
/
1
4
55
614
174
814
20
214
1131
/
4
14
5
118
8
558
78
80
12
613
100
5
214
414
1413
27
97
16„
11
28
lit
64
11
13
50
51
103
2458
89
/
1
4
834
34
104
734
2
2312
90
1
10
1013
10
175
8
84
47
28
5
1614
1558
83
38
3
16
9612
8
54
184
64
8
/
1
4
8812
112
4
4
28
30
106
2514
9214
89,
4
25
173
s
214
22
80
17,4
2713
1713
63
804
/
1
160,
3
334
1953
58
23
1112
87
43
/
1
4
234
14ss
1084
Ws
612
12
33
593
4
1274
2218
1214
/
1
164
1
19
21
22
62,
8
54,e
118
42
109
21
653
254
98
54
45
/
1
4
1014
3
/
1
4
264
233
8
20
4812
142
8
72
61
/
4
30
283
8
10712
94
23
120
18
62
/
1
4
4148
851
/
4
114
/
1
7112
412
13
/
1
4
84
1
40
31i4
21
28
40 2
3
84 154
/
1
1214 324
25
3514
102
1184
18
59
---- _-_4
44
7
/ 81
1
4
18,
4
5
12
3634
154 42
47
83
2012 261
/
4
27
31
34
814
3
/
1
4
94
3
33
2 114
/
1
25
63
84
1014
13
2484
87
100
14
7
/
1
4
19
/ 92
1
4
8
2
112
3
818
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Mace Jan. 1
0$ Basis of 100
-share Lob
235
Jolly 1
1933 1( Range for
June 30 Tsar 1934
1935
High
Lots Low
Lowest
Highest
$ per share $ per share i Per share $ per share $ per share 3 per share Shares
$ per Mars $ VT th 3 Per share
Par $ per share
*2
21
/
4
2
212
2
/ 24
1
4
/
1
24 214
/
1
2
/ 2
1
4
/
1
4
24 2
/
1
/ 3,600 Hayes Body Corp
1
4
2
Dollar 18
3 Jan 2
/
1
4
15
2
11
/
4
133
4
10614 10614 107 107
108 108
10914 110
108 108
108 109
1,200 Hazel-Atlas Glass Co
26 86 Jan 2 111 June 12
85
74
97
6s
*132 141 *135 140 *138 141 *13912 141
14084 1403 *13912 141
4
100 Helme (0 W)
25 127 Jan 5 141 June 4
94
101
145
*15412 160 *15412 160 *15412 160 *15412 160
158 158 *15412 160
Preferred
10
100 142 Jan 10 162 June 19 120
/
1
4
123
/ 153
1
4
227 2314 22 4 2338 2252 23
8
8
22
52 223
4 221 2212 223 2314 3,500 Hercules Motors
/
4
4
No par 11 Jan 8 2512June 18
51
4
514 12%
*8352 847
2 847 85
2
847 85
2
847 847
*8352 843
3
2
2 83 4 84
4
700 Hercules Powder
NO par 71 Mar 12 8514June 14
40
69
1314
/
1
*12314 125
123 12314 12314 12314 *12312
/
1
4
12312 1241/ *12312 ___
230
37 cum preferred
100 122 Feb 9 128 May 3 1041
4 111
126,
1
•76
79
/ *76
1
4
794 *7612 797 *7614 /
1
8
77 77
79
79 200 Hershey Chocolate
79
/
No par 73 Apr 4 813 Jan 10
1
4
4
44
484 73 4
8
*11112 116 *11212 115 *1137 115
8
11414 11414 114 8 1147 115 115
7
8
300
Cony preferred
No par 104 Jan 26 115 July 12
80
83
1051
/
4
1014 1012 104 1012 1012 103
/
1
4 1012 114 10 8 115
7
2 1158 1218 17,200 Holland Furnace
53* Mar 15 1218July 12
NO par
4
411
4 104
/
1
*75
7
/ 7
1
4
4 8
/
1
4
7
/ 81 *7
1
4
/
4
/ 84
1
4
5
/
1
7
/ 73
1
4
4
852 Mar 29 11 Jan 2
7
/ 713 2,900 Hollander & Sons(A)
1
4
612
5
/ 18
1
4
*106 410 40412 405 *3997 410
2
402 402 *390 410 *390 410
300 Homestake Mining
100 338 Feb 5 412 May 14 200
310 3 /
430
1
4
3814 383
2 3814 3914 387 3914 383 3954 39
3934 *3952 40
4
3,200 Houdaille-Hershey ol A -No par 304 Mar 14 40 Anr 17 • 7
/
1
4
11
84
158 16
157 183
4
2
2 16
1612 16
1614 15
52 16% 15 4 1614 34,900
3
Class B
612 Mar 13 1812July 9
No par
212
25
5
8
/
1
4
*6112 6312 *611 6212 *6112 6212 624 6212 6318 634 63 4 84
/
4
3
500 Household Finance part pf-50 49 Jan 2 64 July 12
43
43
54
1312 1312 *135 133
8
4 1312 135
8 1312 1312 *13
1312 13
800 Houston 01101 Tex taro otta-100
13
9 Mar 15 174 Jan 2
/
1
4
94
/
1
1212 293
4
214 214
214 288
214 23
8
218 218
218 214
Voting trust etre new
218 24 3,600
/
4
11 Mar 13
33 Jan 4
2
25
14
312
55
5
4812 4914 48
4 47
483
/ 49
1
4
/ 484 49
1
4
481/ 4912 4912 49
/
1
3,800 Howe Sound Co
5 43 Jan 15 58 Apr 26
20
35
/ 57
1
4
/
1
4
3
3
2
/ 2
1
4
/
1
4
3
3
27
27
27
*278 3
* 27
800 Hudson & Manhattan
4
23 Feb 27
512 Jan 21
100
23
4
4
1215
*7
/ 84 *712 8%
1
4
84 84 '712 81
/
1
/
1
00
5
200
/
4
3
/
1
4
Preferred
7 4 7 4 •7 2 8
3
8 Mar 14 1312 Jan 21
/
1
4
8
/
1
4
9
284
/
1
73
4 812
/
4
7
7
/ 81
1
4
/ 814
1
4
7
/ 8
1
4
7
/ 8
1
4
74 8
3
/ 13,700 Hudson Motor Car
1
4
64 Mar 20 123 Jan 7 81 8
4
No par
1312 2614
132 14
/
1
14 14
/
1
/
1
114
138
138
13
138
138 4,400 Hupp Motor Car Corp
8
114
114
4
10
8 Apr 5
37 Jan 7
8
8
4
Pa
714
13
1332 123 131/ 135 1452 1352 1432 1312 1334 134 13
4
2
/
1
/ 16,700 Minch' Central
1
4
912 Mar 14 1714 Jan 7
100
9
/
1
4
135
2 387
2
*19
21
2012 204 2012 2112 *2012 211 *18
20
*19
20
4
100 15 Apr 11 233 Jan 4
6% Pref series A
15
500
21
80
*52
54
*52
54
*5212 5312 *5212 531 *52
54
54
54
100
Leased lines
atm 66
40
100 40 Mar 21 5712 Jan 10
*612 8
*7
*7
*7
8
a
71
*6
7
/ •7
1
4
RR Sec Ms series A----1000
74
414 Mar 30 10 Jan 4
41
/
4
74 241
/
1
,
24 214 *218 212
/
1
2 8 2 8 *218 21
*218 212 *218 212
3
3
300 Indian Refining
218 Mar 18
10
2 4May 10
3
24
228
484
28
2858 2858 3012 29
293
4 291 2914 27
/
4
/ 2914 27
1
4
/ 2812 17,000 Industrial Rayon
1
4
No par 2312May 8 33 Jan 7 34 13
/
1
4
193
2 324
/
1
8934 91
91
92
9112 9212 911 93
/
4
90 4 914 904 9012 2.000 Ingersoll Rand
3
45
No par 6012 Mar 13 95 June 17
4912 7334
128- *128
_ *128
_ *128
. *128 135 *128
__ - _ _ _
Preferred
100 109 Jan 7 127 May 9 105
105
DP,
7012 /07- 7012 if
2
71 - -12 723 /43
.
7312 74
/2
7314 -8:100 Inland Steel
4
74
4
No par 4614 Mar 22 743 July 10
26
344 56
/
1
278 27
8
27
27, 3
8 3
27, 27
427
8 3
234 278 1,600 Inspiration Cons Copper
4',May 17
2 Feb 27
/
1
4
2
20
/
1
4
22
5
67
2
612 812
6
/ 612
1
4
614 6 3
6
632 6
/ 612
1
4
61 6
/
4
/
1
4
/ 1.900 Insuransbares Ctfs Inc
1
4
4 Mar 1
884June 19
2
1
218
43
2
*1212 1314 13
1312 1318 133
8
8 1312 14's 133 14
1312 135
8 6,900 !Interboro RapldTran v t e --100
/
4
4
512
83 Mar 15 161 Feb 19
5
/ 1712
1
4
Certificated
No par
5
61 124
/
4
/
1
*23 -18 *28
4 3
4 -312 *28 1
Internal Rye of Cent Amer_100
4
18 *23
214May 27
*28
4 -3-1
4 114 *23 - -18
4 3
43 Jan 25
2
2
2
7
*24 3
/
1
*212 3
*212 3
*212 3 *24 3
*212 3
Certificates
5 Jan 3
-No par
214 Apr 26
24
2
/
1
4
6
/
1
4
11
11% *1012 11
10
*912 11
105
8 *912 11
*912 11
80
Preferred
100
914May 21 1812 Jan 10
65
2
7
52 223
,
*2
2
/
1
4
2
2
2
2
2
218 2,600 Intercont'l Rubber
2
2
2
2
112May 1
3 Jan 7
112
No par
212
5
/
1
4
4
/ 5
1
4
514 5 4
51 5
/
4
/
1
4
/
1
4
5
514 514 *5
/ 5
1
4
53
2 2,000 Interlake Iron
41 Mar 7
/
4
7 Jan 7
4
No par
4
1114
2
/ 3
1
4
24 24
/
1
/
1
2
/ 2
1
4
7
23
4 24
/
1
8
28 24
23
5
4 2 4 3,000 Internal Agriotti
3
8July 11
5 Jan 2
25
No par
112
2
612
*27
297
8 2712 2712 *25
28
2712
2814 2814 *25
2812 28
300
Prior preferred
4
15
10
100 28 June 1 423 Jan 25
371
,
*175 18312 *181 18312 *181 18312 1814 1814 18112 182 *18114 18312
400 Int Business Maohlnes-No Par 149 Jan 15 18412may 16 1253
4 131
/
1
4
164
5
/ 5
1
4
4 *5
4 6
55
8 58
7
512 55
4
5 8 55
3
8 *512 552 1,700 Internal Carriers Ltd
8
Mar 12
352
1
3
52
83 Jan
2
4
/ 1212
1
4
307 313
8
4 313 325
4
8 3212 3278 324 3284 3112 3214 3012 3112 11,600 International Cement--No par 227 Mar 15 83 Jan 7
2
183
2
183
2 37
/
1
4
46% 4612 4652 483
2 477 481
48
8
484 485 4814 4658 4738 17,500 Internal Harvester
No par 3418 Mar 18 481/July 9
231
/
4
23
/ 4572
1
4
*143 14612 *144 14812 *144 146
1441 1453 1444 14458 144 144
/
4
300
2
Preferred
100 135 Jan 2 162 May 9 110
110
137
24 21
/
1
/
4
21 214
/
4
214 214
288 238
24 2,900 Int Hydro-El Sys el A
2
2
214
114 Mar 15
2 Jan 9
/
1
4
26
11
,
24
912
2
2
*2
212 *24 212 *214 21
500 Int Mercantile Marine___No par
*214 212 *214 212
2June 20
17
31 Feb 20
/
4
17
2
2
6
2137 27
2
261 26
/
4
/ 2632 263
1
4
4 283 2714 2732 2734 2752 28
50,000 Int Nickel of Canada---No par 2214 Jan 15 2932May 17 01143*
4
21
2914
*12114 126 *12114 126 *124 125
8
124 124
1237 1237 *1227 125
2
200
*
Preferred
8July 11 130 Mar 14 101
/
1
4
100 1237
1154 130
/
1
Internal Paper 7% prat
100
814
10
25
*112 13
4 *112 14 *112 17
100 Inter Pap & Pow ol A...
14 184 *111 154
8 *13
4 18
--No par
11 Mar 15
/
4
3 Jan 8
11s
2
612
.8
8
7
8
"
84
3*
Clam B
*18
7
2 4,200
32July 11
7
s
8
No par
7
*12
8
s
8
7
52
I. Jan 7
/
1
4
/
1
4
312
*12
52
8
8
58
.12
5
8
412
58
1
*18
28
5
8 6,100
Class C
/
1
4
/
1
4May 7
No par
Ds Jan 19
kt
23
,
712 712
75
8 858
888 812
7 2 815 4,100
5
814 814
7
/ 814
1
4
Preferred
100
4 Mar 13 12 Jan 7
/
1
4
44
/
1
81 247
/
4
a
2634 2634 2634 2634 2658 2612 26
2512 1,500 Int Printing Ink Corp-No par 2112 Jan 15 2712July 5
x25
2688 2512 28
9
9
254
/
1
2
•1053 1057 10572 10612 10612 10614 10814 1064 1054 10638 *104 10512
4
170
Preferred
65
100 98 Jan 2 10612July 8
/
1
4
86
101,
36
36
*34
358
4 35
34
323 3318
4
35
34
*3318 34
700 International Salt
No par 29 Jan 21 3614May 14
20
21
32
454 457
8 4584 46
46
4612 4612 47
4612 47
4672 47
2,300 International Shoe
/
1
4
No par 42 Mar 19 47 May 16
38
38
5082
•16
1812 *16
17
16
4
16
18
1814 1814 183 19
18
600 International Silver
17
100 16 July 19 28 Jan 4
19
454
/
1
*6614 68
*663 68
4
*6612 68
70
6812 68
30
6612 6612 *66
7% preferred
100 801/ Mar 21 75 Jan 3
40
59
8412
10
1018
958 10
912 97
2
/ 972 40,200 Inter Telep & Teleg
1
4
8
98
8 912
988 104
4June 22
522 mar 13 103
No par
552
7
/ 174
1
4
/
1
*912 10
912 10
103 1114 11
8
1hz 1114 1158 1158 1158 3,800 interstate Dept Stores_No par
872May 8 123 Jan 7
4
23
4
3
/ 163
1
4
,
*7012 76
73
73
*7512 8412
*72
400
76
76
*72
78
76
Preferred
100 7012June 27 84 Jan 7
/
1
4
1814
211 811
/
4
/
4
.912 104 *95 10
/
1
2
*93 10
400 Intenype Corn
4
9
/ 10
1
4
4
*93 10
10
10
/
1
4
6 Mar 18 1114300* 18
No par
43
4
55
8 10
*27
2713 27
/ 2712 *2714 28
1
4
27
2714 27
27
27
27
1.100 Island Creek Coal
1 25 June 8 313 Jan 8
203
4
243
4 38
•10812 11614 *10812 11612 *10812 1164 *10812 1161 '110____ *110
___ _ _ _
Preferred
1 110 Jan 22 120 Apr 9
/
1
4
85
90
1101 ,
,
594 5984 *5912 60
60
61
*60
8
80
13084 60 595 60
1,100 Jewel Tea Inc
No par 49 Mar 13 61 July 12
26
571
/
4
33
5414 541/ 541/ 5512 53 4 553
3
551 5312 5452 5312 543 11,600 Johne-Manville
/
4
2 54
4
/
1
No par 384 Mar 13 57 Jan 7
/
1
4
364
/
1
39
663
*
12412 12412 124,2 *122 125
•122
125 125 *122 125 *122 125
30
Preferred
100 11712 Mar 15 125 Jan 4
87
101
121
*133 175 *13314 175 *13314 175 *13314 175 *13314 175 *13314 175
/
1
4
Joliet & Chic RR Co 7% gtd_ 100 130 Feb 19 130 Feb 19 115
135
140
62
6312 61
64
621/ 633
/ 64
1
4
64
643
4 63
, 63
/ 1,600 Jones & Laugh Steel pref-100 50 Apr 4 73 Jan 23
1
4
63
45
65
77
*117 -- '11734 _ •I173 _ _ 118 118 *118 _ __ *118
/
1
4
*1173
4
,
_10 Itansaa City P & L pf serBNo par 11514 Mar 20 118 Apr 15
977
2
Ms 11412
4514 - i, 4514 118
i
53
8 13
*5
8 .514
-/
5
1
4
5 _5
300 Kansas City Southern
100
3 4 Mar 13
3
8 Jan 7
/
1
4
34
5
6 2 194
3
/
1
852 852
84 8
/
1
/
1
4
812 812 *818 104 *84 1014 *8, 10
400
Preferred
5
1352 Mar 12 10 4June 18
100
/
4
3
852
1014 271
*1112 12
*1114 12
*113 12
4
1112
115 1158 1112 1112 11
8
800 Kaufmann Dept Stcres $12-50
7 Feb 6 1212May 17
/
1
4
514
6
103
2
*19
1914 *19
1914 1914 194 1938 1932 19
1912 1912 1912
800 Kayser (J) & Co
5 15 4 Jan 17 2052May 23
3
12
13
/ 1812
1
4
*55
99
*55
99
8518 6518 .60
*60
99
99
100 Keitb-Albee-Orpbeum pre:__100 34 Mar 7 65'8 July9
99 •60
15
20
3712
11 114
/
4
114
114
114 5,400 !Kelly-Springfield Tire
114
11 114
114
/
4
/
4
11 11
/
4
11
/
4
5
3 Apr 4
2
2 Jan 17
/
1
4
/
1
4
1
412
•1914 1952 1912 201, 20
2052 203 2012 194 2018 20
20
2
6,800
6% preferred
6 Apr 4 205
No par
2July 9
6
6
20
4 18
1814 183
1812 171/ 1812 1712 187
2 1914 2088 40,700 Kelsey Hayes Wheel conv.eIA-1
/
1
2 184 193
6 Jan 25 2032July 12
2
/
1
4
3
10
1614 161
164 1612 153 16
1634 1652 17
163 175 37,300
4
1,511
4
8
Class B
1
3 Mar 1
/
1
4
175 July 12
8
11
/
4
22
3
712
1312 1352 133 14
4
1312 14
13
/ 1414 133 14
1312 1358 7,400 Kelvinator Corp
1
4
4
No par 123
4June 1
112
1814 Jan 9 ,8 678
2 21I2
*94
95
*94
05
05
96
*95
9614 95
95
*94
9614
60 Kendall Co pt pf set A
No par 84 Mar 21 96 July 9
84
6512 94
18
183
2 17
/ 181
1
4
, 18
4 1812 19
2
4 183 183
/
4
1812 181 183
35.900 KenneoOtt Copper
No par 13 4 Mar 13 2i14May 23
3
133
4
16
234
/
1
*14
163 .14
4
17
*15
*163 18
1712 18
4
161 17
/
4
17
500 Klmberly-Clark
No par 10 Mar 5 1814July 5
92
3
9
/ 181
1
4
,
*352 41 *35
/
4
2 4
/ *3 4 41 *33
1
4
3
/
4
/
4
33
4 41 .*33
4 4%
4 34
3
100 Kinney Co
3 Mar 19
No par
5 Jan 3
/
1
4
214
8
7
/
1
4
2912 29
/ 3012 3112 303 318
1
4
8
4
8
8 318 3212 315 3152 305 31,
8
750
Preferred
No par 23 Mar 29 38 Jan 23
12
13
/ 41
1
4
2412 243
2 2432 2434 2452 2472 245 25
8
245 247
2
2
2 2452 247 13.500 grove (38)00
1014
10 193 Mar 18 25 July 10
4
131
2 23 4
1
/
4
•109 1091 10914 11012 1093 1093 1093 1093 1093 1093 *1093 110
4
4
4
4
4
4
4
160
100 103 Apr 26 113 Apr 9
/
1
7% preferred
4
991, 101 s114
*212 314 *212 3
/ *212 314 *212 31g '212 3
1
4
/ *212 3
1
4
Kresge Dept Stores
/
1
4
No par
2 May 21
2
/
1
4
714
4 Jan 17
2
*60
70 .60
65
*60
*60
65
6
65
*60
65 65
10
Preferred
100 42 Jan 11 65 Mar 9
12
19
55
*59
60
*59
60
60
60 60
63
*60
*59
60
60
300 Kress fit H)& Co
No par 581 Apr 5 89 Jan 7
/
4
/
1
4
36
273
65
4
/
1
4
284 283
/
1
4 2812 283
4 2858. 2878 2812 29
287 29
8
2888 29
9,300 Kroger Groo & Bak
No par 2214May 16 29 June 24
19
231
4 33 2
5
151
'
15
1512 1513 15
15
1512 18
*16
18
18
18
90 Laclede Gas Lt Coat Louts __100 12 Mar 22 21 Jan 12
12
20
6312
27 27
*25% 30
28
*27% 29
*2812 30
28
30
*273
2
20
5% preferred
,
100 191 Mar 27 31 Jan 24
1914
27
80
*25% 257
8 2514 2512 2512 2512 254 253
52 25i 26
26
4 25
1,700 Lambert Co (The)
No par 24 Apr 5 28 Jan 8
/
1
4
193
2
/
4
2214 311
*54 64 .514 63
/
1
8 •514 638 *54 85
8 •514 63
8 *514 63
Lane Bryant
8
No par
5 May 13
9 Jan 3
41
/
4
5
1414 •
1014 104 1012 1012 107 107
/
1
2
8
2 1012 1012 1012 101z 310 8 1011
900 Lee Rubber & Tire
5
8 M ar 14 127 Jan 7
/
1
4
2
512
7
1412
143 143
2
2 141/ 14
/ 1412 1412 1412 1412 14
1
4
8 145 145
/ 145
1
4
8
8 1,100 Lehigh Portland Cement
50 1052 Mar 14 173 Jan 7
2
9
11
20
*100 101 *1003 101
/
1
4
4
1003 1003 "100 101 •100 101 •100 101
4
4
10
7% preferred
100 89 Jan 3 102 June 21
/
1
4
73 2 90
3
73
718 74
67
8 7
7
73,
714
7
714
7
7
7
2,200 Lehigh Valley RR
5 Mar 13 111 Jan 7
/ 211
1
4
50
/
4
5
/
4
9
11 11
/
4
/
4
11 158 •11 11 •13
/
4
"13
4 14
/
1
/
4
13
4 13
/
4
/
4
4 11
300 Lehigh Valley Coal
No par
112 Mar 13
272 Jan 4
11
/
4
2
/
1
4
5
7
71
7
732
74 712 *718 712
/
1
712 71
*718 712
500
Preferred
512May 1
50
1212 Jan 23
4
5
161
/
4
8412 845
8 847 863
8
8 864 8684 86
8612 8612 8714 874 8778 4,200 Lehman Corp (The)
NO par 6718 Mar 28 877
2July 12
688
4
6414 78
143 1414 1478 147
4
147, 15
8 147 15
8
2
147 144 147 15
8
1,700 Lebn & Flak Prod Co
6 14 July 2 17 Jan 25
/
1
4
Ills
111 2312
/
4
30
303
2 30
304 301 3114 311 321 3052 3l7
/
1
/
4
/
4
4
/
4
/
4
s 311 313 21.500 Libby Owens Ford Glass-- No par 211 Mar 30 323* Jan 2
/
4
21
22
/ £117
1
4
2
2212 221
2212 2212 2212 2212 223 231 •23
/ 2332 2332 2312 2,300 Life Savers Corp
1
4
4
5 21 Mar 14 2412 A nr 22
1458
17
/ 24
1
4
•114 117 *114 117 t •11412 1.1512 11412 11412 11412 1141 11314 1131
1.100 Liggett & Myers Toba000____25 9414 Apr 5 11412July 10
711
/
4
73
110
11514 1151 11484 115
1143 11512 115 11514 11312 1145 11334 115
4
4,800
Series B
741k 111,
25 93 Apr 4 11512July 6
/
1
4
1
7314
•155 15914 *150 1594 *155 1594 15914 15914 *158 161 *158 1131
200
Preferred
100 15112 Jan 30 167 May 4 123
129
15212
*1712 18
•1712 1778 173 174 1758 1758 1712 1758 •1712 1784
4
500 Lily Tally Cup CorD----No par 11612June 8 194 Apr 25
1414
16
2612
*1912 2018 20
20
204 205
2
8 2084 204 207 2114 2112 22
2,000 Lima Loeomot Works__No par 13 Mar 14 24 Jan 5
/
1
4
/
1
4
13
/
1
4
154 36%
/
1
27 4 2784 2712 28
8
28
278 2812 2812 2884 4,100 Link Belt Co
4
2812 27 4 28
8
111 192
No par 171 Mar 18 2Q3 July 12
/
4
8
/
4
4
/
4
111
3112 3184 314 317
8 32
4
3352 3212 338
8 318 3258 3218 321 12,700 Liquid Carbonic
No par 24 Mar 13 33 July 9
/
1
4
/
1
4
Ms
1612 35
431j 434 43
/
1
4
42
/
1
/ 4334 441 435 444 4318 44
1
4
/
4
8
43
/ 44
1
4
24,600 Loew's Incorporated
No par 311 Feb 7 4412July 9
/
4
191
/
4
207
2 37
*107 108
10712 10712 al0612 10612 *105 107
8
2
1057 1057 105 1057
8
900
Preferred
No par 102 Feb 1 1084 Apr 6
/
1
68
72
105
13
2 112
11 11/
/
4
13
Ps 18
2 11/
114 114 2,500 Loft Incorporated
8
8
13
2 13
No par
1 Mar 15
11 Jan 2
/
4
I
11
/
4
3
*13
2 15
112
2 *13
p2 11
2 152 *IA
/
4
13
8 15
8 *114
134
400 Long Bell Lumber A
14 Mar 12
No par
2 Feb 14
/
1
4
1
1
3
4.3914 40
*3912 397
8 398 397
40
391 3912 40
/
4
40
1,300 Loose-Wiles Biscuit
4
8 40
25 33 Apr 25 4114June 28
83
33
/ 1441
1
4
4
12114 1221 122 122
122 122
12112 12218 •12214 123
122 122
330
7% let preferred
100 12114July 6 130 Apr 16 118
1194 1281
/
1
/
4
211 218
/
4
8 21% 211
, 218 213* 21
* 2012 218 12,000 Lorillard (P) Co
2134 21
211
10 1812 Mar 28 22 June 11
14
/
1
4
153
, 231
/
4
•135 140 *136 140 •135 139
139 139 •1364 139
/
1
100
13812 139
7% preferred
100 124 Apr 5 140 May 22
9812 102 x130
•
/
1
4
/
1
4
*12
I%
11
12
12
700 !Louisiana Ofi
5
8
02
12
12
12
No par
12May 29
14 Jan 7
/
1
/
1
4
12
3
/
1
4
*6
/ 8S4
1
4
/ 7
1
4
6
*714 8
7
7 14
812 612
260
67
3 7
Preferred
100
4 June 19 141 Jan 8
/
1
4
/
4
412
7
/ 2312
1
4
1914 1914 19
1912 1914 1914 1812 1914 1814 1858 1778 18
2,800 Louisville Gas & El A-__No par 10 2 Mar 18 1912July 8
3
10
/
1
4
12
21
*41
41
41
41'2
4132 411 41
411 40
40
/
4
/
4
/ 40 40
1
4
1.500 Louisville & Nashville
100 34 Mar 29 4712 Jan 7
34
373
4 0212
184 185
* 1858 1912 182 1958 18% 1914 1812 1958 187 19% 10,900 Ludlum Steel
*
1 124 Mar 28 191230ly 8
712
814 194
*110 113 *11018 113
113 113 *11018 115 *1104 115 *11018 115
100
Cony preferred
No par 904 Jan 4 113 July 9
/
1
50
60
97
4312 44
4412 4458 4484 45
2
4532 4532 453 4532 *4412 45
1,300 MacAncIrews & Forbes
10 40 Jan 24 46 Feb 19
21
30
4214
4
*125 1281 •125 12812 1253 1253 *12514 1293 *12514 128
12512 1251
4
4
50
6% Preferred
100 113 Feb 8 130 May 13
87
/
1
4
95
11114
Mackay Ce. preferred
100
2012
2012 33
For footnotes see page 230.
New York Stock Record-Continued-Page 6
236
•
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
No par
Mack Trucks Inc
No Par
Macy (R H) Co Inc
No par
Madison Sq Gard vs o
10
Magma Copper
Mailman (H R)& Co---No Par
100
7% preferred
100
I Manati Sugar
100
Preferred
No par
Mandel Bros
:Manhattan Ry 7% guar-100
100
Mod 5% guar
25
Manhattan Shirt
1
Maracaibo Oil Explor
is
Marancha Corp
Marine Midland Corp Well-1
100
Market Street By
100
Preferred
100
Prior preferred
100
2nd preferred
No par
4,500 Marlin-Rockwell
No par
9,800 Marshall Field & Co
No par
Martin-Parry Corp
7,700 efatbleflon Alkali Worka-No Par
100
Preferred
10
3,700 May Department Stores
No par
300 'Maytag Co
No par
Preferred
100
Preferred ex-warrants No par
70
No par
Prior preferred
90
No par
500 McCall Corp
6,400 :McCrory Stores olasaA No par
No Par
Cla33 B
1,000
100
Cony preferred
500
500 McGraw-H111 Pub Co--No Par
2,700 McIntyre Porcupine Mines----3
1,200 McKeesport Tin Plate-No Par
5
5,000 McKeeson & Robbins
.60
Cony pref series A
900
No par
7,300 McLellan Stores
100
6% cony pref ser A
320
No par
1,800 Melville Shoe
I
1,800 Mengel Co (The)
100
7% preferred
110
Much A Min Transp Co-No Par
5
17,200 Mesta Machine Co
5
1,100 Miami Copper
10
3,700 Mid-Continent Petrol
No Par
8,500 Midland Steel Peed
100
8% cum 1st prat
430
1.100 Minn-Honeywell Regu-No Par
100
6% prof sedan A
190
3,900 Minn Moline Pow Impl --NO par
No Par
Preferred
3,100
100 /M1nneapolla & St Louls----100
300 Minn St Paul & EIS Marle---100
100
7% preferred
200
100
4% leased line otfs
50
No par
3,000 Mission Corp_
No Par
1,400 Mo-Kan-Texas RR
100
Preferred series A
1,400
100
500 2Miseouri Pacific,
100
Cony preferred
400
20
1,700 Mohawk Carpet Mills
10
5,000 Monsanto Chem Co
90,600 Mont Ward & Co Inc -..No par
No par
100 Morrel (J) & Co s
ao
Morris & Essex
*62
6312 *6218 6512 *6214 6512 *6214 6512 *8214 651
6312 *62
34
53
*
8 2,600 Mother Lode Coalition-No par
1
8
5
8
3
2
3
8
5
8
5
4
3
8
*5
8
5
8
5
3
4
303 3114 3012 3114 297 3012 3012 3114 14,800 Motor Products Corp--No Par
8
2913 287 31
28
6
914 814
918 918
8 3,400 Motor Wheel
93
9
914 91_
918 914
8
914 93
No par
8 1013 1012 1012 10 4 1,700 Mullins Mfg Co
,
8
4 1038 107
4
103 103
4 107 10% 1012 103
No Par
Cony preferred
540
7934 7
4
77
77
77
614 7712 7514 75% 723 7612
76
77
No Par
200 Munsingwear Inc
4
,
4
•15I8 163 *1614 1612 1614 1614 1614 16 4 *143 1614
*1414 17
10
37,200 Murray Corp of Amer
97 1014
8
8
4 1014 103
1013 103
8
105 103
4 1012 103
No Do
14
34
4
9
400 Myers F & E Bros
33% 33% 3 78 3 L1
°
34
*3318 34
34
34
34
*33
No par
14% 133 1414 26,300 Nash Motors Co
4
1314 13 2 1312 1414 1412 1412 1418 1438 14
,
50 Nashville Chats & St Louis --100
18
*17
1812
1812 *17
1814 1814 18
18
1912 18
*18
1
7 14
7
71s
7
7% 7% 6,500 National Acme
,
74
7
4 714
83
s
6% 67
--No par
900 National Aviation Corp.
712 71
7
612 712
*
7
7
7
8
8 67
87
718 71
10
3
3
3012 297 30 4 3018 30% 3012 3114 28,000 National Biscuit
2938 293
4 2912 3014 30
100
400
7% cum prof
*14612 14812 148 14814 *14612 14812 *14613 14812 148 148 *147 149
No pa
3
1713 173
4 17% 17% 1713 173 11,200 Nat Cash Refiner
8
2 173 18
1818 1712 177
18
No pa
8 1612 167 17,600 Nat Dairy Prod
8
4 1613 16% 16% 16% 1612 167
163 16% 1612 163
3
112 138 1,300 :Nat DepartmentStores-No pa
138 1%
1% 1%
8
% 1%
8 15
15
4
4 13
13
100
Preferred
850
21
2114
3
4
4 20 4 21
21% 203 213
2012 213
4 2114 2114 21
No par
4
273 7263 2712 41,100 Nat)Distil Prod
4
27
2712 2718 2712 27
27 271
4
263 27
3214 2,000 Nat Enam & Stamping-No Z*1
32
3214 3214 32
32
3213 3214 3212 32
4
3112 313
100
700 National Lead
4
4
4
*170 1723 17213 1723 •170 1743 174 17414 *173 173% •173 17414
100
Preferred A
•161 165 *161 164 *161 164 *161 164 *161 164 •161 164
100
110
Preferred B
138 13812 *1354 13914 138 13813 138 138 *139 13914 *139 13914
No pa
13,200 National Pow & Lil
9% 9%
4 9
83
8
9% 97
4
8 93
95
,
9% 9 4
4 9%
93
*12 1
*12 1
12
12
200 Nat Rya of Max lit 4% pf-100
1
*1
2 1
*3
512
100
3
4
44
2d preferred
14 1,200
%
14
*14
8
3
*14
14
14
3
3
"4
25
3
5312 5214 53 8 5212 52% 16,000 National Steel Corn
4 5113 5214 52
543
50
5014 50
25
800 National Supply of Del
1512
•15
*1514 16
16
*1514 1618 1614 1612 16% 1638 16
100
Preferred
240
84
64
65
65
66
6614 a66
66
6714 8812
68
67
No pa
8
, 1,500 National Tea Co
*1014 1012 1014 1012 1018 1014 1014 1014 1018 1018 103 103
No pa
1118 113
8 5,600 Natoman Co
3
8 1032 10% 10% 10% 117 11
3
4 10 8 105
•1012 103
No par
700 Nelaner Bros
2512 *2412 26
4 25
253
25% *25
243 2514 2512 2512 *25
4
No par
4 5813 58% 6,900 Newberry Co (J J).
583
8 58
4
513 5212 53
53% 5312 5512 5614 573
100
7% preferred
30
11212 *113 114 *11314 11412 011314 11412 11314 11314 11314 11314
11212
:New Orleans Texas & Mex 100
•34 8
8
5
*3 2
5
*3 2 8
43% 8
5
*3 8 8
*3% 8
1
4 6% 1,500 Newport Industries
63
6% 6%
614 612
64 612
6 18
6
8 6
*57
..No pa
900 N Y All Brake
2614
2512 2614 2512 2512 26
26% 2814 264 26% 3
26
26
No par
4
2 163 1714 36,000 New York Central
4
8
187 1714 183 1714 1714 17% 17% 17% 163 173
4
100
400 N Y Chic & St Louie Co
4 812
4 812 *73
*73
7% 8
712 *74 8
71
3
7 4 7%
100
Preferred series A
1412 1412 1,000
14
1412 1412 1412 14% 14
14
1412 14
•14
100
*1% 3
New York Dock
•133 3
8 3
3
3 3 4 '1N 3% *15
*1% 3% *15
100
9
Preferred
*6
100
9
10
818 81s *6
10
*6
*612 10
ao
20 N Y & Harlem
122 128 *122 128
128 128
*128 13112 •128 135 •128 135
50
Preferred
12212 160 *12212 160
*12212 160 .12212 160 *12212 160 *12212 160
8
3
*14
No par
400 2N Y Investors Ina
8
3
8
3
14
14
14
14
3
3
*14
3
3
"4
N T Lackawanna & Wsetern-100
-99 .99 ____ r__ _ _ 100
99
2 4
100
2 3 8 .37
37
N Y N H & Hartford
4
3% 4
4
7
38 4
8 4
37
73 -- igg
100
Cony preferred
f
4 *72
712 73
8
7% 75
714 712
,
7 2 7%
714 714
100
200 N Y °Ascii)& Western
333 318
2 *318 312 *313 3 2
*352 3'
,
,
314 3 4 *3% 312
100 NY Railways pref
No pa
%
2
*3
12
*as
8
3
8
3
12
3311
12
4
*3
12
8
*3
Preferred stamped
*14
*14 ---"4
*14
1113 1012 1012 1018 1012 "2,500 N Y ShIpblde Corp part stk.-1
- -38 11
1034 -11
4 1018 11
1014 10
100
7% preferred
,
*7412 7612 7613 7612 .74% 7612 *7412 7612 7614 7614 7612 76 2
80 N Y Steam 35 pref
No Dar
86% 8713
87
8612 8612 87
90
*86
86
*8518 86
86
No par
27 let preferred
150
98
*97
98
•96
98
*96
95
95
95
95
95
95
No par
4
5.000 Noranda Mines Ltd
363 37
37
8 36% 36% 36% 3718 37
4
37
363 373
37
3 1
47
3 1
*7
4 1
100
•7
:Norfolk Southern
2 1
.7
*33 1
8 1
100
900 Norfolk & Wtstern
182 1821
180 182
182 182
180 1801s 182 182
*17712 180
Ital
120
Adias .4% lire!
10512 10512 106 106
10512 10512
10514 10514 .10514 108 *10514 108
No par
8 1818 183
8 17% 183
4 1752 1818 171 173 44,900 North American Co
18% 1838 17% 183
80
Preferred
5313 2,400
3
50 5014 *5012 50 4 50% 5212 5212 5233 53
,
5014 50 4
1
6,200 North Amer Aviation
2% 3
2% 3
4 3
23
2% 3
2% 2%
213 2%
--No par
1,100 No Amer Edison ore!
923
*92
93
2
4 92
*88
8
907 *8813 90% 907 9114 9112 913
North German Lloyd
7
7
*7
78 *7
2 8
7% *7N
.7
7
7 8 *73
8
*6
60
Nortnern Central
*944 ____
3
*94 4 ____ *9412 - - *9412
3
*94 8
per share $ per share $ per share $ per share $ per share $ per share
19% 19% 19% 2018
8
197 20I3 193 20
4
8
1912 1958 195 20
4
8
427 4314
4312 4314 4318 42% 4314 4212 423
41%
2 7
*67
*6% 7
7%
7
.6% 7
733 718
7% 718
*32
4 3312 3312 33% 3312
333
333 33 4 3312 33 2 33 33
,
4
,
12
12
8
2•
12
53
8
5
*12
.12
8
5
8
5
.3
7
*13
518
5
518 518
518 5% *5% 512 *514 5t2
r5% 512
1
1
133
138 '1
1% *1
133 *1
138 •1
*1
*612 712 *
612
618 618 *6
4 *6% 612 *618 622
6% 6,
4
*3
4
318 318 *3
4
*3
4
*3
,
32
*3
37
*35
37
3712 *35
*35
37
*30
37
37 37
*30
1912 195
8
8 195 2018 19% 20
193
8
19
8 1812 20
18% 185
14% 14% 1414 14%
4
1312 1312 1312 1412 143 15
13
13
4 214
4 218 *13
4 218 *13
4 21s *13
2
2
•112 213 *13
5% 5%
5
5 8 558 *5% 53
8
8 55
55
4
5% 5%
8
5% 53
6% 6%
8
8 67
65
6% 6%
5
6 8 6%
8
8
6% 65
4 67
63
.12 1
2 1
*7
*7, 1
*12 1
3 1
*7
8
8
*312 4
*312 4
*312 4
*313 4
312 312 *312 4
912 912
8
8 97
93
7
4 9 8 *934 10
93
4
0912 10
4 93
93
4.72 112 3
112
'1N
2
"4 1,
4 112
53
4 112
*3
4
4 13
*3
4
2912 3014 3014 303
30
8 30% 30% 30
2822 2914 2912 303
4
812 83
812
8%
858 9
4 914
83
3
84 94
,
812. 9
*412 512 *412 6
*412 6
*412 618 *412 6
*413 6
4 30% 3118
3114 32
3
307 3112 30% 303
8
31% 31% 315 32
*141% 148 *14112 148 *14512 148 *14612 148 *14612 148 *14612 148
4414 4314 43 3 *4314 43%
4412 45% 44
7
4414 45
4212 44
8
•712 77
712 712
,
7% 7 4
712 712 *712 7% .712 7%
4
4
453 *4312 453
•43
4613 *43 4614 *45
8
463 •43
46
46
4312 *43
43
4312 3
43 *43
4312
*3818 4212 4213 4212 43
*99
4 993 993 100 100
993
98% 100
4
4
100% 1003 *9914 100
4
7.3412 3412
,
3312 3312 3312 3312 3412 34% 34% 35 4 *3412 35
8
8
8
838
8
3
83
8
8
813 8 2
,
3
7 4 814
8
8
8
814
8
8
7% 77
8 13
8
7% 7%
•8
80
79
r75
79
79
78
78
*75
*7214 79
76
76
814 814
8
8
3
74 8
4 8%
*73
3
7 4 7%
*7'4 8
4012 4012 4012 403
4 4032 4012 4014 403
4014 41
4
*4014 41
114 115 *113 115
116 116
114 115% 116 117
114 114
613 614
6% 61s
618
6
4
6,
6
6% 6%
,
64 6 4
3412 3412
3512 36
35
*3514 36
36
35
36
*3414 36
8
1214 11% 1218 117 12
1212 12
4 12
1214 12% 12% 123
96
94% 95
9612 9612 96% *9513 9612 9613 9612
95
r94
8 56
56% 5612 565
8
5614 754% 5518 547 54%
8
545 54% 55
434 34
3% 318 *3% 3 4
3 18
3
313 314
8
,
,
3 4 33
2612 *26
2612 253 2618 nalz 28
4
2614 *26
26 2614 28
*2514 80
*2414 30 .2514 27 .2514 27
*2514 30
*2414 30
33% 3212 33% 33
311s 30% 323
4 33
3412
3014 303
4 30
3
3
314 3%
,
,
314 314
,
314 3 4
,
3 4 3 4 *318 3 4
8 11% 113
4 1112 1133 1134 1153 1114 1133
113 113
4
4 118 117
3
15% 1614 1514 1633 15% 1614 15 4 1612 1552 1614 15% 1614
103 103
103 10312
102 103
4
1027 103
•102 103 10214 103
9812 98 98
8
98 98% *98
987
9812 9812 98
*10812 109% 10812 10812 *10812 109% 10812 10812 10812 10812 10812 10812
4% 43*
412 43
412 413
438 458
4% 4%
4
414 4%
s
563 5712 563 57
4
5612 57
56% 56%
5412 5413 5412 56
•14
8
3
•14
83
s
3
Nt
*14
4 14
,
*14
8
3
*54
2%
218 *214 213
218
214 212 *214 2%
8 *2
*178 23
4
4
358
4
*3
4
*3
*3
4
03
,
2 32
3,
3
3
212 212 *212 3
8
*214 2% *214 25
*214 3
8
1214 1214 1214 1214 1214 1212 123 1212 12' 1212 1214 1213
8
258 23
238 23
258 2 4
4 *2 2 2%
4 23
23
3
5
8
2% 25
4
5
6% 6 8
4
4 63
63
4
3 63
612 612 614 634 6% 7
63
112
118 *1
112
112 •
114 114
1
118
*1
,
118 1 4
1% 178
13
4
4 13
8 2
*17
133 1% •13
4 2
*1% 2
15
8 15
155
*15
15
15
4 15
153
1512 215
15
15
73% 74
53 74
4 73
4 7212 743
723
72% 72% 72% 72% 72
8
4
3
293 30
2914 293
8
4 287 2912 283 293
4
8 283 30
2838 287
6112 *61
613
62
4 6113 6118
*61
8
*607 621s *6128 6218 *61
For too (Iowa gee page 230
Shares
4,200
6,200
800
800
400
50
300
30
100
110
7,800
6,900
100
1,900
15,800
10
20
340
July 13
Sasso &sus Jos. 1
Os Basis of 100-stsors Lots
Lowest
EMUS
1935
hati 1
1933 go Rano for
June 30 roar 1934
1935
High
Low Low
per oh
per share
per Mars
18%
18%June 1 2814 Jan 8
3012
3012 Apr 1 444 Jan 2
2%
712 Apr 26
12
5 Jan 2
1214
5
18 2 Jan 16 36 May 22
14
2 Jan 4
14june 12
4
5 June 11 197 Jan 23
8
7
214May 14
74 Feb 6
4 Jan 7 10 May 24
3
5% Jan 19
3 Apr 29
14
29 Apr 23 37 July 9
10%
1314 Mar 15 22 Feb 1
10
10 Mar 28 15 July 10
3 may 23
1 Feb 23
413
3
5 4June 26
44 Mar 23
5
514 Apr 1
88 July8
1% Jan 8
%June 14
4
3
2
5 Jan 8
3
2 4 Jan 2
4June 27
a
3
34 Mar 1 103
3
7
14
2 Jan 8
Mar 15
1
12
8
20 Mar 13 307 July 9
6%
634 Mar 14 1114 Jan 3
912 Jan 7
214
4 June 27
2312
23% Mar 14 32 Jan 8
136 Jan 2 150 Apr 1 10512
3
357 Mar 29 45 8July 9
3
23
873 May 31
314
512 Jan 30
8%
33 Jan 15 464July 3
8
3212 Jan 7 4412June 10
27
8412 Jan 4 103 June 17
22
28 Mar 14 3512June 17
4
4
714 Apr 3 13 Jan 3
124 Jan 3
114
64 Apr
313
5714 Feb 5 80 July 12
714 Mar 26
4
7
8 s Apr 23
8
28%
13653 Jan 15 455 Mar 4
6714
904 Jan 15 117 July 9
574May 22
7
8 4 Jan 2
313
912
32 May 24 45 Mar 4
4
4
3
812 Apr 1 16 4 Jan 3
8513 Mar 13 9612July 9
3July 8
1712
41 Jan 2 695
3
2
3 Mar 12
5 3 Jan 22
3
20 4
3
20 4 Mar 20 3812 Jan 23
22 Apr 12 2714June 1 6 22
16 3412July 12 37 8%
344 Jan
24 Mar 13
4May 17
43
213
7
94
912 Mar 15 13 4May 23
84 Mar 12 1634July 1
44
604 Mar 6 10312 July 12
2052
58 Jan 15 99 July 2
88
105 Jan 9 x11114June 19
34 Mar 15
2
5 4 Jan 2
112
15
31 Mar 14 5712July 8
la
14 Jan 7
Is Mar 4
212July 11
4
2 Apr 24
4
3
4 July 10
1
1 Mar 6
114
3 Jan 14
114 Mar 29
1033
4May 16
3
10 8 Apr 9 167
252
614 Jan 7
2% Mar 13
57
57a May 7 1412 Jan 7
11
3 Jan 4
1 July 8
4 Jan 7
112 Mar 30
8June 17
1034
10% Mar 13 165
55 Feb 29 7712June 12 "24
1514
21% Mar 12 304 Jan 7
2
341
56% Apr 9 gg Feb 25
6112 Apr 18 6512May 24
4
553
14
114May 1
14 Apr 4
1514
1713 Mar 18 3114July 9
4
614
Mar 12 113 Jan 7
74
372
7 Mar 13 124 Jan 22
4July 9
10
4
387 Jan 11 793
10
11 Apr 3 181sMay 21
3
34
3
4 4 Mar 13 10%July 5
1312
80 Jan 12 3912May 17
11
12 Apr 27 1912 Jan 7
14
14 Mar 14 2712 Jan 8
413 Mar 13
712June 18
a
8% Apr 25
514
8% Feb 26
2214
2214 Apr 1 3114June 17
14114Mar 7 151 May 3 12912
3
12
1312 Mar 14 183 Jan 3
7
12 4 Mar 21 1712 Feb 9
1114
112 Mar 7
4% Jan 17
3
4
17 Apr 2 343 Feb 16
16
2318May 2 2914 Jan 3
21 May 31 32I2July 8
10
145 Jan 18 17514May 22
87%
150 Jan 18 16212May 23 122
,
99%
1218 Jan 26 13812June 19
3
97 July 5
7
4 2 Mar 15
4%
1 Jan 10
12July 12
la Jan 2
N Mar 19
4
40% Mar 13 543 July8
33
9 Mar 13 19 May 28
9
38 Mar 20 76 May 27
83
5814 Mar 13 11% Jan 4
x814
34
712 Jan 15 12 June 11
3
4
2114June 6 283 Feb 14
4July 11
15
Jan 2 583
434
80
109 J1111 25 117 May 7
7 June 19
4 Apr 11
4
8 Jan 3
4
43 Mar 12
4%
1112
184 Mar 12 2814 Jan 4
1214
1214 Mar 12 214 Jan 7
6 Mar 12 13 Jan 4
9%
4
97 Mar 12 25 Jan 7
2
2 Mar 14 34 Jan 22
818July 10
4
4 Mar 29
112 Mar 11 139 June 12 101
11414 Mar 14 11414 Mar 14 112
34 Jan 3
14May 31
7812
99 May 22 99 May 22
Feb 26
812 Jan 4
4
27
2%
11 Feb 28 1433 Jan 7
6 Jan 19
2%
2% Mar 15
18 Mar 29
1 Jan 9
24
4May 22
14May 22
613
614 Mar 14 1614 Jan 7
6612
70 Apr 18 87 Jan 7
69
69 June 5 8712July 12
79
79 May 28 97 Jan 22
35
3
30 4 Jan 15 43 May 22
5
7
1% Jan 17
3
7 Mar 25
159 Mat 13 18212July 12 138
77
119 Jan 10 108 June 18
7
9
9 Mar 13 18 3 July2
31
354 Mar 15 5313 July12
4 Jan 23
2
2 Mar 13
281
57 Jan 3 93 July 11
3July 5 1018 Apr 26
77
71
864 Mar 29 95 May 21
per share
22
614
3514 6214
7
2%
1512 x2314
414
112
7% 33%
3%
8
7
1%
94
812
3
41
20
10% 29%
• 1013 20%
3%
118
54
414
9
512
2%
13
814
2
3
1214
414
I
82
17
8% 19%
4
12%
234 40%
110
136
30
45%
8%
44
36
10
3
32 4
9
49
6213
32
24
114 1212
14 12%
514 63%
1012
4
3812 5012
954
79
914
433
4
2 423
117
1712
I
912 9212
42
26
312 Li
52
24
25N 335
4
4
22012 255
612
7
32
4
912 143
ON 2172
8512
64
65
$6
107
87
5%
4
17
15N 41
IN
14
34
4
3
614
14
712
112
434
12
84as
6
IN
4
115
212
1211 2244
2
615
39
20
35%
634
37
71
58
2
13
N
2
1514 443
652 1612
84 15%
124 46
2514
13
3 11%
37
33
14
12% 3214
1934 46
8%
34
54 1314
26% 4912
14812
131
33%
12
4
183
13
3%
1
2814
5
31%
16
164 327
4
135
170
122
1464
1004 1214
3 154
63
3
24
4
2
1
4
2
8412 5814
2118
10
3312 60
9
4
183
s
714 103
612 3014
2
497
31
100
112
25
6
512 13
1112 281
4
183
2 4
614
26%
9
6314
16
814
3
24
20
5
139
108
120
112
4
2
96
83
2418
6
1012 3752
412 11%
4
18
N
7
91
- 2
. - 23 4
4
893
72
9912
73
109%
90
3014 45%
44
14
187
161
10012
82
1014 2514
45
34
4
83
252
6712 7412
713 16
9214
81
..
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE,
'NOD PER CENT
Saturday
July 6
Monday
July 8
Tuesday
July 9
1Vednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Rang. Since Jan. 1
Go Basis of 100
-share Lots
237
July 1
1933 to Range for
June 30 Year 1934
1936
IT-, Low
High
Lowest
Highest
$ Per share 5 Per share $ per share $ per share $ per share 5 per share Shares
Par 8 Per share
$ per rhard 5 per oh
193 2014 193 20
4
4
197 2038 1912 203
8
8 19
19h 1914 197 18,600 Northern Pacific
8
100 1312 Mar 28 217 Jan 7
8
1318
*34
3912 *38
3912 3812 3812 3812 3812 3912 40
41
41
80 Northwestern Telegraph
7
60 35 8 Jan 18 41 July 12
38
*118 138
114
114
114
114
114 114 *118 114
118
800 Norwalk Tire & Rubber ...,No par
1%
118 July 12
2% Jan 4
1%
*2014 2514 *201* 2514 *2014 2514 112014 2514 *2014 2514 12014 2514
Preferred
50 z20 Mar 20 321k Jan 3
20
115 117
8
8 Ills 115
8 111 113
/
4
4 111 113
/
4
4 1112 113
4 115, 113
4 8,300 Ohio 011 Co
NO par
914 Mar 18 14123day 17
81,
Us
114
14
114
118
114
118
114
114 114
118
118 4,000 Oliver Farm Equip
No par
1 May 31
45 Jan 2
8
1
17
17
1714 183
8 17
17
*17
17% 17
1714 *17
1714 1,100
Preferred A
4May 31 263 Jan 2
No par 133
8
9
*3 8 4
7
37
8 3%
3% 37
8
33
4 37
8 *33* 37
8 .3 4 37
3
8 1,800 Omnibus CorP(The)vlo No par
3 8May 29
5
512 Feb 16
38
1
*72
95
*7212 9218 *7212 9218 *7212 9218 .7212 9218 *7212 9218
Preferred A
100 75 Jan 16 77 Feb 28
70
•55
8 6
*55
8 6
*534 6
53
4 614
53
4 63
8
614 614 1,200 OPPenheim Coll & O0___-No par
43 Apr 3
4
7 8 Feb 19
7
44
3
1712 175
173* 1818 1818 1812 1814 185
8 1814 1812 1818 1812 9,200 Otis Elevator
No par 1114 Apr 4 2038May 20
1118
*1243 1254 125 125
4
/
1
124 125 *124 125 *124 125 *124 125
40
Preferred
100 1013 Jan 7 125 July 5
92
63* 61
/
4
612 65
8
63
8 65
6
8
614 612
614
614 612 16,600 Otis Steel
714 Jan 21
NO par
414 Mar 14
3
4412 45
4514 4638 4558 4558 4512 47
4614 4718 48
49
4,400
Prior preferred
100 22% Jan 16 49 July 12
7%
*4814 49
*484 49
/
1
*47
48
*47
50
*47
50
*47
50
Outlet Co
No par 38 Mar 12 44 July 5
28
_ _ *115 - _ *115
*115
*115
_-- •115
Preferred
100 11412 Mar 23 11412 Mnr 23
97
*1151004 101 100% 102 1018 10212 1018 102
-14 100 100
100 100
3,300 Owens-Illinois Glees Co
25 80 Mar 12 104 June 11
60
2
2
*112 214
17
2
214 •13
.112 2
112 112
60 Pacific Coast
10
1 Mar 26
2% Jan 7
1
*512 6% *512 67
8 *414 614 *412 67
8 *418 67
8 *4 4 67
lstpreferred
,
8
No par
3 4 Jan 2
5
8 Mar 30
312
*214 27
8 .214 212
214 214 *238 278 .214 27
8 *214 27
40
8
26 preferred
No par
1 Mar 27
4 Jan 7
1
25
25
2478 25
243* 248 2412 243
4 235 245
8
8 233 24181 6,000 Pacific Gas & Electrie
4
4June 34
25 1318 Mar 6 253
123*
36% 368 36
36
3612 3714 37
377
3614 37
3612 37 I 8,400 Pacific Ltg Corp
No par 19 Mar 18 3793July 10
19
*1218 13
1212 1212 *1212 13
1212 13
125 125
8
8 133 14
4
1,100 Paegio Mills
No par 12 June 19 21 Jan 2
12
*106- *107 10812 10714 108
108 115 *103 115
108
Teley &
100 70 Jan 2 10812July 12 37 1381s
-12 13212 13212 132 13212 130 1344 *130 13434 *132 10812 230 Pacific preferred Teleg
13212 112
1343
4
60 6%
100 1111, Jan 14 13412June 20
9914
1714 7 4 •712 73*
3
7% 712
714 7%
63
7
4 7
7
800 Pao Western Oil Corp___-No par
4July 11
63
912 Apr 16 1 5
4
418
4
4%
418 414
418 414
418 414
418 414 27,700 Packard Motor Car
No par
812 Mar 13
5 8 Jan 7 11 25
7
8
*1114 1112 11114 1112 *1114 1112 *1114 1112 1114 1114 1114 1114
400 Pan-Amer Petr & Trans
5 103* Jan 9 12 June 14
814
*1012 12
*1012 12
*1012 11
111 *1012 1214
/
4
11
1112 *10
400 Park-Tilford Inc
1 11 May 20 173* Jan 11
11
*3
4 1
7.
4
7.
7.
*3
.8
4 1
*7
2 1
100 Parmelee Transporta'n-No par
*3
4 1
„
13 Feb 18
8
1 Apr 18
4
3
4
3
4
*3
4 1
*3
4
7
8
*3
4
7
8
3
4
4
300 Panhandle Prod & Rei_.-No par
h
7
8
*3
12
12June 20
15, Jan 7
41112 123
8 1112 123
4 12
1212 12
123
12
4 12
1214 12 4
,
240
8% cony preferred
612 Mar 12 123
100
4July 8
6%
4
4 18
4
4%
4
4
418
4
45,
414
4
4% 47,200 /Paramount Publiz MD
45
10
8June 22
214 Mar 27
1%
414 438
4 8 414
,
418 438
414 43*
418 414 11.500Park Utah C M
418 41
214 Mar 21
1
6 Apr 26
2
%
55
*
a
5
8
!"8
3
4
5
8
5
8
5
8
h
1,900 Path, Exchange _ __ _-No par
5
8
h
1/
12 Mar 8
112 Jan 2
*8% 918 *83
4 9
83
4 83
4
83
4 83
8
4
84 1.700
8
/ 84
1
4
Preferred class A
_4
No par
8 July 12 171 Jan 2
45,
134 13% 1314 135* 131 133
4 1314 1318 123* 133* 13
1318 5,300 Patin° Mines & Euterpe ...No par
814 Feb 28 15 May 23
814
7
8
%
*3
4
7
8
7
8
7
2
500 Peerless Motor Car
*1
3
4
4
3
4
7
8
7
8
53
4
3 July 12
4
3
15 Jan 4
,
7
8
*791 80
791 81
/
4
*80
81
*80
81
807 807
8
8 8018 8032
800 Penick & Ford
No par 6412 Feb 5 81 July 8
44%
751 7512 753 77
'
4
7614 763
767
4 76
8 7614 763
4 7612 7714 9,600 Penney GI 0)
..No par 5714 Apr 3 7784 July 12
35%
*1033 1034 10312 10312 10312 10312 *10312 1033 10312 10312 *10312 1033
2
4
4 2,600
Preferred
8June 19 110 Mar 1 108
100 31033
31
312
35, 35, *314 4
*3% 3% *33* 312
312 3121
3001 Penn Coal & Coke Corp
10
214 Mar 13
412 Apr 20
17
8
37
37
4
4%
4
4
*33
4 4
33
4 33
4
3
53 37
8, 2,300 Penn-Dixie Cement
No par
3 Mar 9
512 Jan 7
23
4
*2212 2412 *23
2412 24 24
24
*23
2212 23
*2212 24 I
3001 Preferred series A
100 18 Mar 11 2712May 28
10
23
223 23
223*
8
23% 2312 233* 237
8 23 235
8 23
2312 23,900 Penney'vanla
60 17% Mar 12 253* Jan 7
17
/
1
4
•32
331 *3214 34
*3214 3312 33 33
*33
33
34
33
300 People.* Drug Stores
No par 30 Feb 6 393* Apr 1 11 1012
*11314 114 *11314 114 *11314 114 *113% 114
114 114
114 114
40
Preferred
100 1103* Jan 9 1163 Mar 28
4
80
32
33
3134 3212 3212 33
33
32
34
3214 3214 328 3,600 People's 0 L & 0(01112).--100 173 Mar 7 347
4
8June 24
173*
.112 3
2 3
*112 3
*112 3
*112 3
*112 3
Peoria & Eastern
2% Feb 26
100
3 Jan 7
2
*1012 14
*1012 13
*1012 137 *1012 121t 1218 121 *1012 14
8
100 Pere Marquette91g Mar 13 19 Jan 31
100
9%
*2114 25
*21
25
*21
25 .2114 25
22
22
100
*2112 25
Prior preferred
100 1612 Mar 13 32 Jan 9
1412
*17
20
1517
22
*17
22
21
18
18
18
200
18
*18
Preferred
100 13 Mar 15 2412 Jan 11
12
153 158 *153 163
3
4
4 16% 163
163
8
400 Pet Milk
8
2
4 163 163 1515
163* •15
No Dal 1414May 15 1938 Feb 4
914
*95
8 94
3
93
95 10
4 93
4
1,000 Petroleum Corp of Am
93
4 93
4
952 952
193g 97
8
5
75 Mar 14 115
8May 23
75
4
8
163 17
1612 167
8 163 173
4
8 17
8 1712 177 16,900 Phelps
8
175
8 173 175
-Dodge Corr/
25 123 Mar 15 203
8May 17
4
113*
415* 43 *43% 441
4212 45
42
1,800 Philadelphia Co 6% pre/
421 *40
41% 4214 42
50 23 Feb 27 45 July 9
21%
6712 6712 *6618
_ 06818 6818 *6812 74
69
69
69
69
800
$6 Preferred
No par 38% Mar 5 69 July 11
381
/
4
13
4 13
4 *13 --4 2
•13
*17
.17
8 2
*17
2
2
40 /Philadelphia Rap'Fran Co___50
2
13
iJuly 6
4 Jan 8 as 112
*33
4 43* *33
g
4 41
8
100
3 4 33
3
4 *37
8 *3 4 4
8 45
3
7% preferred
334 33
50
3 4June 24
3
8 Jan 12
3
2
2
178 2
2
2
2
2
2
2
4,000 Plias & Read 0 & I
18 2
47 Jan 9
No par
4
13 Mar 21
13*
51% 52
51
5212 5112 5212 4912 5112 49
4912 50
10,700 Phillip Morrie & Co Ltd
497
/
1
10 354 Mar 12 53I/June 15
1018
•64 9
* 4 9
83
17
8
9
8
100 Phillips Jones Corp
*8
9
73* 9
•
No par
512 Mar 22 11 Jan 4
5%
*58
65
*58
65 .
35718 65
155718 60
*5718 60 •57% 60
7% preferred
100 53 Apr 1 88 Jan 15
18
48
2112 2112 2114 2112 211
/
4
2118 22
214 218 16,600 Philipe Petroleum
213 22
4
NO par 133434ar 12 23 May 17
11
*414 5% *414 512 .4% 215* *414 5„ 5414 gt
5„
*414 5%,
Phoenix Hosiery
5
3 Mar 31
6 Jan 3 3
*5118 55
50
5118 *4814 55
*50
*50
Preferred,
55
50
154812 55
55 I
100 50 July 8 88 May 25
44
% %
*14
3
8
*14
3
8
514
14
14
h
14
14 1.900 Fierce 011 Corp
14
14 Apr 27
25
48 Jan 8
*312 418
418 412 *1
4% •2
Preferred
334 •23
600
100
3
4 3 4 *2 4 3 4
3
3% Mar 21
3
618 Apr 15
312
3
4
3
4
53
4
7
4
3 Mar 14
*3
4
4
7
8
700 Pierce Petroleum
7
8
*3
3
4
4
*3
4
1
4
7
8
3
No pat
4
118 Jan 8
343 343
4
4 343 343
4
343
4 3412 343
4 3412 3412 343* 343* *34
1,400 Pillsbury Flour Mills
No pa. 31 Apr 8 35 May 10
18
*--, 8218 *---- 8218 *__
8218 *__ _ _ 8218 *__ __ 81 *____ 81
Pirelli Co of Italy Amer shares72 Apr 17 7612 Jan 25
72
.7
8
*7
74
/
1
ii2 71
900 Pittsburgh Coal of Pa
•7
712
7
7
100
7
7 Mar 14
7
1012 Feb 4
7
*2812 303
4 30% 31
152812 3118 3
.2812 31
2812 2812 *28
400
30
Preferred
100 29 May 31 42 Feb 4
26
1117312 1793 •173
4
- *173 1793 •175 1793 15175 182 15175 182
4
Pitte Ft W & Chlo pest
100 172 Feb 14 178 May 20 14114
618 612
133 ---8
8 65
612 61
658 7
67
8 7
65
:3 67
8 5,900 Pittsburgh Screw & Bolt-- Notre.
512 Mar 13
9 Jan 11
418
25
2612 271 2812 2914 295* 29% 2912 152712 29
2712 28
250 PRO Steel 7% cum prat
101. 2218 Mar 13 35 Jan 21
*84
1514
112
*7
8
118
114
114 *1
114
*3
4 114
*3
4 114
100 Mite Term Coal Corp
21 Jan 12
100
1 Mar 21
1
•1018 1012 1012 1012 11
12
*1018 12
*1018 1212 *1018 1212
90
6% preferred
100 1014 Apr 4 15 Feb 25
15
6%
2
2
21
2
2
2
*2
17
8 21
214
2
2,400 Pittsburgh United
26
114M ar 20
1%
2% Jan 21
4 3314 34
333 331
333 34
3312 345
4
333 34
8 34
4
34%
840
Preferred
100 2412 Apr 4 871 Jan 7
2412
*812 9
9
9
9
9
*8
103
4 *812 10
•85* 10
60 Pittsburgh & West Virginia -100
678June 4 107
2June 19
67
*150 - - *150 - _ *150
1
.150 _
15150 •150 _
___ _ _ Pitts Young & A !Mt Ry7% pf.100
118
*118 1
14 *118 1
14
118 114 *118 18 *118 178 5118 1-8
77
200 Pittston Co (The)
No par
1 Mar 21
87
218 Jan 4
1
9
9
94
0
9
91s
9
9
918
9
2,800 Plymouth 011 Co
9
6
612 Mar 15 115*May 17
612
*718 74 *712 73
4
/
1
712 71
712 74
712 712
712 8% 3,800 Poor & Co class H
6
No Par
618 Mar 15 11% Jan 9
*212 314 •23
4 334 *23
4 334
2 4 314
3
4 *212 3%
23
4 23
200 Porto Rio-Am 'Fob Cl A
No par
458May 10
15*
13* Mar 19
*3
4
1
*1
4 1
*3
4 1
*3
4 1
*3
4 1
Class A
*3 14
No par
14 Feb 28
Ds Jan 8
14
S's 518
5
5
47
8 5
4 *412 43
4 2000 /Pmtal Tel & Cable 7% Prof -10P
4 43
47
8 5
43
4 8June 13 165 Jan 7
3
45,
8
17
8 2
13
4 1%
13
14
15
8 13
17
8 17
13
8 17
4
8
8 2,700 I reseed Steel Car
No par
%May 14
318 351521
%
13
1312 1212 121
1212 13
1312 133
4 1314 1314 123 133
4
4 1,900
Preferred
100
612May 14 17 Jan 21 1
514
5014 503
8 5038 5114 5112 5138 51
515
8 51
8
513
4 507 513
8 7,800 Procter & Gamble
No par 423* Jan 12 5134July 11
3318
120 120
120 120 *11812 120 *11812 1193 119 1194 *11812 119
4
70
5% pre!(ser of Feb 1'29)-100 115 Jan 2 x1203
4May 23 11 101
3712 385* 38
3812 3814 387
8 385 3914 363 383
8
8 363 373 15,300 Pub Ber Corp of NJ
8
4
4
No par 203 Mar 5 3934June 21
8
983 99
4
205*
983 983
4
4 9914 9914 985 993
8 973 983
8
4
8 9712 9784 3,600
25 Preferred
No par 023 Feb 20 993
8
8July 10
597
.109 1093 109 10912 *1083 110
4
1093 110 *107 109
4
4
10534 107
1,600
6% preferred
100 73 Mar 14 110 July 10
73
•123 127 *123 12612 1223 12318 12418 1241 *1221 125
4
122
900
7% preferred
100 8518 Mar 18 124%July 10
84
*135 145 *135 145 15135 145 *135 145 •134 1393 *135 122'4
4
8% preferred
100 100 Mar 14 no July 2
99
*11112 1123 *11112 1123 *11112 1123 *11112 1121 151115 11214 *11112 1401
4
1121
4
4
8
Pub Ber El & Gas Pf $11---No par 99 Jan 6 112 Apr 24
83%
40
4014 40
7 40% 40
4012 39
4138 4212 4134 42'4 17,800 Pullman Inc
421
No par 34 Apr 30 5271 Jan 9
84
8% (Pa
57
4 91
9
914
91 14.200 Pure 011 (The)
8h 9
88 9
9
7
57 Mar 21 1018June 19
57
No par
8812 90
8812 90
9014 9012 90
90
8812 90
8812 891z 1,230
8% cony preferred
100 498 Mar 18 9112June 29
42
1
69
70
683 703
4
8 7012 7012 7114 711 *6912 71
6912 89's
900
6% preferred
100 65 June 25 7114July 101 3312
13
13
133 133
8
8 13
8
13
131
125 1218 13
135* 13
2,300 Purity Bakeries
lVo par
14 June 15
83* Feb
83
8
64 63
8
614 612
63
8 65
8
614 612
614 612
614 63 73,400 Radio Corp of Amer
8
No par
4 Mar 13
0 4June 26
3
4
5855 8855 5512 5512 55h 5512 55
4
5518 543 55
5514 5514 1,300
Preferred
50 50 Mar 18 6212 Jan 25
22
5712 58
565* 5758 57% 587
4 5712 5814 56
5718 5612 575 26,400
8
Preferred B
No par 354 Mar 12 5918July 2
133*
218 214
2
218
21
2
218 218
2
2
2
2
5,900 fltadio-Keith-Orph
No par
14 Mar 13
/
1
25 Jan 2
114
*1834 1878 187 187
8
8
4 1914 193
, 187 1912 1912 193
4 195 193
8
8 3,300 Raybestos Manhattan-No par 1612 Mar 13 21 Jan 2
1112
*31
3214 *31
324 311 3158 232
3212 .3212 3412 *3212 3412
600 Reading
50 297
sMar28 4312 Jan 7
297
8
*41
42% *41
42% *413 4218 4218 4218 .41
4
427 .41
427
8
8
100
lst prefeived
50 86 Apr 6 421s July 10
28
•36
37
36
36
no 36% *36 37 1536 37 136 37
100
241 preferred
50 33 Apr 17 373
4May 14
27
*5
534 55
53
4
518 518
Ws 5 8 *5
200 Real Silk Hosiery
,
518 *5
10
3% Apr 4
543
612 Jan 8
314
*3414 3612 534
37
*34
37
•34
37
37
*34
*34
37
Preferred
100 201 Apr 2 39 Jan 7
8
20%
•1
114 *1
114
114 *118
114
114 *118
114 *1
*118
Reis (Rohl) & Co
par
No
21 Jan 7
1 Mar 26
1
*1014 11
•1014 13
1038 1018 *103 1112 103 103 *1014 1112
4
4
4
200
let preferred
8 Mar 12 15 Jan 7
100
52
3
9
83
4 8'8
9
81
4 9,
8
9 4 11,000 Remington-Rand
914 912
,
914 93
9h
8
7 June I 111 Jan 7
1
4
5%
•84
85
8458 8458 845* 8434 85
•85
85 4 8512 86
3
8612 1,800
1st preferred
100 711 Jan 15 93 May 9
4
2434
82% 83
82
84
8212 83% 84
8412 845 85
85 857
8
8
880
2d preferred
100 70 Jan 9 893
4May 10
24
1595 117
*95 117 .75 105
*95 104
1595 104
*95 104
Renss dr Saratoga RR Co_.
-100 9812June 10 110 Mar 1
9812
3
3
3
31
3
31.
3
3
3
3
3
318 3,900 Reo Motor Car
214 Mar 13
414May 9
5
2
1414 141 143* 15
/
4
1412 1518 1412 15
145* 144 1412 1484 37,000 Republio Steel Corp
No par
9 Mar 15 1512 Jan 7
9
51
5218 513* 54
53
54
543
8 5214 54% 523 533 14,600
53
4
4
6% cony preferred
100 285* Mar 18 543 July 10
19
*
*513 53
4
53% 531 *5214 53
53 12 5312 *5212 5312 5312 5312
500
6% pre! Mte of deo
28 Mar 15 5312Ju1y 10
28
*53
4 64 *53
4 614 553
4 614 *53
400 Revere CoMor & Bras,.
4 614
618 614
614 6 2
,
5
5 12 Apr 3
814May 18
5%
*13
16
*13
16
113
16
16
16
*13
/
4
16
1612 161
400
Class A
10 13 Apr 17 1912May 16
13
*-..- 84 *-.,,- 84 *--- 84 .____ 83 •_-__ 83
85
83
190
Preferred
100 75 Apr 9 92 Slay 16
2412 an0
. 5,
3
9
5
2218 2218 2218 2212 2214 225* 225* 2212 2212 223
4 2212 233 23,500 Reynolds Mesa',Co --No per 1712 Apr 29
*107 110 *10812 110 •10834 1091 1083 1083 108 108
8
107 1073
8
500
534% Pony pref
100 101 June 10 1083
4July 5 101
2014 2014 21
2112 22
22 22
2112 2112 52112 22
22
800 Reynolds Spring
1 1214 Mar 20 2318May 24 " 04
5112 513
4 5112 524 5212 6211 5214 525
4
8 517 5212 513 5212 21,400 Reynolds(R J) Tab class 13-10 431sMar 26 525
8
8July 10
393
4
1159
60
593 60
4
*59
*59
5912 159
60
60
1559
20
Class A
61*1
10 654 Apr 22 61 Jan 8
5514
•____ 1712 •1214 1712 *1212 171 *1212 1712 *12
1712 *12
Rhine Westphalia Elea Power__
1711
13 June 6 13 June 6
121k
.97 1012 *97 1014 *97 1014
97
97
8
9
1510
/ 10
1
4
800 Ritter Dental Mfg
1014
No par
514 Mar 26 127
51
8June 14
*2612 2714 *2614 2718 152612 27
2714 2714 126 4 27
200 Roan Antelope Colmar Mines_
/ 27% 27'z
1
4
3
217 Feb 25 30 8May 17
2
3
20
our footnotes see page 230.
$ per chard
1412 3614
33
43
15
8
612
29
4014
81j 157
2
2
7
9
273*
32
3
818
70
95
,
5% 145
12%
195,
92
108
88
5
8
9
25
80
47
114%
97
50
114
1%
133*
3%
I V.
2
614
123* 2312
203
4 37
19
34
69
8512
103
116
512
9%
23
4
6%
1034 12
17
254
Is
2
52
211
7
2112
57,
13*
87.
21,
12
414
1012 248
4
912 2112
47
1
4452 67
5112 7414
10512 10812
1%
514
27
8
71
4
1214 327
2018 37
193* 66
86
112%
1914 63
.
7
8
2
12
38
18
51%
13% 43
914 173*
814 1414
1314 187
.
2414 37
69
643
.
2
4
41
16
314
64
1
Ills 48%
7
21
48
747
.
133 x205
8
4
412 1311
50
64
3
13
Ds
412
101
4
3
4
2
1812 341
.
701
4 87
712 18%
28
421*
14112 169
412 113*
1514 13
112
31
/
4
8% 1912
11
/
4
5
253* 5971
,
10
27
144
133
13*
5
.
714 161
6
167
.
28
3
614
1
314
1012 29%
114
5% ,
55
22
I
3318 44%
10213 117
25
45
67
84
117.
4
78
88
106
105
119%
87% 10414
35
/ 598.
1
4
6% 147,
49
50
3312 63
88* 1934
412
214
2314 136%
15
46
112
414
1412 23
3518 565
3312 4.„
29% 3912
5
14
35
601
.
18
6
6
8
, 3834
13
0
133*
8238 71
30
70
114
126
2
512
10% 253*
33% 6712
3912 4214
8
1412
1114 2812
405 13 974
1
20
8r2
893*
57
1212
5%
207
8
18
531
62 2
7
23
1
13,
334
/
1
New York Stock Record-Continued-Page 8
238
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday
July 10
Thursday
July 11
Friday
July 12
Sales
for
the
Week
STOCKS
NEW YORK STOOK
EXCHANGE
July 13 1935
Hangs Mises Ion. 1
-share Lola
Os Basta of 100
Lowest
Highest
imp 1
1933 to Range for
June 30 rear 1934
1935 --High
Low Low
per share
per share
$ per share $ per oh
Par
Shares
per share
2854 3914
285$
291eMar 12 43 June 14
1,600 Royal Dutch Co (X Y shares)8
415 42
41215
3
54 Jan 3
3 Apr 18
100
100 Rutland RR 7% pref
*314 3114
4
1
/
1014
1514 27
10 1014 Mar 13 21a4May 23
11,800 St Joseph Lead
4
3
1818 1818
454
114
Wane 6
2 Jan 8
500 on Louis-San Franclsoo--100
"4 1
612
112
212 Jan 8
1 Apr 3
100
let preferred
300
1
1
6
20
8
6 Apr 15 14 Jan 12
100
St Louie Southweetern
1214
*11
27
12
13
4May 13
/
100 12 Mar 4 211
Preferred
.14
20
4
353
3814 57
4June 13 48 Jan 2
, 363
No tui
12,500 Safeway Stores
39
394
80
84% 108
4
100 1041 Mar 11 11314June 29
310
0% preferred
11012 11012
904
98% 11314
100 10612 Feb 7 11412June 19
220
7% preferred
11312 11312
412
4
4
514 12,
93 4 or 2
6 Jan 15
No Par
2,800 Savage Arme Corp
9% 9'8
8 22 Mar 12 3278July 12 1714 171a 387s
Distillers Corp
35,000 Schooley
223 303
8
8
Jan 2
8
3
4
/
11 Apr 4 4
4
11
1
500 Schulte Retail Stores
*238 212
1
/
304
15
8
8 Apr 4 201e Jan 18
100
Preferred
390
*1114 1214
41
6012
371
No par 55 Jan 2 89 June 11
340 Scott Paper Co
14
6814 684
2
'5
as Jan 4
14Jnne 29
No par
1,300 :Seaboard Air Line
12
*14
31s
84 Mar 14
Di Jan 5
1
4
1
100
Preferred
100
19
4 1
3054 383
*3
s
9
3,800 Seaboard Oil Co of Del--No par 20/4 Mar 12 3574May 26
30
30
4
1
/
5
212
24
2
47 Jan
1312May 9
No par
Seagrave Corp
8July 9
30
314 312
•
4
51,
31
No par 31 Mar 12 477
Sears. Roebuck & 0o
48,500
8
437 45%
Ds
414
14
2 Jan 7
114May 6
1
600 Second Nat Investors
4
*112 13
30
52
32
1 40 Apr 3 5612July 11
Preferred
1,320
*5114 5214
4July 9
312
4
1
/ 1/
4
5
7 4 Mar 13 103
1
38,100 Serve! Inc
4
9% 93
14
6
0 Apr 22
4
1
/
74 Mar 14
5
6 4 13
No par
4,100 Shattuck (F 0)
78
738
4
514 134
9 Mar 14 144 Jan 21
3,000 Sharon Steel Efoop___,...-No Par
4
113 12
514 Jan 3
Vs
314
4
, 34 Mar 12
No pa
2,200 Sharpe & Dohme
284 49
3
30
'3h 3 4
Cony preferred ser A
No Dar 44 Jinn 20 484 Apr 5
400
.4212 4
2641
74
19
19
2
10 Shell Transport & TradIng___£2 20 4 Jan 2 3614July 2
35
.
1112
512 Mar 19 1112May 23
513
6
No Par
Union 011
8,500 Shell
89
1014
1014 .
57
634 Mar 21 97 May 23"
4512
100
Cony preferred
400
94% 945$
1212
5
8
4
1
/
8 Feb 15 19 4 Apr 26 ts 414
15,100 Silver King Coalition Mines---5
1312 13%
6
6 Mar 15 1014 Jan 2
84 2414
No Par
16,100 Simmons Co
4
1
/
714 174
914 914
714
10 2514 July 5 18 Jan 9
2,600 Simms Petroleum
41Way 23
/
114
6
5% 512
6
612 Jan 15 111
25
1,700 Skelly Oil Co
1018 1018
42
514 684
100 60 Jan 22 9114May 23
Preferred
200
4
883
85
*
12
15
2
74
100 13 Mar 20 164July Ii
280 Sloss-Sheff Steel & Iron
2212
22
•
15
1812 42
100 24 - Mar 12 40'2 July 11
7% preferred
1,100
36
35
4
34
1
6 4 193
3.500 Snider Packing Corp__No par 154 Apr 3 201 Feb 16
18
18
,
11
1212 19 a
38.200 B000ny Vacuum 0110o Inc--15 11 Mar 11 15 4May 24
4
1
/ 13
12
*
76
10814
86
100 10712 Jan 15 1117 July 2
Tr pref
100 Solvay Am Invt
*11113 1118
20
4
1
/
39
20
No Par 20 Jan 30 MsMay 24
2,100 So Porto Rico Sugar
25 25
137
115
100 132 Feb 4 150 July 5 112
Preferred
100
148 149
4Juno 11
104
1014 224
25 1054 Mar 13 205
11,300 Southern Calif Edison
4
193 20
1
3 may
512 10 4
12JulY 12
3
6
-No par
20 Southern Dairies class A.
614 712
*
2 June 10
314
114
114July 12
Ili
No Par
Class B
200
*12 412
4
4June 19
1
/
12
4
1
/
144 331
4
1
/
100 12 Mar la 197
Southern Fulfil, Co
34,200
IN 183:
4
1
/
7
512July 8 1612 Jan 4
1112 3832
100
38,700 Southern Railway
612 712
4
10
4114
7 July 8 205 Jan 4
14
100
Preferred
16,900
818 912
2
ay: 470.
25
Mobile & Ohio stk trolls -100 20 July 8 334 Jan 12
200
*2032 28
3
5
7 4May 24
13
5
8 Mar 14
300 Spalding (A 0)& Bros--No par
4 614
*53
3014
1104 74
100 42 Apr 2 63 May 16
let preferred
30
56% 5612
4
151
7
7
Spam( Chalfant & Co Inc-- No Par
66
20
30
100 5912 Apr 3 91 June 15
Preferred
210
8714 8714
87
8714 *8714 88
87
*8512 88, 87
*8512 89
514 Jan 2
34 Mar 13
7
8
24
4
1
/
3
No par
5,500 Sparks Withington
4
8
37
414
4
3% 44
418
4
414
4
418 418
4
71
112
7 Jan 22
314J une 25
2
No par
Spear & Co
4 • $ 33
4
s 33
33
4 *33
4 *3% 33
4 *3% 33
s *3
% 33
*3% 37
6412
3014
39
100 65 Mar 23 74 Jan 7
Preferred
*6812 70
70 '6812 70
•67
"67
70
75
*67
75
•67
1214
15% 33'4
Spencer Kellogg & Sone __No par 32 Apr 3 3614May 11
34
600
3412 3312 3312 34
*34
35% 34% 35
3514 35
*35
4May 24
5
88
4
/
Pi 111
714 Mar 14 105
1
8
9% 103 54,300 Sperry Corp (The) v t 0
10%
4
93 104 1018 1014 104 1012 10
984 Ws
4
13
34 Mar 14 121 An? 22
6
No Par
2 4.200 Spicer Mfg Co
125
$ 12
1114 1114 117
*1114 1138 114 1112 1114 1112 11
18
1
/
214 4114
No par 334 Feb 14 4512July 13
preferred A
Cony
750
4
421$ 42% 423 423
4 434 4412 4414 4512
42 42
714
4
1
/
19
7614
No par 43 Mar 27 7114 Jan 17
66
6,200 Spiegel-May-Stern 0o
66
66
6714 66
6514 6714 6612 6812 6612 6712 66
---100 102 July 1 103'3 July 1 1 45
634% preferred
8
4
1
/
$
•10112 1033, 10218 1033 •10112 1033 *10012 1033, 51004 103 •10012 1033
17t. A4 4
4
.
135
4
1
/
13 Apr 30 194 Jan 3
No par
1512 15% 27,500 Standard Brands
8
155 16
15% 1618 15% 1618 15% 16
8
157 16
12114 127
54June 4 130 Apr 9 120
No Par 122
Preferred
60
126% 127 *125 127 "125 127
126 127
126 127 •
*126 127
24 Mar 15
4
8
47 Jan 21
3
212
500 Stand Comm Toba4/30---No par
3
3
3
3
3
3
3
3
314
*3
3
3
14
4
43 Jan 3
14 Mar 15
354 17
g 3,200 Standard Gee & El 00---No Par
3% 37
418 *3 3 414
7
4
3% 4
414 414
414
4
514 Jan 10
1%
1
/
14Mar 15
4 17
45
No par
Preferred
4 1$ 2.100
4
414 48
4
412 438
4% 43
412 412
5
5
4
1
/
454
33
10
1
4 4 Mar 15 12 Jan 3
No par
1112 11% 1118 10% 1012
700
26 cum prior pre!
11% 1118 •11
8 1184 12
117
*11
6
1114 38%
6 Mar 15 16 Jan 7
No par
1.300
87 cum prior pre
4 11% 12
123
13% 1352 1314 1312 12% 1312 12
*13% 14
17s
4
7
112 Jan 7
15
1 June
900 Stand Investing Corp----No Par
1
1
118
14 •1
1
'1
1
lls
114 *I
*I
944
994 114
600 Standard 011 Export pref--100 111 Jan 3 116 Apr
,
4
4
*11212 1138 11212 11212 1123 1123 11212 11212 *112 4 11212 *1124 11212 10,400 Standard Oil of Calif
2612
4
4
4May 24
1
/
271 Mar 15 38
294 427
No Par
3412
4 34
3414 34% 344 343
3412 35
4 348 35
3412 343
23
2312 274
25 23 Mar 15 27I4May 9
Standard 011 of Indiana
8
2512 25% 2512 25, 2538 253, 2538 2512 253 2512 25% 255s 14,100 Standard 011 of Kansas
19
41
26
10 28 July 9 32 Feb 18
100
28
29% "25
8
297 *25
"25
26
4 26
263
4
263 *26
*26
501zMay
3314
1
39% 60%
5
475 4814 19,500 Standard Oil of New Jersey-.25 35 4 Mar 18 20 July 23
4
47% 4815 473 484 478 48
48
4712 47
47
9
6
4
153
6
125, Mar 14
1812 19% 5,900 Starrett Co (The) L IL-No par
194 1914 181$ 19
213
2 184 19% 19
8
177 183
4534
10 5854 Jan 16 67 Apr 25
4714 8614
Sterling Products Inc
62% 6218 62% 4,500
8 62
614 623
62% 63
4
4 623 63
4
623 623
4
17 Jan 18
Mar 19
1
3
114
114
2
Sterling Securities 41 A___No par
112 112 4.112 112 .114 112 •D2 12
4.14 14 *14 11 .
4
1
/
25$
5 Jan 3
34 Mar 28
7
3
No par
Preferred
100
412
418
44 418 *4
8 44 *4
*37
*3% 412 *3% 41
281$
30
384
50 36 Mar 5 41 May 24
Convertible preferred
*3812 4012 *3812 401 *3812 404 *3812 401$ *3812 401$ "3812 404 25.600 Stewart
44 10.,
412
$
65 Mar 6 1212July 8
5
-Warner
$
115 124
12
1214 1112 12
12
124
1218 1218 121
12
612July 2
215
4
1
/
4
1
/ 13
3
No par
2Mar 14
25
4 5,600 Stone & Webster
5% 53
64
618 6%
5% 6
6
8
618 63
618 614
3 Mar 11
24 April
,
24
8
212 25 15,700 :Studebaker Corp (The) nsw--I
212 234
212 2%
8 23
21
4
2, 23
4
8 2%
25
42
.11311- 2 14 4
No Par 604 Mar 20 7512June 13
800 Sun OU
7012 7013 70% '6712 69
7012 7012
3
4 70
7113 70 4 703 •
68
•
98
118
100
100 1154 Jan 10 121 Mar 23
ao Preferred
119 119 *118 119 •118 119
119 119
119 119 •116 119
4
114 25,
3,000 Superheater Co ('The).--No par 211 Apr 4 2114June 19 811
1912 20
1912 20
1912 20
19
19
•1812 191_
19
19
3 Apr 17
,
34
152 Jan 2
114
4
1,
2,800 Superior 011
2
2
215 218
21$
24 218
215
2
218 218
454
94 Jan 7
5 Mar 18
44* 153
100
4
*7% 7% 2,400 Superior Steel
712 8
818 .
,
814 812
81s 8 8
818 814
314
314 Mar 6
,
55
54 Jan 3
34
50
3% 3% 1,100 Sweets Co of Amer(The)
3
3 4 33
3
34
*3% 4
3% 3%
8 4
*31
sJuly 2 I5 4July 1 1 11
1
25 153
8 9,700 Swift & Co
3
8
1512 15% 153 15% 15% 15% 1512 1554 151s 15% 1514 1512
4
7 Jan 4
14 Apr IS
No par
.14
200 :Symington Co
12
*14
8
3
*14
8
3
%
12
8
3
12 .
*hi
114
1
2 4 Jan 4
14 Apr 29
4
1
/
5
No par
1
/
14
Class A
100
1
/
14 134
8 lh
4 *13
*152 14 *1'1 13
4
4 *112 13
•112 13
4
1
7
/
9 Jan 9
7 June 19
/12 154
5
7
2,200 TelautograPh Corp
712 x7
74
$
73
7
718
4.7l2 712
7
718
7
314
512 Jan 26
4 Mar 15
4
61
5
84
NM
4
1,000 Tennessee Corp
4
44 418
418 4 4 *44 414
44 412
414
*4
1
1814
4
1954 291
25 1614 Mar 13 234May 17
14.400 Texas Corp (The)
3
4
193 19% 19 4 20
4
193 20
8
197 20
19% 20
8
197 20
4
4
2254
6314
30
No par 281 Apr 4 382 Fob 19
7,400 Texas Gulf Sulphur
35
3414
4 3418 34% 341g 35
34% 3412 3414 342 34% 343
214
64July 9
314 Jan 2
612
10
314
55
64 51,800 Texas Pacific Coal & Oil
6
614
s
614 63
8
63
6
514 512
512 64
84 Jan 15 1212May 14
6
4 12
1
61
6,200 Texas Pacific Land Trust
11
11
4
8
3 107 1118 103 11
10% 105$ 10% 10h 10% 107
1314
1314 4314
100 14 Apr 12 2514 Jan 10
600 Texas & Pacific RI Co
4
193
4
1812 173 1812 •16
4 1812 1812 18
1912 *16% 108
*17
1
/
8
18
8
No par 134May 8 194 Fob 15
19
2,400 Thatcher Mfg
4
183 18% 19
1812 1812 1818 18h 19
1818
•1712 18
8
3135
39
5214
No par 50 May 4 56 July 8
$3.60 oonv pref
100
57 "5614 57
*5412 57
*56
*8412 66
*5412 57
56
56
74 Feb 141
4
4
812
124
514 Apr 10
No par
*6
600 The Fair
6
6
6%
6
,
8 64 •53g 618 *5 8 6
*51
45
83
60
100 611s Jan 7 85 June 241
Preferred
10
90
*80
90
85 •80
85
85
*82
85
87 •82
"82
94
24
512May 24
212
212mar 7
1
600 Thermold Co
44 414
414
414 414 •44 4% *4
414 414
4
4
Jan 6
2
2 June 28
814
4
100
400 Third Avenue
8 2%
25
212 212
212 212 *214 212
•214 212
214 214
13
134 224
1 16 Mar 15 23[2July 9
800 Third Nat Investors
2212 2212
2312 2312 •2214 23
2312
23
22% 23
22 .
22
612May 17
4
1
/ 11
4
514 Jan 7
25
82
. 2 612
100 Thompeon (2 R)
2 612 *5h 612
2 612 .67
8 612 *57
4
4 53 '57
53
4
1
/ Mar 13 1772 Jan 2
10
10
2014
15% 1612 1612 17% 21,800 Thompson Produets Ina-- No par 13 Mar 15
14s 16
4
6
143 154 1412 14% 143 15
34 Jan 7
4
/
11
4
/
11
54
4
11
218 214 1,500 Thompson-Starrett 0o..--No par
218 216
214 214 *218 214
21$ 214
218 21.5
17
241t
17
No par 17 Apr 23 2012May 4
$3.50 cum prat
1914
100
4
n 75,
3
•15 4 1812 •15I2 1812 1812 18% •1512 1914 •153 1914 •15
7% Mar 18 12 May 23
4
141
8
No Par
101 10% 10% 10h 1012 10% 25,700 Tidewater Awe 011
4
4 101,2 103
1014 1012 1014 103
644 87
100 84 Jan 8 10112Juna 4 83 43111
Preferred
100 1004 1.900
10018 10014 100 100
100 100
994 100
98% 99
24
40
4
No Par 281 Max 20 40 June 241 18
Oil
10 Tide Water
42
42 .35
•35
42
35
35 .
35
*3514 37
37
*35
2June It
62
80
10012
100 pp Feb 15 11165
Preferred
10618 2,600
106% 1061$ 10618 1034 10618 10314 1061s 1054 10618 101318 1064
758July 12
4
45 Mar 15
3
812
4
1
/
3
10
8
8 75 46,100 Timken Detroit Axle
65
4
,
6 2 63
614 638
618 63,
63,
8
S's 6
4
41
21
24
par 283 Mar 15 427 July 9
424 4114 423 18,500 Timken Roller Bearing--No
4
8 41
4278 42 425
413 41% 41% 42's 42
4
12
7 May 24
8
4
47
812
47 Mar
64
No par
8 x652 68 15.300 Transamerica Corp
4 67
63
4 678
63
8
4 67
63
8
3 4 67
48
714
6% 6%
4
1
/
714 Mar 20 10 A nr 24
914 1,700 Transcon & Western Air Ina.-5
93, 94
94
9
9
918
94 *9
812
9
'
1012July 8
44
54 Mar 14
12
- 1- WI;
95
912 912 5,000 Traneue & WURama 811.- No par
5
9
8 97
93
912 1012
1018 102
9% 10
44M-/v 27
4
61
174
8
4
/
11 Mar 13
44 6.200 TB-Continental Oorp....No par
4
37
8 4
37
4
4
418
41$
4
41$ 4%
51
604 78
No par 09 Apr 4 8512July 11
preferred
6%
800
85% 8512
83
817 817
s 83
4
813 82
82
82
85
•82
7 444 Jao 7
424
23
1
25 4
No par 36 Feb
500 Trloo Products Corp
39
3912 39
39
4
3912 *373 39
39
3912
*38% 3912 *39
4May 10
1
/
6
1
/
14
512
Cs Jan 15
112
No par
5 18 1.900 Truax Truer Coal
5
5
514 *47$ 51$ *47
5
4% 4%
4% 43
4
34 mar 13
4
1
/
9
6 Jan 8
1
34
14
3
10
6,800 Trusoon Steel
5
5
4 5
43
434 47
8
4 47
43
412 43
4
4
5
412 44
1.eb 19
84
212June 5 5
4
/
11
300 Twin City Rapid Trans_ No par
34 *3
34
31$ *3
•3
3
3
3
3
4 3
"23
39
4%
6
4
273 Feb 18
100 18 Mar I
50 Preferred
*1912 22
4
4
2012 193 2012 193 20
4
4
*193 2012 •193 2012 •20
•
1
,
2 4 Jan 4
118June 10
No par
200 Glen & Co
112
112 •114
112 *114
$ •114
14 13
$ 112
1% 112 •13
4
537
$6
2212
4
1
/
6812 6812 2,100 Under Elliott Fisher Co No par 53 Mar 20 6912July 9
68 68
69
6918 6912 68
69
1284
69 6918 69
95
102
100 127 Jan 13 133 Apr 5
Preferred
8
8
•12612 12912 *1263, 12912 •1263 1293 *1263s 12914 •1263, 1294 *12638 12914 8,500 Union Bag & Pap Coro--No Par 29 May 28 504 Jan 21
29
304 49%
334
.
3412 3512 347 3518 zy3314 3412 33
35%
33
4
323 33
304 604
Jan 15 6514July 9 534
4
, 623 644 6314 641$ 23,300 Union Carbide & Carb---No par 44 Feb 6 2014May 23
4
4
633 65 6 633 643
3
6414 6412 63% 65
1112 2012
Ills
3
25 14 4
8,500 Union Oil California
4
173 18
4
173 18
175 177
8
17515 18
8 1712 173
174 18
per share
per share $ per share
per share $ per share
415
4214 4214 42% 4218 421e 42%
4214 42% . 8 43
*314 4
*314 4
4 *314 4
4 33
33
3
*314 3 4
8
19% 19% 1914 197
g
1818 187
8 187 1912 1918 20
4
3
4
3
2
7
84
8
*4
4 1
*3
h
34
118
118 "1
11$ *I
•1
1
114 114
8
*85 1214 *838 1214
$
*85 14
*11
1214 "8% 14
20
2412 "14
2412 *14
20 "14
*14
20
'14
4012
404 414 40
391.2 394 3912 3912 41
39
110 110
110 110
110 110
4
10912 1093 10912 110
112 112
4
112 112
4
113 1133 11312 11312 1123 113
2
914 93
9% 9%
918 91, •Eps 93
914 91
30% 31% 311$ 31% 31% 32%
4 303, 31
3018 303
218 24
214
214 "2
218 214 "2
214 214
12
12
4 11% 1318 1214 13
1114 1114 *1112 113
68
6812 68
68
6812 *68
4
6814 6814 673 68
14
14
14
12
14
12
*14
*14
8
3
8
3
2 1
.3
34
4 1
.03
h
4 1
*3
*34 1
3014 30 3012
3014 30
2912 2912 293
29
4 30
*34 313 *34 313 *314 312
*314 312 4314 3I
3
: 45 4 467
8 4634 4714
4
4514 4714 463 47% 4614 471
4
14 13
8 13
112 112
4 *13
4
4 13
13
4
*112 13
5612 553 56
4
8 56
4 543 557
524 5212 5212 543
93 10
97 1014
7
9 3 10
8
97 1018
8
912 97
7% 7%
4
3
3
78 74
3
738 8
% 7 4 •712 73
7
1112 1114 1114
*11
4 11
113
2
113 124 11% 12
4
4
35
3
34 4
8
31
*3% 334
% 45312 454 4512 46 46
5
34
4
•43% 473 *43% 473 *43
4
*35
*35
*35
*35
35
35
3
1012 1018 "i6i;
11:1110% 10% 103, -- 2 10% 16; 1018 - 9214
*90
94
945$ *93
94
*94
9514 9512 94
4
434 1312 144 133 144
10
4
1314 1312 1312 1414 19
9% 1018
914
7
9 8 1014
9
94 914
,2
$ 512
57
514 5% •514 53
3
5 s 512
5% 51
4
5
9 s 93
4 93
91g 10
93
4
1018 101s 104 1014
8812 8814 89
4
4
4
4 883 883 *873 8812 "88
85 883
*
26
2618 26
2512 26
*22
2314 24
2212 23
4
363 39
38h 4012 3914 3914
4
353 37
38
36
18%
1838 18
184 *18
4 1812 18h 18
183
18
s
127 131$ 123 134
8
8
127 1318 127 13
12% 13
111h 111% *111% 112 *111% 112 •11112 112 •111l2 112
8
2518 *245 25
2514 2514 2514 25
25
2514 25
145 148 *145 148 "145 148 "145 148
145 148 •
4
191$ 19% 19% 193
194 19% 19h 20
19% 20
54 712
54 5%
•5% 712 *54 712 *84 712 .
14 11$
•12 4%
*13 412
*12 412
*12 412
4
8 17% 17% 173 18%
183
18
18% 18
17% 18
7%
7 14
7
7
712
7
8 71s
63
512 614
812 912
914
9
812 918
9 12
9
8%
7
251$ •17
254
254 *17
254 *17
20
20% *13
*5h 6
512 6
4 6
*53
4 6
*53
4
4 53
53
58
58
58 •56
"56
5612 5612 *53
*53
561
For footnotes see Page 230.
Volume 141
New York Stock Record-Concluded-Page 9
239
HIGH AND LOW SALE PRICES
4164 1
-PER SHARE, NOT PER CEA 'I'
Sales
STOCKS
Ramo Stna Jan. 1
1983 to Rano for
for
NEW YORK STOCK
On Basis of 100
Saturday
-share Lots June 30 Year 1934
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
July 6
July 8
July 9
11135
July 10
July 11
July 12
Week
Lowest
Highest
tow Low
Htok
3 per share $ per share $ per share $ per share
$ per share $ per share Shares
Par $ per share
103 10312 102 103
$ per share $ Per BA $ Per share
/ 1031 10412 1031 1057 10312 104
1
4
:
/
4
8
10312 106
4,900 Union Pacific
100 8212 Mar 28 1114 Jan 10
90 90
90 90
8212
8912 90
90
897 89
8
/ 891z 8912 8918 89
1
4
1337
4
/ 1,000 Preferred
1
4
2312 2312 23
100 7912 Mar 14 9012July 3 62
2314 23
23
/
1
4
711 89
234 2514 2478 25
/
4
/
1
25
25
1,500
NO par
207 Mar 13 2614May 24
8
1414 147
8 1414 15
143 1518 143 1514 145 1512 154 163 90.900 Union Tank Car
183
4
8
4
15 8 2514
5
8
/
1
8
United Aircraft Corp
*53
5
8 57
9 Mar 13 163
/
1
4
4
54 53
/
1
8July 12
4
84
5
/
1
/ 6
1
4
84 154
53
4 5
/
1
4
53
8 5
/
1
4
57
6,200 United Air Linea Tramp •t 0..5
g 6
01 1034 1118 12
/
4
412 Mar 13
6 Jan 91
/
1
4
12
814
1318 13
34
13
/ 13
1
4
1314 *12
64
/ 12
1
4
/ 3,500 United American Bosch_No par
1
4
243 243
7 Mar 29 133
8
8 243 24
8
/ 244 25
1
4
4July 10
7
/
1
244 247
8
/
1
17
8 243 24
4
/ 2412 243
1
4
8 2,300 United Siena
No par 2014May 16 2612 Jan 9
•11512-- 117 117 *116
19
_ •116
2114 294
*116
*116
-20
t
100 113 Jan 18 1174 Jan 2 1044 107
6014 - 8 5912 60
6073
6012 - - -38 594 61
/ 6012 5912 - / 59 1014 6,100 United Carbon
1
120
604
1
4
41
/
4
No par 46 Jan 28 6138July 9
4
44
204
4
418
35
3
563
/ 4
1
4
8
3 8 37
5
8
3
/ 3
1
4
/ 39,100 United Corp
1
4
37
/ 383
1
4
8 3818 393
No par
14 Feb27
414.1u1,e 24
8 384 3938 3812 3914 3718 38
112
/
1
24
87
2
3638 3718 19,500
Preferred
*83
4 8
No par 208 Mar 13 39I2June 24
/
1
4
4
87
8 9
2034
87
214 $7
8 9
/
1
4
8
/ 914
1
4
918 972
9
/ 912 8,600 United Drug Inc
1
4
*8
4June 14 134 Jan 7
5
83
4 *8
83
83
618
*8
8
/ *8
1
4
94 1814
83
4
8
8
*7
812
100 United Dyewood Corn
*81
10
82
44 Mar 13 113
*81
4May 16
85
*81
24
85
3
80
SO
3
/ 107
*7814 85
1
4
8
*7814 85
10
Preferred
334 414
100 85 Mar 21 9012May 23
4
414
414 43
50
59 4 7574
8
3
8
4
4
41 43
/
4
4
/ 418 5,700 United Electric Coal
1
4
8912 893
No par
8June 13
4 8912 903
33
74 Jan 9
3
85
90
84
8012 844 7914 81
/
1
71
4
77
7914 17,300 United Fruit
151 153
/
4
4 1512 154 153 153
No par 711 Feb 6 92 4May 14
/
4
7
/
1
494
89
8
77
4 1512 153
4 15
154 14
/
1
/ 15
1
4
22,000 United Gaa Improve
NO par
914 Mar 18 157
1047 1047 10412 105
8
8
8July 2
94
10512 10512 1053 1053 106 107
114 204
4
/
1
4
107 107
1,400
Preferred
No par 8712 Mar 15 107 July 11
312 3
/ *3
1
4
33
824
*27
8 31 *27
86
/
4
993
8
3 312
27
4 27
2 *27
2 314
200 :United Paperboard
2
__100
2
212 Jan 28
*13
3 8June 29
3
4 2
1
*13
4 2
14
/
1
*14 2
/
1
3
/
1
4
8
17
14 *13
/
1
4 17
8
300 United Piece Dye Wka
NO par
17430119 3
57 Jan 7
8
17
4
4
Ms 14
13 4
4
14
14
13 4 133
7
4 1312 1312 1312 1312 1312 1312
320
614% preferred
47
8 41
100 10 June 3 3312 Jan 24
/
4
41 51
/
4
10
/
4
30
5
5
88
47
8 5
43
4 4
/
1
4
43
4 43
4 3,100 United Stores elms A-...-No par
*56
63 *5712 60
3 Apr 4
/
1
4
712 Jan 3
21
4
*57
24
60
8
/
•57
1
4
59
59
59
*5714 59
100
Preferred class A
65
No par 46 Apr 3
65
65
46
/ 6614 66
1
4
34
76
663
8 66
66
65
65
/ 6538 6512 3,300 Unlvereal Leaf Tobacco ..,No par 61 Mar 15 654 Jan 19
1
4
•147 150 *147 150 *148 150 *148 150 *148
6658July 9
37
4014 63
150 •148 150
Preferred
.29
100 13314 Feb 9 150 May 6 1084 11212 140
39
*30
39
*3012 39
*31
3812 *3012 384 *3012 3812
Universal Pictures 1s8 pfd......100 30 July 2 403 Mar 15
11 11
/
4
/
4
4
11 1'l
/
4
15
11 11
/
4
167
/
4
11 11
/
4
4 464
/
4
118
118 •1
lls
900 Universal Pipe & Rid
1212 123
11July 2
/
4
I
4 13
24 Jan 18
131 *1114 131 12
7
2
/
4
/
1
4
12
12
3
12
31111 123
/
4
4
130
Preferred
197 1912 193 203
2
100 12 Feb 6 193 Mar 6
8
8
41
8 194 2014 191 197
4
/
1
414 24
/
4
8 1914 193
8 193 193 11,300 US Pipe & Foundry
8
8
214 2114 2118 2118 2114 2114 *203
4
20 148 Mar 14 22 Jan 7
12
154 83
4 2114 *2014 2114 *20 4 2114
7
300
lst preferred
No par 1914 Jan 7 2112June 25
*3
4 Pa
*84 las
134
7
2
1612 193
7
8
/
1
4
/
1
4
2
*
/ 114
1
4
*
/ 114
1
4
300 U 13 Diatrib Corp
No par
*612 714 *5
%June 24
2 Jan 3
/
1
4
7
*5
/
1
4
14
7
4
513 54 *514 7
*514 7
10
Preferred
513 July 10 10 Jan 9
100
4
4
14
United States Express
*153 17
8
100
4 Jan 8
161 161 *153 163 *153 1612 *16
/
4
4 Jan 4
/
4
4
8
4
14
11
8
/
4
163
4 16
16
300 U 8 Freight
8
8
No par
11 Mar 14 173
4June 12
8
838 *818 84
11
11
814 814 *84 812 *814 812 2,000 US &
2712
Foreign Soma
*83
84
412 Mar 12
No par
84
9 May 17
85 .84
44
87
6
86
86
1514
8612 87
87
87
700
Preferred
5714 5714 57
No par 6514 Mar 26 87 July 11
5714 57
60
6314 78
577
5714 563
8 57
/ 571 5,400 US Gypsum
1
4
/
4
*150 15512 (715412 15412 15512 1551 153 153 *153 4 5714 57
20 4012 M ar 12 5912June 24
344 8114
344
/
4
15612 *153 1561
120
7
preferred
6
614 *6
100 143 Jan 11 1571
:June 11 110
612 *534 6
1111
146
6
6
614 6
/ *53
1
4
4 61
400 U 8 Hoff Mach Corp
424 4212 43
/
1
6
5 Feb 8
/
1
4May 24
7
4314 4312 443
34
Oa 101
8 44
4438 4414 4512 45 1 464 13,100 US Industrial Alooliol__
/
4
_No par 8512 Mar 18 4612July 12
*64 7
/
1
*612 7
32
32
604
63
4 63
6
/ 7
1
4
4
*614 714 1,500 U 8 Leather v t o
61 7
/
4
12
1212 1214 1238 12
No par
858May 22
34 Mar 15
8
/
1
4
512 117
1238 1214 13
8
1238 131
/ 1238411238 3,800
4
Class A v I 0
•62
No par
65
74 Mar 16 143
65
4May 21
65
7
*62
7
65 •82
19
/
1
4
65
*59
65
*60 ia_65
100
Prior preferred vie
100 53 Jan 22 86 May 20
45
45
80
331 333
31 37
/
4
3
313
3
/ 3
1
4
/
1
4
31/4 384
31/4
3
/ 34 2,900 U 8 Realty & Imp'
1
4
8
No pa,
123 1212 1218 131 13
/
4
3 Mar 13
7 Jan 7
3
4
1338 123 1314 123 - 13
12
/
1
4
4
4
12
/ 13
1
4
/ 11,000 U 13 Rubber
1
4
No 9a,
94 Mar 13 17 Jan 3
/
1
311 3218 32
/
4
14
34
3338 3412 3312 34
94
11
24
321 3314 32
/
4
334 17,100
/
1
181 preferred
107 107
109 2412 Mar 14 423 Jan 7
1067 108
4
8
2012 ap,
17
/
1
4
108 109
10812 1091 10812 109
/
4
108 1091 5,900 U 8 Smelting Ref & Min
/
4
8 7114 7114 71
*704 713
/
1
50 95 Apr 6 12412 Apr 25
5314
964 141
/
1
711 71
/
4
711
72
72
•72
733
4
700
Preferred
3538 353
4 353 37
50 624 Jan 3 7314May 10
8
/
1
544 awl
5112
/
1
3614 3718 361 371 35 4 363
/
4
/
4
3
8 38
36 108,000 U fl steel Coro
/
1
4
9012 911 9012 9314 92
2712 Mar 18 401 Jan 8
/
4
ux
,
271
: 283
93
92
93
8 697
91
93
4
91
9212 11,300
Preferred
*133 136 *134 136
lot
73 Mar 18 94 Jan 23
/
1
4
674
136 136 *136 138
6714 9919
137 137 *136 138
300 U 8 Tobacco
_ *159
No par 11914 Jan 4 140 4May 16
3
. _ *159
814
/
1
99
140
.159
___ 160 1604 *160
/
1
-20
Preferred
*159--*481 60
/
4
100 1493 Feb 11 1601 July 11 1243, 126
4912 - - *4812 WO
4
/
4
4912
150
*4812 60
*4912 60
*4912 WO
30 Utah Copper
2
/ 2
1
4
/
1
4
10 40 Mar 22 5,14May 6
23
4 24
40
3
4811 67
2
/ 2
1
4
/
1
4
23
8 25
2 8 23
8
3
8
2
23
8 7,500 Utilttles Pow & Li A
1
*5
1 Mar 15
8
3
4
3 8June 22 31 /
3
*1
/
4
1
4
3
4
11
/
4
Ma
*5
3
4
8
3
4
*5
8
3
4
5
8
5
8
*38
300 Vadat° Bale.
*23
12 mar 15
25
No par
*23
25
11 Jan 2
/
4
*23
114
2312 *23
25
*2238 25
17
12
8
*2238 25
Preferred
1411 143
8 1414 15
100
1914 Apr ii
2418June 19
194
144 154 15
/
1
1514 1412 1512 144 14 4 11,300 Vanadium Corp
194 224
/
1
3
207 207
of Am..
8
8 201 2012 *20
-No par
1114 Apr 11
/
4
213 Jan 7
4
1114
14
2012 193
313
4
4 2014 2014 2012 208
700 Van Raalte Co Inc
*100 104 •100 104 *100 104 .100 4 193
t
1114 Feb 7 2114June 14
374
41 124
104 *100 104
103 103
10
7% 1s1 prat
*3612 3714 37
100 91 Feb 20 105 June II
37
5414 15414 98
363 374 *37
4
3712 37
37
*363 3714
4
700 Vick Chemical Inc
*27
4 3
t 34 May 28 8818June 24
27
4 2 4 *27
3
2318
4 3
243
2 363
*23
4 3
4
27
4 23
2
4
/ 2
1
4
7
400 Virginia-Carolina Chem ....No par
197 20
4
24 Mar 18
19
4 Jan 3
52
1938 19
14
/
1
11
/
4
1918 *1914 2012 *191
5
/
1
4
/
4
193 20
1,500
6% preferred
*104 110 *104 108 *104 110 *104 110 *1044 20
109 1712June I
2714 Feb 1
10
10
26
108 *104 107
7% preferred
102 103
101 85 Jan 4 1304May 6
10212 1034 *103 1034 10312 10312 103 104
574
59
/ 84
1
4
/
1
104 104
/
1
4
270 Virginia El & Pow $6 DI No
.25
8 4
•238 4
7212 Jan 4 104 July 11
*25
8 4
Mu
60
68
*258 4
80
*238 4
*258 4
Virginia Iron Coal & Coke
015
25
109
2 June 22
*15
4 Mar 5
25
*15
2
25
*15
25
38
*15
3
9
25
*15
25
5% pref
100 15 Feb 19 151 Feb 28
8
15
164 27
*70
76
*70
76
*70
75
•70
75
*72
75
*70
76
Vulcan DetInnIng
100 8312 Mar 29 83 May 10
*116 - - *116 - _ 511618 _
86
52
82
_
*
- - *11618 _168
- *11618 _
_
Preferred
•118 - -5
1 8 *118 -100 1094 Feb 5 1157
8July 3
183 •118 95
138 *11 I8 *114 116
112
/
4
3
1
0114 I%
:Wabash
•13
4 24 *13
/
1
100
4 212 *17
1 Apr 1
2 8 Jan 8
7
1
8 212 *17
8
/
4
8 21: 017
1 2
,
47
8 238
4
Preferred A
•118 24 *118 212 *118 24 *14 21 *17
hg Mar 1
100
34 Jan 4
4
21: *118 2
17
2
/
1
4
83
8
/ *118 212
1
4
Preferred B
53
4 53
109
1 May 22
4 *53
4 6
2 4 Jan 19
7
5
/ 5
1
4
1
/
1
4
6
14
6
6
612
6
6
6
800 Waldorf System
2838 2812 283 28ls 28
No par
44 Mar 15
8
7 Jan 10 I 3 2
/
1
4
29
7
281 287
/
4
8 287 29
8
4
22812 287
$72
8 3,300 Walgreen CO
'116 11712 *116 1171 *116 11712 *116 11712 *116 117
No par
4June 8 31 Jan 8 • 154
267
2214 29
/
1
4
/ *116 1174
1
4
/
1
64% preferred
27
8 3
Re 114 Jan 7 120 Apr 24 • 80
27
8 3
23
8 27
8 *23
8 23
4
844 11638
212 212 *23
8 23
4 3,900 Walwortb Co
No par
14 Feb 28
8 8 Jan 7
7
*6
114
7 2 *6
'
71
*7
214
712 •714 712 3
63
6
8
712
712 712
100 Ward Baking class A
114
114 *114
No par
5 Mar 14
11
814May 20
*1 14
5
112
5
114
114 .114 112 *114
12
112
500
Clam B.
*3712 3814 *3714 381 37 8 375
No par
114 Feb 28
14May 20
/
1
/
4
6
114
38
6 38
*38
3812 *38
14
3*$
3812
200
Preferred
4
4 18
413
4
100 284 Jan 12 40 4May 27
3
4
418
24
4
414
4
24
418
36
4
414 19,700 Warner Brae Pletilree
25
2612 2512 2513 25
t
214 Mar 15
43 Jan 2
8
214
2512 2514 2612 25
234
8
/
2518 25
1
4
25 8
3
680
88.85 cony prof
*3
4
No par
7
8
*3
1412 Mar 13 2814June 6
4
7
12
3
15
4
/
1
4
3
4
*4
31
7
8
*3
4
7
8
3
4
3
4
200 Warner Quinlan
8
47
.478 47
4 47
No-par
%Mar 15
*412 47
11 Jan 2
/
4
8
474 474
412 412
1
3
/
1
4
52
412 438
4,1112 13
700 Warren Bros
*11
No par
212 Mar 15
12
61 Jan 7
/
4
12
12
212
*107 13
*107 13
4
4
314 133
*107 13
3
4
100
Convertible prof
24
24
243 2478 *24
8
No par
7 Mar 20 1614May 17
/
1
4
778
2414 24
8
2418 52314 2414 *227 2414
284
/
1
4
500 Warren Fdy & Pipe
414 43
8 *414 5
21 Mar 27 28 Jan t•
No par
*41 5
/
4
*418 47
134
/
4 *4% 5
1
1312 31
*412 45
8
400 Webster Elaenlohr
*80-- - '
No pa/
380 - _ *80
4 Mar 14
6 Jan 2
_ *80
3
_ _ *
80 - - •80 _ _ ___
3
7
Preferred
13
8 18
-3
100 85 A pr 2
13 18 .14
8
90 Feb 14'
3
60
1 12
65
114 -114 *114 90
1
13
8 -138
160 Walla Fargo & Co
38
3814 373 3818 377 38
4
2
1 Jan 5
8July 3
3712 38
13
3712 38
34
8
4
37
2.
373
4 6,300 Weeson Oil& Snowdrift -No 1
*81
87
*8212 84
pa, 3012 Jan If. 39 Fsb lh
83
83
82
82
*8212 8314 *82
15
15 2 351.
3
8314
200
Cony preferred
No par
72 Jan 29 83 July 9
49
69
4 6914 7214 7134 7212 72
693
5212 We
7312 693 717 *68
8
4
70
1,280 Weet Penn Eleo class A-No par 34 Mar 6 7312July
8012 8012 83
8314 82
10
34
8314 83
4412 70
8312 82
8314 80
82
620
Preferred
•70
703
4 71
72
IOU 397 Mar 6 8312July 10
8
72
7212 73
74
397
7112 72
8
513
4 80
7112 7134
11812 11812 11818
270
6% preferred
100 38 Mar 14 74 July 10
1181 *1163 118
/
4
4
118 118 *117 118
36
65
s684
11714 118
460 Wen Penn Power pref
*112
100 10412 Jan 17 11912July 1
*113 113 113
113 11314 11312 1134 4113 _ _
8812
894 11078
80
*114 ---- •112 - -7- •114
17
a
18
100 95 Jan
1135
178 •114
8May 22
787
17
112 112 *13 1
4
/ 105
1
4
78
2
12
100 West Dairy Prod ol A__--No par
7
s
7
8
3
8
Venue 8
713
214 Jan 8
038
12
118
'2
*8
1
4
17
4
3
8
614
3
8
3
8
714 73
600
8
7
/ 73,
1
4
Chum B v t a
78, 81,
73
No par
4 73
72 Jan 8
*714 8
asMaY I
la
212
I's
*712 73
4 1,700 Western Maryland
*1012 12
*1012 1134 *101 12
100
54 Mar 15
/
4
9 Jan 7
/
1
4
*1012 12
*1012 12
512
*1012 12
718 1714
2.1 preferred
114
114 *118
14 *11 114 *1
100
74 Mar 30 13 June 18
/
4
11
•1
712
114 *1
914 28
114
300 Western Paciflo
238 23
8
218 234
100
2
114May 3
/ 238
1
4
33 Jan 7
4
24
4 23
4 *2
/ 23
1
4
1 14
4
23
4 3
23
8
81
1.200
/
4
Preferred
371 3
/ 914 38
4
3938 3814 39
.100
23 Feb 26
2
/ 3914 4014 373 391 3812 4018 57,700
1
4
7 2 Jan 7
7
2
/
1
4
4
44 i7l,
/
1
/
4
Western Linton
2414 2412 241 2434 2418 243
/
4
100 205 Slur *4 4014July 10
8
4 2418 243
4 2414 2434 2418 24
203
8
2912 647
/ 7,800 Westinginte Air Telegraph1
4
8
57
577
8 563 597
Brake...No par
4
18 Mar 27 27 1all 9 . 15 4
8 584 60
5838 5938 57
5814 5734 58
8 ,
1572 36
/ 65,100 Westinghouse El & Mfg
1
4
*112 114
11212 114
50 32 Mar 18 60 July 9
/
1
4
115 11512 115 115 *116 120
2774
271s 471
11612 11612
.
120
let preferred
12
12
*1112 12
50 90 Feb 5 11612July 12
*114 12
/
1
12
12
12
1214 *12
77
82
1214
95
800 Weston Eleo lostrumli--No pa. 10
*32
34
*32
34
Mar 18 13 Jan 2
32
32
/
1
4
3212 32*2 3312 34
5
*2912 34
n
154
130
Class A
194 20
/
1
20
2012 20
No par
2012 20
20
194 2018 20 20
/
1
15
163
8 294
2,400 Westvae0 Chlorine Prod... Napa, 29 Jan 4 84 May 14
*22
2712 •22
2712 *24
168 Mar 13 234 Jan 3
4
2712 *22
*22
271
2712 *22
1214
We 274
2712
Wheeling & Lake Erie Ily CO- 100 18 Jan
*24
35
*24
35
*24
3 25
35
*24
*24
35
35
18
*24
2412 29
35
6% non-corn preferred_ _100 25 Mar 14 30 May 14
1812 1812 1812 1912 1914 1912 *183 191 *18
May 20
4
19
21
*1814 19
24
36
900 Wheeling Steel Corp
7012 71
73
No par
73
1414 Mar 28 204 JIM 21
74
74
733 7434 .7412 75
75
4
75
1112
1112 29
800
Preferred
1014 104 101 10 4 103 105
/
4
10(4 4613 Jan 12 75 July 10
1
2
2 1014 10's 1014 1014 10
84
84
117
10
/ 4,200 White Motor
1
4
50
67 Mar 15 1852 Jan $
2
*1612 17
67
8
16
281
/
4
164 164 *16
/
1
1638 164 17
/
1
163 163
4
4 161 164 1,100 Wbite Rk Min Spr of
/
4
/
1
2
2
......No par
•15
8 2
13 Mar 22 241 Jan 9
/
1
4
.158 218 *138 21
/
4
*14 2
214 314
/
1
134
0138 2
100 White Sewing Maohloe---No pit
9
1s
0
08 10
4
14 Mar 15
10
2 2 Jan 22
3
1014 10
10
14
*91 10
/
4
10
14
10
38
7
1,200
Con? preferred
*134 17
8
17
8
No par
178
6 Jan 11
2
101* July 9
2
2
2
4
2
2
6
2
1114
2
1,200 Wilcox Oil & Gas
.5
I Mar 14
314 Jan h
1
Wilcox-Rich Corp ohms
2
574
53
4 54
A_No pa. 84 Feb 5 8512May 27
574 - 8
5755
8 - 7- - 5 8 - 4
58
274 344
32 2
7
,
53512 5,4
513 - / 46:700 WU/NM dc GYP Ina
5
1
4
No pa
, 37 Apr 3
2
7 Jan 2
34
44
8
9
Class A
71- - - -3 4
72 - 72- -iii -ii- No par 2612 Feb 7 3112 Jan A
8
ii- -iiis li- -iiT2 -72 4 ;65i4 -i61- _ 1114
1214 321
- -34
2 4:i4V) $6e prat
6118 611 611 62
/
4
/
4
100 68 Apr 2 75 Feb 2•
6118 6214 6118 617
58
4 61
617
4 6112 6214 16.800 Woolworth (F W) Co
164 167
/
1
8 17
17
10 51 Jan 16 6514June 18
17
1714
1712 18
35
*17
1712 17
- 1
111 4 15514
1714 2,100 Worthington P & W
40
40
40
100 113 Mar 12 2112 Jan 7
4014 4012 404 41
4
8
/
1
134 317
43
It',
4214 4214 413 413
4
4
690
Preferred A
*313 32
4
32
100 2512 Mar 13 447 Jan 23
32
*32
4
35
2518
*32
36
*313 35
4
*32
3112 53
35
100
Preferred B
*4414 493
4 4712 474 487 50
100 20 Apr 1 3312May 21
4
494 5034 497 50
20
/
1
8
33 2 43
50
3
5112
600 Wright Aeronautical
80 8018 801 81
No par
/
4
•80
2
807 *80
8
12
8044 803 81
*80
167
4
8 75
8112
700 Wrigley (Wm) Jr (Del) No par 8511Mar 13 537 Apr 24
2212 2212 2314 24
733 Mar 13 823 Apr 26
4
2314 2312 2312 23
4
8
473
4
/
1
/ 233 234 2314 233
1
4
544 76
8 2,200 Yale & Towne Mfg Co
2
/ 27
1
4
8
23
25
4 23
9
4
4
23
4 2
/
1
4
23
4 23
2
4
/ 27
1
4
li1
8
/
4
274 3
14
2212
1,700 Yellow Truck 21 Coach ol B___10 177 Apr 6 24 Feb 1
•373 3812 *373 3812 38
4
27
8June
4
414 Jan 7
38
3812 381 3812 3812 38
258
/
4
2
/
1
4
74
39
100
Preferred
27
27
2714 2814 2818 2818 .273 28
100 8112May 8 42 Fob 19
2o
28
4
2814 2814 2912 4,300 Young Spring &
28
4174
1912 194 194 2012 194 207
Wire-. No par 18 Mar 18 2912July 12
/
1
/
1
/
1
8 2014 204 1912 2014 1912 20
/
1
101
/
4
13
333
24.300 Youngstown Sheet & T...No Da
4
*55
, 13 Mar 15 211 Jan b
58
58
587
4 .573 58
/
4
4
58
62 •57
61 .57
1 238 3374
61
123*
700
54 preferred
212 21
/
4
100 384 April 62 July 16 "30
2 4 318
7
3
318
27
8 3
3
3
27
4 2
/ 5,700 Zenith Radio Corp
1
4
Si
6944
No par
3
3
3
3
114May 6
27
8 3
34July 8
/
1
3
3 ,_34
,
3
1..
3
3
14
6,100 &mile 9r0(111018 Corp
43
4
I
•
2 8June 7
IN.% ,
3
47 Jan 10
2
28
5
33
8
7
/
1
4
For footnotes see page 230.
,
240
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
July 13 1935
-except for income and defaulted bonds.
changed and prices are now "and interest"
of the
On Jan. 1 1909 the Exchange method of quoting bonds was
the only transactions of the week, and when selling outside
sales are disregarded In the weeks range, unless they areof such sales In computing the range for the year.
-Cash and deferred delivery
NOTICE
in which they occur. No account Is taken
regular weekly range are shown in a footnote In the week
July 1
Week's
July 1
Range
Wesr.
1
4
193310
13 PAWS or
BONDS
i
Range
1933 OA
.1
Range or
Sinta
SI June30
Friday's
19
BONDS
N. T. ErpoGic EXCHANGE
Since
1 June30
Jan. 1
Friday's
5 1935
11
...a, 3I4 & Asked 513
N. T STOCK EXcli4 NOE
Week Ended July 12
Jan. 1
1935
....5. /343 & Asked co
Week Ended July 12
High
High No. Low Low
Low
Foreign Govt. & Munk.(Con.)
High
MO No. Low Low
LOW
U. S. Government.
Costa Rica (Republic of)
----1713
3018 3514
1951 MN *33%
Fourth Liberty Loan
917s Nov 1 1932 coupon on
17% 327
52 10630 101.20 104.18
14 327; 84 ____
1933-1938 A 0 101.20 101.24
4th 414%
997e May 1 1938 coupon on--1951 =-- 20
18 104.10 113.8 117 3
117.3
4
1
6812
944 100
4 983
1947-1952 A 0 117
1944 M S 983
treasury 4348
97.26 102.28 106 25 Cuba (Republic) 56 of 1904
90 95
1
8313
4
4 943
1949 F A 913
Oet 15 1943-1945 A 0 E6.19 106.23 168 101.18 108.74 1123
Treasury 41(-33(8.External 58 of 1914 see A
117
91
84
617
8
.--1944-1954 J D 111.30 112.3
1949 F A
tremor) 48
External loan 41.4.
110.16
99.26 107
49
61
0312
77
1946_1956M El 110.13 110.16
934 9313 10
treasury 348
Sinking fund 5345 __ _Jan 15 1953 1 J *91--98.5 103.38 107.28
28
234 42
4
191
1943-1947 2 D 107.20 107.23
1 D 3012 3312 59
treasury 346
*Public wks 5145 ___ June 30 1945
93.12 100.2) 104.10
128
4
4
83 143
4
83
6
1212
Sept 15 19511955 68 B 103.28 104.3
1959 MN 1212
treasury 35
97.26 100.20 104.10 •Cundinamarca 6 iis
2
4
9512 1055
8 23
771
1931 A 0 210514 1055
Dec 15 1946-1948 J D 103.24 103.29 104
treasury 36
58.12 104.15 108.20 Czechoslovakia(Rep of) 86
55
9512 106
106
77
11
1940-1943 3 D 108.15 108.20
A 0 105
1952
treasury 350_ _ June 16
Sinking fund 86 ser B
104.14 108.25
98.6
90
108.25
983 105
4
794
36
104
S
19423 J 103
treasury 330---- Mar 13 1941-1943 M D 108.18 105.6
101.28 10611 Denmark 20-year exti Os
9428
55
93 101
105.1
75
4 70
4 993
1955 F A 981
treasury 314s____ June 15 1946-1949J
External gold 5148
436 101.5 101.15 106a
85
5
61
8212 961
1949-1952 J 0 104.25 105.2
1962 A 0 9012 91
treasury 346
External g 4146....Apr 15
97.21 104.16 108.23
78
Aug 1 1941 F A 108.19 108.23
1932
treasury 8%g
Deutsche Bk Am part ctf 13s
99.24 10224 108.18
5514 70
3
484
3
8 63 4
635
__._
1944-1948 ,..,-, 106.12 106.18 109
treasury 348
*Stamped extd to Sept 1 1935
100.15 101.28
6114 7112
40
6
1955-1960 111 13 101.21 101.28 1-540 100.14 101.14 1043 Dominican Rep Cult Ad 5348-1942 M S 6
612 6712
treasury 213s
98
17
1964 M 8 103.29 104.3
64
6212 --_,
36
55
1940 A o *60
Wed Farm Mtge Corp 3141
let ser 5346 of 1926
94.27 99.15 102.18
547 64
36
3
1944-1949 M 5 102.6 102.16 239
A 0 06012 6012
Nov 15
1940
38
26 series sink fund 514s
Ram 10020 102.17
%
27
431
33
6
Jan 15 1942-1947 3 .1 102.9 102.17 156
1945 M N 3414 3414
38
101.16 *Dresden (City) external 7s
Mar 11942-1947 M S 101.5 101.16 807 ---- 193.24
254
6518 6512
1 *4818 - - - - 36_
J
Rome Owners Mtge Corn
94.38 44.16 102.14 *El Salvador (Republic) 88 A -1948 .1 1 3
62
36
3
35
1952 MN 102.3 102.13 289
362
6
35 Berke A
*Certificates of deposit
0218 96.20 101.2
481,
8412 96
5
1949 F A 100.22 101 2 585
1907 1 J 9418 9418
254s
Estonia (Republic of) 76
10714 38
10312 108
70
1946 M S 107
State & City-Se. no14 below.
Finland (Republic) ext 68
14
1
7012 10118 104 4
4
1956 M S 1025 104
External sink fund 6148
20
2612 120
214 354
1953 M N 24
Foreign Govt & Municipal.
*Frankfort (City of) 8 t 6135
16512 190
9 126
1941 J c 17318 17582
Agricultural Mtge Bank (Colombia)- F A 2314 2314
3312 French Republic exti 710
21
1834
2
• 13 1274 16912 190
179
1949 J D 179
*sink fund Os Feb. coupon on 1947
External 75 of 1924
1913 32
1518
2
1948 A 0 2314 2314
*Sink fund 62 April coup on
4
9012 963 *German Government Interne64
23
24% 3712
1963 IM N 9412 94% 15
1965 1 D 2418 2514 200
Akershus (Dept) ext 55
tional 35-yr 5148 of 1930
4
712 111
Vs
2 13
93
914
3
47 6
3718 28
34
3113
19453 2
1949 A 0 35
•Cntioqula (Dept) cod 71 A
7% 1118 *German Republic ext.! 76
63*
2
914
912
1945 J 3
*External 8 f 7s ser 13
4
5
7 8 93 *German Prov & Communal Bk.
74
4
3 2
914
483*
33
28
95,
2312
1945
1958 1 D 403* 42
'External a f 75 ser C
(Cone Agile Loan) 6941
714
714 105
8
5
914
918
J
*External e 1 78 ser IL-------1945
83 1014 Gras (Municipality of)
88
4
8
2
8
93
9
49
8
86 10812
*967 100 --__
1957 A 0
'External 8 f 78 let or
*88 unmatured coupons on......1954 M N 1144 11412 26 5075
67 10
914
2
8%
8%
8 11014 1164
1957 A 0
1937 F A
'External sec, f 75 2d ser
613
83* 94 Or Brit & Ire (II K of) 5146
10
9
812
8
953
1957 A 0
6 1085 119
MN 11612 011713 24
75 3d ser
1990
*External sec 6 f
94% fund loan 3 opt 1960
88 126
743*
7
10
37
22
33% 3914
19583 0 984 100
1964 M N 37
'Antwerp (City) external 56
90% 9912 *Greek Government 4 f ser 78
44
2513 33
161.
1960 3 0 974 994 33
1968 F A *3012 3214 ---'Argentine Govt Pub Win)65
*8 f secured Os
8
985
90
44
1939 1 D 9714 984 82
Argentine 66 of June 1925
9852
90
9458
914
8 61
985
82
67
2
91
1959 A 0 97
1952 A o 91
Eta! e 1 Os of Oct 1925
9
9014 987 Haiti (Republic) a 166 see A
44
wit
74
mg
8 64
1 9714 987
1957 M 1
1946 A 0 *2412 23 ____
External 8 f Os series A
go% 98
445,
*hamburg (State) 66
9812 57
31
16
15
19583 0 97
8 ...-_,.
2
J
External Os series S
9813 *Heidelberg (German) ant 7140-1950 I 0 *1988 10314 01
90
44%
812 56
4
1023
6614 1014 10314
_
1960 31 N 9784 9
1980 A
Ertl 8 1138 of May 1926
48
9838 Helsingfors (City) ext 81
90
4414
8
983 126
1960 In 2 97
External 81 f3e (State Ay)
8
985 Hungarian Cons Municipal Loan
90
44%
8 31
1961 F A 974 985
25
29% 38
35 ---Exti136 Sanitary Worke
*714. unmatured coupons on__1945 2 J *31
4
983
90
45
4 65
MN 9718 983
3012 3714
8
265
35 ---1940 J 2 *31
Kill lis pub wits Mat 1927 -1961
8
941 9512
coupon on
*78 unmatured
4114
3
29%
29% 35
8 36 ___
1982 F A 93 8 9512 86
1 M N *305
5148
Public Works ext1
98 1041i *Hungarian Land M Inn 71411-196 M N *305
7758
93
4
.1 1023 103
8 35 __-3212 35
2
1955
93*
1961
-year Os
Australia 30
*Sinking fund 714. ear B
98 10418
78
57
4
1957 M S 1023 103
External 56 of 1927
7
. 14 Hungary (Kingdom of)
921 97
73
8 9718 64
10
195668 N 965
42
3458 4015
40
314
1928
1944 F A
External g 454. of
9012
*710 February coupon on
81
42%
9612 34
8
J 96
7 92
1094 116
1957
1960 'ON 1157 116
Austrian (Govt) 8 f 78
RIM] Free State ext1 8 t 58
4
79
3
673 9412
1951 1 D 67 4 7612 596
Italy (Kingdom of) aril 78
37
30
2614
8
4 31%
1
86
99
t946 F A 303
86
4
893
'Bavaria (Free State) 83411
.,'37 MI S 86
Italian Cred Consortium 70 A
984 109
8812
5
109
M S 108
1949
09
69
70
3
73
_
Belgium 25-yr extl 034.
sec a I 7a eer B.. ___947 M 8 69
10711
External
9314
85%
2 10412 10512 20
44
1955
63
85
58
6312
External I f 08.
1952 .1 3 58
Italian Publics Utility MIle
3
92 4 1014 119
D 11414 1144 19
8
114
77
1955
go 100
-year s f 75
External 30
1954 F A 975 100
97 11014 Japanese Govt 30-yr 8f630
91
8 42
1956 MN 108% 10912 79
6713
7714 397
5
1906 MN 874 897
Stabilisation loan 78
Ertl sinking fund 5146
954 100
1
072
'
1949 A 0 3100
Bergen (Norway)56
4
993 Jugoslavia State Mortgage Bank93
71 6214
4
1960 M 5 994 993
43
6
7
25
23
External sinking fund 58
. .76 with all unmet coup.__J957 A 0 33 4 34
2518 38
22
16
4 27
1950 A 0 283
•Fierlin (Germany)8 f 6148
,
444
96
2212 384
71 204
2
991,
13 2414 253
1958
40 _...._
1947 F A *37
*External linking fund 08
*Leipzig (Germany) at 75
113* 18
6
113*
1946 A 0 1418 1414
•tiogout(City) en!of 84
71g
5%
37
53* 912 Lower Austria (Province of)
87
97 106
50
5
1947 151 N
100
*Bolivia (Republic of) ext188
on 1950 I D 98
*748 June 1 1938 Coupon
8
4
4
3
714 23
63
1
19583 .
9 ---,
63* 1014
63*
'External secured 78
814 eMedeinn (Colombia) 6148.-1954 1 D *813
4
4
714 55
659
3
13
1969 291 8
5
814
5
5
4
1943 3 N
*External sinking fund 7.
*Mexican Rile Anitng 4)4s
4
812 --.„
5
...1 2 *7 8
8
12 397 *Mexico WS)extl 58 of 1899 3....1945
25
2178
79
1941 3 73 2512 27
47s
iis4
'2 18
8
5
*Brun (13 8 of)external &I
1945 --*Assenting 5e of 1899
2012 3112
1
19 8
71
4 217
1957 A 0 203
5%
5 ____
194
91. 11
'External,f 6148 01 1926
'Assenting 58 large
5
20 4 8114
8 88
193*
213
1957 A 0 21
'External of 054. of 1927
*Assenting 5e small
2012 814
5
18 8
78
D 2012 22
1952
554 5%
4%
6% ---,
4 7s (Central Ry)
1954 --- ---*45071904
29
Ws 4112
4 4014 30
40
45
1994 __
4
1935 M 5 393
45
8
3
13
*Bremen (State of) exti 78
*Assenting 48 of 1904
8718 9714
68
9614 18
1957 11/1 8 955
4
418 7
-Brisbane (City) s f 55
•Aseentlng 4, of 1910 large
8553 9718
WI
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as
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Sinking fund gold 58
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Budapest (City Of)•18mall
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s 21
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9612
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1
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Buenos Aired (City)61.4.89-2
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fall Iiii--.1991
'Buenos Aires (PrOV)
511. 65
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1961 15 B 63 4 643 199
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1952 J D 3312 3612 10
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78 'Montevideo (City of) 78
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1959 MN 29
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8
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-year extl 68
Norway 20
1312 19
13%
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16
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8
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'Fink fund 750 May coup off-1988 M N
-year external 68
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8
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7
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994 11014 11458
56
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1970 1 13 810018 ---- --, 8012
.
Bank mil etas
55
Municipal
98% 102 103%
10218 14
1936 F A 102
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22
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50%
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8%
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1958 M N 9312 8312
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ref tut.0 66
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47
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2412 47
24%
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Rate) art' 6348-1951 M S 2112 253* 10
99 10252 *Prussia (Free
75
8
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4
24% 363
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18
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4
7
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-year external 68
25
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8
201
27% 24
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373 4312
3518
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'Os July 1 1935coupon on__Jan 1961 J J 26
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12
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.
'61.4. Aug coupon oft
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5512
4 21
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174 19
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-year g 4148
23
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448 53
12
2
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1957 F A 51
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4 10
143
1968 J D 1414
*Cordoba (City) extle 2 78
3
"66 June coupon ott
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4712 25
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1957
144 21
4
153
15
8
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1966 MN
•78 stamped
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60
60
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297
2
60
1937 MN 60
4
133 2112
8 1512
4
4
133
1967 1 D 143
'External sink fund 75
*76 June coupon off
5118
46%
*49
8714
1937
60
7012
6714 225
47s stamped
1952 A 0 60
8014 Rome (City) exti 630
70
2518
8014 21
Cordoba(Pro,) Argentina 78 -1942 J J 7712
I
•
securities being almost entirely ove the counter.
For footnotes see page 245.
rarely on the New York Stock Exchange, dealings In such
'
NOTE-sales of State and City securities occur very securities, will be found on a subsequent page under the general head of "Over-the-Counter securities
however, by active dealers in these
Bid and asked quotations,
-
It
Volume 141
New York Bond Record-Continued-Page 2
BONDS
N. Y STOCK EXCHANGE
Week Ended July 12
Wadre
Ju.y 1
r.3 Range or ; 1933 ro
_
=3.....
Friday 3
c ii June 30
11
.
.f.',4; Bid & Asked 141.4
1935
241
33
...•
Week'sJtslir 1
Range or
4 11933 to Range
.
11 ti
Friday's
Le .1", June30
Since
.3Z.- Bid & Asked sii 66
1935
Foreign Govt. &Munk.
Jan. 1
(Cosa )
Low
High No
Low Low
High
Rotterdam (City) esti 65
1964 M N •11213 115 ---Low
High No. Low Low
9218
112 13918 Atl & Dan lot 640
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Moe
1948 J 3 27
ies)2912 67
29
27
.70 August coupon off
2d 4s
4214
1959 F A
1948 3 3 2312 25
34
34% 29
16
2038
29
2412
3812 Atl Gulf & WI SS colt tr
Eiaarbruecken (City) Se
2312 3412
1959 J J
be
1953 J J
417
8
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42
50
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354
2
50
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50
78
Sao Paulo (City of. BruinAtlantic Refining deb be
1937 J J 1073 1073
8
8 38 101
*88 May coupon oft
10718 10814
Atl & Yad let guar 48
1952 M N
1949 A 0 443
163
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343 57 13
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g be
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San Paulo (State of)90
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1940 MN 10012 1013
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3 J
1714
8 1037
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58
3
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17
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233
4
'External 7o Sept coupon oft___1956 Si
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1995 3 D 6214
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54
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let gold 513
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_1968
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__1942 M 5 5812 02
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20
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1960 F A
4838
1951 M N
3213 3312
5112 385
6
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*Saxon State Mtge lust Te
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Ref & gen M Is ser F
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Serbs Croats & Slovenes (Kingd
4
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4s stamped
1951-_--- 107
962 ___. 29
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8 50 11112
27
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36
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Batavian Petr guar deb 44e__ _1942 J .1 11212
4
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_
43 -_- _
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patella (Pro, of) am 7e
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1989 3 D 6714
--7414
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25
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5
60
64
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08
_1947 F A
4613 4612
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6114 Beech Creek lot gu g 4e
1936 3 J 1013 102
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8912
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off
1946 F A
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91
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66
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95
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11314 12012
let & ref Se series C
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4
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1971 -1 J
8414 863
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8
8 25
58
Tokyo City be loan of 1912
7412 8738 Beneficial Indus Loan deb 65 ____1946
M 8 111
1952 M S 73
2
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6612 76
74
External s f 5148 guar
*Berlin City Elec Co deb 634e ___1951 J D
10738 ill
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30
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4 52
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50
273
2
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743 86
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1947 M N
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2812
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1955 A 0 26
____1957 M N
27
7
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4 98%
243
9
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99
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4 31
3
513
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•Ext16 he unmatured coups___
10512 11518
30
-year p m & impt of ISs
1957 1 D 101
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3
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82 102
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10318 10412
946 F A
40
40
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38
___ __-39
46
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90
3414 4118 Bing & Bing deb 814s
10252 10814
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1950 M 8 .3712 48 ---1964 M N
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3412 45
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1967 M S
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73
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let M be series II
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76
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lot g 4(o set JJ
1952 MN
1961 A 0 704
90
90
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56
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. 5913 74
Boston & NY Air Line lot 45____1955 F A
70_
27
1958 F A
723
8 737
27
8 34
5
28
91
26
Yokohama (City) ext1 6s _
63
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8
403
8
1934 A 0 *718
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89
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63
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,
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II•Bowman-Bilt Hotels let 7s_ __1934
RAILROAD AND INDUST
Stmp as to pay of $435 pt red
M 8 05
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_ _--413
43
4 404
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COMPANIES.
1941 J 3 9112 - 12
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84
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let 5s1953 J D
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41 13
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1943 A 0 1033 105
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1968 3 J 107
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96
35
61
/163
8
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15
-year sec es, series A
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7
70% 10014 Bklyn Qu Co & Sub con
98
104 10512
Ala Gt Sou let cons A be
fad 55_1941 MN .6618
1943 J D 10714 1074
70 ____
13
5238
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55
lot cons 4s ger li
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1941 3 1 •64's--------675
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74
4
100 1034 Ilklyn Union El 1st g
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7738
55
1950 F A 1097 1013 48
48 A 0 44
45
2
38
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38
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6438 Bklyn Us Gas 1st cons g 55
10038 11012
1945 M N 120
1948 A 0 10114 10112
121
5 10312 11434 121
19
83
9912 103
!Alleghany Corp coll Cr
let lien & ref 60 serIee A
5s
1947 M N 12713 128
1944 F A
7018
72
4 10514
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11838 128
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1936 J J ------------158
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1950 J D .10514 1057 -__
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1812 19
8
13
93
13
26
5s stamped
10318 10614
let lien & ref 55 series B__
1950 _ _
1957 M N 1083 10914
12
4
123
4
7
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13 10012
8
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10814 111
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-917 ---62
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1938 J .1 103
1942 M 8 9114
93
103
12
93
1
8838
1
105,10914 Buff Gen El 4 lis series B
Allied Stores Corp deb 415s
10138 10314
7
1950 A 0 93
1981 F A 0109%
95
44
_
9238 95
9612
Allis-Chalmers Mfg deb 55
4
1088 111%
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110414 1053 __-1937 M S'
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- 8
17
-- 8312 100 1013
91
'Alpine-Montan Steel 711
104 107
4
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1957 M N
59
_1955 --__
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31
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87
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coil 55_1934 A 0 20
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4
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2012 ____
3
80
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1
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ex-1960 A 0 653
88
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7615
31
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Am Internet Corp cony
By-Prod Coke 1st 534s A
5312 68%
53.4o ___j949 3 .1
1945 MN
69
95
8314 0812 26
96
65
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54
AM Rolling Mill cony
773 831s
8
bs
1938 M N 1023 10212 84
8
87
102% 112
10-yr COM deb 4148
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,
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92 _85
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deb of 5e
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5
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35
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1942
19603 .1 112
_
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8 35
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11118 11312 Canada Sou cons go
20
234 15
-year sinking fund 534s
be A
1962 A0 III
_112
112 103
13
79
111% 1137 Canadian Nat guar 434s
10614 112
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8
1954 M S 1023 103
939 .1 .1 1073 101
4
3
4
10 105
36
9118
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102% 104%
30-year gold guar 430
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cUs1940 --__
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9133
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Amer Water Works & Electri
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Since
Jan. 1
BONDS
N, Y STOCK EXCHANGE
Week Ended July 12
Z.' a
11113 10 ii
g
For footnotes see pace 245
BOND BROKERS
Railroad, Public Utility and Industrial
Bonds
VILAS & HICKEY
1)9evo 'rink Stock Exchange - Memb•r
e - N•y, Y•rk Curb Exchange
49 WALL STREET
Petrels Wire,
-
-
NEW YORK
tCh1C500, indiananolt8 and
St. Louis
.....
July 13 1935
New York Bond Record-Continued-Page 3
242
Jail, 1
Week's
...
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it ., Range or
weevil
r. _
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Week Ended July 12
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of Upper Wuertemberg Is
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,
For fontno p. we PIMP 245
Volume 141
-.1...,
BONDS'...'
8
N. Y. STOCK EXCHANGE
Week Ended July 12
New York Bond Record-Continued-Page 4
Week's
July 1
Range or
; 1333 to
•le'r.., Friday's
,• 141 June30
,
,... 6.; Bid vt Asked eie6
1935
Range
Since
Jan. 1
243
Week's
r..
July 1
BONDS:.....„
Rang. or
4
1933 to
N. Y STOCK EXCHANGE
33r.
Friday's
Ilt:: June 30
Week Ended July 12
.r, Bid dk Asked rii t2
1935
,r.
Range
Since
Jan. 1
Low
Moe No. Low Low
High
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1977 M 8 2614
4
273 187
1950 A 0 7518
1912
1912 30
76
117
5114
6912 784
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/
1
Apr
26
1
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26
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4
53
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7412
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2758 37
1960 J J 1063 1073
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4
19
4
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1
4
2 32
3412 1053 109
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*2512 273 ---1980.0 D 1033 104
4
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184
187 27
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12
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/
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1949 M N
512
1943 MN *
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3
/
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/
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2712 14
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44
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13
26
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1943 ----e ____
_ ____
1952
1953 2512
35 ____
2514 32
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1981 F A
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2712 53
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2
10
44
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2
27
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184 27
293
4
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62 stamped
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1942
__
____ ---695
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8
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1948 M S 1023 1024 52
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85
2
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88
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78
80
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8
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let M gold 4s
1961 J J 89
1945 J .1 *39
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Small
1061 J .1 *10012 ____ ____
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93
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1977 M S
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1949 F A 10112 102
1938 61 5
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Lackawanna Steel lints A
A
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19431 .1 10614 107
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4 26
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1939 A 0 10012 10112 59
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1953 F A
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1937 J J 1023 10278
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1946 M S *5612 67
2000 J D
9314
9434 195
70
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1955 M N
953
4 97
90
90
10
84
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77
8718 973
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4
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1954 F A
87
88
60
60
25
24
853
8
33
55
854 9632
80
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1st & ref. 155
1942.0 D 113
1964 F A
11312
5412 55
6
98
41
3112
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51
72
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lat & ref a 1 be
1947 M N 1094 10914
1974 F A
53
55
4
3
32
95
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4
52
734 Mut lin Tel fad (la ext at
Secured 6% gold notes
1938 J J *92
9312
73
893
8
9114 9612 Namm (A I) & Son-See5%- _1941 fill N •10614 ____ --__
102 1053
2
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MfrsTr1954 F A
9813 9914
19
79
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1940 j j 8912 91
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1978 F A
89
8912 10
20
7572
78
82
99
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881 97
/
4
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2003 M N 364
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3
40
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304 We Nassau Elea gu g 4s stpd
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1942 J D 99
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10218 105
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4
___
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2
For footnotes see page 215
244
July 13 1935
New York Bond Record-Continued-Page 5
Jolly 1
Wood a
July 1
1933 to
Range
4
I_ Wears
Range or
BONDS
•
Rowe
Since
June30
t3 ROWS Of ; 1933 to
?Woo's
BONDS
li t
EXCHANGE
N. Y. STOCK
SIMI
gi June30
Frfday's
Jan. 1
1936
*1 ..
"a. Bid & Aged to
STOCK EXCHANGE
N. Y.
Week Ended July 12
Jaw. 1
1935
44*, Bid & dikod 3:1
Week Ended July 12
Mots
Low Low
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Low
HOD
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1954 A 0 273
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/
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6
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s
1003 10212
77
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1937 A 0 10112 1011 78
1980
NY Chic & St Lies g 48
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77
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1965 l D 1084 109'8 117
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813
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1978 M 5 53 8 584
1968 J D 115
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4e
/
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414
4338 714
151
10318 108
1935 A 0 5812 83
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1938 F A 10318 10314 41 101
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/
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4
1
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92
4
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95
107
105 108
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99
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1953 F A 907 8 10814 ---1970 A 0 984 9714 171
let guar 5s series B
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59 8 74
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1938 A 0 584 58
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75 10818 1113
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116
1941 A 0 111
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4
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1944 A 0 108
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1947 M 1 10812 10712 2
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4 10812 29 10294 107 1104
4
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1951 A 0 1073
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9
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,
1940 A 31 67
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1974 F A
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87
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8214 9012 Pere Marquette let ear A 58 ____1958 1 • 1 8411 783
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1946 MN 90
1955 J .1 7812
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98 10214
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1973 M N 100
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1974 F A 11814
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105 107
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954 10112 10418
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4
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1981 J D 111
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4
1
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66
614
1
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1987 3 D 984 100
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35
28
28
8 32 100
4
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10614 110
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1997 MN 1081 1097
27
3134 Phlla Rico Co 1s1 & ref 4540
27
1
89
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/
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10812 10712 45
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let & ref 4s
244 37
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4 81
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40
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2214 277
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244
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30
30
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1948 1 1 3514 3612 105
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404
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95 1044
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1952
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1942 MN 10978 1097
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____ ____
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12
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1
701 9212
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9114 20
__ ---984 1133 117
19653 J 90
8
1984 M N *1151/4
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90
90
1
90
90
4
-115
4
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1970 1 19 115
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110
1054
96
109
1
39
1951 M N 109
8514 1111 1184
8
1975 A 0 11412 115
& Biel= Gas let ea A
NY
0017 mtge &user B
3
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18
14
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2 4 ---8
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75
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1982 --- *17
104 1074
1
/
1977 I J 1073 107 8 14
PN Y State Rye 434s A ot1,
4
/
8
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8 218
13
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218
19132
110 114
1940 A 0 91414 --------97
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Sh & L E let g 54
4
108 1113 PIM
98
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1947 „.. 109
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4
1
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let comal gold tre
4
1
/
4
1043 107
90
5
10812
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94
1951
-- ---10714 10714
1943 51 94 *1081
lit mortgage 5s
8
9112 10412 1073 Pitts Va & Char let 4e guar-3
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1958 MN 1083 1083
-1958 1 11 8112 8112
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63
48
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1937.2 J 51
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let M 4348 series B
414 52
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1937 F A *39
88
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1980 A 0 60
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let M 454s series C
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313
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1940 F A 47
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9713 100
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7244
2
100
1943 MN 100
11812 11812
1962 F A *111312 --------97
Terminal lit gold As
$
let gen 5s soden B
4
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11138 39 1021
1939 MN 111
4
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85
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75
82
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1948 - 1953 F A *____
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171
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1935
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824 92
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--__ 1053 10512
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Assented
7918
63
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251
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1913
12
5
20
36
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25 --1578 24
1957 IN N 98
8
1981 F A 147
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4
1214 183 Providence Sec guar deb 4e
4
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1312 1312
1958 M F3 ------------811
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Providence Term 101 4.
35/1 50
141
5312 --8 99
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1941 MN •49
3
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pub Serv El & G lit & rot 410_1967 1 0 119512, 1 77
117
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1979 F A 10818 107
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let & ref 434*
106 1084
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1931 F O 10714 10713
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lot & ref 441
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8
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741s 10013 Pure 011 if 534% notes
56
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1957 M S 99
1940 M 8 1013 1011 26
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714 100
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118 120
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for deb 80 & corn stk (65% Pd)-- --- ---45
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_ _ --__
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1947 M 8 108
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1948 M S 108
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let & ref 5-yr es ser B
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89
1
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4
/
4
1
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107 1121
78
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48
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32
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1947 F A 112
1948 "4 N *3514 42 ____
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let & ref 70 cedes B
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1938 1 D 102
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10118 10414 Mohr° Term Ry lot 9'u Si
87
80
48
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45
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524 521
1937 A 0 *1013 103
1955 F A
General gold for
4
133 18 *Rims Steel let e f 7s
10
854 95
70
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1944 F A •1712 20
1938 J 0 *93
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109 11312 Rio Grande Juno 101 gu fra
99
1
1
1
8
12
4
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4
Power N F 1st 53___ ____1943 F A 112
gold 48-1940 J I
Ontario
4
/
941 110 1174 **Rio Grande Sou let
3
1
1
1
1945 MN 11218 11218
- -- -Ontario Transmission let 1511
*Guar 48 (Jan 1922 coupon)-1940 1 1 . 9
105 109
8314
6
4
1
/
6812 82
88
25
8T2
D 10812 10812
1948
Oregon RR & Na,coma 48
•Illo Wanda West ist gold 4a____1939 1 1 8112 3314 23
4
11418 1183
2412 4713
2413
J •11714 ---- ----100
1948
1949 11 0 30
Ore Short Line let cons g 58
4
/
slot eon & coil trust 4a A
3 1151 1194
993
J *1171/4
1948
Guar stpd cone 58
It
..:3
--
For footnotes see page 245.
el
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12
New York Bond Record—Concluded—Page 6
Weeks'
h 3 Range or
Friday's
h 814
& Askal
Low
Roch G&E gen M 534I see 0....1948
S 108121
Gen mtge 4441 series /3
1977 MS •10913
Gen mtge 56 series E
1982 MS *109
itolt I Ark & Louis let 434t
1934 MR 1013
Royal Dutch 48 with wan
1945 A0*11618
*Ruhr Chemical e f Se
1948 *0 *3718
Rut-Canada let gu g 4.1
1949 3J 3212
Rutland RR 1st con 434s
3413
1941 .1
St Joe & Grand IsId 1st 46
'3*10614
1947
St Joe Ry Lt Ht & Pr let 55
1937 MN 10312
St Lawr & Adr 1st g 56
1996 33 *873
s
2d gold Be
1996 AO
Louie Iron Mt & Southern—
St
•IRly & G Div let g 48
N 86
1933
*Certificates of deposit
*64
..3t L Peor & N W 1st gu 5
1948 3, 39
St L Rocky Mt & P 54 stp 1
19553, 73
NM L
-San Fran or lien 48 a
111
/
4
1950 .1
*Certificate:3 of deposit.
1013
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127
8
1950
oCertificatee of depoelt.
1114
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B 11
*Ctrs of deposit stamped
9
/
1
4
H1o5 No
1
10812
Juiv 1
1933 it
June 30
1935
Range
Since
Jan, 1
Low Low
High
98
108 109
/
1
4
84
108 108
8912 107 108
/
1
4
7
/ 1313
1
4
73
8
90 8 105 13612
3
/
1
4
3412
35
38
30
30
4014
313 51
314
4
/
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12
245
Week's
Range or
la
Fridays
48. Bia & Asked
33,
Jail 1
1933 to
June 30
1935
Range
Since
Jan. I
Low
High No
Low Low
High
Union Eleo Lt & Pr(Mo)54
1957 * 0 106
107
13
941s 105 109
/
1
4
Ho E L & P UM let 6 540 A
15 .1
1954
94
106
1063
3 21
9914 1044 1081
/
1
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101
4
9
11
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2 105
116 120
/
1
4
120
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3, ill
112
118
94
107 8 11315
7
43
let Lien & ref 4a
June 2008 M
67
10812 1077
80
/ 10414 1084
1
4
3 38
/
1
6
33
Gold 414s
19 3, 1053 10612 31
4
81
103 1061
,
1
3412
let lien & ref 5.1
June 2008 MS 1141 1143
/
4
8
3
113 120
99
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1968 3D 10214 103
38
76
/
1
4
99 103
/
1
4
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107
834 103 107
1
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/
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106
106 10818
10418 21
98 10418 United Drug Co (Del) 5s
70
9113 93
1953 M
100
87
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53
91
84
/
1
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1944 MS *11014 11214
/
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971s 107 1121s
8014 85
70
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3' 281
1934
: 2812
25 4 3(13
15 4
3
8
4
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937
192
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1
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90
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544 71
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/
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99 4
3
54
52
69
45
16
37
37
5618 'Un Steel Works Corp 834s A. 1951 3D 351, 3513 12
26
34
43
75
15
37
60
75
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2
27
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214
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93
4
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• 3 3414
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23
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12
11
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1
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5
21
13
314
4
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1
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35
412
3
11
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74
3
7 4 144 Utah Lt & 'Prat: let & ref 5s
3
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1
4
65
50
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1
4
713 13
1944 P A 9018 913 168
8
6974 9153
55 4
3
Utica Elec L & P 1st s f g 56
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1950 J J •116
116 11613
109
15
84
51
85
Utica Gas & Elm ref & ext 55 _--.1957 33 121
26 g 413 Ina bond etre
121
100
117 12213
No. 198933 61
61
2
411
/
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493 64
8
Util Power & Light 534e
let terminal & unifying 58_ __..1952 J .1 58
1947 3D 47
118
52
201
. 2414 52
5812 34
3518
351 63
8
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3
1959 P A 44 4 48
299
2014 48
18
3 4514 4814 48
1990
27
27
5313
St Paul City Cable cons 156
'3 9214 9214
1
1937
45
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7814 96
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59
66
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,
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85
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1947 J J •
54
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1934 33
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44
1941 FA
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ofJuly coupon
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33 ..214
4
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10812 35
1943
/
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10
1942
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1
4
1937 3D *103
88
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1
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101 103
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10814 10814
1954
2
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1940
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sa
1
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1955 * 0 1063 10738 69
8
10614 107
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1972
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118 11814
96
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1942 MS
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let cons 56
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1946
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Stamped
/
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1962 MN 1114 112
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89
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29
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N 10414 1043
1982
5 23
8412 10314 106
1946 AO 42
50
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45
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28
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50 :Wabash RR let gold 56
Scioto V & N E lat gu 4e
1939 M N 933
97
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1
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4 95
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1989 M N •11314 11412
90
109 115
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1030 F A *72
7312
as
57 s 75
7
1950 A 0 1312 1312
1
138
4
11
18
1st lien g term 46
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19543 3 *60
64
50
5313 56
*1312 26
-15
104
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1
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*100
70
9813 101
1950 A0 1214 1212
9
10
10
20
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6712 683
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8
4
45
53
68 4
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1313
3
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1
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1014
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:
59
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4513 6214
38
Oct 1949 FA
2
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1
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212
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56
77
414
414
83 4
414 12
1
1959 AO
414 9
t'Wabash Ry ref & gen 514s A _1975 ▪ 8 17
*Certificates of deposit
4
S
121
1854 113
1214 197
418
418
3
8
41:
4
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1
4
*Certificates of deposit
t_
toilet & cons 86 series A
1738
11
13
1713
53
1945 MI
618 91
4
412
4
/ 114
1
4
/
1
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eCertificatee of depoeit
irai 1715 1811 52 12
12
1914
5
51
26
313
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*
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18
101s
1013 18
89: 107
813
1112
1933 M S *11
1/
1
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1978 Ili 17
18
/ 62
1
4
114 194
104
4
*Certificates of deposit
t•Seaboard All Fla 66A ctis____1
312
378
13 4 177
11
7
3
935 AO
2
14 411
2
14
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Dim A 0 17
•Serlee Ii certificates
1812 51
1114
111 19 4
4
4
3
1935 FA *23
43
8
214 418
214
*Certificated of deposit
Sharon Steel Hoop s I 534e
15
15
6
10
/
1
4
1013 17
41
1948 FA 9012 94
80
aa
94
•Walworth deb 6445 with wan...1935 A
Shell Pipe Line 4 e deb Se
-11 4818 50
8
1213
33
1952 M N 103
50
/ 10414 62
1
4
aa
10314 10514
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Shell Union Oil, t deb In
A 0 4-481z
1213
/
4
36
4312
2
1947 M N 1031 10318
755s 1021 1034 *1st ednking fund lie ear A
/
4
/
1
ShinYeteu El Pow let 6348
1948 A 0 65
112 74
11161. 6813
184
/
1
87
1952 J D 88
as
76
/ 8
1 8
4
0/Siemens & Haiske a I 76
.1 6714 8714
1935
89
58
76
Warner Bros Pict deb 139
*Debenture di 6348
1939 M $ 6515 6738 568
24
4813 873
/
1
1951 M $ 34314 434
6
3
4118 50
86
/ Warner-Quinlan Co deb 64
1
4
Sierra & San Fran Power 5s
1939 M a 30
32
93
24
24
40
/
4
1949 F A 1111 112
8
/
1
4
86 4 103 112
4
Warren Bra/ Co deb 64
*Silesia Elea Corp s f 6348
44
1941 M
14
47
ao
3214 53
284 2812
2
1946 F A
/
1
25 8
7
25
/ 39
1
4
/ Warren RR let ref gu g 330.--2000 F 8
1
4
rilleelan-Am Corp coil tr
A
8314
76
80
5812 12
1941 FA 58
80
4514 80
33
Washington Cent 1st gold 4s ----1948 Q 81 03
Sinclair Cone 0117eser A 7s
/ 94
1
4
2
79
91
8
1937 M B 1013 10112 33 1007
94
1 10 I ns 104
Wash Term 1s1 gu 334e
let lien 644e series B
7 D 10812 10612
F A
2
86
10313 1061s
/
1
3 13
1934 J D 1014 1013
1011 105
/
4
987
8
let 40-year guar 44
Skelly 011 deb 544s
ea
55F A *107
94
S 102
103
1067 1067
40
1939
4
4
80
983 10112 Wash Water Power s f 56
4
South & Nor Ala cone RU g
110
I l04 18
9814 105 1101
F A 10414 10414
3
/
4
1037 1043 Westchester Ltg S. stpd
99
2
4
es
Get NM RUM* 50-713/18 56 5e_ _ _1938 AO
133449 .1 j 121
1119
9950
122
31 10314 11514 122
114
114
2
1963
112 11612 Weet Penn Power tar A gtd
89
be
107
1948 M S 106
2 10014 106 1111s
let 5s series E
South Bell Tel & Tel let 8!/
1194 12015 27 1017
/
1
/
1
4
108
1941 1
3 11414 12012
109
23 10312 107 110
let sec 58 series G
Southern Colo Power Gs A
/ 108
1
4
19 8 r D 108
63 i S
5
/
1
4
2 101
1947 .1 J 99
10714 11112
993
4 17
6014
82
997
8
let mtge 46 ear H
So Pao coil 48(Cent Pao coil)
1961 J . 109
9
10915
1
9014 10513 10915
1949 J D 78
8014 78
48
let 434e (Oregon Linea)
A
1977 MB 84
854 233
/
1
55
12 83713 Western Electrie deb ISs
45
'
Gold 444s
/ 108
1
4
9414 1044 107
1944 * 0 105
88
/
1
1968 MS 738
4 7813 303
44
5612 76, Western Maryland let 4s
8
Gold 444e
1952 AO 96
937
97 256
87
/ 97
1
4
6112
1989 MN 733
4 76
211
54:2 76
63
let & ref 5348 series A
Gold 4 94e
1977 3' 10314 104 8 148
5
66
96 14438
1981 MN 73
75
/ 121
1
4
58
42
757 West N 7& Pa 1st g 58
8
San Fran Term let 46
' 105 4 1053
3
3
100
4
/ 105 4 23
1
4
105 4 107
801
1950 A 0 104
3
/
4
3
9912 104
Gen gold 4s
So Pao of Cal let con gu a 55
1948 A0 107 4 1073
1194436
3
78
8
4 21
102 1083
1937 MN 1073 107
/
1
4
2 100
10714 1073 •Weetern Pao let 5e
4
4
So Pao Coast let Rug 4e
ser A
535 3318 34
17
1937 J J *9918
23
25
37
95
*51 Assented
So Pao RR let ref guar 48
33
1946
1955 J -1 98
333
25
- . 3 "ZiL
4 35
4 4
8
36 4
3
89
60
/
1
4
9441 Western Union coil trust 55
Southern Ry let cone g
10414 11
1938 i--5
56
1994 J J 77
8318 304
851s 10112 10411
77 10313
74
Devi & gen 4e scrim A
Funding & real est a 434s
1950 ▪ N 9414 9638 51
__1956 *0 28
3818 679
82
67 1
1
963
3
37
28
6212
Devi & gen 6s
15
-year 534e
1938 FA 1014 102
/
1
32
,
1956 *0 35 2 46
92
242
100 1021
:
4612
3513 81
Devi & gen 6448
25
-year gold 5s
1951 J o 97
9712 128
13212 9713
8 46
1958 *0 35,
466
35l 86
714
48
/
1
4
Mem Div let g 5e
30
-year 53
96
1961 M
7312 76
5
0
97
188
1996 J J
72
80
7
97
73
60
/ 9212 *Westphalia Un El Power 66
1
4
St Louts Div let g 48
'
3 3 4 38
1953
/ 11
1
4
63
1951 J J 74
27
7514 33
/
1
4
85
14 43
5314
72
/ 88
1
4
West Shore let 46 guar
East Tenn reorg lien g 5e
'
2381
3 821 83
/
4
12 31
1938 34.5 9713 98
/
1
4
9
9 12 16
3
ea
7
5
7411 8614
07
73
3
Mobile & Ohio coil tr 44
Registered
2361 • J 80
80
1938 MS 35
1
3513
8
7014 823
40
s
krwest Bell Tel let & ref Se
1954 F A 10713 1083
4 20 104
107 111
to- pokane Internal 1st g
Wheel & L E ref 4 Me eer A
S
1968 MS *103
58
1037
1955 J J *814
7
3
81
10233 104
/
1
4
6
9
/
1
4
Stand 011 of N Y deb 444s
Refunding 58 series B
1988 MS *10312 104
1951 J D 10312 1037
65Ia 10314 104
8 90
96
102 10413
Staten Island Ry let
RR let consol 48
1949 MS 108
4148
10
108
1943 D
83
10214 109
9612
II•Stevans Hotels 8.eerie. A
Wheeling Steel Corp let 530.- 1 48 I
1 9
94
1033 10412 59
.1 1813 203
4
, 9
70
10014 105
12
-211/4
*Studebaker Corp cony deb __1945 3
let & ref 444s series B
1953 AO 100
6s___1945 J J 42
4313 124
10012 80
ao
39
90 10013
39
44
Sunbury & Lewieton let 48
White Sew Mach 66 with wan
1838 .1
*923
3
1936 3 .1 *10214
4314
94
65
981
4
Swift & Co 1st M33 5
Without warrants
*923
4
1950 M 5 10312 10414 99
45
66
94
1113i810414
Panic e f deb 6s
Syracuse Ltg Cu let g 5s
1940 MN *78
111-8
4212
1951 J D 11918 12012 33 10364
82
116 12012 t'Wickwire Spencer SO
lath __1935
Tenn Cent Vitas A or B
*CU dep Chase Nat Bank
83
4 1214 57
1947 A0 5912 593
gla 1214
414
4 30
5414 63
Tenn Coal Iron & RR Haul%
*Ctrs
•
84 114 107
/
1
1951 J J 12112 12112
/
1
3 Iona 113 12112 Wilk & for col & ref cony 75 ---1935 MN
344
7
13
Tenn Copp & Chem deb
East let gu g 56
1UB ____1944 M S *99
1942 3D 4412 4612
100
7
38
60
36
914 102
/
1
48
Tenn Elea Pow let Steer A
1947 D 1023 104 -iao
8
5411
90 104
Will & SF 1st gold 5s
Term Aeon of St L let g 434ei
1938 3D 10412 10513
1939 A 0 *11114 112
6
sa
108 112
10213 10512
99
/
1
4
let cone gold 54
Wilson & Co 1st
11960 * 0 1083 10812 42
941
8
1944 F A 1103 115 4
4
3
5
1091 11534 Winston-Salem a 16* A
Bag. 10814 11013
98
/
4
Gen refund eta 44
S B let 45
3,
•10718
1953 1 3 1054 106
/
1
14
83 loos 10815
71
10113 106
Texarkana & Ft S frU 5414 A
toWis Cent 50-yr let gen 4i
1949 3, 83
F A 893
8 -- 10
1950
4 94
78
157
3
8312 9614
6414
7 3 1313
8
Texas Corp cony deb 53
*Certificates of deposit
•718
712
1944 A 0 103 8 10414 78
7
713
9311 102 1043
713 1013
/
1
4
4
Tex & N 0 con gold 58
*Sup & Dul dly & term 181 45__1936 MN
612
612
1943 .j J 93
95
33
2
64
4
/ 7
1
4
413
83
95
/
1
4
Texas & Pao let gold as
*Certificates of deposit
*4
2000 D 11714 118
8
413
113 120
82
4
/ 74
1
4
3
•2d income 56
Wor & Conn East let 4 14e------1043
577
Deo 1 2000 Mar __ - _
oa
Gen & ref 5e series B
Younowown Sheet & Tube 5e-19 0 i• i 973
107
8
8 9811 iLi
91 4
1977 *0 9014 - 3- 32
6314 -15; 1 --fir - 34
8
1,i1-2
Gen & ref beanies C
lst mtge a!55 ser B..
AO 973
8 9812 94
1979 A0 893
4 903a 22
6314
89
/ 9914
1
4
53
13
7915 9311
Gen & ret 5e series D
1980
D 8913 0012 64
54
7913 93
/
1
4
To:Pao-Mo Pao Ter 534s A
1964 S41 9914 10018 38
67
8913 10014
Third Ave Ry let ref 43
J
4 55 8 57
3
38
50
/ 5874
1
4
/
I Cash sales not included in year's range. a Deferred
*Atli Inc be tax-ex N Y_Jan __ 1980 *0 533
2118 213 133
_1960
4
delivery sale not included In
183
3
18 281s
/
1
4
Third Ave RR let g 154
year's range. a Under-the-rule sale not included in
.1 10114 10112
1937
year's range. 1 Negotiability
954 10014 103
Toho Elea Power let 74 A
Impaired by maturity. t Accrued interest payable
1955 MS 9413 9514 18
701
4
8103 9514
Tokyo Eleo Light Co Ltd
at exchange rate of 84.8885.
1st 65 dollar series
1953 J D 80
/ 8214 77
1
4
5713
72
t Companies reported as being in bankruptcy, receivership,
85
/
1
4
Tol & Ohio Cent let gu 511
or reorganized under
1935 J 3 1003 100
8
/
1
4
2
85
10014 101
Section 77 of the Bankruptcy Act, or securities assumed
Tol St L & W let 4a
1950 *0 9414 9414
by such companies.
5
80
81
9412
Tol W V & Ohio 46 ser C
1942 M S *10718
103
103 103
• Friday's bid and asked price. •Bonds selling flat.
Toronto Nam & Buff let a 46 — _1946
D 10012
82
9614 101
Trenton 0 & El let g 5a
1949 M 5•11814
z Deferred delivery sales in which no amount
1011 11214 11784
/
4
Truax-Traer Coal cony 644s
is taken In computing the range, are
1943 MN 88
88
4
36
70
94
given below:
Trumbull Steel lst 6 t se
103
1940 M N
30
67
/ 100 103
1
4
•Tyrol Hydro-Eieo Pow 7341-- —1955 MN 10212
Chile Mtge. Bk. 611s, July 9 at 1234. I
88
8612
2
81
451s
96
Montecatini 7s, July 12, at 85.
*Guar see I I 78
1952 F A 85
85
1
43
/
1
4
803 9013 Copenhagen (City) 5s, July 12 at 9134.
4
N. Y. Dock 48 1951, July 8 at 7234.
Uligawa Mee Power e f 75
1945 MS 94
/ 96
1
4
9
8918
87
;
981 CzechoLsiovak 5. 1951, July 11 at 105.
Dominican Rep. 2nd 5348, July 11 at 80. Siemens & Holske 634s, July 8 at 4134.
Vanaduan 5s, July 12 at 8134.
64
New York Curb Exchange-Weekly and Yearly Record
246
July 13 1935
of the week, and when selling outside of
the week's range, unless they are the only transactions
NOTICE-Cash and deferred delivery sales are disregarded In
range for the year.
occur. No account is taken of such sales in computing the
regular weekly range are shown In a footnote di the week in which they
the
transactions on the New York Curb Exchange for
In the following extensive list we furnish a complete record of the
12 1935). It is compiled entirely
beginning on Saturday last (July 6 1935) and ending the present Friday (July
the week
itself, and is intended to include every security, whether stock or bond, in
from the daily reports of the Curb Exchange
which any dealings occurred during the week covered:
STOCKS
July 1
Week's Range Sales 1933 to
for
June30
of Prices
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
July 1
Week's Range Sales 1933 to
for June30
of Prices
1935
Week
Range Since
Jan, 11015
Low
High
High Shares Low
Par Low
High
Low
Hioh Shares Low
30h Jan 39% June
Par Low
50 26
50 39% 39%
July Buckeye Pipe Line
16
8% Jan
200
634
14% Jan 23% July
2.000 14%
Wire v to com___.20 15% 16
Acme
Feb DOI '1' July Buff Nlag & East Pr poet 26 22% 23%
25 66% 103
6934 Jan 100% July
250 66
Adams Millis 7% let pt 100 110% 110%
• 99% 100
$6 let preferred
5% June 11% Mar
5
Jan
100 16% 24% Mar 28
27
Aero Supply Mfg cl A Mar Bulova Watch 5374 pref_ _• 27
4
% June
700
30
Mar 4951 Apr
1% 2
1,200 26
Class B
July Bunker Hill & Sullivan__10 40% 44%
7
3
200
7
1% June
11 Feb
: 6
Agfa Ammo Corn com
•
Burco Inc torn
July
18% Feb 32
5
1% Mar
1.500
2% Apr
Ainsworth Mfg Corp____10 29% 32
1% Jan Burma Corp Am dep rots_
t,
Mar
June
6
7% Jan
251
•
1,100
Air Inve store com
6% 6.11
10
12% Mar 16% May Butler Brothers
9
200
Jan
1
Ns June
A
• 14% 15.51
Cony prof
•
Elea Prod•to
Si Jan Cable
516 Feb
100
3.4
11
31
Warrants
Jan Cables & Wireless Ltd
Apr 40
30
30
1% June
Si Mar
916
A labamaGt Southern___50
LI
Am deprcts A ord
78% July
41% Jan
630 26
Ns May
• 75
78%
300
Ns June
Ala Power $7 prof
54
%
Am dep rcts B ord she £1
Jan 69% July
37
120 25
5 June
334
334 Mar
• 65% 69%
200
5
$6 preferred
5
Amer dep rcts prof she £1
% Feb
21 1,
34 Feb
Apr
Feb 23
56 154 20
pref_ _5
Algoma Consol
.20
19% May Calamba Sugar Estate.
555 12% Jan
May
7% Jan 11
5%
• 17% i934 11,200
900
Allied Mills Inc
93-4
87-4
Mar 61% May Canadian Indus Alcohol A•
32
10
455
Slay
6% Jan
6034 4,950 32
500
Aluminum Co common_ • 56
7% 811
•
B non-voting
6955 Mar 90% May
54
155
1% Mar
2% June
166 85 89% 1,150 8
2,900
6% preference
1% 2
1
Feb 11% May Canadian Marconi
100
10% July
1054, July
51
Aluminum Goods Mfg--• 1154 11%
May Canal Construct Co
Mar 33
17
• 24% 27%
300 17
1% Mar
4% May
13-4
2,300
21% 3
Aluminum Ltd com
25c
Apr Carib Syndicate
7
Jan
2%
C warrants
6% Mar Carman & Co
Apr
5
8% May
6
100
631 Jan
1) warrants
8
8
Convertible class A ----•
July
50% Apr 66
100
17
19
Jan
June
66
100 1315
100 66
19
• 19
6% preferred
IN July Carnation Co corn
134 Feb
54% Jan 60
400
83
Feb
1% 1%
American 11CVCrag13 COM--1
•
Jan 69% May Carolina P & L $7 prof__
57
10 41
57
27
Feb 66
Slay
American Book Co _ _ _ _100 69% 69%
•
$6 preferred
if Feb
34 Apr
34
1934 Feb
454
13% Mar
5,000
Amer Brit .1: Cons Corn- •
• 1534 1631
Carrier Corporation
8% May
314
415 Apr
Amer Capital
73-4 3,900
7
I% Jan Catalin Corp of Amer__ _I
•
174 Apr
class A com
54 Jan Celanese Corp of America
it Jan
90
May 110
Feb
450 81
Common class B
let panic pref___100 102 10334
7%
Jan
9% 16% May 20
Feb
9754 Mar 105
225 75
$3 preferred
Apr
7% prior preferred_ _100 104 104
Mar 145
138
120
Jan
Apr 15
8
615
900
American Cigar Co_ _100
034 1034
15
Feb Celluloid Corp corn
110
Jan 115
110
25
Jan
May 36
100
245 1614
31
Preferred
• 27
$7 div preferred
Feb
65/5 May 80
70 40
Pow & Li
Am Cities
• 725-4 79
Is preferred
Mar 44% July
29
900 2354
8% Mar
25 42% 44%
14% July
8
'600
Class A
1334 1354
314 July Cent Bud G&Evt
Pi Ma
51
20% Jan 38% May
1
2% 3% 7,500
500 11
Class B
37
12% 20% Apr 20% Feb Cent P & L 7% pref____100 x36
,
31 Mar
% June
ir•
Amer Cynamld class A 10
2254 July Cent & South West Util_
Ma
15
851
% May
10 21% 22% 17,200
11 Ala
3,600
Class B n-v
%
%
Mar Cent States Elea com_ _1
Jan 80
76
7311
1
1
Mar
3% July
600
Amer Diet Tel N J eom_ •
334
354
6% pre without warr 100
Apr 113% Apr
III
25 98
Ma
2
2
9
July
325
7% Cony preferred_ _100 112 112
711 9
100
7% preferred
23-4 July
I% Feb
1
200
1%
114 Ma
6
June
2% 2%
Amer Equities Co corn_ I
100 ..
Cony preferred
316 Ma
% Jan
h Ma
,
315 July
if 4,600
25
916
Amer Founders Corp____1
3% 355
Cony pref op ser'29 100
27
July
8% 13% Jan
250
4.% Jun
5% Feb
27
50 25
34
600
7% Prof aeries B
43-( 43-4
•
July Centrifugal Pipe
8
375
13% Jan 26
26
12% Ma, 17
9
July
50 24
1,100
6% let prof ear
17
16
3
Jan Charts Corporation new_ _1
1%
1I 5
i54 Ma
500
24% Apr 24% Apr
2% 2%
Foreign Pow wan_
Amer dc
• -303.( July Cherry-Burrell Corp
15
Ala 157
Feb
105
Amer Gas & Elea com___. 28% 30% 22,800 1611 16% Fe
25 -107% June Cheeebrough Mfg
800 5714 8055 Fe
1.5 Jai
104% 106
56
943
Preferred
% Jan
35
35
May Chicago Nipple Mfg A _ _50
4% Apr 12
4
12% Jar
16
415
May
Amer Hard Rubber corn.10
900
15%
314 July Chicago Rivet & Mach...* 15
2% Jan
2
500
Jan
Apr 30
51i 16
334 3%
1,100
Amer investors cern
27
100 23
% Mar Child, Co prof
55 Apr
300
34
Si Jai
I% Apr
12
916
9,0
0ptios warrants
May Chief Canso' Mining Co_l
450 10% 12% Mar 16
% Ma
211 Slay
20,800 17 64
Amer Laundry Mach-20 15% 16
2
155
•
7,4 Mar 12% July Cities Service corn
7%
646 Ma
20 x11% 12% 3,800
24% 51113
074
,
Amer L & Tr com
1,300
• 15% 1934
Preferred
1714 Feb 21% July
100 16
Ma
2% May
25 2.1% 24%
54
100
6% preferred
13.4
154
•
Preferred B
Feb
8
3% Apr
315
as Ma 22 Slay
Amer Mfg Co corn
•
Preferred BB
May
Mar
"16
%
34
7% Ma
2,000
1
26% Slay
Amer Maracaibo Co
so
Jan Cities fiery P & L $7 prof.* 1715 1734
8
Mar 14
5%
•
200
13% Ma
1314
23
6%
Slay
Amer Meter Co
•
36 preferred
1974 Jan
1274 Apr
3% Jan
100 11
16%
3
900
6% Apr
Amer Potash & Chemical..
6% 636
•
134 June City Auto Stamping
3-4 Mar
4
55
1% 15,300
Ap
Apr
3
4
Am tiuperpower Corp corn •
44
Feb 63% July City & Suburban Homes 10
s,
400 44
63%
916 Ma
•
% May
let preferred
July Claude Neon Lights Inc_ _1
7% Mar 19
7%
600
19
•
2,900 21% 23% Jan 35% Apr
Preferred
35
Cleve Elee Ilium corn____• 33
4% May
4
Jan
3
51.1 Jan 18% Apr
1%
600
Amer Thread Co prat- _5
Cleveland Tractor com___• 1331 1434
2 June
131
134 May
Amsterdam Trading
1155 Jan 15% May ClInchileld Coal corn_ _100
11%
516 May
•
34
54 Jan
American shares
yi May Club Alum Utensil Co.,,'
51 Mar
34
100
5% Mar
7
34
5%
35
Mar
Anchor Post Fence
•
Cohn & Rosenberger
Si June
1% May
54
Anglo-Persian Oil Co Ltd
4,100
h
14
•
15% Slay Colon 011 Corp oom
May
14%
Jan 2955 Mar
25
400 15
Am dep rote ord reg_...C1
29%
6% May Colt's Patent Flre Arms_25 28%
May
4
2%
53.4 5% 1,000 3 3%
Angostura Wupper CorP7% May Columbia Gas &
4% Apr
100 13
32
Mar 73
53.4 5%
July
-•
750 32
Apex Elec Mfg Co
100 663-4 73
Cony 5% pest
June
Jan 100
100 5754 71
99
if Mar
com_34
34 June
Appalachian El Pow pref_• 98
9-16 Jan Columbia 011 & Gas vtc_ •
316 Mar
it
Jan 62%
19% 38
I
Araturue Radio Tube_
•
MaY
1% Slay Columbia Pictures
% Mar
if
300
516
916 '
Arkansas Nat Gas corn.... '
8231 2,500• 3054 47% Jan 84% JUne
1% Slay Commonwealth Edison_100 79
54 Feb
14
•
"16 134 2,700
Common class A
4% May Commonwealth & Southern
2% Mar
1%
200
3% 3%
Jail
h Jan
10
Si
Preferred
916 2,900
Si
Warrants
June
Jan 64
25% 41%
4
3
5% Jan 121 Juiie
100
Arkansas 1' & I. 37 pref •
16% Mar 2474 July Community P & L $6 prof• 123-4 1234
51
Si May 1 June
100
Armstrong Cork coin_ _ _ _• 2334 24% 6,300 13
54
34
6% July Community Water Berv •
1%
% Mar
3,300
3
Mar
2% Apr
53.4 634
234 234 8,800
Art Metal Works com
1
Como Mines
12% Apr 18.15 Mar
a
500
Associated Klee Industriee
8% June Com po Shoe Machinery _ _1 15% 1531
5% Feb
6
46
500
July
834 8%
July
50
46
Amer depoeit rots_
Conn(13S & Coke see 83 pf• 46
7 June 40
10% July
6
Aeeoc Gas & Eleo10% 7,200
10
I
% July Consolidated Aircraft.,
31 Apr
34
100
1
'is Jan
'111
%
34
Common
,
3
Mar '6 May Consol Auto Merchand'it-•
if Jan
1
'16
1.1 6,500 *3-4
916
Class A
•
$3.50 preferred
3% July
1% Feb
•
62e
3% 1,100
Jac
3
411 Juno
$5 preferred
334 33-4 5,600
132 June Conaol Copper Mines_ _ __6
132 June
164
.116 Jl 1 y
'32 8,400
4555 52% Jan
34 Njj8n
u
'32
Option warrants
2% Jan Consol E L&P Balt com• 81% 8531 2,900 115
1% Mar
1
134% Feb
20
Associated Rayon corn. •
24% July Consol Min & Smelt Ltd_25 161% 161%
Apr
22
25 13
2
June
54Feb
600
ASSOC Tele p $1.50 pref..,..' 24% 24%
274
5
w July Consol Retail Stoma
23-4
15 Jan
300
1
3
12% 34% Jan 5June
31
h
Assoc Telep UM corn _ _ _•
8% Preferred w w___100
4% June 10% Jan
2
Si Mar
14
15 Mar
Atlantic Coast Fisheries_ •
Jan Continental 011 of Mex_ _I
Mar 30
18
18
1
1
may
2
Feb
Atlantic Coast Line Co__50
10
7% Mar 10% May Consol Royalty Oil
36
9% 10% 41,100
Mar
150 29
•
Atlas Corp common
July Cont & E 7% prior pf 100 7334 7651
Apr 53
35
47
400
3.4
Mar
Slay
• 52% 53
$3 preference A
Continental 011 of Mex. _1
3% May
1% Mar
151
2
3,600
3
2
Apr
Warrants
6% Jan Continental Securities_ •
3% Mar
2%
200
355 Apr
215
•
Jail
500
Atlas Plywood Corp
35' 43-1
9% July Cooper Bessemer corn __•
Jan
151
16% Jai
2,000
27
2363%1 AJjj
74
9%
7
100 12
A utomatio-Voting Mach_'
• 223-4 2254
$3 prof A
315 Feb
3
A xton-Flaber Tobacco
•
Feb Copper Range Co
43% 43% May 60
130
255 Ma
50%
10 50
Class A common
4% Jan
354 3,200 • 2
3
it
Mar 49% June Cord Corp
300 1851 28
Babcock & Wilcox Co_ _ _ _• 47% 49
Corroon & Rey nolda155 Ma
3% July
Bahl win Locomotive Works
33.4 314 1,600 10
1
Common
3% Jan
31 Feb
3-1
22
39
Ma
200
Warrants
July
39
• 38
$6 preferred A
May 25% Jan
15
11
200
31 131 Juin.
Baumann(L)&Co7%pft1100
if Jan
516
ii
1
5% June Cosden 011 corn
1% Apr
10,500
414 5%
2
Mar
Feb
13ellanca Aircraft v t e__ A
100
l'referred
Jan
132
May
100 104% 123
100 127 127
Bell Tel of Canada
2% June Courtaulds Ltd154 Feb
111
11% Ma
500
•
Benson er Hedges corn_
14% July
143-4 14%
ALL1 dep rota ord reg,,L1
6% June
Mar
5
•
Cony prof
May Cramp(Wm)&Sons Ship
815 Feb 14
400
% Apr
15 Ma
11%
34
Bickford@ Inc corn_ __. ___• 11
& Rug Bldg Corp_ __100
May
33% Apr 35
23
7
15
Ala
5
3,300
•
Slay
$2.50 cony pref
20 1314 1454
7% May Crane Co com
3% Mar
1%
Fe
87
200
113
75 9 32
5% 5%
June
lilies(E W)& Co corn_
100 109 110
Preferred
Jan
Mar
1
10
200
1%
1%
5%
Ma
Blue Ridge Corp corn__ I
18% June
1734 4,100
6 17
Slay Creole Petroleum
28% 3.5% Mar 46
4
300
Ma
• 43
8% July
351
43%
33091 cony prof
734 83-4 11,500
9% May Crocker Wheeler Elec_,,...
2% Jan
5
134 Jun
51 Ma
•
34
Blumenthal (8) & Co
"16 15.1 2,400
1
Jan Croft Brewing Co
11
June
5
7
2% re
9
' 2%
4% Slay
•
Bohack(H C)Co corn_
Feb Crowley AllIner & Co.._ •
Feb 65
65
40
100
if Fe
36
15 Jan
7% let pref
"16 1,900
Si
Crown Cent Petroleum_l
% Jan
Si May
754 Ma
10% Slay
1,500
Botany Consol Mills com_'
1031
41.4 Feb Crown Cork Internet' A...' 10
3 June
3
114 July
•
Jan
3
Bour1ols Inc
6% July Cuban Tobacco corn vto_•
Mar
6
6
Feb 34
Mar
100 15%
30
Borne Surymser Co_ _25
31
• 31
Mar 25% July Cuneo Press corn
16
69:5 87
0 24% 25% 8,200 6 6%
Feb 1043-4 June
Bower Roller Bearing_
100
% preferred
814 July 10% Jan
8
200
8%
134 Mar
•
BrasillianTr Li & Pow
2% Jan
114 23-4 23,600
9% May Cuel Mexican Mining _ _50e
3% Jan
si
4% Mar
4;4
•
6% May
200
Bridgeport Machine
51-4 5%
1
Slay Darby Petroleum corn _
3-5 Mar
34
8 June 16
8
•
Jan
100
Brill Ca 1,clam B
10
1% Slay Davenport Hoelery Mtlls_• 10
1
Jan
34
800
1
1
•
Claes A
7
Slay De Hal/nand Aircraft Co
6% Apr
5%
jar, 15% Apr
13
4
Bello Mfg Co corn
Am Dep Refs ord reg £1
Jan
27/4 Feb
22% 25
5755 57% Slay 5715 May
Clam A
Mfg 7% pref_100
300 12% 14% Star 16% June Dennison
4 Slay
15% 15%
1%
6% July
1,300
Brit Amer 01.1 coup
634 654
June Detroit Gray Iron Fdy _ _ _5
16
June 16
14%
May
•
2
Registered
51 Apr
it
Derby Oil& aa Corp corn•
20
Feb
20
Feb 20
British Amer Tobacco
•
Piaferred
31% Jan
Apr
24% 27
Apr
10% Jan
15
914
Am dep role ord bearerS1
•
24% 26% Apr 27% Apr Diamond Shoe Corp
Jan
2% July
7
1%
Am dep ruts ord reg__£1
100
2% 234
Dictograph Products_ __ _2
11% Mar 1634 Apr
6,600 11%
British Celanese Led
13
Corp.._ 5 12
June Distilled Liquors
4
Mar
2
2
100
351
dep rcts ord reg--10e
Am
25 24% 21% July 25% Mar Distillers Co Ltd
• 21% 21%
Mar 23% July
700 1751 21
British Col Power cl A
2334
1 23
Amer depoilit rote
Apr
834 Jan
5
3%
75
651
6
13% May 21% July
100
835
Brown Co 6% Pref
• 193-4 2154 43,600
9% Jan Distillers Cory SeagraMS.
5% June
514
300
711
Distillery _ 1
Brown Forman
For footnotes see page 251.
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 rn
for
June30
TWeek
1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
Low
High
Doehler Die Casting_ _ _
1735 19
4,200
3
1035 Mar 19
July
Dominion Steel & Coal 1125
4% 4%
200
2%
435 July
535 Feb
Dominion Tar & Chemical'
435 Jan
334
7
Mar
Dow Chemical
• 91 105% 3,200 "36% 8034 Mar 10534 July
Draper Corp
• 6135 61%
55
20 54
May 6134 July
Driver Harris Co
10 17
18
900
13
9%
Apr 19
Feb
7% preferred
100 100 100
40 48
913.4 Mar 100
July
Dubiller Condenser Corp_l
% Feb
134 Apr
Duke Power Co
10 55
375 33
56
37
Jan
May
56
Durham Hos el 11 com_ •
35 June
35
34 Feb
Duval Texas Sulphur____'
1,300
2
831 834
8
June
1235 Feb
Eagle nether Lead Co--_20
1,200
331
4
335 Mar
6
734 May
East Gas & Fuel Assoc.
Common
•
1,000 • 2%
4
235 Mar
431
5
Jan
435% prior preferred_100 65
500 • 53
58
66%
Jan 6631 July
% preferred
100 47
38
50% 1,000 38
Apr 5035 July
East States Pow corn B__•
100
35
34 June
31
35
54 Jan
$6 preferred series D___'
150
4
835 934
4
934 July
Mar
$7 preferred eerie, A___'
8% 9
150
5
9
5
Apr
June
Easy Washing Mach "B" •
3
2%
475 June
Jan
Edison Bros Stores com_ •
6
2434 Jan
3434 June
Eisler Electric Cor p
•
31
400
131 May
34
35
34 Jan
ielec Bond te Share com_ _ _ 5
$35 Mar
1031 July
834 9% 62,300
$5 Preferred
• 54
1,500 25
34
5831
Jan 5834 July
$6 preferred
• 5935 6634
5,000 2634 3735 Jan 67
July
Elea Power Aesoc corn__ _1
235 3% 2,000
23.1
251 Star
431 June
Class A
1
1,300
274 3
235 Ma
43( June
234
Eleo P et L 20 pref A_
•
234
1055 July
234 Feb
Option warrants
100
35
74
1% Jan
3.4
35 Ma
Electric Shareholding
Common
1
4
900
435
5% June
34
34 Ma
$6 cony pre w w
• 7334 79
600 34
40
Jan 79
July
Eleetrographie ova corn 1
(
9
1
900
1134
6
1135 July
Jan
Elgin Nat Watch Co___15 23
100
23
6% 23
24
July
May
Empire District El 6% _100
50 12% 14
35
Jan 35
July
35
Empire Gas & Fuel 006% preferred
100 2134 21%
25
734 Mar 35
May
635% pref
100
8
8
Mar 36
May
7% preferred
100 23
200 I2 8
26
8
Mar 37
May
8% preferred
100
92 834
83( Mar 40
May
Empire Power Part Atk__• 18
4
500
9
Apr 19% July
Emseo Derrick & Equip_ _5 1334 1934
100 16 2%
12
13%
June 1334 July
Equity Corp corn
The
134
1
1,1 May
135 8,600
14 Jan
Eureka Pipe Line
50
30
3331 May 38
Feb
European Electric Corn
Claw A
10
000
535
6.31 735
9
635 Jan
June
Option warrants
11 June
516 July
•16
5-4
35 2,300
Evans Wallower Lead_
•
34 May
35 Apr
35
7% preferred
100
2
5
7
May
May
Ex-cell-0 Air & Tool
3
831 935 7,400' 2%
6
6
9% June
Feb
Fairchild Aviation
1
234
7% 8
1,800
735 July
934 Apr
Fajardo Sugar Co
100 92
100 59
92
71
May
Jan 105
Falstaff Brewing
1
234,
435 534 6,500
535 July
234 Jan
Fanny Farmer Candy
1,200 51 2%
1
931 June
735 Star
9
93.4
Fansteel Products Co_ __.•
434 434
100
1%
134 Ma
534 May
Fedders Mfg Co class A •
200 II 4
1674 June
934 Ma
Federal Bake Shops Co_ • 1534 15%
35 July
34
3-4 July
Federated Capital Corp__*
1
100
1
1
134 Jan
July
134
Ferro Enamel Corn corn_.
• 19
2,000
20
7%
1034 Feb 20
July
Fiat Amer dep reels
25
200 15% 2134 Jan 25% June
25
Mello Brewery
1
716
200
;4 July
34
14 Jan
716
Fire Association (Phila.) 10
4131
57
Jan 553/ July
Fires National Stores
7% let preferred___100 113%
40 110
112
Jan 115
11431
Apr
Flea Rubber Corp
I
534 6% 5,300
531
5% July 11% Jan
$6 preferred
100
35% 67
June 88
Jan
Flintokote Co el A
• 1834 20
900
334
1131 Ma
2434 Slay
Florida P & L $7 met__
30% 34
1,200
34
1035 Ma
July
Ford Motor Co Ltd
Am dep rots ord reg..£1
5,400
835
435
74 Ma
Jan
Ford Motor of Can el A • 26% 8% 5,700
3235 Jan
8% 2335 Jun
27%
Class B
• 2934 29%
75 14%
2535 Jun
3751 Jan
Ford Motor of France
American dep rcts _100
231
2% Jo
434 May
Foremast Dairy Prod corn•
35 Mar
34
34 Mar
Preferred
•
131 Mar
51 June
,
31
Foundation Co (torn sha)•
4% 4%
335
600
434 June
635 Jan
Froedtert Grain & Malt
Cony preferred
113 15% 15% 3,950 1431 14% Apr 153( Feb
Oarlock Packing com_ ___•
700 114 20
27% 28%
Mar 2834 July
General Alloy, Co
•
151
300
, 1
3( Apr
154 Feb
Gen Electric Co Ltd
Am dep rate ord reg__£1
934
1131 Mar
1435 June
(len Fireproofing com____•
400
3
431 5
4% June
6
May
Gen Gas & Elea
36 cony pref B
300
• 13% 14
534
11
15
Feb
Apr
(len Investment com
1
600
I‘• Star
%
31 June
35
$6 cony pref class II__ •
15
17
Jan
Jan
Warrants
200
116 Jan
35 Jan
(len Pub Bert $6 prat_ __-• 46
,
230 20
51352
24
51
Ma
July
Gen Rayon (3o A stock_ •
155 Feb
4( Ma
General Tire & Itubber_25 41
425 42
41%
41
Jul
7134 Jan
0% preferred A
100 56% 89
100 9334 9334
Apr 99
Mar
Georgia Power $8 pret___• 81
775 35
83
52
Jan 83
June
$5 preferred
• 68
68
10 50
50
Apr 68
July
Gilbert (A C) corn
•
1
200
334 3%
1q Stay 331 June
Preferred
•
22
24% Nta
24% Afar
Glen Alden Coal
• 1735 1934 3,300 10
1335 May 24
Jan
Globe Underwriters Ine_2
900
9% 10
5%
7
10
Jan
July
Godebaux Sugars class A_'
10
1635 Apr 28
May
Class 11
•
3%
7
1135 Slay
Jan
Goldfield Consol Mines_10
55
55 Jan
31 Apr
Gold Seal Electrical
1
600
35
71.
1
716 Apt
35
Feb
Gorham Inc clue A com_•
2% 235
100
134 May
1%
335 May
$3 preferred
• 14
150 14
14%
14
19% May
July
Gorham Mfg Co
V I o agreement extended
10% 1231 Mar 18
Jan
Grand Rapids Varnish_
400
4%
534 Mar
631 7
8% Stay
Gray Telep Pay Station_ •
8
835 Mar
16
May
Great A tl & Pao TeaNon-vol corn stock _ _•
370 115
121
Mar 139
Jan
7% let preferred____100 128% 133
126% 129
90 120
12235 Jan s135
July
(it Northern Paper
25 22
300 1934
20
22%
Slay
26
Jan
Greenfield Tao & Die•
3%
4% Mar
6
Jan
Grocery Stores Prod•t 025
200
9,6 July
% Feb
34
716
716
Guardian Investors
1
100
35 Mar
34
316
316
.1, Jan
Gulf 011 Corp of Penna__25
5031 Mar 7434 May
63% 6431 2,500 43
Hall Lamp CO
I, 3
•
334 Mar
6
Jan
Ilan-111ton Gas corn Vt c 1
300 Its
34
34
3-4
Mai
June
Handley Page Ltd
Am dep rets prat_ _8 sit.
3% Mar
131
635 June
Happiness Candy
11
200
116 July
•
34 Jan
Hartford Electrte Light _25 71Its 71 N
25 48% 5035 Jan 71
July
Ilartman Tobacco Co_ _ _•
135 1%
300
34 Apr
34
1% Jan
I I arvard Brewing Co
1
235
3
400
235 June
3
331 Stay
Hazeltine Corp
•
2%
835 831
100
7
June
9
Feb
Hecht Mining Co
26 10% 1131 5,600
4
6
Feb
1234 Apr
Ilelena Rubenstein
•
131 May
34 Jan
Ileyden Chemical
10 49
100 14
37
49'
Jan 5235 June
II ires (C E)Co CIA
• 25
200 18
23% Mon
2535
25% July
Hollinger Coned l G M
6 1374 1435 3,900
835
1374 July 2035 Jan
Holly Sugar Corp eom . 63
200 7 83-4
66
30
Jan
70
June
Preferred
4 34
100
Feb 100
100
Feb
lolophane Co corn
•
5
100
2
5
Jan
5
July
I lolt (henry) & Co el A_ •
3
5% Feb
7
Mar
Ilormel (lien A) & Co_ _
100 9 16
16% 163
1611 July 16% July
horn (A C) Co corn
•
14
1% Apr
2% May
let preferred
50
14
30
Mar
30
Mar
For footnotes see page 251.
STOCKS
(Continued)
Week's Range
of Prices
Par Low
Horn & Harder%
• 24
7% Preferred
100
Hud Bay Min & Smelt_ __• 15
Humble Oil a. Ref
• 5734
Huylere of Delaware Inc
Common
1
pref !damped_ _100 2034
Hydro Electric Securitles_.
335
Hygrade Food Prod
135
Hygrade Sylvania Corp_ -• 34%
Illinois P & L 36 prer
• 28%
6% preferred
100
Illuminating Shares Cl A_ •
Imperial Chem Industries
Amer deposit rcts____11
835
Imperial 011 (Call) col1D--• 1935
Registered
• 20
Imperial Tob of Canada_5 13%
Imperical Tobacco of Great
Britain and Ireland___£1
Indiana Pipe Line
535
10
Ind'polls P & L 635% pf100
Indian Ter Ilium 011
Non-voting class A_
•
Class B
•
2
Industrial Finance-V t common
1
34
7% preferred
100
2
Insurance Co of N Amer_10 68
International Cigar Mach •
Internatl Hold & Inv Co__
Internal Hydro-EleoProf $3.50 series
50
67-4
Internal Mining Corp___1 1234
Warrants
434
International Petroleum_• 35
Registered
International Products_ _ -•
3
Internal! Safely Razor B-•
Internat'l Utility
Class A
231
•
Class))
1
35
$7 prior prof
•
Warrants
Interstate Equities
Common
1
$3 cony preferred_
50
Interstate Hoe Mills
• 25%
Interstate Power $7 pref_• 16%
Investors Royalty corn_ _ 25
131
Iron Cap Copper Co corn 10
Iron Fireman Mfg v t c_ _I C
Irving Air Chute
11
Italian Superpower A_
•
Warrants
Jersey Central P
I.534% preferred
100
6% preferred
100 6635
7% preferred
100 7935
Jonas & Naumburg _2.50
135
Jones & Laughlin Steel_100 20%
Kerr Lake Minos
4
Kingsbury Breweries_ _ _ _1
Kirby Petroleum
1
Kirkland Lake 0 M Ltd_l
Klein(Emil)
•
Kleinert Rubber
10
Knott Corp coin
1
Kolster Brandon Ltd_ _81
Koppers Gas & CokeCo6% preferred
100
Krems (S II) 2nd pref _100
Kreuger Brewing
1
Lackawanna RR of N J 100
Lake Shore Mines Ltd_ _I
Lakey Foundry & Mach_ _i
Lane Bryant 7% pref 100
Lefeourt Realty corn
1
Preferred
•
Lehigh Coal & Nav
•
Leonard 011 Develop_ _215
Lerner Stores common_ _ _•
6% pref with warr-100
Libby McNeil & Libby__ lu
Liberty Baking 7% pfd_100
1.1on 011 Development _ _ _•
Loblaw Groceterlas CIA ....•
Lone Star (las Corp
•
Long Island LtgCommon
•
7% Preferred
100
Prat class B
100
Loudon Packing Co
•
Louisiana Land & Explor_1
Lucky Tiger Comblnatn_10
Lynch Corp com
5
MangelStoree Corp
•
69-4% pref w w
100
Mapee Consol Mfg
•
Marconi Internal Marine
American deprecelpte_t1
Margay Oil Corp
•
Marion Steam Shovel_
•
Maryland Casualty
1
Maas Utll Assoc vtc
1
Massey-Harris corn
•
Mavis Bottling class A__ _1
Mayflower Aseociates
•
May Heeler) $4 pref
,
•
McColl Frontenac 011
•
McCord Had & Mfg B__•
McWilliams Dredging ___
Mead Johnson & Co
•
Memphis Nal Gan oom 5
Memphis P & L $7 Deer- •
Mercantile Storesconi _i60
•
7% preferred
Merritt Chapman & Scott •
634% A preferred_ _ _100
Sfeeabl Iron Co
•
•
Metal Textile pref
Metropolitan Edition
$6 preferred
•
Mexico-Ohio Oil
•
Michigan Gas & 011
•
Michigan Sugar Co
Preferred
10
Middle States Petrol•
ClassA •Se
ClasaB v
•
Middle West Util com
•
$6 cony pref ser A w w •
Certificates of dep_ •
idland Royalty Corp
$2 cony pref
•
Midland Steel Prod
•
•
Midvale Co
247
Kay 1
Sales 1933 to
for
June30
Week
1935
High Shares Low
Low
High
2431
300 153( 20
Feb 25
May
83% 10235 Jan 108
May
1534 6,500
11,35 Jan
734
1634 May
5934 3,400 "2234 44
Jan 64
May
20%
335
1%
35
3035
50
300
200
175
1,200
831
20%
20
14
600
7,700
100
4,200
534
100
2035
235
135
17
10
10
3434
35 Mar
20% Apr
235 Mar
135 June
26
Jan
1331 Jan
14
Jan
3434 Jan
1
2635
431
335
38
3034
30
40%
1034
1194
935
854 Mar
1535 Ma
15% Ma
12
Apr
934 Jan
22% May
2235 May
14
July
31% Ma
335 Mar
55
Jan
35% Jan
6
June
8735 July
23%
335
48
2
100
34
2
6931
200
100
1,300
7%
127-4
435
353-4
1,025
2,500
2,200
9,300
3%
1,100
235
34
300
200
25%
20
1%
200
440
200
11%
1,900
9%
1535
634
39%
3234
335
135
Jan
Jan
Jan
Slay
May
Jan
Feb
1%
31
35
'16
135 Jan
31 Jan
35
Apr
'is Ma
231
716
35
35
June
Apr
Apr
Jan
35
15%
13
7
1
3.4
334
2%
35
55
34
20
22
8
1
35
1435
3%
3-4
Mar
Jan
June
Jan
June
June
Apr
Jan
Mar
.76.0
111 Feb
,
2435 Feb
2735 Jan
20
July
234 May
34 May
21
July
12% June
131 Jan
31 Apr
43
60
6034
31
18
Feb
May
Apr
Apr
Ma
67
July
063.4 July
SO
July
135 Apr
3075 Jan
35 Jan
1
Apr
135 Ma.
7
14 Ma
15
Jan
aq Mar
154 Jan
Si Jan
May
234 Jan
3
May
It
Jan
22
May
734 Apr
2% July
716 Slay
%
000
34
700
7-4
700
934
5
1
9435
113.4
.50
5134
34
%
77
77
63% 634
35
35
5735 5835
106 10634
6% 734
100
200
U 54
73.4
731
40
41
47
48
8
8
2
2%
4
31-4
35
493-4 50
5
531
333 3435
-4
6734 69
235 3
10% 1054
2
235
1835 183.5
35
35
40
9134
6%
1
334
1734
435
2
48
37
2031
4%
3%
2635
535
47
2554
Mar
Jan
Jan
Apr
Jan
Apr
Mar
June
July
Jun
4
79
68%
26%
934
335
41
10
61
3334
8
June
4
Feb
135 Mar
134 Jan
1
Feb
334 Mar
35 Feb
41
Jan
40% Feb
1235 Apr
3% Apr
2131 Jan
55
Apr
134 Ma
7534 Jun
10% July
70
Jan
34 Jan
8
Ma
1,, May
Mar
34
835
834
335
235
135
534
Jan
June
May
June
May
Jan
4; Jan
50
May
44
afar
1534 Jab
731 Jan
36% May
69
July
3
Slay
7535 June
1335 Jan
7334 Jan
235 July
1835 July
its Jan
34
Mar
46%
35
2
14
80
35
2
%
3
Jan
Jan
Mar
Mar
Feb
96
1
335
1,31
8
7-4
'Si
31
1,,
%
Ma
Mar
Jan
Ap
Apr
235 Slay
2
,6 Slay
,4 Jan
2
I
Apr
35 Jan
June
Mar
Jan
10
Jan
15% July
4034 Apr
2,600
110
250
2
38
32
• 1035
7,500
134
2
500• 15
1
12
30
2535
100
6%
4
134
1
1,400
2
1
300
3
600
35
800 38
22
12
300
1%
400• 1235
400 4435
600
134
45
200
60
200
54
100
5'i
200
'16
34
1
7
135
7%
300
300
135
1%
34
1,100
700
500
716
1,000
25
4
4%
18%
16
3-4
14
38
1534
38
72
1135
44
7531
48
34
67
135
18
535
Mar 96
Apr
1234 Jan
Apr
Mar 1235 June
Feb 78
May
Jan 58
Mar
Mar
135 Jan
Jan 80
Jan
Ma
234 May
Jan 20% May
Ma
734 Apr
Si May
AP
Jan 683-6 July
Fe 106% July
Jun
8% Apr
1
June
June
6% Apr
Mar
1935 July
Feb
831 Jan
Mar
10
4%
594
5,300 • 3235
100
31
10 25
1
7
200
535
600
.
14
800 1034
150 40
3,400
234
1
800
5
5
lool 3
19
19
50 15
534 634 10,800
aw.
33.4 4
7534 78
6631 6831
Feb
Feb
July
Feb
June
Mar
June
June
Mar
Feb
Jan
Feb
23-4
11
1%
435
6931
33%
1
334
12
435
28
29%
235
1%
M
94
35 July
May
Mar
May
June
335
7%
2%
1534
23
1
1
23.4
2%
Apr
Apr
1
52
29
1
10
60
300
2,250
20
4%
431
1
3435
18%
31
66%
80
1%
23%
2%
Jan
Jan
Jan
Jan
Mar
July
May
Apr
135 Jan
135 Fe
135
42
60
6035
34
1534
19
Range Since
Jan. 1 1935
34
214
8
5
35
July
July
July
July
May
Apr
July
Jan
Jan
Jan
May
Jan
May
June
June
IP
,
New York Curb Exchange-Continued-Page 3
248
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 193310
for June30
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prim
July 13 1935
July 1
Sales 1933 to
for June30
1935
Week
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par Low
High
Low
High Shares Low
Par Low
May
7% Jan 12
7%
100
12
1% Apr Powdrell & Alexander____. 12
i1is Mar
l'is
9% Feb
6% May
6%
Mining Corp of Canada_'
May Power Corp ot Can com_ •
Jan 1634
125" 7% 12
. 1631 1631
Jan
Minnesota Mining & Mfg_
1531 2431 may 30
•
% Feb Pratt & Lambert Co_
% July
34
500
%
34
23( Apr
1% Jan
%
Miss River Fuel rights__
134 1% 3,700
May Premier Gold Mining _ ___1
Feb 100
82
65
Miss River Pow 6% pfd 100
931 June 1334 Jan
931
Pressed Metals of Amer_ _°
Jan
631 1031 Mar 14
300
si Jan
.
Mock Judson Yoehringer_. 1031 11
34 Jan
31
400
34
34
1
400 3034 3031 Mar 7131 July Producers Royalty
7031
Moll & Hud Pow lst pref-* 67
July Properties Realisation
Mar 31
9
9
300
3034
• 28
2(1 preferred
250 1234 123.1 Apr 1534 May
1531
Voting trust otfe_33 1-3c 15
731 Jan 1231 Apr
1034 1234 18,800' 2%
8% June
4% Mar
Molybdenum Corp V t 43_1
43
734 7% 5,000
•
Ja., 14454 May Prudential Investors
127
450 56
• 139 14034
July
Montgomery Ward A
83
Jan 99
90 59
99
• 99
56 preferred
2631 2634 May 3131 Jan
21
July
8
Jan
8
Montreal Lt Ht & Pow_ •
200
21
• 21
Jan 2931 June Pub fiery et Indlan 87 pref•
23
50 1631
7
Apr
6
Jan
Moody's Invest Service_ _• 2631 27
5
16 preferred
1831 Feb 2231 July
100 12
350' 934 1731 Feb 38% July
Moore Corp Ltd corn _ _ _ _. 2234 2234
July Publlc Berl Nor III corn_ • 3534 36
20
Jan 31
831
16
Feb 3531 June
9 9
Moore Drop Forging A •
Common
i0
7834 Apr 101% July
• 38
Mtge Ilk of Columbia100
6% preferred
43-1 Apr
3% Feb
1%
FeD
77
Jan 83
9 38
American Shares
WO
7% preferred
% Feb
34 Feb
34
1
Mountain 2, Gulf 011
534 May Public Service Okla
434 Jan
334
1,000
4% 5
May
81
May 81
81
Mountain Producers_ ___10
100
7% pr L pref
105% Mar 119% July
30 100
Mountain Sta Tel& Te1100 117% 119%
May Puget Sound P & LJan 102
31% 72
•
13
Mar 3331 June
475
754
Murphy(0 Cl Co
• 31% 33%
$5 preferred
Apr
Apr 116
112
50 105
100 114% 114%
5
631 Mar 17% May
250
8% preferred
14%
• 14
58 preferred
May
134
234 Jan
131
1% 2,100
134
June
83% 3434 Mar 70
Natl Dallas Hess corn ____ i
July Pure 011 Co 6% prat __100
May
604 28% 29% Feb 37
5
37
231 Jan
134
1,600
Nat Bond & Share Corp-• 35
3% 4
Pyrene Manufactwing-10
July
127
Jan 135
10 9106
National Container Corp• 135 135
May Quaker Oats com
22%
18% Jun
10
•
13234 Feb 143% June
20 111
Common
145 145
100
5% preferred
Mar
July 35
30
29
.
)4, AL,r
34 Apr
34
$2 cony prat
,
11% Mar 18% May Railroad Shares Corr- -•
• 17% 17% 2,300 51%
434
634 Mar (414 July
850
National Fuel Gas
1% Jan RY & Light &sour corn_ _.• 13% 14%
% Jun
ki
900
34
134
h Jau
31 Jan
31
National Investors com_l
1
Jan By & Utll Invest A
Mar 66
55
35
1
$5.50 preferred
31 Febis Jan Rainbow Luminous Prod
31
s
Feb
, June
is
31
100
%
Warrants
34
•
Class A
134 Jan
31 Mar
ti
500
"la
Mar
'is June
34
'is
•
Nat Leather corn
e
Class 13
July
4635 Feb73
1,800 32
72
National P & L $8 pref ' 70
934 Mar Raymond Concrete Pile
Jan
534
6% 734 1,900' 2
*
5
Jan
434 Jan
434
Nat Rubber Mach
•
Common
% Jan
Si Apr
%
Jan
Si 6,200
17
17
'is
1
Apr 25
Nat Service common
53 convertible preferred •
Si Jan
% Apr
41
1% May
Si Feb
54
100•
1
Cony part preferred •
1
Raytheon Mfg vs o____606
May 1631 Apr
1131 15
Eel)
*
Feb1
National Steel Car Ltd
%
Co%
Feb Red Bank 011
300 25% 2531 June 36
3031
• 30
7% Jan
431 Feb
434
Nat Sugar Refining
:
Apr
9% May Reeves(D)cm
9
9
32 Apr% May
Nat Tea Co 534% P1--10
3
'is
•
934 June Reiter-Foster Oil
651 Feb
8%
700
834 9
8% Jan
National Transit __ _12.50
431 Mar
144
•
% Feb Reliable Stores Corp
31 May
200 9 %
34
34
% Mar
%
Nat Union Radio oom- -1
200
13.4 Jan
134 134
May Reliance Internat-al A 10c
6
2% Mar
%
100
4
4
•
13-4 May
Nehl Corp com
% Feb
%
July Reliance Management__ •
00
July 50
100 31
50
* 50
2
Apr
3 June
lot pref
900
134
3
3
i0
June RaYbarn Co Ina
Feb 100
25 2031 110
Nebsner Brae 7% pret_100 9935 993-4
34 Apr134 Jan
31
% 1,400
ii
1
Jan Reynolds Investing
8
Apr
434
2
9
July 1231 Jan
500" 634
Nelson(Herman)Corp- -5 9
9
•
Jan Rice SU: Dry Gooch,
9
634 May
331
100
63.1 631
Jan
1
% Mar
%
Naptune Meter class A....•
300
94
Si
25
534 June Richfield 011 prat
53-4 June
536
Nev Calif Elec corn_ _100
Richmond Radiator Co
2% Jan
Feb
2
134
300
234 234
5
May
New Bradford Oil
2
Ma
%
%
June
Apr 66
6235 1,450 4731 49
131 Feb
134
25 60
934 May
New Jersey Zino
Common*
•
7% Cony preferred
2% Jan
May
1
54
300
1% 1%
A pr
Apr 85
85
65
New Mex de Aria Land_ -_I
3
451 Mar 5331 May Rochest 0 &E 6% D pf 100
Mar
6
Newmont Mining Corp-10 4731 4934 1,400 34
6
100
934 Jan
635 634
May Rogers-Majestic class A__•
Jan 18
1034 12
•
2% May
New Prooess com
I% Apr
44
100
1% 1%
6
1% June Roosevelt Field. Inc
1% Feb
%
*
I
Feb
%
N Y Auction Co corn
700
23.4 July
131 234
1
Apr Root Refining Co
11
June 15
10 11
11
331 Apr 12
July
334
NY & Foreign Inv prat 100 11
400
Prior prat
934 934
10
June
15
2531 Jan 32
.
7 6 May
,
% Feb
54
N Y Merchandise
100
%
%
•
6931 Apr Russia International
Feb
33
850 1735
NY & HonduraS Roeario10 5234 5434
•
14 May 2631 May
July Royalite 011 Co
6131 Jan 93
59
6
8% 1634 May 2134 July
NY Pr & Lt 7% prat---100
• 1831 2131 3.100 2 .1 25
53% 53% Jan 7831 May Royal Typewriter
•
July
41
Jan 62
56 preferred
725 25
62
• 60
Ruberoid Co
554 Fen
334 Apr
N Y Shipbuilding Corp231
5
434 Mar 1351 Jan Russets Firth Ave
434
400
836 93.4
1
Founders shares
Si Mar
114 May
Si
200
1
1
•
May 1631 May Ryan Consol Petrol
12
12
NY Steam Corp Oom
_.
Mar
11334 May 121
425 113
6031 Mar 7834 Apr
N Y Talc)634% pref _100 117 117%
25 35
68
334 June Safety Car Heat & Light100 68
3
Apr
3
300
334 334
Ili
5
44 Jan
N Y Transit
alf Apr
4631 Feb 6231 June St Anthony Gold MInee_l --20
NY Wat Serv 6% pfd_100
34 May
% May
%
pare__ *
St Lawrence Corp
1
Niagara Bud Pow2
June
I
Mar
1% 1% 1,800
io
7% July St Regis Paper cum
234
234 Ma
18,900
7%
7
16
July
Common
170 1734 1734 Mar 29
100 2631 29
7% Preferred
916 June
34 Jan
9,
y, 1,100 7
34
Jan
Class A opt ware
I
h Jan
714
300
34
34
131 June Salt Creek Consol 011____1
3I Mar
34
534 Mar
731 May
Class B opt warrants
5
-Salt
Creek Produeers___10
63-1 754 2,400
Jan
1
54 Jan
31
Niagara Share
100
%
%
•
Savoy 011
filly
6
234 Mar
235
1,000
534 6
5
2534 Mar 3334 Jan
Class B common
200 13
• 283-4 2831
834 Mar 2331 June 80hiff Co corn
734
1,000
• 2134 2231
-Pond
li Jan
Niles
-Bement
% June
31
Ain Schulte Real Estate oom_ _*
3
234 Janr
234 3,000' 134
2
5
Niplesing Mines
1931 Mar 23% Jan
50 17
May Scoville Manufacturing_25 2131 2134
2
% Jan
34
1
Noma Electric
31 Mar
31 Feb
34
Mar 4434 May Seaboard Utilities Shares_ I
175 3034 35
43
Northam Warren pref___' 41
2
May
34 Mar
51
Securities Corp General_•
Nor Amer LS & Pr4334 Mar 60
100 34
May
• 49
49
1% May Seeman Bros Inc
41 Mar
34
200 9
1%
Si
1
Common
54 Mar
X
800
Si Jan
%
31
July Segal Lock & Hardware...
3
434 Mar 16
850
16
• 14%
56 preferred
235 Jan
100 u 1
134 July
1q
June Seiberling Rubber *cm ' 1%
2434 Jan 40
18
Apr
Jan 34
North American Match_ _•
50 1534 28
* 3234 3235
July Selby Shoe Co
4
34 Jan
34
3% 2,200
3
No Amer Utility Securities*
331 May Selected Industries Inc
2
Jan
1%
100
3
3
Nor Cent Texas 011 Co_.5
Si Mar
%
134 Jan
134 3,400
1
1
CO/11113On
9,, May
71,1 Jan
'is
_ _1
48
Nor European Oil corn __b
Mar 68
750 38
July
6731
55.50 prior stook
25 66
Feb 6331 July
32
75 21
6331
Nor Ind Pub Ser6% pfd100 62
July
900 3734 4634 Mar 69
69
Allotment certificates__ 67
2034 3831 Mar 5831 June
100
7% preferred
Selfridge Prov Stores
1t£
Utilities
234: Mar
Northern N Y
234 Jan
Amer dep tee- - _
£
150 4534 4534 Jan 9631 July
_ _100
% June
31 Jan
34
200
%
%
7% let preferred_ __100 9335 9674
May Sentry Safety Cont-rol____.
7
6% Jan
435
10
May
Northern Pipe Line
7
331 Mar
335
200
434 434
•
134 Mar 1491 May Beton Leather corn
634
300
134
1% Jan
231 Mar
Nor Sts Pow com class A100 1234 1334
234 1,400
231
534 Jan 13% May Shattuck Dann Mlning_ 5
3
1,600
Northwest Engineering._' 1031 12
100 1435 1434 May 1934 Jan
Shawinigan Wat& Power_• 16
16
1594 May 2231 Jan
735 20
Apr 2334 Jan
Novadel-Agene Corp-• 2134 21% 1,500" 143.4
Sheatfer Pen corn
.
34 Apr
Si
100
1
134 Jan
1
I
June Shenandoah Corp com
Jan 27
19
25" 10
25
1251 Mar 1934 May
Ohio Braes Co ol B com__• 25
600 12
1731 1834
$3 cony pref
25
June
Feb 89
4534 70
•
Ohio Edison 56 pref
July
Jan 101
2,400" 3254 84
Jan 107% May Sherwin-Williams com_25 100 101
200 8134 89
100 10534 10534
Ohio 011 6% Ord
20 3 90% 106% June 1135.4 Mar
6% preferred A A___100 10734 10934
July
4 Jan 106
855
80
100
235
Ohio Power 6% prof
Mar 275
July
90 119
100 27235 275
934 Feb1134 May Singer Mfir Co
634
5
011stooks Ltd corn
Jan Singer Mfg Co Ltd
1
2,500
% Mar
34
% 1
2
Outboard Motors B corn_•
23-4 Feb z331 Apr
Amer dep record reg-£1
Jan
2001* 34
6% May
4
634 634
•
1234
Class A cony prat
1234 Jan
125-4 Jan
June Smith (11) Paper mina_ __•
3
131 Apr
1%
may
•
Overseas Securities
Jan 72
3,200 1534 29
67
334 May Smith (A 0)Corp corn___' GO
1,10017 134
Mar
2
234 25-4
1
Pacific Eastern Corp
Smith (L C) & Corona
2034 Jan 2734 June
(I
Feb 1334 June
334
Pacific G & E8% 1st pref25 2734 27% 3,100 1334
300
TYPewriter V t 0com___• 1231 1334
1831 Jan 2534 June
253.4 2,200 2, 11331
25 2534
Apr
I
234 Jan
634% let prat
1
1
134 134 1,700
June Sonotone core
Feb102
150 18 66% 71
• 100 101
Pacific) Mg 28 Prof
431 Jan
334 Apr
154
334 434 10,700
1
1,34 June So Amer Gold & Plat
1
17 %
May
Pacific Pub Serv non-vot_•
744 Feb154 July SOU Calif Edison
2,600" 134
1554
• 14
' 26
7
lot preferred
26
May 3834 July
5% original preferred_25 Jan 3331 July
25
1.775 10
333k
• 31
Pacific Tin spec etk
2834 July
200 1834 2034 Jan
2834
26 28
7% prof series A
June 4434 Feb
36
3831 1,200 3134
1731 Jan
Pan Amer Airways-__10 38
2534 July
1,700 1554
2531
Preferred B
25 25
Jan
23-4
131 Mar
%
10,900
1% 2
Pantepec Glint Vanes •
1534 Jan 2334 July
1,900" 1454
223-4 2354
534% Pratseries C____25
4% Feb
331
200
354 Mar
4% 434
1
100
Paramount Motor
104
Jan 108
Apr
4734; July South'n N E Talon_ _100 s 4434 4734 3,300 1931 323( Jan
Parke, Davie & Co
1
Jan
2
July
34
100 9
13-4
13-4
17 June 17 June Southn Cob Pow al A___25
9 4
Parker Pen Co
14
45 Apr
10
1
May
•
Jan 6454 Jan Southern Corp Corn
com__• 593<4 6231 2,200 0 39% 55
Parker Rust-Proof
h Jan
34 Jan
'is
•
Feb 3734 June Southern Natural Gise
2434 34
Pander D Grocery A
•
4% Apr
3
% a
, 8%
10
Fob Southern Pipe Line
7
Feb
7
7
•
Class 11
1
Apr
34 June
31
93.4 July Southern Union Gas nom.*
5% Mar
5
50
9% 9%
434
Peninsular Toler. corn__ •
6% July
434 Jan
534 6% 6,300
May Southland Royalty Co---5
68% 7934 Apr 82
Preferred
160
500 1534 2154 Mar 2
834 May
25
25 25
Jan South Penn 011
734 Mar 11
234
Penn Mex Fuel Co
3434 4534 Feb 5235 Feb
1
231 May So'weet Pa Pipe Line-50
131 Mar
134
2
234 8,400
1
Pennroad Corp vs o
Apr Spanish & Gen Corp
931 Apr 13
6
Pa Gas & Elea class A
34
34 June
% June
•
Am dep me ord bear.£1
June
2434 80% Jan 101
„
Pa Pr & Lt S7 prat
•
lig Apr
31 A Dr
Am dep rate ord reg..81
Jan
Jan 77
7234 77
$8 Preferred
July
May 22
•
1,600" 70c 17
2034 22
June Square 13 class B corn_ _1
4234 7634 Apr 94
Penn Salt Mfg Co
29
May 34% July
50
950 11 3
• 3331 3434
Class A prat
73.31 1,100 4154 5334 Jan 73% July
Pa Water & Power Co____• 70%
13-4
3,4 Felt
154 Apr
•
8934 Jan Stahl-Meyer coin
5254 Apr
240 6254
67
100 66
Pepperell Mfg Co
% Jan
% June
%
Apr Standard Brewing Co '
Feb 40
31
9 21
•
Perfect Circle Co
7,5 23
2934 Mar 34
June
34
Feb Standard cap cfc Seal corn _5 34
May 120
post 113
Pet Milk Co 7% pre_ _ _100
100 1034 1031 Apr 2034 May
' 1934 20
July Stand Investing $5.50 /4_4
9
Mar
4
4
300
Philadelphia Co corn
•
17
8% 9
May 2154 Feb
Standard 011(Ky)
10 2131 213.4 2,600 1354
Phoenix Securities-711
200
May
734 Mar 12
1036
25 10
234 June Standard 011(Neb)
134 Feb
Si
2% 235 4,200
1
Common
700 1134 1134 Mar 1934 May
1531
July Standard 011(Ohio) corn 25 15
1,200 1631 2
45
751 Feb 45
$3 cony vret eer A___10 42
Feb 9934 May
275 7535 91
95
100 95
5% preferred
Mar
834 Apr 11
334
800
10
9
a
Pie Bakeries Inc corn
231 May
1
1
Mar
•
435 Apr Standard P & L corn
2
Jan
1
100
331 334
•
Pierce Governor oom
I% May
31 Apr
%
•
Common class B
234 June
34 Jan
34
100 9
2% 234
Pines Winterfront Co__ __ 5
9
9
Mar 1334 July
100
• 1334 1334
Preferred
Mar 1231 May
835
83-4
934 10,4 3,800
Pioneer Gold Mines Ltd_i
Ns
34 Aprum June
34 7,400
%
Standard Silver Lead____1
Pitney-Bowes Postage
Apr
I
916 Feb
Ns
1.700
34
1
'is
7 June Starrett Corporation
Mar
5
234
6% 634 2,100
•
Meter
331 A nr
45 Mar
%
200
135
13<4
10
6% Preferred
445 July
234 Jan
2
July
33.4 435 1,700
1
Pittsburgh Forging,
4234 Mar 49
75 32
483.4 49
•
Jan Steel Co ot Can Ltd
Feb 80
51
80 51
5934
Pittsburgh & Lake Erie-130 53
954 Mar 1434 July
5
2
corn
• 1431 1434
7134 2,400 3031 4631 Apr 7131 July Stein (A)& Co
Pittsburgh Plate Glass_25 70
Feb
Jan 107
103
80
100
834% preferred
233.4 Apr 2534 Feb
9 10
Pond Creek Pocahontas •
Apr
4
38 Mar
4
335
200
1
334 334
214 June StnrlIng T1rewara Toe
31 Jan
%
234 234 2,700
5
Potrero Sugar com
FOX footnotes BOO page 251.
4
Volume 141
New York Curb Exchange-Continued-Page 4
STOCKS
(Continued)
Juty 1
Week's Range Sales 1933 to
of Prices
for June30
Week
1935
Stetson (.1 B) Co com____•
Stinnea (Hugo) Corp
6
Stroock(S)& Co
•
Stutz Motor Car
•
Sullivan Machinery
•
Sun Investing nom
•
$3 cony preferred
*
Sunray Oil_ _ _
1
Sunshine Mining Co_1(10
SwanFinch OU Corp____ 25
Swift Internacional
15
Swiss Am Elea pref____100
Swiss 011 Corp
1
Syracuse Ltg 8% pref_100
Low
High Shares Low
1134 1134
100
731
134
134
100
1
831 931
400
434
1
134 6,500
131,
104 11
150
531
234
34
14 131 2,600
4
22
23
15,700'° 2.10
It(
3154 33
5,100 9 1934
50
50
150 324
234 235
1
200
89
Taggart Corp cam
•
Tampa Electric Co nom...*
Taatyeast Inc class A
•
Class A new
Technicolor too corn
•
Teak-Hughes Mlnee
i
Tenn El Pow 7% 1st pf 100
Tenn Products Corp corns
Texas Gulf Producing__ _•
Texas P & L 7% prat-100
Taxon Oil & Land Co_ •
Thermoid 7% ore!
ion
Tobacco Allied Stocks___•
Tobacco Prod Exports___•
Tobacco Securities Trust
Am dep rata ord reg__£1
Am dep Ms dof reg__£1
Todd Shipyards Corp____'
Toledo Edison 8% Pref100
7% Preferred A
100
Tonopah Belmont DeveLl
Tonopah Mining of Nev.-1
Trans Mr Trammell
1
Stamped
Trans Lux Plot Screen-- 1
Common
1
I'S-Continental warrants__
Triplex Safety Glass CoAm dep rata for ord reg
Tri-State Tel&Tel8% pf 10
Tubize Chatillon Corp_ _ _1
Class A
1
TUnIPS01 Lamp Works
*
$3 cony pref
•
Unexcelled Mfg Co
10
Union American Inv'g___•
Un El Lt & Pow 6% Pfd 100
Union Gas of Can
•
Un 011 of Calif rights
Union Tobacco nom
•
Union Traction Co
50
United Aircraft Transport
Warrants
United Carr Fastener____•
United Chemicals nom...*
$3 cum & part pre!
•
1111,
...”, nro warranta
United Dry Docks corn __•
United Founders
1
United Gas Corp com
1
Pref non-voting
•
Optlon warrants
United 0 & E 7% pref_100
United Lt & Pow corn A...•
Common class B
•
$6 cony 1st pre!
•
United Milk Prodnots-•
83 preferred
•
United Molasses CoAm dep rots ord ref__ £1
United Profit-Sharing
1
Preferred
10
United Shoe Mach com_25
Preferred
25
US Dairy Prod cl B
*
US Flee Pow with warr 1
Warrants
U El Finishing corn
•
0 S Foil Co class B
1
U S Intl Securities
•
let pref wlth ware
•
U S Lines prof
•
US Playing Card
10
U S Radiator Corp corn_ •
7% preferred
lex)
U 13 Rubber Iteclaiming_•
United Store,, I 0
•
Un Verde Extensio
united Wall Paper n-doe
•
Universal Insurance
8
Universal Pictures com...1
Utah Apex Mining CO_b
Utah Pow & Lt $7 pref___•
Utica Gas & Else 7% pf.100
Utility Equities Corp__ _•
Priority stock
•
Utility & Intl Corp
•
Cony preferred
•
UM Pow & Lt nom
1
7% preferred
100
1
1
100
3031 315-1
3,100
34
4
300
134 14
100
1734 2034 17,800
4
1,900
4%
75
6534
350
316
54
1,000
234 334 6,500
531
6
800
67
67
231
23/4
350
300
2031 2031
5
5
2834 28%
100
100
100
31
2134
34
74
334
45
34
34
75
434
20
3731
34
34
34
300
1834
534
18
51
5834
34
4
14
Si
254
134
234
131
1,400
700
134
34
334 434
1134 1234
44 5
35
35
000
500
500
400
114
es 734
3
94
274
12
2231 2274
100
434 434
184 1874
634 .734
100
200
800
34
%
4
31
II
3£
400
500
1,100
34 8,200
34
234 234 35,400
68
7134 4,700
3,,
7,, 5,800
77
80
20
134 134 2,100
134 13£ 4,300
9,700
834 10
454
474
734 734
82
843.4
40
40
34
34
34
316
1234 1331
1
134
5934 6034
3734 3734
10
3£
231
14
10
31
254
16
.f,,i
U
29
2934
234
234
62
8234
134 134
I 46 134
,
10
12
2
16
1034
8
X
'eee
21 34
3
534
24
13
4
'16
3/
4
14
15
34
46
44
1
334
3
20
200
254
34
100
8
1,400• 42
120 3034
100w
4
30
0
4
13
,
4
4,100
534
1,100
34
600 394
'16
50" 1434
14
25" 5
34
400
3‘
1,100
231
1
300
54
1
200
%
625 1334
77
900
4
30
75
a
4
200'
14
31
1,500'
1,300
34
Venezuela Mel 011 Co_ _10
14
Venesuelan Petroleum__ _5
14 13-4 9,400
34
Vogt Manufacturing
•
234
WACO A Irellat Co
•
4 * 634 8,300
3.5.4
Wadi & Bond al A
•
931 931
200
334
Class B
•
34
Walgret n Co Warrants____
....4
Walker Mining Co
1
100
74
Na
.34
Walkerililrain)-1300der0111
& Worts Ltd nom_
• 2634 31
25,300 203,4
Cumill preferred
• 18
18
400 1234
Watson (J NV) Co
•
34
4
100
4
Wenden Copper
1
1,
4
4 2,600
116
Western Air Express
1
2
Western Auto Supply A • 49
50
200 17
Western Cartridge Drat _100 10
07-4 10
75 13234
2
Western Maryland RY
7% let preterred__100
35
Western Power 7% pref 100
65
% estern Tab & Slat v t ce.• 13
1334
200
/1 1
4
Westmoreland Coal Co_ _.•
te 431
Weatvaeo Chlorine Prod7% preferred
100 102 102
75 60
West Vs Coal & Coke_
•
354 33-4 1,800
34
Williams(R 0)& Co
•
10
Willm3 oti-o-matlc Heat *
374 334
300• 25-4
W 11-1( w Cafeterias Ina---1
••
Cony preferred
•
23/4
Wilson-Jones Co
•
9
Wolverine Port Cement_10
Is 134
1n 00111ey Petmleism_. _ 1
434 4%
400
2
For 10011101E16 lee page 251
Range Since
Jan. 1 1935
Lots
104 June
134 May
631 Jan
1
July
10
Mar
24 Mar
40
Mar
34 Apr
1031 Jan
231 Mar
31
Jan
494 Jan
2
Feb
89
Apr
High
154 Mar
2
Jan
93,1 July
34 Feb
144 Jan
434 June
4134 Feb
134 Jan
25
June
3
Feb
3634 Apr
5834 Feb
334 May
97
July
STOCKS
(Concluded)
Week's Range
of prices
249
July 1
Sales 1933 to
for June30
Week
1935
Par LOW
High Shares Low
Woolworth(F W)LtdAmer deposit rata __be 2734 2774
200 1734
Wright
-Hargreaves 1.88__•
731 8
12,200
531
Yukon Gold Co
A
14 2
24,400
IN
Range Sines
Jan. 1 1935
Low
24
Mar
731 June
34 Mar
High
2834 June
10
Mar
134 July
BONDS$
Abbott's Dairy 66.--.1942 104 105
2,000 8834 102
Jan 10434 Mar
Alabama Power Co
let & ref 51
1946 10234 1047-4 68.000 63
8831 Jan 10474 July
lst & ref 5a
1951 9934 10131 140,000 5434 8331 Jan 10131 July
let & ref M
1956 100 10134 51,000 55
8334 Jan 10134 July
1s8 & ref 61
1968 93
9531 45,000 4734 73
Jan 953,4 July
lat & ref 434s
1967 874 90 281,000 4434 663£ Jan 90
July
Aluminum Co s f deb 55'52 10734 107% 19,000 924 0554
Jan 10731 July
Aluminum Ltd deb 5m_ 1943 102 10234 32,000 59
9734 Jan 10234 July
154 Jan Amer Com'ity Pow 534s 53
34 June
14
1,000
134
134
134 July
34 Apr
2235 Mar 3131 July Amer & Continental 561943 10034 101
3,000
5
98
Jan 102
A nr
4 Mar
4 Jan Am El Pow Corp deb 65'57 1531 1734 88,000
734
734 Mar
174 July
14 July Amer 0 & El deb 54_2028 10434 10534 275,000 34
134 July
8934 jai) 10534 June
1134 Jan 27
June Am Gas & Pow deb 68_1939 3734 38
28,000 134 18
Jan 38
July
334 Mar
431 Mar
Certific.ates of deposit__ _ 3734 3834 9,000 323£ 324 June
3834 July
48
Feb 7634 July
Secured deb rea_-__ 1953 3334 3534 20,000 124
1734 Jan 3534 July
316 July
4 Jan
Certificates ofdeposit_
3334 3531 45,000 2834 2834 May
3571 July
234 July
44 May Am Pow & Lt deb 6a_201n 87
89 326,000 3834 5034
July
75
Feb 93
July Amer Radiator 4346-1947 104 1044 13,000 9734 10331 Jan 89
Jan 108
Feb
5
Mar
64 Jan Am Roll Mill deb 61 19489834 994 135,000 62
9434 Ap 100
Jan
2231 May 35
May Amer Seating cony 68_1936 98
9934 56,000 41
74
Jan 9934 July
60
Mar 67
May Appalachian El Pr 58_1958 10534 10534 48,000 64
101
Jan 10834 May
134 Feb
234 Jan Appalachian Power 58_1941 1074 1074
1.000 99
10534 Feb 109
Mar
Deb 0i
2024 10834 10831 6,000 58
8431 Jan 111
June
1934 Apr 24
Jan Arkansas Pr & LI 61_19513 9834 98
97,000 50
7334 Jai
8
July
5
July
7
Jan Mandated Eleo 44s_1953 4834 53 329,000 2034 2934
Feb 53
July
2334 Jan 33
Apr Associated Gas & El Co
68
Jan 95
May
Cony deb 5345
1938 30
344 22,000 12
1434 Mar 36
June
83
Jan 100
May
Cony Oeb 434,0-1948 2534 2931 15,000
93£
13
Feb 2931 July
34 Apr
34 Apr
Cony deb 430
294 339,000
1944' 26
11
931
Mar 2974 July
34 Feb13( Apr
Cony deb 55
1954) 2734 3131 185,000 11
124 Mar 3131 July
234 Jan
3
Jan
Dab S,
1968 2731 3034 237,000 1134 12
Mal
334 July
• 34 June
5( Jan
Cony deb 534s
1977 294 32
33,000 11
1434 Ma: 32
July
Assoc Rayon 511
1950 6634 67
11,000 3834 60
Am
7534 Feb
2
331 Feb Assaf° Telephone Ltd Ss'65
Apr
763£
99
Jan 105
June
74 Mar
134 May A11300 T & 1 1 deb 54s A '5A 7234 7434 51,000 34
1
574 Jan 751
4 Feb
Assoc Telep 17til 5348_1944 2234 2334 95,000
9
144 Jan 2331 July
164 Feb 1774 Feb
Certificates of depoalt_
2231 2374 131,000
8
1432 Jan
2334 July
104 June 1031 Apr
es
1933 40
6,000 134 20
43
Jan 43
July
3
Apr
634 Jan
Ctb of deposit
40
42
11,000 1334 20
Jan 42
July
1134 May 18
Jan Atlaa Plywood
7934 6,000
78
Mar 86
Jan
3% Apr 534 May Baldwin Loco W530_1943 794 4034 10,000 47
6s w w '38 40
3234
Jan
29
Jan 37
Apr
as without warr__1938 3834 3934 36,000 303-4 3234 Apr 81
304 Ape 68
Jan
Bell Teter. of Canada
251 Mar
274 May
let M tea series A-1955 113 1135-4 20,000 98
10934 Mar 11534 Apr
194 Mar 23
Jan
1st M 56 series B___1957 11631 11731
8,000 97
111% Feb 118% Apr
1034 June 10334 June
5a Kirks0
1960 11734 117% 14,000 9734 11234 Jan 119
Feb
4
May
621 Jan Bethlehem Steel 68_1998 137 138
10,000 102
12631
July
34 June Binghamton L H & P 58'46 1064 10634 5.000 764 10234 Jan 138
4 June
Jan 10831 June
Jan Birmingham Elea 434e 1968 894 9134 159,000 4574
34 Jan
X
6934 Jan 9134 .Time
4 June
5
Apr Birmingham GM 55-1959 7234 764 63,000 384 56
Jan 78
Mat
,
Boston Conrad Gas 56_1947 1074 10734 13,000 10244
106
Ma) 109
Jan
34 Mar
6
Jan Broad River Pow 58_1954 854 87
22.000
70
Jan 88
Mar
1434 Jan 1934 May Buff Gen Elea Si -.1989 107 10731 5,000 29
10234 10654 Jan 10934 Jan
234 Mar
74 July
Gen & ref 55
1936 10574 10634 5,000 102
105
Apr 110
May
2134 Apr 3434 July Canada Northern Pr Si 'rea 10154 103
20,000 71
97
Apr 103
July
4 Mar
1116 June Canadian Pao Sty 65-1942 11034 11134 25,000
98
105
Mar 11234 Jan
716 Jan Capital Adminis 5-1953 10034 10031 8,000 85
'is AD
34 Mar
4 Jan Carolina Pr & Lt 55_1956 9834 9834 110,000 4834 884 Jan 10134 May
8354 Jan 1004 May
4 Mar
234 July Cedar Rapids M & P5,
'53 11134 11174 9.000
35
Mar 703/4 July Cent Aria LI & Pow 611980 10331 10434 24,000 944 11031 Jan 11234 May
7234 89
Jan 10434 July
4 Mar
34 Jan Cent German Power 851934 43
43
7,000 3334 39
Mar 4434 June
54
Jan 80
July Cent 111 Light M____1943
99
106
Ape 1093.4 Afar
4 Mar
134 July Central Ill Pub Serce1
Feb
5s series E
134 July
1956 9754 9931 36,000 50
7134 Jan 9931 June
34 Mar 10
July
150 & ref 434s sec F_1967 9054 9231 128,000 4534
67
Jan 9234 July
3
Jan
44 May
5s series0
1968 9634 9734 78,000 49
75
Jan 974 May
29
Jan 3634 Apr
434% series H
1981 91
924 51,000 46
6734 Jan 9234 July
Cent Maine Pow 54 D_1955 104 105
29,000 80
101
Jan 10534 Apr
a% Jan
551 Jan
44e series E
1957 101
10134 69,000 72
954 Jan 1024 Mn
34 Mar
134 Apr Cent Ohio Lt dr Pow 5,1950 06
9834 22,000 5531 72
Jan 9831 July
74 Feb
74 Apr Cent Power 5s ser D 1957 834 84
38,000 374 59
Jan 84
July
70
Jan 8434 May Cent Pow & Lt tat 55-1958 81
8234 238,000 3731
5934 Jan 8234 July
30
Jan 4054 July Cent States Elea 5s
1948 42
45 151,000 25
26
Mar 4534 July
4 July
s,, Feb
534s ez-warr
1954 44
46 344,000 2534 2534 Mar 48
July
34 Jan
31 Jan Cent States P & L 5345257. 68
69 151,000
483.4 Jan 694 July
1, Jan
2
132 Jan Chia Diet Elea Gen 445'70 105 10531 83,000 29
82
9231 Jan 1054 July
4 Mar
2
Jan Chla Jot Sty & Union Sit
104 Mar
135-i Jan
Yards Si
1949 10934 110
6,000 90
10534 Jan 1104 May
34 Mar
134 June ado Pneu Tools 5343_1942 101
10174 24,000 515( 8734 Jan 10174 July
4134 A re'80
July Chia Rill 511 etil
1927 7736 78
12,000 43
654 Jan 80
June
11,' Apr
4 Feb Cincinnati St Sty 534s A '52 82
86
78.000 4034 58
Feb 86
July
304 Mar 384 May
6s series B
1955 87
88
7.000 47
664 Feb 88
July
14 Jun
3
Feb Cities Service 5s
1966 54
58 100,000 2854 3034 Mar 58
July
10
July 17
Jan
Cony deb 55
1930 5534 5931
2954 Feb 5934 July
4 Feb31 Feb Cities Service Gas 534s '42 8934 924 1222000 2834
110,000 434 13854 Jan 9234 July
34 Mar
134 Jan CHIN Segvice Gas Pipe
24 Apr
434 June
Line tls
1943 99 100
89,000 55
134 Mar
July
231 Jan CIIiesServP&L534s1952 464 51 274,000 264 8431 Jan 100
264 Feb 51
July
7
Jan
16
July
534s
1949 4754 5131 131.000 274 2731 Feb 514 July
4
June
534 June Cleve Elea III let 511-193 10274 1034
12,000 103
1027-4 July
Mar
ff Afar
134 Jan
Ss Berke A
1934 10534 1064 24,000 10134 1054 AI •I 106
III
16
Feb
Jan 31
May
5s series B
19111 1084 10631 14,000 102
10834 July 114
84
Jan
Apr 95
July Commerz & Privet 5345'37 40
40
5,000 33
37
Apr 47
Feb
74 Mar
254 June Commonwealth Edison
4334 Jan 8234 July
1st M 5s series A
1953 11234 113
25,000 81334 10934 Jan 113
4 May
July
34 Jan
lit M 50 series B
1954 112% 11234 9,000 8634 109
Jan 113
I
Mar
June
154 Apr
Sat 434s series 0_ _.1956 10974 110% 55,000
8031 10534 Jan 1104 Apr
134 June
31 Feb
let 434s series D 1957 10934 110
19,000 7934 104% Jan 110
334 Mar 1431 June
Apr
let 44s series E___1960 102 10231 5.000 8034 102
Mu) 1083-4 Aor
1s8 M Mserles F___1981 10334 10834 260,000
8935 9434 Jan 1044 July
14 Mar
3
May
5345sorted0
1962 105 10534 37,000 9234 105
July 100
7ts Jan
Jan
134 May Com'wealth Subeld 5411'48 10134 10231 71,000
54
85
Jan 0231 July
8
Jan
12
May Community Pr & Lt 55 1957
334 Mar
July
834 July Connecticut Light & Power 6934 72 119,000 3834 5134 Mar 72
44 Feb
934 May
7s series A
1951
112
1194 Jan 1224 June
4 Mar
134 May
534s series B
1954 10734 10734 9,000 104
34 June
1073-4 July 112
Jan
131 Feb
434s series0
1956 109 110
5,000 994 10834 Jan 110
4 Jan
July
154 May
tes series D
1963 103 103% 2,000 102
108
May 1094 Jan
Conn River Pow ISs A 1952 108 108
8,000 8734 10374 Jan 10634 June
2334 Apr 324 Feb Conaol Gas
(Ballo City)
1631 Jan 184 Mar
M
1939
103
111
Jan 113
les July
4 Jan
May
Gen mtg. 43411
1954
994 11434 Jan 12031 July
4 Mar Consol Gas El Lt & P(Balt,
'la June
2
Jan
34 Feb
4741 series H
1970 1064 111
112,000 964 10634 July Ill
49
July 604 Mar
Apr
1st ref s f Ies
1981 11134 112
11,000 8836 1064 Jan 112
98
Jan 102
July
July Conant Gas 1301100
1111 & coil Ets sec A 1943 7034 764 12,000
83
51
4834 Mar 63
Jan 7634 July
May
Cony deb 0345w w
434
434 Jan 2234 May
744 Slur 8334 May Consolidated Publish _1943 1434 1731 13,000
ers12
Feb 1431 June
74s stamped
1939 96
96
7 June
87
Mar 97
734 June Consumers Pow 674 e..._ 1958 108 1034 1,000 70
June
49,000 88
10731 Jan 10934 Mar
let & ref 5s
1938 102 1024
99
Jan 105
July 104
Jan
June Coact Gas & El 5s_ _1958 7214 7634 16,000 1004 102
532,000 33
42
Jan 7831 July
8
June
5
Apr Cosgrove-Meehan
10
June 1734 Jan
Coal Corp 830
1945 123-1 1234 13,000
24
3
Apr
8
Jan
1731 Mar
4
Apr Crane Co 56 _ _ _ _ Aug 1 1940 10334
10334 28,000
4 mar
,
Jan 10354 July
rot Feb Crucible Steel 13s
.
1940 10031 10134 36,000 fl 3* 102
231 June
6014 9534 APr 1014 July
6
Jan Cuban Telephone 74s 1841 83
83
13,000 50
18
6134 Mar 8554 June
Jan 2734 May Cuban Tobago)Ce
1944 4334
2.000 35
334 June
40
34 June Cudahy Pack deb153481937 10334 44
484 Jan
1035-4 35.000 9331 1034 May 10434 July
3.4 Jan
Afar
6
May
• 1 sa _ _
1946 1037-4 104
9,000 102
1034 Mar 10754 Feb
New York Curb Exchange-Continued-Page 5
250
BONDS
(Con(inued)
Week's Range
of Prices
July 1
Sales 1933 to
for
June30
Week
1935
Range Since
Jan. 1 1935
BONDS
(Continued)
Week's Range
of Prices
July 13 1935
July 1
Sales 1933 to
for June30
1935
Week
Range Since
Jan. 11035
High
Low
Low
High
Low
High
Low
Low
High
Low
3,000 10234 10615 Jan 10734 July
1064
9555 Jan 10415 May Jones & Laughlin St! 58 '39 112 10635 8,000 613( 90
31,000 05
July
Jan 115
115
Cumberlel Co P& L 446'56 103% 104
Kansas Gas & Elea 65.2022
Apr 110% Mar
7755 Jan 9834 July
Dallas Pow & Lt Os A_1949 108% 10835 19,000 100% 1064
1947 9714 98% 36,000 55
Mar Kansas Power 55
199% Feb 107
Jan 107% Mar
3,000 94
3.000 80% 105
1952 106 106
55 series C
Mar Kansas Pow & Lt 68 A _'55 107 107
10551 Apr 109
July
100
Jan 107
11,000 70
Dayton Pow & LI 55_1991 10735 107% 35,000 9955
1957 10655 107
be serial B
July
864 Jan 103
61,000 65
Delaware El Pow 545__'59 102 103
10814 July Kentucky Utilities Co6255 Jan 9114 July
46
Denver GM & Flee 58_1990 108 108% 4,000 9234 10515 Jan 9834 July
ls! mtge 55 ser H._1981 904 9135 87,000 55
Jan
73
Jan 105
July
98% 64,000 5631 83
Derby Gas & Elea 55 1946 97
1948 100 10216 15,000
615s series D
Jan 104% Feb
99
69
Jan 98
July
Del City Gas 65 ser A_1947 102% 103% 23,000 76
9751 18,000 50
1955 97
545 Feriae F
Feb
July
1950 974 99 101,000 6734 9111 Jan 99
9135 61,000 454 6231 Jan 92
55 lat series B
1969 90
55 series I
102
Jan 103% July
Detroit Interns% Bridge
55._ _1943 10354 10334 6,000 8254 10115 Feb 1044 June
715 Apr Kimberly-Clark
Jan
3
216
3% 334 1,000
31,000 72
Aug. 1 1952
634e
Apr Koppers G & C deb 55 1947 10334 10434 18,000 76
7
Jan
2
103
Feb 105% June
155
Certificates of deposit_
Sink fund deb 541.1951, 10434 105
24 Apr
54 Jan
3-4
Aug 1 1952
Deb 7s
151 Apr Kresge(S0)Co U.._ _1945
% Mar
10035 Jan 103% Feb
51
deposit_
Certitleatee of
Certificates of deposit__ 10231 103% 19,000 85
10154 Jan 10331 May
Dixie Gulf Gas 645_1937 102% 102% 8.000 78
Jan 108% Mar
105
June
3,000 85
5635 Apr 74
1967 108 108
Duke Power 4158
7355 35,000 50
June 16% Jan Laclede Gas Light 53451935 71
10
June
5,000 10
14
111,000 54
9151 Jan 108
Eastern Util Invest 65_1954 14
July Lehigh Pow Secur 85_ _2026 106 107% 62.000 5454 75
33% Feb 66
Jan 100% July
66 649,000 22
Eleo Power & Light 65_2030 62
99 10035
8534 Jan 10034 June Lexington Utilitle555_1952 103% 1034 79,000 57
9835 Jan 104
Ave
18,000 55
& RR 55'56 100 100
Elmira Wat,Lt
8934 Jan 10334 June Libby MoN & Libby 55 '42 103% 10455 14,000 8255 101
Jan 1044 May
1950 102 10234 18,000 64
El Paao Elea 58 A
194?
Lone Star Gas 5s
954 Jan 10534 July
104% 10554 29,000 65
El Paso Nat GM 6345_1943
Island MS ils--1945
105% Feb 108% Mar
10154 10154 3,000 5635 91 Jan 104 June LongAngeles G& E 55 1939
100
With warrants
904 Jan 10034 June Loa
103% Jan 10715 Feb
25
1938
Deb 634s
1961 106% 10655 2,000 8734 108
Es
Jan 93% July
67
Feb
Jan 110
1952 9154 93% 76,000 46
Empire Diet El 58
109 10934 7,000 994
1942
es
July
54
Jan 71
107
Jan 10914 Feb
76,000 41
71
94
Empire Oil & Ref 515s 1942 68
1947
5145 series E
10434 Jan 107% May
94
Marelli Eleo Mfg
•
1943
F
Jan
514s series
Feb
58% 5815 June 69
106
Jan 110
1963
6345 A ex-warr
1949 106 107% 29,000 94
515s series I
Jan 106% July
100
78
June
88% Jan 103
1987
Erie Lighting 58
Louisiana Pow & Lt 551957 102 10234 98,000 6134 100
June
Mar 103
European Elea Corp Ltd
102% 102% 1,000 90
Apr Louisville G & E 6s._1937
Jan 98
104
Jan 10834 Apr
1965 93% 93% 10,000 69% 85
79
6341 x-warr
1981
445 series C
3435 Apr 5535 Jan
23,000 24
July 6655 Fen
European Mtge Inv 7s C'137 41% 42
5535 71,000 2234 50
July Manitoba Power 54s 195i 50
9634 Jan 104
9,000 58
Fairbanks Morse 55_1992 10334 104
5534 Jan Mansfield Min & Smelt
July
July
2,000 3.891 46
33 June 35
46
4,000 33
Farmers Nat Nltge 7s_1963 46
35
1941 35
75 with warr
2% May
14 Feb
14
June
854 Mar 96
Federal Sugar Ref 6s_ A933
1951 91% 9434 147,000 70
July Mass Gas deb 55
8755 Mar 10235 Jan
31 55 Jan 65
65 118,000 15
111,000 80
Federal Water Serv 5545'54 62
1941 9534 98
5155
Finland Residential Mtge
Apr MeCora Radiator & Mfg
9815 Mar 100
Jan
67
Slay 82
17,000 33
Banks 68-55Stamped1961 99% 9934 8,000 86
81
1943 78
68 with warranta
102% June 1054 Mar
904 Jan 10411 June
29,000 85
27,000 70
Firestone Cot Mill! 6s_'48 103% 104
Apr 1054 Mar Memphis P & L 55 A 199s 104 104% 54,000 63
103
40,000 89
89
Jan 10234 July
Firestone Tire & Rub 5s'92 1034 103%
July Metropolitan Ed 4s 91_1971 10111 10251 17,000 73
Jan 97
78
July
10015 Jan 107
Fla Power Coro 5158-1979 9415 97 116,000 48
1962 10635 107
55 series F
6851 Jan 9115 July
88
Jan 84
May
Florida Power & Lt 55 1959 8834 91% 310,000 44
July Middle States Pet(Ms '46 804 814 7,000 48
62,000 6334 8311 Jan 87
Gary Elea & Gas Es ext_'44 81% 87
Middle West Utilities
7951 Apr 9
015 Jan
1034 May
5
Jan
334
Gatineau Power let 551906 87% 89 184,000 7135
95.5 9°% 15,000
58 titre of depoalt_1932
Apr 9951 Jan
60
1034 Slay
4% Jan
334
Deb gold 65 June 1E41941 7234 7351 9,000 60
935 20,000
9
1933
55°Hs of dep
435 Jan 1015 May
1941 72
7254 14,000 59% 5934 Apr 9855 Jan
315
Deb 65 series B
934 49,000
9
1939
dap
5sotts of
Jan
8134 Mar 94
55
104 May
435 Jan
31.5
16,000
General Bronze ea_ _1940
94
9
58 efts of eleposit.„1930
July
Mar 93
74
July
15,000 54
6215 Jan 82
92
18,000 53
General Pub Sent 58 1953 90
1943 7735 82
July Midland Valley 5s
5155 Jan 74
Gen Pub Util 6345 A_1906 7115 74 300,000 23% 58
Jan 6751 July
4,000 36
107
Feb 10814 Jan
67
37,000 00
General Rayon 65 A_1948 66
Mar 16434 May Milw Gas Light 434s..1967 10734 10834 70,000 67
145
90
July
94% Jan 105
Gen Refractorls low w '38
Mar 102% Feb Minneap Gas Lt 4348_1950 10415 105
100
85
7954 Jan 95% July
Without warrants
1978 94% 95% 98,000 54
12
July Minn P & L 4155
4
Jan
2
1,000
May
12
5835 8834 Jan 100
es ex war '37 12
Gen Vending
1955 9835 9934 33,000
55
11
June
4
Jan
2
7,000
9% 10
35% 6251 Jan 9131 July
Certificates ot deposit___
7835 July Mississippi Pow 5s.._1955 8815 9111 117,000 40
72
Jan 9134 July
Gen Wat Wks & El 55_1943 77% 7855 43,000 3815 564 Jan 100
July Miss Pow & Lt 58_ _ _1957 88% 9115 139,00
ref 56_1967 9655 99% 458,000 54% 8155 Jan
Georgia Power
July Mississippi River Fuel
5634 Jan 80
75,000 40
94
Mar 103% July
89
Georgia Pow & Lt 58 1978 7715 80
-.1944 102 103% 7,000 85% 94
65 with warrants
3134 May 5635 Jar
30
July
Mar 101
Gesture]65 a-warrants 1953
Without warranta-- -1024 July 10515 Feb
Gillette Safety Razor 55'46 1024 10215 3,000 93
6,000 9534 1064 Jan 10854 May
Mar Min River Pow 1.8 551951 107% 107% 21,000 7055 10115 Jan 107
894 Jan 92
July
Glen Alden Coal 45_1965 87% 88% 108,000 53
10634 107
Missouri Pow & Lt 5%5'55
Feb
41% Mar 68
Gobel (Adolf) 6145_1935
5734 61,000, 33
Apr 9335 Feb Missouri Pub fiery 58_1997 55
70
81% 24,000 (39
80
with warrants
10555 Jan Monongahela West Penn
86
Jan 10315 July
Grand Trunk Ry 615s 1936 102% 103% 16,000 984 102% July 93% July
94,000 58
Pub Serv 514 ser B.1953 102 10335
8634 May
June
93% 27,000 63
Grand Trunk Wee!45_1950 92
4735 5755 Jan 79
5,000 102% 1024 Feb 107% Anr Mont-Dakota Pow 5568'4
(It Nor Pow 5s stmp_ _1950 108 108
July Montreal L H & P Con
Jan 108
Great Western Pow 581946 10751 108% 14,000 9315 107
23,000 94% 1044 Mar 10734 Jan
1st & ref 5s ser A._.1951 106% 107
1735 Jan 5231 May
1,000 10
41
1054 Mar 108% Apr
Guantanamo & Wee!68'58 41
1970 107 107% 80,000 93%
58 series 13
25
Mar 4134 July
Jan
5
2
June
Guardian Investors 59_1948 39% 41% 29,000 24
2
105
Apr 107% Jan Munson S S645 ww_ _1937
18,000 97
1947 10634 107
Gulf Oil of Pa 58
May
9415 Jan 105
40,000 62
104% 105
10231 Apr 10634 Feb
914
Gulf States UM 55_1956
8735 Jan 102% July Narragansett Elea 55 A '57 104% 1054 24,000 9334 103
Apr 105% Feb
1961 102 10234 9.000 55
4558 series B
Is series B
1957
July
100% Jan 10451 May
Hackensack Water 58_1938 Ill% 111% 2,000 984 10855 Jan 1114 Feb
98
Nassau & Suffolk Lig 5545
Apr 106%
105
98
7154 Jan 9834 July
1977
61
5eseriea A
774 Apr Nat Pow & Lt 85 A....2026 9754 9815 34,000 42
July.
60
July
79,000 67
67
6151 Jan 87
Hall Print as stmp___ _1947 60
77,000
Deb Si series B._2030 8455 87
Feb
37
June 51
9
1,000 37
May
40
335 Mar
316
Hamburg Elec 78_ _ _ _1935 40
7% 834 83,000
Nat Pub Serv So Ws_ _1978
May
10751 Jan 111
Hamburg El Undergrouno
Nebraska Power 445.1981 10935 10955 2,000 83
31
May 4151 Feb
July
1938 31% 31% 1,000 28
12,000 7031 10154 Jan 115
& St Iti 545
65 series A
2022 11434 115
84
Jan 101% July
July
Jan 102
90
35
19311 10015 101% 18,000 55
Hood Rubber 5355
Jan 102%' July Neisner Bros Realty 65 '48
July
87
67
Apr 82
54
1936 101 102% 37,000 85
7s
Nevada-Calif Eleo 55.1956 7934 82 259,000 85
June
Jan 103
93
10015 Jan 10934 May
7,000
Houston Gulf Gas65_1993 10134 10135 23,000 40
Mar 99% June New Amsterdam Ga 58_'48 109 109 147,000 34
4755 Mar 7034 July
98% 11,000 294 76
045 with warrants_1943 97%
7035
N E Gas & El man 58_1947 69
July
Mar 71
Houston Light & Power
70% 51,000 33% 48
Cony deb 5s
1948 69
Mar
5,000 9155 10434 Apr 107
Mar 7055 July
47
1953 105% 106
let 58 ser A
Cony deb 55
1950 6934 70% 164,000 33%
July
10255 Feb 10535 Mar
15,000 79
543.4 Mar 81
1978 103% 104
194,000 4634
1st 4345 ser D
81
10655 Mar New Eng Pow Assn 51.1948 77
Jan
July
104
57% Mar 85
1981 105 105% 9,000 80
55,000 50
1st 445 ser E
85
Debenture 5368__ _ _1954 82
Apr
May
4755 Jan 88
61_1935 100% 102 260,0Q0 10155 1004 July 10754 July New Or] Pub Serv 4145'35 6434 6834 56,000 3235
Hudson Bay M & S
Jan 114
May 68% July
6,060 1004 111
58
Hydraulic Pow 58...._ _1950 114 114
6834 10,000 58
Certificates of deposit- 66
June
10534 Mar 10754
3051 Jan 6334 July
1,000 100
1951 10734 1075i
64% 81,000 25
lief & impr 58
65 scrim A
1099 56
Apr 6434 Jan
77
Jan 973.4 June
11,000 4034 47
58
56
Ilygrade Food Gs A_ _1949 58
Ayr N Y Central Elea 5345 '59 93% 94% 20,000 55
53
May 83
42
June
90
Jan 91
1949
65 series B
NY & Foreign Inv 5155'48
May
10555 Jan 109
6.000 86
30,000 103.15 10356 Mar 10731 May
1947 108 108
58
Idaho Power
Mar 8034 Jan NY Penn & Ohio 43-48 1950 107% 107% 52,000 73
60
19% Jan 10534 June
Illinois Central RR 68 1987 6734 67% 2.000 60
Jan 10711 May NY I'LL Corp 1st 454s'67 105% 10535 90,000 5834 85
1024
Jan 10234 July
Ill Northern URI Es_ _ _1957 10615 10655 6,000 8235
102% 102%
7554 Jan 9855 July NY State G & E 445_1980
9956 Jan 10834 June
111 Pow & L 1st Os ser A '53 9755 98% 64,000 48
1st 53411
1962 10754 107% 2,000 77
July
8934 Jan 95
994 Jan 106
63,000 46
May
6,000 81
1st & rat 545 ser B_1954 93% 95
July NY & Weeitch'r Ltg 482009 103% 104
104% Jan 112
Apr
96
9134 187,000 42% 684 Jan 9154
let lc ref Si ser C__ _1956 90
1954
Debenture be
Jan 8434 July
Mar
106% June 110
7,000 104
13 f deb 5355 __May 1957 82% 84% 27,000 32% 57
Niagara Falls Pow 65_1950 10755 101
9934 105.11 Apr 109% Feb
Indiana Electric Corp
1950
Is series A
July
Jan 92
26,000 5434 64
92
1947 87
Ms merles A
July
Jan 93
88
34,000 58
8234 Feb 90 June
4,000 63
1953 9134 93
6145 aeries B
July Nippon El Pow 0355_1953 88% 88%
Jan 83
60
1,000 814 10034 Jan 102% June
1951 764 83 135,000 45
101%
bs series C
10714 Jan 1074 Mar No Amer Lt& Pow 55.1936 101%
93
110,000 2534 4414 Mar 67% July
Indiana Gen Serv 5s._1948
67%
545 sating A
1956 65
July
6254 Jan 91
23,000 44
July
2034 Mar 44
91
45,000 1855
Indiana Hydro-Elec 55 '56 88
44
May Nor Cons Util 634s.._1948 37
Jan 108
99
913% Jan 106% July
6,000 71
Indiana & Mich Eke Es '55 10534 10514 4,000 70
No Indiana 0 & E 65_1952 106 106
1114 11134 3,000 8814 10734 Jan 11111 July Northern Indiana P 131957
58
July
Jan 60
Jan 10034 July
5935 45,000 23% 3634
1050 57
Indiana Service 5e
1966 100 10031 36,000 51% 77
55 aerials0
3531 Jan 5835 July
101
July
1st lien & ref 5s_ _ _ _1963 5555 5835 18,000 22
1969 99% 10034 26,000 5235 76% Jan 9534 July
5s series D
Jan 10135 July
80
71%
Inalanapons Ota- 58 A1952 10055 10134 85,000 88
1970 9334 9534 72,000 4914 10155 Jai 107
445 series E
1054 July
9734 Jan
Jan
Apr
incrpolls P & 1.55 ser A '57 104% 105% 70,000 73
10634 106% 7,000 69
No Ohio P & L 545_ _1951
100
Jan 10734 July
15,000 65
Interoontinents Power
454 Mar Nor Ohio Trao & Lt 55 '56 107% 10734 75,000 71
114 Mar
134
July
9011 Jan 105
254 2% 1,000
68 series A ex-w_ _ _1948
No States Pr ref 4;0_1961 10434 104%
88
July
Jan 104
21,000 09
International Power Sea
1940 103 104
534% notes
65
Mar 7734 Jan
8,000 (35
70
71,000 54
7434 Jan 9751 July
1955 68
6348 series C
July 8554 Feb N'western Elect 65_1935 9334 97% 20,000 90
90 Juni. 9434 July
40,000 7235 72
75
1957 72
75 Berke E'
9735
_ _ 93
Certificates of deposit_
Mar 8051 Feb
60
Jan 3834 Feb
714 5,000 60
84 28
1952 71
75 series F
33% 20,000
Apr N'western Power 61 A _1900 32
108
84 28
Feb
Jan 37
2,000
International Salt 55_1951 10735 10751 6,000 83% 10956 Apr 88
Certificates of deposit--- 32% 33
July
8835 Jan
47,000 43
July
Jan 96
31,000 4755 72
International See 55_1947 86% 88
9415 96
Apr 9954 May N'weetern Pub Serv 5a1957
73% 96
Jan 10434 July
9851 7,000 6334 89
Interstate Irn & Oil 4 45'98 98
194o 10235 104% 30,000 6355
Jan 8054 July Ogden Gas 68
57
07% Jan 10634 June
62,000
Interstate Power 55_1957 784 8051 307,000 37
1980 105% 106
Jan 6315 July Ohio Edison 1st 58
38
104% Apr 108% Jan
1952 59% 6335 155,000 2615
9,000 88
Debenture 88
Ohio Power 1st 65 13_1952 10534 106
Interstate Public Service
1st & ref 934s ser D 1958 105 105% 22,000 8334 104% Apr 106 34 May
July
77
Jan
52
75,000 41
1956 7415 77
/koalas D
July Ohio Public Service Co
474 Jan 72
74,000 42
Mar
1958 694 72
3,000 7034 1015
4 Jan 109
4545 serial F
1953 109 109
es series C
June
Invest Co of Amer
1954 10414 104% 6,000 6014 994 Jan 105
5s aerlea D
Jan 10051 July
92
May
1,000 63
1047 10011 100% 2,000 67
10015 Jan 107
65 series A w w
10634 106%
1961
534s series E
91
Jan 10036 July
July
Jan 105
100 10055 121,000 67
28,000 0835 90
without warrant.
1950 10434 105
Jan 1034 May Okla (3as & Elea 155
88
June
9051 Jan 104
1967 102% 10351 38,000 56
towa-Neb L & P 5s
1940 10234 10334 16,000 83
85 series A
Jan 10315 May
48
July
1961 10255 102% 8,000 584 88
Jan 81
38,000 40
55 serie5 B
Jan 10534 Apr Okla Power & Water Be '48 78% 80%
100
72
May
38
July 41
1,000 31
Iowa Pow & Lt 4158_1958
38
1938 38
Co 63
9916 41,000 5734 8234 Jan 9934 June Osgood Falls Eis
1957 99
Iowa Pub Serv 55
8415 86% 6,000 9534 6531 Jan 86% July
194/
July 8355 Apr Oswego
54
11,000 64
July
1,000 66
9955 Jan 106
Inarco Hydro Elea 71_1952 5354 60
June Pacific Coast Power 55 1990 106 106
Jan 95
84
2,000 7334 83
isotta Franshini 78 _ _ _1942 84
Pacific Gaa & El Co
11155 Jan 1184 July
Italian Superpower of Dei
11834 11854 48,000 101
1941
1st 65 series B
July 6834 Feb
45
52,11 83,000 49
105% Jan 10851 Jan
Deb els without war_1963 45
11,000 91
1955 1064 107
Is series D
Jan 107% Jane
JaCklOnVille Gas 6.__ _1942
1957 10634 10755 14,000 8234 101
let & ref 434s E
June
May 57
48
5151 5351 12,000 48
33,000 82% 100% Jan 10734 June
Stamped
1st & ref 44s F....1980 10635 107
Mar
May
87
Ma
98
Jamaica Writ Sup 5/45'66 106% 106% 1,000 9634 1054 Apr 108
Pac Invest loser A...1948 95% 963,' 19,000 69
Apr
110
Jan 117
10.000 102
Jersey Central Pow de Light
10111 Jan 1054 July Pacific Ltg & Pow 5s 1942 116 1164 287,000 35
1947 105 105% 18,000 '77
574 Jan 8634 July
65 series B
9355 Jan 10454 July Pacific Pow & LW 55_1955 824 86%
1961 10414 104% 73,000 70%
4545 series C
For footnotes see page 251.
New York Curb Exchange-Concluded-Page 6
_
Volume 141
BONDS
(Continued)
Palmer Corp 6s
1938
Park er Tilford 6g
1936
Penn Cent L & P 4 As 1977
51
1979
Penn Electric 4s F
1971
Penn Ohio Edisonfis series A kw
1950
Deb 515s eerie! B _ _1959
Penn-Ohio P & L 515
-m1954
Penn Power 5s
1966
Penn Pub &Iry as C 1947
&series D
1954
Penn Telephone 51 C_19(30
Penn Water Pow 58_1940
435e series B
1988
Peoples Gas L & Cokees series B
1981
fis sedan C
1957
Peoples Lt & Pr 5s
1979
PhIla Electric Co 58_1968
Phlla Elea Pow 5941_1972
Thila Rapid Transit 6,1962
Phil Sub Co G & E 410'57
Phila Suburban Wat 5o'55
Piedra', Ilydro-E1 014e '60
Piedmont & Nor 5s_ _ _1954
Pittsburgh Coal 63
1944,
Pittsburgh Steel 61_1948
Pomeranian Elec 68_ _1953
Poor a, Co 62
1939
Portland Gas & Coke 5s'40
Potomac Edison 5s
1961
434a series F
1961
Potomac Elea Pow 5a..1936
l'otrero Sugar 7s
1947
Stamped
PowerCorb(Can) 434e 13'51
,
Power Corp ot NY 514s'47
Power Securities 61 __ _1948
Prussian Electric 6e__1954
l'ub Serv of NH 4%.B '57
Pub Her? of NJ 6% pet ctfe
pub Serv of Nor Illinoislet & ref 55_,.
1958
51 series C
1966
4158 eerie/ D
1978
134a merles E
1980
let et ref 4%a ser F _1981
6155 series 11
1962
l'ub Hart of Oklahoma,
5s merles C
1961
5sseries 1)
1957
l'ub Seri Subsid 548_1949
Puget Sound P & L 5151'49
let & ref 5s mice C-1950
let & ref 47.4n let D.1950
Quebec l'ower be
1968
Queens Boro0& E 455s '58
54s series A
1952
Reliance Slanagemt 591954
With warrants__
____
Republic(laalle
1946
Certificates of deposit_ _
itoeliwter Cent Pow 5s19- 3
5
Rochester Ity & Lt 56-1954
Buhr (las Corp 648_1953
Ruhr Housing 0141-1958
Hate Harbor Water 4341,'79
Ht Louis Gam & Coke 68 '47
San Antonio P S 5s 13_ _'58
San Diego G & E 515s D '60
San Joimulm L & P 6s B '52
59 series D
1957
)4auda Fella 158
1955
Saxon Pub Wks 6s_ _ --1937
Schulte Real Eatateas WWI warrants _ _ _1935
82 ex-warrants
1935
Scrim)
(E W)Co 5101_1943
Seattle Lighting 5__j949
Serval Inc re
1948
Htlawinliran w & p00'67
5358 series 13
1988
let 5s series C
1970
1st 4)5e serlea D_ __ _1970
Sheffield Steel 53.4e..._1948
Sheridan Wyo Coal 68 1947
Hou Carolina Pow 58_1957
Southeast P AL ths_ _ _2025
Without warrants
Sou Calif Edison 51_1954
Refunding 5a Sep 1952
Sou Calif Gas Co 4158_1961
lat ref 11,e
1957
531a series B
1952
Sou Calif Gas Corp 15s 1937
Sou Countlem Gas 4158.'68
Sou Indiana(1 & E 534a '57
Sou Indiana ID 4s_ _ 1951
,
Hou Natural Gas 6a
194*
Unstainped
Stamped
H'weetern Amon Tel 58 '61
Southwest(3 et E 61 A _1957
55 merles 11
1957
S'western LS & Pr 58_1957
H'western Nat Gas 51_1945
Ho'West Pow & Lt 5s_2022
Sweat Pub Her, lia. _ _1946
Staley NM 6s
1942
Stand Oas & Elea 68_1935
Cony (3s
1935
Debenture (is
1951
Debenture 6s.Dec 11966
Standard Inveetg 515s 1939
58 ex warrants
1937
Stand Pow & Lt 83_ _ _ _1957
Standard Telep 5358 1043
Stinnes (Hugo) Corp
Deb 7s ox-wart
1936
7-4% stamped_ __1936
Deb 75 ex-warr_ __1946
7-4% stem pad_ __1446
Super Power of 111 434.'88
let 414e
1970
aa
1961
Swift & Co 5% notes 1940
Syracuse Ltg 534e
1959
5a scrim Ii
1957
Tennessee Elea Pow 5s 196e
Tenn Public Service 551970
Tern'Hydro Elan 64e 1953
'Texas Elea Service 5st960
Texas Gas Utll 6a
1945
Texas Power & LS 55_1955
5e
1937
68
2022
Week's Range Sales
of Prices
for
Week
Low
103
July 1
1933 to
June30
1935
High
10334
Range Since
Jan. 1 1935
Low
High
102
Jan 10415 June
9294 Jan 1003.4 June
8494 Jan 10011 July
9334 Jan 10511 June
7431 Jan 98
July
9911 100
924 96
10614 10694
107 10715
1074 108
104 104
863.4
6131
10394
105
100
95
10394
11094
1054
394
35
74
9294
664
60
86
11334 1134 18,000 103
10694 10694 1,000 89
34,000
44,000
54,000
13,000
6,000
3,000
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
May
100
96
10
634
10894
108
10111
10694
114
10894
July
July
Mar
Feb
July
June
June
Apr
Jan
78,000 5534 72
Jan
89
96,000 884 89
Jan 1024
16,000
111 Mar
135
4
20,000 1044 11134 May 1144
39,000 100
10734 Apr 111
1,000 443.4 7514 Jan 8594
10634 July 109
11,000 98
9534 10334 June 10694
48
50
43,000 1035
48
July 7594
10251 103
4,000 69
9334 Jan 103
89
10534 Jan 10811
Apr 984
9334 9434 28,000 79
89
June 35
2.5
25
1024 103
20,000 80
9894 Apr 10334
7841 81
68,000 6715 673.4 Feb8234
105 1064 29,000 72
994 Jan 1064
106 106
9394 Jan 106
1,000 65
1044 1044 5,000 101
10411 June 1054
July
June
July
Mar
July
May
Mar
Mar
Jan
July
Feb
Jan
Feb
May
May
July
June
Jan
8894 89
102 10294
3
335
1114 1124
11094 111
8415 8434
10634 108
Jan 66
13
34
May
48
48
41
1,000 41
June 49
May
11,000 53
7855 Mar 8834 Jan
85
85
76
100 10031 51,000 50
Jan 10031 July
94
9594 45,000 4135 76
Feb 96
June
334 3394 2,000 29
33
Apr 42
Feb
105 105
1,000 8294 104
Jan 10641 May
1284 1284 6,000 102
118
Jan 132
June
108 109
30,000
10594 10535 6,000
10111 104
19,000
10211 103
14,000
101% 1024 132,000
10591 10611 117,000
62
581.4
5334
524
5215
8914
9011
89
81
8031
80
9834
Jan
Jan
Jan
Jan
Jan
Jan
109
10594
104
10334
1024
107
July
July
July
July
July
May
104
10334
9555
82
78
7311
104
2,000
104
44,000
964 33,000
8474 290,000
91,000
83
7794 234,000
6054
55
4031
3734
3874
334
9451
934
7911
5515
5334
5034
Jan 104
Jan 104
Jan 9731
Jan 8494
Jan 83
Jan
7734
July
July
A or
July
July
July
105
10541 15,000
85
101
88
102
6134 86
974 9855 49,000
5,000 5534
9036 91
60
6435 11,000 14
60
65 352,000 1334
50
53
7,000 2235
11315 11334 5,000 100
7,000 284
38
38
1,000 23
26
26
109 1094 36,000 91
1154 1311 211,000
334
56,000 64
10334 105
10534 10554 2,000 9814
12331 1244 2,000 88
10334 10334 2,000 7531
101
3945 3934 2,000 36
17
1024
4355
1069-4
9715
9734
10334
9734
1734
10214
4415
10651
98
98
1049-4
98
12,000
11,000
25,000
4,000
73,000
15,000
8,009
37,000
1,000
5636 55311
9431 9594 65,000
97( 9954 251.000
10645 1067-4 14,000
10511 10545 15,000
10594 10594 4,000
10241 103
10134
10311
10615
5835
2,000
102
10315 9,000
1074 5,000
614 98,000
9534 97
83
10211
1024
944
84
87
9911
103
51
503-4
4414
4411
93
994
4314
3551
10,000
127,000
85
8,000
1034 63,000
1034 28,000
9491 46,000
864 15,000
49,000
88
14,000
100
3,000
104
56 315,000
56 142,000
50 196,000
4814 159,000
9334 24,000
9515 18,000
4851 281,000
3034 12,000
47
47
46
46
39
39
102 1034
102 10355
10531 10545
10151 10141
1073-4 10741
10994 1095-4
97 10034
8431 8551
52
60
99
994
204 2115
10331 10415
10574 10615
10234 103
82
4034
3954
3111
11235
36
26
10511
6
9211
1054
10731
98
10834
38
Apr 10551 July
Jan 10615 Mar
Jan 100
May
Jan
Mar
Mar
Ma
Jan
Mar
June
May
June
Jan
May
Jan
Jan
Feb
Jan
91
6411
65
53
11335
434
3414
10915
1331
105
1084
128
105
111
424
May
June
July
July
Mar
l'eb
Feb
June
July
July
Jan
June
Mar
Jan
Feb
7
11
Jan
20
Apr
44 1041 Feb 20
Apr
6631 96
Jan 10294 July
17
2874 Jan 45
July
10634 June
61
101
Jan
8335 90
Apr 9834 Feb
63
90
Apr 9994 Feb
73
98
Apr 1044 July
634 9131 Apr9834 Feb
7732 10535 Jan 10845 Mar
38
47
Jan 5615 July
41
73
Jan 9554 July
3714
9051
924
7831
8515
92
6434 Jan
9994
10515 Jan 108
10594 Jan 1084
9791 Jan 10634
102
Jan 10651
10255 July 10534
July
Feb
Feb
June
Feb
Feb
8336 10(34 Jan 10234 Mar
7534 9634 Jan 104
July
964 10634 May 110
Jan
25
25
Mar 6151 June
81
53
56
8034
40
633.4
60
93
80
924
45
7194
25
60
37
49
55
77
83
103
374 374
3795 3715
30
32
2814
31
64
8255
6435 85
2511 254
18
2311
Week's Range
of Prices
BONDS
(Concluded)
5
Low
7,000 85
62
99 10031 201,000 57
102 102
1,000
9641 98 112,000 5114
Feb 97
July
Feb 9451 July
Jac 85
June
Jan 10315 July
Jan 1034 July
Jan
9594 July
Jan 864 July
Jan 88
July
Jan
1004July
July 106
Mar
Feb 68
Jan
Feb 68
Jan
Feb 50
July
Mar 4334 July
Jan
95
May
Jan 9511 June
Star 484 July
Jan 41
Slay
251
Par Low
Therrnold Co as etral_1937 80
Tide Water Power 51_1979 9634
Tints (Leonard) 73.0_1946
Toledo E'dison 6,1
1962 10651
Twin City Rap Tr 534e '52 5434
hien Co deb fis
1944
Certificates of depoelt _ _ _
Union Amer Inv 5e A_1948
Union Elea Lt & Power
5a series A
1954
fal series B
1967
5144
1957
United Elea NJ 4s
1959
United El Serv 75 x-w..1956
United Industrial 6145 1941
lot s 1 ils
1945
United LS & Pow 6s__ _1976
1974
6341
5551
Apr 1 1959
Un Lt & Rye (Del) 510'52
United Lt & Rye ow1952
8s aeries A
1973
&merles A
U 13 Rubber as
1938
614% serial notee
1936
634% serial noted_ _1937
1938
6%% serial iaotes
84% serial notes
1939
511% serial notes_ _1940
Utah Pow & LI as A-2022
455s
1944
Utica Gas & Elec 5s D_ 1950
53 Series E
1952
Valvolive 011 5s
1937
Vamma Water Pow 510'57
va public Serv 5155 A_1948
let tel 5s let B
1950
Se
1946
Waldorf-Astoria Corp
78 with warrants_ _1954
Ward Baking as
1937
Wash Gas Light 5a
1958
Wash Ry & Elect 49-1951
Wasn Water Power 58.1969
west Penn Elea
_2030
West Penn Traction 55.'60
5s__West Texas Utii 55 A.1957
West Newspaper Un 6s '44
'oust United 0& N 534o'55
Wheeling Elea Co 5s._1941
Wise Elec Pow 68 A -- _1954
Wise-Mims Lt & Pow 53'44
Wise Pow & Lt 513 E__1958
1958
5s series F
Wise Pub Set, as A
1952
Yadkin RI,Pow 53-1941
York Rya Co 55
1937
56
Sales
for
Week
High
$
Low
81
3,000 55
9815 144,000 49
25
60,000 79
107
5611 115,000 19
5615 19,000
1004 1004
2,000
1064 1084 2,000
10694 10694 12,000
8,000
10694 10634
11,000
11434 116
5454 554 71000
414
50
53
96
July 1
1933 to
June30
1935
43
5,000
54% 241,000
5694 58,000
9894 57,000
7031 7314 268,000
101
53
1024 31,000
56
54,000
10194
102
10211
10294
10234
82
8711
10111 18,000
10234 4,000
10245 2,000
10294 2,000
1024 3,000
84
33,009
884 9,000
10914 109%
3,000
10294 1024
1,000
984 99 105,000
9415 9441 102,000
854 884 20,000
33
78
99
9214
9034
983.4
5515
35
3341
26
264
51)
31
5115
25
8915
85
60
60
69
60
45
524.
92
91
75
75
52
45
45
Range Since
Jan. 1 1935
Low
High
67
Jan 8394 May
7694 Jan 9814 July
32
Feb 4011 Feb
10534 Jan 1074 Feb
4511 Jan 5894 May
4251 Apr 57
June
55
June 56
June
9441 Jan 10051 June
106
104
10594
1084
643.4
39
3934
28
29
78
Apr
Apr
Mar
Jan
July
Jan
Jan
Jan
Mar
Jan
393.4 Mar
8294
30
10194
10
094
9934
9831
98
9894
55
62
104
10494
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
10831
1084
10794
116
75
924
43
5536
564
9894
Feb
Feb
Mar
July
Jan
Feb
Feb
July
July
July
7394 July
10251
56
103
102
1023.4
10294
10294
1024
84
884
108
10934
July
July
Feb
Feb
July
July
July
July
July
July
Mar
July
9051 Mar 9715 June
9534 Jan 10334 June
73
Jan 99
July
6834 Jan 95
July
5694 Jan 8834 July
9
10594
106
10151
10594
5,000
9
441
Mar 1031 June
5
106
3,000 9234 10451 Feb 10836 June
10631 3,000 76
10055 Jan 1084 July
10534 7,000' 83
99
Jan 10515 May
10534 27,000 75
9636 Jan 108
June
92
100
7894
29
105
9234
10215
8111
3341
10536
44,000
35,000
201,000
18,000
22,000
1064
105
9834
9834
10511
10594
10231
10615
10511
99
984
10594
106
10314
5,000
15,000
21,000
31,000
8,000
5,000
71,000
2414 2434
1,000
184
4,000
1931
21
2194 June
26
Apr
2136 June
24
July
38
3414
353.4
34
6531 6534 11,000
68
694 24,000
254
274
54
59
86
70
June
June
11
Jan
4514 6394 Jan 934 June
60
84
Jan 10251 July
41
83
Jan 8294 May
23
2615 June 5915 Feb
84
9114 Jan 10534 July
100
1064 Mar 108
May
97
10434 Feb 10634 Mar
61
94
Jae 10531 July
52
7694 Jan 99
June
51
7.5
Jan 9851 June
7854 9611 Jan 10535 July
5391 954 Jan 106
July
70
9451 Jan 10394 July
FOREIGN GOVERNMENT
AND MUNICIPALITIESagricultural Mtge 13k (Col)
-year 7s __1934-1946
20
With coupon
20
-year 78
1947
Baden 71
1951
Buenos Aires (Provincel75 stamped
1952
734s stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State &
Prov Banks as B
1951
tie eerlea A
1952
Danish 5345
1955
5s
1953
Danzig Port & Waterways
External 834/
1952
German Cons Muni° 71 '47
Secured 6s
1947
Hanover (City) 7s
1939
Hanover(Prov)6 Ns_ _1940
Lima (City) Peru 635._'58
Certificates of deposit__
24
93.4
25
Apr
Jan
Jan
Jan
Jan
Jan
1,000
731
754 Mar
4031 9215 32,000
39
3915 13,000
9494 98
14,000
30
22
589-5
61
39
May
38
Apr
9214 May
88
Apr
5515 Jan
49
Feb
9851 Jan
934 Jan
3634
244
2154
23
233.5
415
315
62
24
2411
3034
2311
64
514
June
July
May
Jan
May
Mar
Mar
72
Feb
3814 Feb
37
Feb
39
Feb
34
Feb
1034 June
104 July
1234
93.4
2611
2334
1531 Apr
1311 June
95-4 June
5215 Jan
444 Jan
174 Jan
1551 Jan
13
Feb
63
May
5534 Apr
1214 1254 3,000
8615 8731 12,000
134
134
715
6294
1741 Mar
1855 Apr
1194 Apr
833.4 Man
24
2431
133.4
94
Jan
Jan
Jan
Jan
Parana (State) 7s____1955
Coupon oft
Rio de Janeiro 5145.-1959
Coupon off
Russian Gov, 534e__1019
tiSis certificates_ _ _1919
53.4,
1921
5148 certificatee„ 1921
14
1441 2,000
12
1211 3,000
134 14
11,000
1135
124
1115
124
1134
111
111
155
111
144
1454
154
14
451
44
5
451
Fe')
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Santa Fe 75
7s Stamped
Baptise° 71
713
54
Maranho 7s
1958
7s coupon off
1958
Sledellin 7s ser I
,
1951
Mendoza 7548
1951
4a stamped
1951
Mtge Bk of Bogota 73_1947
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 88_1931
Mtge Bk of Denmark 55'72
1995
)995
1949
1961
24
2554
3555
24
1015
10
934
2611 47,000
26
22,000
3554 8,000
2434 2,000
1014 1,000
1094 6,000
1034 1034
474 99
2034 204
13-4
134
155
115
115
154
54
1014 1231
1,000
14,000
6,000
4,000
9,000
5,000
2,000
2,000
e
14
114
111
111
13
64
611
Jan
June
June
June
June
June
June
Mar
46
Jan
44
June
93.4 Mar
10
Mar
563.4 Apr
5314 June
114 Mar
1231 July
• 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 n Under
In year's
ange. x Ex-dividend.
ti Price adjusted for split-up.
52 Price adjusted for stock dividend.
304 433-4 Apr 56
Feb
AbbresiallOnS Used Abore-"cod," certificates
5,000 309-5
51
3436 May
Feb "cum," cumulative; "cony," convertible; "m," of deposit; "cons," consolidated:
mortgage;"n-v." non-voting stock.
1,000 29
36
Ma) 53
Feb "v t c," voting trust
9,000 25
294 Slay 4334 Feb without warrants. certificates; "w 1," when Issued; "w w," with warrants; "x w,"
27,000 59
88
Jan 10351 July
The National Securities, Exchanges on which low prices
52,000 56
85% Jan 103% June
since July 1 1933 were
13,000 70
10051 Jan 10631 May made (designated by superior figures In tables), are as follows:
New York Stock
4,000 9411 10134 July 10931 Jan
It Cincinnati Stock
tt Pittsburgh Stock
9,000 10335 106
New York Curb
June 108% Feb
I2 Cleveland Stock
to Richmond Stock
New York Produce
10,000 97
10611 Apr 10934 July
,4 Colorado Springs Stock
24 St. Louis Stock
102,000 48
New York Real Estate It Denver Stock
814 Jan 10094 July
tt Salt Lake City Stock
52,000 40
Baltimore Stock
7551 Feb 8551 July
lo Detroit Stock
25 San Francisco Stock
31,000 5591 52
Boston Stock
July 7515 Feb
22 Los Angeles Stock
tr San Francisco Curb
Buffalo Stock
176,000 60
8551 Jan 9941 July
wl Loa Angeles Curb
as San Francisco Mining
California Stock
3,000 12
134 Jan 23
I5 Minneapolis-St. Paul
Slay
to Seattle Stock
68,000 65
to New Orleans Stock
945-4 Jan 1043-4 July
Chicago Stock
to Spokane Stock
42,000 87
10334 Jan 10631 Juno I Chicago Board of Trade 11 Philadelphia Stock
xl Washinaton(D.C.)Stock
8,000 51
834 Jan 103
July ' Chicago Curb
1
July 13 1935
Financial Chronicle
252
Other Stock Exchanges
Week's Range
of Prices
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, July 12
BO Ask
Onttatea Bonds
Unlisted Bonds(Cowhide)
1941
Alden 611
Allerton N Y Corp atte 1947
3312 --- Mortgage Bond (N Y) 534s
1934
(Sec 8)
912 ---
Brierffeld Apt Bldg ctfs__ __
Carnegie Plaza Apra
1937
Bldg 6s
1948
Chrysler Bldg 63
1941
Dorset Os ems
161
23
6812
2312
5th Ave & 28th Bld 6941 '45
5th Ave & 29th St Corp 66'48
2912
52
20
Be
Ask
66
69
Park Place Dodge Corp
With v t c
9
1212
10
12
___ 79 Madison Ave Bldg 6s '48
___ 2124-34 Bway tildes ctfs.__
2450 Sway Apt Hotel Bldg
Certificates of deposit__
..
--Uslisted Sloes
City & Suburban Homes
-1412
133
4
312 --
Orders Executed on Baltimore Stock Exchange
STEIN BROS.SD BOYCE,
Established 1853
39 Broadway
6.S.Calvert St.
NEW YORK
BALTIMORE, MD.
York, Po.
Louisville, Ky.
Hagerstown, Md.
MembersNew York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Baltimore Stock Exchange
duty I
Sales 1933 to
June30
for
Week 1935
High Shares
Par Low
Stocks331
• 2034 2134
Arundel Corn
100
24
Atl Coast Line (conn)..50 24
68
4
4
Baltimore Tube com_100
2,858
.
1336 14
Black & Decker com._ _1
.530
25 3236 33
Preferred
3
Ches & Pot Tel of Blt pf 100 11534 11634
515
Consol Gas E L & Pow_ _* 80% 85
279
6% preferred ser D__100 113 113%
41
534% pref w 1 ser E-100 113 113
68
100 113 11334
5% preferred
145
34
%
Davison Chemical Co_ _ _•
102
11
E Porto Rican Sugar pref_1 10
115
16
Emerson Br Seitz A 2.50 16
213
20 8134 85
Fidelity & Deposit
76
3434
Fidel & Guar Fire Corp_10 34
12
7% 8
Finance Co of Amer el A.*
510
24 934
100
Houston Oil pret
455
7% 834
Mfrs Finance let pref_ _25
651
1% 2
Maryland Casualty 00._i
350
Junior cony pref ser B _ _1
174 2
190
Merch & Miners Transp_* 2634 27
109
2134
Monon W Pa P S 7% pf _25 21
5
Mt Vern-WoodbMills pf100 4035 4034
831
774 8%
New Amsterdam Casualty5
90
Penne Water & Pow com_* 7094 75
108
11
5 11
Preferred
954 1034 3,312
2
U S Fidelity & Guar
46
9234
Western Md Dairy pref_' 92
60
31
Western National Bank_20 30
Bonds
Baltimore City
4s sewerage impt-1961 11234 11234
1958 11134 11134
4s water loan
1951 112 112
4s annex impt
48
Maryland El Ry 5% ctfs'33 48
United fly & El
34
34
Funding 58 (ctfs)-1936
1st 68 ctfs (flat).-1949 1134 1134
1st 4s ctfs (flat)-- _1940 1234 1234
534 5%
Wash Bit & Ann 5s flat '41
534 534
(Md) 5% tr ctfs _ _ _1941
8200
400
300
8,000
8,500
1,000
8,C00
1,000
6,000
Range Since
Jan. 1 1935
Low
1534 Mar
Mar
20
234 Jan
7% Jan
2336 Jan
111
Apr
Jan
63
111% May
10936 Feb
10494 Jan
34 July
534 Feb
Mar
15
4134 Feb
2234 Jan
634 Jan
5
Feb
5% May
1
Jan
134 Mar
Mar
21
1536 Jan
4034 July
6
Mar
Jan
53
11
July
5% Jan
234
80
Feb
65
28
Mar
24
Low
1136
18
234
434
83.4
111
4534
104
100
91
9c
334
15
1534
8
4
4
536
1
1
21
1234
1934
534
4134
High
22 June
Jan
31
4
July
July
14
33
July
120
Mar
July
85
11534 June
113 June
11334 July
Mar
1
May
11
Feb
20
July
85
3434 July
8
Jan
1034 May
Jan
9
234 June
234 June
May
28
2134 July
44
Feb
954 June
July
75
11
July
11% Jan
93 June
Jar
32
104% Jan 11334
93
Feb 11134
9434 108
Feb 112
107
95
Jan 48
37
16
June
July
July
July
134
20
19
534
5%
Jar
Fet
Jar
July
June
34
734
7
134
134
34 Apr
1034 Mar
1034 Mar
234 Jan
18-4 Jan
Boston Stock Exchange
July 6 to July 12, both inclusive comp led from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
June30
of Prices
for
1935
Week
Low
High Shares Low
Par Low
StocksApr
7
210 3 4
• 1034 1034
American Cont Corp
34 Mar
165
34
1% 2
Amer Pneumatic Serv Co25
2 June
234
80
4
4
50
6% non-cum pref
1234 Jan
180 10
1634
50 16
lst preferred
100 12534 130% 4,079 1 98% 98% Mar
Amer Tel & Tel
Apr
2
2
25
234 2%
Amoskeag Mfg Co
•
50 1 14% 14% Mar
20
Bigelow-Sanford Carpet * 20
May
82
18 60
9034 92
Preferred
100
Mar
88
209 as
lUI.P 110% 112%
BOMAR & Albany
58% Apr
305 55
_ 1n0 65
66
Boston Elevated..
4% July
10
4% 434
Boston & Maine RR _ _100
Boston & Maine
12% Mar
125 1234
100 20
2035
Prior preferred
3% Apr
31.4
35
834 8%
Class A 1st pret stvd_100
4
Apr
5
53-4
10
Class B 1st pref stpd_100 10
4% Apr
4%
32
834 8%
Class C 1St preferred_100
4% June
4)4
40
9% 9%
Class C 1st pref stpd_100
Mar
6
634
11
12
Class D 1st prof stpd_100 12
934 Jan
834
13
10
Boston Per Prop Trust_ _.* 13
534 Feb
334
25
6
6
Brown dr Co6%cum pfd 100
134 July
1%
400
1% 1%
Brown dr Duren Co corn..*
2it Mar
87
3
3
25
Calumet & Hecht
Chica Jet fly & U S FJan
106
28 85
6% cum preferred--100 118% 120
Feb
3
198
3
3
334
28
Copper Range
Feb
1
34
•
2% 33-4 5.475
Boston Co
East
East Gas & Fuel Assn
•
2
Mar
2
3% 4
68
Common
802 3714 37% Apr
100 46% 5034
6% aum pref
54% Mar
460 53
434% prior preferred 100 6634 6834
76e July
95c 95c
50 760
East Mass St Ry ad) .100
50c May
406
55e 86c
34
100
Common
Jan
5
434
12
100
834 834
151 preferred
434 Apr
5% 6
70
Eastern S SLines com___:
Jan
34
40
40
100 33
2d preferred
15
5 14% 14% Apr
Economy Grocery Stores* 15
760 9736 97% Feb
Ilium
10G 146% 154
Edison Elea
11% Jan
1534
158
Employers Group_ _ _ _. • 15
For footnotes see page 255
High
10% July
July
2
5% Jan
19% Jan
130% July
434 Jan
Jan
25
July
95
12034 Jan
68
may
4% July
2034
8%
10
8%
9%
12
1334
836
4
434
July
July
June
July
July
July
June
Jan
Jan
Jan
120
July
Jan
4
3% July
4%
5034
6834
1%
1
9
7
40
2034
154
17
Jan
July
July
Jan
Feb
Feb
Jan
July
Jan
Ally
May
Range Since
Jan. 1 1935
High
Low
High Shares Low
Stocks (Concluded) Par Low
24% Mar 31% July
125 18
General Cap Corp
7% 1231 Mar 18% May
289
15
Razor__ •• 31 31 31 31
15
Gillette Safety
Mar
2634 Jan 37
95 17
Hygrade Sylvania (T C)-• 34% 35
Jan 108
may
,
tp
30 7 , 95
• 107 107
Preferred
434 Jan
6% Mar
5
5
5
Maine Central common 100
11% Jan 20
Mar
8
105
100 1734 19
Preferred
1% June
1
Feb
1
640
Mass Utilities Assoc mc__•
154 174
90 20% 2434 May 3234 Jan
Mergenthaler Linotype_..• 2634 27
June
88% Mar 110
606 75
New Eng Tel & Tel-_ _100 105 110
231 Feb
68
834 Jan
231
331 436
NY N Haven&Hartford100
20o Apr
30o Feb
20c
861
20e
22c
North Butte Min Co _2.50
103
Jan 107 June •
10 83
Northern RR(N H) 100 10534 10534
85 5634 6634 Apr 72 June
100 66% 67
Old Colony RR
12
Jan
Mar 21
113 12
13
100 13
Pacific Mills Co
50 22% 23% 1,030 17% 17% Mar 2534 Jan
Pennsylvania RR
2034 July 27
Jan
75 10
2134
21
•
PC Pocahontas Co
1
Feb
200
% Jan
34
60e 60c
26
Quincy Mining
2
Jan
470
136
2% June
23-4
2
Reece Fold Machine Co_10
10e Apr
10c
19c Apr
250
100 10c
Shannon Copper Co_ _ _ _25
5%
8
Feb
934 May
477
8% 934
Shawmut Assn tr otts„...•
234 Mrr
634 July
366
234
5% 635
•
oo
bster
Torringtone
Stone & W
1434 May 19% Jan
174 11
25 1536 1534
Swill & Co
69
Jan 87% July
189 85
• 8534 8734
1234 Jan 17% May
13
8
_5 1534 1534
Union Twist Drill Co
7i
1% June
2% May
100 1
23£
2
United Gas Corp corn_ _ _1
70
Jan 84% July
8434 2,095 47
U Shoe Mach Corp _.....25 82
113 80% 354 Jan 40% July
39%
39
100
Preferred
134 Jan
55 62340
His June
%
5
%
Utah Apex Mining
80e
1)4 June
214 Jan
1% 131 2,400
-A
Utah Metal& Tunnel..
110
3%
454 Mar
731 Jan
534 6
•
Waldorf System Ina
2% Mar
234
104
634 Jan
-.434 434
Warren Bros Co
2534 July 25% July
20 z g
2534 2534
Wilson Jones
4
1 98
kes 1 tg
co
BrownAm9 ndag5 is Co 68_19 6
50
40
51% $3,000
1,000
40
East Mass St RySeries A 4345
Series C 65
July 6 to July 12, both inclusive, compiled from official sales lists
Week's Range
of Prices
July 1
Sales 193310
for June30
Week 1935
62
75
62
75
1948
1948
7,000
1.000
51
32
60
40
32%
35
49%
6334
Mar
July
7031 Jan
Jan
54 '
Jan
Jan
62
75
Ju y
Ju y
CHICAGO SECURITIES
Listed and Unlisted
Paul H.Davis &Ca
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
July 6 to July 12, both inclusive compiled from official sales lists
July 1
Range Since
Week's Range Sales 193310
June30
Jan. 1 1935
for
of Prices
1935
Week
Low
High Shares Low
StocksPar Low
Jan
520 3431 60
Abbott Laboratories oom • 9534 98
12
Mar
5
10
Adams (J D) Mfg corn * 193.4 1934
334 May
134
50
594
53
Adams Royalty Co com__•
lig
134 Mar
750
234 2%
Advanced Alum Castings./
Jan
534 12
200
1934
Allied Products Corti ol A_. 19
• 734 Jan
8
300
&Mar PUb Baty Co pref-100 2434 2734
39-4 Apr
3% 334 1,200' 334
Armour & Co common__5
134
194 Mar
100
1% 1%
Asbestos Mfg Co com _ _ I
Jan
50 4334 79
Associates Invest Co corn_• 137 137
5
Jan
24
7% 834 1.650
Automatic Product& com_5
234 July
234
750
3
334
Bastian-Blessing Co com_*
12
Mar
1134
Bend's Aviation eom____• 1534 16% 10,350
234 Jan
2
334 4% 2,350
Bergboff Brewing Co
1
6,600 1174 2834 Jan
Borg-Warner Corp oom_10 4134 44
10
10734 June
Called 7% preferred____ 10734 107%
6%
100
17
Brach & Sons(E J)corn_* 17
13% Jan
Brown Fence & Wire el A * 2134 2234 1,200 r 1634 1434 Jan
4
Jan
350 r 631
r 12
1234
Class B
5
5
50
Apr
59-4
(EL)corn
534
Bruce Co
•
6
July
6
10
654 5.200k 254
Butler Brothers
3534 1,250 10
1734 Jan
Castle & Co(A M)com _10 30
11% Apr
434
100
Cent Cold Slot Co com_20 1134 1134
1,290 1036
IA% Jan
47
cent III Pub San prtg„..• 40
550
34
34
Cent Ill &mar com
% Jan
%
1
5%
50
734 Feb
Convertible preferred_ _• 10% 1034
1%
334 Feb
400
1554
Cent Ind Pow pref__ - -100 14
Central 8 19
34 10,650' 'is
36 Jan
34
Common
1
2
130
1251 Jan
• 3134 33
Prior lien pref
2
334 Mar
• 1134 1234 1,090
Preferred
574 634
Cent StatesPow & Lt pfd..•
1%
5°1% 2134 Jan
20 14
Jan
5 26% 2634
Chain Belt Co corn
Chicago City & Con Ry34
34
•
34 Feb
%
250
Common
1
I
200
Mar
234 234
Participating preferred_•
1
1
Apr
234 2% 5,100
Chicago Corp common •
• 3634 374 1,100 2034 29
Jan
Preferred
1334 Jan
7
650
2734
Chia Flexible shaft oom a 25
834
1634 Mar
2334 2,700
Chicago Mail Order corn_ _5 20
134 June
134
650
1% 2
Chic & N W Ay oom___Ioo
250a 494 13
Mar
Chic Rivet & Mach cap_ _• 1534 1534
10 58% 80
Jan
95
Chic Towel Co cony pref_* 95
9%
400
9% May
934 10
_*
Chic Yellow Cab Co Inc_
11.4
% Apr
%
.0
174 4 00
Cities Service Co oom___ _•
2,550 3034 47
Jan
Commonwealth Edison 100 7734 84
1
1
210
July
1
1
Consumers6% vs ptcl A 100
Continental Steel
6
Feb
5
600
8
87-4
•
Common
70
30 40
Jan
93
100 93
Preferred
2
7 2,300
33
3
a
Mar
Cord Corp osp stock
7
2
5
26 1334 14% 1,050
Mar
•
Crane Co common
sa
140 32
Jan
100 108 110
Preferred
8081 4%
534 Jan
1134
5 10
Curtis Mfg Co com
2%
234 May
434 534 2,300
Dayton Rubber Mfg com_•
834
950
834 May
35 1434 155-4
Cumul el A pref
1
4
20
Jan
134
174
Decker (Alf)& Cohn com10
40
434 1334 Jan
Eddy Paper Corp(The)._• 1651 16%
12
8
Apr
500
1434
Elee Household THU oap.5 14
634 1434 Feb
Elgin Nall Watch Co_ 15 2234 2334 1,000
834 Jan
834
350
1296
Fitz
-Sim & Son(D&D)com* 12
3
534 Jan
200
734 734
Gen Candy Corp Cl A _ _ _ _5
214 June
234
2% 334 2,150
Gen Household titil come
Godchaux Sugar boo
100 10
1534 Jan
26
* 25
Class A
854 1774 Jan
Gambian Bros Intl corn.,' 2034 2134 1,850 1214 17
Mar
2214 2,200
fur... I sr,.rs 1/. n nnm • 21
High
103 June
2244 May
8% May
234 June
20
May
2734 July
834 jai)
2% Jan
142
June
934 May
434 Jan
1734 Jan
434 Apr
44
July
108
July
% June
17
2236 July
1234 July
634 Feb
7% Jan
3534 July
14% Jan
48
July
% Jan
104 July
1634 May
134
3534
1234
634
27
Feb
July
July
June
June
34
234
254
873-4
2734
233-4
554
1534
99
113-4
234
85
4
Feb
July
Jan
July
July
July
Jan
May
May
Jan
May
June
Jan
934
93
414
1434
1119-4
1136
534
1556
234
199-4
1731
25
1236
9
734
Jan
July
Jan
June
June
July
July
July
June
Feb
Jan
May
July
Max
Jac
2834 May
2134 July
234 Jun,
Financial Chronicle
Volume 141
Week's Range
of Prices
July 1
Sales 1933 to
June30
for
Week
1935
Range Since
Jan, 1 1935
Stocks (Concluded) Par Low
Low
High
High Shares Low
Hall Printing Co corn_ _ _10
44 434
150
3% 4 May 7% Jan
lIarnischfeger Corp corn.10
8
8
434
70
May
8
8
June
hart-Carter Co cony pref_.
4
100
934 94
734 Jan 10% Jan
Ileileman Brew Co G cap.'
634 July
654 74 4,250
64
735 July
Hormel &Co(Geo)corn _• 16
July 194 Mar
16
400 16
174
Houdaille-Hereney Cl B_• 1551 164 12,250
8% Mar 164 July
24
Illinois Brick Co cap._ __25
534 6
534 Mar
100
74 Jan
335
III North UM pref
100 9234 9235
Jan 924 July
30 42% 60
Indep Pneum Tool v t c_.• 4434 45
30
9
150
Feb 45 June
Interstate Pow 57 prof___• 17
450 2 7
20
July
834 Jan 20
$6 preferred
• 16
16
Feb
10
16
5
5
July
Iron Fireman Mfg v e__ • 2131 2154
400
1334 Feb 214 July
331
Jefferson Electric Co corn..* 25
100
184 Jan 264 May
9'
2534
Kalamazoo Stove—
Common
• 3174 3534 2,790 07
15% Jan
3514 July
Katz Drug Co corn
39%
200 19
1 38
Mar 40% May
33
Ken-Rad T & Lamp corn A•
1%
5
3
Jan
554 3,600
6% Feb
Icy Util Jr cum pre(
50 30
290
Jan 35
35
6
5
July
Keystone St'& Wire com.• 3034 3634 2,150
Mar 364 July
22
7%
Preferred
100 1014 102
20 85
Jan 10251 June
85
Kingsbury Brew Co cap._1
I
1
150
251 Jan
34
54 July
Leath & Co—
Common
•
50
Feb
54
34
34
34 July
Cumulative preferred._*
634 6%
10
Feb
3
Apr
7
Libby McNeil & Lthby--10
3,150 • 23/
5
Mar
8% Apr
654 7
Lincoln Prts: Co—
Common
•
Jan
1
234 July
74
134 234 3,250
7% preferred
50 21
50
21
531 Jan
July
21
Lindsay Light corn
44 434
40
10
331 Mar
2
434 May
Lion Oil Ref Co corn
*
434 5
3
400
631 Apr
34 Mar
Loudon Packing com
• 27
Jan 304 July
3034 1,650 10%
19
Lynch Corp corn
5 3954 414 2,250 15
28
Mar 4134 July
McGraw Electric com
2,700
5 184 20
1534 Jan 20
July
3%
McQuay-Norris Mfg corn.* 56
30 24 39
Mar 57
57
51
July
McWilliams Dredging Co_* 3434 35
450 12% 224 Jan 3834 May
Marshall Field common_•
1,500
65/ Mar 1134 Jan
834 031
634
Mer & Mfrs Sec cl A com.1
550
354 4
134 Jan
4
June
34
Mickelberry's Food com _ _1
150
31 Apr
154 Jan
34
34
Middle West Utilities—
Common
•
34
34 Jan
'Is
34 4,000
34 Jan
Midland United cony pref •
80
34 Apr
% June
34
A
3.4
Midland UM
7% preferred A
July
230
100
1
1
1
34 Mar
34
Monroe Chemical—
Common
120
834 Jan
•
934 Feb
734 734
Preferred
20 2034 4234 Jan 50
* 4734 50
July
Mosser Leather Corp corn • 19
10
154 Jan 20 June
19
7
Muskegon Mot Spec cl A_* 14
200
14
5
July 20
Jan
1534
Natl Gypsum cl A com 5 1334 1535 2,750
1534 July
Mar
6
National Leather com___10
100
31 Mar
34
134 Jan
31
31
Natl Repub Invest Trust—
Cum cony preferred •
131 Feb3 May
231
50
23.1
1
NoblItt-Sparks Ind oom • 18
3,700 10
20
134 Feb20
July
National Standard com • 31
650 17
31
264 Mar 31
June
North Amer G & E A_ _•
10
34 Mar
34 Mar
34
3e
34
North Amer Lt & P com_ _1
1
150
1
4 Apr
134 May
34
Northwest Bancorp oom •
1,250
2%
544 Jan
5
531
334 Jan
Northwest E'ng Co corn_ ..• 104 12
1,490
3
534 Jan
1334 May
No'west Util Dr lien pref100 20
90
22
2
Mar 22
3
July
7% preferred
10
1
100
134 Jan
731 8
July
8
Ontario Mfg Co corn
• 1134 1234
6
7%
May
10
Jun
14
Oshkosh Overall Co com *
15
431 May
3
551 Feb
451 434
Parker Pen (The) com...10 1934 1934
5
4
July
Jan 20
11
Fenn Gas & Eleo A com • 12
40
13
Mar
13
8
6
May
Perfect Circle (The) Co._• 35
25
36
Feb 3931 Apr
21
31
Pines Winterfront com_b
80
234 234
234 July
34 Jan
31
Potter Co(The) corn
•
20
151
134
231 Jan
131 June
134
Prima Co com
*
60
2
July
2
434 Apr
231
134
Public Service of Nor 111—
Common
• 354 3754
1,10
1534 Jan 3034 June
Common
500
60 36
1654 Jan 39% June
3634
6% preferred
50 28
100 102 104
6134 Jan 104
July
7% preferred
110 38
100 1094 113
July
7334 Jan' 113
quaker Oats Co—
Common
1344 135
420 106
128
Jan 135
July
Preferred
160 111
100 143 147
Feb 147
133
July
Raytheon Mfg corn vtc 50c
100
14 14 •
A Apr
14 June
34
8% preferred v t c
100
A
34 Jan
5
1
Mar
%
Reliance Mfg Co com__10 134 144 1,400
9
934 Feb
1434 July
Rollins Hos Mills cony phi* 14
20
14
94 Apr
8%
1 334 Feb
Ryerson & Sons Inc com • 30
400 11
32
20
Jan 3334 Feb
Sangamo Elec Co corn _ _ _•
17
200
18
4
Jan
18
8
July
Sears, Roebuck corn
50 30
33
• 46% 46%
Mar 4634 July
Signode Steel Strap pref_30 24
26
130
1151 Jan 26
8%
May
Common
3
354
490
1%
151 Jan
331 May
S'weet Gas & El 7% pf 100 92
40 394 544 Jan 9334 July
9234
Sou'westrn L & l'ow pref_• 43
43
20 14
2531 Jan
43
July
Standard Dredge—
Convertible preferred_ _•
350
134
334 Mat
5% 54
634 Apr
Sutherland Paper Co com10 1334 134
50
10
5%
IS
Jan
Jan
Swift International
3.550 19% 3131 Jan
15 314 33
36
ten
Swift & Co
25 154 15% 4,650 • 11
1434 Nial
1934 Jan
Thompson (J It) corn_ _ _25
6
10
6
4%
534 Mar
(1 ,. May
Utah Radio Product corn.•
1
400 I
134
34 Mar
134 Mar
34
Util & Ind Corp com
250
4
34
A Mar
4 Jan
34
Convertible prof
•
100
134
131
34 Mar
14 Jan
34
Vortex Cup Co—
• 17% 174
Common
400
15
5%
Jan 18% May
Class A
35
50 24
• 35
Jan
31
3534 June
Wahl Co(The) corn
131
131
•
50
I
Apr
"4
231 Jan
Walgreen Co common._• 2834 29
1,750 1534
2634 June 31
Jan
Waukesha Motor Co corn • 80
770 21
8534
30
Jan 92
June
Wieboldt Stores Inc corn _ _• 17
300
17%
931
11
Feb 1734 July
011-0-Nlatic corn•
400
231
3% 3%
24 Mar
44 May
WisconsinBanksharee com•
2% 2% 1,600 1% 2 June 8% Feb
zenith RIVIIA (111rTI rnm •
14
24 3% 6.400
11
4 Anr
3% July
•
BALL INGER 49i CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First Easton Corporation
For footnotes see page 255,
July i
Sales 1933 to
for
June30
Week
1935
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
Low
High Shares Low
Carthage Mills pref. _ _100 80
__
Jan
55
10 51
80
Champ Coated
May
85
100 120 125
68 85
lot preferred
3 85
Apr
100 110 110
162
Churngold
234 Jan
225
1
6
6
•
Cinti Advertising Prod_ * 134 1334
1334 July
100 11
Cintl Gas & Electric_ _100 98
7234 Jan
159 62
99
CNO&TP
June
176
100 180 180
3 176
Cincinnati Street Ry...._50
24
611
354
331
234 Apr
Cincinnati Telephone_ _ _50 85
8634
218 60.4 8234 Jan
Cinti Union Stock Yards.. 2634 27
Feb
21
382 1834
Eagle-Picher Lead
34 Mar
3%
439
554 64
20
Gibson Alt
* 24
164 Jan
7%
326
2534
Ilobart class A
Feb
65 2234 27
35
* 34
Julian & Kokenge
Feb
10
4
30
• 1934 20
Kahn 1st pref
Apr
65
10 50
79
100 79
23% May
Kroger
276 1 19
• 2834 29
Apr
8
Lunkenheimer
11
8
20
* 11
Procter & Gamble
157 1 3334 43% Jan
* 5031 5134
5% preferred
114
Jan
10 101
100 120 120
• 1934 1934
Randall A
934 174 Jan
55
B
Feb
5
24
15
*
711
731
Rapid
273: Jan
54 12
44
* 43
Richardson
64 Feb
6
100
•
934 914
U S Playing Card
159 1431 2934 Jan
3734 38
10
,n 99 99 44
Rn 43) 10 Jan
High
July
83
July
125
June
111
Apr
7
1834 Jan
9951 July
Mar
190
34 Apr
8834 June
May
28
651 May'
2531 May
3534 July
July
20
July
79
29 June
May
12
5154 July
July
120
May
20
734 May
4431 May
May
12
May
39
25 June
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Ch•rry 6050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
Week's Range
of Prices
July 1
Sales 1933 to
June30
for
Week
1935
Range Since
Jan. 1 1935
Stocks—
High
Low
Par Low
High Shares Low
Allen Industries Inc
204
834 Jan 204 July
• 18
1,586
2
City Ice & Fuel
717 I 1434 2034 Jan 2434 May
• 2054 214
Preferred
100 9331 95%
Mar 100
20 6354 90
May
Cleve-Cliffs Iron pref____* 17
Jan
Afar 20
15
74 15
17
Cleve Ele0 1116% pref.100 115 115%
354 9934 1004 Jan 11534 July
Cleveland Ity
100 5834 60
Jan
95 354 .5334 Apr 50
Ctts of deposit
100 5834 60
June
Apr 61
218 344 50
Cleve Union Stockyards._• 1034 103/4
Jan
Feb 11
10
734
86
Cleveland Worsted Mills.'"
631 Jan
4
45
Mar
534
4
5
Corrigan NIcKinney vtg.1
Mar 1534 Jan
14
8
13
649
8
Non-voting
1
834 Mar 154 Jan
134 14
834
152
15 2 3634 85
Dow Chemical
July
• 103 103
Mar 103
Faultless Rubber
121 21
• 334 34
Jan 34 June
30
Federal Knitting Mills__ _• 42
Mar 4634 Jan
43
740 2954 40
Firestone T & 11 pref _ _100 944 9431
30 674 903/4 Apr 9454 July
Foote-Burt
5% 53.4
•
634 June
Jan
5
4
110
Fostoria Pressed Steel •
954 934
Mar 1034 May
8
68
374
Greif Bros Cooperage A..• 29
Jan 3134 Mar
304
27
121 16
Hanna(M A)$7 cum pref • 106 108
15 77
Apr
10134 Jan 107
Ilarbauer
175
* 18.4' 1834
June 23
18
434
Jan
Interlake Steamship
• 2434 25
204 Mar 2834 Jan
65 20
Jaeger Machine
• 10
195 lz 1
July
10
10
454 Jan
Kaynee
10
5
July
934 Jan
5
5
6
15
Preferred
100 6931 69%
Apr
15 65
6934 July 75
Kelley Isl Lim & Tras__• 15
64 11
23
Jan
15
May
15
McKee (A G) class B___* 13
13
Jan
9
5
10
July
13
Medusa Portland Cement • 17
Jan
17
12
6
100
17 June
Metropolitan Pay Brick..
50
Jan
6,
2
134
6
634 June
Murray Ohio Mfg
• 1.1
July
Mar 16
16
.634
3
234
Myers (F E) & Bro
• 3334 3331
15 1334 30
Jan 3334 July
National Acme
1
7
50 I 3
7
534 Apr
Jan
7
National Refining pref_100 51
50 45
Jan 65
51
50
May
National Tile
•
24 234
Mar
3
1
554
1
Apr
Nestle LeNI ur cum cl A..•
234 23/4
81
231 June
1
534 Jan
1900 Corp class A
* 28
29
617 21
July
2334 Jan 29
Ohio Brass B
• 25
270 10
Apr
Jan 28
25
19
6% cumul preferred_100 105 105
Star 105
14 48
July
96
Patterson-Sargent
• 2451 2454
30 10% 19
Apr 25 June
Richman Bros
398 38
* 54
May 55
55
46
June
Robbins & Myers vtc pref •
234 May
34 334
2
30
354 Jan
Selberling Rubber
•
134
134
June
1
1
100
Jan
3
602 1554 274 Jan 34
Selby Shoe
• 33
33
Apr
Sherwin-Williams
25 9934 10074
89 324 85
Jan 10054 July
AA preferred
100 107 10734
93 9034 10634 June 11254 Mar
S Si A Corp
1334 14
240
1
84
14
Jan
9
June
42
Truscon Steel 7% pref_ 100 40
113 25
Apr 44
25
Feb
Vichek Tool
•
431 4%
50 1
2
Feb
May
4
Weinberger Drug Inc_ _ _ _• 14
14
7
25
1234 Jan
1555 Feb
Youngstown Sheet dr Tube
Cum 5 1 ,; preferred_ 100 60
60
40
10 30
Mar 56
Jar.
WATLING,LERCHEN iSi HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
Cincinnati Stock Exchange
Low
54 July
124 Mar
234 July
May
8
Apr
65
Week s Range
of Prices
July 6 to July 12, both inclusive compiled from official sales lists
July 6 to July 12, both inclusive compiled from official sales lists
July 1
Week's Range Sales 193310
Range Since
for
June30
of Prices
Jan. 1 1935
Week
1935
Par Low
Stocks—
Iligh Shares Low
6
400
Aluminum Industries.
5% 634
163 10%
Amer Laundry Mach _ 20 1534 16
443
1
American Products
2% 234
•
4
84 84
58
Preferred
•
17 51
80
100 80
Carey pref
253
High
84 Jan
16
May
34 Mar
934 Apr
81
Jule
Week's Range
of Prices
Stocks—
Par Low
Auto City Brew corn
134
Baldwin Rubber A
• 1774
Bower Roller Bearing corn 5 24%
Briggs Mfg corn
• 3534
Burroughs Add Nlach___.• 1734
Chrysler Corp corn
5134
Detroit Edison corn...._100 91
Detroit Forging eon)
234
•
July 1
Sales 1933 to
for
June30
Week
1935
High Shares
134
775
1734
370
25% 5,015
35%
1,346
174
238
52%
1,675
92
114 1
234
500
Low
154
6%
634
11
29%
55
1
Range Since
Jan. 1 1935
Low
134 Mar
634 Mar
16
Mar
25
Feb
14
Apr
31
Mar
65
Mar
1
Feb
High
Jan
2
18% July
25% July
3551 July
1734 July
52% July
92
July
2'4 May
July 13 1935
Financial Chronicle
254
Week's Range
of Prices
July 1
Sales 1933 to
for June30
1935
Week
Stocks (Concluded) Par Low
Detroit Gray Iron com_ _ _5
536
15,6
1
Det Mich Stove corn
Detroit Paper Prod com-* 1434
5 114
Eureka Vacuum
Ex-Cell Air com
-0
836
3
*
Federal Mogul corn
434
Fed Motor Truck corn_*
54
General Motors corn_ __ _10 34
1
Goebel Brew com
434
136
Graham-Paige Mtrs com.1
Hall Lamp corn
•
4
536
Hoover Steel Ball com__10
Houdaille-Hershey B.._._° 1534
Hudson Motor Car
8
*
10 24%
Kresge(S S) corn
High Shares Low
2
636 2,570
Is,*
4
300
34
1,915
1434
185' 636
1134
234
310
934
4%
600
3
234
6
1,389
8,271 ZI 22%
36
436 16,190
3%
134 1,464 1 136
3
434 1,130
536
122
1
164 2,320
2
636
890
836
930' 104
2434
Mahon(R C) cony pref-*
McAleer Mfg corn
•
*
Mich Steel Tube com
*
Michigan Sugar corn
10
Preferred
Motor Prod corn
*
Motor Wheel corn
5
10
Murray Corp corn
Midwest Abr
*
Packard Motors corn
•
Parke-Davis & Co
Parker-Rust-Proof com *
Pfeiffer Brew corn
*
5
Reo Motor Car corn
2
Rickel(H W)
River Raisin Paper
*
10
Scotten-Dillon corn
*
Square 13 "B"
Sutherland Paper
Timken-Detroit corn_ __ _10
1
Tivoli Brew corn
10
Truscon Steel corn
United Shirt Dist corn __*
*
Universal Cooler A
*
B
1
Warner Air Corp
Wolverine Brewing com_l
18
136
124
134
74
3036
934
1034
374
436
47
6234
1036
3
3%
3
2594
21
143
,
6
736
2
4%
3
4
1
1116
134
1734
134
12
1
74
29
9
10
336
4
4534
59
1034
3
3%
3
2534
2034
144
6
136
436
3
4
1
56
4
4
250
136
200
312
3
34
830
100
2%
9391 1534
790
634
3,117' 394
2,710
3)4
/
6,040 2* 25 ,
94)42 194
685 434
736
4,893
2
482
236
2,683
2,500
1
410 1734
7
323
2,130 1334
7,310
3
134
608
445 1 334
299
34
200
134
55c
250
36
750
3,350
34
Range Since
Jan. 1 1935
Low
336 Apr
36 Mar
934 Jan
10% Mar
536 Feb
4
31 Mar
334 %Mar
264 Mar
334 June
136 June
336 June
34 Feb
636 Mar
636 Mar
Mar
20
Established 1874
High
636 July
Apr
1
1436 July
12% Feb
ni, June
536 Jan
636 Apr
36
July
436 June
336 Jan
Jan
6
June
6
1634 July
1236 Jan
244 July
636 Mar 18
4
1% June
Jan 1336
3
1%
% AP
74
236 Jan
174 Mar 3034
736 Mar 1134
Mar 1034
5
426
334 July
536
336 Apr
Jan 47
33
Jan 634
55
7% May 1134
436
24 Mar
24 Feb334
3%
236 Jan
2036 Jan 264
74 Jan 21
1334 July 1436
736
436 Mar
236
136 May
6
3% Mar
334
234 July
335 Feb5
136
Apr
1
136
36 July
134
36 May
July
Jan
June
May
July
July
Jan
July
July
Jan
July
Jan
June
May
Apr
May
June
J1113
,
July
July
May
Jan
Jan
June
Jan
Jan
May
Los Angeles Stock Exchange
July 6 to July 12, both inclusive, comp led from official sales lists
Week's Range
of Prices
July 1
Sales 193310
June30
for
Week 1935
Range Since
Jan. 1 1935
Low
High Shares Low
Par Low
Stocks336 Jan
2
1,100
1
Bandini Petroleum
334 336
July
41
4236
60 14
100 41
Barker Bros pref
24 Jan
1%
3
3
800
10
Bolsa Chlea Oil A
Jan
60
84
65 42
Bway Dept St let pref_100 80
80 July
7c
8e 1,000
8o
Buckeye Union 011 vte__1
160 Apr
160 160 1,000
6e
1
Preferred
15e June
15e
150 160 2,000
1
Preferred vto
736 Jan
13
100 26 394
• 13
Byron Jackson Co
Jan
20
50 20
25 2034 2036
California Bank
100 2636 31% Mar
5 52% 52%
Chrysler Corn
1936 Apr
18
2234 2336
1,550
Citizens Natl Tr & S Bk 20
11
736 1036 Jan
100
Claude Neon Elee Prod_. 11
636 Mar
634
834 836
300
Consolidated Oil Corp_ *
90c 1.10 Feb
136
136
600
Consolidated Steel
1
4% Mar
436
936 931
100
Consolidated Steel pref_
July
7
7
7
436
100
25
District Bond Co
600 1136 194 Mar
Douglas Aircraft Inc__ * 253.6 27
Jan
236
1,200
Emsco Der & Equip Co5 1235 1336
130 Feb
14c 3,000
14c
12c
1
Exeter Oil Co A
Jan
340
1 275
Farm & Merch Natl Bk100 399 399
436 Mar
9
9
4%
100
Cladding MeBean Jr Co _ _•
1636 Mar
100 1536
Goodyear T & R (Akron)* 1935 1935
934 Jan
8
1,200
* 20% 21
Hancock Oil A corn
31c Jan
340 35c 1,450
25e
1
Holly Development
20 Jan
lc
2c 1,000
2c
1
Jade 011 Co
38c Jan
46c 49c 2,700 3 10C
Kinner Alm! az Mot Corpl
340 July
340 36c 6,400
20c
Lincoln Petroleum Corp_ 1
336 ,336 6,100
90c 1.10 Jan
Lockheed Aircraft Corp_ 1
600 Feb
50c
200
Los Ang Industries Inc1 1.05 1.05
Jan
7336 81
1054 106
515
L A Gas & Elec 6% pf_100
5
Jan
5
5
1%
100
Los Aug Investment Co 10
490 Feb
26c 260
25e
36
Corp
Marbelite
436 436
1%
24
25
Preferred
260 Jan
35e
19e
35c
300
1
Mascot 011 Co
5
Jan
14
3
10
Mtge Guarantee Co_ _100 14
High
4
Apr
4236 July
436 Mar
July
84
24e Feb
60e Feb
57360 Feb
13 May
2036 July
52% July
2436 Feb
1134 Mar
10% May
236 May
May
10
July
7
27.34 May
134 July
14e Apr
399 June
10 June
Jan
26
2236 May
40e Feb
20 Jan
67360 Feb
80e Feb
3% July
1.20 May
107 June
74 Apr
490 Feb
400 May
20 June
636
2,100
100' 1236
100 2 1836
100 26 1634
700' 19
136
400
100 z
300
1%
360
30
2
400
2 26 674
2,450 25
255 13
200' 536
1,600
14
2,400' 1036
600 18%
2,600 z 1634
1,200 1434
2,400' 1236
28 lo 3
600 2634
436
8,200
4.300' 1136
1,500 1.35c
1,400 27 1.20
5
100
500
1,000
100 16 734
936
1334
2036
1836
2036
74
• 734
136
38e
236
88
33
15%
536
534
104
20%
1736
1636
13%
27%
2836
436
15
30
2
5
550
1434
Jan 184 July
Feb 25% June
Feb 2736 July
Feb 2534 July
Mar 3736 July
Jan 1536 July
936 May
Jan
3% Mar
May
38e May
May
3 June
Jan
Jan 10236 May
Apr 42% July
Mar 234 July
Mar 1136 May
July
Mar 15
Mar 20% June
Jan 2834 June
Jan 25% July
Jan 2334 June
Mar 19% June
Apr 28.4 Apr
Mar 38% May
May
7
Mar
Jan 20% May
40 June
Jan
834 May
Jan
July
5
July
May 97360 Jan
Feb 18 June
Mining
10
Alaska Juneau GM
10c
Calumet Mines Co
Tom Reed G Mines Co ..l
1
Zenda Gold Mng Co
3001 15%
2,000 53.6c
25c
200
6c
5,000
16%
40
350
6c
1934 Jan
July
July 13360 Jan
51e Jan
July
22e Jan
May
584 1 98%
100 1 2136
200
ft
1,000 6 16
2,100 222236
200 1 1536
236
200
1.500 1 4
200 26 7%
600 I 236
9936
23%
31
21%
27
22
334
4%
834
234
Mar 130
Mar 3234
Mar
23.4
Mar 27
Mar 36%
Mar 30%
5%
Mar
636
Apr
Apr 114
436
Mar
Unlisted
American Tel & Tel_ _100 126
30%
Bethlehem Steel
1%
Cities Service
2694
General Electric
10 334
General Motors
284
Montgomery Ward
43.6
Packard Motor Car Co_ *
636
Radio Corp of America_ _*
• 104
Tide Water Assoc 011
4
Warner Bros Pictures_ _ _5
For footnotes see page 255.
130
30%
lg
27
36%
28%
436
6%
104
436
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Strain
SO Broad St.
Philadelphia Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
Week's Range
o prices
f
;stay,.
Sales 1933 to
for June30
Week
1935
Range Since
Jan. 1 1935
Low
High
High Shares Low
Par Low
StocksApr 42% Jan
528 3354 33
37
• 36
American Stores
Apr
385 10936 11434 Apr 120
Bell Tel Co of Pa pref__100 11636 11736
336 Mar
3
203
534 Jan
434 436
*
Budd (E G) Mfg Co
236 Mar
536 May
130 1 2
43.6 434
•
Budd Wheel Co
157 33% 4036 May 5336 July
4634
Electric Storage Battery100 44
30 68
8136 Feb 10034 May
Horn & Hard (Phila)com * 9636 9635
100 2 1536 21
Feb 25
May
25
Horn & Hard(N Y)com * 25
371 2 343i 51U May 69
July
Insurance Coot N A..,.__10 6831 69
128
736 May
536
594 May
636 7
*
Lehigh Coal & Nay
534 Mar 114 Jan
208' 5
634 734
60
Lehigh Valley
34 Apr
4
136 Feb
162
36
.
2
4
Mitten Bank See Corp_ _25
14 Jan
4 Mar
36
271
136
36
25
Preferred
236 Jan
136 Mar
17
•
% 2% 2,3202 136
Pennroad Corp v to
,
Pennsylvania RR
50 2234 2336 2,874 1 1734 1734 Mar 2536 Jan
June
341 2 4236 70
Mar 95
50 9436 954
Penna Salt Mfg
103% Jan 113% July
64 90
Phila Elec of Pa 35 pref_ _ _* 11234 113%
568 2934 31% May 344 July
3434
25 34
Phila Elec Pow pref
85
4
Jan
13.1 Mar
134 2
134
50
Phila Rapid Transit
237' 3
336 Mar
634 Jan
331 4
50
7% preferred
434 Jan
27 1 136
134 June
136 236
Philo,.3z Rd Coal & Iron...*
1234 Mar 2236 Jan
890 1234
5013
Philadelphia Traction
* 683.1 1436
10' 3736 56
Jan 6834 June
6834
Scott Paper
25 1736
1836 Apr 24
May
Tacony-Palmyra Bridge..' 214 22
136 Apr
,
2 Feb
4
Si
100 2
%
%
1
Tonopah Mining
6% Jan
336 Mar
375
334
436
4
50
Union Traction
936 Feb 16 . July
* 14% 1534 5,674' 936
United Gas Imp com
425 1 8236 8736 Feb 107
July
* 10436 107
Preferred
45
6%
636 Feb 10% June
934 996
•
Westmoreland Inc
434
380
636 Jan
6% 7
*
934 Feb
Westmoreland Coal
BondsJan
12 May 21
Elec & Peoples tr ctfs 4s '45 1336 1436 $26,000 12
Phila Elec (Pa) 1st 5s-1966 11134 11194 2,000 10434 11036 May 11334 Fell
1.000 11034 11034 Inn 11114 Jan
1111,4' 11134.
1836
Pacific Finance Corp_ __10 17
Pacific Gas & Elec Co__25 24% 24%
25 2736 2736
6% 1st preferred
25 25% 2536
536% preferred
3736
Pacific Lighting Corp__ --• 36
Pacific Pub Ser 1st pref-* 1436 15%
736 731
Pacific Western Oil
236 236
Republic Petroleum Co_10
370 37c
Samson Corp B com___ •
236 2%
10
6% preferred
San Joaq L&P 7% pr p1100 108 108
4236
Security-First Natl Bank20 41
2334 23%
Security Co Units
• 1034 1036
Shell Union Oil Corp
*
Signal Oil& Gas A corn__ • 1236 14%
So Calif Edison Co
25 1956 20
7% preferred
25 274 28
25 24% 2536
6% preferred
23%
25 23
536% preferred
Southern Pacific Co_ ___100 17% 18%
3336 3336
Square D Co A pref
3436 3434
,
Standard 011 of Calif
636 6.56
Transamerica Corp
25 17% 18
Union 011 of Calif
40
40
U S Oil & Royalties Co..25c
6%
6
Universal Cons Oil Co_ 10
5
5
Van de liamp's Bakerles__*
80e 8236c
1
Wellington Oil Co
18
Western Pipe & Steel Co 10 18
1636 1636
4340 4360
380 380
60
60
Dellaven & Townsend
June
Jan
May
July
July
Jan
Jan
June
May
Jan
ST. LOUIS MARKETS
I. M.SIMON & CO.
Business established 1874
Enquiries Invited on all
Mid.Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
315 North Fourth St., St. Louis, Mo.
Telephone Central 3350
St. Louis Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
Juty I
Week's Range Sales 1933 to
for June30
of Prices
Week
1935
Range Since
Jan, 1 1935
Low
High Shares Low
Par Low
StocksHigh
10 3236 32% May 35
35
July
Amer Credit Indemnity_10 35
125 42
53
6034
Mar 6034 July
* 60
Brown Shoe corn
1
20
17
• 17
Burkart Mfg corn
6
Jan 19 June
5
4
4
4
4
July
Champ Shoe Mach pref 100
July
4
50
531 Mar 1034 July
431
934 1036
5
Curtis Mfg corn
236 Jan
536 1,431
236
4
1
Falstaff Brew corn
536 July
10 .234
236 May
236 236
Hamilton-Brwn Shoe corn _
44 Jan
1
3
136 Mar
2
2
Hydraulic Pr Brk pref_100
3 June
123 38
4
• 4534 47
Internatl Shoe corn
234 Mar 47
July
6
28
7
7
636 Apr
6 May
Mo-Portiand Cem com__25
100 14
20
18
Apr 20
Natl Bearing Metals com_* 20
July
210 11
11
1234
• 12
June 164 Feb
Natl Candy tom
634
834 July 12% Jan
75
834 836
Rice-Stir Dry Goods com_*
50 1556 28
Securities Inv com
* 3434 3436
Jan 3436 July
122 11536 119
May 12334 June
Sou'we•trn Bell Tel pref100 12236 123
636 1234 Jan 204 July
2034 1.530
Wagner Electric com____15 18
Bonds
171.1....1 A v.. do n fl
1 min
9R LZ 97
52000
it
9R 12 1,1..
no 1/
A .,.
Pittsburgh Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
Week's Range
of Prices
Par Low
Stocks• 29
Allegheny Steel corn
Armstrong Cork Co com * 2336
* 11
Blaw-Knox Co
1
231
Carnegie Metals
Clark(DL) Candy Co-*
331
736
Columbia Gas & Elec Co..*
10 13
Devonian 011
6%
Duquesne Brewing com__5
5
8
Class A
•
236
Electric Products
8
Follansbee Bros pref_ _ _100
14
Ft Pittsburgh Brewing-1
Herb-Walker Refrac corn_* 21%
JOINS&Laughlin Steel pf 100 6334
Koppers Gas & Coke pf 100 9334
•
6
Lone Star Gas
*
1
McKinney Mfg Co
5 30%
Mesta Machine Co
534
z Mountain Fuel(new)_ _ __
Pittsburgh Brewing com . 34
* 19
Preferred
i
334
Pittsburgh Forging co
Antahnoah Plate (nags_ _25 6934
Juty 1
Sales 193310
for June30
Week 1935
High Shares Low
100 1 134
29
244 1,320 2 13
1236
1,254
6
7.945
3
90e
75
3
3%
630' 336
8
144 1,125
8
130 1 3
64
84
400
436
100
236
236
84
160
5
136
482
14
22%
200 1 12
30 1 45
6336
944
370 54
64 3,579
436
1
50
1
523 1 836
3334
100
536
5%
331
165
136
417 15
20
434
980
2
102 , 3034
72
Range Since
Jan. 1 1935
Low
204 Jan
17
Mar
9% Mar
1% Jan
3
Mar
336 Mar
1034 Jan
334 Jan
536 Jan
2
Jan
8
Apr
194 June
1694 Mar
55
Mar
73
Mar
436 Mar
1
Mar
2436 Jan
534 July
2
Jan
15
Mar
234 Mar
4734 Anr
High
30 June
2434 July
1334 Jan
334 mar
4
Jan
July
8
1434 June
Apr
8
836. Apr
3
Mar
1436 Jan
236 Jan
2226 July
6336 July
Jan
95
634 July
136 Feb
3336 July
536 July
,
4
may
254 Apr
436 July
72
July
Volume 141
Financial Chronicle
Juk 1
Week's Range Sales 1933 to
of Prices
June30
}Pr
ost 1935
Stocks (Concluded) Par Low
Pittsburgh Screw & Bolt...*
634
Renner Co
1
134
Shamrock Oil & Gas
*
134
Standard Steel Spring_ _ _* 11
United Engine & Fdy* 2234
New
* 20
Vanadium Alloy Steel_ _ _'
Victor Brewing Co
1
z Western Pub fiery v t c.*
Westinghouse Air Brake_'
Westinghouse El & Mfg-50
High Shares Low
.
634 1,465 3 4%
325
1
134
134
700
75c
70
1134
795 15
2234
2235 1,377 18%
22
23
95c 95c
5
535
2434 2414
5634 5934
Unlisted
Lone Star Gas6% pref.100 9534100
635% preferred
100 105 105
Pennroad Corp v t c
*
2
2
200 1554
330 3
3,4
33,4
2,115
150 15%
763 27%
199 64
200 74%
5 z 135
Bonds
Independent Brewing(is'55 10394 10334 $1,000
DEAN WITTER & CO.
Municipal and Corporation Bonds
PRIVATE LZASED WIRES
San Francisco
Los Angeles
Oakland Sacramento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
51
47414, 1
Range Since
Jan. 1 1935
Low
51 Mar
,
4
135 Feb
75c Jan
Feb
9
22% July
18% July
Week's Range Saks 1933 to
of Prices
for June30
Week 1935
High
834 Jan
134 Apr
13.4 July
1434 Jan
Apr
40
2234 July
July
Jan
May
Jan
July
18
85e
3%
18%
3234
Jan
Mar
Jan
Mar
Mar
69
90
July
Mar 100
July
Jan 105
2% June
AD
134
101
AD
23
1%
534
2634
5934
104
June
Members
New York Stock Exchange
SanPratsciscoSiockEschange
San Maximo Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
NewYork Coffee & Sugar Es.
CommodUy Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
for June30
of Prices
Week 1935
StocksPar Low
Alaska Juneau Gold M__10 1634
Anglo Cal Nat Bk of S F.20 1435
Assoc Insure, Fund Inc_10
3
Atlas Imp Diesel Eng A..* 10
Bank of Calif N A
100 16031
Byron Jackson Co
13
Calamba Sugar corn..--20
7% preferred
20
California Copper
10
Calif Cotton Mills com_100
Calif Ore Pow 7% pref-100
Calif Packing Corp
•
Calif Water Service pref100
Cal West Sts Life Ins Cap 5
Caterpillar Tractor
•
Clorox Chemical Co
•
est Cos G dr E6% lstp1100
CODS Chem Indus A
•
Crown Zellerbach v t o •
Pref A
•
Pret B
•
19
2131
35
1035
25%
3331
70
7%
3634
2935
77
2751
335
5031
5034
Jan 23
Fe
2131 Ap
Ap
Feb
35 May
Jan 1435 Mar
Jul
Jan 58
June 4234 Fe
Jan 95 Jun
June 1135 Jan
Jan 5035 Slily
Jan 35
July
Jan 100 July
Jan 3231 July
554 Jan
Apr
Mar 7054 Jan
Jan
Mar 70
3%
2235
18
531
1234
2635
7135
20%
1
39
1435
135
4
July
Jan
Jan
Jan
Jul
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Mar
8
510
5 40
145 24X
355 10X
50 17%
335
200
7
10
31
400
435
83
4
200
535 75
300 Is 35
1,320
6
15 66
1
1,476
%
30
835
4331
3135
1434
26
7
3
20%
7
8131
35
8%
93
2
%
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
July
3,565 zr 3
335
7,100
4
100
123 14
40 1435
1,415
6%
112 13
240
13
75.4
5
3134
26
935
2135
1.235
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
2131
1134
6
46
42
15
28%
24
July
May
Apr
July
July
June
July
July
435
4
165
2,473 12% 1331
4,388 1 1835 20%
3,012 1631 18
815 I 19
20%
216 6631 71
35
548 17 34
7,35
4,360
114
385 6834 7031
48 I 9934 111
36
2,021 21
5
10
100
30
155 15
9
210
85
5 61
Jan
Feb
Jan
Jan
Ma
Jan
Fe
Fe
Jan
Jan
Mar
Jan
Jan
Jan
Feb
1131
2535
2734
2535
3731
102
1%
1531
10931
13435
42%
19
3435
1734
101
June
July
July
July
July
June
June
July
July
June
Jan
June
Mar
July
July
460
4
3,942
270
51
2,196
11
497
3,813
251
26
1,020
4,895
248
225
DI Giorgio Fruit corn
*
335 4%
$3 preferred
100 3014 31%
Eldorado Oil Works
24% 2531
Kmporium Capweil Corp_* 10% 1334
Emsco Derrick &
1235 12%
Fireman's Fund Indem_10 3335 3334
Fireman's Fund Insur_ _25 88
89%
Food Mach Corp com___* 42
4231
Foster & Kleiser
235 235
Galland Mere Laundry ' 30
50
Gen Paint Corp Acorn '21% 22%
B common
2% 331
Golden State Co Ltd
•
6
6
Hale Bros Stores Inc
• 12
1235
Hawaiian C & S Ltd_ ___25 5531 5531
Home F & M Ins Co _10 42
43
Honolulu Oil Corp Ltd._' 18
1834
Honolulu Plantation_ _20 29
29
Hunt Bros A corn
7% 734
Hutchinson Sugar Plant_15 19
19
Island Pine Co Ltd com_ 20 • 7% 8
Preferred
2
25
25
Jantzen Knitting Mills
874 9%
L A Gas& El Corp pref_100 106 106%
Magnavox Co Ltd
1
1
235
(I) Magnin di Co corn_ _ _
1134
11
6% preferred
100 100 100
Merchant Cal Mch corn.10
8% 8%
Market St Ry corn
100
34
%
Natl Automotive Fibres_.' 2074 2134
Natomas Co
1034 1131
No Amer Inv corn
5
100
5
6% preferred
100 4034 46
535% preferred
100 40
42
North Amer Oil Cons...10 1454 1434
Occidental Ins Co
10 2734 2834
Oliver United Filters
2234 2231
999
184
2,785
2,149
4,465
32
482
1,487
240
10
516
2,671
396
Paauhau Sugar
..15
Pacific G & E coin
25
6% lot pref
25
534% pref
25
Pacific Lighting Corp corn*
6% preferred
Pee Sub See (non-vot)com
(Non-voting) prof
Pac Tel & Tel corn
100
6% preferred
100
Paraffin° Co's corn
•
Ry Equip & Rlty 1st pret•
Rainier Pulp dr Paper Co *
corn
Roos Bros
1
Preferred
100
1131 11%
25
24
27% 2731
2535 2535
35% 37%
100 10035
13,4 1%
13% 15%
107 109%
132 133
4031 41%
19
19
3434 3435
17% 17%
101 101
10
J Pwr7% Dr wet 100 110 110
Shell Union Oil corn
715 I
• 10
10%
Preferred
365
100 93
95
Southern Pacific Co-100 1734 1834
975
So Pac Golden Gate A_.•
3,000
1% 2
100
35
35
10
Spring Valley Water Co-*
6
6%
Standard 011 Co of Calif.* 3435 3435 1,005
748
Tide Water Assoc Oil corn* 10% 10%
844
100 9934 100%
6% preferred
Transamerica Corp
634 635 36,288
2.755 I
25 1754 18
Union Oil of Calif
Range Since
Jan. 1 1935
High Shares Low
Low
High
17
400 1556 17 June 20
Jan
Jan 1431 Jul
1431
395
734 12
135 Jan
3% May
750
335
IX
10
500
935 July 1134 Jun
Jan 165 May
165
105 12031 143
7% Jan 1334 Jul
3%
1354 5,531
2235
22
215,4 2134
34
35
1231 1235
58
58
3431 3534
94
94
9%
8
4931 50%
34.35 35
9914 100
31% 3234
3% 4%
63
62
62
57
15%
17%
%
4
20
16%
59
7%
15
1835
56%
21%
331
27
26
16
13
5
17
44
10%
34
3135
5
35
4
6754
5%
4534
1231
35
4
2634
735
43%
434
11%
235
7y,,
8834
535
6435
13
131
35
5
28
731
8334
434
14%
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
High Shares Low
Low
High
Union Sugar Co com___25 12
600
4
1254
Jan 1635 May
5
7% preferred
25 2334 2335
100 16
1754 Jan 26 May
Wells Fargo Bk & U T..100 262 26434
68 179
230
Jan 26434 July
Western Pipe & Steel Co 10 18
1931 5,330
735 103,1 Jan 1935 July
San Francisco Curb Exchange
July 6 to July 12, both inclusive comp led from official sales lists
July 1
Week's Range Saks 1933 to
for June30
of Prices
Week 1935
Range Since
Jan. 1 1935
StocksPar Low
High Shares Low
Low
High
Alaska Treadwell
25
450 45c
20e Apr
10e
200
80c June
Amer Tel & Tel
393 I 9835 99
100 126 130
Mar 130
July
Amer Toll Bridge
390 45c 3,500
1
210 Mar
20e
47c July
Anglo Natl Corp
• 1035 1035
735 Jan 1035 May
810
3
Argonaut Mining
Jan 1735 June
5 1634 1735 1,240 1.75 10
Caiwa Co
10 1.75 1.75
75 2.00 1.75 July 1.75 July
Cities Service
•
134 174
75e Mar
750
290
254 May
0252 116
Claude Neon Lights
1
32e Apr
37c 45c
550 May
Crown Will lot pref
8235
458 40
68
* 80
Mar 87
Jan
2d preferred
530 1635 38 June 5035 Jan
* 4034 4414
4002 33,4
Elec Bond dr Share
5
9
93' 931
931 July
July
Ewa Plantation
4435 4435
20
50 4035 4035 Jan 50 May
General Motors
10 3334 3635 2,085 12 2235 2694 Mar 3635 July
23017 435
Gladding MoBean
5
Apr 10 June
*
834 831
Cr West Elec-Chem._100 230 240
25 85
124
Jan 240
July
Preferred
180 84
100 10334 10335
100
Jan 10394 June
Hobbs Battery A
* 1.25 1.25
50c
125
50e June 1.25 July
Idaho Maryland
1 3.40 3.50 1,250 2.50 3.00 Jan 3.95 May
Halo Petroleum
16e 16c
1
13c Jan
100
Sc
280 Feb
Preferred
220
850 90c
1
66e Jan 1.20 Jan
47e
Kleiber Motors
10
5o May
400
Sc
7c
70
7c June
Libby McNeill & Libby_10
1331 June
287 7 234
735
7
831 Apr
Lockheed Aircraft
1 3.55 3.90 6,236
" 90e
1.30 Mar 3.95 July
MeBryde sugar
5
6
6
Natl Auto Fibres pref . 120 125
Oahu Sugar
20 3074 3034
Occidental Petroleum__ _ _1
260 26c
O'Connor Moffatt
• 3.25 3.25
Pac Amer Fisheries
5 1331 1435
Pac Eastern Corp
1
235 235
Pao Portl Cem pref___100 38
38
Pineapple Holding
20 1635 1735
Pioneer Mill Ltd
20 273/ 2734
Radio Corp
631 854
*
Sears Point Ltd
*
50e 50e
Shasta Water
* 2934 31
Southern Calif Edison_25 1945 20
535% preferred
25 23
2331
6.7 preferred
2535
25 25
25 2835 2835
74 Preferred
Sou Pac Golden Gate A 100 22
23
Title Guaranty pref
18
• 18
Treadwell Yukon
35e 350
1
1
200 20c
United States Pete
Vica Co
6
6
West Coast Lite
5
534 534
50 4.25 4.25
127 46
101
2031
50 15
900
23e
20c
11(. 2.00 3.00
935
1,000
5
670
135
174
11 30
3231
11
5
885
10 16
2731
4
4
200
25
750
50e
225 11
22
787 I 1035 1031
504 171454 1635
720 15% 1735
118 1835 2035
156 1435 17
63 1034 17
100
25e
250
16e
200
18e
265
3
6
5 4.50 4.50
Jan
614 May
Apr 12634 Jan
Jan 31
May
Apr
33e Mar
Jan 3.90 Mar
Jan 1435 July
Mar
33,4 May
Feb 38
July
Jan 1934 May
July 31
Apr
Mar
635 June
50c July
July
Jan 31 June
Mar 2035 July
Jan 2335 June
Jan 2535 July
Jan 2835 July
Jan 23 May
May 18
July
Feb
35e July
Mar
27e May
6
July
July
Feb
6 May
•No par value. e Cash sale. 218z
-dividend. o Ex-tights. s Listed. t In default.
o Price adjusted 10 100% stock dividend paid Dec.29 1934(Kalamazoo Stove Co.)
C New stook. 8 Low price not including cash or odd-lot sales.
z Mountain Fuel will succeed Western Public Service Co. July 15.
The National Securities Exchange@ on which low prices since July 1 1933 were
431 July
Jan made (designated by superior figures in tables), are as follows:
38
2634 Ma
I1 Cincinnati Stock
New York Stock
77 Pittsburgh Stook
1331 Jul •
Is Cleveland Stock
New York Curb
77 Richmond Stock
1335 Jul ,
14 Colorado Springs Stock 74 BS.
New York Produce
Louis Stock
3535 Ap
'
New York Real Estate "Denver Stock
n Salt Lake City Stock
8951 Jul ,
11 Detroit Stock
Baltimore Stock
76 Ban Francisco Stock
4234 Jul ,
VI Los Angeles Stock
Boston Stock
77 San Francisco Curb
231 Jun 3
"
Buffalo Stock
Los Angeles Curb
11 San Francisco Mining
50 Jun r
California Stock
11 Minneapolis-St. Paul
co Seattle Stock
2234 Jul 7
Chicago Stock
11 New Orleans Stock
76 Spokane Stock
3% Ma p
1 Chicago Board of Trade" Philadelphia Stock
I Washington(D.C.)Stock
,
6% Jun a
'Chicago Curb
12% Jul
Ap
60
43 July
2034 May Southern California Gas Co. Files
Registration State3235 May
ment with SEC for $15,000,000 First Mortgage and
Jan
10
1935 July
Refunding Bonds, 4% Series
10 May
29 May
The Securities and Exchange Commission announced
July
934
10644 July July 10 that the Southern California Gas Co. had filed the
135 May previous day (July 9) a registration statement (No. 2-1542)
1135 July
101 June under the Securities Act of 1933 for $15,000,000 first mort635 June gage and refunding bonds, 4% series, due 1965. While
135 July $15,000,000 is
the principal amount
of the issue, the registration fee was based on a maximum offering price of 10134,
or $1512251000. The issue is to be dated Aug. 1 1935, and
the approximate date of the proposed offering is to be July
29 1935. The announcement of the SEC continued:
Bonds are to be redeemable at the company's option as a whole at any
time, or in part on any interest payment date prior to maturity, upon at
least 30 days' published notice, at the following prices and accrued interest:
On or before July 31 1940 at 10754, the premium thereafter decreasing
% of 1% for each succeeding 12 months' period, to and including July 31
1954, and without premium thereafter to maturity. Interest is to be
payable Feb. 1 and Oct. 1.
According to the registration statement, the proceeds of the issue are to
be used to redeem at redemption prices and accrued interest, the following
securities:
$ 6,170,000 first and refunding mortgage gold bonds, 534%, series B of
8.646,000igg,
g'c!rligge 'and refunding gold bonds,5%,series due
M
1957.
at 104.
$14,816,000
No firm commitment to take the issue has as yet been made, according
111 June
1134 May to the registration statement. It is expected that Blyth and Co., Inc.,
9535 May will be one of the several underwriters, and will act as manager of the
under1915 June writing group. The names of other underwriters,
the amounts under2
July
written, the discounts and commissions allowed, and the price of the
1
Jan
bonds
6% July to the public, are to be supplied in an amendment to the registration state3835 May ment.
12 May
The company is a subsidiary of Pacific Lighting Corporation,
10234 June
which
7 May holds 73.38% of the voting power. A. B. Macbeth, of Los Angeles, is
20% May President of the company.
256
Financial Chronicle
July 13 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
6e
Jan
1 1948
43
Oct
1 1957
434e
Oct
1 1958
Prov of British Columbia
4 Me
Feb 15 1938
EA
July 12 1949
Oct
1 1953
434e
Province of Manitoba
Aug 1 1941
434s
June 15 1954
be
Dec 2 1959
15e
Prov of New Brunswick
43418
June 15 1938
Apr 15 1980
434s
Apr 15 1981
494$
Province of Nova Soot's
434e
Sept 15 1952
be
Mar 11960
10012 10112
93
94
9614 97
101 10114
10114 102
9512 9612
10312 10414
107
10812
10314 1033
4
107 10812
108 109
Province of Ontario
3 1937
Jan
534$
1 1942
be
Oct
Sept 15 1943
fle
May 1 1959
Se
4a
June 1 1962
Jan 15 1985
4348
Province of Quebec
Mar 2 1950
494$
Feb
1 1958
4e
May 1 1981
434/3
Province of Saskatchewan
434e
May 1 1938
June 15 1943
58
Nov 15 1948
534$
Oct
1 1951
1134e
Bid, .438
10614'1063
4
11112 11212
1163 11714
4
116 111612
105 10518
10812 10912
1123 11312
4
10934 1103
4
11214 11314
101 10112
1013 10212
4
104 105
9012 9712
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
High Shares
Stocks (Concluded) Par Price Low
Bid
Ask
127
2812 Int Pow & Pap of Nfld 58'88
86
88 Lake St John Pr & Pap Co
Feb 1 1942
9912 - _ 634.
8348
Feb 1 1947
9112 9212
____ ___ MacLaren-Que Pow 5348 '81
113 11314 Manitoba Power 5341._1951
10512 10612 Maple Leaf Milling 53431949
Maritime Tel & Tel 68._1941
100 101
9634 98 Massey-Harris Co 5s1947
10534 10612 McColl Frontenac 011841949
/49
___ Montreal Coke & M 534e '47
9812 9912 Montreal Island Pow 530'57
10414 10514 Montreal L H & P ($50
1939
10312 10414
par value) 3s
10518 ___
bs
Oct 1 1951
Mar 1 1970
10134 ___
be
1053 10612 Montreal Pub Serv /4_1942
4
6812 6714 Montreal Tramways 56.1941
102 10214 New Brunswick Pow bs 1937
993 10012 Northwestern Pow fle _1980
4
Certificates of deposit__
72
7312
1113 11218 Nova Spotlit L & P 58_1958
8
f1312 1412 Ottawa Lt Ht & Pr 58-1957
10812 -__ Ottawa Traction 534e...1955
104 - Ottawa Valley Power 530'70
4
4
763 773 Power Corp of Can 4%81959
Dec 1 1957
9814 99
be
1943
34
38 Price Bros dc Co 6s
Certificates of deposit____
10512 106
8312 . Provincial Paper Ltd 5348'47
__
1988
86
88 Quebec Power be
10114 10214 Shawinigan Wat & P 43421'67
1949
10112 10218 Simpsons Ltd tie
5012 Southern Can Pow 5s1955
/49
___ Steel of Canada Ltd 1521_1940
43
873 8814 United Grain Grow 58_ _1948
4
913 9234 United Securles Ltd 534s'52
4
134
35 West Kootenay Power 58'58
___ Winnipeg Elea Co 56...._1935
101
VIII. intl.
A.
Ore 2 10/14
120
22
J57 60
69
70
51
52
29
f27
109
-.
80
8113
1043 10511
4
103
-103 1033
4
f4814 49
10614 1061:
107 10714
__
10514
100 10011
86
8711
3311
/3212
f3214 3311
102
__
103 10534
91
93
9112 93
83 8534
85 88
____ 92
____ 92
10112 1021
:
10514 10511
9712 977i
102 10311
104 105
110
__
90
9111
79
80
10512 10611
9818 9913
Sib, F2
Railway Bonds
Bid Ask
Canadian Pacific RyCanadian Pacific RySept 1 1946
4)4s
48 perpetual debentures__ 8714 88
Del 1 1954
Sept 15 1942 11012 11114
55
68
July 1 1980
Dec 15 1944 9714 98
6348
434s
July 1 1944 112 113
58
Bid
Ask
10212 103
106 10612
1J112 102
Dominion Government Guaranteed Bonds
Bid
Ask
Canadian Northern By
Canadian National R7
78
Deo 1 1940
Sept 1 1951 11112 112
£4348
July 1 1948
4
Sept 15 1954 1023 103
8348
, 435/1
June 15 1955 11418 115 Grand Trunk Pacific Ry43.48
Jan
11962
4s
Feb 1 1958 11214 11238
4348
Jan
11962
33
July 1 1957
1107
s
A 434$
July 1 1969 1143 1147 Grand Trunk Railway
8
Se
8
Sept 1 1936
68
58
Oct
1 1969 1163 11714
4
Oct
1 1940
78
13970 11612 11714
56
Feb
Bid
Ask
10418 10518
12314 124
1063 1073
4
4
983 9912
4
10512 1057
8
104 10412
Montreal Stock Exchange
July 6 to July 12, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
High Shares
Par Price Low
8
*
Agnew-Surpass Shoe
97
* 97
Preferred
1234
• 1234
Associated Breweries
5%
Bathurst Pow & Pap A.. °
20
Bawlf(N) Grain prat_ _100
100 129% 127
Bell Telephone
9
97
123.2
6
20
129%
75
10
"510
5
189
Range Since Jan. 1 1935
Low
High
9
Jan
734 Jan
96
Jan 100
Feb
10% Mar 13% Jan
4% Mar
6% Jan
Jan
25
May 40
118
Apr 135
Jan
High
3,147
1,070
105
105
50
8%
21
2%
14%
2634
Apr
July
Apr
Jan
Apr
10% Jan
30% Jan
5
Jan
17% Jan
31
June
6%
52
19%
6
52
1934
1.00
634
30
6%
13%
6%
53%
19%
1.50
7%
30
73.4
1434
207
135
296
110
110
75
1,015
255
6
51
17%
1.00
5%
26
6%
12%
Mar
Apr
Mar
July
July
May
Mar
Mar
834
64%
20
234
11%
30%
8%
17
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
23% 2334
118
100 118
•
1934
48
100 48
96
100
•
2034
23%
118
19%
48
96%
21
565 18%
104 100
1,140 18
30 48
35 95
240 20%
Apr 24%
Jan 118
May 20%
July 66
Jan 105
July so
June
June
Jan
Feb
Mar
Feb
59%
Cndn Gen Elea pref
50
.100 49
4214
Cndn Hydro-Elec pref,
Cndn Ind Alcohol
9%
8%
•
7
Class B
8%
Cndn Locomotive
•
2
9%
Canadian Pacific Ry____25
9%
7
Cockshutt Plow
7%
158
Cons Mining & Smeltg__25 162
593.4
49
8%
2
10
7%
163
5
777
4,607
3,555
10
59
37
7
6
2
9%
1,035
6
880 126
May 63%
Apr 82%
Jan 10%
Jan
936
July
Mar 13%
Mar
814
Mar 184%
Jan
Jan
May
May
Apr
Jan
Jan
May
Dominion Bridge
29% 2834
Dominion Coal new pref __- 18%
17%
100
137
Preferred
Dominion Glass
100 110
110
Preferred
100
13934
4%
Dom Steel & Coal B_ .25
551
Dom Textile pref
100 69
66%
Dryden Paper
•
3
29%
1914
139
112
138%
5%
69
3
336
6,601
328
21
5
8,958
200
16
Mar
June
Jan
May
Apr
Apr
Jan
July
33%
1734
140
120
145
6
146%
5%
Jan
July
Feb
Jan
May
Jan
Mar
Jan
3
5234
5
3%
3
52
52%
5
5
4% 4%
75
394
50
145
3 June
51% June
435 Jan
4% July
5%
52%
8%
7%
Jan
June
Jan
Jun
Hamilton Bridge
•
Preferred
100
Hollinger Gold Mines___5 14.00
Howard Smith Paper_ ___•
9
Preferred
100
3% 3%
20
20
14.00 14.40
9%
9
9034 90%
5
3 June
5% Jan
10 20
July 32
Jan
1,080 14.00 July 20.20 Mar
25
Apr 13
9
Feb
5 83 May 90% Feb
Imperial Tobacco of Can.5
lot Nickel of Canada____*
International Power
Preferred
100
13% 13%
26% 28
1.85 1.85
45% 4535
8,645
3,570
100
2
12
22%
1.00
45
Mar
Feb
Apr
Mar
13%
29%
6.00
64
Jan
may
Jan
Jan
7
3%
12%
25
73
30
58
94
7
4%
12%
25
73%
3034
58
97
90
240
1,417
30
20
4,014
12
156
7
3%
12%
25
73
26%
54%
80
June
Mar
June
May
July
Apr
Jan
Jan
13%
5%
15%
25
97
32
58
99
Jan
Jan
Jan
May
Feb
Jan
Mar
May
National Breweries
36
Preferred
25 40
National Steel Car Corp_ *
Ogilvie Flour Mills
• 158
Preferred
100
Ottawa L H & Pow pref100
Ottawa Traction
100
34%
40
14
158
140%
105
20%
38
40
14%
160
140%
105
2034
Jan 36%
Mar 40
Mar 18%
Mar 190
Mar 152
Apr 105
Feb 22
June
June
Jan
Jan
Feb
June
Feb
Power Corp of Canada_ __•
Quebec Power
•
Rolland Paper pref___ _100
7%
14
87
7% 8%
14
1434
87
89
St Lawrence Corp
A preferred
50
St Lawrence Flour Miils100
St Lawrence Paper pref.
_100
Shawinigan W & Pow____*
95c
Canada Cement
Preferred
100
Can North Pow Corp _..*
Canada Steamship
Preferred
100
Canadian Bronze
•
Cndn Car & Foundry----*
25
Preferred
Bid
Alt
99% 100N
Low
8% 8%
23
21
21.6 3
16
16%
30% 30.%
•
Bruck Silk Mills
Building Products A..._20
Industrial and Public Utility Bonds
Range Since Jan. 1 1935
8%
21
3
16
3035
Brazilian T L & P
Brit Col Pow Corp A
Private wires to Toronto and Montreal
26 Broadway, New York
Montreal Stock Exchange
Wood,
Gundy
14 Wall St.
& Co., Inc.
New York
Stocks-
Members New York Stock Exchange
10814 109
115 116
Canadian
Bonds
Abitibi P & Pap cite 55 1953
Alberta Pacific Grain 8s 1946
Asbestos Corp of Can be 1942
Beauharnols L LI & P 5348'73
Beauharnois Power 821_1959
Bell Tel Coot Can be__1955
British-Amer 011 Co 58_1945
Brit Col Power 534e___1980
Se
March 1 1980
British Columbia Tel be 1960
Burns & Co 534e-330_1948
Calgary Power Co 6e__-1980
1941
Canada Bread es
Canada Cement Co 534s '47
Canadian Canners Ltd 65'50
Canadian Con Rubb 6e-1946
Canadian Copper Ref fie '45
Canadian Inter Paper 88'49
Can North Power 58_1953
Can 1.1 & Pow Co 58_1949
Canadian Vickers Co 85 1947
Cedar Rapids M de P 58 1953
Consol Pap Corp 534e__1981
Dominion Canners 821_1940
1940
Dominion Coal 58
Dom Gas & Eleo 634e 1945
1949
Dominion Tar 6e
Donnaoonna Paper 534e '48
Duke Price Power 6s_ _ _1988
East Kootenay Power 721 '42
1949
Eastern Dairies es
Eaton (Ti Realty 58.-1949
Pam Play Can Corp 88_1948
1956
Fraser Co es
1950
Os stamped
Gatineau Power 65._ 1956
General Steelwaree 88..1952
Great Lakes Pap Co 15t 85150
Hamilton By-Prod 7s_ _1943
.......... no.,‘,... xrz. 10C2
LAIDLAW & CO.
Cndn Celanese
Preferred 7%
Rights
Cndn Cottons
Preferred
Cndn Foreign Invest
General Steel Wares
G'year T pref Inc new._100
Gurd (Charles)
Gyspum, Lime & Alas.. 8
.
Lake of the Woods
Massey-Harris
•
McColl-Frontenac Oil__ _ _*
Montreal Cottons
100
Preferred
100
Mtl L H & Pow Cons__ _*
Montreal Telegraph. _
Montreal Tramways _ _100
7%
7
14%
13%
28
4
12%
73
3034
58
9%
15%
950
4
36
834
15%
1.05
4
36
93.4
16%
24%
17
116%
110
138.%
3%
137
3
1,914 31
385 38
105 14
46 140
11 130
5 100
12 14
500
121
20
330
100
15
143
1,241
7
14
83
Apr
May
May
10% Feb
17% Jan
92
Jan
950
3
35
8
15
July
June
Mar
July
Apr
1.90
8%
39%
1634
20
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
June
June
Sher Williams of Can
12% 12% 12%
Preferred
100 106
10434 108
Simon(H)& Sons
13
13
13
Southern Canada Power * 11
11
11
Steel of Canada
49% 49
4935
Preferred
25
45
45
30 11%
50 100
30
9%
250
9%
704 42%
88 41%
Apr 17
Jan 110
Jan 14
May 14%
Mar 49%
Feb 45%
Twin City
Wabasso Cotton
Winnipeg Electric
Preferred
100
90
10
140
30
Apr
Jan
May
Apr
Banks
Canada
Canadienne
Commerce
50 61
100 128
100
17
1.25
3
3
17
17
1.00 1.25
8
7
61
128
145
62
12834
146
Montreal
100 184
182% 185
Nova Scotia
100
270 270
Royal
100 14934 14934 151
• No par value. I Flat price.
3
17
1.00
4
4%
27
2.25
10
Feb
Feb
Jan
Feb
96 55
Jan 66
May
83 125
Jan 132
Mar
33 143% Mar 169% Feb
158 172
23 270
98 148
June 204
June 304
June 173%
Jan
Jan
Jan
Volume 141
Financial Chronicle
257
Canadian Markets-Listed and Unlisted
.
HANSON BROS Canadian Government
Municip
INC6I1PORATED
.
ESTABLISHED 1883
255 St.James St., Montraal
56 Sparks St, Ottawa
330 Bay St, Tenth
al
Public Utility and
Industrial Bonds
Montreal Curb Market
July 6 to July 12, both inclusive, compil
ed from official sales lists
Stocks-
Frtday
Sales
Last Week's Range for
Sale
ofPrices
Week
Par Price Low
High Shares
CANADIAN SECURITIES
GOVERNMENT. MUNICIPAL. CORPORATION and RAILR
OADS
ERNST
Sic
COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
• One South William Street
New York
PRIVATE WIRES MONTREAL.TORONTO AND CHICA
GO
Range Since Jan. 1 1935
Toronto Stock Exchange
Low
High
Asbestos Corp voting tr_.*
NTalay
498
8
Mar 1331 June
Sales
Bathurst Pow & Paper 13.• 1231 124 1231
1.25 1.30
Last Week's Range for
58
1.00 Apr
2
Jan
Range Since Jan. 1 1935
B C e“ekers
550 600
150
500 Feb
Sale
of Prices
Week
Preferred Ltd100
1-75 Jan
Stocks (Concluded) Par Price Low
*
134 14%
75 1331 July 18
High Shares
Jan
Low
High
Brit Amer Oil Co Ltd.......• is
154 1531
868 144 Mar 1854 May
Can Dredge & Dock Ltd_•
_
23
2331
6
Jan Canada Steamships pref100
6
10
155 1931 Mar 25
6
July
1131 Jan
Critelli Macaroni Prod B.*
2
•
8
2
1.50 Jan
1
231 Mar Canadian Bakeries A
1
5
1
July
1
July
Champlain Oil Prods pref..'
Preferred
320
831
100
631 7
7U -831 July
15
15
8 15
July 20
David & Frere Ltee A_
Mar
- - Feb Cada Canners corn
*
2
24
•
230
2
July
4
Apr
354 344
525
354 July
84 Jan
Distill Corp Seagrms Ltd-0 21%
lst preferred
19% 21% 5,685 134 May 214 July
100
75
77
35 76
July 94
Dom Eng Wks Ltd
Jan
Cony pref
•
19
19
10 17
Apr 23
•
54
Feb
54 54
420
5
July
Dominion Stores Ltd.... _*
9% Jan
7
7
7
100
7 May 1231 Jan Cndn Car coin
•
6%
Preferred
844 754
245
554 June
Dom Tar & Chem Co Ltd_*
84 Jan
25 144 13% 1444
120
331 4
331 June
74 Feb
122 12
Mar 17
Cum preferred
Jan
Cndn
100
54
54
125 44
Jan 72
• 234 23
Feb Cndn Dredge com
234
170 194 Mar 24% Jan
Fraser Co's voting trust-•
_
Gen Elec pref
231
23( 231
50 5931 59% 5931
1
_5
111 584 May 8444 Jan
2
_, M.„,ar
Home 011 Co Ltd
t., ir,.! Coda Ind Alcohol A
*
•
9%
84 944
510 560
7,810
44
" ''"'e
7.4 June 10% May
Imperial Oil Ltd
"
4
B
• 19% 19% 20
4,007 154 4`"F 2231 May
*
Mar ' """
844
754 844
1,620
8% June
Int Petroleum Co Ltd
931 Jan
• 354 35
3531 1,817 284 Mar 3931 May Cndn 011 corn
• 124 124 134
30 11
Melchers Distill Ltd A
May 15
Jan
Preferred
•
9% ,94 954
100 123
515
Mar 1154 _May
7
123 123
27 113 May 127
B
Mar
_ Canadian Pacille Ry......_2
•
8
k 24 3
35
10
9% 1031
254 AP
1.887
Mitchell & Co Ltd (Robt)•
944 Mar 1354 Jan
., ._ Canadian Wineries
4 , Ja
"
34 34
44
44 4%
5
10
3
% Mar 1424 "" Cockshutt Plow
444 June
MU Refridge & Stor vot tr *
6
Mar
com
2
5
2
•
1.50 Jan 12
74
Apr
7
744
Preferred
860
64 Mar
_,_ Consol Bakeries
851 Jan
9
9
5
• 144 144 15
854 Jan'9
658 114 Jan 17
Page-Hersey Tubes Ltd..:
3 .4 Consol Smelters
"
may
834 834
25 1824 158 183
50 78
Jan 87 AIM
71 125% Mar 1834 may
Regent Knitting Mills Ltd*
Consumers Gas
5
100 187% 18731 189
90
6
44 Jan is 7
118 184
Thrift Stores LtdMay 193
Apr Camas Imp Mills
Mar
• 1831
1931 184
120 1431 Apr 19% June
cum pref64%
Dominion Coal pref__ _100
25
631 84
15
Mar 13
5
Jan
137 139
45 123
United Distill of Can Ltd_•
Apr 139% Feb
Preferred new
800
550 85o 1,100
500 Apr
1.50 Mar
• 1831
184 184
100 184 July
Walkerville Brewery Ltd-* 3.20
1831 July
3.00 3.25
3.00 Mar '4.25 Jan Dominion Steel & Coal B25
280
54
454 54 1,44
Walker Gooderhm St W..* 30%
344 Apr
8
Jan
27
30% 1,285 2354 May 33
*
7
Feb Dominion Stores
8% 7
452
Preferred
844 July 124 Jan
• 1731
1731 1731
•
140 164 Jan 18% Apr East Steel Products
8% 1331
15
Beauharnois Power corp-•
8
May 10
Jan
East Theatres met
344
3
34
305
100 70
Apr I731 Feb
3
70
70
5 60
C NorPow Corp Ltd pfd100
Apr 90
Feb
84 9854 May 107
Feb Economic Invest Trust-50 15
15
15
Foreign Pow Sec Corp Ltd. 100% 100 101
70 1454 Jan 20
Feb
Fanny Farmer corn
750 75e
25
75o July
•
24 J
94
9
94 2,405
Inter Utilities Corp class B1
734 Mar
944 May
- a°
300
300 350
205
300 Mar
• 274
50c Feb Ford of Canada A
mg 28
9,667 2344 June 324 Jan
United Securities Ltd--100
25
25
8 24
Jan 30
May Frost Steel & W 1st pref100 78
78
78
10 88
Jan 78
,.•-1.41
July
Gen Steel Wares corn
•
34 354
Mining50
354 July
54 Feb
Goodyear Tire pref----100 5231 52
524
1,822 5131 Jun
Afton Mines
5231 June
1
690 An 880 70c 3,200
,
48o June k 70c July Gypsum Lime dr Alas_ __ _•
444
44 444
395
Big Missouri Mines Corp_l
444 July
744 Jan
530 Aii, 520 65c 3,020
30e Feb 175c May Hamllton Cottons pref__30 25
25
25
Brazil Gold & Diamond__ 1
60 24 Jun
304 Feb
480
480 51
020o Jan
810 June Ham Utd Theatres pref100
.
50
60
Bulolo Gold Dredging Ltd5 35
5 80
Jul
60
May
34.55 35.50 1,910 33.75 Jan 38.15 May Hunts Ltd A
•
6
6
Castle-'Frethewey M Ltd_l
50
6
July
11
Jan
980 980 1,000 81340 Mar
5 1331
1.32 Apr Imperial Tobacco
1331 1331 2,326 12
Dome Mines Ltd
Apr 134 July
•
75 36.00 Feb 43.85 May Int Milling 1st pref _ _ _100
.
1104 110%
Falconbridge Nickel M. • 38.25 38.25 38.25
10 110 May 114
3,82 3.82 3.8'
Int Nickel corn
100 3.25 Jan
• 27% 264 2731 9,600 2254 Feb 294 May
4.10
Francoeur Gold
50
5
1.500
May
50 may 16310 AM Laura Secord Candy corn• 804
Jan
80% 8031
Greene Stabell Mines_ ..;
35 60
July 63
Jan
250 25o
500 18413 May
• 194 19
400 Jan Loblaw Groceteriss A
194
J M Consolidated1 1740
1,197 17% Jan
1931 July
18310 18c 30,050 1140 Feb
B
200 Mar
1731 18
Lake Shore Mines Ltd___1
.
1,285 17
*
Feb 184 Mar
180 49.00 Jan 57.75 Mar Maple Leaf Millg pref _100
50% 51
1
Label Oro Mines Ltd_ _.1 51
1
3341
30
1
5.500 3
July
5
Mar
9, me
, Massey-Harris com_ _ *
40
310 Feb
__
88
344 88
Noranda Mines Ltd
4
810
354 Mar
5% Jan
Parkhill Gcl Mines.Ltd.. • 37.00 38.50 37.15 1,430 31.00 Jan 42.75 May Monarch Knitting pre-100 •88
60 714 Jan 90
May
1
220
180 , 220 19,750
180 July
320 Feb Moore Corp corn
• 23
2231 23
Perron Gold Mine
2,382 17
Jan 23% June
1
700 j 71C 1,700
700 May
830 June
10C 140
A_
137 140
Picket Crow
1 1184 Jan 143 June
1
2.20 2.20
600
2.10 May
2.96 Mar
1(X.
"
165 165
Quebec Gold Min Corp...1
6 135
Jan 168
June
600
800 600 6.800 9340 Jan
80c June National Grocers
"
454
Road-Authier M Ltd____1 87%c
454 444
411
454 July
854 Feb
870 94c 5,100
600 Jan
990 June
10(
Siscoe Gold Mines Ltd...-1
Preferred
130 130
IC 125 June 130
July
2.80
2.58 2.80 4,425 2.50 Jan
3.28 Mar Ont Equit 10% Paid---100
Sullivan Consolidated...A
655
84 7
3C
6
Apr
84 Feb
710
700 72c 7,987
" 30
380 Jan
Tech-Hughes GM Ltd___1
30
30
750 Mar Orange Crush corn
7t 20
Mar 35 June
4.10 4.10 4.15
400 3.87 Jan
1st preferred
4.55 Mar
10(
17
Towagmao Explor Co Ltd 1
17
17
lt
6
Feb 17
July
15c
150
500
150 July
25o Mar Page-Hersey Tubes corn__'
Ventures Ltd
83
83
2( 78
Jan 88 June
*
820 834c 2,300
810 June
1.05 Jan Photo Engravers & Elec--.
Wayside Con GM Ltd_50c 83440
23
23
11
21
Mar 244 May
Ile
lie
1le
Porto Rico pref
200
9c Feb 24540 Mar
10(
Wright Hargreaves M Ltd*
85
85
11
70
May 91
Jan
7.85
7.80 7.85
300 7.80 July
9.85 Mar Pressed Metals corn
.
94
Unlisted Mines84 954
31
8
Mar 15
Jan
Riverside Silk Mills A_
.
1
Central Patrica G Mines_l
29
29
111
27
Jan 30
1.68 1.70 1,200
May
1.15 Feb
1.75 June Russell Motors corn_ ___10(
Eldorado Gold Mines Ltd 1
28
28
2/
20
Feb 30
May
1.92 1.97
800
1.15 Feb
Preferred
2.90 Apr
100
SherrItt-Gordon M Ltd--1
95
954
20 70
Jan 9554 July
500 520 1.000
450 mar
940 May Simpson's Ltd B
•
Stadacona Rouyn Mines.*
5
5
2
5 Jun
23c 22540 2130 45,700
64 Jan
140 Jan 31340 Mar
100
Sylvanite Gold Mines Ltd 1
Preferred
69
71
18 62 June 90
2.16 2.16
Jan
100 2.00 June
2.65 Mar Standard Chemical com....•
Unlisted-.
44
454 454
50
4 May
6)4 July
Standard Steel pre
Abitibi Pow & Paper Co_ •
*
25
25
45 20
Jan 25
450
600 70c
July
550 July
Jan Steel of Canada corn
2
• 4954 49
Cum preferred 6%___100
494
52.5 42
Mar 4
334
354 June
50
3% 334
931 July
Preferred
94 Jan
Brewers& Distill of Van_•
25 4541 454 454
195 41
600
Apr 4831 July
550 1300
400
50o July
950 Jan Tip Top Tailors cora
Brewing Corp of Can Ltd_•
•
'
8)4 855
15
7
May 124 June
34 354
85
3
Apr
Preferred
44 Jan
Preferred
100 '
9531 954
10 90
• 1931
Jan 984 Feb
305 1531 Apr 2231 May 'Union Gas Co corn
1931 20
Can & Dom Sugar
•
454
444 444
•
145
4 May
58
480 57
554 Feb
58
Apr 604 Apr United Steel Corp
Canada Malting Co Ltd_ •
•
234 24 24
295
24 July
185 29
3354 3331
5
Jan
Apr 334 Jan Walkers, (Hiram) corn
Claude Neon Gen Ad.Ltd_
* 3034 2631 3
031 20,457 23
•
20c
May 33
20e 20e
25
200 Mar
Feb
Preferred
30e Jan
Con PaperCorp Ltd
• 1734
174 18
•
624 1844 Jan 184 Mar
75c
SOc 1,585
75o
75e July
254 Jan Western Can Flour pref 100
Ford Mot Co Can Ltd A...*
24
33 20
27
Apr 52
2731 2,252 2344 June 324 Jan Weston Ltd (Geo) corn.. • 304 24
Mar
Gen Steel Wares pref....100 27
3054 3131
400 27 June 484 Jan
85 37
42
Jan 55
Feb
Preferred
Donnaconna Paper 13_ _ _ • 1.00 41
ik
112 112
10 108
1.00 1.00
4
May 113
1.00 Apr
1.10 May Winnipeg Eleo pref- -100
Jan
Loblaw Groeeterias Ltd A •
7
7
.
5
454 May
1954 1951
15 18
Jan 194 July
954 Jan
Price Bros Co Ltd
100
1.75
1.60 1.85
1.50 June
375
Banks34 Feb
Preferred
100 16
16
155 154 June 34
16
I
Jan Canada
Royalite 011 Co Ltd
50 8054 8054 62
•
97 55
24.00 24.00
25 18.25 Jan 27.00 May Commerce
Feb 6854 May
100 148
145 148
54 1434 June 18954 Jan I
Dominion
100
168 16854
55 182
May 2014 Feb
Imperial
100 179
179 180
88 17854 July 2084 Mar
Montreal
100 18554 183 1854
31 173 June 203
Nova Scotia
Jan
100
July 6 to July 12, both inclusi
265 285
4 265
July 305
ve, compiled from official sales lists Royal
Jan
100
150 151
20 148 June 173
Toronto
Jan
100 200
200 201
Friday
60 200
Sales
July 230
Mar
Last Week's Range for
Range Since Jan. 1 1935
Loan & Trust
Sale
of Prices
Week
Canada Permanent_ _ 100 128
Stocks125 128
Par Price Low
92 125
High Shares
Low
July 150
Goodyear Tire
High
Feb
•
145 145
10 125
Apr 185
New
May
Abitibi corn
• 7254 7254 7244
288 724 July 724 July
••
800
55e 650 1,400
55e July
2.00 Jan Honey Dew Ltd
as 6% preferred
•
35
35
100
300 15
4
4
55
451
Mar 60
4
July
944 Jan Ont Loan & Debenture__50
Jan
lint Amer 011
11044 11034
.__
•
107
1,838 1454 Apr 1634 May Toronto Gen Trusts _ _ _ 100
Apr 1104 July
Ileauharnols Pow corn__ __• 1554 1531 1531
100 100
1 100 June 125
3
65
3%
244 Apr
7
Feb
Feb
Bell Telephone
100 129
127 129
318 118% Apr 13534 Feb
Blue Ribbon 631% pref_50 23
22
40 1934 May 29
23
Feb
1st pref_ _25
2844 29
199 274 Jan 30
Mar
Brazilian coin
•
854
844 831 5,655
834 July
1034 Jan July 6 to July 12, both inclusi
Brewers & Dist corn
ve, compiled from official
• 60
1,450 50
55
60
Jan 95
Jan
sales lists
Brit Col Power A
•
282 22
23
22
July 30
Jan
trulay
sfrB
•
Sates
234 241
41
24 Apr
5
Jan
Last Week's Range for
Building Products A____ • 304 30
Range Since Jan, 1 1935
304
180 264 Apr 31
May
Sale
Burt (F N)con
of Prices
Week
25 33.54 324 3354
710 284 Apr 344 Jan
StocksPar Price Low
Canada Bread corn
High Shares
*
254 231
25
Low
2 June
5% Jan
High
.0 preferred
100 27
10 17
27
27
Apr 30 June Bissell Co (T E) prof
Canada Cement corn
•
30
30
•
854
5 25
5% 834
84
5% Mar
Jan 30
834 Jan Brewing Corp corn
•
34
July
Preferred
334 344
•52
348
52
18 51
254 Apr
Apr 8434 Jan
. 54% 53x 53
Preferred
4% May
* 194 19
Canada Packers com
255 5
19%
0 may 56
458 1531 Mar 22% May
s
i„ Can Bud Breweries corn_•
5434
7
834 7
100
415
113 113
5 110
514 July
Jan 115
July
834 May
• No par value.
Toronto Stock Exchange
• Brant:cordage
Toronto Stock Exchange-Curb Secti
on
Financial Chronicle
258
July 13 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section lists
sales
C4
Vitalkarvilli.PWPMInir
0C!..MCCOMQ
,
ICCCOCQCOCOC9O1 ..00COCNCQ0C00 t.t.
cN.0
Np.N.4t.
M...NvCCW.M.N. NO.C.0
N
compiled from official
July 6 to July 12, both inclusive,
bamr
r rway
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
High Shares
(Concluded) Par Price Low
Stocks
Apr 33% July
29
33%
May
Canada Malting com__--• 33% 33
Jan 29
25
27% 28
•
Canada Vinegars com
Apr 173( July
15
17
173(
Can Wirebound Boxes A-• 173( 19% 21%
13% Apr 21% July
• 21%
Distillers-Seagrams
2434 Mar 34 June
• 2834 283-4 29S5
Dominion Bridge
7% Mar
33( June
33-4 4%
Dom Tar & Chemical com•
Jan 70 'Mar
42
533( 55
100
Preferred
20 June 40 May
25
25
Millen) Paving pref__100
Jan 12% Feb
7
9
8
•
May
English Electric A
Apr 165
125
145 145
•
Goodyear Tire corn
72% July 7234 July
72%
7234 7234
Jan
New
Mar 60
15
35
35
•
Feb
Honey Dew corn
Jan 32
28
29
29
Ilumberstone Shoe com_ •
1534 Feb 2234 May
20
• 1934 19%
Apr
Imperial Oil Ltd
6
334 Jan
234 234
•
Internet Metal Indu.s
2834 Mar 3934 May
International Petroleum_.• 35% 3534 35%
1234 Jan 1534 Jan
1234 13
McColl-Frontenac Oil com• 1234
94% Apr 100% Mar
95% 96
100
Jan
Preferred
27 May 32
3034
30
July
Montreal L H & P Cons_ •
Feb 35
31
35
35
National Breweries com_ •
1.50 Jan 4.00 Feb
3.00 3.00
5
Jan
July 175
North Star Oil pret
140
140 140
•
Ogilvie Flour Pre
Jan 1334 June
8
11
11
•
July
Jan 92
Ontario Silknit corn
75
92
89
100
Preferred
6% Jan 10% Jan
834
8
Power Corp of Can Com. •
800 May 1.00 July
• 1.00 1.00 1.00
Jan
9
Prairie Cities Oil A
534 Mar
634 634
634
•
Apr 108 June
Rogers-Majestic
103
10734 10734
. .
Jan
Robert Simpson pref _100
1434 May 20
16
1654
• 16
1.75 Jan
Shawinigan Wat & Power
750 July
750 75c
Standard Paving com____•
Feb 2834 June
2134
28
27
Supertest Petroleum ord.* 28
Jan 114 June
110
112 112
Jan
6
Tamblyns Ltd (G) com_ •
3 May
334 334
•
Jan
Mar 42
Thayers Ltd corn
33
36
36
corn. •
Mar 12934 Jan
Toronto Elevators
108
115 115
100 115
Preferred
1534 May 29 June
1834
18
434 Jan
United Fuel Invest pref 100 18%
274 June
334 334
•
-Mining Section
Toronto Stock Exchange
official sales lists
Toronto Stock Exchange-Mining Section
bales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
Low
High Shares
High
Par Price Low
Stocks (Concluded)
3.05 Max
1.25 Jan
1.37 1.40 1,400
• 1.37
Prospectors Airways
980 June
550 Jan
870 92c 6,550
1
87c
Read-Authier
410 Apr
270 May
300 32c 29,700
Red Lake Gold Mines.- • 303jc
1.67 Mar
1.15 July
1.15 1.37 28,595
1
1.26
Reno Gold
1 5%0 5340 63-Ic 4,900 4%c Feb 10554 Mar
Roche Long Lac
862 18.00 Mar 27.00 May
23.75 24.00
•
Royalite Oil
5.20 Mar
3.55 3.70 3,219 3.10 May
3.57
1
San Antonio
1.25 Apr
550 June
800 88e 9.800
86c
50c
Sheep Creek
450 Mar
1.00 May
510 55c 19,143
55c
1
Sherritt-Gordon
3.28 Mar
2.83 2.57 2.83 13,605 2.49 Feb
1
Siscoe Gold
150 Mar
-Cc 4,000 53.40 July
63(0 63
"
South Tiblemont
39e Jan
16e 5.500 1454c July
16c 1434e
1
St Anthony Gold
32e Mar
23e 26340 57,200 1350 Jan
23c
Stadaconna Rouyn Mines.
1.25 Jan
1.62 May
1.35 1.40 2,120
1.35
*
Sudbury Basin
50 June
110 Mar
60 3,100
60
1
Sudbury Contact
75c mar
38c Jan
70e 72e 5,800
1
71c
Sullivan Cons
2.70 Mar
2.17 11,330 2.01 May
2.3 2.10
1
Sylvanite Gold
670 Apr
40c July
43e 47c 16,100
•
rashota Gold Fields
4.65 Mar
3.70 Jan
4.05 4.20 7,738
1
4.12
reck-Hughes Gold
55c Feb
950 May
730 75c 3,250
750
•
rexas Canadian
1.08 July
970
1.45 Jan
1.08 1.10
1.10
1
roburn G M Ltd
250 Jan
600
300 may
300 300
1
rreadwell Yukon
800 May
1.07 Mar
830 82340 83c 11,275
*
Ventures
500 July
860 May
896
50c 50c
,
4
Waite Amulet
70 Jan
24c Mar
10011354 22,450
50c 10354
Wayside Cons
20 July
.
20 234e 9 400
1034 Jan
•
White Eagle
7c Jan
100
30 July
4e
40
1
Wiltsey-Coughlan
9.90 Mar
7.75 July
7.75 7.95 4.180
• 7.85
Wright-Hargreaves
Acn liar
330 inns.
350 35e 1.400
Yammer Yanks".(11r1 CI*
Complete Brokerage Service
CANADIAN SECURITIES
SILVER FUTURES
C. A. GENTLES & CO.
k
c
nt
i
inclusive, compiled from
Membersigltarn e'trefodffrtznginge. Inc.
July 6 to July 12, both
Sales
Friday
42 BROADWAY, N.Y. Tel.BOwling Cr.9-5934
Since Jan. 1 1935
Range
Last Week's Range for
TORONTO:31.7 Bay Street
Week
of Prices
Sale
High
Low
High Shares
Par Price Low
Stocks260 Mar
18e June
180 190 7,050
• 18%0
720 July
Acme Gas & Oil
380 May
inclusive, compiled from official sales lists
720 63Sic 720 134,850
•
Afton Mines Ltd
lc May 2%0 Jan July 6 to July 12, both
lc 1340 15,500
lc
1
sates
570 Apr
Alexandria Gold Mines_ •
400 Apr
Friday
50c 1,500
48e
50c
Mar
Mines Ltd
Range Since Jan, 1 1935
Algold
900 2.%0 Jan 8340
Last Week's Range for
3%0 3%e
Week
4.50 May
Algoma Min & Fin
of Prices
Sale
4.10 4.15 1,170 3.75 Mar
High Shares
Anglo-Iluronlon
320 Jan
Low
100 May
High
Price Low
Par
100 140 3,600
100
Stocks80 Mar
Ashley Gold
40 4%0 6,000 2%0 Jan
4%e
140 Jan
11c Apr
Astoria Rouyn
• 4354 4340 4354 1,000 434c June
40 4,200 3540 July
3%0
0
3 mu
8c Jan Aldermac Mines
500 13-Ic Jan
2c
20
Bagamae Rouyn
1
30 12,000 2%0 May
30
940 Apr Brett Trethewey
lc June
30 Jan
le 6,000
lc
Barry-Hollinger
390 Feb
1
57c 63c 12,500
62%c
lc June 334c Jan
690 May Brownlee Mines
140 Feb
Base Metals Mining
1 1340 1540 1340 4,500
570 191,300
510
56c
2.16 Jan Canada Kirkland
30 July 7%c Feb
.500
Bear Explor & R
30 3340 5
1.28 June
500
1 3340
1.35 1.40
1.40
750 May Central Manitoba
50 16,000
30 Jan
50 Jan
Beattie Gold Mines
310 Feb
50 33-ic
1
530 55e 8,945
Mining
380 Jan Churchill
80 Apr
20 2%c 15,600 134c Feb
Big Missouri(new)
190 June
8,600
1 23.54
190 21c
19%c
2.95 Jan Cobalt Contact
220 Mar
230 24c 2,000
1.50 Mar
380 May
Bobjo Mines
37p
23c
*
1.72 1.90
1.72
Dalhousie Oil
Sc June
12.50 Jan
8c 1,900
120 June
70
Bradian Mines
•
4.30 4.30 4.80 2,540 4.30 July
60 Feb
500
3.50 Mar East Crest011
210 Jan
7c
70
Bralorne Mines
•
2.62 2.60 2.70 3,450 2.50 Apr 3%0 Jan Erie Gas
Buffalo Ankerite
* 1340 1540 1%c 23,500 154c Mar 33-40 Mar
13.40 1%0 13.40 1,000 1%0 June 7554 June Gilbee Gold Mines
50e Apr
800 may
520 55c 1.330
Buffalo Canadian
40 Jan
•
60 7%c 6,700
73e Feb Home Oil
Bunker Hill Eaten
540 Feb
* 15.35 14.85 15.35 1,657 11.50 Jan boo DABS'
610 630 5,850
Bay Mining
1.50 Jan Hudson
1.00 July
Cndn Malartic Gold
1.00 1.06 2,970
1.00
150 June 33340 Jan
1.34 Apr
150 170 1,500
560 Jan
150
Cariboo Gold
1
Townsite
990 1.10 33,950
1.03
30 Jan
3c 4,600
7c Apr
1.77 June Kirkland
30
Castie-Trethewey
*
1.12 Jan
.
1.65 1.70 30,250
1.69
2.35 Jan Lake Maron_
4c 33(0 4354 20,150 334c June 11;4c Mar
900 July
Central Patricia
1
90e 1.20 9,950
1.00
5
70 6340 730 7,600 334c Mar 934c June
270 Mar Lebel Oro
Chemical Research
8c Jan
170 190 15,450
17%0
7c May
80 Apr Nordon Corp
40 434c 12,000 3%c Jan
Chibougamau Pros
4c
•
20 Jan
40 6,875
2%0
2.60 Jan Oil Selections
320 Feb
1.35 July
1 223(e 19340 2234c 6,625 19354 Jan
Clericy Consol(new)
Gold
1.41 1.60 2,250
lc Feb 4%c Apr
Mines
43.50 May ParkhillKirkland
2%0 3%c 25,000
30
1
Conlaurum
996 35.00 Jan
• 38.00 37.50 38.60
Pawnee
4,800
45c Mar
10e Apr
500 530
84c May
1
Dome Mines
Sc 2,000 4%0 May
4%0
1
3c Jan
2.93 Apr Pend Oreille
60 Mar
1.02 Jan
1 4%c 4340 4%c 13,000
Dorn Explor(new)
Crown
1.73 1.98 53,460
1.89
lc June 234c Jan
4.07 Apr Porcupine
1340 1340 6,200
1
3.25 Jan
Eldorado
3.75 3.85 5,288
Preston East Dome
3.76
le Apr 234e Feb
lc 1Sic 4.000
45e Apr
1%c
100 July
1
600
Falconbridge
100
Gold
100
10e
30 12,900
2e Apr 4%c Feb
2.24 Jan Ritchie
1.24 Mar
1 2%c 2%0
Gabrielle Mine Ltd
Montbray
1.54 1.60 15,447
1.56
60 24,000
30 Jan 7%c May
20e Jan Robb
50
1 8%e
110 May
God's Lake
Sudbury Mines
An A Anti 2 Le.. x.......
1 11%0 11340 11%0 3,700
An
An
1
42e Jan •vr .• ',a-IA...A IkS !I
250 May
Goldale
2,500
270 28c
500
70 Mar
Gold Belt
40 3%c 4%c 8,100 2%0 June
1
•No par value.
400 May
Graham-Bousquet
180 July
180 20%c 14,333
200
1
45e Jan
17e May
Granada Gold
210 250 11,699
210
1
10c Mar
50 Jan
Greene Stabell
Canadian Crop Situation by Dominion
5%0 5)54 1,000
1
970 may Summary of
48e Feb
Grull Wihksne
680 700 13,450
680
1
Bureau of Statistics-Reports General Situation
Gunnar Gold
2e June 8%0 Jan
2c 8,500
20
in Prairie Provinces Unchanged in Week
2c
1
100 Jan
40 June
Halcrow Swayze
4%e 43.54 4,600
1
June 20.25 Mar
Harker Gold
On July 9 the Dominion Bureau of Statistics at Ottawa,
13.95 13.95 14.15 3,425 13.95 July
5
13e Mar
50
Hollinger Consol
15 weekly telegraphic reports covering
7c 3,000
50
1
1.10 Jan issued the seventh of
71e July
Homestead Oil
710 73c 7,700
720
200 Mar crop conditions in the three Prairie Provinces of Canada.
110 Feb
Ilowey Gold
16%c 17%c 34,965
1 17%0
700 July
70e July
600
that 40 correspondents distributed over
J M Cons G Mines
70e 700
_1
300 Jan The Bureau stated
220 Feb
Kerr Lake Mines Ltd._ -1
250 250 3,800
650 Mar the agricultural area supply the information on which the
Kirkland Hudson Bay.
36c 6,100 33%0 July
36c 33%e
1
48.75 Jan 58.00 Mar reports are based. In a summary of the report the Bureau
Kirkland Lake Gold
1 51.25 50.25 51.25 3,305
80 Jan
30 June
Lake Shore Mines
3c 10,000
30
30
8c Apr said:
Lamaque Contact Gold--1 4%c 4%0 454c 11,600 240 Jan
1
7.25 Feb
Prairie Provinces has not changed to any
Mines
4.50 July
Lee Gold
4.50 4.85 10,705
The general crop situation In the
• 4.60
2.75 Jan
1.52 June
general outlook remains satisfactory with
; Little Long Lac
1.56 1.65 10,310
1.60
1
120 Jan extent during the past week. The
3c Feb
15,200
Macassa Mines
60
"
40
limited areas, excessive moisture and
50
•
30 July 1394c Jan reservations in respect to drought in
Man & East Mines
30 3%c 27,600
1 3%c
1.45 Jan
Generous rains were again received over
Mar
Maple Leaf Mines
1.13 1.17 3,100 1 .06 July 46%0 Jan lateness ofcrops in other districts.
1.13
1
14e
but districts in south-western,and west
McKenzie Red Lake
Provinces,
140 16c 9,800
1
40c Jan wide areas in the Prairie
100 June
McMillan Gold
menac13%c 1334e 2,100
2.15 Mar central Saskatchewan and southern Alberta, where drought has been
45e Jan
McVittie Graham
19,950
1.13 1.25
1.17
270 May ing crops, did not share in the rainfall of the past week to an appreciable
160 Jan
800
McWatters Gold
180 18e
1.50 July
900 Mar
Merland Oil
have suffered further damage. Some heavy rains
1.45 1.40 1.47 8,120
230 May extent. These areas
210 Mar
western Manitoba and weather condi1,000
Mining Corp
220 22c
220
1
4e Mar were again received in southern and
le June
Model Oils
20 3.000
1%0
1
16c Jan tions have been such as to cause a certain amount of concern over the pros90 July
Moffatt-Hall Mines
9e 100 7.500
9c
1
appeared In the Red River Valley. Cere720 June
470 Apr
Moneta PorcliPine
pects of rust. Red stem rust has
660 680 4,300
1 67%e
yie Feb 1%0 Jan
500
and hot weather is needed to hasten maturity.
Morris Kirkland GM Ltd 1
No %0
40 Apr als are showing a rank growth
Murphy Mines
6,500 1580 Feb
Crops have made good progress in
1540 1%c
•
2.95 Apr Haying is held up on account of rains.
Newbec Mines
2.10 2.20 1,400 2.10 Jan
5 2.10 36.50 37.25 3,346 31.00 July 43.00 May Saskatchewan during the past week except in areas where moisture supplies
Massing
37.00
31e Jan
160 July
Noranda
Grasshopper damage is limited and frequent rains have held
160 16e 7,500
160
750 Mar are scanty.
-affected
Nor Can Mining
37e 38e 3,100 30%e May 6%e May this pest In check. Further damage was sustained in the drought
370
30 Feb
O'Brien Mines
have
4%e 10,000
40
4%c
320 June areas of southern Alberta during the past week but elsewhere crops
160 Feb
Olga Oil & Gas
26%c 26340 28%c 40,650
830 June made good progress. Further rains were received in northern Alberta
690 May
Paymaster
690 73c 6,000
700
1%0 Feb 9540 Apr
Perron Gold Mines
is needed on account of the lateness of crops and the ample
4c 3%e 4%c 51,000
1
650 May where hot weather
450 Feb
500
Peterson Cobalt
Heavy rains were received in the Peace
65e 650
2.96 Mar moisture supply now on hand.
May
Petrol Oil & Gas(new).- • 2.25
2.15 2.28 19,990 2.10 Jan 12.25 May
and some flooding is reported.
1
9.00
River area during the past week
Pickle-Crow
9.65 9.50 10.00 2,830
1
2.05 Apr
July
1.42
Pioneer Gold
1.42 1.55 17,260
1.45
1
Premier Gold
Toronto Stock Exchange-Mining Curb Section
Volume 141
Financial Chronicle
Over-the-Counter
259
Our "Facts and Figures"
SECURITIES
for July features
HOIT,k)SE
Survey of statements of New York City
banks, and contains current quotations
on over 400 Over-the-Counter securities.
Copy on Request.
ilaSTER
Established 1914
74 Trinity Pl., N. Y.
Whitehall 4-3700
Members New York Security Dealers Association
• Open-end telephone wires to Baltimore, Boston, Newark and 'hiladelphia. • Private wires
to principal cities in United States and Canada.
Quotations on Over-the-Counter Securities—Friday July 12
New York City Bonds
Bid ,1sk
10012 101
10012 101
10014 100 s
,
103 10512
105 10512
105 10512
10412 105
10412 105
r.620 %
107 10734
107 1073
4
107 107 4
,
107 1073
4
1073 10312
4
433.0 May 1 195;
a33.88 Nov 1 1954
a33is Mar 1 1960
a4s May 1 1957
04s Nov 1 1958
04s May 1 1959
will May 1 1977_
ate Oct 1 1980
acidtis Mar 1 1960 opt 1935_
a43o Sent 1 1960
a434s Mar 1 1962
a43is Mar 1 1964
841211 April 1 1966
a4 tie April 16 1972
Bid
Ask
1073 10812
4
10818 1083
4
1031s 1083
4
1081s 1083
4
10812 109
109 4 11012
,
1103 11112
4
1103 111 12
4
111 1113
4
1113 11212
4
11914 113
10212 1027
8
1061s 10612
a43(s June 1 1974
a48do Feb 15 1976
a4548 Jan 1 1977
a4li8 Nov 15 1978
a4l4s March 1 1981
a43ie May 1 &Nov 1 1957
a4 Ss Mar 1 1903
0434s June 1 1965
a434s July 1 1967
a43.is Dec. 15 1971
a41-is Dec 1 1979
Ms Jan 26 1936
Mis Jan 25 1937
Highway Imp 43.4s Sept'63_
Canal Imp 41te Jan 1964_ -Can & Imp High 43a 1966_
131
131
128
Bid
World War Bonus,
492s April 1940 to 1949._
Highway Improvement
4e Mar & Sept 1958 to '67
Canal Imp 48J & J '60 to 67
Barge C T 4e Jan 1942 to '46
Barge CT 4149 Jan 1 1945__
Ask
r2.25
1233
4
4
1233
11312
116
Port of New York Authority Bonds
Bid
Asd
Port of New York
Geo. Washington Bridge
Gen & ref 4s Mar 1 1975.
2 1037
2
4e series B 1936-50___J&D
3
3s series I March 1 1941__ 103
,
10114
4lie ser 18 1939-53__M&N
Arthur Kill Bridge, 4 lie
Inland Terminal 414e ser D
series A 1936-40
M&S 107
1930-60
NI&S
Bayonne Bridge 4e series C
Holland Tunnel 43.i's series E
1938-53
J&J 3 10314 1011 1
1930-60
Pli&S
MUNDS, WINSLOW & POTTER
40 Wall Street,
New York
Whitehall 4-55•11
Member, New York, Chicago and other Stock and Commodity
Exchanges
Par Bid
Ask
Bank of Manhattan Co__10 23
2412
Bank of Yorktown._ 66 2-3 32
38
Bensonhurst National_100 30
_
Chase
2012
13.55 28
City (National)
12
26
2712
Commercial National Bank
& Trust
100 142 143
Fifth Avenue
100 975 1025
First National of N Y 100 1675 1715
Flatbush National
100 25
35
Par
Kingsboro Nat Bank ._100
National Bronx Bank..... 50
Nat Safety Bank & Tr_12 14
Penn Exchange
10
Peoples National
100
Public National Bank &
Trust
25
Sterling Nat Bank & Tr_.15
Trade Bank
1212
Yorkville (Nat Bank 011.100
Rta
55
15
712
612
31
1912
11
30
Ask
2.76"
9
8
51
33
2012
13
40
New York Trust Companies
Bid
Ask
10314 104
11112 1121e
10314 10414
11112 11212
United States Insular Bonds
ptimpotne Government
48
43.48 Oct 1959
43.45 July 1962
be April 1955
58 Feb 1952
510 Aug 1941
Hawaii 4 SisOct 1956
Bought,Sold and Quoted
New York Bank Stocks
New York State Bonds
Bid
Ask
Canal & Highway
6 Jan & Mar 1946 to 1971 r2.95
Bank and Insurance Stocks
Bid 'Aid
IBM Ask
Honolulu 5e
10012,102
122 1125
103 1104
S Panama 35 June 1 1961_ 113 117
23 1936 called Aug 1 1935_ 100.2 100.4
103 1104
10112 10312
28 1938 called Aug 1 1935_ 100.2 100.4
Govt of Puerto Rico
106 108
110 112
112 1115
494s July 1958
125 120
be July 1948
111 114
Par Bid
Ask
Banos Comm Italians _ _ _100 140 150
Bank of New York & Tr_100 415 440
Bankers
10 6612 6812
Bank of Sicily
20 10
12
Bronx County
7
4
514
Brooklyn
100 91
96
Central Hanover
Chemical Bank & Truei
Clinton Trust
Colonial Trust
Continental Bk & Tr
Corn Each Bk & Tr
Par Bid Ash
10 17
18
100 215 235
1(
1
,8 2/112 2a2
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
100 1650 1700
25 40
42
20 12112 12412 Manufacturers
20 2412 26
10 45
47 New York
25 104 107
50 40
50 Title Guarantee & Trust 20
53
4 63
4
95
97 117
8
s
2 0 54,2 1512 Underwriters
10 13
100 50
60
5112 United Slates
100 1785 1835
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
3s 1955 optional 1945_ _ J&J
331s'55 optional'45 __M&N
as 1945 optional 1944 __J&J
4s 1957 optional 1937_M&N
48 1958 optional 1938.11
11.4N
1956 opt 1936____J&J
Bid
100
102
1083
8
10414
1043
4
1033
8
Ask
10014
10214
1085
8
1045s
1051e
10323
ilia
{lie
41.48
4%e
4 lie
B(4 Ash
1957 opt 1937__J&J 10418 1045
8
1957 opt 1937__M&N 10112 1043
4
1958 opt 1938__M&N 1065 107
8
1942 opt 1935___M&N 10113,6 102
1956 opt 1936____J&J 10214 10212
JOHN
E. SLOANE & CO.
Members New TorkSceurrty Dealers Association
41 Broad St., New York
H Anovet 2-2455
Railroad Bonds
LAND
BANK
BONDS
Bid
Ask
Akron Canton & Youngstown 5)4e, 1945
/48
50
Is, 1945
/48
50
Augusta Union Station ici In, 11153
86
Birmingham Terminal let 4e, 1957
94
Boston & Albany 1st 4's, April 1 1943
9614
613
;
7
Boston & Maine 3s, 1950
58
Prior lien is, 1942
79
MUNICIPAL BOND BROKERS-COUNSELORS
Prior lien 4l4s, 1944
79
120 So. LaSalle St.,
Convertible be, 1940-45
Chicago
State 0540
80
85
Buffalo Creek 1st ref be. 1901
99
Chateaugay Ore dr Iron let ref 4s, 1942
83
Chicago Union Station lot mtge 45, 1963
1083
4
160 c.
-1Choctaw & Memphis 1st fe. 1952
/50
Cincinnati Indianapolis & Western 1st be. 1965
Bid
Ask
Bid Ask
661;
8112
Atlanta bs
Cleveland Terminal & Valley bet 4,. 1995
9912 10012 LaFayette 58
96
97
8812
Atlantic be
Louleville 68
100 101
100 10112 Georgia Southern & Florida 1st be, 1945
44
48
Burlington be
Maryland-Virginia bs
90
100 10112 Goshen & Deckertown 1st 590, 1978
99
California fe
Hoboken Ferry 1st 58. 1946
Mississippl-Tennessee be__
100
100 101
Chicago bs
8612
Kanawha & West Virginia let 5e, 1955
New York 58
/29
30
9914 9934
g•g12
94
)alias 55
100 10112 North Carolina 68
973 9834 Kansas Oklahoma & Gulf 1st 5s, 1978
4
100
Ilenver be
102
Lehigh & New England gen & mtge 45, 1965
Ohlo-Pennsylvania be
95
96
97
08
Iles Moines &
104
10412
Little Rock & Hot Springs Weetern let 4s, 1939
Oregon-Washington 6s
100 101
97
98
40
First Carolinas be
45
Macon Terminal 1st be, 1965
98
09 Pacific Coast of Portland & 99
_
100
First of Fort Wayne 58
Maine Central 6.8, 1935
100 10112 Pacific Coast of Los Aug 55 100
81
First of Montgomery bs
Maryland & Pennsylvania 1st 4e. 1951
9214 0314 Pacific Coast of Salt Lake fe 100
56
First of New Orleans
Meridian Terminal let 4s. 1955
9714 9814 Pacific Coast of San Fran.58 100
75
First Tease of Houston 5s._
inneapolis St. Paul & Sault Ste. Marie 24 48, 1949
9912 Pennsylvania 63
99
99
52
First Trust ot Chicago be__ _
E5"
:s.lonongahela Ry Co let mtge 4s, May 1 1960
98
09 Phoenix bs
106 16i10512
Fletcher be
106
Montgomery & Erie 1st bs, 1956
Potomac be
100 101
9912
90
Fremont 6s
New York & Hoboken Ferry gen 5e, 1946
St. Louis 5s
97
98
/52
54
7412
Greenbrier fort
76
Portland RR 1st 33is, 1951
San Antonio 55
100 101
100 101
64
Greensboro bs
66
Consolidated 58, 1945
99
993 Southwest Es
4
92
03
80
Illinois Midwest bs
82
Rock Island-Frisco Termina 43.4s, 1957
Southern Minnesota be
92
93
150
51
69
Illinois of Montloello be_
74
St. Clair Madison & St. Louis 1st 48, 1951
9512 9912 Tennessee 611
100 101
82
Iowa of Sioux City &
Shreveport Bridge & Terminal 1st 58, 1955
Union Cl Detroit 59
98
98
09
80
Lexington 511
Somerset Ry let ref 48, 1955
100 161
-12 Virginia-Carolina be
9912 10012
56
Lincoln be
Southern
9712 9812 Virginian 58
99
993
4 Toledo Illinois dr Missouri Bridge 181 4e. 1951
78
gi
& Ohio Central By 3l1s, June 1 1960
9858
99
Toledo Terminal RR 43.4e, 1957
10612
Toronto Hamilton & Buffalo 4188. 1966
84
if
Washington County Ry 1st 33.48. 1954
Par Bid / Aid
60
62
Par Bid Ask
American National Bank &
First National
100 130 135
Trust
100 165 180
Harris Trust & Savings.100 215
Continental Ill Bank &
Northern Trust Co
100 465
Trust
331
, 5412 56
Parl Bid
Ask
Par Bid lAsh
For footnotes see page 261.
Bond & Mortgage Guar_20
,Lawyers Mortgage
201
72
132
Empire Title & Guar_ _100
6Id 13id Lawyers Title & Guar _100
1
115 2 12
Bought— Sold— Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
gl,abuian
reknifietwy;
W.
Joint Stock Land Bank Bonds
Ch cago Bank Stocks
Realty, Surety and Mortgage Companies
July 13 1935
Financial Chronicle
260
Quotations on Over-the-Counter Securities-Friday July 12-Continued
OVER-THE-COUNTER SECURITIES
Guaranteed Railroad Stocks
Joseph Walker Sons
-SOLD-QUOTED
BOUGHT
RYAN St McMANUS
Members New York Curb Exchange
Member, Noe York Stook Exchange
[haler.in-)
120 Broadway '
J
GUARAKKED
STOCKS
NEW YORK
New York City
39 Broadway
Dlgby 4-2290
A. T. & T. Teletype N. Y. 1-1152
Prirate Wire Connections to Principal Cities
Tel. REctor
2-6600
Since1855
Public Utility Bonds
Guaranteed Railroad Stocks
(Guarantor In Parenthesis.)
triarna
t,
Par I, Dollars
6.00
100
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudaon)_100 10.50
6.00
100
Allegheny & Western (Buff Roth & Pitts)
2.00
50
Beech Creek (New York Central)
8.75
100
Central)
Boston & Albany (New York
8.60
100
Boston & Providence (New Haven)
3.00
100
Canada Southern (New York Central)
4.00
100
Caro Clinchfield OC Ohio(L & N A CL)49
6.00
100
Common 5% stamped
5.00
100
CM°& St Louts pref(N Y Cent)
Chic Cleve
3.60
50
Cleveland & Pittsburgh (Pennsylvania)
2.00
50
Betterman stock
2.00
25
Delaware (Pennsylvania)
5.50
Fort Wayne & Jackson prof(N Y Central).--- 100
100 10.00
RR & Banking(L & N,A CL).
Georgia
4.00
Lackawanna RR of NJ(Del Lack dr Western)_100
100 50.00
Michigan Central(New York Central)
3.875
50
(Del Lack & Western)
Morris & Essex
6.00
New York Lackawanna & Western(DL & W)_100
4.00
50
Northern Central (Pennsylvania)
7.00
100
N H & Hartford)
Old Colony (N Y
4.50
Oswego & Syracuse (Del Lack de Western)_ - 60
1.50
50
Pittsburgh Bees & Lake Erie(U S Steel)
3.00
50
Preferred
7.00
Pittsburgh Fort Wayne & Chleagn (Penn)----100
7.00
100
Preferred
6.90
Rensselaer & Saratoga (Delaware tt nucleon) _100
6.00
100
St Louis Bridge lit pest (Terminal RR)
3.00
100
2nd preferred
3.00
100
Tunnel RR St Louis (Terminal RR)
100 10.00
United New Jersey RR & Canal(Penne)
6.00
& Susouehanna(D L & W) 100
Utica Chenango
5.00
100
Valley (Delaware Lackawanna & Western)
5.00
Vicksburg Shreveport & Pacific (III Cent) _..100
5.00
100
Preferred
3.50
50
Warren RR of NJ (Del Lack & Western)
3.00
50
Jersey & Sea Shore (Penn)
West
Asked
Bid
SO
181
94
34
114
146
64
90
94
85
85
50
47
76
168
80
76
176
92
32
111
141
52
87
92
82
83
48
44
72
162
77
800
63
95
95
67
69
36
72
160
177
IGO
141
71
141
251
84
97
61
65
49
62;5
Elm
97
98
76
73
38
76
165
180
103
255
89
102
70
53
65
Par
Albany Ry Co con 5, 1930._
General 58 1947
Amer States PS 514e 1948....
Amer Wat Wks & Elec be '75
Arizona Edison 1st 50 1948
let (Is series A 1945
Ark Missouri Pow tot Os '53
Associated Electric be 1961
Assoc Gas & Elea Co 045'58
Associated Gas & Elea Corp
Income deb 350____1978
Income deb 334s____1978
1978
Income deb 48
1978
Income deb 434s
Cony debenture 48 1973__
Cony debenture 434, 1973
Cony debenture 55 1973._
Cony debenture 51.45 1973
Participating 85
Bellows Falls Hydro El 58'58
13klyn C dr Newt'n con 58 '39
Cent Ark Pub Serv 58 1948
Central GI & E 534s 1946....
let lien coil tr
CentHudson G&E 1st3 s 65
Cent Ind. Pow let tie A 1947
Colorado Power Si 1963....
65
Commonw Edison 3348.19
Con Iald & Bklyn con 48 'an
Consol Eleo & Gas 5-6s A '62
Consumers Pr 1st 33.0-1965
Duke Price Pow 1969
Federal Pub Serv 1st 6s 1947
Federated Util 534, 1957...
426 St Man & St Nick 55'40
Green Mountain Pow 611 '48
III Commercial Tel 5s A '48
Iowa So Util 534,1950
Kan City Pub Serv as 1951_
Par
Keystone Telephone 534555
Lehigh Vail Trans ref fe '60
-12 Long Island Lighting 5s 1955
57
7614 Mtn States Pow lst 68 1938
58 Nunn El RR lot 59 1944_
58 Newport N & Ham 58 1944_
New England G & E 56 1962
57
New York Cent Eleo 56 1952
54
2712 Northern N Y Utll 5. 1955.
Northern States Pr 5s 1964.
2112 2212 Oklahoma Nat Gas Os A1946
55 series B
1948
4
4
223 233
2412 2512 Old Dom Pow 6a_May 15'51
4
4
273 283 Pacific G & El 4s, Dec 1 '64
4412 4512 Parr Shoals Power be 1952..
4512 4612 PenInsularTelephone5348'51
4912 5012 Pennsylvania Eleo Si 1962_
58 Peoples L & P 5 tis 1941____
56
92 Public Serv of Colo 65 1961.
90
101 10212 Public utilities Cons 5Si a'48
82 85 Rochester By 1st Si 1930__.
65
90 San Diego Cons G & E 48,
89
6312 65 Schenectady Ry Co let 5846
4
663 6812 Sioux City Gas & Elea 8s '47
10212 103 Sou Blvd RR let 58 1945_
78 Sou Calif Edison 33is 1960_,
77
Sou Cities Utilities be A 1958
1053
4
0
993 100 Tel Bond & Shares, 1958.__
70 Union Ry Co N Y 5e 1942._
68
3212 3312 Un Trao Albany 434s 2004._
103 10312 United Pow & Lt 8s 1944___
5s serlee B 1947
10518 105%
Virginia Power 54 1942
138
2
51- Wash & Suburban 5Ws 1941
.55
Westchester Elea RR 58 1943
75
10012 10114 Western PS 554s 1960
9414 9514 Wisconsin Pub Serv 5123 '59
9412 9512 Yonkers RR Co gtd 68 1946_
f3512 3634
Bid
130
J25
4
553
7514
154
156
56
53
2612
Ask
.45
Bid
99
97
45
46
106 107
92
93
102 104
10412 10612
69
70
8612 88
10234 10412
10714 10814
9712 99
4
8212 833
6512 6612
1033 104
4
93
95
105
4
10354 10457
155
8
1051s 1057
5812 5912
f22
24
4
1043 10514
10
15
102 10312
6212
8
983 99
47 48
6912 71
95
89
8
1'5
105
10312 105
10612
34
873 88 4
65
88
89
8
105 1053
60
PUBLIC UTILITY BONDS
EQUIPMENT TRUST CERTIFICATES
R.F. Gladwin St Co.
-Appraisals Upon Request
Quotations
Established 1921
STROUD & COMPANY INC.
, Pa.
Philadelphia
Private Wires to New York
484
Missouri Pacific 454s
58
534e
4,184
6.25
8.25
8.25
New On Tex & Mex 4345....
New York Central 4 54 e.....
58
N Y Chic & St L 45-58____
56
NY N H & Hartford 4340_
5e
Northern Pacific 4.54s____
Pennsylvania RR 445__...
68
Pere Marquette “is
Reading Co 4345
58
6.00
3.00
3.00
3.25
3.25
6.50
6.50
2.00
1.50
1.50
3.00
2.75
2.75
St Louis-San Fran 46
4345
te
St Louts Southwestern fia.
534s
Southern Pacific 434s
be
Southern By 434s
be
5345
ON
CCOOM ,
65
65
65
3.75
3.75
2.75
2.75
4.25
4.25
4.25
,
Qc 42.00Q
3.50
3.50
3.40
1.50
1.50
2.00
2.90
COCO
86
86
86
86
3.00
3.00
7.00
7.00
Texas Pacific 46
434,
66
Union Pacific 434s
58
Virginian By 434a
56
Wabash Ry 4345
56
5345
66
Western Maryland 4155_
56
Western Pacific 58
5345.
00.X.M,P4,C00
0Q0.0.0.0.00,,00100.000
.
NCIG0000 0
0 00a:”OCICeettICI C1CINCIMC010—CNCANC,-,)V5007;
0.000=0 oCOO
0=00,
Atlantic Coast Line 6345...
411e
Baltimore dr Ohio 454s____
&I
,
Beaton & Maine 434
58
rJanadlan National 41.45..
68
Danadlan Pacific 4345....
:ient RR New Jer 434e.nesapeake & Ohio 5 it _ _
6348
,
435a
55
:ihicago A Nor West 434s_
Se
:Mlo Mllw & St Paul 450_
bs
".Thicago RI & Pao 434,...Ee
Denver & RU West 434s.
be
514e
Firle RR Vie
tie
454e
58
.ireat Northern 4348
ba
Flocking valley 58
Illnois Central 415s
58
534,
5s
83
78
Internet Great Nor 410._
Long Island 44s
58
Couleur & Nashv 434e
be
61.45
%/sine Central 5+1
51.48
Winn St P & Et El M U.__
4148
OM
1Mcd.;
054
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Member. of New York Stock Exchange and other
Stock and Commodity Exchange.
For footnote,' see page 261.
New York City
A. T. T. Teletype--N Y1-951
Tel. Cortlandt 7-6952
4•••
TIVIT
Railroad Equipment Bonds
12.00
r3.25
r3.75
r3.75
r4.25
r4.25
r3.75
r3.75
13 75
r2.75
r2.00
ri.50
r3.0O
r2.75
78
78
78
78
58
58
18 50
18.50
r8.50
73.70
13.70
r3.85
r3.85
r3.00
r3.00
12.75
r3.80
r3.80
r3.80
r380
r1.50
re.75
r3 00
r3 00
73.00
r3.00
72.00
74 25
T4.25
7700
17.00
35 Nassau St.
OBSOLETE SECURITIES
Reports Rendered Without Charge
Gearhart Si. Lichtenstein
99 Wall Street, New York
A. T.& T. Teletype-New York-1-852
Tel. Whitehall 4-3325
Public Utility Stocks
Par
Alabama Power $7 pre_ •
Arkansas Pr & Lt $7 pre!__•
Assoc Gal & El arts pref __•
$6.50 preferred
27 preferred
Atlantic City Eleo 26 pref
Bangor Hydro-El 7% p1.100
Birmingham Eleo $7 prat •
__
Pow 7% pf100
Broad Ely P
Buff NW at East Dr pre(_25
Carolina Pr & Lt $7 prat.._•
•
6% preferred
Cent Ark Pub Baty pret_100
Cent Maine Pow 6% pt_100
100
Si preferred....
Cent Pr & Lt 7% pref....100
Cleve Elea 111 6% pref_-100
Columbus By. Pr & LtIit$dpraterred A__ - -100
100
26.50 preferred B
ConeolTraction(N J)-- -100
Consumere Pow 25 pref..
10
6% preferred
100
6.60% preferred
Continental Gas & El
100
7% preferred
Dallas Pow & Lt 7% pref 100
Daytoa Pr & Lt 6% pref100
Derby Gas dr Else $7 ore_•
Bid Ask
,
741 76
72
70
3
2
3
2
212
96
101
57
55
30
28
23
22
83
81
75
73
78
5212 5412
59
57
3512 3712
114 116
Par
E.sazHudeonoai
100
Foreign Lt & Pow units__ _ _
Gas & Elec of Bergen... _100
Hudson County Orte
100
•
Idaho Power 26 pref
7% preferred
100
Illinois Pr de Lt let pref___•
Interstate Natural Gas,.....
Interstate Power 27 prof __•
Jamaica Water Supply pf-50
Jersey Cent P & L 7% Of100
Kansas Gas & El 7% pf 100
Kings Co Lig 7% 9ref 100
Long Island Lit 6% pf_ 100
7% preferred
100
Los Angeles GA E 6% pf 100
Memphis Pr OC I.t $7 pret__•
Metro Edison Si pref B___•
8% preferred eer C____•
98 100
94
9512 Mississippi P & L $6 pref__•
Miss Illy l'ow 6% prof..100
40
Mo Pub Serv 27 pref____100
9512 96
Mountain States Pr cons,.'
103 104
7% Preferred
100
4
104 1053
Nassau & Suffolk LIR pt 100
Nebraska Power 7% pref100
71
69
100
11014 112 Newark Comm'Gas
4
1003 1113 New EnglG & E 534% pf..'
4
82 New Eng Pow Assn 6% Dt100
80
Bid Ask
185
86
116
185
97
104 1012712 2812
1512 1634
1814 193
4
5212 5412
81
79
103
100 104
67
69
76
78
105 107
84
8512
104
99 101
-52
50
10112 10312
3
5
212
4
203 22
46
43
11012 112
116
2
361
2!)
4614 47
Associated Gas St. Electric System
Securities
inquiries Solicited
S. A. O'BRIEN & CO.
Members New York Cur6 E.rehano,
160 Broadway, New York
75 Federal St., Boston
Hancock 8920
COrtlandt 7.1868
Direct private telephone between New York and Boston
Volume 141
Financial Chronicle
261
Quotations on Over-the-Counter Securities-Friday July 12-Continued
Par
New Jersey Pow & Lt $6 Pf •
New On Pub Sera $7 pf___•
,
N Y & Queens E L P pt 100
orthern States Pr $7 pf 100
Ohio Edison $6 pret
•
$7 preferred
•
Ohio Power 6% Pret____100
Ohio Pub Seri 6% pf___100
,
7% preferred
100
Okla G & E 7% pref
100
Pee Gas & Elec 6% pf___25
Pacific Pow dr Lt 7% 171-100
Penn Pow & Light $7 pre _•
Philadelphia Co $5 pret___•
Piedmont Northern Ry _100
Pub Seri of Colo 7% pf_100
,
Puget Sound Pow & Lt
•
$5 prior preferred
Queens Borough G&E
6% preferred
100
Bid
88
20
102
7214
96
102
107
87
95
92
263
4
65
10312
62
32
97
Par
- Roch Gas & Elea 7% B__100
6% preferred C
100
Sioux City G & E $7 p1. .100
7412 Sou Calif Ed pre A
25
Preferred B
97
25
103 South Jersey Gas dr Elec.100
109 Tenn Else Pow 6% pret_100
90
7% preferred
100
97 Texas Pow & Lt 7% p1_100
Toledo Edison 7% pt A_100
2734 United 0& E (Conn) 7% 1/7
United 0& E(N .1) prof 100
67
10412 Utah Pow & Lt $7 pref____•
65 Utica Gas & El 7% Dret.100
UM' Power & Lt 7% pref100
36
Virginia Railway
100
Wash RI & Elea com_100
30
32
5% preferred
100
Western Power $7 pret_100
6418 65
Bid Ask
101 104
97
09
77
79
2712 2812
273 283
4
4
185
(1312 67
7414 753
4
94
96
104 106
75
73
5412 57
29
303
4
99 100
10
12
64
68
310
105
_
98
22
Specialists in
PRUDENCE BONDS
Statistical information Furnished
Title Company Mortgages &Certificates
PULIS,COULBOURN e4CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports-Markets
Public Utilities-Industrials-Railroads
Specialists in Over the Counter Securities
for Out of Town Banks & Dealers
BOND & GOODWIN
Incorporated
63 Wall St., N. Y. C.
Whitehall 4-8060
Boston, Mass.
AT&T. Teletype NY 1-381)
Portland. Me.
Specialists in-
WATER WORKS SECURITIES
Complete Statistical Information-Inquiries Invited
SwART,BRENT SE CO.
'N 008PO RATE D
- 25 BROAD STREET, NEW YORK
TEL.:
HAnover
2-0510
Water Bonds
Bid Ask
Alabama Water Barr 5s, '57 963
4 983 Manufacturers Water 58,'39
4
Alton Water Co 58. 1956__ _ 10412
Middlesex Wat Co 530,'57
Arkansaw Water Co 5s, 1956 10112 163
-34 Monmouth Consol W 58,'56
Ashtabula Water Wks 55.'58 10212 104
Monongahela Valley Water
Atlantic County Wat 58,'58 101 103
5345, 1951)
Birmingham Water Works
Morgantown Water 55, 1965
55, series C. 1957
Muncie Water Works 5s,'39
10412 107
58, series B. 1954
New Jersey Water 58, 1950_
101
530, series A. 1954
102 105
- New Rochelle Wet 58, 13,'51
Butler Water Co Se. 1957._ 104 105
530, 1951
California Water Serv 58.'58 10512 10712 New York Wat Serv 55. 1951
Chester Water Seta? 430,'58 104 106
Newport Water Co 58, 1953_
Citizens Water Co (Wash)
Ohio Cities Water 5358. 1953
Es. 1951
Ohio Valley Water 55, 1954
9912
5)48. series A. 1951
Ohio Water Service 55, 1958
10314
City of New Castle Water
Ore-Wash Wat Serv 58. 1957
58, 1941
102
PK= State Water 530,'52
City W (Chat) 58
_1954 102
Penne Water Co 53, 1940
1st 58 series C
1957 105
Peoria Water Works 00Clinton W Wks Co 5s. 1939 10112
1st & ref 55. 1950
Commonwealth Water (N J)
1st consol 4s, 1948
58, series C. 1957
105
1st consul 5.3. 1948
530. series A. 1947
Prior lien 58, 1948
103 2 16412
,
Community Water Service
Phila Suburb Wat 490 '70_
530. series B, 1946
6212 641,
let mtge 58. 1955
68, series A. 1946
Pinellas Water Co 5345 1959
64
66
Connellsville Water 55_1939 100 101
Pittsburgh Sub Water 58,'58
Consolidated Water of Utica
Plainfield Union Wat 55,'61
430. 1958
10114 10314 Richmond W W Co 58, 1957
let mtge 58, 1958
Roanoke W W 58. 1950
102 102
Davenport Water Co 58, '61 1053 10614 Roch & L Ont \Vat 55,
4
1938
E St L & Interurb Water
St Joseph Water 58, 1941
58, series A, 1942
101 103 Scranton Gas & Water 0063, series B, 1942
4 945. 1958
1031 2 10412
58. series 13, 1960
Scranton Spring Brook
10114
Greenwich Water & Gas
Water Serv 55. 1961._
Ss, series A, 1952
9411 9614
1st dr ref 58, A, 1967
58, series 13, 1952
923 943 Sedalia Water Co 530, 1947
4
4
Hackensack Water Co 58,'77 105
South Bay Cons Wat 58. '50
530, series 13, 1977
10712 165
-12 South Pittsburgh Wat 58,'55
Huntington Water 5e B,'54 102
to, series A, 1960
6s. 1954
55 series B
10312
1960
5s
1962 102
Terre haute Water 55, B,'56
Illinois Water Sett fa A,'52 101 103
,
68. series A. 1949
Indianapolis Water 430,'40 1051 10712 Texarkana Wat let 58_1958
1st lien & ref 58, 1960____ 10512
Union Water Serv 530. 1951
2
18t lieu dr ref 58, 1970____ 10512
Water Serv Cos, Inc, 55.'42
1st lien & ref 5345, 1953_ 105
West Virginia Water Is, '61
1st lien & ref 530, 1954__ 10514 166
-12 Western N Y Water 00Indianapolis W W Securities
58, series 13, 1950
5s, 1958
let mtge 53, 1951
9412 9612
Interstate Water 68, A. 1940 10214
let mtge. 530. 1950
Jamaica Water Sup 594*,'55 106
Westmoreland Water 58.'52
Joplin W W Co 58, 1957
Wichita Water Co 55. B,'56
10212
Kokomo W W Co 58. 1958._ 10414
58, series C. 1960
Lexington Wat Co 530,'40 102
65, series A, 1949
Long Island Wat 530, 1955
993 161
4
-34 W'mstx.irt Water 53. 1952_
Bid
Ask
10212
10612
98 166
10112
100
100, 10112
4
101 12 103 2
,
101 103
10112 10312
101 103
10414
7912
109
87
9
8 12
80
82
10014 102 4
,
106
9912 10112
98
_
9912
10212
105
10311 10513
9414 9614
10312
108
105,2
893 91
-34
4
100 101
1021
BO
Ask
Par
New York Mutual Tel__100
8412 88
11012 11218 Northw Bell Tel of 63Z% 100
120 Pac & Atl Teleg US 17,25
116 11712, Peninsular Telephone corn.'
Preferred A
135
87
100
Rash Telep $6.50 1st P1_100
41
5312 57
Bo & All Teleg $1.25____25
40
41 Sou New Engl Telep.
..100
77,2 8112 S'western Bell Tel, p1... 100
9312 _ _ Tr! States Tel & Tel
11712 120
Preferred
10
Wisconsin Telep 7% pref 100
109 111
90
911 62712
100
81
79
1023 1043i
4
102
105
10212
103 161
9612 9912
10012 10212
76
10012 10212
100 102
100 102
1003
4
10034 16234
102
104
105
102
Bid Act
22
25
11412 116
1514 173
4
103
4
92
oE
10812
19
if
124 126
12134 1233
4
1012 1114
11412 __
• No par value.
a Interchangeable.
c Registered coupon (serial)
/ Flat price.
d Coupon.
r Basis price.
ir!When issued.
z Ex-dividend.
t Now listed on New York Stock Exchange.
Quotations Per 100 gold rouble bond equivalent to 77.4234 grams et pure
gold.
z Called for payment Oct. 1 1935 at 100
INCORPORATED
150 Broadway, N.Y.
A.T.& T. Tel.
NY 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
1114
et st
Alden let 65, Jan 1 1941____ .734
3612 NIalestic Apta 1st 68, 1948__
Broadmoor, The. let 6s. '41 /4712 ___ Mayflower Hotel 1st 68, '48
B'way Barclay 1st 65, 1941_ ./26
Munson Bldg 1st 6111, 1939
28
Certificates of deposit_-__ /263 2712 N Y Athletic Clubs
B'way & 41st Street185 dr gen (is, 1946
1st leasehold 630. 1944._ ./3812 ___ NY Eve Journal 6 He, 1937
B'way Motors Bldg 85 1948_
6212 NewYork Title& Mtge Co61
Chanin Bldg Inc 4e 1945_-__
5512 ___
530 series BK
Chesebrough Bldg 1st 68,'48 56
530 series 0-2
5812
Chrysler Bldg 1st 8s, 1948__
530 series F-1
6712 6912
Court & Remsen St Oft Bldg
530 series Q
1st 6s, Apr 28 1940
/45
___ 19th & Walnut St (Phila)Dorset, The, 1st 65, 1941
J26
28
1St 6e, July 7 1939
Eastern Ambassador Hotels
Oliver Cromwell. The
1st & ref 530, 1947
77
812
181 68, Nov 15 1939
Eaultable Off Bldg deb 5552 6112 63
1 Park Ave 6s. Nov 6 1939._
60 Bway Bldg 1st 38, Inc '46 /3512 3612 103 East 57th St 1st 68, 1941
500 Fifth Avenue165 B'way Bldg 1st 530,'51
630. 1949 stamped
n0
___ Posturn Bldg 181 6948, 1943_
502 Park Avenue let 68, 1941 11812 2012 Prudence Co 530, 1961....
52d & Madison Off 13IdgPrudence Bonds
6s, Nov 1 1947
/28
Series A to 18 inclusive___
___
Film Center Bldg 1st 6s. '43 57
___ Prudence Co etts40 Wall St Corp 6s, 1958
Hotel Taft
6412 66
42 B'way 1st 6s, 1939
Hotel Wellington
5512
1400 Broadway BldgFifth Avenue Hotel
1st 6345 stamped, 1948... /13
360 Central Park West
4012
Fox Metrop Playhouse422 East 88th St
/50
630. 1932 Ws
57
Realty Assoc Sec Corp
Fox Theatre & Oft Bldg58. Income, 1943
1st 6128. Oct 1 1941
Rosy Theatre
/912 11
Fuller Bldg deb 6s, 1944
4412
let fee & leasehold 634e '40
43
594s. 1949
/40
4112 Savoy Plaza CorpGraybar Bldg 55, 1946
Realty ext let 530. 1945_
74
72
Harriman Bldg 1st 6s, 1951_
65, 1945
5012 53
Hearst Brisbane Prop (is '42 84
__ Sherry Netherland Hotel
Hotel Lexington 1st 6s, 1943 /45
47
let 5845, May 15 1948_
Hotel St George 1st 530,'43 f5012 5212 60 Park PI (Newark) 6s.
'37
Keith-Albee Bldg (New
616 Madison Ave 1st 630'38
Rochelle) 1st 633, 1936_
6812 ___ 81 13'way Bldg let 5345. 1950
Lefcourt Empire BldgGeneral 75, 1945____ __.
1st 53
45, June 15 1941.... /47
___ Syracuse Hotel (Syraeuse)Lefeourt Manhattan Bldg-181 6125, Oct 23 1940
1st 530, stamped. 1941__
5012 ___ Textile Bldg 1st 63, 1958...
lot 3-5s extended to 1948_
6012 ___ Trinity Bidgs Corp
Lewis Morris Apt Bldg1st 530, 1939
1st 612s, Apr 15 1937
/43
___ 2 Park Ave Bldg 1st 45, 1941
Lincoln Bldg Inc 530, 1983 5612 5812 Walbridge Bldg (Buttalo)Loew's Theatre Realty Corp
1st 6125, Oat 19 1938
let 65, 1947
917 9278 Westinghouse Bldg
8
London Terrace Apt* 65,'40 /37
181 fee & leasehold 68. '39
39
Ludwig Bauman
1st 68 (13klyn). 1942
6312 --_
1st 634e (L I). 1936
661,
iad
As
72912 311
/5212 541 2
12714 2914
.729
101
31
--
/3814
f32
/4414
/42
39:4
33
451
43. 1
/2512
__
7
/15
__
6212 65
63
__
4812 50
100 102
/63
64 2
13-60
--
40
-33
..
_.
_.
45
95
52
43
45
f26
27
71312 15
/1312 15
/2412 _.
/47
_
/23
24
4512 47
23
27
/4212 _.
.74212 44
100
56
102
58
128
_.
58
60
10314
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(N J) corn •
Preferred
100
Bell Telep of Canada_
100
Bell Telep of Penn pref 100
Cincin & Sub Bell Telep_50
Cuban Telep 7% pret
100
Empire & Bay State Tel_100
Franklin Teleg $2.50.- 100
Int Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
.
New England Tel & Tel_100
AMOTT, BAKER & CO.
BArclay 7
2360
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin,Legg & Co.
Redwood &South Ste., Baltimore. Md.
BANKERS-Est. 1899
Members
New York Stock Exchange
Baltimore Stock Exchange
Washington Stock Exchange
Associate Member N.Y.Curb Exch.
isailmore-Plaza 9260
New York-Andrews 3-6630
Philadelphia-Spruce 3601
A.T.& T Teletype-Balt. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Allied Mtge Cos, Inc.
All series, 2-5s, 1953
Arundel Bond Corp 2-58, '53
Arundel Deb Corp 2-6s, 1953
Associated Mtge Cos, Inc
Debenture 2-63, 1953
Central Funding Corp
5Sis & 6s, 1935-44
Conti Inv 13d Corp 2-55,'53
Cont'l by Deb Corp 2-68'53
Home Mtge Co 530 & 68.
1934-43
Mortgage Bond Co of Md.
Inc., 2-5s. 1953
Mtge Guar Coot Amer
530 de 65, 1937-38
Mortgage Security Corp
530 & 6s, 1933-46
Nat Consol Bd Corp 2-55.'53
Nat Debenture Corp 2-65.53
Ask
Nat Union Mtge Coro
Series "A" 2-8s, 1914....
Series "B" 2-5s, 195 i___ _
Potomac Bond Corp (id,
45
issues) 2-58, 1953
4212 4412 Potomac Con' didated 1 3e1
Corp 2-68, 1953
./32
34 Potomac Deb Corp 2-6s, 1
,
61
Potomac Franklin Deb Con,
4112 431.
2-61, 1953
Potomac Maryland Deben142,2 4-112
ture Corp 2-6a, 1953
Potomac Realty Atlantic
68
Debenture Corp 2-6s, 1953
Southern Secur Corp 65, '36
32
730
Union Mtge Co Os. 1937-47
Union Mtge Co 5I4s & 119
30
/
1937-47
28
6013
Universal Mtge Co Os '34- 3!
.ff11
41 12
69
60
43
Bid
Ask
51
GO
53
6012
4112 4312
4112 431.
4112 4312
44
46
4112 4312
35
133
35
133
04212 4412
14212 4412
Sugar Stocks
4
Par Opt
Par Rid
Ask
Cache La Poudre Co__20 213 2214 Savannah Sugar
8
Ref
• 106 109
East Porto Rican Stag com..1
45s 5
7% Preferred
100 112
-Preferred
1
972 103 West Indies Sugar Corp.....l
4
17
8
214
Havtisn oore Amer
_•
1
4
13
July 13 1935
Financial Chronicle
262
Quotations on Over-the-Counter Securities-Friday July 12-Continued
A COMPREHENSIVE SERVICE
LLER CRUTTEN DEN & COMPANY
in the
Over-the-Counter Market
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Bristol & Willett
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Dearborn 0500
Phone:
Established 1920
Members New Yo,k Security Dealers Association
Tel, BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Bee
12610
127
Ask
2810
30
Bid
Ask
Hungarian Discount & ExAnhalt 78 to 1946
change Bank is, 1963__. J3912 4112
Antioquia 8%. 1946
Hungarian defaulted cow's 127-55
Cupons
Austrian Defaulted
Hungarian Ital Bk 7448,'32 145
Bank of Colombia. 7%.'47 120
36
37
Jugoslavia 5s. 1956
22
Bank of Colombia. 7%.'43 120
142-53
Coupons
13arrauquilla
12912 3i12
1'1412 1610 Koholyt 83.45, 1943
89 1935-40-46-48
87
4
313 Land M Ilk, Warsaw 88,'41 84
131
Bavaria 03.48 to 1945
Leipzig Oland Pr. 654s,'48 13312 3612
Bavarian Palatinate Cone.
34
Leipzig Trade Fair 7s. 1953 130
24
120
Cit. 7% to 1945
Power, Light &
Bogota (Colombia) fiA.'47 11412 1512 Luneberg
35
132
Water 7%,1948
12
110
Bolivia 6%, 1940
4
263 Mannheim & Palat 78. 1941 f3112 3412
Brandenburg Elec. 68, 1953 126
128
2912
Brasil funding 5%. '31-'51 5412 5512 Munich is to 1945 7s to '45 126
28
Munic Bk, Hessen,
56
154
Brasil funding scrip
Municipal Gas & Elea Corp
Brinell Hungarian Bank
Recklinghausen, 7e, 1947 f3212 3512
52
148
754e. 1982
2 39
Nassau Landbank 6545,'38 1374
Brown Coal Ind. Corp.
Natl. Bank Panama 634%
41
137
0348. 1963
55
1946-1949
5612
66
164
Buenos Aires scrip
Central Savings Bk of
Call (Colombia) 7%. 1947 11012 1112 Nat
Hungary 7.34s, 1962._ _ _ 14812 5112
1944 1912 1112
Callao (Peru) 734%,
1312
612 National Hungarian & Ind.
Ceara (Brasil) 8%. 1947._
146
48
Mtge.7%,1948
CitySavings Bank. Buda28
126
. Oberpfals Elec.7%,1946
43
140
pest. 75. 1963
Oldenburg-Free State 7%
Columbia scrip Mane of'83 174
28
126
161, to 1945
139
'Anne 01 1934
47
145
Panama 5% scrip
56
Costa Rica funding 5%.'51 54
113
15
Porto Alegre 7%, 1968 _ _
27
Costa Rica Pea: Sty 7558'49 123
Protestant Church (Ger52
49
50. 1949
12912 3112
many), 75, 1946
3412
Dortmund Mun Utll Os.'48 /3112
Prov Bk Weetphalla Os.'33 1
28
44
Duesseldorf 75 to 1945.... 126
Prov Bk Westphalia Os. '36 130
28
126
Duisburg 7% to 1945
43
3012 Rhine Weetph Elea 7%.'36 140
Eset Prussian Pr. 6s, 1913. 129
18
Rio de Janeiro 6%. 1933._ 114
European Mortgage & In1966..... /5312 5613 Rom Cath Church 634s.'48 13213 3512
vestment 73.45.
f27
2912 R C Church Welfare 78,'48 12612 2812
Frankfurt is to 1946
38
Saarbrueaken M Bk 6s,'47 128
French Govt. 1534a. 1937_ _ 150
135
Salvador 7%. 1957
44
1- -French Nat. Mall 55.6s,'52 139
4
,
German All Cable is. 1946 133 2 3612 Salvador 7% elf of dep '67 12434 ig328
P25
Salvador 4% scrip
German Building & LandBanta Catharine (Brasil).
34
f31
bank 63.4%, 1948
11612 1712
8%, 1947
German defaulted coupons. 140-57
1'60
68 Santa Fe scrip
1653
German scrip
Santander (Colom) is, 1948 111
120-25
German called bonds
1412
Sao Paulo (Brasil) 68, 1943 f1314
German Dawes Coupons
42
8
95 Saxon State Mtge. 65, 1947 138
a
193
10-16-34 Stamped
36
3712
8 191s Serbian 55, 1956
1187
April 15 1935...
142-53
Serbian coupons
German Young Coupons
245
8
8 123 Slam & Halske deb Os, 2930 230
1123
12-1-34 Stamped
48
138
7s 1940
8 1518
1147
June 1 1935
Stettin Pub Mil 7s. 1946.. 12914 3014
120
Guatemala Sc 1948
Tucuman City is, 196L_. 15212 54
88
Haiti 6% 1953
81
78
Tucuman Prov. is. 1950._
95
FIamb-Am Line 6348 to '40 91
68
164
Tucuman Scrip
Hanover Harz Water Wks.
Vesten Elea Ry 75, 1947._ 12612 29
26
124
0%. 1967
30
Wurternberg is to 1945... 129
33
Howling dr Real Imp 7s,'46 f31
46
Hungarian Cent Mut 7e.'37 f13
Par
-Wile Corp. pf__100
Adams
•
American Arch 51
100
American Book 54
American Hard Rubber .50
25
American Hardware
•
Amer Maize Products
100
American Mfg
100
Preferred
•
American Meter com
American Republics com •
Andlan National Corp.-•
Art Metal Construction_ _10
•
Babcock & Wilcox
Bancroft (Joe) & Sons com.'
100
Preferred
Beneficial Indust Loan pt..
Bon Ami Co B common...*
Bowman-Biltmore Hotels.•
1st preferred.... _ _ _100
Brunswick 13alke Collander
100
Co 7% pref
Canadian Celanese corn.-•
100
Preferred
Carnation Co Si pref __ _100
•
Climax Molybdenum
Clinchfleld Coal Corp pt 100
Colts Patent Fire Arms_ __25
•
Columbia Baking com
let Gteferred
2d preferred
Columbia Broadcasting el A •
•
Claaa B
Columbia Pictures pref.-..••
Crowell Pub Co com
100
Si preferred
•
Dictapnone Corp
100
Preferred
Dixon (Jos) Crucible.... 100
•
Doehler Die Cast prof
50
Preferred
Douglas Shoe preferred__100
•
Draper Corp
100
Driver-Harris pref
10
First Boston Corp
.•
Flour Mills of America(1)
Calr (Robert) Co corn
(x)
Preferred
Gen Fireproofing 57 et-100
10
Golden Cycle Corp
Graton & Knight corn...._'
100
Preferred
Great Northern Panel. _ tr.%
Pa
Bid Ask
Herring-Hall-Mary Safe.100
110
1
20 Kildun Mining Corp
16
•
67 7012 King Royalty com
$8 preferred
100
4
93
7
8
203 22 %inner Airplane & Motor .1
2514 Lawrence Port Cement...100
24
7
4
34 Macfadden Publica'ne com 5
28
Preferred
•
1314 14
1
8 Vs; Merck & Co Inc corn
27
100
46 4812' 8% preferred
National Casket
•
8
Preferred
4612 4812
3 Nat Paper & Type prat _100
1
1412 New Haven Clock pref__100
10
4
523 North Amer Match Corp..'
51
4712 4812 Northwestern Yeas t____100
Norwich Pharmacal
5
•
112 212 Ohio Leather
Oldetyme Dlatillers
1
6112 63
25 Paramount P-ctures
22
117 120 Paramount Publie Corp__10
10812 _ _ Paths Exchange 8% pre 100
•
4512 4712 Publication Corp corn
Si let preferred
32
100
29 Remington Arms corn
•
29
3 Rockwood & Co
•
2
Preferred
8
100
7
,
312 4 2 Ruberoid Co
100
3712
36
3712 &evil! Mfg
25
36
8
8
463 483 Singer Manufacturing___100
8
8
5
283 297 Standard Cap & Seal
Standard Screw
100
101
•
4
283 3012 Taylor Milling Corp
•
11612 121 Taylor Whar I & 8 corn
5112 58 Tubise Chatillon cum pf _100
Unexcelled Mfg Co
10
98
49 53 U S Finishing pref
100
17
14
.100
59 62 Welch Grape Juice pref.
West Va Pulp & Fan corn...'
100
Preferred
100
s
453 461
3
-ft 118 White (8 6)Dental Mfg....20
8
412 53 White Rock Min Spring
S7 1st preferred
28
26
100
50
70 75 Wilcox-Gibbs corn
4612 50 Worcester Salt
100
7 7o pr S Cd
You ng( eferreo com_ _ _ _100
J )
214 313
2012 23
100
•
2012 22
HARES,
Insurance Companies
412 5
,2
3512 3812
29
27
116 118
55
51
109
4
70
3"7
33
102 103
4
293 31
17
15
s 214
13
8
81s 87
412
4
98 104
20
98
90
s
8 33
23
14
77
73
6114
60
2114 22%
275 279
35
33
90
16
II"
5
27
2
51
48
8 31s
23
,
34 5
8712 95
s
1318 143
931
8
2--8
147 157
10112 -23
20
5412 62
107
10912
Investing Companies
Ask
Par B14
• 14.82
Administered Fund
1.45 1.58
Affiliated Fund Inc com _
3
s
Amerex Holding Corp....' 123 133
Amer Bankstocks Corp_ • 1.00 1.11
.96 1.06
1
Amer Business Shares
10
9
Amer & Continental Corp.._
28
Am Founders Corp 6% of 50 25
TRADING MARKETS
60 2512 2912
7% Preferred
9
7
Amer & General Sec Cl A..•
• 50
53
$3 preferred
•
Class B common
and all Over the Counter Securities
4
33
3
Amer insurance Stock Corps
Teletype
s
,
5 2 63
Assoc Standard Oil Shares.2
512 614
liancamerica-Blair Corp...1
N.Y. 1-901
LTD.
4-4524
.50 .75
Dighy'
Bancshares, Ltd part she 60c
12
4
hankers Natl Invest Corp.'
• 3.35 _
19 Rector Street, New York
Basic Industry Shares
.20 .40
British Type Invest A
Private 'Phone Wires to Philadelphia, Boston, Hartford
1231 14
1
Bullock Fund Ltd
Los Angeles
Pittsburgh
Canadian Inv Fund Ltd....1 3.50 3.75
24
Central Nat Corp class A.• 22
2
1
•
Class B
• 24.74 26.60
Century Trust Shares
Par BO Ask
4 34
2,
,
Commercial Nati Corp
Par Bid Ask
10
4 212 Corporate Trust Shared_ _
13
2.17
95 Home Fire seauritY
Aetna Casualty & Surety.10 93
10 233 2514
4
2.14
4
Series AA
10 593 613 Homestead Fire
4
Aetna Fire
410 61.,
2.14
Accumulative series
4
10 2814 293 Importers & Exp.of N Y....5
Aetna Life
5 103 123
4
4
2.49
Series AA mod
25 78 81 Knickerbocker
Agricultural
33., 434
6
2.49
Series ACC rod
2512 Lincoln Fire
10 25
American Alliance
1
158 25s Crum & Foster Ins corn_ AO 2412 2613
5 2512 2812 Maryland casualty
American Equitable
26 2012 2112
100 111
8% preferred
10 103 12 Mass Bonding & Ins
4
American Home
2;-‘ 45
50
Crum & Foster Ins Shares
4
American of Newark _ _ ..24 1314 143 Merchan ha Fire Amur com
612 812
Common B
10 3212 35
56 March & Mfrs Fire Newark.6
American Re-ineurance_ _10 54
10 1212 1434
100 107 112
7% preferred
10 2512 27 National Casualty
American Reserve
77
10 75
Cumulative Trust Shares..' 4.27
25 3714 3914 National Fire
American Surety
2
712 812 Deposited Bent She ser A__ 2.20 2.45
4
10 383 403 National Liberty
4
Automobile
20 119 124
Deposited Insur Shs A.... 4.05 4.50
23.4
4
Baltimore Amer
4 63 National Union Fire
53
o
4 91 4 Diversified Trustee Shs B._
73
4
73
90 New Amsterdam Cas
26 86
Bankers & Shippers
10 303 323
4
4
3.30 3.60
New Brunswick Fire
100 568 578
Boston
10 14
518 53
4
5 2212 241* New England Fire ._.10 4634 4914
Camden Fire
25e 1.33 1.48
Dividend Shares
4
10 2714 283 New Hampshire Fire_
Carolina
20 4234 45
1 2912 3312
Equity Corp cv pref
4
..10 2714 283 New Jersey
City of New York
19
5 16
• 42.78 6.07
Fidelity Fund Inc
Connecticut General Life_10 43 45 New York Fire
94
12.50 89
Five-year Fixed Tr Shares._ 3.92
5 1614 1814 Northern
Continental Casualty
4 Fixed Trust Shares A
2.50 2514 263
• 8.74
213 4 North River
255
Eagle Fire
• 7.41
13
37 Northwestern National_ _25 129 132
Employers Re-Insurance_10 35
26 96 100
Fundamental Investors Inc 2.11 2.31
4
6 153 163 Pacific Fire
4
Excess
10 83 90
4 514
43
Fundamental Tr Shares A__
78 Phoenix
10 76
Federal
5 13 1434
8
43
Shares B
86 Preferred Accident
Fidelity & Deposit of Md_20 82
4 Group Securities
4
914 Providence-Washington _ _10 403 423
8
Firemen's of Newark
22
10 19
x1.19 1.32
Agricultural shares
2912 Rochester American
5 28
Franklin Fire
5 123 1414
4
2.92 1.02
Automobile shares
16 RosaLa
1 13
General Alliance
21.21 1.34
Building shares
28 St Paul Fire & Marine.. 26 178 182
10 26
Georgia Home
.5
4
21.26 1.39
,
7 4 83
Chemical shares
5 3814 4014 Seaboa:d Firs & Marine..
Glens Falls Fire
10 1212 14
21.16 1.28
Food shares
5 1214 1434 Seaboard &Mt,
Globe dr Republic
21.09 1.19
Merchandise shares
2112 Security New Haven_ __ _10 3614 3314
Globe & Rutgers Fire_ _ __16 17
19 24
26
21.10 1.22
Southern Fire
Mining shares
5 x2512 27
Great American
21.05 1.15
Petroleum shares
1
612 712 Springfield Fire & Marire_26 122 125
Great Amer Indemnity_
. 10
312 5
RR Equipment shares... 2.79 .88
10 1812 20 Stuyvesant
Fire
Halifax
100 400 420
22.02 1.12
15 Sun Life Assurance
2
Steel shares
Hamilton Fire
100 593 603
21.34 1.48
Tobacco shares
10 3912 4210 Travelers
Hanover Fire
1112 Guardian Invest Trust
10
17
• 14
4
10 2614 273 U S Fidelity & Guar Co...A
• Harmonta
4 5010 5212 Huron Holding Corp
10 7712 7912 tr S Fire
Hartford Fire
10 7012 7412 Incorporated Investors....' 17.66 18.98
77 U S Guarantee
Steam Boller_ -.10 75
Hartford
2.50 3512 3712 Indus & Power Security...' 14.71 16.35
5 3012 3212 Westchester Fire
Home
_
.91 .99
Investors Fund of Amer
For footnotes see page 261
Bank Stocks • Insurance Stocks
•
Bid Ask
16
13
314 312
_
13
___
92
31
s
3
1812 2012
Par
Investment Trust of N Y_•
Intemat Security corp(Am)
Class A common
•
•
Class B common
64% Preferred
100
6% Preferred
100
Investment Co. of Amer
Common
10
7% preferred
•
•
Major Shares Corn
Maryland Fund Inc corn __ _
Mass Investors Trust
Mutual Invest Trust
1
Nation Wide Securities_
Voting trust certificates_.
N Y Bank Trust Shares_ __
No Amer Bond Trust etre__
No Amer Trust Shares, 1953
Series 1955
&Mee 1958
Series 1968
Northern Securities
100
Pacific Southern Invest pf.•
Clam A
•
Class 11
•
Plymouth Fund (noel 24.10c
Quarterly Inc Shares...25a
Representative Trust Shares
Republic Investors Fund.-5
Royalties Management____
Second Internet Sea CIA...'
Class B common
•
6% Preferred
50
Selected Amer Shares Inc__
Selected Amerlcan Shares__
Selected Cumulative She_
Selected Income Shares....
Selected Man Trustees She_
Spencer Trask Fund
•
Standard Amer Trust Shares
•
Standard Utilities Inc.....
State Street Inv Corp
•
Super Corp of Am Tr She A
AA
BB
D.
Supervised Shares
10c
Trust Fund Shares
Trustee Standard Invest C
Trustee Standard 011 Shs A
Trusteed Amer Bank Shs B.
Trusteed Industry Shares._
Trusteed N Y Bank Shares_
United Gold Equities (Can)
Standard Shares
1
U S & Brit Int class A coin •
'•
Preferred
U 5 Elea Lt & Pow Shares A
Voting trust ctfe
Un N Y Bank Trust C 3
13n Ins Tr She sec F
Pld
5
Ask
_
1
30
27
2612 2912
2312 2612
2312
214
16.31 17:55
20.84 22.65
1.19 1.30
3.43 3.53
1.25 1.36
4
23
s
883
2.08
2 56
2.53
2.56
53
48
38
35
412 6
bg
bit
.89 .99
1.38 1.51
9.19 9.94
2.22 2.37
8
3
114 21 1
42
38
1.29 1.41
2.64
7.29
3.77
518 531
16.19 17.21
2.85 3.10
.49 .53
69.52 75.02
3.40
2.35
3.59
2.37
6.20
6.21
1.36 1.49
4 4,4
33
2.35
2.30
6.11
5.24
.97 1.08
1.17 1.30
1.38 1.55
2.13 2.25
1
912 1212
1412 15
2.04 2.14
.74 .82
3
334
8
17
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities
Friday July 12-Concluded
SHORT-TERM SECURITIES
Railroads-industrials
-Public Utilities
Specialists in Called Bonds-New Issues
Pell, Peake & Co.
24 BROAD ST., NEW YORK
Members N. Y. Stock Exchange
Tel. HAnover 2-4510
Bid
Ask
101.3 1013
8
4
102 10212
1073 10818
4
10612 1067
8
104 10414
10712 1077
8
9214 93
10138 10218
104 10414
10414 105
10318 10452
1085 109
8
1123 1123
4
0
1057 10618
8
10214 103
1027 103
8
10212 10314
1003 10112
4
102 10214
10414 105
1033 1033
8
s
10614 1063
4
107 10712
10818 1083
8
10314 10312
10014 1003
8
1001 10058
10812 109
103 10312
103 104
10510 106
1103
__
102'4 103
102'i 103
103 10334
1053 10614
107'z 1077
3
1023 103
4
1041s 105
Bid
Ask
NY Chia & St L let 4e 1937- 1011s 1013
4
New York Tel 1st 414s 1939_ 111 1113
8
Nor American Lt & Power
1011; 103
58 April 1 1936
Nor Ry of Call/ be 1938
1081s 109
Pacific Tel dr Tel 58 1937- 100 1063
4
Penn-Mary Steel 58 1937... 104 105
Pennsylvania Co 310 1937_ lOn
Pennsylvania RR 6Ms 1936. 10311 10318
Phila & Reading C & I 4s 37 1031, 104
Phillips Petroleum 5341 1939 1025 103
:
Potomar Elea Power 58 1936 104 10412
Pure Oil Corp 5348 1937
10071 101
514s Mar 1 1940
1011 102
Ry Express Agency Inc
58 1935 to 1939
10014' 0109
53 1940 to 1949
109' o 111
Roth & L Oat Water 611938 1003 101
-St Joseph Ry L H & P 5s '37 1031 104
St Paul Min & Man
Montana Est 4s____1937 103 1031z
Scranton Electric 5s 1937_. 1071 108
SI/striate Consol 011 Corp
.
1011 10112
7 March 15 1937
13
6348 June 1 1938
1011 10112
Southern Bell T &'I'58_1941 1081 109
Sou Pao Branch Ry Os 1937- 108
Swift & Co 5e 1940
1011 102
TerminaIRR(StLou)4348'39 1111 1113
4
Texas Pr & Li 181 as 1937-- 105! 106
United States Rubber Co
10112
10114
6348 March 1 1935
65 1936
1021 2 103
Virginia Midland Ry 58 1936 100 102
Ward Baking Co 1st 6s 1937 105'4 106
Washington Wat Pow 58 '39 1091 4 11012
Western Maas Cos 48 1339_ 103 1033
4
W N Y & Pa RR let de 1937 105' 106
Western Union Tel 6,148 1936 1011 it 1021s
58 Jan. 1 1938
104 10412
Federal Intermediate Credit Bank Debentures
Bid
FIG 134s July 15 1935_
1" IC 1348 Aug. 15 1935_
F 10 134e Sept. 18 1935_
F IC 1)43 Oct. 15 1935_
F I0 1348 Nov. 15 1935_ _
r.35
r.35
r.35
r.40
r.40
Ask
.15%
15%
.15%
.20%
.25%
Bid
FIG 110 Dec. 16 1935... r.45
F IC 135s Jan. 15 1938- r.45
FIG llie Feb. 15 1936- r 45
F IC 134s Mar. 16 1936_ r.45
Ask
.25%
.30%
.30%
.35%
Miscellaneous Bonds
Adams Express 41 ____1947
American Meter 81..-1946
Amer Rolling M111448_1945
Amer Tobacco 41
1951
Am Type Fdre 88 ___A937
Debenture ee
1939
Am Wire Fabric/8 78
1942
Bear Mountain-Hudson
River Bridge 78
1953
Beth Steel Corp 434s 1960
ButterickPublishing 6341936
Chicago Stock Yde 58..1961
Consolidation Coal4 34.1934
Deep Rook Oil 7e
1937
HaytJan Corp 8/3
1938
Journal of Comm 654e 1937
Merchants Refrig 68.-1937
Bid Ask
93 2 95
97
106
137
137
87
8812
9838
11514
9812
/38
149
112
65
97
40
40
92
92
99
17
41
51
14
Bid
Ask
Home Owners'Loan Corp
114e
Aug 15 1930 101.14 101.18
13(s
Aug 15 1937 102.10 102.14
28
Aug 15 1938 102.28 103
134s
June 15 1939 100.25 100.27
Nati Radiator 58
1946 f2312 2412
N Y Shipbldir 58
1946 95
No. Amer Beira° 6341_1944 16214 6512
Otis Steel es etas
1941 188
91
Pierce Butler & P 6340_1942 110
12
Scoville Mfg 514s
3
1945 10512 1063
St'd.Tex.Prod.18$6148as.'42 110
13
Struthers Wells Titusville
6341
194
65
75
Union 011 of Calif 45_ _ _194 109 1093
4
Witherbee Sherman 65_194
8
16
Woodward Iron Sc
1952 13412 3612
Chain Store Stocks
Par
&shack (H C)corn
•
7% preferred
100
Diamond Shoe peel
100
Edison Bros Stores prat-100
Fishman(M H)Stores_ •
Preferred
100
Great A & P Tea rd---100
Knee(SE)6% prof
10
Lerner Stores pre
100
Lord & Taylor
100
let preferred 6%
100
2nd preferred 8% -100
-
Bid
514
45
90
105
12
92
127
1113
105
145
102
104
Ask
7
5.5
Par
Melville Shoe pref
100
Miller(I)& Bone pref
100
MockJuds&Voehr'ger pf 100
Murphy (G C)8% pref.100
al; Nat Shirt Shops (Del)----•
let preferred
97
100
130 Reeves (Daniel) Ore!....100
1213 Schiff Co preferred
100
109 United Cigar Stored 6% pref.
6% prof atie
U S Storm preferred_ -100
Bid
110
10
80
112
314
40
Ask
14
90
11712
4'4
45
102 106
438 55
s
458 5 8
5
3
6
ISoviet Government Bonds
Bid I Ask
Bid
Ash
Union of Soviet Soo Repub
Union of Soviet Boo Repub
7% gold rouble_.__1943 86.961
88.961 10% gold rouble...1942i 87.831 ____
For footnotes see page 261.
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By. R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
1 B. M. C. Durfee Trust Co., Fall River, par $100
90
$2,000 National Pub. Serv. 5s., 1978, ctf. dep.; 2 New England Pub.
Serv. $6
pref.: 54 Financial institutions common:50 Financial Institutions
$100: 22 Middlewest Utilities common* 5 Middlewest Utilities 6s,pref.. par
cony. pref.
A; 50 National Electric Power, 6s., pref, par $100
$154 lot
234 Robertson Paper Box Co., Inc., pref., par $12
5
479 Robertson Paper Box Co., Inc., common, par $5
75 cents
123 Newton Real Estate Association, par $25
20
5 Plymouth Cordage Co., ex-div., par $100
90
100 Industrial Development Co.. common, par St
2 cents
1,000 Royal Tiger Mines, par 1 cent
15 cents
5 United Elastic Corp
834
Bonds
$2,000 City of Boston, 4s., Jan. 1958, reg. tax exempt
109 dr int.
$1,000 Stone & Webster Building, 68, March 1947
8834 dr int.
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
250 Amherst Inn Co. (Mass.), par $100
4
100 Fiala Outfits, Inc. (N. Y.) pref.. par $100
$25 lot
Manor House Corp. (Quebec), pref.. par $100, and 50 Manor House Corp.
50
(Quebec), common, par $100
$10 lot
20 Climax Engineering Co. (Del.), par $100
$2 lot
The Investment Co. of America (Del.) option warrant to purchase 50 shares
common, par $10, on or before Dec. 31 1942 and 50 Trustees System Service
Corp. (Va.), common, no par, and 22 Trustees System Service Corp. (Va.),
Pref.. Par $60
$3 lot
15 Electric Ry. Improvemt Co. (Ohio), par $100
75
111 American Optical Co. (Mass.), common, no par
1731
400 The Porto Rico Consolidated Fruit Co. (Del.), Par $100
$400 lot
2,497 Rosewall Realty Co., Inc. (N. Y.), par $100
$750 lot
248 Gracewall Realty Corp.(N. Y.), par $100
$250 lot
Bonds
$5,000 Amherst Club of New York (N. Y.) 10-yr. deb. 55., due May 15 1933.
registered
110 lot
Adrian H. Muller, Jersey City, N. J.
Short Term Securities
Allis-Chalmers Mfg 58 1937Amer Tel & Tel 4s I936____
4345 July 1 1939
Appalachian Pr 7s 1938_
Armour & Co 434a 1939._
Atlantic Reg Co be 1937_
B de 0 RR Bee 434s 1939....
Beech Creek RR let 481936.
Bethlehem Steel 58 1936„....
Buffalo Roth & Pitts 681937
Calif Gas & Elan 54 1937.Caro Clinch!& Ohio 58 1938
Chee & Ohio RR 1st 58 1939.
Chic Gas Lt & Coke 1st 5837
Cin Ind St L dt Chic els 1936
Cleve Elea III Co be 1939._
Columbus Power let Be 1936
Consumers El Lt dc Pr(N 0)
1st 68 Jan 1 1936
Consumers Power let 68 1936
Consum Gas(Chia) let 5836
Cudahy Packing 53$8...1937
Cumbi'd Tel & Tel let 5e '37
Dayton Lighting Co 58 1937
Duluth As Iron Range 58 '37
Edison El Ilium Co Boston
58 April 15 1936
35 July 16 1937
341 November 2 1937
4s Jan 1 1939
Fox Film cony Se 1936
Glidden Co 5lis 1939
Or Trunk Ry Can (aU)68'36
Hackensack Water 5s 1938._
Long Dock Co Se 1935
Long Island Ltg let Ile 1938_
Long Island RR 58 1937._
Gen 4s June 1 1938
Louisville & Nash uldf 4s 40
tvildvale Steel & Ord 58 1936
Morris & Co let 4348 1939._
263
Shares
Stocks
$ per Share
1,080 Philadelphia & Western Ry. Co. (Pa.) common, par $50
$8 lot
3,225 Philadelphia & Western Ry. Co. (Pa.) preferred, par $50
$142 lot
$600 Whitby Holding Corp. 6% registered mortgage bond, due Sept. 1 1941:
11.. & M. Rubber Co.(Ohio), common. par $100; 2,000 Meridian Petroleum
Corp. (Del.), temporary stock certificate together with rights to subscribe
to 60 shares: 100 Bartlett Oil & Gas Corp. (Del.), common class A, par $1:
10 New Rochelle Coal & Lumber Co.(N. Y.), par $100
$95 lot
By Crockett & Co., Boston:
Shares
Stocks
$ per Share
79 Berkshire Fine Spinning Assoclatlo, common
134
32 Rockland Light & Power Co., v. t.c, par $10
933
5 Saco Lowell Shops, 1st pref., par $100
20
16 Springfield Gas Light Co., v. t. c., par $25
1934
13 Western Mass. Cos
3534
50 New Hampshire Fire Insurance Co. par $10
4734
12 Boston Herald Traveler Corp
2534
Bonds
$5,000 Flatiron Building, 610. due April I 1940 (Oct. I 1931 coupon on)___Se lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
40 Central-Penn National Bank. Par $10
251$
20 Philadelphia National Bank, par $20
7334
100 Pennsylvania Co.for Insurance on Lives and Granting Annuities. par $10 293$
Bonds
$250 Rittenhouse Square Corp., Inc., 6s, 1946
$I lot
29 Ambler (Pa.) Natl Bank
1534
5 Audubon National Bank
1014
5 Memorial National Bank, West Collingswood, N. J
1034
By A. J. Wright & Co., Buffalo:
Shares
Stocks
5 Zenda Gold Mines
$ per Share
$0.15 per eh.
By Bruton & Co., Baltimore:
Shares
Stock
$ per Share
25,000 Llano 011 Co. of Delaware, no par
90c.
50 County Improvement Corp., voting trust certificates
$2 lot
BondsPer Cent
5110.000 Promissory Note of the Pennsylvania Corporation dated June 17
1931, payable eight months after date. $65,000 Promissory Note of the
Pennsylvania Corporation dated Oct. 261931. payable on demand. Both
notes secured by 100 shares Plaza Apartment Hotel Co., Inc. of Texas,
capital stock par value $100 and 1.000 shs. Fort Sumter Hotel, Inc., of
South Carolina, capital stock, no par
$5,000 lot
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
July 6 July 8 July 9 July 10 July 11 July 12
Francs Francs Francs Francs Francs Francs
Bank of France
9,190 10,100 10,100
9,100 10,100
Banque de Parts et Des Pays Ban
858
873
872
877
Banque de l'Union Parisienne_
428
430
434
435
Canadian Pacific
154
155
158
157
-156
Canal de Suez
18,900 18,700 18,900 18,900 19,000
Cie Distr. d'Electricitle
1,079
1,097
1,072
1,066
Cie Generale d'Electricitie
1,310
1,330
1,330
1,330
1,290
Cie Generale Transatlantique-17
16
Citroen B
18---85
""i5
85
84
Comptoir Nationale d'Escompte
901
913
920
911
Coty 8 A
82
80
80
80
81
Courrieres
222
228
229
232
_ __ _
Credit Commercial de France...
553
560
564
566
Credit Lyonnais°
1,690
1,710 1,730
1,710 1- 756
,
Emu' Lyonnais°
2,450
2,470
2,480 2,420
2,380
Energie Electrtque du Nord
519
530
514
535
Energie Electrique du Littoral
762
764
712
735
Kuhlmann
532
.539
538
537
L'Air Liquid°
HOLI770
780
780
780
"iiio
Lyon (P L M)
DAY
860
885
859
870
---Nord Ry
1,090
1,107
1,116
1,105
Orleans Ry
405
406
405
412
"iio
Paths Capital
24
24
24
24
__ _ _
Pechiney
968
990
985
1,008
_.. _ _
Rentes. Perpetuel 3%
75.10
76.80 77.10
76.40
77.60
Rentee 4%,1917
78.00
79.00
78.80
78.20 79.40
Rentes 4%.1918
76.50
78.10 77.80
77.60
78.50
Rentee 4% V.. 1932 A
82.10 83.70
83.60 83.25 84.70
Rentes 4H%,1932 B
80.90
82.10
82.10 81.75 83.00
Rearms 5%. 1920
103.90 105.50 105.80 105.20 106.40
Royal Dutch
1,940
1,890
1,870 1,870
1,890
Saint Gobain C & C
1,632
1,640
1,630
1,621
Schneider & Cie
1,560
1,520 1,550
1,577
Societe Francalse Ford
55
54
55
54
Societe Generale Fowler()
-51
36
34
34
._
Societe Lyonnalse
2,425
2,500
2,450
2,400
_
Societe Marseillaise
539
539
539
535
_
Tubize Artificial Silk pref
82
83
82
84
.
Union d'Electricitia
602
595
599
595
.
Wagon-Lits
51
50
51
50
_
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
July July July July July
6
8
9
10
11
Per Cent of Par
Allgemeine Elektrizitaete-Gesellschaft
48
48
47
47
45
Berliner Handels-Gesellschaft (6%)
117
118
117
116
117
Berliner Kraft u. Licht(8%)
141
141
141
142
141
Commerz-und Privat-Bank A G
93
93
92
92
92
Deesauer Gas (7%)
145
144
144
143
143
Deutsche Bank und Dlsoonto-Geselischaft_ 94
94
94
94
93
Deutsche Erdoel(4%)
113
113
113
113
112
Deutsche Reichsisslin (German Rye pf 7%) 124
124
124
124
124
Dresdner Bank
94
94
94
94
93
Fsrbenindustrie I G (7%)
153
155
155
154
154
Geefuerel(5%)
132
130
130
131
128
Hamburg Electric Werke (8%)
148
141
142
142
139
Hama
35
36
36
36
34
Mannesmann Roehren
92
94
93
92
91
Nordeutacher Lloyd
38
40
40
39
38
Reichebank (8%)
190
191
192
194
191
Rhelniscise Braunkohle(12%)
227
227
227 227
227
Satzdefurth (7A %)
190
194
._
197
195
Siemens & Halske(7%)
181
181
182
180
180
each
July
12
45
117
141
91
143
93
111
124
93
151
126
139
33
89
37
188
228
194
178
Financial Chronicle
264
July 13 1935
General Corporation and Investment News
-MISCELLANEOUS
-INDUSTRIAL
RAILROAD-PUBLIC UTILITY
-The following
Monthly Gross Earnings of Railroads
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Length of Road
Cross Earnings
S
January___. 257,719,855
February__ _ 248,104,297
292,775,785
March
265,022,239
April
281.627,332
May
282,406,507
June
275,583,676
July
282,277,699
August
275,129,512
September
292,488,478
October
November.. _ 256,629,163
257,199,427
December
January
February
March
Aprli
May
Inc. (+1 or
Dec.(-)
1933
1934
1935
263,877,395
254,566,767
280,492,018
274,185,053
279,153,707
5
226,276,523
211,882,826
217,773,265
224,565,926
254,857,827
277,923,922
293,341,605
296,564,653
291,772,770
293,983,028
257,376,376
245,092,327
$
+31,443,332
+36,221,471
+75,002,520
+40,456,313
+26.769,505
+4,482,585
--17,757,929
-14,286,954
--16,643,258
-1,494,550
-747,213
+12,107,100
1934
257,728.677 +6,148,718
248,122,284 +6,444,483
292,798,746 -12,306,728
265,037,296 +9,147,757
281,642,980 -2,489.273
Net Earn nos
Month
Per
Cent
1933
1934
+13.90
+17.10
+34.44
+18.02
+10.50
+1.61
--6.05
-4.82
--5.70
-0.62
-0.29
+4.94
Miles
239,444
239,389
239,228
239,109
238,983
239,107
239,160
239,114
238.977
238,937
238,826
238,570
;;s
CO
OD '
' V010,10 10
4.01OcncnoocaC"-,Dow .,
00 Co®tOba cn C414 Co ...I
(.4
Month
+2.39
+2.60
+4.20
+3.45
--0.88
1935
238,245
238,162
238,011
237,995
237,951
1934
239,506
239,433
239,246
239,129
238,980
Inc.(+)or Dec.(-)
Cent
1934
1933
Amount
January
February
March
April
May
June
July
August
September
October
November
December
$62,262,469
59,923,775
83,939,285
65,253,473
72,084,732
74,529,256
67,569,491
71,019,068
71,781,674
80,423,303
59,167.473
62,187,963
$44,978,266
40,914,074
42,447,013
51,640,515
73,703,351
92,967,854
08,803,830
94,507,245
92,720,463
89,641,103
65,899,592
58,350,192
+$17,284,203
+19,009,701
+41,492,272
+13,612,958
--1,618,619
--18,438,598
-31,234,339
-23,488,177
--20,938,789
--9,217,800
--6,732,119
+3,837,771
+38.43
+46.46
+97.75
+26.36
-2.20
-19.83
-31.61
-24.85
-22.58
-10.28
-10.22
+6.58
January
February
March
April
May
1935
$51,351,024
54,896,705
67,659,321
65,305,735
70.416,370
1934
$62,258,639
59,927,200
83,942,886
65,252,005
72.083,220
--$10,907,615
--5,030,495
-16,283,565
+53,730
-1,666.850
--17.5
--8.3
--19.40
+0.08
--2.31
Per
Abbott Laboratories, North Chicago-To Issue 5,000
Shares of Stock-See under "Current Events and Discussions"
-V.140, P. 3536.
on a preceding page.
-Earnings
Acme Gas & Oil Co., Ltd.
Earnings for the Year Ended Dec. 31 1934
Net income
Previous surplus
$104,636
77,460
Total surplus
Dividends paid
$182.096
80.629
Surplus
Reserves for taxes, &c
$101,467
72.563
$28,904
Surplus Dec. 31 1934
Balance Sheet Dec. 31 1934
-Cash on hand and in banks, $24,630; call loan (secured). $35,148;
Assets
accounts receivable, $21,898; investments at market value, $10.786; royalties, $36,619; oil and gas wells and leases in Canada and United States
(less reserve for depreciation and depletion, $150,000), $386,063; total,
$515,146.
Liabilities-Accounts payable. $1,277; reserve for taxes, $9,564; capital
stock (2,015.732 shares of no par value, fully paid), $475,400; profit and
loss account, $28.904; total $515,146.-V. 139, p. 1544.
-Comparative Balance
Aeolian-Skinner Organ Co., Inc.
Seeht Dec. 311934
Assets$49,229
Cash
a Notes and accts
' 378.563
receivable
131,331
Inventories, &c
6,994
Interest accrued
33,900
Investments
b Fixed assets____ 344.432
12,344
Adv. to employees
MUSIC library.. _ 346,128
7,207
Patents
Def'd charges and
7,961
sundry items._
1933
1934
Liabilities1933
$5.739
$4,405
$55,870 Accounts payable_
3,229
1,637
Commissions pay_
2,467
2,603
407.990 Salaries, wages,,be
148,805 Accrued State and
5,307
5,159
Federal taxes.__
8,465
18.900 Reserve for guar1,218
361,553 anty work
12,280 Res.for completion
3.450
4,673
348,128 of contracts
30,730
18,730
2,166 General reserve
1,255,326 1,255,326
c Capital stock
101,050
101,050
10,381 Capital surplus
36,066
75,585
Deficit
$1,318,090 $1,372,539
Total
51,318,090 81,372,539
Total
a After reserve for doubtful receivables of $33,043 in 1934 ($22.330 In
1933). b After depreciation of $47,507 in 1934 (330.744 in 1933). c Rep-V. 138, p. 4451.
resented by 104,167 no par shares.
-Seeks Extension of RFC Loan
Alton RR.
The company has applied to the Interstate Commerce Commission for
approval of extension for five years of an Reconstruction Finance Corporation loan of $1,894,632 maturing July 28.-V. 140, P. 4385.
-Earnings
Alaska Juneau Gold Mining Co.
1935-6 Mos.-1934
Period End. June 30- 1935-Monih-1934
$389,000 31,959,000 $2,257,350
Sees
Gross earnings
Net profit after oper.exp.
& development chges,
but before deprec. &
1,204,950
954.600
212.700
depletion & Fed. tax_ - loss 24.000
x Operations suspended on account of strike.
forced susA statement issued with report for June says: "Strike which returned to
pension of operation May 22 was broken July 5, when 460 men
work on same conditions and wages which prevailed prior to the close-V.140, p. 4385.
down."
-Seeks to Issue Stock
---Allegheny Steel Co.
See "Chronicle," July 6, p. 37.-V. 140, p. 3028.
-Earnings-Alleghany Corp.
1935
Quarter Ended March 31Dividends and interest received
Interest paid
General expenses, iScc
y$971,289
969,037
105,768
1934
y$809,817
1,014.951
27,181
1933
$685,595
1,007,584
22,172
3103,516
3232.315 x$344,161
Net loss
x Exclusive of results from sale of securities. y After deducting reserves
in respect of interest on $11,152,000 Missouri Pacific RR. 20-year 55i5
convertible gold bonds and $14,245,000 Terminal Shares, Inc., 534%
notes.
-V. 140, p. 4060.
Allied Brewing & Distilling Co., Inc. (& Subs.)
Earnings for Year Ended Dec. 31 1934
Sales, less returns and allowances
Cost of goods sold
$1,718,028
1,172,900
Gross profit
Selling expenses
General and administrative expenses
$545,127
278,586
236,590
Operating profit
Income other than from trading
$29,951
8,532
Gross income
Interest
Depreciation
Non-recurring expenses
Provision for Federal income tax
$38,483
11,053
41,510
2.616
11,369
Net loss for the period
Loss from revaluation of inventories to present market
$28.065
22,697
$50,763
Total loss for the period
Consolidated Balance Sheet Dec. 31 1934
on demand, $30,648; notes and accounts receivable (less
-Cash
Assets
reserve for doubtful accounts of $10,741), $157,510; inve”teries, $168282;
nwy!
revenue stamps. $1,047; other assets, $24,152; land, bui'di igs, maebi
4 018).
and equipment. &c. (less reserve for depreciation of $ 8,
$1,007,974'.
prepaid expenses and deferred charges, 324,632; patents and trade-marks
$1,30; organization expense, $69,122; good-sill, $1; total, $1.485.301.
Liabilities-Notes payable, $11,350; accounts payable, $102,011; accrued
liabilities and beverage taxes, $22,961; mortgage instalments, (due within
l
co vtainerstax arged contusgemees, $ubj 48 m returns
one year) $3,275; resern ed for ches and to cinto ncirs_sl6,ect; toortgage,
payable, $141,500;
$23,720; common stock (par $1). $353.214; paid-in surplus, $941,184;
deficit. $130,063, total, 31,485,301.-V. 140, P. 4385.
-Dividends Resumed
"'Allied Mills, Inc.
The directors have declared a dividend of 25 cents per share on the common stock, payable July 31 to holders of record July 20. This will be the
first payment made on this Issue since July 1 1930 when 15 cents was paid.
The company states that further dividend payments this year will be
-V.139, p. 1390.
contingent upon earnings.
-New Securities
Ambassador Hotel Co. of Los Angeles
-See Ambassador Hotel Corp.
Ready, &c.
Ambassador Hotel Corp., Los Angeles PlanA0perative
'Us. Angeles
Securities of the newly organized Ambassador Hotel Co. of
have been issued and are now ready for exchange for Ambassador Hotel
Corp. 6% first mortgage sinking fund bonds dated March 21 1927 and
certificates of deposit, it has been announced by the first mortgage bondholders' committee in a letter to all holders of record.
Under the terms of the reorganization which was effected under Section
77-B of the amended Bankruptcy Act, the exchange applies to both deposited and undeposited bonds. The American National Bank & Trust
Co. of Chicago as depositary and the Bank of America N. T. & S. A., Las
Angeles, as sub-depositary, are handling the exchange of certificates of
deposit. Undeposited bonds are being exchanged by the Bank of America
N. T. & S. A., the trustee under the original issue.
This exchange marks the final step in the reorganization of the $5.820.000
Lisi Angeles hotel bond issue which constituted one of the largest real estate
underwritings on the Pacific Coast.
In accordance with the reorganization plan which was approved by the
Federal Court several weeks ago, the title to the property has been transferred to the newly organized Ambassador Hotel Corp. of Los Angeles,
New 15
-year 5% income mortgage sinking fund bonds issued by the new
company will be exchanged dollar for dollar for the present first mortgage
bonds outstanding. In addition, all of the presently issued capital stock
of the new company will be placed in the hands of voting trustees and voting
trust certificates issued to bondholders at the rate of 10 shares for each
$1.000 bond held.
The new bonds bear interest at the rate of 5% per annum, payable semiannually out of available income. Provision is made for the distribution
of funds available for interest when such amounts represent a payment of
1% or more. After interest at the rate of 3% per annum has been paid
upon the bonds, the remainder of the available funds will be applied ono
half to bond retirement and one-half to additional interest payment until
the interest for the particular period equals the rate of 5% per annum.
After the payment of 5%, any additional earnings will be applied to bond
retirement.
The reorganization which has Just been completed covers only the Los
Angeles Ambassador issue and does not alter the status of the Eastern
Ambassador properties, which are still in reorganization proceedings.
The personnel of the Los Angeles bondholders' committee, which have
carried through the reorganization. consist of II. It. Cotton, Chairman, John
Treanor and J. B. Van Nuys. Legal matters in connection with the plan
and the formation of the new corporation have been handled by Paul
Fussell of O'Melveny, Tuller & Meyers, counsel for the committee.
V. 139, p. 2037.
-Earnings
American Aggregates Corp.(& Subs.)
Earnings for Year Ended Dec. 31 1934
Net sales (after deducting allowances, trade & cash discts., &c.)
Cost of sales
Gross profit on sales (before depreciation and depletion)___ _
Profit from allied operations
$136.711
46,559
Total profit__ - -Selling and administrative expense
General expense_ --
3183,270
112,167
24,351
3907.056
770,345
Net profit before int. earned and int. paid and deprec. & depl_
Interest earned and miscellaneous income
$46,761
34.977
Total
Interest paid on real estate obligations and amortization of bond
discount and expense-- _ -- Interest on first mortgage bonds
Depredation and depletion
$81,729
24,077
57.794
289,161
$289,304
Consolidated Balance Sheet Dec. 31 1934
notes receivable, $132.787; inven-Cash, $78,172; accounts and
Assets
tories, $80,079; repaid insurance and royalties, $17.491; mortgage notes,
receivable and accrued interest, $486,607; investments, advances, &c..
Net loss
Financial Chronicle
Volume 141
$329,683; plant and equipment (less reserve for depreciation of $2,460,528).
$3,980,358; deferred charges, $227,841; total, $5,333,022.
Liabilities
-Notes payable due in 1935. $8,300; accounts payable,
real estate purchase contracts due in 1935, $16,850; accrued taxes, $44,618:
interest.
royalties, &c., $67,127; deferred liabilities. $142,476; first mortgage bonds,
due Feb. 1 1943, $903,500; 15-Yr. 6% skg. fd. g. debs., ser. A, due Feb. 1
1943, $103.000; 7% non-cum. preferred stock (par $100). $1,785,100;
common stock (Issued 227,345 shares, no par, $2,273,450, less in treasury
23.437 shares, $226,020). $2,047,430; capital surplus, $641,173: deficit,
$426.552; total 55,333,022.-V. 139. p. 1859.
American Car & Foundry Co.
-Bookings
-
The company now has between $14,000,000 and $15,00 ,0 000 of business
on its books, the largest volume in several years. Charles J. Hardy; Pmsident
told stockholders at the annual meeting held July 11. At this time
t
year the bookings were $9.477,000, and on July 1 1933khe total was on'
/
$622,000.-V. 140, p. 4385.
"tr--
'American Comcrity POver Co.
-Final Distribution
Holders of one-year 5 % secured gold notes due Nov. 1 193 re bffng
notified that the Cent
Hanover Bank & Trust Co. as trustee- Under the
note agreement dated Nov. 1 1930 is prepared to make a further and final
distribution on notes outstanding. Distribution will consist of 234 shares
of common stock of General Public Utilities, Inc., and $1.10 in cash in
respect of each $1,000 of notes.
The stock and cash to be distributed represent the net proceeds of the
distributive share in the assets of American Community Power Co. received
by trustee in respect of its proof of claim filed In proceedings in Chancery
Court of Delaware. The total distributive share of trustee in these proceedings was 5,180 shares of common stock and 59 cents in cash. Scrip
certificates are not available in the fractional denominations necessary for
a pro rata distribution in kind of the full number of shares. Accordingly,
and in order to defray the expenses of distribution, 680 shares were sold.
The balance, which is distributable pro rata in full shares and half-shares,
and the proceeds of the sale, after the deduction of expenses, are to be
distributed at the rates set forth above.
In order to obtain their distributive shares, all holders of above notes
should on or after June 28 1935 present the same to the trustee at 70 Broadway, New York City.
-V, 136, P. 2418.
American & Continental Corp.
-Earnings
Six Months Ended May 31Interest
Dividends (Including no stock dividends)
Other income
Gross income
Investment service fee
Miscellaneous expenses
Interest and amortization of discount-debs
Miscellaneous taxes
Foreign Government taxes
Net income (excl. profits & losses on sales of securities & liquidation of intermediate credits)
Dividend paid
265
6% debentures due Jan. 1 1938, $702.000; reserve for contingencies and
losses, $12,000; 7% cum. pref. stock, series A. par $100 (after deducting
454 abs. in treasury at cost of $31,400). 5208,600; 7% cumulative pref.
stock, series B (after deducting 83 shs. in treasury at cost of $8.300).
$110.600: common stock (par $25). $504,350; surplus, $1,539,495; total.
$2,853,237.-V. 134, p. 137.
American International Corp.
-Asset Value
The corporation reports net assets as of June 30 1935 of $20,749,317,
equivalent to $1,501 per $1,000 principal amount of debentures outstanding
and indicating a liquidating value on common stock of $6.87 per share.
This compares with net assets of Dec. 31 1934 of $19,437,122 equivalent
to $1,406 per $1,000 principal amount of debentures outstanding and an
indicated asset value on the common stock of $5.57 per share. '
Securities are valued on June 30 1935 on the same basis as in the audited
report of Dec. 31 1934. Those carried at a nominal valuation in the report
of Dec. 31 1934 are still so carried. Cash balances as of June 30 1935
were $1.291,139 and United States Treasury bonds at market values were
5304.875.-V. 140. p. 2691.
There were outstanding as of June 30 1935, $13.821,000 principal amount
of debentures, and 1,007,973 shares of common stock.
American Optical Co.-Consol. Bal. Sheet Dec. 31 1934Assets
Cash in banks and on hand__
Marketable securities
Customers' notes and accts.
receivable, less reserves._ _
Miami!. notes and accounts
receivable, less reserve_ _
Inventories
Due from employees (secured
$54,855)
Other notes and accounts
receiv. (secured 5104,709).
Invest, in and advances to
affiliated companies
Plant and equipment
Prepaid expenses and sundry
assets
Llatraffies$1,520,293 Accounts payable and accrued
expenses incl. provision for
1,653,971
Federal and State income
$979.443
1,971,297 taxes
88,960
Reserve for foreign exchange_
32,026
100,492 Miscellaneous reserves
7,000,000
6,036,774 7% cumul. pref. stock
6,282,447
x Common stock
2,490,838
68,298 Earned surplus
236,029
598,483
4,540,107
147,967
1935
$84,058
165,975
1934
$174,805
117,169
96
Total
$16,873,716
$16,873,716
Total
x Represented by 258,936 no par shares of which 915 shares are held in
treasury.
-V. 138. p. 4453.
$250,033
22,880
19,146
72,601
648
$292,071
26,364
12,284
72,718
773
53
Earnings for Year Ended Dec. 31 1934
Net sales
Cost of sales (exclusive of depreciation)
$3,203,740
1.517.707
Gross profit
General administration,selling, and miscellaneous expenses
51.686,033
878,436
$134,757
225,000
$179,880
225,000
comparatire Balance Sheet
May 31'35 Nos.30'34
May 31'35 Nov.30'34
Assets
Liattngtes$
$
$
8
Cash
828,676
202,723 Int. accrued on 5%
Investments
8,541,854 8,166,547
debentures, &c_
20,192
20,250
Intermed. credits_ 148,217 2,422,485 Due for securities
Corporation's debs.
142,915
30,915
purchased
mire . at cost__
36,909
13,631
3,418,985 Sundry. &c.. exps_
Accrued inc., cons2,225
Accrued taxes____
1,715
miss. & sundry
5% debs. maturing
accts. receivable
72,998
81,77, April 1 1943____ 2,423,000 7,500,000
Due for securs.sold
1,864
450,000
16,032 y Capital stock__ 450,000
Unamort. discount
Capital surplus__ 4,025,678 1,656,640
on debentures__
18.974
197,917 Earned surplus___ 2,623,658 2.721,311
Total
9,612,577 12,506,462
9,612,577 12,506,462
Total
y Represented by 25,000 shares class A stock ($1 par in 1935 and no par
In 1934) and 425,000 shares common stock ($1 par in 1935 and no par in
1934). z After deducting reserves of 51.270,689.
Note
-The report also gives a balance sheet as of May 31 1935 on a market
basis, the difference from the book basis (given above) being in securities,
, which are listed at $8,183,641, and the elimination of the unamortized
discount and expense on debentures being offset by reduction in surplus by
write-down of unrealized depreciation from cost or write-down values of
securities of $358.216 and unamortized discount and expenses on debentures
of $18,974.-V. 140. p. 2691.
American Crystal Sugar Co.
-Registrar
-
The Guaranty Trust Co. of N. Y. has been appointed Registrar of the
company's 6% first preferred stock (par $100).-V. 140, p. 4386.
-Earns.
American Potash & Chemical Corp.(& Subs.)
Profitfrom operations(before depreciation)
Other income credits
$807,597
176,283
Gross income (before depreciation)
Income charges
Depreciation
5983,880
83.325
440,814
Net income
$459,741
Consolidated Balance Sheet Dec. 31 1934
Assets
-Cash, $395,489; notes and accounts receivable, $561,103; inventories, $1.288,385; sundry investments, $461: property (less reserve for
depreciation of $3.926.184), $13,193,362; patents and trade-marks (less
reserve), $37.068; deferred charges, $88,178; total. $15,564,048.
Liabilities
-Notes and accounts payable, $601,684; capital stock (528.390
shares no par),$8,670,536;surplus.$6,291,826;total,$15,564,048.-V. 137.
P• 1767.
American Seal-Kap Corp. of Del.(& Sub.)
-Earnings
Years Ended Dec. 31Net sales
Cost of sales selling delivery administrative and
general expenses
Provision for depreciation
1934
$534,011
1933
$489,621
461,084
26,097
420.780
39,110
Balance
Interest received
Profitfrom sale ofliberty bonds
$46,828
5,156
5,218
$29,731
7,814
Balance
Interest paid
Loss on disposal of equipment
Provision for Federal capital stock tax
Provision for Federal income tax
$57,203
8,628
697
1,330
5,400
$37,545
12,906
6.180
See x
American Factors, Ltd.
-Earnings
Calendar Years1933
1932
1934
1931
Net profit
$18,459
541.147
Profit for the year
$1,225,275 $1,323,002 $1,045,962 $1,335,449
Dividends
416,871
Territorial excise, &c.,
taxes
157,770
47,000
145,000
123,530
Deficit
$375,724 sur$18,459
x No provision for Federal income tax was made in respect of the above
Balance
$998,962 $1,211,919
$1,080,275 $1,165.232
net profit for 1933 inasmuch as allowable deductions were expected to
Dividends paid during yr 1.000,000
900,000
800,000
1.000,000
exceed the taxable Income.
Net income
$265,232
$198.962
$211,919
$80,275
Consolidated Balance Sheet Dec. 51 1934
Previous surplus
6,019,607
5,754,663
5,648,756
5,429,812
Assets
-Cash in banks and on hand, 591,903; notes and accounts receivMisc. charges
-Dr
13,931
288,140
able (less reserve for doubtful notes and accounts of 54,085). $33,940;
8pecial.&c.,reserve writinventories. $58,567; shop and plant supplies. $1,963; receivable from offiten back
Cr13,643 Dr93,056
Cr12,130
Cr7,025
cers and employees, $706; secured demand note receivable, less reserve.
$10 775; land, buildings, machinery and equipment at cost (less 5141.708
Total surplus
$5,823,871 56,019,607 $5,754,663 $5,648,756
written off to capital surplus in 1932 and reserve for depreciation of $222.794), 5514,780; deferred charges, $16,173; good-will, $235,000; total.
Balance Sheet Dec. 31 1934
Assets
$963,811.
LiabliUtesCash and short-term securities $4,907,493 Accounts payable
Liabilities
-Accounts payable. $18,006; accrued interest, taxes, wages.
83,920,609
&c., $6,358; unclaimed dividends, $3,549; reserve for 1934 Federal income
Accts. & notes receivable__ 3,433,063 Sundry accounts and drafts
and capital stock taxes (estimated), 66,080; mortgages payable, 5144.750;
Merchandise inventories__ _ 1,820,225
payable
570,016
reserve for contingencies, $58,821; capital stock (par $2). $277.914; capital
Deferred items
132,823 Accrued taxes (est.)
145,000
Investments (at cost)
surplus, $376,356; surplus, $71,975; toyal, 5963.811.-v. 138, p. 2563.
9,306,242 Earned surplus
5,823,871
Property and equipment (less
Capital stock ($20 par)
10,000,000
depreciation)
." American Seating Co.
--To Issue $2,827,000 6% Cony.
859,650
Total
-V. 139. p. 3634.
$20,459,497
Total
American National Co.
-Earnings
Earnings for Year Ended Dec. 31
$20,459,497
1934
Gross profitfrom sales before depreciation
Depreciation
$828,283
57.112
Gross profit after depreciation
Administrative and selling expenses
Interest, discounts, &c., net
Federal income tax
$771,171
533.504
98,436
21.994
Netprofit
Preferred dividends
$117,235
36,606
Surplus
$80,629
Balance Sheet Dec. 31 1934
Assets
-Cash. $358,444; cash surrender value, life insurance, $42,408;
notes and accounts receivable, customers, $741,187 coupons on treasury
bonds, collected in Jan. 1935. $2,535; merchandise inventory, $684,122;
investments, stock in other companies (at cost). $55,610; other assets,
$67,436; supplies, prepaid insurance. &c.. $31,968; land, buildings, mach
and equipment,&c.(less reserves for depreciation of $1,099,462), $783,677;
patents and trade-marks, $1; unamortized bond discount and expense,
117.790,• total, $2,853,237.
Liabilities-Accounts and payroll drafts payable, $181,647; accrued payroll, taxes, &c., $93,147; dividends payable, preferred stock, $5,744;
Notes and 56,540 Shares of Slack
ee under "Current
Events and DiS6116S1OnS" On a preening page.
-V. 140.
p. 3885.
American States Public Service Co.
-Second Reorganization Plan Proposed
Two plans of reorganization have been prepared for the company. The
first plan was submitted by J. B. Whitworth and F. D. Fenhagen, trustees,
to the Federal Court in Baltimore. The second prepared by the protective
committee for holders of first lien bonds, headed by R. E. Swart and comprising George De B. Greene and Garrettson Dulin will be presented to the
same court if the committee has the support of 25% of the holders of the
bonds.
The plan of the trustees was outlined in "Chronicle" June 22, p. 4223.
Under the plan prepared by the committee there would be issued for
each $1,000 of first lien bonds $500 of 43.i% first mortgage series A bonds.
due in 1948, of American States Water Service Co. of Calif., an existing
subsidiary; $100 of 5% first mortgage series A bonds, due in 1948, of the
Edison-Sault Electric Co., another subsidiary: $400 of now 3% debentures
of the reorganized company, due in 1960, and five shares of new common
stock.
For each $1,000 of existing debentures there would be given 15 shares of
common stock of the reorganized company.
No specific provision is made in this plan for holders of the preferred
stock, but 2,375 shares of new common stock might be issued to them if the
Court so orders.
An underwriting agreement dated June 26 provides that the International
Utilities Corp. purchase from any participant in the plan the new debs..
carrying with them common stock of the reorganized company at the rate of
Financial Chronicle
266
five common shares for each $400 of debentures, at 361 a unit, or $1.45.
plus interest from May 1.
, Since it was expected that the first mortgage bonds of the two subsidiary
companies could be sold at or about par in the open market, any holder of
first lien bonds would have the opportunity of liquidating his investment
at about 74% under the committee's plan, it is stated. International
Utilities would surrender for cancellation $775,400 of the present first lien
bonds held by it,reducing the amount outstanding to $6,800,000. and would
receive in consideration therefor 124,064 common shares of the reorganized
company at the rate of 160 common shares for each $1.000 of bonds surrendered. Any other holder of first lien bonds under this plan might also
waive delivery of first mortgage bonds and debentures and accept common
stock in the reorganized company at the same rate as the underwriter.
V. 140.T. 4223.
American Sumatra Tobacco Corp.
-Special Meeting
The stockholders at a special meeting to be held on July 25, will vote on a
proposed plan of extra compensation for the management and employees
of the corporation.
-V. 139, p. 2511.
American Telephone & Telegraph Co.
Period End.May311935-5 Mos.-1934
1935
-Month-1934
Operating revenues
$7,894,448 $7,746,105 $38,807,225 $39,101.729
269,766
Uncollectible oper. revs234,157
50,450
47,047
Operating expenses
6,124,434
5.918,016 29,744,357 28,865,091
2,808,953
Operating taxes
2,503,262
500,626
538,771
Net operating income- $1,218,938 $1,242,271
-V.140. D. 4386.
$6,325,449 $7,157.919
-American Toll Bridge Co.
-To Issue Bonds
The company has filed a registration statement with the SEC seeking
to issue $4,300,000 54% first mortgage bonds due Aug. 1 1945. Underwriters and the amounts to be underwritten by each include Blyth Co., Inc.,
$1,634,000; Dean, Witter & Co., 8817,000; Mitchun, Tully & Co., $817,000;
E. H. Rollins & Sons, Inc.; $645,000; Elworthy & Co., $215,000, and
William Cavalier & Co., $170,000. Proceeds from the sale of the issue
will be used to retire $3,149,000 1st mtge. 75 and $1,031,500 2d mtge.
-V.140, p. 4225.
-Final Dividend
-L
"
41
"---. Amsterdam Trading Co.
The directors have declared a final dividend of 33 cents per share on the•
"American shares" payable July 20 to holders of record July 15. A dividend of 42 cents was paid on July 20 1934.-V. 139. p. 272.
-Weekly Output
American Water Works & Electric Co.
Output of electric energy for the week ended July 6 1935, totaled 30,694.000 kwh., an increase of 6% over the output of 29.032,000 kwh. for
the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
1932
1931
Week Ended1935
1934
1933
June 15
36,711.000 34,334,000 34,638,000 26,230,000 32,116,000
June 22
35.261.000 34,742,000 35,408,000 25,942,000 31,107,000
June 29
36.440,000 34,467,000 36,295,000 26,174,000 29,745,000
July 6
30,694,000 29,032,000 32,910,000 23,813,000 32,143,000
-V.141. p. 104.
-Earnings
Anglo-Persian Oil Co., Ltd.
19331932
1931
Calendar Years1934
Profit after deprec., int.
and income taxes
E3,183,195 £2,643,978 £2,379,677 E2,318,717
501,944
320,829
Extra depreciation
459,107
302,183
New issue expenses
53,501
300,000
200,000
200,000
Reserves
Net profit
1st preferred dividends
2d preferred dividends
Ordinary dividends
Deficit
Brought forward
12,724,088 £2,141,795 E1,805,347 £1,516,773
578.733
573,863
578,627
578,627
492,607
448,205
492,607
492,607
y671,250
x1,678,125 xl,006,875 z1.006,875
E25,271 suri63,686
510,944
447,260
£272,869
720,129
£176,545
896,675
£447,260
£720.129
Carried forward
/485,673
E510,944
7.22%
Earned on ordinary stock
12.31%
3.68%
5.47%
x 12%% per annum, less income tax. y 5% less income tax, payable
July 30 1932. z7%% per annum, less income tax.
Balance Sheet Dec. 31
1934
1933
1933
1934
Assets
y 1st pref.shares... 7,232,838 7,232,838
Inv. in dr adv to
assoc. co.'s, &c.28,415,537 29,429,311 y 2d pref. shares__ 5,473,414 5,473,414
x Property acct._ 3,599,757 4,031,753 y Ordinary shares _13,425,000 13,425,000
4,850,000
Debenture stock__
Stock of stores and
99,363
480,197 Deb.stock red.acct
materials, &c__ _ 796,000
Dep. by sub. co's_ 3,889,355 3,173,517
Stock of crude oil,
products, &c___ 2,343,291 2,457,315 Credit balance__ 4.872,113 4,164,868
7,665,628 7,908,128
Debit balances... 4,780,576 4,521,038 Reserves
Govt.securities- __ 3,315.895 5,374,200 Profit & loss surp- 2,967,224 2,321,245
z2,373,878 2,255,194
Cash
45,624,938 48,549,012
45,624,938 48,549,012 Total
Total
,
x After depreciation. 3 Par value £1. z Includes $99,363 cash at bank-V. 141. D. 104.
ers on debenture stock redemption account.
-Earnings
Animal Trap Co. of America, Inc.
Condensed Income Account for the Year Ended Dec 31 1934
$520,143
Sales (less discount and allowances)
332,142
Cost ofsales
13 ;74
3 36
0 5
6 8
Operating expenses
Depreciation
Net operating profit
Other income
$20,895
8,584
Total income
Other charges (interest on gold notes)
$29,480
11,162
Net income
Surplus Jan. 1 1934
Increase in cash surrender value life insurance
$18,317
167,343
2,537
Total surplus
Preferred stock dividends paid
Canadian and Federal taxes
Life insurance premium
Miscellaneous adjustments
Surplus, Dec. 31 1934
$188,198
7,145
4,241
3,206
1,532
$172,072
Condensed Balance Sheet Dec. 31 1934
-Cash on hand and deposit. $93,747; accounts receivable, $43,240;
Assets
inventories, $163,276; cash value of insurance (net), $474; investments (at
cost), $3,364; land, building, machinery and equipment (less reserve for
depreciation of $529,310).$541.280; patents (less amortization of $200.000),
$50,000; deferred changes, $9,976; good-will, trade names, trade marks,
&c., $250,000; total. $1.155,360.
Liabilities
-Accounts payable, $3,593; accrued liabilities, $5,143 dealers'
deposits, $1,190; gola notes not extended, due Feb. 1 1935, $1,100 10
-year
% sinking fund gold notes extended to Feb. 1 1940, $135.500 reserve
for Federal and Canadian income taxes, $3,460; 7% cumulative preferred
stock (par $50), $408,300;common stock (51.000 shares, no par), $425,000;
capital surplus. $13,500; earned surplus. $158,572; total. $1,155,360.V. 137, p. 1939.
-Resumes Dividends
---Argonaut Mining Co.
*--
The directors have declared a dividend of 25 cents per share on the
common stock, par $5, payable July 25 to holders of record July 19. This
will be the first payment made on this issue since Aug. 23 1934 when 50
cents was paid. On May 23, and Feb. 24 1934, dividend of 25 cents per
share were distributed prior to which no payments were made since Feb.
-V. 140, p. 1138.
1930 when a 20 cent dividend was disbursed.
July 13 1935
-Resumes Dividends
Apollo Steel Co.
A dividend of 12% cents per share was paid on the common stock, par
$10, on July 1 to holders of record June 22, the first payment made since
April 1 1931 when 15 cents per share was distributed.
-V. 138. p. 1564.
-Annual Report
Arkansas Power & Light Co.
Calendar YearsOperating revenues
Operating expenses, incl. taxes
Rent for leased property (net)
1934
1933
1932
$7,407,066 $6,989,021 $7,600,645
4,147,888 3,754,203 3,748,046
7,208
9,381
9,777
Balance
Other income
$3,251,971 $3,225.437 $3,842,822
15,119
72,194
17,662
Gross income
Interest on mortgage bonds
Other interest and deductions
Interest charged to construction
Property retirement reserve approp
$3,267,089 $3,243,099 $3,915,016
1,871,411
1,818,462
1,831,528
76,194
96,312
74,527
Cr2,625
Cr58,924
Cr1.212
600,000
600,000
319,096
$775,058
Balance available for dividends
$716,471 $1,708,906
391,335
671,691
223,483
Dividends on $7 pref. stock
162,085
274,093
Dividends on 36 pref. stock
92,657
600,000
Dividends on common stock
-Dividends on the $7 and $6 preferred stock, which are cumulative,
Note
were in arrears $4.67 and $4 per share respectively, as of Dec. 31 1933.
During 1934 there were declared on the $7 and $6 preferred stocks, dividends
aggregating $4.08 and $3.50 per share, respectively. No provision has
been made in the above statement for undeclared cumulative dividends
amounting to $727,999 ($7.59 per share) on the $7 preferred stock and
$301,015 ($6.50 per share) on the $6 preferred stock, to Dec. 31 1934.
Balance Sheet Dec. 31
1933
1934
1934
1933
Liabilities$
$
$
Assets-$
Capital stock (no
a Plant, property.
par value)
24,242,920 624242,920
franchises, &c_ _64,091.439 63,892,558
14,573 Capital stock sub13,209
a Investments....
scribed
800
Cash in banks
-On
677,229 1st & ref. mtge.5s_35,000,000 35,000,000
1,380,511
demand
80.731 Little Rock By. &
15,295
Notes & loans rec..
800,452
Electric Co. 6s_ 1,017,500 1,018,500
911,938
Accounts receiv
328,001 Wilson Power &
Materials & suppl. 342,686
6,814
Light Co. 6s___
25,885
104,500
69,500
Prepayments
36,328 Municipal oblig _ _ _
85,512
77,456
Miscell. curr. assets 36.175
389,941 Current liabilities- 2,257,881 1,985.209
Miscell. assets.... 270,723
Matured and acUnamort. debt disc.
11,384
1,024,884 1,072,399 crued interest__
3,359
and expense
10,385 Deferred credits to
5,077
Other def. charges
Income
24,930
Contlng. assets123,430 Canting. liabilities
92,845
contra
--contrz1
123,430
92,845
Reserves
1,709,251 1,505,218
Capital surplus
1,794,499 1,665,308
Earned surplus... 1,920.528 1,690,059
68,210,668 67,432,843 Total
Total
68,210,668 67,432,843
a Ledger value. b $7 pref. stock (96,131% shs.) $6 preferred stock
(46,344 shs.) and common (1,000,000 shs.)-V. 141, p. 105.
Armour & Co. of Del.- 8,000,000 Bonds Offered
Kuhn, Loeb & Co., The First Boston Corp., Brown,
Harriman & Co., Inc., Edward B. Smith & Co., Blyth &
Co., Inc., Lee, Higginson Corp. and associates on July 9
offered at 983.4% and accrued int., $48,000,000 1st mtge.
-year 4% sinking fund bonds series B, due Aug. 1 1955.
20
The company and its subsidiaries constitute one of the
largest enterprises in the packing industry.
A prospectus affords the following:
Dated Aug. 1 1935; due Aug. 1 1955. Int. payable F. & A. Company
agrees to reimburse owners resident in the respective States, upon application in the manner specified in the indentures, the following taxes paid with
respect to these bonds, or the interest thereon: Any Penn. personal property
taxes not exceeding four mills on each dollar of assessed value in any year;
any securities taxes in Maryland, not exceeding in the aggregate 45 cents
on each $100 of the assessed value thereofin any year; any personal property
or exemption tax in Conn., not exceeding 4-10ths of 1% of the face amount
thereof in any year; any property tax in Calif., not exceeding 2-10ths of
1% of the actual value thereof in any year: and any Mass, tax assessed or
measured on income, not exceeding 6% of the interest thereon in any year.
Coupon bonds in denoms. of $1,000 and $500. registerable as to principal.
fully registered bonds in denoms. as stated in the indentures. Coupon bonds
and fully registered bonds are interchangeable. Principal and interets
payable in N.Y. City and in Chicago in such coin or currency of the United
States of America as at the time of payment is legal tender for public and
private debts. Series B bonds are redeemable, other than for the sinking
fund and other than out of moneys received from property releases, at the
company's option, in whole at any time upon 60 days' notice, or in part,
selected by lot in amounts of not less than $7,500,000, on any semi-annual
interest date upon at least 30 days' notice as follows: at 105 on or before
Aug. 1 1945. and thereafter and prior to Aug. 1 1954, at such premium
reduced by M % for each 12 months, or part thereof elapsed between Aug. 1
1945 and the date fixed for redemption, in each case with accrued interest.
Bonds of all series at the time outstanding are subject to redemption by
lot at the option of the company out of moneys received upon the sale of
properties released from the indentures, all as provided therein. Series B
bonds are redeemable out of such moneys on any Aug. 1, at the then applicable sinking fund redemption price.
Sinking Fund-An annual sinking fund payable on June 20 in each year,
commencing 1936, of (a) an amount sufficient to redeem, at the applicable
sinking fund redemption price, 1% of the aggregate principal amount of
series B bonds theretofore issued, plus (b) 4% of the principal amount of
bonds theretofore retired through the sinking fund; payable in cash or at
the option of the company in series B bonds at the applicable sinking fund
redemption price, or partly in cash and partly in bonds. The series B
bonds are redeemable for the sinking fund at the principal amount thereof
plus a premium of 2%% if redeemed on or before Aug. 1 1945, and if redeemed thereafter and on or before Aug. 1 1953, plus such _premium reduced
by M % for each 12 months elapsed between Aug. 1 1945 and the date
fixed for redemption; in each case with accrued interest.
Listing-Company has agreed to make application in due course for the
listing of these bonds on the New York Stock Exchange and their registration under the Securities Exchange Act of 1934.
-The estimated net proceeds, after deducting
Application of Proceeds
expenses, to be received by the company from the several underwriters
sale of the series B bonds will be 345,381,700 exclusive
from the issuance and
of accrued int., if any. Company intends to apply $44,328,900 of such net
-year 554% guarproceeds to redeem at 105% its $42,218,000 1st mtge. 20
-(Bonds have been called for
anteed gold bonds, series A, due Jan. 11943.
redemption on Sept. 7 1935). The balance of such net proceeds is to be
used for other corporate purposes.
History and Organization-Company was organized Dec. 27 1922 in
Delaware. Armour & Co. (Ill.), through the ownership of all of the company's common stock, has 100% voting power.
Consolidated Income Statement for Stated Period
Int. Ches. b Int.
Fiscal
Current Chgs. on Deprec Net
Weeks a Total
Period
Debt
Fund.Dt. clarion
Income
Income
EndedJan. 2 1926 53 23,089,253 1,243,472 6,100,131 4,894,569 10,851,081
13,791,135 842,419 5,682,895 4,764,517 2,501,304
Oct. 29 1927 52
20,062,295 979.058 5,552,491 4,905,976 8,624,770
Nov. 2 1929 53
2.033,816 345,389 4,530,752 4,248,075df7,090,400
Oct. 31 1931 52
99,845 3,820,531 4,247,828 df701,999
7,466,205
Oct. 29 1932 52
18,314 3,321,010 4.257,359 9,375,319
Oct. 28 1933 52 16,972,002
18,094 3,056.917 3,854,395 10,044,174
Oct. 27 1934 52 16,973,580
16,730 1,414,115 1,521,709 4,824,581
7,777,135
Apr. 27 1935 26
Before deducting interest charges (incl. amortiz, of bond disc't &
a
exp.), deprec.& Federal income taxes. b Includes amortiz. of bond discount
& expense. c Before deducting Federal income taxes.
267
Financial Chronicle
Volume 141
Balance Sheet Dec. 31
Underwriters
-The names and addresses of the several principal underwriters in respect of the issue of bonds, and the several amounts underwritten
by them respectively are shown below:
Amount
Underwritten
Name-
Kuhn,Loeb & Co., N.Y.......$15,450,000
First Boston Corp., N.Y ____ 10,300,000
Brown,Harriman & Co.,Inc.,
New York
3.000,000
Edw.B.Smith & Co., N.Y__ 2,000,000
Birth & Co., Inc., N.Y
2,000,000
Lee Higginson Corp., N. Y_. 2,000,000
Field. Glore & Co., N. Y____ 1,000,000
Hayden, Stone & Co., N.Y__ 1,000,000
Kidder,Peabody & Co., N.Y. 1,000,000
Lazard Freres & Co., Inc.,
New York
1,000,000
J.& W.Seligman tk Co., N.Y. 1,000,000
Speyer & Co., New York.___ 1,000,000
White. Weld & Co.,N.Y____ 1,000,000
Amount
Underwritten
Name-
Goldman, Sachs & Co.. N.Y.
Ladenburg, Thalman dr Co.,
New York
Lehman Brothers, N.Y
A.G.Becker A,Co., Chicago.
Estabrook Ac Co., New York_
Hallgarten & Co., N.Y
F.S. Moseley & Co., Boston_
Lawrence Stern & Co., Inc.,
Chicago
Stone & Webster and Itiodget.
Inc.. New York
Dean, Whitter & Co., San
Francisco, Calif
Blair, Bonner & Co., Chicago
Central Republic Co,Chicago
750.000
750,000
750,000
500,000
500,000
500,000
500,000
1933
1934
LiabilitiesAssets1933
1934
$4,146,096 $4,286,862 Funded debt
$3,019,679 $3,096,079
F Property
203,130
Trustees
201,458 x Common stock__ 1,578,321 1,558,321
Deferred charges_
39,230 Deferred liability_ 141,660
28.836
163,885
179,855
194,481 Due trustees
147,180
Investments
100,000
100,000
597,533
Inventories
413,175 Reserves
275,000
Accts. and bills__
371,329 Bank loans
75,000
172,788
233,003
Cash
190,188
14,017
25,179 Accounts payable_
5,935
5,992
Accrued liabilities
9,330
Bond Interest__
20,451
Surplus
79,040
9,557
Total
500,000
500.000
500.000
250,000
250.000
The underwriters have agreed severally to purchase from the company.
the amounts of series B bonds set forth at 953i% and int. to the date
of delivery and payment.
0,309,582 $5,531,715
Total
$5,309,582 $5,531,715
x Represented by 130.390 shares of no par value in 1934 and 135.390 no
par value shares in 1933. y After deducting depreciation of $2,817,242 in
1934 (1933. $2,685,865).-V. 140, p. 2692.
Asbestos Mfg. Co.(Ind.)
-Earnings
Income Account for the Year Ended Dec. 31 1934
Gross profit from sales
Selling, administrative and general expenses
Profit from operations
Other income
Funded Debt and Capitalization
Authorized a Outstanding
1st mtge. bonds (issuable in series)
Unlimited
Total income
1st mtge. 20
Interest paid
-year 530 guar gold bond series
A, due Jan. 1 1943
b$42,214,000
Discounts allowed
7% guar.cum.pref.stock (par $100)
928,643 shs. c546,482 shs. Allowance for loss on deposit accounts with closed banks
Common stock, par value $100 per share
600,000 shs. d100.000 shs. Loss on capital asset retired
a April 27 1935, excl. of that held in treasury of co. b All the series A
Allowance for Federal income tax
bonds will be redeemed out of the proceeds of the sale of the series B bonds.
c Does not include 7,691 shares owned by company and deposited under • Net income for the year
contracts of guarantee. Of the shares shown as outstanding Armour &
Preferred dividends
Co. (Ill.) owns 10,733 shares. d All owned by Armour & Co. (Iii.).
Common dividends
Upon completion of the sale of the series B bonds and the retirement, out
of the proceeds thereof, of the company's series A bonds, the funded debt
Surplus
of the company and its consolidated subsidiaries outstanding in the hands
of the public will consist of the $48,000,000 series B bonds offered by this
prospectus and $7,236,000 (excl. of 31,844,000 held in the treasury of
North American Provision Co.) of Morris & Co. 1st mtge. sinking fund
434% gold bonds, due July 1 1939, which bonds have been assumed by
North American Provision Co., a subsidiary. The annual interest require-
ments on these two issues (excl. of bonds held in treasury) will be $2,245,620
per annum.
Note
-Winslow Bros. & Smith Co., 69.9% of the voting stock of which is
owned by J. K. Messer Leather Corp. a consolidated subsidiary, has outstanding (excl. Of $502,000 held in the treasury) $1,378,000
% debs.
'
due March 1 1943. The accounts of Winslow Bros. & Smith Co. are not
consolidated in the financial statements.
Consolidated Statement of Profit and Loss
Fiscal Year Ended
26 Wks.End.
Apr. 27 '35 Oct. 27 '34 Oct. 28 '33 Oct. 29 '32
Gross sales, less disels,
returns & allowances:
Sales to trade
231,085,859 240,215,415
a Inter-co. sales &166,972,982 292,654,431
Plant transfers
Total
Cost of goods sold:
71,494,792 123,216,189 99,860,022 100.717,463
238,467.774 415.870,620 330,945,881 340,932,877
Opening inventories 38,715,423 33,980.772 25,092,652 34,107,255 "
b Purchases & plant_ -200,225,827 329,707,960 262.789,759 264,052.646
238,941.250 363,688,732 287.882,412 298,159,901
Less-Closing invents. 47,528,285 38,715,423 33,980,772 25,092,654
Cost of goods sold (before
expenses)
191.412,965 324,973,309 253,901,640 .273,067,248
48,455,104
Expenses, in
wages,
maint.& repairs, depr.
3.436,166
2,135.203
94,819,389 81,801.938 70.639.523
on props., taxes(other
than processing & Fed.
inc. taxes). rents &
royalties
27,051,649 51,897,432 42,281,850 40,164,788
Sell., gen. & adm. exp..- 14.733,907 29,956,255 26,236,026 27,329,392
Acc'te written off& prey.
for doubtful, &c
1,074,974
543,667 1,019,133
322,829
Operating result
6,346,718 12,422,035 12,264,928 2,070,368
Other income
1,109.761
1,503.293
280,222 1,104,776
6,626,939 13.526,810 13,374,689 3,573,660
Int.. amortiz., &c
1,726,984 3.396,555 3,771.725 4,305,459
Prov. for Fed. inc. taxes
387,391
1,668,000
732,020
Minority interest
227,645
86,080
Cr29,799
75,373
Net income
8,376,173 8,987.927 def701.999
4 092 561
Preferred dividends3,841,757 3,871,140 3,910.183
- 1,91485
Common dividends
2,000,000 3,000,000
a Including sales by company and its subs, to parent company and its
other subs. b And inter-co. transfers, incl. purchases by company and its
subs, from parent company and its other subs.
Consolidated Balance Sheet, April 27 1935
Assets
Cash & cash items
Notes & accts, receivable,
less reserve
Other notes rec., less reserve
Inventories
Interco. curs. sects. teddy._
Investments
Fixed assets
Good-will, less amortia'n.
Deferred charges
Total
$2,584,770
19,324,063
2,101.048
52,354,167
1,024,884
14,451,032
95,867,563
1,537,389
2,018,943
$191,263,859
!4atdlUfez
Acceptances payable
Accounts payable
Accrued liabilities
Interco. curs. accts. pay'le
Reserve for contingen cies__ _
let mortgage 5345
Morris & Co. 1st mtge. 430
Min. stockholders' equity__
7% guar. pref. stock
Corn. stock (par $100)
Capital and paid-in surplus_
Appropriated earned surplus
Unapprop. earned surplus
$51,443
5,362,247
5,057,860
3,540,694
4,000,000
42,218,100
9,080,000
1,302,173
57,728.600
10,000,000
42,702,027
5,231,226
4,989,487
$191,263,859
Total
Bonds Called
All of the outstanding 1st mtge. 20
-year 53% guaranteed gold bonds,
series A. due Jan. 1 1943 have been called for redemption on Sept. 7 next,
at 105 and int. Paymet will be made at the Continental Illinois National
Bank & Trust Co.of Chicago or at the Chase National Bank of the City of
New York.
-140, p. 4387.
Asbestos Corp., Ltd.
-Earnings
Calendar YearsProfit from operations. _
Int. rec'd & sund. earns.
1934
$148,869
x95,339
1932
1931
1933
$73,448 loss$428.528 10555150,342
31,865
24,811
39.789
Net profit
Bond interest
Directors fees
Provision for deprecia n.
$244,208
187.490
1,200
125.000
$98,259 loss$396,663 loss$110,552
469,029
189,713
189,068
204,578
125.000
300,000
Net loss
$295,388
$711,376
$879,581
$69.482
x Includes settlement of obligations created in the year ending Dec. 31
1933, resulting in a net saving to the company of $73,364.
,
$106.146
775
4,299
10,427
1,720
12.400
376.523
21,980
24,000
Ashley Gold Mining Corp., Ltd.
-Earnings
Income Account for the Year Ended Dec. 31 1934
Value of production,less raining, milling and selling costs
Other income
$141.163
1,463
Total income
Administration expenses
Development costs
$142.626
19,770
62,426
Operating profit
Prior development costs written off
Reserve for taxes
$60,428
72,522
450
Balance deficit
Balance at debit Dec. 30 1933
$12,543
179,351
Balance deficit
47,054.809 90,897,311 77,044,240 67,865,629
638,689
137,358 1,321,531
3,784,719
$104,417
1,729
$30.544
Balance Sheet Dec. 31 1934
Assets
-Cash in banks and on hand, $8,691; accounts receivable, customers considered good, $70,870; inventories, at the lower of cost or market,
$201,213, prepaid insurance, taxes, advertising. &c., $4.878; accounts
receivable; officers and employees. $2,597; deposit accounts with closed
banks (net of allowance of $15,985 for loss), $6,133; land, buildings, machinery and equipment (less deprec. of 5218,110), $819,320; patents and
trade marks,$1,858: deferred charges,foreign advertising and sales expenses,
$4,114; total, $1,119,679.
Liabilittes-Accounts payable, $46,811; dividend on preferred stock, payable Feb. 1 1935, $5,495; accrued taxes, commissions, wages, &c.. $37.970;
accrued Federal income tax 1934. $12,400; account payable, officer,
$37,500; preferred stock ($1 par), $15,700; common stock ($1 par). 3320,000;
surplus arising from revaluation of plant accounts, $421,395; paid-in surplus.
$26,800; earned surplus. $195,606; total, 51,119,679.-V. 138, p. 3262.
Gain fr. for'n exch. rates loss374,212
Storage, commissions
earned,&c
1,774,508
$259,247
154,830
$191.894
Balance Sheet Dec. 31 1934
Liabilities
-
Assets
Cash in banks and on call..
Bullion in transit
Stores and prepaid expenses_
Plant and equipment
Deferred development
Mining rights
Total
$69,246
36,371
43,892
343,721
95,798
1,500,000
$2,089,030
Accounts payable
Reserve for taxes
Reserve for contingencies
Capital stock (par Si)
Deficiency
Total
$18,997
450
4,000
2,257,477
191,894
$2,089,030
Associated Breweries of Canada, Ltd.
-Earnings
Calendar Years-
1934
Net after all expenses &
a5286,105
taxes
Previous surplus
402,029
Total income
Preferred dividends_ _-Common dividends_ __ _
Amount res. for conting.
losses on investments_
1933
1932
1931
$230,843
433.435
$347,627
645,624
$534.651
76,472
56,150
$664,278
80,068
134,760
$993.251
82,282
179,680
100,000
$688,135
73,657
112,300
$154,359
380,292
297,854
Profit & loss surplus
$502,178
5402,029
$349,450
$433.435
a After deducting $134,576 depreciation; $8,400 directors' fees and
$73,572 Federal and Provincial income taxes.
Balance Sheet Dec. 31
Liabilistes-
1934
Assets1933
Cash
$224,246 $211,169
Accts. receivable_
43,518
75,938
Inventories, nutt'ls
and supplies_
261,161
280,250
Dom. of Can. bds. 149,614
125.262
Listed stocks
83,541
127,258
Life Insur. policies_
86,639
77.585
Investments
1,467,609 1,381.104
Prof. shares Dutch.
for redemption_
9,742
Sink, fund for red.
of pref. shares
16,256
Deferred charges..
40,578
39,386
Fixed assets
2,706,057 1.911,575
1934
1933
Accounts payable_ $26,479 $110,095
Income and other
taxes
116,028
Dividends Payable
76,086
Reserves
1,377,899
496.972
7% preferred stock 1,015,400 1,087,700
x Common shares.. 2,053,812 2,053.812
Profit dc loss acct.. 502,178
402.029
Total
Total
$5,091,796 $4,226,694
$5,091,796 $4,226,694
x Represented by 224,600 shares (no par).
-V. 139, p. 3635.
Associated Gas & Electric Co.
-June Output Up 4.1%
Associated Gas & Electric System reports net electric output for June of
232,437.209 units (kwh.),an increase of 4.1% above the same month a year
ago. This is the largest percentage increase over the same month of 1934
reported for any month since January.
For the 12 months ended June 30, output was 2,803,033,771 units, which
Is 2.6% above the 12 months ended June 30 a year ago.
Increased industrial demand largely accounts for the higher electric
output which is currently being reported throughout the territory served
by the System.
Gas production also shows improvement, send out for June being 7.4%
above the 1934 figure. For the year ended June 30, the increase was 5.6%
above the previous 12 month's period.
5.0% Increase in Weekly Power Output
Output of electricity by Associated Gas & Electric System for the week
ended June 29, was 5.0% above the corresponding week last year. Output
for the week amounted to 54,784,523 units(kwh.). This is a higher net output than any previously reported for the week under review.
Gross output, including sales to other utilities, was 66.041,738 units.
V. 141. p. 105.
Financial Chronicle
268
Associated Quality Canners,
Years Ended Feb. 28Operating profit
Depreciation
Interest on bonds and notes
Ltd.
-Earnings
a1934
1935
$13,361 loss$362,462
67.387
60,065
34,171
Loss for year
Previous deficit
Loss on winding up Belleville Canners, Ltd
$80,875
1,537,515
5,698
July 13 1935
Court Orders Hearing on Interest Plea
$429,849
Profit and loss deficit
$1,624,088 $1,537,515
a Figures fully consolidated for purposes of comparison. b Figures not
available.
Balance Sheet Feb. 28 1935
Assets
-Cash on hand and in banks. $2,047; trade accounts receivable,
less reserve for bad debts, $37,001; other accounts receivable, $1.005;
inventories, $790.543; balances on deposit with mutual insurance company,
$7,412; investment in other companies, $28,157; fixed assets (less depreciation of $493.330). $1,514,124; good-will, formulae, trademarks, Stc..
$282,766; unexpired insurance and other prepaid charges, $33,898; total,
$2,666,958.
Liabilities
-Dank advances, $1,610,106; accounts payable and accrued
liabilities, $27.396; taxes payable and accrued, $4,302; notes payable and
accrued interest thereon, $218,681; accrued interest on bonds, $86,835;
6% first mortgage bonds, series A, due April 1 1942. $500,000; capital
stock (82.615 fibs. no Par),$1.843.725; deficit, $1,624,088; total, $2,666,958.
-V. 134, p. 2525.
Atchison Topeka & Santa Fe Ry.-Construction and
Operation
-
Negotiations between the company and the independent bondholders'
committee representing the holders of the consolidated mortgage bones to
formulate an arrangement to satisfy the bondholders who are Gemanding
payment of the $313,158 interest due since March 1 have failed to materialize. As a result, Federal Judge Dickinson, on July 9. sent the matter to
Howard Benton Lewis, Special Master for the Court, to take testimony
and determine whether the company is in a position to pay the interest.
Special Master Lewis has set July 22, at the date for hearing on the
petition.
-V. 140, p. 4388.
-Earnings
Birmingham Electric Co.
[National Power & Light Co. Subsidiary]
-Month
-1934
1935-12 Mos.-1934
Period End. May 31- 1935
$467,286 $6,039,560 $5,563.165
$498,155
Operating revenues
370.066 4,681,785 4,338,394
398,983
Operating expenses.
Net rev, from oper--Other income
$99,172
86
$97,220 $1,357,775 $1,224,771 •
89
1,081
1,062
Gross corp. Income...
Int. & other deductions_
$99,258
50,024
$97,309 $1,358,837 $1,225,852
670,459
50,991
606,962
y$49,234
y$46.318
Balance
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for
period, whether paid or unpaid
$751,875
480.000
$555,393
462.888
429,244
429,218
$336.713‘
Deficit...,
$157,369
y Before property retirement ream(' appropriations and dividends.
z Dividends accumulated and unpaid to May 31 1935 amounted to $286,163,
are)9
-76-eN on $7 pref,stock and $1.50
before giving effect to dividends of.$1.
a share on $6 pref. stock (aggregating $10 , 11) which were declared in '
May for payment July 1 1935.-V. 140, p. 3 .
The Interstate Commerce Commission has-issued a certificate authorizing (a) the company and the Alton RR. to construct a line of railroad from
a connection with their respective main lines east of and near Pequot station
in a westerly direction to a connection with the Elgin Joliet & Eastern.
(b) to operate, under trackage rights, over the last-named railway from said "7--ling of B 4tock-224"Boc A
r, omi Co.c
connection in a general northerly direction to a point about 0.74 mile
The New York StockExchange has‘t,, ilthorized he listing of 200,000
northerly therefrom, and (c) to construct a line extending westerly and
e been issued and are
mmon B stock (no par) aill of whic
shares
a terminus in Section 17. Townnortherly from the point last mentioned to
outstanding in the hands of the public. The common A stock was approved
ship 33 north, range 8 east, a total distance, including the proposed trackfor listing on Dec. 22 1926.
140,
age rights operation, of 5.52 miles, all in Grundy County.
Consolidated Income Statement 3 Months Ended March 31 1935
p.4387.
Gross profit on sales
$526,756
-Earnings
Automobile Banking Corp.
275,938
Net profit before depreciation and income taxes
4
1935
20,978
6 Months Ended June 30peperantion tax
rec acame
,611
$72,238
Net income after charges
32,594
12.585
12,568
Sharescommon stock outstanding
Canadian income tax
2,615
$2.98
$4.80
Earnings per share
281
Loss on sales of marketable securities
-V. 140, p. 4388.
Surplus
$219,470
-New Name
Surplus at beginning of period
2,579,635
Baltimore Transit Co.
See United Rye. & Electric Co. of Baltimore below.
Total
$2,799,105
174,000
(& Controlled Company)- Common A dividends
Bangor Hydro-Electric Co.
Common B dividends
299,800
Tt
Earnings
-
-Month
-1934
1935-12 Mos.-1934
Period End. June 30
- 1935
$149,057 $2,062,583 $2,046,051
$160,722
Gross earnings
59,657
707,201
670.877
61,308
Operating expenses
290,550
281,250
25,300
24.750
Taxes accrued
10,363
149,223
153,037
10,424
Depreciation
363,714
330,993
27.550
32,070
Fixed charges
305,799
305,800
25,483
25.483
Dividend on pref. stock_
224,456
314,963
14,481
21,721
Dividend on corn. stock..
Balance
-V.140, p. 4063.
def$8,345 def$20,469
$21,637
-EarningsBaton Rouge Electric Co.
def$10,870
•
1935-12 Mos.-1934
Period End. May 31
- 1935--Month-1934
$110.938 $1,478,380 $1,331,651
$126,070
Gross earnings
779,141
722,297
65,787
60,049 •
Operation
6,234
4.989
89,078
57,349
Maintenance
180,941
143,461
15,508
13,978
Taxes
13.999
163,911
13,800
171,051
Interest & amortization_
$17,921
$265,306
125,416
37,254
$237,492
115.000
37.215
Balance for common dividend and surplus_ _ _
-V. 140. P. 3886
.
$102,635
$85,276
$24.738
Balance
Appropriations for retirement reserve
Preferred dividend requirements
-Annual Report
Benjamin Electric Mfg. Co.
Years End. Mar, 31Profits for period
Federal income tax
Depreciation
Interest, incl. bond int_ -
1935
$369,164
32,479
121,625
51,240
1934
1933
1932
$216,432 loss$67,456 loss$65,907
Net income
Previous surplus
Refund Fed. inc. tax__
Adjustment of deprec
$163,819
207,889
$39,151 loss$282,162 loss$289,189
762.631
1.105,464
168.550
1,407
Total surplus
Fed. taxes (prior years)_
Comm.& discount on 1st
pref. stock (prop)_ _
Adjust. of val. of patents
Tax on bonds
lsepref. divs. pd. & accr.
2d pref. dividends
$372,206
124,183
53,098
158,478
56,229
166,444
56,838
498
$209,108
$480,469
468
$816,274
1,508
716
3,881
308,121
Cr551
3,881
503
19.388
1,404
26,880
19,970
$762,631
$207,889
$168,550
Profit and loss surplus $3352,819
Comparative Balance Sheet March 31
1934
1935
1934
Liabilities
1935
Assets
$75.728
$326.432 $377.660 Accounts payable_ $106,341
Cash
684,193 Am. wages, int.,
U.S.Lib. L'n bds_ 907,624
42,019
royalties, &c.35.963
11,928
Tax antic. warr'ts_
58,149
25,210
154,453 Accrued taxes. _ __
Accts. receivable.., z160,675
9,263 Reserves
108,111
63,068
9,156
Insurance deposit_
556,825 1st mtge. 6% gold
Merch. inventory. 630,651
854000
844.800
1.000
1,000 bonds
Investments
375,000
2,971
3,500 1st pref. stock._ _ _ 375,000
Def. & prep'd chgs.
1,198,896 1,201,572 2d pref. stock- - _ _ 1,000,000 1,000,000
y Fixed assets_ _
71,811
660,000
80,191 Common stock-- 660,000
z Patents
178,393
352,818
207,889
176,393 Surplus
Good-will
51,900
51,800
Treasury stock_
$3,547,239 $3,296,857
$3,547,239 $3,296,857
Total
Total
z Includes notes receivable, less reserve for doubtful accounts and notes
y Less reserve for depreciation of $956,441 in 1935 (1934.
of $14.468.
$1,057,179). z Less reserve for depreciation of $122,875 in 1935 (1934,
$131,213).-V. 139. P. 1700.
Baldwin Locomotive Works
-June Bookings
The dollar value of orders taken in June by this company and sub.
companies, including The Midvale Co., was announced on July 11, as
$1,721,359, as compared with $1,166,449 for June 1934. These bookings
brought the total for the first six months of the year to $9,603,626, as
compared with $11,149,743 in the first half of 1934.
Consolidated shipments, including Midvale, during June, aggregated
$2.040.173 as compared with $1.436,410 in June of last year while for the
first six months of 1935 they were $12,337.860, or nearly double the shipments of $6826,816 reported for the first six months of 1934.
The continuation of shipments at a rate in excess of bookings of new
business resulted in a further decline in unfilled orders on hand. On June 30
1935, consolidated unfilled orders, including Midvale, amounted to $6,637.678 as comparod with SC..462,712 on Jan. 1 1935, and $8,634,335 on June 30
1934.
Balance, surplus
$2,325,305
Comparative Consolidated Balance Sheets
Ls:swims- Mar.31'35 Dec.31'34
Mar.31 '35 Dec. 31'34
Assets$432,939 $485,245 DivIdends payable $187,000
Cash
Accts. pay. (trade)
Marketable securs.
58,555
$32456
,
1,039,278 1,039,959 Accrued liabilities17,804
at cost
25,208
Res.for inc. taxes- 165,971
Accts. receiv. (net)
170,143
Res, for conting. _
41,164
less reserve for
39,639
143,592 Minority int. In.
153,701
bad debts
apCo_
10 637
10
:9 6
14,227
Accrued int. receiv
x Capital8
stock,. _ _ ,123 38
o
1,461
Sundry debtors_
Orford4 28180 4,1231 8
:
8
2,810
570,864 Earned surplus__ 2,325,304 2,579,634
585,814
Inventories
Claim against closed
4,117
4,117
bank (net)
888,185
Capital stk. of co_ 879,403
Plant & equipnient
920,272
(less deprec'n)._ 902,818
Good-will, &c__ _ _ 2,850,001 2,850,001
52,421
63.930
Prepaid dr def. chgs
Total
$6,927,693 $6,967,202
Total
$6,927,693 $6,967,201
x Represented by 100.000 shares class A and 200,000 shares class B stock
-V. 140, p. 2855.
(no par value).
Booth Mfg. Co., New Bedford, Mass.
-Earnings
1934
Calendar Years1933
1932
$72,715
Net loss before depreciation
$18,933
$77,155
Comparative Balance Sheet
AssetsDec. 29'34 Dec. 30'33 LialrilitiesDec. 29'34 Dec. 30'33
Rosiest.& mach.
.52,020,632 $2,020,632 Preferred stock.... $344,100 $344,100
342,012 Common Stock... 852,800
377,526
Merchandise
852,800
57,465 Mortgage payable_ 300,000
accts. ree 132.657
Cash and
Notes payable..._ 225,000
Investments
30,000
275,000
8,495 Accounts payable_
12,302
Prepaid items_ _ _
63,638
95,135
9.600 Depree. reserve__ _ 913,039
10,845
Treasury stock _ _ 913,039
41,870
Profit St loss deficit 114,584
$2.698,577 $2,480,074
Total
-v. 139. p. 2358.
Total
$2,698,577 $2,480,074
British American Oil Co., Ltd.
-Earnings
-[Including Canadian Subsidiaries]
1933
1934
Calendar Years1932
1931
$4,767,150 $4,451,529 $4,378,521 $4,415,745
Profit for year
221,766
226,562
Debenture interest
234,623
244,486
1,351.605
1,176,650
Depreciation
1,201,155
1,138,329
9.550
Director's fees
428.203
388,000
Dominion income tax...
340.000
302,000
$2,756,024 $2.660,317 $2,602.743 $2,730,930
Net income
7.338,510 6,810,805 8,631,176 8,054,887
Previous surplus
Add-Dominion income
Dr34.498
tax
Dr56,527
$10,094,534 $9,436,624 $11,233,919 $10,729,289
Total surplus
Amount written off to
reduce good-will to $1
2,314,124
Adjust, of prior years
accounts
10,876
2,098,114
2,098,114
Dividends paid
2,098,114
2,098,114
17,996,420 $7,338,510 $6.810,805 $8.631,175
Balance, Dec.31
Consolidated Balance Sheet Dec. 31
1933
1934
1934
1933
LiabilitiesAssets$
$
$
$
x Capital stock- -10.818,117 10,618,118
y Refinery plant &
Surplus
14,783,253 14.452,051
equipment
7,996,420 7,338,510
15-year 5% cony.
Trucks & autos... 401,654
1
sink, fund gold
1
Good-will
733,476
debentures
Mtges. receivable_ 715,867
4,283,500 4,462,500
Mtges. payable..,
Invests. in and ad73,500
97,100
Amt. due to subs
vances to assoc'd
and other co's__ 2,668,551 2,857,205 In U.S. A
378,783
644,511 Reserve for sinking
802,641
Cash
fund deb. perch.
Discounts and bills
32,830
36,928
2,330,538 2,240,046 Dividend payable_ 524,528
receivable
524,528
6,236,404 5,627,514 Bank loan
Inventories
2 150,000 1,750,000
135,195 Accts. payable and
Deferred charges_ _ 154,106
accrued charges_ 1,563,944 1,399,941
Int. am,on debs_
71,391
74,375
Res.for Dom. tax_ 400,000
388,000
Total
28,093.016 26,690,001
Total
28,093,016 26,690,001
x Represented by 2,622,642 no par shares. y After depreciation reserve
of $9,750,295 In 1934 and $8,352,200 in 1933.-V. 140, p. 4391.
Volume 141
The company announced on July 8 that orders have been placed for the
construction qf 100 street cars at a total cost of approximately $1,500,000
/or use on the trolley lines of the Brooklyn and Queens Transit System.
This is said to be the largest single order for street cars that has been placed
by a street railway company in the United States in five years.
Delivery of the new cars is to begin within six months and be completed
within 10 months. The car bodies are to be built by the St. Louis Car Co
at St. Louis, Mo., and the trucks by the Clark Equipment Co. of Battle
Creek, Mich. Motor, control and brake equipment will be supplied by
the General Electric Co.
-V. 140, p. 4227.
Transit Liens Transferred
The Committee on Stock List of the New York Stock Exchange has
received notice from the Chase National Bank, New York, as trustee under
the trust indenture dated as of July 2 1923. securing the rapid transit
security 6% gold bonds, series A, due July 1 1968 of the Brooklyn-Manhattan Transit Corp.,that they have authenticated and delivered $1,200,000
' of the bonds at the request of the corporation and further advise that there
has been deposited as collateral in connection with the authentication and
delivery of the bonds, $1,440,000 of New York Rapid Transit Corp. ref.
. mtge. 5% sinking fund gold bonds, series A. due July 1 1968.
As trustee they further advise that at request of corporation they have released from collateral held 11,455,000 New York Rapid Transit Corp.
ref. mtge. 6% sinking fund gold bonds series B. due July 1 1968 and there
has been deposited as collateral in substitution for said released securities an
additional $1,455,000 New York Rapid Transit Corp. ref. mtge. 5%
.sinking fund gold bonds series A,due July 1 1968.-V. 140, p.4227.
ah Narown Shoe Co. Inc.
'
-To Issue $4,000,000 Debentures
•
.
The company has filed a registration statement with the Securities and
Exchange Commission seeking to issue $4,000.000 sinking ftmd debentures,
due Aug. 1 1950. The interest rate has not yet been determined.
Of the net proceeds, 33.787.080 will be used to redeem the 31,559 shares
of preferred stock. The remainder of the proceeds will be applied to payment of notes payable of the comranY.
Goldman, Sachs & Co. and Lehman Brothers will underwrite $2,000.000
each of the bonds.
-V. 110. p. 3887.
'(Edward G.) Budd Mfg. Co.
-To Extend Bonds to 1941,
&c.
-See under "Current Events and Discussions" on a
preceding page.
Listing of Additional Stock-Offering to Stockholders
-
The New York Stock Exchange has authorized the listing of 663.275
additional shares of common stock (no par) on official notice of issue upon
the exercise of purchase warrants to be issued to stockholders on July 16
1935, making the total amount applied for 1,694,627 shares.
i..The company will offer to stockholders a record July 16 the right to
subscribe, at any time within nine calendar months from the date a issuance, for the new common stock in the ratio of two shares of such common
stock for each three shares of common stock held, upon the following terms:
One-third at $5 per share; one-third at $7 per share, and one-third at $9
per share; and subject to the further provision that the election to purchase, within the nine months' period, shares purchaseable pursuant to
any such warrant at $5 per share shall operate to extend by three calendar
months beyond the nine months' period the period within which an equal
number of shares may be purchased at $7 per share, and an equal number
at $9 per share; and the further election, within the nine months' period
or the extended period (If applicable) to purchase shares purchaseable at
$7 per share shall further operate to extend by an additional period of
three calendar months the period within which may be purchased a number
of shares equal to those so elected to be purchased at $7 Per share, so that
in such event such shares may be purchased at $9 per share up to the
expiration of 15 calendar months from the date of issuance of such warrant.
Such warrants shall be issued entitling the holders to subscribe only for
multiples of three shares, the rights to additional shares less than three
to be evidenced by scrip which shall be valid only when combined with
other scrip aggregating three full shares.
i-As to this issue, the company has no inderwriting at the present time.
The company entered into a contract dated Dec. 15 1934 with Ladenburg,
Thalmann & Co.', New York City, whereby Ladenburg, Thalman & Co.
shall endeavor to assist the company in obtaining orders and in operating
its business. The company is to pay Ladenburg, Thalmann & Co. its
expenses and the fair value of services rendered, but Ladenburg, Thalmann
& Co. is to remit all compensation beyond the sum of $25,000 in case the
company can secure from its stockholders and deliver to Ladenburg, Thalmann & Co. waivers of rights to subscribe to common stock to be offered
sufficient to deliver to Ladenburg, Thalmann & Co. warrants to subscribe
to 300,000 shares. The company has agreed to endeavor to procure warrants to subscribe to such amounts. 36,440 Treasury shares (which are
now listed on the New York Stock Exchange) will be offered to Ladenburg,
Thalmann & Co. at the same prices and on the same terms called for by
the warrants, in part performance of the agreement of Dec. 15 1934. No
firm commitment to take the issue of stock and warrants offered has been
made.
All subscriptions from stockholders under the warrants shall be received
by Philadelphia National Bank, 421 Chestnut St., Philadelphia.
The net proceeds of the issue which will amount to approximately $4,838,007 in the event that the 663,275 shares and the 36,440 treasury shares are
subscribed at the several rates at present authorized, will be used either to
pay the outstanding indebtedness of the company or else for working capital
to be devoted to the general purpose of the business.
-V.140, p. 4391.
Burdine'sInc.-Accumulated Dividend
"1-1
A dividend of $3 per share was paid on the $2.80 cumulative prefred
'
stock, no par value, on July 10 to holders of record June 29. Of this
amount $2.30 was on account of accumulations and 70 cents represented
the regular quarterly dividend ordinarily due. A dividend of $1.70 was
Paid on April 1 last.
-V. 140, p. 1653.
----Calhoun Mills, Calhoun Falls, S. C.
-Dividend Passed
The directors have decided to omit the dividend ordinarily due at this
time on the common stock, par $100. Dividends of $1 per share had been
distributed each three months from Jan. 2 1934 to and including April 1
1935.-V. 137. p. 4016.
California Oregon Power Co.
-Earnings'
-1.2 Months Ended May 311935
1934
Operating revenues
$3,807,073 $3,678,587
Oper. exps., maim,& taxes (other than inc. taxes) 1,884,612
1,859,189
Appropriation for retirement reserve
300,000
277,638
Net oper. rev. (before prov. for income taxes,- $1,622,460 $1,541,759
Other income
5,029
8,941
rer Gross income (before prov. for income taxes)--- $1.627,490 $1,550,701
Interest charges (net)
1,034.738
1,044,459
Amortization of debt discount and expense
157,087
157.256
Other income deductions
12,500
8,691
Net Income
$423.164
$340,294
-V. 140, p. 4392.
Callahan Zinc-Lead Co.
-Stock • Sale Plan Fails-Subscriptions to Be Refunded to Stockholders
Failure of the company's plan to raise working capital by the sale of
748,592 shares of additional common stock (par $1) to its stockholders was
announced July 6 by the New York Stock Exchange, which ruled the scheme
inoperative because a minimum of 250.000 shares of stock was not sub.
subscribed.
Under the company's agreement with the Exchange all subscriptions are
to be refunded within 10 days by the Title Guarantee & Trust Co., which
was named to hold them in escrow. The offer to holders expired on June 28.
Proceeds from the sale of the additional stock were to have been used to
equip and place in operation the Goldstone mining property in Lemhi
County, Idaho, on which the company owed $56,650 purchase money.
The company planned to allocate $200,000 to additional mining and milling
operations, $75,000 to the development of claims on fluorspar lands and
$277,718 to general corporate purposes. The new issue had no underwriters.
-V. 1.40. p. 4392.
269
Financial Chronicle
Brooklyn-Manhattan Transit Co.
-Orders 100 New Cars
-Earnings-Canadian Marconi Co.
Calendar Years1934
1933
Operating deficit_ ---zprof$228,386
Depreciation
152,838
Directors fees
13,061
2,100
Interest on indebtedness
x$35,865
137,659
1931
1932
3456,618 pf$136,078
234,729
131,467
Deficit
Previous surplus
$173,524
121,077
$188,086
359,163
$98,651
457,814
$7.940 def352.447
$171,077
50,000
$359,163
profS60,387
def52,447
Balance surplus
Doubtful debt
Profit and loss balance
$121.077
$7,940 def$52,447
$359.163
After taking into consideration revenue from investments, including
dividend of $31,250 declared by associated company. y After including
revenue of $93,125 from associated companies. z Includes income from
Investments, $13,551; profit on sale of investments, $4,850, and dividends
declared out of profits and accumulated surplus of associated companies
$47,500.
Balance Sheet Dec. 31
1933
1034
Liabilities-1933
Assets
1934
$89,761 $203,165
$1,499,849 $1,218,996 Overdraft
Property
149,110
97.170
Patent rights
1,937,500 2,243,750 Accounts payable.
413,658 Prov. for Dom.,
Accts. receivable._ 414,286
provincial and
460,468
443,320
Inventories
10,256
259,312
358,562 other taxes
Investments
49,000
35,000
106,250
105,000 Mortgage
Affiliated cos
4,554,682 4,554,682
62,842 Capital stock
27,656
Cash
7,940
35,282 Surplus
Amts.rec. deferred
66,058
22,100
Deferred charges_
23,430
52,447
Deficit
$4,794,810 $4,955,957
Total
-V. 140. p. 4064.
Total
$4,794,810 34,955.957
Canadian National Rys.-EarningsEarnings of System for First Week of July
.
Increase
$43,855
1934
1935
$3,071,550 $3,027,695
Gross earnings
-V. 141, p. 108.
Canadian Pacific Ry.-EarningsEarnings ofSystem for First Week of July
1934
1935
$2.439,000 $2,342,000
Increase
197,000
Gross earnings.
-V. 141, p. 108.
-Earnings for the
Canadian Wineries, Ltd. (& Subs.)
Year Ended April 30 1935
Net earnings from the sale of wine.cider, and grape juice, before
providing for the following deductions
Deductions
Provision for depreciation
Provision for Dominion income tax
195.612
1,376
37.054
9,438
Net earnings for year
Earned surplus bought forward
$47.743
123.997
$171,740
22,300
Total surplus
Dividends paid
$149,440
Balance,surplus April 30 1935
Consolidated Balance Sheet April 30 1935
Assets-Cash, $14,265; accounts receivable (less reserve for doubtful
accounts), $77,933; stock of wine and supplies at the lower of cost or
market, $558,446; fixed assets (less reserve for depreciation, $245,797),
$541,210: expenditures and advances in connection with the establishment
of business, buildings, &c. at Lewiston, N. Y.. $231,548; deferred charges,
$9,614: total, $1,433,019.
Liabilities-Notes payable, bank. $100.000; trade and sundry creditors,
$77,828; taxes, $18,772; notes payable for construction work, $10,400;
mortgage payable, $5.250; capital stock (109,000 shares no par value).
$1,041,327, issued during year ended April 30 1935 5,000 shares without
nominal or par value, $30,000), $1.071,327; earned surplus, $149,440;
total 31,433,019.-V. 140, p. 4064.
-Earnings
Carolina Coach Co.
Net Income for the Year Ended Dec. 31 1934
Gross revenues
Operating expenses and taxes
$517,671
395,641
Net earnings
Interest and other income charges
Provision for retirements
$122,029
5,861
36,000
$80,168
Balance Sheet Dec. 31 1934
-Plant and franchises, $1,026,572; cash, $45.232; accounts receivAssets
able, $5,898; materials and supplies, 310,436; miscellaneous investments,
11,000: special deposits, $15,025; cash in closed banks, $5,642; deferred
debit items, $14,068; total, $1.123,876.
Liabilities-Equipment purchase obligations, $44,112; accounts payable.
$32,351; accrued taxes, $16,428; miscellaneous liabilities, $1,521; retirement reserve, $265,070; reserve for uncollectible receivables, $3,322;
other reserves, $3,600; deferred credit item, unredeemed tickets, $23.212;
capital stock (preferred, 8,300 shares, on par, common class A, 2,500
shares, no par, common class B. 5,000 shares, no par), $692,650; earned
surplus, $41,606; total, $1,123,876.
Net income
Carolina
-Earnings
Power & Light Co.
[National Power & Light Co. Subsidiary]
1935-12 Mos.-1934
-Month-1934
Period End. May 31- 1935
$772,197 19,798,622 $9,542,780
Operating revenues
$801,025
403,894
367,762 4,850,258 4,836,597
Operating expenses
212,761
17.637
202,218
Rentforleasedprop.(net)
17,078
Balance
Other income (net)
$380,053
1,816
$386,798 $4.746,146 34,493,422
29.588
2.782
30,763
Gross corp. income__ _
Int. ,St other deductions_
$381.869
196,846
$389,580 $4,776,909 $4,523,010
2,375,231
197,086 2,364,556
Balance
Y$185,023 y$192,494 32,412,353 12,147.779
Property retirement reserve appropriations
960,000
960,000
z Dividends applicable to preferred stocks for
1,255,237
period, whether paid or unpaid
1,255,237
Balance
$197,116 der$67,458
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to May 31 1935 amounted to 51,306,987. Latest dividends, amounting to $1.75 a share on $7 pref. stock and
$1.50 a share on $6 pref. stock. were paid on April 1 1935. Dividends on
these stocks are cumulative.
-V. 140, p. 4064.
Central Illinois Light Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. May 31- 1935
-Month-1934
1935-12 Mos.-1934
Gross earnings
3587.839
3540,853 37,193,693 16,818.540
Operating expenses
303,330
3,551,142
276,036
3,591,321
Fixed charges
65,822
70,791
833,418
845,581
Prov. for retirem't res've
60,000
51,620
615,390
761,735
Divs, on pref. stock_ __ _
57,751
694,148
57,751
693,013
Balance
-V. 140, p. 4064.
3100.935
384.653
31,302,043
Caterpillar Tractor Co.
-Extra Dividend .
31,124.440
1
4-1--irt'll
The directors have declared an extra dividend of 25 cents per share
In addition to the regular quarterly dividend of like amount on the capital
Financial Chronicle
270
stock, no par value, both payable Aug. 31 to holders of record Aug. 15.
Similar payments were made on May 31, last, while on Nov. 30 1934 an
extra dividend of 50 cents per share was paid.—V. 140. p. 4229.
Central Maine Power Co.—Earnings—
12 Months Ended May 31—
1935
Netincome after deprec.,taxes,int., amortization,
$1,246,068
sub. preferred dividends, &c
—V.140, p.4064.
Ai A
1934
$1,386,116
L.2411/
7
"
—Central Power & Light Co.—Preferred Dividends- -
3
The directors have declared a dividend of 43% cents per shafel on the
7% cum. pref. stock, par $100, and 37% cents per share on the 6% cum.
pref. stock, par $100, both payable Aug. 1 to holders of record July 15.
Similar distributions were made in each of the four preceding quarters.
No payments were made in May or February of 1934.
The company on Nov. 1 1933 paid a dividend of 43% cents per share on
the 7% pref, stock, as against 873 cents per share on May 1 and Aug. 1
1933 and $1.75 per share previously each quarter. On the 6% pref. stock
a dividend of 37% cents per share was paid on Nov. 1 1933, as compared
with 75 cents per share on May 1 and Aug. 1 1933 and $1.50 per share in
preceding quarters.—V. 140, p. 3382.
Central Railroad Co. of New Jersey—Bonds—
The Interstate Commerce Commission has authorized the company to
pledge and repledge from time to time to and including June 30 1937 not
-year gold bonds as
exceeding $1,074,000 of general mortgage 5%, 100
collateral security for any note or notes which the company may issue under
Section 204 (9) of the Interstate Commerce Act.—V. 140 p. 4 94
--Chain Store Investment Corp.—Accumulate
ividend,,
The directors have declared a dividend of $1 per share on account 0t/
accumulations on the $6.50 preferred stock, no par value, payable Aug. 1
.
to holders of record July 15. A similar paymeht was made on May 1 and
Feb. 1, last and compares with 50 cents per share paid on Nov. 1, Aug. 1
and on May 1 1934. while on Feb. 1 1934 a distribution of 25 cents per share
was made. Following the Aug. 1 payment,accruals on the preferred stock
will amount to $21.25 per share.—V. 140, p. 3033.
Chesapeake & Ohio Ry.—Obituary—
John J. Bernet, President of this railroad, the Pere Marquette andthe
New York Chicago & St. Louis RR., died on July 5.—V. 140, p. 4394.
e
‘
---Chicago Milwa
Reorganization-0-746
Paul & Pacific iRR.—Plan of
The plan of reorganization, dated July 1 1935, prepared by the company
to effect reorganization pursuant to Section 77 of the Bankruptcy Act
(briefly referred to in V. 141, p. 109) is given more fully below:
An introductory statement to plan says in part:
Company was vested with its present properties in January 1928, as the
result of a reorganization of its predecessor company. Upon the consummation of that reorganization its annual fixed interest charges on funded
debt, including short term equipment notes subsequently funded, were
$12,424,605, with contingent interest charges of $9,143,685, as compared
with corresponding fixed charges on funded debt of its predecessor of
$20,305,182. Its fixed interest charges on funded debt for 1934 were
$13,494,589.
Total operating revenues of the company and income available for interest on funded debt for the years 1928 to 1934, inclusive, have been as
follows:
x Income
x Income
Total
Available for
Total
Available for
Operating
Interest on
Operating
Interest on
Revenues
Funded Debt
Revenues
Funded Debt
def287,942
1928 y--$165.303,694 $30,498,754 1932 -___ 84,900,833
8,523,433
1929 --_- 171.361,385 29,076,068 1933 -___ 85,495.220
17,901,207 1934 -_-- 87,859,792
6,390,653
1930 --__ 142,569,632
9,190.517
1931 --__ 111,423,772
x Determined after payment of rental under Terre Haute lease. y Commencing Jan. 14 1928.
The company failed to earn its fixed interest charges on funded debt
during the years 1931 to 1934,inclusive, by the total amount of $31,167,460.
During that period the company was enabled to meet its charges by means
of the cash provided in the 1928 reorganization, the excess of earnings over
fixed and contingent interest through the year 1929, and borrowings from
the Reconstruction Finance Corporation and Railroad Credit Corp. How
ever, in view of decreasing earnings and depletion of its cash resources, the
company did not pay $1,457,000 of equipment obligations which matured
April 1 and June 1 of this year, and, with a balance of income available for
interest on funded debt during the first six months of 1935 estimated at
approximately $1,400.000 (as compared with $2,603,485 for the corresponding period in 1934, and after crediting back In 1935 3746,043 in respect of
railroad retirement fund reserve set aside in 1934), will be unable to meet
the interest payable July 1 1935, upon its general mortgage bonds, and will
also be unable to provide for payment of $3,275,900 (and accrued interest
of $133.118), due June 30 1935. on the RFC loans and $609,000 of equipment obligations maturing July 1 1935. It is the belief of the board of
directors of the company that further borrowings for the purpose of meeting
fixed charges upon the present capital structure are inadvisable and that a
readjustment of the present capital structure is necessary.
Realizing the probability of such a necessity, the board of directors has
been studying the problem ofreorganization for several months and prepared
a tentative plan for readjusting the capital structure. Numerous conferences on this tentative plan were held with representatives of the largest
security holders, resulting in important modifications which are incorporated
In the following plan of reorganization. For the purpose of carrying out
the plan, the company has filed in the U. S. District Court for the Northern
District of Illinois. Eastern Division, a petition under Section 77 of the
Bankruptcy Act, and has requested the Interstate Commerce Commission
to set an early date for a public hearing upon the plan as contemplated by
that Act.
It is the belief of the directors that under present conditions no definite
estimate of the future earning capacity of the properties of the company is
possible, and that while current earnings do not indicate the existence of
any earning power for the present stock of the road,it would be in equitable
at this time to reorganize under a plan which eliminated entirely the investment of the stockholders. The properties held for and used in transportation, including the leased lines of Chicago, Terre Haute & Southeastern
By., upon the basis of the ICC's valuation under Section 15a of the Interstate Commerce Act, have a value in excess of$730,000,000, as against total
indebtedness outstanding in the hands of the public of approximately
$551,000,000, including leased line bonds and accumulated interest on the
1
adjustment bonds.
The plan is also predicated upon the opinion reported by the accounting
officers of the company to the directors, that the properties leased from
Chicago, Terre Haute & Southeastern Ry. have in recent years earned, and
are to-day earning, more than the full rental under the lease (which includes
interest upon the bonds secured by mortgages upon the leased lines).in
addition to providing the lines directly owned by the company with traffic
upon which a substantial profit is earned. The plan is also predicated upon
the opinion reported by the accounting officers of the company to the
directors, that the lines of railroad covered by the mortgages securing the
bonds of Milwaukee & Northern RR. are earning to-day substantially the
full amount of the interest payable upon such bonds, in addition to supplying profitable traffic to other lines of the company.
The holders of its securities, with whom conferences on the plan have been
had, have included representatives of more than 20 insurance companies,
trust companies and savings banks, owning in excess of $100,000.000 of
various issues of bonds affected by the plan. Conferences have also been
had with representatives of the RFC concerning the plan and the participating therein of that corporation.
The plan represents compromises of numerous points of view and differences of opinion on various details. The soundness of the resulting capital
structure will necessarily be determined by the earning capacity of the
property in the future. The board of directors of the company believes
that the plan equitably preserves the existing priorities and rights of the
various classes of securities affected, making equitable compensation for
sacrifices required by the situation, and may have the support of sufficient
amounts of securities to permit of its consummation under the Federal
Bankruptcy Act if approved by the ICO and the Court as herein provided.
July 13 1935
Capitalization July 1 1935
[Including RFC and RCC notes and accumulated int. on adjust't. bonds.]
Int. Accruals
Principal
(12 Mos.
Amount
Ending
Outstanding June30'36)
(1) Fixed Interest Bearing—
a$2,117,000
d li/ilwaukee & Northern RR. 1st 4345
$95,265
65,072,000
228,240
d Consolidated mortgage 43s
c3,000,000
'(Chicago. Milwaukee & Gary Ry. 1st 5s
150,000
- Chic.. Milw. & St. P. By.gen. mtge. bonds, 1989:
48,241.000
1,929,640
Series A,4%
8,950,000
313,250
Series B,3
42,597,000
1,916,865
Series 0,4
24,000,000
1,080,000
Series E.434%
15,000,000
712,500
Series F,4 6i%
e11,212,000
Series G, 5%
Chicago, Mllwaukee, St. Paul & Pacific RR. 1st &
ref. mtge.6% bonds,series A,due June 1 1943 f9,866,000
106,395,096
5.319,755
50
-year 5% mtge. bonds, due Feb. 1 1975
Equipment trust certificates, series A,0, D,it, F,
G, H, J, K and L, due in varying amounts from
g24,011,000
988,918
1935 to 1945 ($1,457,000 overdue)
155.715
Equipment trust ctfs., series M and series N,4% _ h1,657,000
j11,499,462
459,978
Reconstruction Finance Corp.loans
191,640
Fed. Emergency Admin. of Public Works 4%___ _ k2,291,000
m2,995,316
45,679
Railroad Credit Corp loans
n822,119
47,225
General American Tank Car Corp. sub-lease
$298,647,993 $13,434,669
Aggregate principal and interest
(2) Contingent Interest Bearing
9,143,685
5% cony. adjust't mtge. bonds, due Jan. 1 2000-182,873,693
Accumulated interest thereon from Jan. 1 1930
47,547,160
to June 1935
Principal
Amount
Preferential
Outstanding Dividend
Stock
5% non-cum. participating pref.stock ($100 Par)3119,307,300 $5,965,365
105.175,303
Common stock (1,174,060 shs. no Par)
Total C. M. St. P. & P. RR. capitalization, including RFC and RCC loans and accumulated
$753,551,449
Interest on adjustment bonds
a Does not include $38,000 of bonds pledged under C. M. St. P. & P.
RR. 1st and refunding mortgage.
b Does not include $20,000 of bonds pledged under C. M. St. P. & P.
RR. 1st and refunding mortgage.
c Does not include $2,700,000 of bonds pledged under O. M. St. P. &
P. RR. 1st and refunding mortgage.
d Both these issues matured June 1 1934. All except $39,000 of the
1st mtge. bonds and $223,000 of the consol. mtge. bonds have been assumed by O. M. St. P. & P. RR. and extended to June 1 1939.
Pledged for RFC loans.
f Pledged to secure RFC and ROC loans. $6.000,000; pledged to secure
PWA loan, $2,665,000: pledged with trustee under equipment trust, series
M,$258.000; held in treasury, $943,000.
11 Annual maturities: $3,364,000 in 1935; 33,649,000 in 1936; $3,649,000
In 1937; $3,110,000 in 1938; $2,210,00. in 1939; $2,210,000 in 1940; $1,592,000 in 1941: $1,480,000 in 1942; $1,480,000 in 1943; $983,000 In -94-s;
$284,00i, in 1945.
h All held by Fed. Emergency Admin. of Public Works (series M additionally secured by pledge with the trustee of the equipment trust of $258.000 of 1st & ref. mtge. 6% bonds, series A), series M due March 1 1936 to
Sept. 1 1947 and 24 semi-annual instalments, series N due May 1 1936 to
May 1 1945 in 10 annual instalments.
i Interest on series M commences to accrue on $500,000 on May 11 1935
on $800.000 on July 20 1935; and on $237,000 on Nov.9 1935; on series N,
$108,000 on June 21 1936.
j Evidenced by promissory notes, bearing interest presently at rate of
4%, due in varying amounts from June 30 1935, to Feb. 27 1936, secured
by pledge of assignment of advances to Chicago Union Station Co. in the
amount of $3,793,360, and $11,212,000 gen. mtge. 5% bonds, series G;
$6,000,000 1st & ref. mtge. 6% bonds, series A, and $301,000 Bellingham
Bay & British Columbia RR. 1st mtge. 5% bonds.
k Evidenced by promissory notes, due in varying amounts from Jan. 1
1937, to Jan. 1 1944, secured by the pledge of $2,665,000 of 1st & ref.
mtge. 6% bonds, series A.
1 Interest commenced to accrue on $1,160,000 on April 13 1935, and on
$1,131,000 on May 18 1935.
m Evidenced by promissory notes, interest at New York Federal Reserve
Bank rediscount rate (now 1%%), secured by pledge of entire stock of
Milwaukee Land Co. and agreement for application of proceeds of sale of
timber by Milwaukee Land Co., the railroad company's distributive share
In the fund established under the Marshalling and Dish ibutin Plan, 1931,
and, subject to the RFC loans and any additional loans hereafter made by
RFC,the collateral pledged to secure all such loans.
n Due monthly, in varying amounts to Oct. 1 1945, annual interest
5.9+%, subject to General American Tank Car Corp. equipment trust,
v56 0
a
series 21, securing an original issue of General American 0 roc)! pm
o
trust certificates, series 21, in the principal amount of
qnow
outstanding in the principal amount of $486.000. due in equal annual
Instalments to June 1 1944.
Note—Company has also assumed liability in respect of the principal and
interest of $69,100,000 outstanding principal amount of bonds of Chicago
Union Station Co. (jointly and severally with three other proprietary railroad companies); $49,569,000 of bonds of Kansas City Terminal Ry.
(Jointly and severally with 11 other proprietary railroad companies); $14,945,000 of bonds of St. Paul Union Depot Co. (jointly and severally with
eight other proprietary railroad companies); $9,225,000 of bonds of Indiana
Harbor Belt RR. (jointly and severally as to $5,000,000 outstanding
principal amount thereof with three other proprietary companies, and as
to $4,225,000 outstanding principal amount thereof the railroad company
and the Chicago & Northwestern RR, have agreed, each to the extent of
20% to protect the Michigan Central RR. and Lake Shore & Michigan
Southern Ry. on the latter's guaranty thereof); 82,036.000 of bonds of
Minnesota Transfer By.(the railroad company with eight other proprietary
railroad companies being liable, under the by-laws of the Minnesma Transfer
By. to contribute toward a sinking fund for the bonds, each stockholder
paying semi-annually its proportion (1-9th of 34 of 1% of the face value of
all bonds issued). The agreements relating to the guaranty of tho bonds of
Kansas City Terminal Ry. and of St. Paul Union Depot Co., entered into
by the railroad company's predecessor, have not been expressly assumed by
the railroad company, although such agreements were not disaffirmed in
the reorganization proceedings of the railroad company's predecessor, and
the railroad company has continued to make the payments under such
agreements. There is not included in the foregoing sa.tement of capitalization the Austin Western Road Machinery lease in the amount of $62,200
due in varying monthly amounts to July 1937.
C. T. H.& S. E. By. Co. (Leased Line)
The rental under the lease of Chicago, Terre Haute & Southeastern Railway Co.(a) dated July 1 1921,includes payment ofinterest upon the following
bonds in the following amounts:
Int. Accruals
Principal
(12 Mos.
Amount
Ending
Outstanding June 30'36)
6$250,000
Bedford Belt By. 1st mtge. 5s, 1938
$12,500
i,znj,000
Southern Indiana By. 1st mtge. 4s, 1951
291,480
Chicago, Terre Haute & Southeastern By.1st & ref.
mtge. 5s. 1960
c8,056,000
402,800
d6,336,000
Income mortgage 50
-year 5s, 1960
316.800
$21,929,000 $1,023,580
Aggregate Principal and interest
a 40,470.95 shares of the stock of the Terre Haute (out of 41,729.95
shares outstanding) are owned by C. M. St. P. & P. RR. and 40,457.20
shares thereof are pledged under the C. M.St. P. & P. RR. 1st & ref. mtge.
b Does not include $100,000 of bonds pledged under the Terre Haute
refunding mortgage.
c Does not include $1,515,000 of bonds pledged under C. M. St. P. &
P. RR. 1st & ref. mtge.
d Entitled to one vote for each $100 principal amount of bonds, representing voting power exceeding the outstanding shares.
Under the Terre Haute lease the lessee assumes payment of principal and
interest of all the foregoing bonds, but the lease permits the lessee to extend
Volume 141
Financial Chronicle
renew, or refund with new bonds of the lessor, all Terre Haute refunding
bonds and Terre Haute income bonds upon maturity thereof. The Bedford
Belt bonds and Southern Indiana bonds may be refunded with Terre Haute
refunding bonds, and under the Terre Haute lease the lessee assumes payment of all Terre Haute refunding bonds mentioned therein and any additional Terre Haute refunding bonds issued pursuant to the terms of said
lease. Under said lease the lessee agrees to pay absolutely the interest on
the Terre Haute income bonds without regard to whether or not there are
surplus net earnings or income of the leased properties sufficient therefor.]
The lease also requires the lessee to perform all of the covenants and obligations contained in the respective mortgages securing such bonds, including
covenants with respect to the maintenance of equipment.
Treatment of Existing Securities
-C. M. St. P. & P. RR. Co.
(1) To Remain Undisturbed
$822,119
Gen. Amer. Tank Car Corp. equipment trust sub-lease
122.000
Equipment trust certificates. series N
the Collateral Ple
(2) To Remain Undisturbed as to Lien and Interest but
Therefor to Be Extended as to Principal and the Mortgage Securing the
Collateral to Be Modified:
Notes to Federal Emergency Administration of Public Works.- $2,291,000
1,537,000
Equipment trust certificates, series M
The $2,665,000 1st & ref. mtge. 6s, series A, pledged for such notes,
and the $258,000 1st & ref. mtge. 6s,series A, pledged with the trustee
of equipment trust, series M,shall be extended to June 1 1958, and the
1st ez ref. mtge. shall be modified.
(3) To Remain Undisturbed as to Lien and Interest but to Be Extended as to
Principal and Changes to Be Made in the Collateral Pledged Therefor
Notes to Reconstruction Finance Corporation
$11,499,462
The maturity of all the existing notes shall be extended to July 1
1945, with interest thereon at the rate of 4% per annum, payable semiannually, and the notes as extended shall be secured by the existing collateral now pledged for the existing notes as and any additional collateral
which may be pledged to secure any loans thereafter made by RFC
to the reorganized company. The $6,000,000 1st & ref. mtge.6s,series
A, now pledged for such notes shall be extended to June 1 1958, and
the 1st & ref. mtge. shall be modified.
Notes to the Railroad Credit Corp
$2,995,316
The maturity of all the existing notes shall be extended to July 1
1945, with interest thereon, after the maturity of the existing notes,
at the rate of 4% per annum,payable semi-annually, and the notes as
extended shall be secured by the existing collateral now pledged for
the existing notes, and shall be additionally secured by the pledge of a
demand note of Milwaukee Land Co. to the railroad company in the
amount of $9,870,000. The R.C.C.shall surrender its right, as now
provided in the existing notes, to a lien, subject to the prior lien of
RFO, upon any collateral hereafter pledged by the reorganized company with RFC to secure any loans made by RFC to the reorganized
company.
(4) To Remain Undisturbed as to Lien and Interest but to Be Extended in
Part as to Principal
Equipm't trust ctfs., series A,C D,E.E.G.H,J, IC,and L
$24,011000
i.The principal of each equipment trust certificate of each of said
series presently maturing between April 1 1935, and Dec. 31 1940,
inclusive, shall be extended to mature 20% on the date of the present
maturity and 20% annually one,two three and four years,respectively,
from said date. Upon such extension, the annual maturities of the
equipment trust certificates will be as follows: 1935, $672,800; 1936.
1,402.600; 1937, $2,132,400; 1938, $2,754,400; 1939, $3,196,400: 1940.
$2,965,600; 1941, $3,827,800; 1942, $2,986,000; 1943, $2,364,000;
1944, $1,425,000: 1945. 3284,000. The extended equipment trust
certificates shall be entitled to the benefit of a fund set aside for the
purchase thereof out of available net income.
(5) To Remain Undisturbed as to Lien and Interest but to Be Extended as to
Principal, Certain Defaults to Be Waived and the Mortgages to Be Otherwise Modified:
Milwaukee & Northern RR. 1st mtge. 430. 1939...
a$2,117,000
Milwaukee & Northern RR. consol. mtge. 430. 193u
65,072,000
Chicago, Milwaukee, St. Paul & Pacific RR.1st & ref. m. 6s,
series A, due June'l 1943
c9,866,000
a $38,000 of bonds pledged under C. M. St. P. & P. RR. 1st & ref.
mtge. shall also be included in the plan.
b $20,000 of bonds pledged under the C. M. St. P. & P. RR. 1st & ref.
mtge. shall also be included in the plan.
c The maturity of such 1st & ref. bonds, presently pledged or held in
the treasury shall be extended to June 1 1958 and the mortgage shall be
modified.
The maturity of both such issues (including the bonds of both issues
not heretofore extended and assumed pursuant to the plan of extension
dated March 14 1934) shall be extended to June 1 1949, and payment
of principal and interest of all bonds (including bonds not heretofore
assumed by the railroad company) shall be assumed by the reorganized
company.
(6) To Remain Undisturbed as to Lien and Maturity of Principal, but Part
of Interest to Become Contingent, Certain Defaults to Be Waived and the
Mortgage to Be Otherwise Modified
Chicago Milwaukee & St. Paul Ry. gen. mtge. bonds, series
A, B,0, E, F, and G, due May 1 1989
$150,000,000
Interest accuring on bearer gen. mtge. bonds from Jan. 1 1935 (and
on fully registered gen. mtge. bonds from April 11935),to Jan. 1 1945,
shall be two-thirds fixed, and one-third contingent, such one-third to
be payable out of available net income provided, however, that if full
interest on an gen. mtge. bonds outstanding (exclusive of any pledged
Sen. mtge. bonds) shall be earned for any three calendar years (whether
or not in consecutive years) during the five years commencing on the
Jan. 1 next succeeding the date of the final confirmation of the plan
by the court, or shall be earned for the last two calendar years of such
five-year period commencing on said Jan. 1, then and in either such
case, interest on the gen. mtge. bonds shall, commencing at the end
of said five-year period, cease to be contingent in part as aforesaid and
all of the interest on the gen. mtge. bonds shall thereafter be and become fixed, or if full interest on all gen. mtge. bonds outstanding shall
be earned for any period of three consecutive calendar years ending
after such five-year period, then interest on the gen. mtge. bonds
shall, commencing at the end of said three-year period, cease to be
contingent in part as aforesaid and all of the interest on the gen. mtge.
bonds shall thereafter be and become fixed. Payment of such contingent interest shall be mandatory to the extent of the existence of
such available net income in any income period in excess of the amount
applied to the contingency reserve fund, and shall be cumulative to the
extent not paid. All accumulations of interest, not theretofore paid.
shall be due and payable on Jan. 1 1945, but without interest thereon.
That part of the interest upon the fully registered gen. mtge. bonds
which continues as fixed interest shall continue to be payable quarterly
as provided in the existing gen. mtge. bonds, but that part of the
interest upon the fully registered gen. mtge. bonds which shall hereafter be contingent and payable out of available net income shall be
dealt with on a semi-annual basis. The reorganized company may
pay contingent interest on the gen. mtge. bonds at any time, whether,
or not there shall be available net income applicable to the payment
thereof.
The gen. mtge. bonds shall be entitled to the benefit of the sinking
fund payable out of available net income. The gen. mtge. shall be
modified.
(7) To Remain Undisturbed as to Lien and Maturity of Principal. but All
of Interest to Become Contingent. Certain Defaults to Be Waived and the
Mortgages to Be Otherwise Modified
-year 5% mortChicago. Milwaukee. St. Paul & Pacific RR. 50
gage bonds, due Feb. 1 1975
$106,395.096
-year bonds,
Chicago, Milwaukee & Gary Ry. 1st mtge. 5% 40
a3,000,000
due April 1 1948
a $2.700,000 of bonds pledged under the C. M. St. P. & P. RR. 1st &
ref. mtge. shall also be included in the plan.
From the date of the last coupon paid (Feb. 1 1935, in the case of the
50
-year mtge. bonds and April 1 1935, in the case of the Gary bonds)
interest on the 50
-year mtge. bonds and the Gary bonds shall be contingent and payable out of available net income. Payment of such
contingent Interest shall be mandatory to the extent of the existence
of such available net income in any income period in excess of such
amounts as maybe applied out of theuvailable net income during such
• 271
Income period, to the contingency reserve fund, to the payment of
contingent interest on the gen. mtge. bonds, to payments into the
capital fund and to the purchase of extended instalments of equipment
trust obligations. Such contingent interest shall be cumulative to the
extent not so paid, and all accumulations of interest, not theretofore
paid, shall be due and payable at the maturity of the principal of such
bonds, but without interest thereon. If at any time the unpaid interest accumulated upon such bonds of either issue shall aggregate 10
years' interest thereon, the trustee under the mortgage securing the
bonds of such issue may, and if so requested by the holders of at least
50% in principal amount of the outstanding bonds of such issue shall,
declare the principal amount of the bonds of such issue to be immediately due and payable, with the same rights and remedies provided
in the mortgage securing the bonds of such issue as in the case of the
failure of payment of principal of the bonds of such issue upon maturity thereof.
Such bonds of both issues shall be convertible into the new 5% noncumulative pref. stock, at par, and shall be entitled to the benefit of
the sinking fund payable out of available net income.
-year mtge. and the Gary mtge. shall be modified.
The 50
(8) To Be Converted into New Stock
Chicago, Milwaukee, St. Paul & Pacific RR.5% cony, adjust$182,873
.693
ment mtge. bonds, due Jan. 1 2000
The holders of the adjustment bonds shall receive for each 31,000
of adjustment bonds, together with $260 accumulated interest thereon
to June 30 1935, voting trust certificates for $1,260 par value of new
5% non-cumulative pref. stock (par $100), participating equally per
share in dividends with the common stock after the latter has received
5% upon the par value thereof in dividends in any year, preferred as
to assets as well as dividends, and entitled to one vote per share on all
matters (2,304,208.53 shares).
(9) To Be Exchanged for New Stock
Preferred Stock-The holders of pref. stock shall receive for each share
of pref. stock a voting trust certificate for one share of new common stock
(par $25) (1,193.073 shares).
Common Stock-The holders of the common stock will receive for each
share of common stock a voting trust certificate for one-third share of new
common stock (391.353 1-3 shares).
C. T. H. & S. E. Ry. Co.(Leased Line)
x$250,000
Bedford Belt Ry. 1st muge. 5% bonds, due July 1 1938
7,287,000
Southern Indiana Ry. 1st mtge. 4s, 1951
-year he, 1960 y8,056.000
Chicago, Terre Haute & Southeastern 1st & ref. 50
6.336,000
Chicago, Terre Haute & Southeastern Ry. inc. 5s, 1960
x $100,000 of bonds pledged under the Terre Haute ref. mtge. shall also
be included in the plan.
Y $1,515,000 of bonds pledged under the C. M. St. P. & P. RR. 1st &
ref. mtge. shall also be included in the plan.
The Terre Haute lease, and the obligations of the lessee thereunder to
the holders of the bonds of each of the above-mentioned issues, shall be
modified substantially as follows:
(a) All defaults, if any, in the performance of the covenants contained
In the Terre Haute lease to be performed by the lessee thereunder which
shall have occurred on or before June 30 1935, shall be waived, and the
lessee shall not be obligated thereafter to remedy any such defaults, including replacement of equipment retired on or before June 30 1935.
(b) The lessee under the Terre Haute lease shall be entitled and obligated
to replace at any time on or before July 1 1945, vacancies in equipment
subject to the mortgages securing said bonds occurring on or after July 1
1935. and on or before July 1 1945, and in the performance of such obligation the lessee or the mortgagor company or companies under such mortgages shall be entitled to include equipment purchased under equipment
trusts in principal amount not exceeding 80% of the original cost of the
equipment covered thereby.
Holders of each of the foregoing classes of bonds shall also agree with the
reorganized company, as lessee under the Terre Haute lease, not to take.
or cause the trustee under any of said mortgages to take, any action or
proceeding, whether against the lessee or against the lessor under the
Terre Haute lease, and whether under said lease or under any of said
mortgages, in respect of any default under said lease or under any of said
mortgages which shall have occurred on or before June 30 1935, or in
respect of any default in respect of the maintenance or replacement of
equipment under any of said mortgages, except a deault by the lessee
under the equipment maintenance provisions of said lease modified as
provided in the foregoing clause (b).
If holders of each of the foregoing classes of bonds shall become bound
by the foregoing modifications of the Terre Haute lease and agreements
with the reorganized company as aforesaid, the reorganized company shall
not elect to reject or terminate the Terre Haute lease.
Comparative Capitalization and Interest Charges (Incl. C. T. H. &
S. E. Ry. Co.)
Present Interest Charges
(12 Mos. Ending
it Present
CapitalizaJune 30 1936)
Fixed
Contingent
Hon
Bonds undisturbed as to interest___ $29,118,000 $1.347,085
248,183,096 11,422,010
Bonds disturbed as to interest
1,091.858
26,490.119
Equipment trusts y
597.297
RFC, 11.0.0. and PWA loans_z- - - 16,785,778
9,143,685
182,873,693
Adjustment bonds
(Accumulated int. to June 30'35)- 47,547,160
119.307.300
Preferred stock
105,175,303
Common stock
$775,480,449 $14,458,250 $9,143.685
x Capitallion Interest Charges Giving
Giving Effect Effect to Plan of Reorganizer?'(12 Mos. End.
to Plan of
June 30 1936)
ReorganizaContingent
Fixed
tion
Bonds undisturbed as to interest___ $29,118,000 $1,347,085
3,968,170 $7.453.840
248,183,096
Bonds disturbed as to interest
1,234,594
26,490,119
Equipment trusts _y
597,297
RFC, 11.0 C. and PWA loans_z - - 16,785,778
Adjustment bonds
(Accumulated int. to June 30'35).
230.420,853
Preferred stock
39,610,658
Common stock
Total
$590,608.504 $7,147.146 $7.453,840
Total
x Excluding pledged bonds. y Not including new equipment trust certificates to be purchased by RFC. z Not including new RFC loans.
Arrangements with RFC
The existing RFC loans in the total amount of $11,499,462 will be extended to July 1 1945, with interest at the rate of 4% per annum, secured
by the existing collateral now pledged therefor (the maturity of such collateral to be extended to June 1 1958) and any additional collateral which
may be pledged to secure any loans hereafter made by RFC.
RFC shall agree with the reorganized company from time to time to lend
to it such additional sums as the board of directors of the reorganized company may request on or before July 1 1940. not exceeding an aggregate of
$12,000,000, to be used for general corporate purposes, upon the reorganized
-year promissory notes, with interest at the rate of 4% per
company's 10
annum, payable semi-annually, secured by the pledge of the collaterat now
securing the existing RFC loans and additional let & ref. bonds of the
reorganized company (with such interest rate, maturity and other provisions
as the board of directors of the reorganized company may, subject to the
limitations of the 1st & ref. mtge., determine with the approval of the RFC.
RFC shall also agree with the reorganized company from time to time
to purchase from it, at their principal amount and accrued interest, such
principal amount of equipment obligations as the board of directors of the
reorganized company may request on or before July 1 1940. not exceeding
an aggregate of $12,000,000, principal amount, to provide for 80% of the
cost of new equipment upon which such obligations shall be issued. Such
equipment obligations shall mature in 15 equal annual instalments and shall
bear interest at the rate of 4% per annum payable semi-annually.
Voting Trust-All of the pref. stock and common stock of the reorganized
-V. 141, p. 109.
company shall be placed in a voting trust.
-Tenders
-Citizens Gas Co. of Indianapolis
The Bankers Trust Co. will until Aug. 6 receive bids for the sale to it
of sufficient 1st & ref. mtge. bonds as will exhaust tne sum of $57,407 at
-V. 140, p. 3208.
prices not exceeding 108 and interest.
272
Financial Chronicle
Chicago Corp.
-Earnings
-
Six Months Ended June 301933
1934
1935
Netincome after expenses and taxes__ x$531.963 4477,122 y$327,521
x Exclusive of $1,517,190 in 1935 ($994,668 in 1934) profit on sale of
securities carried to investment-reserve account. y Exclusive of $229,510
loss on sale of securities charged to investment reserve account.
For the six months ended June 30 1935, net assets as of that date were
equal to $52.82 a share on 647,791 shares of $3 convertible preference stock,
minst$4i.01a share on 6066 sharesofpreference 8tonpc. 31
4,and4673asreog 64 ,46sar
stockone30
8
esofpreference
1934.-V. 140, p. 3207.
Chrysler Corp.
-Sales
The company produced and shipped 486.758 passenger cars and trucks
during the first six months compared with 387,684 in the first half of 1934.
Shipments were larger than for all 1933.
Tune shipments totaled 65,346, compared with 64,769 in the like 1934
month.
Shipments for the quarter ended June 30 totaled 237.330 units, the largest
second quarter in the corporation's history and within 12,000 units of the
record quarterly shipment peak, established in the first quarter.
Plymouth Sales at New High
-
Retail deliveries of Plymouth cars during the week ended June 29 set a
new record at 10,244 units, an increase of 7.7% over the previous week and
10.2% over last year. The week's sales compare with the previous peak
of 10.055 units in the week ended April 27 1935 and marked the fourth week
this year in which sales have passed the 10,000 figure. Sales during the
first 26 weeks of the year amounted to 214,887 cars, a gain of 34.5% over the
159.725 units sold in the same 1934 period.
-V. 141. p. 109.
f
Stoc
Directors also called for redemption on Sept. 10 at 105, plus int. from
July 1, its outstanding $7,326,000. series H,4M % bonds. Holders of the
called bonds may obtain immediate payment of $1,050 per bond, plus the
accrued interest from July 1 to Sept. 10, upon presentation of their bonds.
with Jan. 1 1936 and all subsequent coupons attached, to the Bankers Trust
Co.. New York.
The current issue reduces still further the company's fixed charges.
which will also be reduced by other refunding and exchange operations previously announced. In April, company retired its 4U; series 0 1st ref.
%
mtge. sinking fund bonds, outstanding in an amount of $9,943,000,following the sale on April 16 of $10,440,000 25
-year 3U% 1st ref. mtge. sinking
fund bonds, series L. On July 3 last, directors of the company also called
for redemption on Oct. 1 1935, at $110 a share, the 6% series D,and 534%
series E, preferred stocks of the company, outstanding at a total of $5,000,000. The holders of these preferred shares are offered the opportunity to
exchange the called shares for 5%,series A,preferred stock,share for share.
-V. 141. p. 110.
-Moves Offices
Consolidated Oil Corp.
The corporation, holding company for all the Sinclair oil properties, has
leased seven entire floors in the International Building, Rockefeller Center
N. Y. City. it is also announced that as part of the same transaction a
buyer has been found for the stock ownership of the 30-story Sinclair Building at 45 Nassau Street.
The executive and administrative headquarters of the Sinclair properties
will move to the international Building on I
I
about Sept. 1.-V.141, p. 110.
w York Insurance Co.
-Initial Div. on New ----Consolidation Coal Co.-Pla
The
ectors have declared an initial dividend of 50 cents per share
on the new $10 par capital stock, payable Aug.1 to holders ofrecord July 12.
Previously semi-annual payments of $5 per share were made on the old
$100 par value stock from Aug. 1 1933 to and including Feb. 1 1935.V. 140, p. 2350.
Ry.-Seeks to Issue $5,000,000 1st 5s
-See
under "Current Events and Discussions" on a preceding
-V. 141, p. 110.
page.
Colonial Ice Co.
-Earnings
-Calendar Years
1934
1933
Total revenue
$1,018.884
Operation
691.044
Maintenance
74,533
Taxes
32,716
Interest on 6% gold notes
1,190
Other interest
560
Amortization of discount on 6% gold notes
81
Amortiz. of organization expense
1.750
Depreciation-per resolution of board of directors_
55,000
Provision for Federal income taxes for year 1934-.12,000
$965,057
681,489
61.684
32,444
7.608
643
576
Net income
Earned surplus at end of preceding year
Transferred to credit of plant, property & equipment account
Adjustment for accrued dividends on pref. stock
purchased in 1934
Surplus debits
-net
Dividends on cumul. pref.stocks
$125,611
31,847
$150,009
88,342
55,000
Dr15,521
Cr983
106
. 61,559
844
x52.750
Earned surplus at end of year
$88,342
$177,668
x Accrued in 1933, paid in 1934.
Balance Sheet Dec. 31 1934
Assets
-Plant, property & equipment (including construction work in
progress), $1,791,135; notes receivable secured by real estate and chattel
mortgages, $22.000; cash in banks and working funds, $134.366; notes receivable. $12.801: accounts receivable. $33,856: accrued storage charges
receivable,$30,324; accrued interest receivable, $591; materials and supplies
(less reserve), $21,219; deposits for insurance premiums, $8,621; other deposits, $1,124; miscellaneous investments (at cost). $8,681; cash in restricted
and closed banks (less reserve). $942; reacquired securities (207 shares
series B pref. stock). $3,613; prepaid expenses and deferred charges,$15,670;
total, $2,084.949.
-Current and accrued liabilities, $67,291; note payable (due
Liabilities
after one year), $9,000; reserves, $173,443; unearned cold storage revenue,
$12.546:$7 cumul. pref. stock (750 shares, no par). $75,000;$7 cumul. pref.
stoc.g (10,000 shares, no par), $1.000.000; common stock (15,000 shares, no
par). $300,000: capital surplus, $270,000; earned surplus, $177,668; total,
$2,084,949.
----Coirth
mercial Credit Co. Ihrys
-Aitother-Gempany--cash: of practically all of
The empany has concluded the purchase, for
on and preferred stock of the Protective Finance CorO., Denver..
the
Colo. The Denver company was organized by its President, W. 0.
Sch igert, 12 years ago, and has been uniformly successful in financing
automobile receivables, now having about $1750,000 of such receivables
outstanding. The business of this company in due time will be consolidated with the Denver office of the subsidiary of Commercial Credit Co.
V. 141, p. 110.
...--Commercial Investment Trust Corp. Listing of Convertible Pr6ference Stock and Additional Cmmon Stock
Preference Stock to Be Offered Publicly
The New York Stock Exchange has authbrlzed the listing of 250,000
shares of cony. pref.stock, $4.25 series of 1935 (no par) on official notice of
issuance and distribution, and 312,500 additional shares of common stock
(no par) on official notice of issuance, on conversion of the cony. pref.
stock, $4.25 series of 1935, making the total amounts applied for: 250,000
shares of cony. pref. stock, $4.25 series of 1935, and 3.015,672 shares of
common stock.
The directors at a meeting held July 8 1935, adopted a resolution authorizing the issuance of 250,000 shares of the authorized and unissued serial
preference stock in a series to be designated as "convertible preference stock,
$4.25 series of 1935." The resolution, which fixed the dividend rate, the
conversion rate, the redemption prices and other particulars of the series,
as required by the certificate of incorporation, will be embodied in a certificate of designation, preferences and rights ofsuch series, and such certificate
will presently be executed and filed in accordance with the provisions of
the General Corporation Law of the State of Delaware.
The directors, at the meeting also authorized the issuance from time to
time of 312,500 shares of the authorized and unissued common stock on
conversion of shares of such convertible preference stock. $4.25 series of
1935. and reserved such common stock exclusively to satisfy the conversion
rights pertaining to the 250,000 shares of such convertible preference stock,
$4.25 series of 1935.
It is contemplated that,shortly before the effective date ofthe registration
statement filed with the Securities and Exchange Commission, the corporation will enter into an underwriting agreement with Dillon, Read &
(1o.. Lehman Brothers, Lazard Freres & Co., Inc., and Kuhn, Loeb &
Co. providing for the sale of the 250,000 shares of convertible preference
stock, $4.25 series of 1935, at $100 per share, plus accrued dividends from
July 1 1935. The gross discount to the underwriters will, it is expected,
not exceed $3 a share. It is expected that the public offering will be made
on or about July 19 1935. The proceeds to the corporation from the sale of
such convertible preference stock, will be used for corporate purposes.
V. 141. P. 110.
\_.---Consolclzted Gas, Electric Light & Power Co. of
l
Baltimor
Sells $7,326,000 of 332% Bonds
-Calls Like
Amount of 4 2s--\-The company has arranged for the sale
at par, subject _t6 the approval of the P. S. Commission of
Maryland, of $7,326,000 30-year, series M, 332% 1st ref.
mtge. sinking fund bonds, according to an announcement
July 13 1935
by Aldred & Co., New York,fiscal agent. A group of seven
institutional investors comprised the list of purchasers of
the new bonds. Negotiations were carried out through
White, Weld & Co. and associates.
pprflved-7
'
Judge William Coleman in United Stat District Colin at Baltimore on
July 11 approved the proposed plan ofreorganization. In giving approval to
the reorganization, Judge Coleman upheld the constitutionality of Section
77-B of the Bankruptcy Act, pointing out'that the reorganization committee had secured the requisite assents from a majority of each class of
holders and two-thirds of the creditors.
-V. 140, p. 3384.
Continental Gas & Electric Corp.(& Subs.)
-Earnings
12 Months Ended May 311935
1934
Grcss operating earnings of subsidiaries (after
eliminating inter-capapany transfers)
$31.431.228429,901,632
12,491.798 11,417.407
Mair
Pe ntenance, charged to operation
1,360,304
1,022,.572
Depreciation
4.216,619 4,195.385
Taxes, general and income
3,401.939 x3,231,818
Net earnings from operations of sub. cos
Non-operating income of subsidiary companies_ _
$9,803,297 $9,696.717
651,394
801,187
Total income ofsubsidiary companies
$10,604,485 $10,348,111
Interest, amortiz. and pref. diva, of sub. cos.:
Interest on bonds. notes. &c
3.976,251
3,963,325
Amortization of bond and stock discount and exp
348.762
300,133
Dividends on preferred stocks
1,070,220
1,070.331
Balance
$5,257,878 $4,965,692
Proportion of earnings, atti ibutable to minority
common stock
8.580
x8.298
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$3,249.298 $4,957,394
Earnings of Continental Gas & Electric Corp
40,325
47,641
Balance
$5.289,623 $5,005,036
Expenses of Continental Gas & Electric Corp_ _-155,935
150,118
Holding company deductions:
Interest on debentures
2,600,000 2,600,000
Amortization of debenture discount and expense_
164,172
164,172
Balance transferred to consolidated surplus_ __ _ $2,369,516 $2,090,745
Dividends on prior preference stock
1,320,053
1,320,053
Balance
$1,049,463
$770.692
Earnings per share
$4.89
$3.59
x Adjusted on account of revision of Columbus (Ohio) Electric Rate
Ordinance.
-V. 140, p. 4230.
Crown Drug Co.
-June Sales
Month of June1935
1934
Sales
$671,198
$592,155
Note
-Above figures cover the 84 stores in operation in Missouri, Kansas
and Oklahoma.
-V. 140, p. 4066.
--Crcirn Willamette Paper Co.-Sonris-of-thdr.The settle Mills,
Ltd., a subsidiary, has called for
6%
..
Aug. 1, at 102 and interest, all of its first mortgage serialredemptio 7
6% bonds
which there are approximately $1,100.000 outstanding. Redempti n of
11
not require any outside borrowing and will leave the company with
a 6%
first mortgage issue of apnroximately $1,400,000 outstanding as
its only
funded debt.
-V. 140, p. 3544.
Crystal Oil Refining Corp.-Earnings3 Mos.End. Year Ended
Mar. 31 '35 Dec. 31 '34
$210,597
$980,734
198,583
901.254
27,717
151,817
Net loss from operations before depreciation__ _
$15.703
$72,336
Other income
2,815
16,537
Total loss
$12,888
$55,799
Interest charges and discount on sales
1,161
14,329
Depreciation
55,883
Not loss
$14,050
$126,013
Earnings for the Quarter Ended Mar, 31 1935
Net loss after expenses. Int. & other charges, but before deprec___
_$14,055
Balance Sheet March 31 1935
Assets
-Cash in banks and on hand, $12,257; accounts receivable (less
reserve for bad debts of $6,500), $40,389; inventories, $12,296;
prepaid
expenses krent and insurance), $625; notes and other accounts
(less reserve for bad debts of $41,000). $12,827; investmentsreceivable,
(at cost),
$156,795; property, plant and equipment (lees reserve for depreciation and
depletion of $1.161,250), $315,786; total. $550,978.
Liabilities-Notes payable (legal fees), $1,650; accounts payable and
accrued expenses,$63,201; deferred income, $1,410; notes payable,
$190.461;
.6% cumulative preferred stock (par $100). $2,503.500: common stock
(102.587 shares, no par), $10; deficit, $2,209,254; total, $550,978.-V. 130:
p.3361.
iodSales
Cost of sales
Expenses
- --n offer of $300,000 forl
property of the Textile Mac
he
of encumbrance, provided 90% o
Spartanburg, S. C.
preferred stock could be
ed,Jeeently submitted by this companyc as
accepted by stockholders of OSpari
z
aX concern at a meeting eld
July 6.-V. 140, p. 4397.
Draper Corp.-iteguisition-
Ckm.,
Dome Mines, Ltd.
-Value of Production
Month ofJanuary
February
March
April
June
Total six months
-V.140, p.4067.
1935
$545.789
494,553
545.771
558,129
574,176
623375
1934
$641,637
634,307
621,195
587.238
619,429
601,004
33.341.793
1$3.704,812
Volume 141
Financial Chronicle
Dominion Scottish Investments, Ltd.
-Earnings
Years. End. May 31Divs.,int. and other IncRent,salaries, office and
general expenses
Directors' fees
Interest, exchange, &c_..
'Trustees', registrar's and
auditor's fees
Income taxes
1935
$103.822
1934
$94,022
1933
$110,151
1932
$167,919
11,439
3.000
910
11,675
3,000
331
11,000
3.000
606
15.325
6.737
530
1,632
5,066
1,583
6,014
2,607
6,523
2,859
11,025
Net income
Preferred dividends_ _ _ _
$81,775
74,625
$71,419
64,675
$86.414
59,700
$131,443
141,788
Balance, surplus
Earns, per sh. on 60,000
sits. corn.stk.
(par S25)
$7,150
$6,744
$26,714 def$10,345
273
patents (less amortization charged to date of $23,277), $751,018;
deferred
assets and charges, $28,006; total, $1,679,852.
Liabilities-Notes payable. 513,671; accounts payable, $58,032; expenses
accrued, $10,560; deposits payable, $4.560; due to
521,167; amortization payments on mortgages past president of company,
due and due
1 1935, $6,703; Federal income taxes payable, $1,920; mortgagesto March
payable,
balance due after March 11935. $33,758; capital account (319,777 no par
shares). $1,883,374; capital surplus paid-in, $100.000: deficit, $453,896
total, $1,679,852.-V. 137. p. 146.
Electric Auto-Lite Co.
-Wins Suit
-
The patent suit filed against the company by the Hammond Clock
Co.
was recently decided in favor of this company by Judge George
Hahn in
13. S. District Court at Toledo. Judge Halm ruled that electric clocks
made
by Auto-Lite did not infringe on the patent owned by Hanumond.V.
140, p. 3386.
$0.12
$0.11
Nil
Nil •
Electric Bond & Share Co.
-Weekly Input
Balance Sheet May 31
For the week ended July 4, the kilowatt system input of subsidiaries
of
AssetsAmerican Power & Light Co., Electric Power & Light Corp. and National
1935
Liabilities1934
1934
1935
Power & Light Co., as compared with the corresponding week during 1934,
Investments___ _$3,106,454 $4,419,433 Sundry creditors__
31,050
$4,485
Cash at bankers__
was as follows:
41,474
5,167 orov. for DominSundry accounts
ion & provincial
-Increase----receivable
502
1935
367 taxes
3,613
1934
Amount
American Power & Light Co__ 90,855,000 68.781,000 22.074.000 321
Dividend payable_
29,850
19,900
Electric Power & Light Corp-- 38,378,000 37.126,000
Preference stock
2,935,000 2,985,000
1,252,000 3.4
National Power & Light Co_ _ _ 66,363,000 62,914,000 3,449,000
Common stock_ ....
60,000
60,000
5.8
Note
Capital surplus_
-Operations of the Montana Power Co., a subsidiary of American
1,293,895
Power & Light Co., were at a low point a year ago because of an industrial
Revenue account.
68.838
61,688
strike. This accounts principally for the large increase In system input of
Total
$3,148,431 $4,424,967
subsidiaries of American Power & Light Co.
Total
$3.148,431 $4,424,967
-V. 141. p. 112.
a Market value of investments as at May 31 1935, $2,223,741 against
Electric Power Associates, Inc.
$2,116,757 In 1934.-V. 140, p. 3385.
-Passes Dividends
The directors have decided to omit the dividends ordinarily payable
Duquesne Light Co.
Aug. 1 on the common and class A stocks, both of no par value. The last
-Earnings
-Payments on these issues were made on May 1 last, and amounted to Scents
12 Months Ended May 311935
1934
per share. Distributions of 10 cents per share were made
Operating revenues
$25,756,457 $24,733.936
from Feb. 1 1933 to and Including Feb. 1 1935, 15 cents oneach quarter
Oper. exps., maint. & taxes (other than income
Nov. I and
Aug. 1 1932 and 25 cents per share paid each three months from Feb. 1
taxes)
9,942.796
9,432,951
1930 to and including May 2 1932.
Appropriation for retirement reserve
2.060,516
2.078.714
Period Ended June 30 19353 Months
6 Months
Income from diva,and int.after exps.,incl. taxes_ _
Net operating rev.(before prov. for inc. taxes)_.$13.753.144 $13,222,270
$65,373
$149,114
Dividends paid
Other income (net)
144,000
912.894
949.729
During the foregoing period the principal source of income was from
dividends in American Water Works & Electric
Gross income (before prov,for income taxes)----S14,666,039 $14,171,999
Inc. common stock.
No dividend was declared by this latter company on its common stock at
Interest charges (net)
Co..
3.151,669 3,145,172
its July 2 directors meeting.
Amortization of debt discount and expense
167,280
167.280
Under the circumstances the directors of Electric Power Associates, Inc.
Other income deductions
95.041
80,746
decided to take no action on the declaration of a dividend on the company's
Provision for Federal income taxes
1,076,187
417,387
stock at this time.
-V. 140. p. 2534.
Net income
$10,175,859 $10.361,412
Electrographic Corp.(& Subs.)
-V. 141. p. 111.
Eastern States Corp.
-New Name
-
'The Eastern States Power Corp., by/amendment to its
mendment
corporation, has changed Its name to astern States Corp
in-
- "Eastern States Power Corp.
-Name Chang
See Eastern States Corp. above.
-V. 140. p. 2532.
1933
$2,896,764 $2,837,082
2,743,598
2.492,002
$440.368
17,349
$457,717
Net profit for the year
Income and other taxes
Proportion of net profit ofsub. applicable to minority interest_
$3308,994
49,684
10,335
$248,975
146,998
$153,166
1,598
$345,079
867
Total income
Interest expense
Prov.for Federal income and excess profits taxes-
$154,764
45,599
16,072
$345.946
47,080
42,400
Consolidated net income for the year
Operating deficit, Jan. 1 1934
Dividends paid on 7% cumulative preferred stock for period
Dec. 1 1931 to Nov.30 1933
Good-will and organization expense ofsubsidiary written off.,., _ _
Adjustment
-subsidiary accounts
$93,094
1,079,210
Dr1.990
$256,466
826,285
Dr3.540
Balance
Adjustments applicable to prior years
Transferred from capital surplus
Surplus at end of year
$1,170,313 $1,079,210
Condensed Balance Sheet Dec. 29 1934
Assets
-Cash in banks and on hand, $94,602; accounts receivable (less
reserve for doubtful accounts), $258,170; inventories. $466,802; investments (book values), $6,225; fixed assets (less reserve for depreciation
of
S1,079.221), 32,074,079: Prepaid expenses, $26,345; cash in closed bank,
530; total, 52,926,257.
Liabilities-Notes payable, banks, $435,000: accounts payable
secured by machinery pledged). $94,463; accrued liabilities, ($22,474
$10,044;
provision for Federal taxes, $22.652: accounts payable, due after one year
(secured by machinery pledged), $35,441; notes payable (deferred)
and
interest, $33,341; reserve for extraordinary repairs to
capital stock (par $100), $1,100,000; surplus, $1,170,313; canal, $25,000;
total, $2,926,257.
9
V
- • 13 . P• 597.
80 John Street Corp.
-Earnings
-Calendar Years-
Income-Rents
Bank interest
Miscellaneous
1934
$380,358
209
1933
$385,262
141
243
Total income
Expenses
Depreciation ,
$380,567
326,778
55.000
$3115,648
,
326.002
55,000
Net profit
lost/51,211
$4,645
Comparative Balance Sheet Dec. 31 1934
Assets
-Cash in banks, $99,625; rent arrears, $1,283; real estate (less
depreciation reserve of $311,666). $3,144,241; prepaid insurance,
$4,144;
total, 53,249,294.
Liabilities-lst mtge.. $1,619.500; general mtge. bonds.
$1,268,000:
deferred income, $21,228; accrued mtge. Interest, $40.818; capital
and
surplus (represented by 32,000 shares of no par value, less 752
shares in
treasury), $299.717; total, $3.249.294.-V. 139, p. 1707.
Eisler Electric Corp.
-Earnings
Net sales
Cost of sales
Earnings for the Year Ended Dec. 31 1934
Gross profit on sales
Selling and shipping expense
Administrative and general expense
$653,674
542,595
$111,079
$34,925
44.140
Net profit on operations
Other income
$32,013
12,215
Gross income
Interest and discount
Interest paid on mortgages
Provision for doubtful accounts
Provision for Federal income taxes
$44,229
6,748
2,427
13,571
1.920
Net income, to surplus
$19,562
Balance Sheet Dec. 31 1934
-Cash on hand and in banks, $87,529; notes receivable (less
Assets
reserve for bad and doubtful notes and accounts receivable of $15,616).
$122.963; municipal bonds owned (at market), $3.31,050; accrued interest
receivable, $607; inventory, $242,315; investment in affiliated company,
$10,000: fixed assets (less reserves for depreciation of $3309,626); $406,360;
$1,050,910
610.541
Total income
Depreciation, provision for losses, amortization of lease and
plant expenses, &c
Profit from operations
Other income
Net profit for year
Surplus at beginning of year
Charges applicable against prior periods
$2,986,903
1.935,993
Operating profit, before depreciation and charges
Other income
1935-6 Mos.-1934
$7,715,005 $6,984,567
Edwards Manufacturing Co.
-Earnings
-Years Ended Dec.311934
Net sales
Cost of sales
Earnings far the Year Ended Dec. 31 1934
Gross profit on sales
Selling, administrative, &c
Edison Brothers Stores, Inc.
-Sales
Period End. June 30- 1935
-Month-1934
Sales
$1.410,250 $1,236,691
-1,/. 140. p. 4232.
Net sales
Cost of sales
148,722
89,876
10,674
231
$1,194
3,754
210,087
Earned surplus, Dec. 31 1934 (consolidated)
$215,036
Earnings per share on 119,178 common shares, par $I
$1.65
Consolidated Balance Sheet Dec. 31 1934
Assets
-Cash in banks and on hand, $156,053; accounts and notes receivable-trade (leas reserve). $480,517; accounts and notes receivable-miscellaneous (less reserve), $14,587; inventories, $87,731: machinery, fixtures
and equipment. 11798,809; land and building (subsidiary) at cost (less
mortgage payable of S7,036). $23,959; deferred charges, $49,670: cash in
closed banks (less reserve), $2,020; Preferred stock and common
Electrographic Corp. (at cost), $88,490; good-will purchased, stock of
$97,986;
total, $1,799,826.
Liabilities-Accounts payable. $29,292; expenses and wages accrued,
$41,333; provision for taxes,$49,684; minority interest in stock of subsidiary
company. $23,796: 7% preferred stock (par $100). $753,800; common stock
(par
$119,178; capital surplus, $567,704; earned surplus, $215,036;
total. $1,799,826.-V. 140, p. 1657
Elgin National Watch Co.
-Earnings-Income Account Year Ended Dec. 31 1934
Profit from operations (after providing for depreciation of
$261.165)
Other income
$776.895'
160.874
Total income
Pension fund contributions
Provision for pre:niums paid on securities
Elgin Watchmakers' College loss
Employees' gymnasium expense
Provision for Federal income tax
$937.769
121,367
19,520
8,476
2,047
50,000
Net profit for year
Earnings per share on 400,000 shares capital stock
$736,358
$1.84
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets$
Ltabtlittes$
$
$
Cash
1,453,680 1,101,012 Accts.& wages pay x281,438
225,315
Accts. & notes rec. 1,482,892
913,031 Accrued taxes__ 131,977
114,293
Marketable secur_ 3,423,098 2,888,210 General reserves__ 880,000
440,000
Inventories
1.824,830 1,151,385 a Capital stock_ __ 5,982,102 5,970,170
Sundry panic. In
Earned surplus_ _ 1,023.826
.
72,606
Process
1
537,831 Capital surplus___ 4,000,000 4,000,000
Other assets
14,290
15,188
Deferred charges_
. 16,519
13,969
y Ld.,fact'y, bldgs.
mach'y & equip_ 4,034,032 4,193,850
Total
12,299,343 10.822,475
Total
12,299,313 10,822.475
x After depreciation reserves of $3,796,091 in 1934
1933. y After deducting 5,000 shares of treasury stock and $4,285,692 in
at
In 1933 and 3,000 shares at cost of $17,898 In 1934. z cost of $29,830
Includes pension
fund contributions.
-V. 140, p. 2704.
Elgin Joliet & Eastern RR.
-Wins Injunction
A five-year-old injunction suit begun by the Government Suit
against the
road was ended July 3 in favor of the railroad. The
Government sought to
restrain the road from carrying products of fellow subsidiaries
States Steel Corp. under an Interstate Commerce Act clause of the United
a railroad from transporting. in inter-State commerce, which prohibits
commodities in
which it has any interest.
Federal Judge Charles E. Woodward. denying the injunction,
July 3, held that the line was a separate corporate entity free in a decision
from domina-
tion by the Steel Corporation, although the latter owns all of the road's
capital stock.
The Court held that ownership of the road, which extends from Wauresulted in
kegan, 111., to Porter. Ind., by the Steel Corporation had notcorporation
collusive rates or favoritism, that their relationship was that of
and stockholder, and the corporation maintained no control over the railroad, whose patrons were "treated all alike."
The suit was begun in 1930 when William D. Mitchell was United States
Attorney-General. Sixty per cent of the railroad's tonnage comes from
-V. 141, p. 112.
United States Steel subsidiaries, it is said.
-Earnings
El Paso Electric Co. (Del.) (8c Subs.)
-12Mos.-1934
1935
Period End. May31- 1935-21tonlh-1934
5209.864 $2,745,664 52,558,192
$226,807
Gross earnings
1,134,082
1,181,945
97,546
106,606
Operation
139,506*
159,141
12,653
14,454
Maintenance
307.996
315.505
28,801
27.490
-Taxes
435,324
434.681
36,346
36,121
Interest & amortization$541,283
$654,390
$34,516
$42,135
Balance
230,000
298.750
Appropriations for retirement reserve
46.710
46,710
l'ref. dim. requirements of sub. co
194,998
192,664
Pref. dlv. require. of El Paso Elec. Co.(Del.) _
5116.266
Bal. for common divs, and surplus
140, p.3894.
-Earnings
Farr Alpaca Co.
Years End. May 31Loss from oper. & reduc.
in mkt. price of inven_
Depreciation
Inventory loss discharged
1935
5655.780
198,160
1934
561,201
444,987
1933
1932
Cr827.784
$853,940
Balance,loss
Dividends paid
369,575
$528,697 82,087.857
482,544
488,090
against reserve
Res.for invent.flucVns.
Reduction of surplus_ 5853,940
3,693,059
Previous surplus
Res. for accts. and notes
22,500
outstand'g May 31 '34
Loss on inventions of
May 31 1934 in excess
188,788
of reserve
Transfer from cap. stk.
due to red, in par val _
Misc, credits pertaining
to previous years_
$506.188 51,016,787 51.742.616
420,000
1,000,000
500,000
$506,188 81.516.787 53.162,616
301,888 3,464,504
4,185,101
C/14,146
$301;888
1934
1935
1934
1935
$
Liabilities7,000,000 7.000,000
& mach_ 6,349,251 6.488,912 Capital stock
-Real est.
3,818,653 4,807,850 Accts payable and
Inventory
187,293
250,036
accruals
.Cash & debts rec. 1,233,409 1,122,872
1,600,000 1,600.000
60,718 Capital surplus.
76,554
Insurance expiredUndivided profits_ 2,627,831 3,693,059
Assets-
11,477,867 12,480,352
Total
11,477,867 12,480,352
140. p. 1145.
-Earnings
Federal-Mogul Corp.(& Subs.)
Years Ended Dec. 31Gross profit from sales
Selling, administrative and general expenses
Interest paid, bad debt losses, Canadian exch. &
miscellaneous deductions
Provision for contingencies
Provision for obsolescence of service inventory,
Provision for loss on accounts with closed banks..
1934
$736,776
500,461
1933
$623,253
415,451
23,323
7,000
37.961
10,890
3,350
$205,992
$155,602
Net income
Interest earned, royalties, profit on securities and
miscellaneous income
Profit before depreciation and income tax
Depreciation
Federal and Canadian income taxes
5,299
11,535
$211,291
90.220
19,042
$167,138
93,956
11.575
Consolidated net profit
-Jan. 1
Surplus
$102,028
299,034
$61,606
237,428
Surplus Dec. 31
Earnings per share on capital stock
$401,063
$0.66
$299,034
$0.40
Assets.Cash
ConsolidatedBalance Sheet Dec. 31
Liabilities-1933
1934
$45,490
Listed corp. stock
3,380
(market value).
Notes,trade acceptance, contr., &c. 275,252
557,788
Inventories
11,614
Other assets
x Permanent assets 872,216
1
Patents & good-will
32,739
• Deferred charges,
Total
1933
1934
546,439 Notes payable to
3100,000 3136,780
banks
4,282 6% serial debenture
notes due Apr. 1
20,000
8,270
1934
218,555
62,901
84,024
485.627 Accounts payable_
35,777
10,284 Pay rolls & comma
10,055
5,126
909,299 Accrued expenses_
1 Prin. payments on
land contracts
23,542
8,678
due during 1935
Federal & Canadian
11,575
19,100
income taxes. _ _
31,701
z3,457
Long-term indebt_
7.000
Reserve for centre_
y Capital stock._ 1,125,982 1,125,982
299,034
Earned surplus.,. 401,063
$1,798,479 $1,698,029
Total
31,798,479 31,698,029
1933). y RepreAfter depreciation of $490,885 in 1934 (3458.636 in -y.139, .762.
sented by 154.720 shares. r Land contracts payable only.
-Larger Dividend-h "
'&L.
First Boston Corp.
per share on the capital
The directors have declared a dividend of $1.20
initial distribution
stock, payable July 25 to holders of record July 12. An
Jan. 21 1935.
of 50 cents per share was made onstockholders, the company advises that.
being forwarded to
In a letter
30 1935, the net income of the
for the period from Jan. 1 1935 through Junethat the payment of this divicorporation is estimated at 81,803.000, and any regular dividend rate.considered as establishing
dend is not to be
-V. 140. p. 639.
-Earnings
Ferro-Enamel Corp.
Profit
Plant depreciation
Loss on sale of assets
Lags on furnaces & equipt.scrapped._
Interest, discount, 5Le
Provision for Federal income tax
1934
4208,169
33.647
1933
$188,548
20,220
1932
860,642
36,692
$241,816
Years Ended Dec. 31Operating profit
Miscellaneous income
$208,768
20,677
12,967
897,334
19,095
119
207
14,135
33,187
16,657
23.246
38,637
42,501
3135,222 def$2,898
8194.169
Profit for the year
Nil
$1.06
$1.55
Earnings per share on common
maintenance and repairs. 524.458; depreciation and
x After deducting
selling, general and
amortization, $24,169; taxes and royalties, $8.535; doubtful accounts of
for
administration expenses. 5357.078 and provision
..., 521,610.
•
Consolidated Balance Sheet Dec. 31
Liabilities
1933
Assess
Cash
U.S. Treas. etfs_
Marketable secure_
Other bonds
Cash value life ins.
Notes & accts. rec.
Mdse.inventories_
Accts. rec. & inv.
In sub. cos
Deferred charges to
operations
Vlant & equip, less
depreciation_
Sundry receivable.
Patents
Total
1934
330,388
57,608
3,862
190,494
280,636
68,411
24,091
329,084
53,251
14,529
$10,262 Notes payable....._
40,208 Accts. and accrued
items payable. _
47,773 Other current liab_
587 Notes receiv.diset.
265,331 Deferred accts___ _
210.414 x Preferred stock__
y Common stock__
104,040 Capital surplus_ __
Earned surplus_ _
18,890
1934
$1,135
1933
$54,870
202,629
3,269
233,136
2,665
119,309
124,117
119,637
230,850
188,651
75,734
120,830
119,638
232,200
296,924
285,322
75.682
14,728
Total
$1,052,356 $1,073,235
$1,052,356 $1,073,235
x After deducting 2,964 shares preferred treasury stock at cost of $11,170
in 1934 and 2,162 shares at cost of $7,882 in 1933. y After deducting
421 shares common treasury stock at cost of 52,362.-V. 140. p. 2862.
(M. H.) Fishman Co.-Szles-1935
8165.027
192.672
214.198
265,007
286,932
315.019
Month ofJanuary
February
March
April
May
June
1934
8154.799
161.205
226.586
229.742
298.662
323.390
1933
$101,306
123,869
126.196
197,556
228,879
239,800
51.438,857 51,394.408 $1,016,985
Total six months
-V. 140, p. 3895.
-Earnings
Florida Power & Light Co.
(American Power & Light Co. Subsidiary]
-Month-1934
1935-12 Mos-1934
Period End. May31- 1935
$856,400 511,096.763 59,980,570
$913,480
Operating revenues
5.602,467
512,475 6.021,574
467,580
Operating expenses
$343,925 $5,075,189 $4,378,103
Net rev, from open.,- $445,900
271.895
14,146
10.132
339.858
Other income (net)
Gross corp. income,,.,
Int. & other deducts--_
5,400,000
;Surplus bal., May 3E $2.627.831 $3,693,058 $44,185,101
Comparative Balance Sheet May 31
Total
July 13 1935
Financial Chronicle
• 274
$456,032
340,087
$358,071
340.297
$5,415,047
4,136,721
$4,649,998
4,133,086
y$17,774 81,278,326
0115.945
Balance
400,000
Property retirement reserve appropriations
z Divs. applIc. to pref. stocks for period, whether
1,153,008
paid or unpaid
5516,912
400,000
1.152,655
5274,682 $1,035,743
Deficit
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to May31 1935, amounted to 52,786.436. Latest regular quarterly dividends paid Jan. 3 1933. Dividends on
pref. stocks are cumulative.
-Income account includes full revenues without consideration of
Note
rate reduction in litigation for which a reserve has been provided by appropriations from surplus in amount of 5813,994 for the 12 months ended
May 31 1935, and of 702,777 for the 12 months ended May31 1934.-V.
141, p. 113.
-Independent Bondholders' ComFollansbee Bros. Co.
mittee Formed
An independent committee has been organized tor the protection of the
holders of the 1st mtge. sinking fund gold 5% bonds of 1947. The committee, it is said, is entirely independent of the management and the
bankers for the company, and has no connection with any other committee.
The members of the committee are: Professor John M. Chapman (Chairman), George Akerson, Jack Coles and William Rosenblatt, with Alfred E.
Turner, Sec., 25 Broad St., N. Y. City, and Tachna & Pinkussohn, New
York, and W. Denning Stewart, Pittsburgh, Pounsel.
The committee, in a letter dated July 3. states:
The company went into receivership in May 1934 and a month later
filed a petition for reorganization under Section 77-B of the Bankruptcy
Act. Although a year has now elapsed, there is no evidence whatsoever
of any attempt being made to reorganize the company. The bondholders
have been kept in the dark as to the status of its affairs, as no report has
as yet been made since the proceedings were instituted. We maintain
and insist that the bondholders should know what is being done with their
property and what progress is being made toward a reorganization.
We are of the opinion that sufficient time has elapsed to initiate reorganization proceedings.
It is, therefore, the intention of the committee to take steps to intervene in the reorganization proceedings now pending in the U. S. District
Court for the Western District of Pennsylvania. The committee also proposes to obtain and study the facts and then, in due course, present a plan
of reorganization to the court, which will be fair to all interests.
A member of this committee has recently ascertained that the company
was about breaking oven, before deducting any depreciation or interest.
The bondholders are entitled to know why toe company is not making
as satisfactory progress as its competitors manufacturing similar mer-
chandise.
-V.110, p. 1311.
The committee is not asking for the deposit of bonds.
-Earnings-Ford Motor Co. of Canada, Ltd.
Income Account for the Year Ended Dec. 41 1934
Net profit from the operations of the Canadian factory and
branches, after all charges for manufacturing, selling and
general expenses (incl. depreciation of $1.355.746)
Income from investments
Dividends received from subsidiary companies
Profit on sale of investments
$3,288
466.031
1,636,649
80,476
Total income------------------------------------------ 52,186,443
3,000
Directors' fees ___________________________________________
305,33L.
Provision for Income taxes
Net profit
Previous earned surplus
51.878,113
516.272,066
Total surplus
-income taxes
Prior years' adjustments
Other adjustments
Class A dividends
Class B dividends
$18,150,179
8,105
40,734
1,986,200
.7.500
Earned surplus, Dec. 31
Earnings per share on 1,658,960 shs. class A and class B stock
Comparative Balance Shel Dec. 31
516,027,641
$1.13
1933
1934
3
$
AssetsPlant account..__25,619,524 25,793,361
1
1
r mews
3,406,708 6,273,951
Cash
Can. Govt. bonds_14,151,867 11,257.666
644,607
741,860
Accts. receivable._
148,608
732,325
Deferred charges
2.911,245 2,197,904
Inventories
6,205,502 6,205,502
Investments
Customs drawback
612,486
825,268
& refund claims_
Adv. to sJfil. cos._ 1,761,723 2,174,878
129,553
134,231
Interest accrued._
Total
56,490,254 55,438,519
4
1933
Liabilities
3
x Capital stock_ -_13,379,100 13.379,100
Accounts payable_ 1,850,410
Res.for Invest__
1.000,000
Deprec. reserve_ __20,983,104
General reserve_ __ 3,250,000
Surplus
16,027,641
Total
1,516,008
1,000,000
20,021,345
3,250.000
16,272,066
56,490,254 55,438,510
class 11
x Represented by 1.588,960 shares class A stock and 70,000 shares
-V. 140 p. 3041.
stock, both of no par value.
Financial Chronicle
Volume 141
Ford Motor Co., Ltd.(England)
-Earnings
Years Ended Dec. 311934
1933
1932
Trading profit, &c
£1,427,492
£942,510 loss£160,637
Sundry profit, rents, &c.
1,770
559
388
Profit on exchange
443,649
Total income
£1,429,262 £1,386,719 loss£160,249
Deprec. & obsolescence_
619,300
526,091
273,620
Interest, &c
29,647
7,128
65.754
Directors' fees
7.000
6.300
6,475
Super chgs. for cap. exp.
12,059
18.529
---- -Res.for loss on exchange
106,827
84,829
Loss on debt due from
Ford Motor Co. of
Cologne
152,755
Loss arising on trading
oper. outside Britain_
.127,527
14,250
15,007
Profit before approp.
for income taxes
Previous surplus
£755,795 lossi681,828
£508,663
388,171 def354,045
371.870
Total surplus
Approp. for income tax..
Dividends (less tax)___
£896,834
25,000
348,750
348,750
£401,750 def£309.958
44,087
13,579
1931
£409,478
2.664
£412,142
115,712
6,269
7,000
170,329
29,905
£82.927
506,360
£589,287
217,417
Carried forward
£388,171 def£354,045
£523,084
£371,870
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets
Liabilities
x Land, bldgs.,facCapital stock
9,000,000 8,669,451
tories, &o
4,372,468 4,881,108 Trade accts. pay.
x Machinery plant,
& accr. accounts 1,336,568 2,957,675
tools & equipm't 3,752,759 3,148,711 Reserve for taxarn
21,251
18.000
Inv. in & adv. to
.
Employees' Invest.
aftii. companies_ 2,512,111 2,512,111
account, &c__
69,651
58.907
y Fixed assets, Inv.
Capital res. acct 2,564,625 2,796,340
&c.. outside Br. •
Profit & loss sure_ 871,833
388,170
Isles
117,457
173,224
Inventories
1,170,363 1,066,796
Trade accts., &c
843,009 1,644,991
Cash
1,030,760 1,461,601
Total
13,863,931 14,888,543
Total
13,863.931 14,888,543
x After depreciation, &c. y Leasehold land, buildings, plant, machinery, &c., connected with undertaking situated outside British Isles,
at cost less depreciation and stock of autos, parts and stores, debtors.
cash. &c.
-V. 140, p. 2006.
Ford Motor Co. of Germany-Earnings
Income Account Year Ended Dec. 31.(Currency in Reichsmarks)
1934
1933
Gross profit
8,124,639 3,656,242
Extraordinary returns
7.107,148 6.971,482
Extraordinary income
1.116,251
Total profit
16,348,039 10,627,724
Wages, salaries, deprec., int., taxes and all other
changes
16,344,212 8.929,035
Net profit
1,698.689
3.825
Balance Sheet Dec. 31 (Currency in Reichsmarks)
Assets1934
Liabilities-.
1933
1934
1933
Property
12,408,497 18,348,127 Capital stock
15,000,000 15,000,000
Patents
1 1,300,000 Statutory reserve_ 750,000
750,000
Investments
500,000
418,742
500,000 Special reserves_
987.150
Current assets_ _
6,357,842 5,657,092 Current liabilities_ 2,518,745 9,616.442
Deferred charges_
17,879
20,223
22.499
188 Deferred liabilities
3.825
Profit
Total
19,282,219 25,805,407 Total
19,282,219 25,805,407
-V. 140, p. 1828.
Foundation Co. of Canada, Ltd.
-Earnings
Years Ended Apr.30-Operating profits
Common dividends_
Prior year Fed. tax
Tax reserve
Depreciation
Directors fees
1935
480,077
2,000
91.649
4,494
1934
$404,430
21.150
725
40,000
147,468
1933
$224,707
12,500
145,920
1932
$270,135
74,025
5,421
18,000
141,968
Balance, surplus
$195,087
loss$9,066
$66,287
$30.721
Previous surplus
704.020
899,107
637.733
607,012
Additional Dominion Inc.
tax-Dr
2,632
Profit & loss balance. $887.409
$899.107
$704,020
$637.734
Earned per share on no
par common stock__
Nil
$2.56
$0.78
$1.24
x Includes profit on sale of capital assets. $5,296; profit on sale of investments, 37,121; and income from investments, $13,593.
Consolidated Balance Sheet Aprt/ 30
AssetsLiabilities-1935
1934
1935
1934
Land, plant, &c_ _51,843,117 81.899,387 x Common stock__ $710,000
$710,000
Good-will
1
1Accounts payable_
39,943
132,939
Inventory
22.987
29,278 Tax reserve
5,997
40,000
Sundry investm'ts
14.363
14,000 Deprec. reserve.
900,801
383,465
Acc ts receivable__ 257,606
354,192 Res. agst. contrts 110.619
184,037
Deposits on contr_
Insurance reserve.
8.525
36.018
30,015
Uncompl. cornets
39,536
9.270 Surplus
887,409
899,107
Cash
284,290
273,056
Investments
228,969
292,243
Accrued Interest. _
4,351
4,339
Deferred charges_
1,041
4,696
Total
Tots
$2,690,788 $2,830,464
$2,690,786 52,880,484
x Represented by 84.600 no par shares.
-V. 138. p. 4298.
,...----Fourth National Investors Corp.
-Smaller Diva
The
directors have declared a dividend of 50 cents per share7cn the
common stock, par $1, payable Aug. 1 to holders of record July 22. This
compares with 60 cents paid on May 14, last; 40 cents on July 1 1934,
45 cents on Jan. 1 1934. 40 cents on July 11933. 55 cents on Jan. 1 1933.
60 cents on July 1 1932 and 55 cents per share paid on Jan. 1 1932 and
July 1 1931.-V. 141, p. 113.
Frankfort Distilleries, Inc.
-New President
-
James F. Brownlee has been elected President and a director, succeeding
Wm. H. Veenernan who has resigned as President to become Chairman of
the Board.
-V.138. p. 690.
,..---Fraser Companies, Ltd.
-Defers Interest-
(
Acting in accordance with the terms of the reorganization effected in
1932, the company did not pay interest due July 1 on the 6% first mortgage
bonds of 1950. Similar action was taken last year. Deferred 1935 interest
will be payable in five equal instalments, starting July 11940.
Announcement was also made that semi-annual interest would be paid
in cash on Aug. 1 on the6% sinking fund first mortgage bonds of Resti ouche
Co., Ltd. Interest on these bonds was also paid in cash last year.- 139,
p. 1868.
---(Wm.) Freihoier Baking Co.
-Smaller Preferred Divdividend
of $1 per share was paid on the 7% cum. preferred stck,
A
par $100. on July 1 to holders of record June 27. This is a reduction from
the $1.75 per share previously distributed.
-V. 135. p. 1664.
Frick Co.
-Paid 50 Cent Dividend
-
dividend of 50 cents per share was paid on the no-par common stock
on July 1 to holders of record June 20. Similar distributions were made
on July 1 of 1934, 1933 and 1932 and on Dec. 20 of 1933 and 1932. In
275
addition a dividend of $1.50 per share was paid on Dec. 20 1934.-V. 139
P. 3965.
"-Robert) Gair Co., Inc.-A-evasitionGair Boston Containers, Inc., has acquireder
the Corrugated Contain
ion of Sherman Paper Producw Corp)( it was announced on July 5.
The Medford plant and container sales Office of Gair Boston Containers.
Inc.. of which Gordon W. Olson is Vice-President and manager, will move
to Newton Upper Falls, where the Sherman plant is located.
-V. 140,
2863.
Froedtert Grain & Malting Co., nc. (Wis.)-Pref.
Stock Offered-Hammons & Co., Inc., New York,are offering
60,000 shares cum. partic. and cony. pref. stock at $15.75
a share. A prospectus affords the following:
The 80,000 shares of preferred stock now outstanding are fully listed on
the New York Curb Exchange and application will be made to list the
additional shares included in this offering. Transfer agent, Registrar &
Transfer Co.,7 Dey St., New York; co-transfer agent, Registrar & Transfer
Co., 15 Exchange Place, Jersey City, N. J.; registrar, Continental Bank &
Trust Co.,40 Broad St., New York.
Business
-Company is one of the largest commercial producers of malt
in the world. It manufactures three grades of malt for brewers' regular
requirements and two grades of color malt used in the production of special
beers as well as two grades of malt for distillers. Certain of these products
are also used in the manufacture of breakfast foods, infant and other food
yeast, vinegar and malt syrup.
The company and its predecessors have been in business under the control
of the 1Proedtert family for approximately 67 years, without interruption.
Beginning shortly after the Civil War, with a production of 55,000 bushels
of malt per annum,the company has built up its malting capacity to approximately 8,600,000 bushels per annum. With the exception of 8700,000
capital stock paid for in cash or its equivalent prior to July 25 1922, the
net worth of the company as of April 30 1935 of 32,694,654, consists of
reinvestment of earnings of the business.
The company and its predecessors have operated at a profit throughout
their existence of 67 years, with the exception of two years. One of these
was 1930, when the company sustained a loss of approximately $108.000:
the other year was approximately 1880.
The company operates three large malting plants which have a combined
malting capacity of approximately 8,600,000 bushels a year. The largest
of its plants is located in Milwaukee County, Wis., and the other two plants
are located at Winona and Red Wing, Minn. The addition of a new unit
to the plant in Milwaukee County was completed early this year. This
new unit has a malting capacity of approximately 4.000,000 bushels per
year and is regarded as the world's largest single malting unit. The older
unit in Milwaukee County has a malting capacity of approximately 2,500.000
bushels per year; the Red Wing plant a malting capacity of approximately
497,000 bushels per year, and the Winona plant a malting capacity of
approximately 1,630.000 bushels per year. The total storage capacity of all
the plants is approximately 3,475,000 bushels, the storage capacity of the
company having been increased by about 1.000,000 bushels in the winter
of 1932-1933.
The combined properties and equipment of the company were appraised
on a sound value basis at $1,848,307 as of July 10 1933, by the American
Appraisal Co. Since said date approximately $855,000 has been expended
In the construction and equipping of the new unit in Milwaukee County.
Capitalization as of June 25 1935
Outstanding
Authorized
Preferred stock ($15P
par)
al40.000 ohs. 80,000 shs
Common stock ($1 par)
6560,000 shs. 420,000 shs.
a The 60,000 shares of authorized, but unissued preferred stock, are the
shares of preferred stock included in this offering. b 140.000 shares of
COMMOD stock are reserved for the conversion of preferred stock.
At a special meeting of stockholders held April 26 1935 action was taken
to amend the articles of organization (which amendment became effective
May 8) to authorize an increase in the capital stock from $1.700.000 to
$2,660,000 by increasing the number of authorized shares of preferred
stock from 80,000 to 140.000 and by increasing the number of authorized
shares of common stock from 500,000 to 560.000, and to provide that the
Increase of 60,000 shares of common stock shall be reserved as unissued
excepting for the conversion on a share for share basis, in whole or in part,
of the additional 60,030 shares of preferred stock.
Purpose and Proceeds of Issue
-The net proceeds from the sale of the
preferred stock included in this offering will be used to increase working
capital of the comnany which was reduced to the extent of approximately
$855.000 expended on the construction and equipping of its new malting
unit in Milwaukee County. which was recently completed.
Hammons & Co., Inc., the principal underwriter, has assumed all expenses involved in connection with the selling, marketing and distribution
of the stock.
The company has agreed to reimburse Hammons & Co.. Inc.. for the
expenses, other than selling, marketing and distribution expenses, upon
the following terms and subject to the following conditions, to wit:
If all of the 60,000 shares offered are sold within 90 days after the effective date of the registration thereof, the company will reimburse Hammons
& Co., Inc.. for the expenditures, limited, however, to $23,250. Accordingly, if the expenses equal or exceed $23,250, the company will net, after
eliminating all expenses, $780,000. If expenses are less than $23,250. the
net proceeds to the company,after deducting all expenses, will be increased
accordingly.
If less than 60.000 shares of stock are sold within the period, the company
will reimburse Hammons & Co., Inc., for the expenditures, limited to
$23,250, only in that proportion as the actual number of shares sold bears
to 60,000 shares.
Comparative Income Account for Stated Periods
9 Mos.End. -Fiscal Year Ended July 31Period
-Apr. '35
30
1932
1934
1933
Gross sales of malt (less
freight and allowances) $6,233,856 $6,327,205 $1,868 920 31.286,620
Cost of malt sold
5,174,997
920,772
4,829,778
795.281
Gross profit
$1,058,859 $1,497,428 31,073.639
Maintenance and repairs . 29,607
43,958
24,119
Depreciation
42,482
44,380
41.613
Taxes-Real & personal
property
26,611
16,434
12,809
Bonuses
20,167
185,948
33,053
Selling general & admin.
expenses
311,947
321,290
179,787
Prov.for doubtful accts_
63,617
7,000
130.000
Elevator exps. charged
to grain department_
Cr5.004
Gross inc. from sales
of malt
$564,429
$908,314
$627,369
Other income
17,070
18,953
60,865
Total Income
$581,498
$927,267
$688,234
Total income deductions
53.532
70,136
67.934
Federal income Sz capital
stock taxes (estd.)_
75.860
121,073
84,036
Wis. & Minn. income
and surtaxes (eatd.)
27,500
50,045
36,926
Net income
8424.607
$686,013
$499,338
Earned surplus, beginning of period
722,116 81,145,670
663,831
Adjustment of Income
taxes for prior years_ _
Dr68
3,233
$365,849
37.279
38.257
13,772
16,196
163.731
2,944
Cr4,761
$98,433
53.587
$152,020
36,804
12,430
3,398
399.387
634,444
Total
$1.146,655 $1,834,916 31.163.170
$733.832
Dividends
On old common stock..
70,000
70.000
17,500
On new preferred stock.
72.000
80.800
On new common stock..
42,000
a Transferred to cap. stk
920,000
Earned surplus, end of
period
51,074.655
$722,116 $1,145,670
$663,832
a Through exchange of $700,000 par value of old common stock for
$1.200,000 par value of new cumulative convertible participating preferred
stock, and $420.000 par value of new common stock.
Financial Chronicle
276
Pro Forma Balance Sheet April 30 1935
Liabilities—
Assets—
Cash
$319,876 Total notes payable
Notes & accts rec.—net
1.531,516 Accounts payable—trade
Inventories
2,906,088 Accrued accounts
Fixed assets (net)
1,455,799 Other current liabilities
87,670 Wisconsin Unemployment
Deferred charges
compensation reserve
Investments and sundry assets
95,606 Preferred stock
—at cost
Common stock (par $1)
Earned surplus
Total
—V.141, p. 114.
$6,396,554
General Public Service Corp.—Tenders--
The company is notifying holders of its 534% debentures, convertible.
series due 1939, that it will receive tenders until July 30 for the sale to it.
for extinguishment, of its debentures. Tenders should be addressed to the
,
corporation's office at One Exchange Place, Jersey City. N. J.
1932
1933
1934
6 Mos.End. June 30—
1935
$258,626
$125,201
$130,939
Cash diva, on stocks_ _ _ _ $119.578
90,512
106,454
60,099
70,191
Int. on bds., notes & cash
19.125
9.112
Rev.from option contrs_
1,820,000
143,742
194,715
761,154
2,288
2,100,000
420,000
954,655
Total income
Expenses
Taxes (other than Federal taxes)
Interest & amortization_
6,396,554
Total
Galveston Houston & Henderson RR.—RFC Loan
Extended—
General American Investors Co., Inc.—Comparative
Balance Sheet June 30—$
1934
$
Assets—
bSecs.owned at cost
895,366
906,758
Bonds
1,757,625 1,241,147
Pref. stocks
21,792,027 21,783,872
Coin.stocks_
861,599
691,813
Cash
Special deposit for
23,000
tax in dispute_ _ _
Divs. rec. and int.
134,300
x104,310
accrued
139,260
131,340
Deferred charges
1935
Liabilities—
4,000,000
$6 pref.stock
1,300,220
a Corn,stock
6,600,000
25-yr. 5% deba
Int. accr. on debs. 137,500
58,000
Reserve for taxes_
Pref. divs. payable 120,000
Capital surplus_ _ _14,654,247
Loss on secs. sold_ 1,523,896
60,803
Undistributed inc.
General Asphalt Co.—New Director—
General Foods Corp.—Changes in Personnel—
January
February
March
Ajimil
May
June
July
August
September
October
November
December
OR
755.778
927.493
Sales to Dealers in United States
1933
1934
1935
72.274
48,190
75,727
50,212
82.222
92.907
45,098
119,858
132.622
74,242
121,964
152,946
85.980
103,844
105.159
99,956
118.789
150,863
92,546
107,554
84.504
87.429
67.733
53.738
41.982
50.514
3.483
39,048
11.191
28.344
April
May
June
July
August
September
October
November
December
472.859
729.201
959,494
Total
Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
figures.
passenger and commercial cars are included in the above
Buick retail sales in June totaled 7,033 units as against 7,468 in May.
The low priced series 40 line made up 5,238 of these sales as against 5.192
in June last year, which was the first month this line was sold on a quantity
basis. Sales of 2,835 in the last it, days of June were up approximately
500 units over the previous 10 days and nearly 1,000 over the first 10 days
of the month.
Pontiac Produced 17,067 Cars in June—
1935
$34,700
-- Glidden Co.—Listi
"Right-to-79toelatoldera—
1932
65,382
52,539
48,383
69,029
60,270
46,148
31,098
24.151
23.545
5.810
2.405
44,101
Pontiac Motor Co. produced 17.067 cars in June, the largest for that
month since 1929 and compared with 6,182 in June 1934. In May
output was 19,406 cars.
Production for the year to May 31 totaled 107,038 cars, compared with
62,054 for the corresponding period a year ago. Production was largest
for the five months since 1929 and compared with 76,533 in all 1934.—
V. 141. p. 114.
3,274
214,325
$99,445
$88,758-
110,138
114.190
132.830 loss 17,321
def4,631
80,157
$92.945
31.701
19 1
--WI Week of June— —Jan.35 to June 30—
1932
47,942
46.855
48,717
81.573
63.500
56.987
32,849
37.230
34.694
26,941
12.780
19,992
Buick June Sales Off Slightly—
2,765
172,572
Georgia & Florida RR.—EarningsPeriod—
Gross earnings
—V. 141. p. 114.
510.080
January
February
March
1,242
169,462
Referring to the termination of the voting trust agreement and the issuance of certificates of capital stock in exchange for voting trust certificates
and to the suspension from dealings of the voting trust certificates on July 10
1935. the Committee on Securities of the N. Y. Stock Exchange has ruled
that transactions in voting trust certificates for capital stock may be settled
by delivery either of voting trust certificates or certificates of capital stock.
The voting trust certificates for capital stock were suspended from dealings on the New York Stock Exchange on July 10.—V. 140, p. 3717.
562.970
Total
1,860
170.288
General Refractories Co.—Voting Trust' Ended—
Austin S. Igleheart, Vice-President and a director, has been placed in
charge of sales and merchandising, it was announced on July S. He succeeds James F. Brownlee, who has resigned as a Vice-President to become
President add director of Frankton Distilleries; Inc.—V. 140, p. 2864.
869,035
1,240.447
Sales to Consumers in United States
1933
1934
1935
50.653
23.438
54.105
42.280
58.911
77,297
47,438
98.174
126,691
71.599
106,349
143,909
85,969
95,253
109.051
101,827
112.847
137,782
87.298
101.243
88.372
86.258
71.458
71,648
63.518
69,090
35,417
62,752
11.951
41.530
$349,138
49,165
Total
$9,682,448 $9,563,091
$9,682,448 $9,563.091
Total
a The market value of investments June 30 1935 was $7,919,081 and.
Represented by: 24,640 shares $6 diviJune 30 1934 was $8,096.791. b
dend preferred and 280 shares 35.50 dividend preferred of no par value.
c Represented by: 669.886 shares common stock (1934. 669,391 shares>
of no par value.—V. 140. p. 2535.
Frank B. Foster has been elected a director to fill the vacancy caused by
the death of Sidney F. Tyler.—V. 140, p. 3388.
Total
$231,655
35,764
$164,284
$228,015
Surplus (earned) end of period_ - $335,912
Comparative Balance Sheet June 30
1934
Liabilities—
1934
1935
1935
Assets—
a Common stocks.$5,766,981 $6,799,719 b Preferred stock42,305,258 $2,305,258
669,391
455,800 C Common stock__ 669,886
a Preferred stocks- 536,009
1,337'
52,765 Com,stock scrip..
52,765
a Notes
2,366,495 1,771,956 Convertible deben.
a Bonds
35,691 5% 1933
2,369,000 2,370,000
a Other investment
514% 1939
3,944,000 3,944,000
347,891
890,750
Cash
43,877
Accounts Payable_
55,604
Interest and accts.
1,212
99.268 Tax liability
1,838
69,446
receivable
Unadjusted credits
950
228,015
Earned surplus.... 335,913
25,406,875 25,055,544
Total
25,406,875 25,055,544
Total
x Dividends receivable only.
a Represented by 1,300.220 no par shares. b The aggregate value as of
June 30 1935 of securities owned at bid prices was less than the above value
by $186,184 in 1935 (1934, $1,593,200).
Our usual comparative income statement for the six months ended June 30
was published in V. 141, p. 114.
June sales of General Motors cars to dealers in the Uni.,ed States and
Canada, together with shipments overseas, totaled 181,188 compared with
146.881 in June a year ago. Sales in May were 134,597. Sales for the
firs.six months of 1935 totaled 888.560 compared with 750,276 for the same
six months of 1934.
Sales of General Motors cam to consumers in the United Stains .otaled
137,782 in June compared with 112,847 in June a year ago. Sales in May
were 109,051. Sales for he that six months of 1935 totaled 648,835 compared with 494.972 for the same six months of 1934.
Sales of General Motors cars to dealers in the United States totaled
150,863 in June compared with 118,789 in June a year ago. Sales in May
were 105.159. Sales for the first six months of 1935 totaled 710,224 compared with 592.867 for the same six months of 1934.
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments
1932
1934
1933
1935
74.710
82.117
62,506
98,268
January
62.850
59.614
100,848
121,146
February
59.696
58.018
153,250
189.302
March
78.359
86.967
184,059
153,954
April
66.739
98.205
134,597
132.837
May
52.561
113.701
146.881
181,188
June
36.872
106.918
134,324
July
30.419
97.614
109.278
August
30,117
81.148
71.888
September
10,924
53,054
72.050
October
5.781
10,384
61.037
November
53.942
21,295
41,594
December
$210.162
38,613
Total surplus
Security profit surplus:
Balance beginning of period
Net profit on sale of securities
Net profit on debentures reacquired
and canceled
1934
$
4,000,000
1,300.220
6,600,000
137,500
47,000
120,000
14,654,247
2,035.630
232,108
General Motors Corp.—June Sales—The company
July 8 made the following announcement:
$198,880
33,190
$844
$20,554
$82.376
•
loss$6,459
Net income
Comparative Surplus Statement Six Months Ended June 30
1933
1935
1934
Surplus (earned)—Income surplus:
$68,204
$106,904
$98,602
Balance beginning of period
loss 6,459
20,555
844
Net income as above
Assessment for Fed. stk. transfer
7,500
tax applicable to prior years_ _ _
The Interstate Commerce Commission on July 6 found the company
"not to be in need of financial reorganization in the public interest at this
time" and approved an extension for a period ending not later than April 1
1938, of time of payment of loan to the company by the Reconstruction
Finance Corporation, maturing July 14 1935, in the amount of $1,061,000.
—V. 140, p. 4234.
1935
$
July 13 1935
1934
107
1934
,984-----$3,
of Additional Common '7-StO-eltA—
1
9 i‘toriithe listing of 104,000
Th New York Stock Exchange has, i
addit al shares of common stock (n6)par) on official notice of issuance
pursuant to an offer to stockholders, making the total a fount applied for
754,000 shares.
The directors on April 18 1935 authorized the issuance of 150 000 shares
of common stock, 104,000 of which are to be offered to common stockholders
of record July 3, on the basis 0( 16 shares for each 100 shares held, at $22
per shale. The balance of 46,000 shares is to be offered to officers and
key men at $22 per share, provided more than two-thirds of the common
stockholders waive their ipre-emptive rights thereto by written consent.
(Warrants expire 20 days from date of offering.) Subscriptions will be received at the office of the transfer agent, New York Trust Co., N. Y. City.
The net inoceeds (estimated at $3.172.800) are to be used for the purpose
ofimproving the working capital position of the company by partial payment
of bank indebtedness loci)]red in part for financing plant additions.
The underwriters have agreed for the sum of $104,000 plus a sum equal
to $1 per share for each share that becomes deliverable to them to underwrite the purchase by the company's common stockholders of 104.000
shares of common stock. The underwriting group and members thereof
have the right to purchase or sell in the open market or otherwise any of
the common stock or other securities of the company.—V. 141, p.114.
Listing of Rights Authorized—
The Committee on Stock List of the New York Stock Exchange on July 10
authorized the listing of 650,000 rights to subscribe issued to holders of the
common stock on the basis of 16 shares for each 100 shares held at $22 per
share. The Committee on Stock List thereafter certified its approval of
listing and registration of these rights to the Securities and Exchange Commission. Trading in these rights on the New York Stock Exchange will not
commence until the Exchange is advised that registration under the Securities Exchange Act of 1934 has become effective.
Heretofore it has not been customary to give formal listing on the New
York Stock Exchange to rights to subscribe distributable to holders of
listed securities, such rights being admitted to dealings without listing.
The action of the Committee on Stock List in listing Glidden rights represents the first such listing under authority granted to that committee
by resolution of the Governing Committee at its meeting of July 10.
Sales for the Month and 8 Months Ended June 30
1935-8 Moo.
-1934
Period End. June 30— 1935—Month-1934
$3.427,870 32,567,817 $24,626,874 519.248,019
Sales
—V. 141, P. 114.
(Adolf) Gobel, Inc.—Meeting Again Adjourned—
The adjourned stockholders' annual meeting has been further adjourned
until Aug. 9.—V. 140, p. 4400.
(B. F.) Goodrich Co.—President Urges Votefor Bonds—
The proposed financing plan under which stockholders will be asked
to authorize $45,000,000 1st mtge. 434% bonds and of which $28,000.000
would be sold at this time, was characterized by J. D. Tew. President, in a
letter mailed to stockholders July 11. as "so obviously in the interest(of
the stockholders that it is difficult to believe that any stockholder, acting
solely in ITS interest as such, would object to or attempt to prevent the
41
successful consummation of the financing plan."
Mr. Tew's letter was in reply to an appeal issued for proxies in opposition
to the plan by Otis & Co. The special meeting of stockholders called to
vote on the proposal will be held July 16. The Otis letter had criticized
the financing plan as increasing the funded obligations ahead of the stockholders' invenment, contended that the company's record in recent years
compared unfavorably with that of Goodyear and Firestone and made other
complaints.
Mr. Tew said that the proceeds of the proposed $28,000,000 issue would
be devoted to retire the outstanding Goodrich 634% bonds and the 534%
and 7% notes of its wholly-owned subsidiary, Hood Rubber Co., these
operations requiring more than $22,000,000. The balance is to be used
to retire certain current borrowings, to add to cash in its treasury or to
purchase Goodrich 6% debentures. The annual interest charges on the
new bonds would be 111.260,000. compared with the existing annual charges
of $1,366,242 on the securities which would be retired, without any allowance for interest savings through application of the remaining proceeds.
he stated.
Volume 141
Financial Chronicle
"In late May, at a time when the officers and directors of the company
were working with a responsible underwriting group upon the financing
now proposed, Otis & Co ,represented by Mr. Cyrus Eaton, of Cleveland,
approached offers of the company and recommended that the company
avail itself of the existing favorable market to refinance, and later urged
that Otis & Co. be permitted to participate in any underwriting group
which was formed in connection with
proposed issue," Mr. Tew said.
"The Goodrich company decided thatthe was in the best interests of the
it
company not to deal with Otis & Co. as an underwriter."
Otis & Co. Win Right to Inspect Books
he actions brought last week by Otis
of Cleveland, a brokerage
house, to force the company to permit & Co.
an examination of its financial
records, ended July 9 in Common Pleas Court, Akron, Ohio, when Judge
Arthur W. Doyle, with consent of the management of the Goodrich company, granted the demand. Otis & Co. may also scan the list of Goodrich's
stockholders. Judge Doyle stating that the laws of New York State, where
the list is on file, provide for this.
Otis & Co. argued that the information sought concerning the Goodrich
company's financial condition was necessary to enable them to form an
Intelligent opinion regarding 345.000.000 refunding and refinancing program
proposed by Goodrich.
-V. 141. p. 114.
(W. T.) Grant Co.
-Bales
Month ofFebruary
March
1934
,935
1933
35.571,225 $.*.550.096 $4.492.044
6.774.303
6.953,087
5.136.563
7.662.708 5,951,919 6.267,376
7.430.188
7.179.255 6.552.836
7,653,756
6,509,624
7,347,316
ay
June
-V. 140. p. 3897.
$3,356
Hillcrest Collieries, Ltd.
-Earnings
-
$38.029
Hearst Magazines, Inc.(& Subs.)
-Earnings
-
Years Ended Dec. 311934
1933
Revenues-Subscriptions (less refunds & allowances) $2,962,707
$3,006,777
Newsstand (less refunds and allowances)
2,328,856
2,282.891
Advertising (less refunds and
11,206,432 9.224.656
Manuscripts, illustrations andallowances)
covers
58,119
Advertising-Hearst
pani
24.740
Editorials.............................
86,611
Total revenue
$16.556,115 $14,625,675
Expenses-Editorial
2,824,607
2,695.628
Mechanical
____________________
3,542,107
3,016.411
Paper _
2.613,778 2,245,185
Subscriptions
1,231,886
1,362.588
Newstand
541,152
530,560
Advertising:
2.179,593
2,049,816
General and administrative
844.943
631,566
General management assessment
82,609
Provision for doubtful accounts and notes
15,415
116,173
$2 762 630 31,895,139
' '
131.932
Gross income_ _ ____________________________ $2,884,034 $2,027.072
Income charges--Interest on debentures
250,000
310,000
Amortization of debenture discount and expense
45,732
56.790
Interest and discount
139.403
152.641
Provision for depreciation
56,146
106.672
Rent in lieu of depreciation
724
Provision for Federal
291,602
37,774
Tax on bond interest income tax
2,470
Loss on leased building operation (net)
388,387
378,026
Loss from oper, of owned buildings
53,801
Loss on disposal of capital assets
3,070
248
Miscellaneous
5.234
13.901
Net income
SI•650•658
$967,825
Earned surplus. Jan. 1 1933
2.693.
542
1.714.561
Surplus credits
12.517
Gross surplus
$4.344.200 $2,694.903
Surplus charges (miscellaneous)
1,752,202
1,360
Earned surplus Dec 31 1933
$2.591,998 32.693,543
Consolidated Balance Sheet Dec. 31
1934
1934
1933
Assets
Circulation & goodCapital stock (50,will
13,240,828 13,240,828 000 shs. no par). 5,000,000
Total property (do6% serial gold debs.
pros. valuation) 2,989,914 3,030,936 Purch. money notes 4,000,000
Invests, in bonds_
payable
846
22,000
115
Sink,fund deposits
Other notes payable 2,398.012
for red. of 6%
Accounts payable_ 1,565,643
serial debentures 833,333
Matured deb. Int.
Accts. rec. (Hearst
and Federal tax
Corp.)
4,725,299 4,217,972 thereon
12,865
Cash
180,031 1,129,113 Dep. to occur cirNotes receivable_ _
344,331
culation, &c._
10,419
8,087
Accounts receivable 1,558,983 1,503,735 Deferred credits_ _ 3,444,226
Installm, subs, for
Reserve for portion
magazines
28,052
of consolidated
Accts. & notes rec.
Fed. Income tax
from officers and
Capital surplus_ __ 5.897,740
employees
18,222
21,925 Earned surplus... 2,591,998
Inventories
1,440,825 1,149,531
Deposits for redem,
of matured dabs.,
int. & Fed, taxes
thereon
12,865
Deposits to guar.
postage & other
expenses, &c__.
83,575
Deferred charges. 153,622
714,167
Total
25.276,817 25,071,410
139, p. 2205.
Total
1933
s
5,000,000
5,000,000
15,000
1,615,846
975,024
$3,934
1933
1932
1931
$21,875 prof.$51.720 prof.$10,824
14,260
13.330
19,353
def$7,615
16.250
$65,050
16,250
$30,177
16,250
$23,865 prof.$48,800 prof.$13.927
12,349
Balance, surplus
567.182
567,182
Balance for common
$291.407,_ $157,799
-V. 140, p. 3897. dividends and surplus---I)ite-o-,- 04-1 c.1744
,
.
,
bondholders at a meeting held on JUDe 24 approved the plan of
reorganization which rovides for extension of serial maturities by 11 years,
placing interest at 5% on an income basis until 1939 and thereafter at
1%, with 1 ii% additional if earned. Arrears of interest were waived in
exchange for new preferred shares. See also V. 140, p. 4069.
$12,316
16,250
Net loss
Preferred dividends
3100,533 $1,532 23 $1,22g,JAR
5
7 ,13
64 3
-- Gurney Foundry Co., Ltd.-Plah,Aihrovatt-The
1934
$2,309
14,625
Total income
Interest on bonds
$110,198
1935-12 Mos.-1934
-Month-1934
1935
3456,489 $5,790,554 $5,253,226
$476.673
2,399,560
199,617
198.900
2,262.415
18,810
230,619
204,293
21,819
47,547
545.569
45,286
470,654
1,081.881
89,980
89,880
1.085,546
Balance
$120.786
Appropriations for retirement reserve
Preferred dividend requirements
The company is planning to file a registration statement with the Securities and Exchange Commission for a new issue of $5 cum. pref. stock,
according to a letter to stockholders issued by H. M. Hama, chairman.
The new $5 pref. stock will be issued to holders of the present $7 pref.
issue at the rate of 1-20th shares of new for each old share held. Fractional
shares will be compensated for at rate of $100 a share. The total issue will
be for 200,000 no par shares, callable at $105, of which approximately
137,620 shares will be outstanding. The shares not taken in exchange
agreement will be underwritten by Kuhn, Loeb & Co. and Brown, Harriman & Co.
Upon declaring the plan of exchange effective the company intends to
call for redemption, any of the present preferred stock which is not exchanged at its redemption price of $105 per share. "In view of the low
interest rate so generally prevailing in the investment market, the board of
directors has decided that it is to the best interests of the company to refinance its outstanding preferred stock at a lower rate," Mr. Hanna said.
The company and subs, report for five months ended May 31 1935, net
income of 746,959 afte, taxes and charges, equivalent after div. requirements on $ pref. stock, to 37 cents a share on 1,016,916 no par shares of
common stock.
As of May 31 last, current assets, including $837,952 cash, amounted to
$6,492,579 and current liabilities were 34,323,091.-V. 149, p. 2865.
Calendar YearsNet loss after all exps___
Miscellaneous revenue..
Gulf States Utilities Co.
-Earnings
Period End. May 31Gross earnings
Operation
Maintenance
Taxes
Int. & amortization_
.•-(M. A.) Hanna Co.
-Plans to Refinance Preferred
-
An extra dividend of 2I4 cents per share in addition to the regular quarterly dividend of like amount was paid on the common stock, no par value,
on July 2 to holders of record Juno 30. Like payments were made on
April 2. last. An extra of 273I cents was paid on Jan. 2 1935. and an extra
of 10 cents per share was distributed on Jan. 2 1934.-V. 140, p. 2356.
& Southern Corp.]
1935-12 Mos.-1934
-Month-1934
1935
$76,243 $1,259,047
$100.493
$857.837
49.378
62,544
813.529
538.946
15.414
214,333
183.692
16,726
2.500
5.500
53,928
30,000
5,593
67.057
5.584
67.169
$10.138
Hammond Clock Co.
-Wins Suit
-
Judge George Hahn recently ruled in the U. S. District Court at Toledo.
0., in the patent suit filed by the company against the May Co., of Cleveland that the patents claimed by the Hammond company are valid.
-V.
140. p. 4401.
'... -" (Walter E.) Heller & Co.
-Pays 2 -Cent Extra Dividend
Gulf Power Co.
-Earnings
-IA subsidiary of Commonwealth
Period End. May 31Gross earnings
Operating expenses
Fixed charges
Prey. for retire. reserve_
Divs, on pref. stock
Balance
-V.140. p. 4069.
277
def$3,934 def$23,865
$1,579
348,800
Balance Sheet Dec. 31 1934
Assets
-Cash in banks, $678; accounts receivable (less reserve for doubtful accounts), $28,756; inventories, $16,900; investments at cost (less
reserve), $7,915; investments in and advances to subsidiary companies,
$644,119; mines, mining rights, franchises and development. $1,631,555:
plant, machinery and equipment. $193,880; buildings, $62,098; miscellaneous. $33,200; total, $2.589,104.
Liabilities
-Bank overdraft, $2,631; accounts payable, $5,565; wages
accrued, $1,560; bond interest accrued, $5,416; reserve fund for compensa-.
tion claims, $10,073; first mortgage bonds, due March 1 1940, $325.000;
common shares ($100 par). $1,000,000; preferred shares, non-cumulative
($100 par). $705,700; reserve for contingencies, $300,000; earned surlpus,
$233,156; total, 32,589,104.-V. 139, p. 2365.
Holland Furnace Co.
-Earnings
Years End. Mar 31.
1934
1935
Net sales
$7,043,641 $5,641,376
Cost of sales
3,123,018
2,468,446
Sell., adver., gen. and
admin. expenses
3,454.508
2.994.382
1932
1933
37.369.527 313,214,156
3,575,343
5.881.447
4.430,857
6,454.155
Operating profit
Other deductions (net)_ _
$466,116
Cr292,861
3178.547 loss$636.673
Cr33,846
1,389,866
3878.554
228,985
Total profit
Interest paid
Depreciation
__
Prov. for Fed. Inc. tax_ _
$758.977
128,988
155,810
37,001
$212,393 *$2,026.539
155.265
209,835
142,870
154,448
:649.569
226.828
145.724
11.111
Net profit
Preferred dividends.
Common dividends
Shares common stock
outstanding (no par)Earnings per share
$437.178 loss$97.319 *32,379,244
56.963
106,156
$265.906
88.022
752,652
426,397
426,397
426.397
432.196
$0.85
Nil
Nil
$0.41
Balance Sheet March 31
Assets1935
1934
Liabilities 1935
1934
Cash
$1,894,931 $520,495 Accts. pay., accr'd
Dep. with life. Ins.
expenses, &c__ $404,830 $179,202
co. under trust
Customers credit
agreement
25,000
balances
4.878
Market. secs. at
Mtge. notes on
Cost
1.550
1,165
sundry realest. _
592
U. S. Treas. notes
671,328 Federal inc. tax _ _
26,001
HOLC bonds
9,650 Branch managers
Accts. receivable.. 2,567,819 2,936.475
1,635
33,826
deposits
Inventories
1,267,572
968,584 Mtge.notes branch
Funds reacquired
resieencee and
ward hous
for sinking fund_
6,400
55,000
10,638
Accts. with emSink.fund 6% gold
ployees & stockdebentures
1,987,000 2,266,000
holders
202,450
259,149 Deferred income__ 170,354
106,671
Other accounts re100,000
Res. for conting__ 125,000
ceivable
19,399
28,909
t ed stock_ _ _ 1.071,450 1,071,450
r
Cash surr. value of
y Common stock_ 4,263,970 4,263,970
life insurance_
415,109
370,271 Deficit142,999
566,177
z Other assets_ _ _ a253,056 8301,791
Land, bidgs. &
equipment
1,167,876 1,245,643
Patents
1
1
Deferred charges
104,349
99,450
Total
•Loss.
$7,919,111 $7,466,744
Total
$7,919,111 $7,466,744
x After reserve for depreciation of $1,125,966 in 1935, and 31,141.030 in
1934. y Represented by 426,397 no par shares. z Includes cash in closed
banks. $62,163 in 1935 ($110,826 in 1934), invest:nents and advances
$480.452 in 1935 ($527,606 in 1934), real estate not used in operations
$41.351 in 1935(345.424 in 1934). and miscellaneous accounts 32.965 in 1934
a After deducting reserve for losses of $3330,911 in 1935. and $385,030 In
1934.-V. 140. p. 972.
Holly Development Co.
-Balance Sheet March 31329.558
3,504,124
40,574
.5,897.740
2,693,543
25,276.817 25,071.410
Assets1935
Capital assets_
x$548,294
Investm'ts dr advs. 273,250
Accts. receivable__
13,377
Inventory
592
Cash
159,129
Marketable secur_ 136,869
Deferred charges
291
1934
Liabilities-1935
$636,334 Capital stock
$900,000
264,250 Dividends payable
9,000
15,320 Accounts payable_
2,638
1,745 Taxes accrued
2,213
199,715 Res.for Fed.inc.tax
83.584
146,936 Capital surplus__ _
2,292
589 Earned surplus__ _ 132,075
Total
$1,131,802 $1.264,888
Total
x After reserves for depletion and depreciation
-V. 140, p. 3390.
1934
$900.000
9.000
2,638
3,134
156.497
79,122
114,496
$1,131,802 $1,264,888
amounting to $2,406.143.
-Home Insurance Co.
-Five-Cent Extra Dividend
The directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock. par $5, both payable Aug. 1 to holders of record July 12.
Similar payments were made in each of the five preceding quarters. In
addition an extra dividend of $1 per share was paid to stockholders of
record May 9.-V. 140. P• 3549.
July 13 1935
----Howe Scale Co.—Accumulated Dividend—
accumulations
Financial Chronicle
278
Houston Gulf Gas Co.(& Subs.)—Earnings--1932
1933
1934
Calendar Years—
Operating revenues—Natural gas.... $5,885,793 $5,553,321 36,140,842
18,781
12,562
14,494
Crude oil
$5,000,287 35,565,883 $6.159,804
Total operating revenues
3,953,012
3,233,192
Operating expenses, including taxes.. _ 3,133,779
104,188
Rent for leased property
93,750
52.672.758 $2,228,524 32,206.592
36,962
9,961
12,531
Balance
Other income
Gross corporate income
$2,685,290 $2,238,486 32.243,555
2.482.898
2,107.551
Net interest and other deductions.--- 2,378,482
813,200
450.250
404,900
Property retire. & deple. res. approp_
Deficit
Pref. diva, of sub, to public
$98,092
791
$319,315
9,730
5852.343
9,730
Deficit
Portion of losses of subs. applicable to
minority interest
$98.883
8329,045
8862.073
Dr15,483
Cr16,555
Dr5,051
$114,366
3312,489
$887,124
Balance, deficit
Consolidated Balance Sheet Dec. 31
1933
1934
1933
1934
$
s
-Liabilities—
$
Assets—
5
x Capital stock__ 7,747,180 10,503,325
Plant, prop., franchises, &c
32,501,500 59.111,130 Long-term debt _ _15.878,000 17,984,700
1,007 Mat'd mtge. bonds
1,003
Investments
_ .... 5,381,124 5,140.306
and
Cash in banks—on
Interest336.836 7% Inc. dem.notes,
demand
514,594
United Gas Pub.
8,888
y2,341
Notes & loans rec_
9,341,000
Service Co
Accls receivable:
587,854 Note pay. (seed):
Cost. & miscell. 462,853
United Gas Pub.
53,338
8,781
Affiliated cos _ __
7,500,000
Service Co
240,136
Mat'is & supplies_ 170.703
14,288 Loans payable-10,045
Prepayments
United Gas Pub.
16.542
13,354
Misc. curr. assets_
61,632
Service Co
535,701
. 355,374
Mlscell. assets_ __
139,176
Contracts payable
Contingent assets
165,577
Acc'ts payable_ _ ... 211.073
81,398
57,379
(contra)
191,077
. 186.984
Cost's'
Unamort. debt dis707,651
deposits.500
99,492 Accrued accounts. 366.992
count & expense
206
63
Misc. curr. habil__
Mat'd int, on long13,922
9,004
term debt
Conting. liabilities
81,398
57,379
(contra)
3,173,704 7,774,642
Reserves
Minot. Int.In surp.
143,394
of subsidiaries_
1,214,273 2.188,549
Capital surplus _
788,316
Earned deficit.. _ .._ 188,980
34,098,427 61.086,613
Total
34,098,427 61,036.613
Total
x Represented by 7% preferred, series A, 8,068 shares; 7% preferred.
series B. 15.000 shares; common (no par). 517,008 shares, valued at $5,170.080 in 1934 (38.758,231 in 1933). Subsidiaries: Preferred stocks. 2,703
shares in 1934 (13.295 in 1933); common stocks, 28,412 shares, valued at
$108.794 in 1933 only. y Notes receivable only.—V. 138. p. 4128.
Houston Lighting & Power Co.—Earnings—
(National Power & Light Co. Subsidiary)
1935-12 Mos.-1934
1935—Month-1934
Period End.may 31—
5671,951 38.449.504 $7,989,527
5705,560
Operating revenues
331,724 4,025,995 3,796.814
338,940
Operating expenses
$340,227 $4.423,509 $4,192,713
Net revs, from oper.
$366.620
19,123
14,966
1,158
1,010
Other income
Gross corp. income_ _ _
Int. de other deductions_
$367,630
115,519
3341.385 34.438,475 $4,211,836
1,390,651
1,389,669
115,448
Y3252,111 y$225,937 33.048.806 52,821,185
Balance
521,478
733,063
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for
314,317
315.078
period, whether paid or unpaid
$2,000,865 $1,985,390
Balance
y Before property retirement reserve appropriations and dividends.
z Regular dividends on 7% and $6 pref. stocks were paid on May 1 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.—V. 140, p. 3718.
Howey Gold Mines, Ltd.—Earnings—
1932
1933
1934
Calendar Years—
a$1.601,579 a$1,161,424 31.239.275
Gross income
720.089
718.190
812,473
Operating expenses
64.978
52,582
70,318
Administration and gen. expenses. _ _
15.000
13,017
43,253
Reserve for taxes
13,796
Interest paid
115.334
119.109
132.750
Deprec., bldg., plant, equipment_ _ _ _
197.549
103,240
96.351
exps
b Develop, and pre-operating
5142,529
$155.277
5446.432
Net profit
500,000
Dividends paid
S53.568 sur$155,277 surS142,529
Deficit
a Of which $1,594,222 was recovery from ore in 1934 and 31,158.470 In
in 1934. 30 cents a ton In 1933 and
1933. b At rate of 20 cents a ton
•
60 cents a ton in 1932.
Balance Sheet Dec. 31 19.34
Assets—Cash on hand and on deposit. $224.423; receivable for bullion
on hand and en route, $89,134; accounts and interest receivable. 59,070;
Dominion of Canada 4I4% bonds on deposit with Ontario Ilydro-Electric
Commission, $10,000: buildings, machinery, power transmission line. etc.
(less: reserve for depreciation of $548.438)8808.613;inventory,$349,420; development, pre-operating and financing charges, &c. (less: amount written
off. $590,335). $368,654; prepaid insurance, $18,092: deferred charges.
$10.062; mining claims, properties, &c., 53,272,689: total, 55,160,161.
' Liabilities—Accounts and wages payable. $50.795: reserve for taxes,
$45.000; capital stock (5.000.000 shares par $1), $5,000.000: surplus. $64.366; total, 55,160,181.—V. 139, p. 2998.
Hudson's Bay Co.—Earnings—
(Canadian figures converted at par of exchange-34.866 to El.)
1933
1934
1935
Years End. Jan. 31—
£213,866
xE52,205
£211.680
Trading profit
32.156
20.039
34.109
Land dept., less taxes & cost of collec_
291
430
427
Transfer fees
£234.335 def.C19.758
£246.217
Total
5.434
5.400
5.054
Expenses—Governor & committee_ _
199.382
199,382
199.381
Depreciation
450
500
500
L Auditors' fees
Payment to Archbishop of Rupert's
300
300
300
Land
Net profit
Transfer from share prem. account_ _
Buildings, loss on sale &
£40.980
£28,753 defE225.324
Cr331,822
106.298
A dividend of $1.37M per share was paid on account of
on the 53i% cumulative preferred stock, on June 29 to holders of record
June 28. A similar payment was made on March 30 last. On Dec. 31
and Oct. 10 1934 dividends of $2.75 per share were distributed. share.—
.
Accumulations on the above issue now amount to $2.75 per
V. 130, p. 4427.
Hunt Brothers Packing Co. (Del.)—Earnings—
Earnings for Year Ended Feb. 28 1935
Sales (net)
Cost of goods sold
Provision for depreciation
Selling, general & administrative expenses
Interest & miscellaneous charges(net)
Provision for Federal income tax
34.109.284
3,450.838
132.376
340.583
50.211
18.600
$116,674
Net income
Balance Sheet Feb. 28 1935
Assets—Cash in banks and on hand, $134,509; customers' accounts
receivable (less reserve. 52121), 3223.194; sundry accounts receivable,
$31,839; inventories, $895,268; prepaid expenses, $41,954; property, plant.
&c.(less reserve for depr. of 31,271,686),$2,279,960; total, $3,606,726.
Liabilities—Notes payable (banks), $300,000; accounts payable (trade),
and
$52,954: advances on consignments, $45,683; accrued payrolls, taxes
notes
expenses, $45.302; provision for Federal income tax, $18.600: deferred
and 60,000
payable(due 1936). $155,226; capital stock (90,565 shares class A$3,606,726.
shares class B stock, no par),$3,359,099; deficit,$370.140; total,
—V. 139, p. 1241.
Huron & Erie Mortgage Corp., London, Ont.—Earns.
1932
1933
1934
Years Ended Dec. 31—
5525,891
3441.987
3475.701
x Profit for the year
159,969
54,894
69.929
}
Dominion of Canada taxes
128,431
Provinces of Canada taxes
7.766
11.473
12,125
Munk.taxes, other than on real estate
25,000
56,052
58.000
Written off office premises
400,000
325,000
300.000
Dividends
$4.725
$28.334
$3,881
Balance
85,610
118.669
90.335
Previous surplus
390,335
5122.549
3118,869
Balance, surplus
x After paying interest on debentures and deposits, deducting expenses
of management and other expenses, and making provision for actual losses.
Balance Sheet Dec. 31 1934
Assets—Office premises, $2,031,500: real estate held for sale. $477,764;
mortgages and agreements for sale. $336,025,172: bonds of Dominion of
Canada and Provinces of Canada, 53,470,774; bonds guaranteed by Dominion of Canada and the Provinces of Canada. $592,118; debentures of
Canadian municipalities, school districts and rural telephone companies in
Canada. $1063,808; other bonds, $48,626; unrealized assets of Peoples
Loan & Savings Corp., held under an agreement, approved by the Lieuten-Governor-in-Council, as security for liabilities of, 5988.401; Canada
ant
Trust Co. stock, $1,558.080; cash in offices and in chartered banks. 5617,371: total, $48,873,615.
Liabilities—Canadian debentures, $27,630,958; sterling debentures.
32.305,558; sterling debenture stock (4% perpetual), $214,430; debenture
Interest accrued, $419,524; deposits. $9.053,095; provision for Dominion
and Provincial taxes, payable in 1935. $52,500: capital stock, $5,000.000;
reserve fund, $2.000,000; dividend declared payable Jan. 2 1935. $75.000;
profit and loss: 5122,548; total $46.873.615.—V. 139. p. 2048.
Hussmann-Ligonier Co. (& Subs.)—Earnings-Earnings for Year Ended Dec. 31 1934
Net operating profit
Provision for depreciation of operating plants & equipment.._ _
Interest on debenture bonds
Discount on notes sold
Expense and depreciation of unused plants & rental property,net
Interest and miscellaneous income
Provision for Federal & State income taxes
$104,767
9,248
7,795
39.336
18,360
Cr17,029
7,571
$39,484
x31.207
Net profit for the year
Preferred dividends
$8,277
Surplus
x $17,833 in preferred stock and $13,374 in cash.
Balance Sheet Dec. 31 1934
Consolidated
Assets—Cash in banks and on hand,$61,807; United States Liberty Loan
bonds. $4,000; instalment notes and accounts receivable (less reserve for
doubtful items and unearned interest of $52,343). $314.979; miscellaneous
accounts receivable (less reserve of $1,625), 51.242; due from employees
and agents (less reserve of $28,809). $9,674; inventories, $188,553;subscriptions to common stock (less reserve of $5,909. secured by 862 shares of
common stock),$1,509:capital assets(less depreciation reserve of$378.355).
$266,917; patents, tools. dies. &c.. $1; deferred charges, $42,529; total,
*891.215.
Liabilities—Accounts payable, $23,528; taxes and interest accrued.
$2,867; salesmen's commissions not payable until their contracts are terminated and all cash collected on sales. $55,801; amounts withheld on instalment notes purchased, $3,147; Federal and State income taxes, 37.571;
cony. 10-yr.6% sinking fund gold debentures, due March 1 1939, $89.500;
cony. cum. pref. stock (80,833 no par shares), $608,333; common stock
(83,311 no par shares). $75,000: capital surplus, $17,189: earned surplus.
$8,276; total, 5891,215.—V. 140, p. 4402.
Illinois Bell Telephone Co.—Earnings-Period End. May 31—
Operating revenues
Uncollectible oper.rev
Operating expenses
Operating taxes
1935—Month-1934
1935-5 Mos.-1934
56,368,417 $6,292,898 $30,976,400 $30.520,463
117,252
7.437
41.260
4,290,489 22.604.949 20,949,105
6
64
4.604:756
812,446
4.172,953
3,781,021
756,004
Net oper. income__ $1,001,191
51,182.528 $4,549,170 $5,281,153
Seeks to Increase Rates—
The company has filed a petition with the Illinois Commerce Commission
asking permission to increase on one day's notice all charges for intra-State
service (except service rendered from public pay stations by 3% in order
to offset the 3% sales tax on utilities voted by the Illinois General Assembly
and effective July 1 1935.
The company stated that this tax will amount to about $2.000.000 a year.
Contending that such a burden would reduce its earnings below a fair and
reasonable return, it stated that on the basis of 1934 earnings for fixed
charges it would cut the return on undepreciated average cost of property
and other assets to 3.31% from 3.92%. and return on depreciated value to
4.02% from 4.98%.
The company estimated that in any event the tax on pay station service.
plus accounting expenses, will amount to about $3300,000 which it will have
to absorb itself.—V. 140, p. 4069.
Illinois Central RR.—Extension of RFC Loa
The Interstate Commerce Commission on July 3 found the comp
not to be in need of financial reorganization in the public interest at this
time and approved the extension of time of payment for a period not to
exceed three years of a loan by the Reconstruction Finance Corporation
maturing July 22 1935, in the amount of 33.783.000.—V. 140, p. 4402.
Imperial Chemical Industries, Ltd.—Suit---
The Chancery Court, London, according so press dispatches, has decided
to hear the company's petition for a reduction in capital to £89.565.859
from 05,000,000. Certain deferred stock shareholders are opposing the
petition on the ground of alleged irregularities at the shareholders' meeting
and that the plan is unfair.—V. 138, p. 4301.
Nil
£28.753
E40,980
I Balance carried forward
x Loss on trading after charging administration and other expenses in
and after providing for share of losses of subsidiary
Canada and London
thdiana Central Telephone Co.—Files Under 77-B h
companies, less rents and dividends received.
aprovn
The petition of the company for relief under Section 77-B of the ONote—Including fur trade for year to May 31, previous year. and other
a
er
been approved as properly filed and Christopher L. Ward.
rt
---uptcy Ac
p. 1871.
departments for year to Jan. 31.—V. 139,
Volume 141
Financial Chronicle
Jr., has been temporarily appointed trustee by order of the U. S. District
Court for the District of Delaware, Gated Junej25 1935.-V. 139,9.2521.
Independent(Subway)System of N. Y. City-Earns.-
Period Ended April 30Operating revenues
Operating expenses
Month
10 Months
5943.403 38,651,783
600,288
5.767,212
Income from operationsNon-operating income
8343,115 $2,884,572
793
6,384
Net income
-V. 140. p. 4069.
8343,908 $2,800,955
279
Upon the acquisition of the new plant, which is an all-cash transaction,
the Interboro Beverage Corp. will cease to have any further interest therein.
The new owners will make extensive alterations to adapt the plant to the
manufacture of the Ehret brew. When the changes are completed. the
Ehret brewing operations will be conducted at the new plant under the
supervisiono
we
of hememb
the family.
was
sale
the brewery plant
brought about through the Charles F.
Noyes Co.
---International Bronze Products, Ltd.
-Initial Dividend
The directors have declared an initial dividend of 25 cents per share on
the common stock, no par value, payable July 15 to holders of record
June 30.
Indiana Harbor Belt RR.
-Earnings
International Securities Corp. of America-Semi
Period End. May31- 1935
-Month-1934
Annual Report
1935-5 Mos.-1934
Railway epee*. revenues.. $688.895
$744,033 $3,424,235 83,555,005
The net assets at May 31 1935, taken at then current market quotations
Railway oper. expenses_
432,362
393,516
2,194,203
2.078,196
(or as otherwise indicated).
Railway tax accruals__
total principal amount of
40,516
59,993
228,992
272,521 • the bonds and debentures were 119.93% of the compares
outstanding. This
Uncollect. rwy. revenue!
with 115.52%
216
113
530
109
at Nov. 30 1934.
Equip. & it. feel. rents_
45,751
62,122
213.525
272,451
The net assets at May 31 1935 applicable to the preferred shares (entitled
to $100 per share and cumulated dividends of $21 on the 6% series and
Net oper. Income..,,. $153,677
$244,658
$786,983
$931,726
822.75 on the 63i% series not declared or paid) amounted to $2.744,919,
Miscell. & non-oper. inc.
1,456
2,622
8,899
15,316
which was equivalent to $46.17 per share on 59.450 shares of all series
outstanding.
Gross income
8155.133
$247,280
$795,883
8947,042
Income Account Six Months Ended May 31 '
Deductions
41,492
44.765
218,933
212,423
1935
1934
Net income - _ _...__ _
Interest
$113,641
$178,895
$202,514
$198.745
$576,949
$734,619
-V. 140, p. 4069.
Dividends (including no stock dividends)
299,876
265.429
Other income
1,151
Insult Utility Investments Inc.
-Investors Lose Stock
Suit-Court Rules Banks Have Right to Keep Pledged Securities
A suit on behalf of 23,000 Insult investors seeking to recover about
$30,000,000 in the Federal Court was dismissed July 8 by Judge Julian W.
Mack. He found that the Guaranty Trust Co., Irving Trust Co., Bankers
Trust Co., Central Hanover Bank, the Commercial National Bank and
the
General Electric Co. had the right to keep the blocks of stock in operating
utilities that Samuel Insult had pledged with them in 1931 for loans
that
he was unable to pay.
The Court found the investors mistakenly had relied on covenants
stricting Mr. Insult's pledging and borrowing, engraved on the face reof
debentures of the now bankrupt Insult Utility Investments Corp., which
Judge Mack characterized in his opinion as "miscalled securities.'
He said the debenture holders had relied on Mr. Insult's unsecured
promises whereas the banks had not done so, and he found it impossible
now to relieve their distress at the expense of
the hanks.
"For their misplaced reliance," Judge Mack said, "the investors
bear such consequences of the Insull company's broken promises as must
they
cannot be made good by the company itself.'
After reviewing the legal character of the debentures,
whether the debenture holders ever appreciated what theyand questioning
had bought, he
found "the making of the loans by the banks gave the debenture holders
no legal or equitable rights against them, and the subsequent insolvency of
the Insull Utility Investments Corp. did not create such rights."
He said that the remedy for the investors for a breach of
as provided in the debentures, was to demand the immediatethe covenant,
repayment of
their investment by the Insull corporation. Since this remedy was available
at law and theoretically adequate, and since the banks had not "induced
the breach," he said, it would be a "novel doctrine" to turn to the banks
because the Insolvency of Insull had robbed the contracted remedy against
him of any practical value.
"Of course," Judge Mack continued, "these conclusions indicate no
approval of the issuance and sale to the general public of debentures which
might be thought to afford, but which actually fail to give, any real protection to the purchasers. On the contrary, these and other practices, so freely
indulged in in financial circles during the so-called era of prosperity, undoubtedly call for correction and prevention. Legislation. State and Federal. is, however, essential to meet the evil. What the statutory
should be, I do not venture, in a judicial opinion, to consider." remedies
The case which Judge Mack decided took two years to prepare, two
months to present and a month to decide.
The ban, which were cleared by Judge Mack have thus far reached no
decision with respect to the sale at auction or otherwise of the collateral
securing their loans to Insult Utility Investments.
Several of the same institutions participated in the loans made to the
Corporation Securities Co. of Chicago, another Insull finance company
similar to Insult Utility Investments in character. A case is pending in the
Corporation Securities Co. matter and the banks have agreed not to sell
their collateral without first advising the plaintiffs.
First scheduled to be held on May 5 1932, the dates for the
thus far have been advanced 57 consecutive times, with the next auctions
date set
for the sale as July 17 1935.
Loans by four of the seven New York lenders to one or both Insult companies, wishing to sell their collateral at auction, were secured as follows:
Guaranty Trust Co.
-85,000,000 loan to Insull Utility Investments,
secured by 16,512 Commonwealth Edison common shares. 22,238 Peoples
Gas common shares, 7,900 no-par and 200 $100
-par Public Service of Northern Illinois common shares and 166.800 Middle West Utilities common
shares: $500,000 loan to Corporation Securities Co., secured by
2.093
Commonwealth Edison, 2.068 Peoples Gas, and 1,176 no-par Northern
Illinois common shares.
Central Hanover Bank & Trust Co.
-83,500.000 loan to Insult
Investments, secured by 12,300 Commonwealth Edison, 27,352 Utility
Peoples
Gas.700 no-par Northern Illinois. and 43.500 Middle West Utilities common
shares; 84,000.000 loan to Corporation Securities Co., secured by 17,925
Commonwealth Edison, 18.729 Peoples Gas, 8,751 no-par and 2,421
$100
par Northern Illinois and 102.312 Middle West Utilities common
shares.
Commercial National Bank dr Trust
-$1,500,000 loan to Insull
Utility Investments, secured by 4,158 Co.
Edison, 5,061
Peoples Gas, 1,863 no-par and 366 $100 CommonwealthIllinois
-par Northern
common
shares.
Chase National Bank-8500,000 loan to Corporation Securities CO.,
secured by 2,093 Commonwealth Edison, 2,068 Peoples Gas, and
1,177
no-par Northern Illinois common shares.
The Irving Trust Co. loaned $5,000,000 to Insult Utility Investments,
Bankers Trust Co.loaned $500.000 to the same company,and
National
Bank indirectly loaned 155,000,000 to Corporation Securities Co., but City
never
announced the collateral for sale at auction.
The General Electric Co.'s loan to Insult Utility Investments was secured
by 390 Peoples Gas, 15,000 North American Light &Power,26.000 Midland
United. common shares, and by 1.000 Midland Utilities 7% prior lien
and
2.727 Midland Utilities 6% prior lien preferred shares.
-V. 140. p. 2707.
----Insurance Co. of the,State of Pennsylvania-Larger
- -4
Semi-Annual Dividend--..tz--.4 ,,,-A semi-annual dividend of $4 per share
paid on the capital stock,
par $100,on July 11 to holders of record July 9:as compared with $3 Jan. 16
1935 and July 11 1934: $2.50, Jan. 10 1934; $2 Oct. 30 1933 and $3 Jan. 13
1933 and July 13 1932.-V. 140, p. 642.
Interboro Beverage Corp.
-Family of George Ehret
Re-entering Brewery Business
The family of the late George Ehret, who for many years prior to his
death in January 1927 was the leading brewer of N. Y. City and one of the
leading brewers of the United States, has formed a corporation for the
manufacture of beer.
Plans have been perfected for the re-establishment of the brewery business
conducted by the late Mr. Ehret and it is expected that before many months
have passed New Yorkers will be enjoying the same quality of beer for which
the name of Ehret was famous. Beer will be placed on the market under
the familiar label of "George Ehret's Extra."
A contract has been made for the acquisition of the property of the Interboro Beverage Corp., formerly known as the Leonard Eppig Brewery.
The property is located at Melrose and George Sta., in the Greenpoint
section of Brooklyn. The plant throughout is thoroughly modern. It
includes a brew house of the latest type. About a year ago a large addition
was erected to the plant, which embraces what is said to be the finest racking cellar in the United States. The plant has a capacity in excess of half
a million barrels yearly.
Louis J. Ehret, son of George Ehret, will be actively in charge of brewing
operations. Identified with the management of the business will be other
members of the Ehret family,
Gross income
Investment service fee
Miscellaneous expenses
Int. & annort. of discount
-bonds and debentures_
Miscellaneous interest paid
Miscellaneous taxes
Foreign government taxes
$478,771
19,136
23,478
377.461
$465,325
18,525
26,159
377.535
267
8.009
873
5.436
Not income (excl. prof. & losses on sales of securs.) $53,261
$33.957
Balance Sheet May 31
1935
194
1935
1934
Assets$
Liabilities$
• Invest. (at cost.
d Fret. stock
5,945,000 5,945,000
less reserve)_ _ _16,959,515 18,456,189 c Cl. A corn. she. _ 591,156
591,156
Cash
1,258,756
153,295 b Cl. B corn. ans._
60,000
60,000
SecuritiessoldSerial gold bonds_ 181.000
181.000
not delivered...
6,221
177,488 5% debentures__ _13,590,000 13,590,000
Accrued Interest reSecurs. purchased
celvable, dm_ _ _ 137.584
.
135,580 --not receive& _
27;2149 ' 22,580
11 20
Unamortized dlsTaxes
14,686
count on bonds
Invest. service and
and debentures_ 780,681
845,797 Deficid expenses
sun try
18,538
17,515
1,279,304
653.609
Total
19,142,758 19,768,329 Total
19,142,758 19,768,329
a Total market value of securities taken at market quotations May 31
1935 was 815,168,264, against $15, 24.658 in 1934. Is Represented by
600,000 shares of 10c, par value. c Represented by 591.156 shares cf 81
par value. d Represented by 44,736 shares of 6% series and 14,714 shares
of 6)4% series, all of $100 par value.
-V. 140. p. 478.
Interstate Department Stores, Inc.
-Sales
-
Month ofFebruary
March
April
May
June
19351934
$1.101,495 $1.114.331
1.586,640
1.836.230
1,832.664
2,465.557
1,757.008
1,087.773
1,715,491
1,771.549
1933
$902,753
1,127.857
1,561.847
1.529.953
1.657.878
Five months ended June 30
$8,000,052 $8,275.440 $6,780.288
Note
-Above sales include company's own departments, but exclude
groceries and leased departments.
-V. 141, p. 117.
Investment Co. of America-Net Worth
-
The company reports that as of June 30 1935. net worth or liquidating
value of its common stock has approximately $30.79 a share with securities
adjusted to market values at that date and related adjustments with respect
to reserves for management compensation contingently payable. This
compares with liquidating value of $28.83 per share on May 31 1935 and
$25.54 per share on June 30 1934.-V. 140, p. 3391.
Johnson Motor Co.
-Earnings
Income Account Year Ended Sept. 30 1934
Net sales
Cost ofsales
Selling, general and administrative expenses
$1,449,177
852.372
464,441
Profit before depreciation
Other income
Other deductions
8132,364
Cr12.170
37.475
Netincome (before depreciation)
Depreciation
$107,058
62.979
Net income
$44,079
Consolidated Balance Sheet Sept. 30 1934
Assets
-Cash on hand and in banks, $286,309; notes and accounts receivable (less allowance for possible losses of 516,354), $74,302;inventories.
(less allowance for obsolescence of 882,000), $199,802' restricted finds in
foreign bank and claim against liquidating trustee of domestic bamk (less
allowance for possible losses of 81,405), 84,552: advances to officers and
employees, 85.114; plant and equipment (less allowance for Gem °elation of
8553,171). 8694.356; deferred charges, $107,573; treasury bones, $3.890:
First National Bank of Waukegan, Ill. (stock). 41,400; licenses, trademarks, good-will, Occ.. $1; total, $1,377.300.
Liabilities-Accounts payable, 819,605; accrued wages, royalties, bond
interest, taxes, drc.. $34,318; allowance for advertising of foreign dealers
and gratuitous service, $4,000; reserve for amount of premium or Canadian
net current assets converted and included herein at current rates of exchange. $2,155, 1st mortgage 6% sinking fund gold bonds. 8160..500; deferred finance lucerne, $559; capital stock (represented by 81,717 shares.
par 810, after deducting 728 shares in treasury at cost of $4,717). $819,733:
capital surplus, $333,525; earned surplus, $2,905; total. $1,377.300.
-V. 136, p. 503.
Julian &
Kokenge Co.
-Earnings
-
PeriodNet profit after Federal taxes
Shares of capital stock outstanding
Earnings per share
-V.140, p. 319.
6 Mos.End. Year End,
Apr. 30 '35 Oct. 31 '34
$195.967
$165,065
131.411
148,216
$1.49
$1.11
_
'Kelly-Springfield Tire Co.
-Plan Ailprotsed- L
At the adjourned hearing on the amended plan of reorganization, Judge
W. Calvin Chestnut, on July 5, denied the claims of the old
and 8%
preferred stockholders who had not exchanged their holdings 6%the comin
pany's reorganization back in 1932.
After minor changes in the allocation of the $250,000 fund, set up to
care of creditors' claims and reorganization expenses, the plan was take
confirmed by the Court.
Under the plan noteholders are to receive 80% in cash and
preferred
holders $13 in cash and two shares of Goodyear common for each five
of Kelly. The common is to receive 62 cents in cash and one share shares
of Goodyear common for each 25 shares of Kelly.
The Court held that this was the best plan that could be devised.
It
equitable and reasonable. Judge Chestnut declared. The Court pointed is
out
that the company had lost money for several years, and that the
Goodyear
plan was the best offer that had been made available. Appeals
will be
heard up to Aug. 5.-V. 140, p. 4238, 4404; V. 141. p. 117.
-Bonds Sold
Kentucky & Indiana Terminal RR.
Granberry, Safford & Co. of New York, and Whiting, Weeks
& Knowles, Inc., of Boston, have sold an issue of $651,000
1st mtge. 4%% bonds, due 1961. The bonds were offered
at 99M and accrued int. to yield over 43'%.
Bonds are dated Jan.31911;due Jan.1 1961. Principal and int.(I.& .)
payable in N. Y. City. Coupon bonds in denomination of 81,000, retesterable as to principal. Fully registered bonds in denominations of $1,000
registered bonds interchangeable.
-Earnings
Lawbeck Corp.(& Subs.)
Income Account for Yea, Ended Dec. 31
1934
$38,407
87.750
and multiples thereof. Coupon and
Guaranty Trust Co. of New York, trustee. Bonds are not subject to call.
Both principal and interests are payable without deduction for any taxes
which thecompany or the trustee may be required to pay or retain therefrom.
-The sale of these bonds has been approved by the InterIssuance
State Commerce Commission.
Listing-The bonds now outstanding in the hands of the public are
listed on the New York Stock Exchange and the sterling bonds are also
listed on the London Stock Exchange. Applicatoin will be made to list •
this issue on the New York Stock Exchange.
Purpose-Proceeds will be used, first, for the payment of $59,680 of the
the reequipment trust notes and $300,000 of bank loans, and, secondthe Termainder will be applied pro tanto to the payment of advances to
adminal company from two of the proprietary companies. These latter due
vances amounted to $319,586 as of May 31 1935. including 8189,042
Baltimore & Ohio RR. and $130,544 due the Southern Railway .
History and Property-Company was originally incorporated in Kentucky
of
on Aug. 8 1900 as Kentucky & Indiana Bridge & RR. for the purpose
& Inacquiring at foreclosure sale the properties of the former Kentucky across
diana Bridge Co. and constructing and operating a bridge and ferry
the Ohio River from Louisville, Ky., and also railroad property including
freight yards and terminals in the City of Louisville and vicinity. In
1910 the company's name was changed to the existing one. Baltimore &
On Jan. 3 1911, three trunk line railroads, Southern By.,
Route).
Ohio RR. and Chicago Indianapolis & Louisville By. (MononTerminal
each of which is the owner of one-third of the capital stock of the
company, entered into an agreement with the Terminal company for the
facilities of the
use by the proprietary lines of the railroad properties and the proprietary
Terminal company in perpetuity, and by which each of
1 1911.
companies agrees that during the full term of 50 years from Jan. granted
it will make use of the properties of the Terminal company as control
all passenger and freight traffic within its
under the agreement for
destined to cross the Ohio River at Louisville or destined to go through, to
or from Louisville. By the terms of the agreement the proprietary companies undertake to pay for the use of the property and facilities of the
Terminal company such sums of money as shall from time to time be
required, in addition to other revenues of the Terminal company, to meet
Terminal
all expenses of operation and maintenance of property of the 1st mtge.
company and all of its obligations for taxes and interest upon itsrespective
may be outstanaing from time to time, the
bonds as the same
amounts to be pain by each of the proprietary companies to be calculated
upon the relative use of the properties and facilities of the Terminal company as set forth in the agreement.
Chicago Indianapolis & Louisville By. is being operated under order of
Bankthe Federal Court pursuant to proceedings under Section 77 of the(which
ruptcy Act and payments under the agreement by said company subject
has continued to use the facilities of the Terminal company)are now
to such proceedings.
-The property owned by the Terminal company, includes the
Facilities
double-tracked steel railroad bridge across the Ohio River between LouisKy. and New Albany. Ind., together with approaches and 25.4 miles
ville,
of main track and 61.59 miles of yard tracks and sidings. In addition
the company also operates exclusively over 26.50 miles of track not owned
by the company, making total miles operated 113.49. Included in the
mileage operated are three distinct freight and switching yards within the
City of Louisville, and exclusive of the foregoing property the company
qperates the Magnolia Street Yard, leased from the Southern Railway.
This latter lease was made in order that the three proprietary roads might
all benefit from the use of the Magnolia Street Yard. All of the Terminal
company's track is located on private right of way except certain industry
sidings and atreet crossings, for which latter City ordinances have been
passed.
Rolling stock of the company, as of May 31 1935, included 26 switching
locomotives and 10 miscellaneous and service cars.
Authorized Outstanding
Capitalization875,000
$75,000
Capital stock
Funded debt:
£2,000.000*:£1,351,000
First mortgage 4%% gold sterling bonds
*5467,000
Doliar bonds-previously sold
651,000
This issue payable in current U.S. money
x Of which £392,500 payable in sterling only and £958,500 payable in
but stamped payable in
sterling under the terms of the first mortgage,
dollars, but also payable in pounds sterling upon 30 days' prior notice.
The dollar equivalent of both issues is $6,574,777. * Guaranteed principal
-V. 140. p. 4238.
and interest by the three proprietary roads.
Key West Electric Co.--EarningsPeriod End. May 31Gross earnings
Operation
Maintenance
Taxes
Interest & amortization-
1935- Monlh-1934
812,306
$13,1)28
5,387
4,936
2,705
1,766
1.375
1,305
2,010
1,962
$827
53.058
Balance
Appropriations for retirement reserve
Preferred dividend requirements
1935-12 Mos.-1934
$149,161
13152.029
66,664
68,046
16.419
17,762
14,473
17.865
26,539
24,172
$24.181
20,000
24,500
825,064
20,000
24,500
$19,435
Deficit for common dive, and surplus
-V.140, p. 3899.
--Sales
(S. S.) Kresge Co.
Month ofJanuary
February
March
April
May
June
1933
1934
1935
88.488.423 58.824.821 $7,706,388
8.053.868
8,975.052 8,797.055
8.491.512
10,328,161 12,320.725
11,518.500 10.146.128 10,228.412
9.941,023
10.871.686 11,680.348
11,048,088 11,522,566 10,304.867
861.229.911 563.291,643 854.726.075
Total six :nonths
The company had 688 American and 47 Canadian stores in operation on
30. against 680 American and 44 Canadian at the end of June 1934.
June
-V. 140. p. 3899.
April
May
June
Total six months
-V. 140, p. 4070.
1933
1934
1935
54.761.726 55.106.517 53.912.983
5.083.475 3.895,802
4.968,306
4.086.768
5.472.265 6.330.794
4.766.042
5.732.384
6.441.416
4.978.301
6.095.747
5.934,386
4.830.253
5.757.198
5.700.379
533,278,478 834.106.120 826.470.149
-Sales
Lane Bryant, Inc.
Month of
January.
February
March
April
May
June
Total for six months
-V. 140. p. 4070.
1935
5906.500
727.597
1.210.220
1.339.0(31
1.249.620
1,196.327
1934
5952.055
773.387
1,321,870
1.248,454
1,269,158
1.248.414
1933
8804.217
670.308
836.810
1.105.926
1,091,076
1.171,096
56.629.325 56.813,338 $5,679.433
-Tenders
Lehigh Telephone Co.
The Markle Banking & Trust Co.. trustee, will until Aug. 1. receive
bids for the sale to it of sufficient 1st & ref. mtge. bonds as will exhaust the
-V. 140. P. 1490.
sum of 837,500 at prices not exceeding 105 and. interest.
Interest on real estate loans, bonds, &c
Interest on obligations of Lyleson Corp
Interest on obligations of subsidiaries of Manhattan-Dearborn Corp
Interest on U. EL Government obligations, &c
Profits from oper. of hotel & apartment properties_
Collection in 1934, applicable to prior years
Other income (net)
1933
8104,827
156.048
Net loss before providing for losses of subsidiaries not oncolidated
Prov. for oper. losses of sub. cos. not consolidated,
60.000
4,649
19,710
20,750
79,500
5231.266
180.1,24
65.314
Total income
Interest on bank and RFC loans
Administrative expenses
$356,090
180,982
80,593
15.715
811,972 prof.$94.515
59,013
873.985 prof.S94.515
Net los.- for year
300.000
300.000
Dividends on preferred stock
Consolidated Balance Sheet Dec. 31
1933
1934
1933
1934
Assets-$2,766,000 $3,316,000
Cash In banks._ 5392,801 5558,971 Bank loans
867,807
Loan from RFC
U.S. Gov.oblige, 567,547
9,397
9,924
Accounts payable_
Accr. int. on real
x Cum. pret. stock 5,000,000 5,000,000
est, loans and
300,000
57,366 y Common stock_ 300,000
22,767
1..1.8.Govt.oblig_
300,000
Real estate loans__ 4,795,309 4,867,446 Paid-in surplus... 300,000
212,147
Earned surplus._
92,159
Inv. In & advs. to
wholly - owned
subs, not consol. 2,653,229 2,744,775
908,986
Real estate owned 899,129
Prepaid taxes, in5,108
surance, &c__
Total
$9,335,890 $9,137,544
$9,335,890 $9,137,544
Total
x Represented by shares of $100 par. y Represented by 300,000 no par
-V. 136, p. 4281.
shares.
-Earnings
Lehman Corp.
Statement of Surplus, Fiscal Years Ended June 30
1934
1935
Capital Surplus$81,256,887 $81,250,210
Balance, June 30
Excess of proceeds over cost of3,500 shares of treas.
6,677
37.180
stock delivered upon exercise of option thereon
Balance, (of which $252,581 has been applied to
$81,294,067 $81.256.887
purch. of 5,200 shs. of treas. stk.)
Profit and Loss Account
26,850,515 28,728,171
Balance (loss)
3,126,704 3,509,895
Profit for fiscal year
$23,723.812 $25,218,276
1,632,240
1,804,405
Total
Dividends declared
$25,528,217 $26,850,516
Balance, loss
The income account for the year ended June 30 1935 was given in V.
141. p. 118.
Balance Sheet June 30
1934
1935
1934
1935
Liabilities
$
$
Assetsy3,181,919 3,044,501
&cur. owned_ _48,603,899 46,023,596 Capital stock
x
407,220
1,192,105 1,085,115 Dividends payable 409,020
Cash
x U.S.Govt.emir. 7,201,392 8,091,881 Payable for secur.
5,605
purchased
346,069
.in real est. 2,509,036 2,574,036
x Invest
Receiv.for accrued
Real estate loans &
566,512
1
exp.& taxes_ _
311,979
1
equities
43,750 Capital surplus_ _.81,294,066 81,256,887
5,210
Loans & advances_
Profit and loss def_25,528,217 26,850,516
Recely. for securi220,262
146,752
ties sold
Divs. rec. and int.
381,871
356,441
accrued
9,697
Prepaid taxes_
Total
60,014,837 58,430,209
60,014,837 58,430.209
Total
x At cost. y Represented by 681,700 no-par shares, excluding 5.200
shares held in treasury, at cost of 8252.582.-V. 141. p. 118.
--Sales
Lerner Stores Corp.
1935 '
51.789.621
1.837.678
2.371.983
2.902.327
2.707.330
2.924,828
Month ofJanuary
February
March
April
May
June
1934
1933
51.581.368 51.174,761
1,240.948
1.587,856
1.391.889
2.584.812
1,949,997
2,225,702
1.899,851
2.524,854
1,915,543
2,560,030
$14,533,767 813,064,622 $9,572,989
Total for six months
•
-V. 140, p. 4405.
-To Issue $12,500,000
1
" -Libby, McNeill & Libby, Chicago
s"
1st Mtge. 4s-See details under "Current Events and Dis"-V. 141, p. 118.
cusion.820,31
-Earnings
Loblaw Groceterias Co., Ltd.
1934
1935
1933
1932
Years End. May 31815,497,356 814,780,558 $14,219,053 $15,120,933
1,061.299
1,039.876
1,131,852 1,180,840
Net profit
143,000
134,000
Prov. for Fed. inc. taxes
19,000
Addl Fed inc. taxes
832,404
830.631
679,568
838,377
Common dividends
$47,245
Surplus
2,874,397
Previous surplus
Proceeds of life ins. polsProfit on sale of bonds
Reduction of invest. res.
to present requirem'ts
Total surplus
Adjustments
--Sales
(S. H.) Kress & Co.
Month of
January
February
March
July 13 1935
Financial Chronicle
280
394.895
2,776,038
3,464
3293.475
2,292,194
270,000
$501,273
2,225,075
73.948
$2,921,643 52,874.397 52,929,617 $2,726,348
153,579
434,154
$2,921,643 $2,874,397 $2,776,038 $2,292,193
Surplus
830,631
830.631
.
838,026
845.966
Shs.com.stk.out (no par)
$1.03
$1.08
$1.40
$1.35
per share
Earnings
t May 31
Comparative Balance Sheet i
1935
1935
Assets818,
8
1934
$544,131 $1934495 Accts. payable.-- $542,799 U9 .654
Cash
440,517 Accr. exp. Ac defer440,333
Bonds at cost
12,838 red rev
37,493
10,604
29,965
Accrued interest_
700,000 Prov. for Inc. tax_ 143,000
134,000
Guar. invest. Ws_ 700,000
58,600 Dividend payable. 207,658
332,252
Sundry accts. rec. 100,368
200,000
1,609,185 1,837,880 Reserve on invest_ 200,000
Inventories
y Capital stock_ _ 2,696,094
22,897
3,021
Adv.on mdse. pur.
292,616 Surplus
4 9
:89 7
2,921,643 2 676,194
Other investments 295,621
89,481
89,843
Deferred charges__
x Capital assets.- 2,948,053 2,599,567
Total
$6,741,159 $6,872,891
$6,741,159 $6,872,891
Total
x Less reserve for depreciation of 51,708,182 in 1935(81,499,807 in 1934)•
no par value and 383,300
y Represented by 447,331 shares of c ass A stock
-V.140, P. 3900.
shares of class B stock of no par value.
-15 Cent
--Lone Star Gas Corp.
The directors have declared a cividend of 15 cents per share on the
common stock, no par value, payable Aug. 15 to holders of record July 20
A similar payment was made on Feb. 15 1935.
Volume 141
Financial Chronicle
Quarterly distributions of 16 cents per
in 6% cum. conv.
preference stock 4100 par) were made onshare payablestock from
the common
June 30
1932 up to and Including March 31 1934, while on March
31 1932
of 15 cents per share was paid in cash, prior to which quarterly a divicrend
cash diva.
of 25 cents per share were distributed.
-V. 140, P. 3219.
---Long Bell Lumber Corp.
-Court Favors Plan
Federal
The common stock purchase warrants
stock expired and became void after July 1attached to the 614% preferred
1935.-V. 132, p. 1432.
Iwo i(le $.1
Judge Merrill E. Otis,
8
e tenritivefr
approval of a reorganization plan on July byat Kansas City,
offered
e made
approval contingent on subsequent approvalthe stockholders. each classhis
by two-thirds of
creditors and a majority of the stockholders. The plan was submitted of
on
March 23.-V. 140, pl 2011.
....lhos Angeles Gas & Electric Corp.-Bonds-onad
G
-e company has called for
on
53..% gold bonds. series I, dueredemption140,Oct. 1 88,952,000 gen. & ref.
1949.-V.
p. 2710.
Louisiana Steam Generating Corp.
-Earnings
-
Period End. May 31-Month-1934
1935
1935-5 Mos -1934
Gross earnings
$179,610
8154,698 $1,937,073 $1,877,889
Operation
112,798
107,448
1,305.238
1.238,467
Maintenance
5,348
4,356
78,083
55,957
Taxes
8,592
5.749
97,925
69.041
Interest & amortization_
16,750
17,995
207,398
225,309
--Balance
$36,119
819,148
$248,427
8289.112
Appropriations for retirement reserve
264,000
264.000
Balance for co-ninon dividends and surplus.._.
-- def$15.572
$25,112
-V.140, P. 3900.
------Lucky
Dividend
•
Marine Midland Corp.
-Earnings
-
[Including constituent banks and trust companies and security affiliates)
Pertod Et.d. June 30-- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net earnings after taxes- 5946,193 81,00105 81.858.985 51,982,945
-V. 140. p. 2542.
Market Street Ry. Co.(& Subs.)
-Earnings
-
$5,076.683
1,523.085
141,942
50,782
310,843
1,354,920
The directors have declared a dividend of $3.50 per share on account
of accumulations on the 7% cumulative preferred stock, par $100,
Aug.1 to holders ofrecord July 25. A similar payment was made onpayable
June 1.
last. Accruals after the current dividend will amount to $3.50 per share.
-V. 140, p. 3900.
$1.695,159
nbination Gold Mining Co.
-Extra
Plan
July 30
on
Judge Goddard of the U.S. District Cow
t on July 8set July 30 as the date
when hearings would begin before
plan submitted and sponsored the special master on the reorganization
by the preferred stockholders.
-V. 140.
p. 321.
(R. H.) Macy & Co., Inc.
-New Vice-President
John E. O'Gara has been
appointed an Executive Vice-President in
charge of management operations.
Mr. John E Carroll, Delivery Superintendent, has
been appointee
Assistant General Manager in charge of non-selling service operations,
. succeeding Mr. O'Gara.
Mr. F. A. Slocum, at present Assistant Delivery Smperintendent has
been appointed Superintendent of Delivery.
-V.140.P.4405
.
(R. C.) Mahon Co.(& Subs.)
-Earnings
-
Income Account for Year Ended Dec. 31 1934
Profit from completed contracts and warehouse sales
Selling and administrative expenses
Operating profit before depreciation
Other deductions
Other income
Marancha Corp.
-Asset
-
The financial statement 149 of Jude 30 1935 shows: Total
992. all cash, offset by paid-in surplus $719.623. surplus. assets, $4,477,stock outstanding $3.728,670 (represented by 745.734 $29,699, capital
shares of $5 oar
value) -V. 141, p. 119.
$4,674,549
402.133
1934
$0,885.327
4,262.777
948.000
The directors have declared an extra dividend of cents per share
3
in
addition to the regular
stock, both payable Julyquarterly dividerm of like amount on the capital
20 to holders of record July 10.-V. 140. p. 4071.
McCrory Stores Corp.
-Hearing
, Maracaibo Oil Exploration Corp.
-Stock Option Granted
The-company has granted an option on 25.000
shares of its capital stock
to E. L. Wilson. Vice-President of the corporation
any time within two years from July 1 1935.-V. at $2.25 per share at
140, p. 4073.
12 Mos. Ended May 311935
1934
Operating revenues
Operating expenses, maintenance and taxes (other $7.186,873 $7,550,954
than income taxes)
6,287.085
6.426.958
Appropriation for retirement reserve
361.445
555.110
Net oper. rev. (before prov. for income taxes)....$538,342
5568.885
Other income
9,078
11,034
Gross income (before prov. for income taxes)--$547,421
$579,919
Interest charges (net)
512.869
541.820
Amortization of debt discount and expense
27.593
• 29,441
Other income deductions
6,956
6,656
Net income
Nil
Nil
-V. 140, p. 4073.
Louisville Gas & Electric Co.(Del.) (Sc Subs.)
-Earns.
12 Months Ended May 311935
Operating revenues
810,017,032
Oper. exps., maint. & taxes (other than inc.
taxes)- 4.692,841
Appropriation for retirement reserve
1,025.000
Net oper. rev. (before prov. for income taxes)_- 34,329.101
Other income
392,897
Gross income (before
Interest. charges (net) prov. for income taxes)-- $4,722,088
1,525,324
Amortization of debt discount
141.976
Other income deductions.. and expense
49,279
Provision for Federal income taxes
336,849
Divs. on pref. stock of Lou. G. & .
E. Co. (Ky.).- 1.354,920
Net income
.
-__
------ 81.313,738
-V. 140, P.
-----------------
281
Mangel Stores Corp.
-Warrants Expired
-
$363,144
194,844
$168,300
21.615
19.421
Corp.
-Accumulated Dividend7
,26
Maytag Co.
-Cuts Arrearage.s-
The directors have declared a dividend of $1.50 per share on
of accumulations on the $3 cumulative preferred stock, par $100, account
Aug.1 to holders of record July 15. A similar payment was made onpayable
May
last. Dividends of 75 cents per share were paid on Feb. 1 1935, Nov.1.
1
and Aug. 1 1934. this latter being the first dividend paid since Feb. 1 1932
when a regular quarterly payment of 75 cents per share was made.
Accumulations after the Aug. 1 payment will amount to $5.25 per share.
-V. 140. p. 3049.
"Medusa Portland Cement Co.- To Issue $2,200,000,
Bonds
-See under "Current Events and Discussions" on a
preceding page.
-V. 137, p. 4021.
Memphis Power & Light Co.
-Earnings
-(National Power & Light Co. Subsidiary)
Period End. May 31- 1935-8/mill-1934
1935-12 Mos.-1934
Operating revenues
$549,163
$496,691 86,581,309 $6,192.764
Operating expenses
345,435
298,678
4.170,111
3,793,480
Revs, from operation_ $203,728
$197.813 $2,411,198 $2,399,284
Other income (net)
341
340
9.402
9,822
Gross corp. income__ - $204,069
8198,153 $2.420.600 $2,409,101
Int. & other deductions_
64,797
70.309
804,869
848,718
Balance
y$139.272 y8127,844 81,615,731 $1.560,388
Property retirement reserve appropriations
674,344
685.413
z Dividends applicable to preferred stocks for
period, whether paid or unpaid
394,876
394,455
Balance
$546,
511
$480 520
Befloarredirzgneayonreti
retirement reserve aurwoperrieatpioars and dividends.
e
s
$7 and
on April 1 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.-V. 141, p. 119.
Mexican Light & Power Co., Ltd.-Earnings[Canadian Currency)
Period End Apr. 30-Month-1934
1935
1935-4 Mos.-1934
Gross earns, from oper__ $577,706
$689,151 $2,503,094 $2,797,113
Oper. exps. and deprec- 450,234
453,281
1,785,284
1,758,425
ziT
Profit before depreciatio
income tax
$166,107
Provision for depreciation n and Federal
43.168
Provision for Federal income tax
6.000
Net profit
$116,939
Earnings per share on 94,900 no-par shares common
$0.69
Balance Sheet Dec. 31 1934
Assets
-Cash on hand and on deposit, $92,595: marketable securities.
$165,571: customers' accounts receivable,
other assets, $122,318; permanent assets $419,769: inventories, $472,864:
Net earnings
$127,472
$235,870
$717,810 81,038.688
(less depreciation of $428,045).
3922.615: deferred charges. $15,140: total, 82,210,872.
-The decreases in gross and net earnings are caused by the lower
Note
Liabilities-Accounts payable for purchases, expenses, &c..
rates arbitrarily imposed by the Mexican authorities anc, by increased
accrued expenses and taxes (incl. Federal income tax), 815,528; $341,484;
taxes. The
April
bonds due Nov. 11935. 817,300; reserve for maintenance work 1st mtge. from Mexicogross earnings inwhich were also affected by loss of revenue
Tramways Co.
did not operate owing to a strike on
guaranteed.
$29,866: 1st mtge. sinking fund 634% bonds, $152,000; *capital
its system.
-V. 140, p. 4240.
$1,356.251, capital surplus, $178,504; earned surplus, $119,939; stock,
total,
$2,210,872.
'Electric Power Co.
Michigan
-Accumulated Dividends
-*Capital stock is represented by the following:
The directors have declared dividends of 8734 cents per share on the
pref. stock, no par, after deducting 11,880 shares23,120 shares of cony. 7% cumulative preferred
held in treasury, and
stock, par $100. and 75 cents per share on the
94,900 shares of common stock, no par, after deducting 100
6% cumulative preferred stock, par $100, both payable on account or
shares held in
treasury.
-V. 137, p. 1774.
accumulations on July 15 to holders of record June 29. Similar payments were made on April 15 and Jan. 15. last, these latter being the first
Manhattan-Dearborn Corp.
-Earnings
payments made on these issues since April 1 1933 when regular quarterly
Years Ended Dec. 31payments of $1.75 per share and $1.50 per share were paid on the 7%
1934
1933
Net profit realized on sale of stock and bonds_ and 6% stock respectively.
-V. 140. p. 2361.
881,251
882,260
Dividends received
26,701
26,511 --Midland Counties Public Service
Other income
Corp.
-Bonds Called
520
5,095
See Pacific Gas & Electric Co., below.
-V. 132, p. 2562.
Total income
$108,473
$113,866 Mirral Range RR.-AggwisitiernAdministrative expenses
69.046
51,521
Payment under guarantee of dividends on preferred
The Intetate Commerce Commission on June 12 approved the
rs
stock of Lawbeck Corp. (net)
quisitio by the company of the properties of the Hancock & Calumet 121
267,238
134,235
Interest paid on obligations of subsidiaries held by
The Hancock was incorp. on Dec. 27 1884,in Michigan, for a period
Lawbeck Corp
50 years; therefore, its charter expired on Dec. 27 1934, except for the
31,492
Operating losses of real estate subsidiaries not conpurposes of liquidation. The Mineral Range owns its entire capital stock,
solidated (before depreciation)
and has operated and maintained its railroad since June 1 1901, under an
141,532
agreement of that date, which provides that it shall continue during the
Net loss for year
corporate existence of the Hancock & Calumet. The Mineral Range is
$369,344
$103,381
controlled by the Duluth South Shore & Atlantic Ry. through ownership
Balance Sheet Dec. 31
of about 535 of its capital stock. The last-named company is controlled
by the Canadian Pacific Ry.through stock ownership to the extent of about
1934
1933
1934
1933
Assets
50.9%. The Canadian Pacific owns all the outstanding bonds of the
Liabilities
Cash in banks
Hancock & Calumet. The Canadian Pacific has formally consented to the
513,144 549,557 Accounts payable. __ 24,165
10,047
Listed stocks
proposed acquisition.
560,196 802,827 Balance of reserve
-V. 140, p. 2543.
Sundry receivables &
for losses in realiprepayments
Minneapolis & St. Louis RR.
-Receivers Abandonment
6,806
sation of assets_ __ 166,708 190,633
5,316
Investments in and
The Interstate Commerce Commission has issued a certificate permitting
x Capital stock
5 650,720 5,650.720
advances to wholly
the co-receivers of the company to abandon that part of company's line
Capital surplus
556,593 556,593
owned real estate
railroad extending from Martinsburg in a generally easterly directio of
Deficit
737,935 263,192
nto
subs, not consol 2,178,735 2,433,818
Junction Switch,about 22.4 miles, all in Keokuk and Washington Counties,
Real estate owned
Iowa.-V. 140. p. 4407.
71,451
Other real est. loans,
invest. & equities_
Mississippi Power Co.
-Earnings
98,696
Invest. in Lawbeck
(A Subsidiary of the Commonwealth & Southern Corp.)
Corp
2,281,212 2,252,369
Period End. May 31- 1935-11/(mth-1034
Invest. in Obermeier
1935-12 Mos.-1934
Gross earnings
8228,028
Construction Corp. 45,000
$235,880 82,667,051 82.772.507
Operating expenses_ _ _ _
155,221
y Treasury stock ____
158.565
3,707
1.801.658
2,216
1,836,324
Fixed charges
37.340
42.309
617,661
450.374
Prov, for retire't res_ _ _ _
Total
6,100
5,660,252 6,144,851
6,100
Total
73,200
5,660,252 6,144,801
Di
Dividends on pref. stock
21,09g
21.099
253,182
x Represented by 282,536 no-par shares. y Represented by 3.132 shares
2 3:2900
73 50
5
at cost of $3,707 in 1934 and 1.812 shares at cost of $2,216 in 1933.Balance
$8,269
$7,805
$88,636 def$68,629
V. 138, P. 2095
-V. 140, p. 4073.
-New Director
Missouri Pacific RR.
R. E. Harding has been authorized by the Interstate Commerce Commission to serve as a director of this company and the New Orleans Texas
& Mexico RR. He was elected to both boards in May. Mr. Harding also
is a director of the International Great Northern -V.141, p. 120.
-Earnings
Montana Power Co.(& Subs.)
Calendar YearsOperating revenues
Operating expenses,including taxes
1932
1933
1934
$9,000,515 $8,936,161 $7,653.210
4,736,939 4,635.130 3.435,660
Net revenue from operations
Other income
Gross corporate income
Interest on mortgage bonds
Interest on oebentures
Other interest and deductions
$4,263,576 $4,301,031 $4,217,550
58,901
67,661
122,470
$4.386,047 $4,368,692 $4,276,452
1,558,041
1,743,600
1,694,695
625,000
625.000
625,000
232,610
241,772
224,460
Total
Less int.charge to construction
$2,544,155 $2,610,373 $2,415.652
190,407
66,483
$2.544,155 $2,543,889 $2,225,244
$1,841,892 $1,824,802 $2,051,207
320,000
415,000
525.962
Net Interest and other deductions
Balance
Prop,retirement reserve approps
Balance carried to earned surplus_ _ $1,315,930 $1,409,802 $1,731,207
944,570
953,657
955,120
Dividends on pref.stock $6 series_ _ _ _
620,416
Dividends on common stock
Sheet Dec. 31
Consolidated Balance
1933
1934
1933
1934
Liabilities
Assets
b Capital stock- 65,468,423 65,451,623
Plant, property,
80,900
49,700
trance, da__121,316,310 121,107,467 Cap,stock subsc
238,027 Long-term debt_ 44,200,517 46,488,400
235,477
Investments ___
12,000
12,000
Contract pay'le_
Cash In banks
378,395 Long-term debt,
378,428
On demand_ _
curr. matueg. 1,417,000
Notes & loans
693,000
900,000
220,125 Loans payable__
c200,661
receivable__
Acc'ts payable:
Accts. receivle:
45,708
20,793
ARIL cos
Custs.& misc. 2,328,666 1,993,931
139,645
225,380
Other
403
ARIL co
364,041
387,485
deps_
Casts.
Subset% for pt.
1,305,540 1,229,442
34,474 Accrued acc'ts
21,819
stk. $6 sers.
5,350
4,400
608,909 Misc. curr.liabs.
655,941
Mat'ls & suppls.
718,930
729,705
18,445 Mlscell. Ilabs_ _ _
2,265
Prepayments ___
11,415,973 10,934,424
18,914 Contract'lliab
16,614
Misc. currAssets
Mlscell. assets__ 2,858,876 2,323,611 Det'd credit to
317
income
a Contraet'l rts_ 11,415,973 10,934,424
6,491,979 5,450,099
Reserves
Unamort'd debt
surplus_ 8,827,900 8,624,522
dlsct. & exp... 1,995,970 2,327,122 Earned
34,242
29,710
0th. det. chgs__
141,457,114 140,238,089
141,457,114 140,238,089 Total
Total
a To acquire from American Pow. & Lt. Co. securities of Montana
Pref. $6 series, 159,235
Power Gas Co. (see contra). b Represented by:
shares in 1934 (159.068 shs. in 1933);common,2,481,665 shares;subsidiaries
-directors' qualifying shares, nine shares in 1934 (eight in 1933) common. c Notes receivably only.
Tenders
The Guaranty Trust Co. of N. Y., trustee, will until July 19 receive bids
for the sale to it of sufficient 1st & ref. mtge. 5% sinking fund gold bonds,
series A, due 1943, to exhaust the sum of $166,307 at prices not exceeding
105 and interest. Bonds accepted are to be delivered on July 23.-V. 141,
p. 120.
Monterey County (Calif.) Water Works-Bond Application-
The company, controlled by Western Continental Utilities, Inc., has
applied to the California Railroad Commission for permission to issue and
sell $660,000 series B 1st mtge. 3% bonds, proceeds of sale to be used to
retire $635,000 series A 1st mtge. 6s, due Oct. 11935.stated that the sale
In its application to the Commission the company
of the new bonds and the retirement of the series A issue is preliminary to
-V. 135, p. 2997.
merger of the several small utility companies.
-Sales
Montgomery Ward & Co., Inc.
1935
$17,904.886
22.783,089
25.671.012
22,914,580
23,822,297
Mandl ofFebruary
March
April
May
June
Total for five months
-V. 141, p. 119.
1934
$15.421,893
18.312,477
20.872,132
20.934.510
19,266,336
1933
$10,131.891
11.263.374
15.665.586
15,247,812
16.103.560
$112,995,864 $94,807,348 $68.412,223
-Earnings
Moore Corp., Ltd.(& Subs.)
1934
Calendar YearsTot. earns, after deduct.
all expenses incident to
51.285,421
operations
24.460
Int. on sub. cos.' bonds_
423,716
Prov. for depreciation_ _
173.944
Prov. for Federal taxes_
Net profit
Pref. clas A divs
Pref. chess B divs
Common dividends
$663,301
230,153
117.439
138,120
Balance of profit
Surp. bet forward Jan. 1
$177.589
428,542
1933
1932
1931
5953,924
37,397
416,828
77,032
$741,914 $1,056,095
50.961
41,610
367.764
360.507
69,420
41.700
$422,667
230,153
117,439
$298,097
230,153
117.439
39.249
$567,950
230.148
117,439
313,978
$75.075 def$88,744 def$93.615
535.825
442,210
353,467
$442,210
$353,467
$428,542
$606,130
Surplus, Dec. 31
313.979
276,241
276.241
276,241
Shs, corn. stk.(no par)
$0.70
Nil
$0.27
$1.14
Earnings per share
Dec. 31 1934
Consolidated Balance Sheet
Assets
-Cash in banks and on hand, $775,727; Govt. and municipal
for doubtful
bonds. $226.000; accounts and bills receivable (after providing
supplies,
accounts), $1.412,396; inventories of merchandise andLand and$1,021,431;
buildings,
sinking fund, $463;
cash in hands of trustees for
$2,446,159).
machinery and equipment (less reserves for depreciation of$1; insurance
investments, $1,052,787; good-will and patents,
$4,035,464;
deposits and expenses paid in advance, $100,978; total. $8.625,246.
Liabilities-Accounts payable, $369,598; bond interest accrued, $2,685;
dividends payable on preferred stock. $86,898; reserve for Federal taxes,
cum. cony.
$185,148; bonds of subs. cos. outstanding, $178.500; 7% B stock (par
pref. A stock (par $100), $3,287,900; 7% cum. cony. pref. $2,230,688•
shares no par),
$100).$1.677,700,• common stock (276,241
surplus. S606,130; total, 38,625,246.-V. 139. p. 3330.
-Earnings
Motor Transit Co.
-Month-1934
Period End. June 30-- 1935
$42,883
$44,954
Gross earnings
29.843
/4peration
1
(
7,568
7,562
aintenance
5,633
6.871
Taxes
643
853
Interest a
def$805
Balance
$2.259
Reserve for retirements (accrued)
1935-12 Mos.-1934
$574,737
$580,745
368,069
331,783
97,718
84.043
66,553
78,225
8,876
10,181
$33,519
$76,511
96,192
88.203
$62,672
$11,692
Deficit
when
a Interest on 6 % secured income bonds is deducted from surplus 1935
declared and paid. Interest not declared or paid through June 30 4074
$229,157 and is not included in this statement -V.140. p.
amounts to
-Deposits Under Plan Urged
Mortgage Co. of Pa.
George Ramsey, Chairman of the bondholders' committee for the first
mortgage collateral 534% bonds due Oct. 1 1938 and Jan. 11939,is request-
July 13 1935
Financial Chronicle
282
reing holders of these bonds who have not deposited under the plan of the
to do so promptly in order that
organization approved by the Court consummated at the earliest possible
plan may be declared operative and
been
date. More than a majority of the outstanding bonds have already
Broad St., Philadeposited. Fidelity-Philadelphia Trust Co., 135 South
New York.
delphia, is depositary and Robert E. Goldsby, 100 Broadway,
of the committee are
is Secretary of the committee. Other members plan in V. 140, p. 3395.
Charles B. Roberts 3rd and Albert It. Thayer. See
-Earnings
Mount Royal Hotel Co., Ltd.
1931
$583.679
257,227
200,000
1932
$151,489
247,666
200,000
Calendar YearsOperating profit
Interest, amortiz.,&c
Depreciation
1933
1934
$23,958 loss$22,577
246,256
244,012
200,000
200,000
Net loss
Preferred dividends
$420,054
$468,833
Deficit
Previous deficit
$420,054
860.203
$468,833
348.312
$296,177
sur.11,731
$78,319
sur.85,185
$1,280,257
Deficit
Amount res. for deprec.
on investment _
Amount reserve against
claim in litigation..
Amt. written-off other
investments_
Surp. adj. prior years
$817,145
$284.446
sur$6,866
3296,177prof$126,452
(3%)204.771
50.000
20,000
40.768
2,290
Cr6,133
Cr4,865
$348,312 sur$11,732
$1,280,257 $860,202
Deficit
Balance Sheet Dec. 31 1934
-Cash in banks and on hand, $35,423; Dominion and Provincial
Assets
Govt. bonds and other marketable securities, $299,836; accounts receivable
(less reserve for doubtful accounts), $88,638: accrued interest receivable
other
$1,765; inventories, $33,227; Prepaid operating expenses. $57,906;
of
Investments at cost, $3.935; land, building, &c. (less reserve for deprec.
deferred charges, $350,403; good-will, $900,000;
$2,545,006), $7.537,762;
deficit. $1,280,257; total, $10,589.157. interest due and accrued and other
Liabilities-Accounts payable,$72,788;
accrued charges. $129,489; unclaimed wages, $1,179; funded debt, $3,560-.
000; 6% cumul. pref. stock, $6,814,800; 8% cumul. pref. stock, $10;300
given,
8% cony. debentures, $600:60,000 common shares (no par), no value
total, $10.589,157.-V. 140, p. 3902.
--Earnings
Mountain States Power Co.
1935
12 Afos. Ended Afay.3153,059.900
1931
$2,767,426
Operating revenues
-•1
Operating expenses, maintenance and taxes (other
2,055,433
2,124,016
than income taxes)
184.460
301,948
reserve
Appropriation for retirement
$633,906
242.419
$627,531
247,151
$876.326
505,0:12
366,252
5,041
$874.683
506,086
361,908
6,688
Nil
Net oper. revenue (before prov. for inc. taxes)_ Other income
Gross income (before pros. for income taxes) ___
Interest on funded debt
Other interest (net)
Other income deductions
Nil
Net Income
--V. 140, p. 4074.
-Sales
(G. C.) Murphy Co.
1934
1935
1933
'$1,803,350 $1,554,500 $1,129,575
1.222.990
1,890.864
1,584.436
1.313,762
2.266.253
2.246.132
1,628.758
2,575,705
2.060,363
1,661.437
2,420.153
2,367,499
1.808,328
2,583,924
2,465,993
$13,540,256 $12,278,690 $8,764,847
Total six months
The company had 188 stores in operation on June 30 1935 as against
-V. 140, p. 3902.
181 stores last year.
Month ofJanuary
February
March
April
May
June
-Tenders
Nashville R.& Light Co.
The Guaranty Trust Co., trustee, 140 Broadway, N. . City, will until
sale
10 a.m. on July 29 receive bids for theto an to it of ref. & ext. mtge. 50amount sufficient to exhaust
year 5% gold bonds, due July 1 1958,
at the lowest prices at which such bonds shall be offered, but not
$31,348
exceeding that price at which the bonds so purchased, if held until maturity,
-V. 140. p. 322.
will yield an interest return of 436% per annum.
-Domestic Orders-National Cash Register Co.
1934
$1.1705000 31.076.000
.
1.179.375
1,005.550
1,562.100
1.310.550
1,369,225
1,103.475
2,216.800
2,407,000
2.301.405
2,082,475
Month ofJanuary
February
March
April
May
June
$10,089,205 $8,794,850
Total six months
-V. 140. p. 3902.
-Sales
Neisner Brothers, Inc.
1935
$993.998
1,054.094
1,335,033
1.565.107
1,611,722
1,659.049
Month ofJanuary
February
March
April
May
June
1934
$984,596
988.901
1,562,651
1,300.759
1,707,159
1,579,183
1933
$793.048
831.704
924,976
1,278.039
1.363,374
1,311,135
$8,219,808 38,123,249 56,502,262
Total six months
-V. 140, p. 3902.
-Earnings
Nehi Corp.(& Subs.)
1934
Calendar Years51,026,373
Net sales
374,471
Cost of sales
328.278
Sell. & admin. expenses_
1933
$648,382
250,888
252,277
1932
1931
$735,248 $1,808,102
381,239
774,957
370.057
674.353
Operating profit
Additions to income_ _ _ _
$323,623
10,200
$145,217 loss$16.048
6,854
2,659
$358,792
4.263
Net income
Deductions from income
Allowance for or charge
off of uncollectible
accts., notes & acceptances receivable
Federal & State taxes..
Discount on pref. stk. acquired for treasury_
$333,823
37,334
$152,071 loss$13.389
35,126
79,677
$363,055
102,131
21,112
25,675
69,015
150,922
15,898
Cr16,125
$91,270 loss$162,082
3110,229
Net income for year.... $275,377
-A total of $80,000 was charged to surplus in 1932 as an additional
Note
allowance for losses on receivables and advanced commissions arising in
prior periods.
Consolidated Balance Sheet Dec. 31 1934
Assets-Cash in banks and on hand, 8126,870; notes, acceptances and
accounts receivable from bottlers for merchandise sold, loans and advances
and miscellaneous accounts receivable, (less, allowance for doubtful notes
and accounts of $86,725), $109,880; commissions advanced to district sales
managers (less allowance for loss), $3,664; inventories, $54,066; bottling
machinery and equipment for resale, 56.965; fixed assets, (less allowance for
depreciation of 3289,422). $336.731: prepaid insurance and taxes and
advertising material, $10.304; goodwill, trade-marks and formulae, $2,039,648; total. $2,688,130.
Liabilities-Accounts payable, 52.684: accrued taxes, wages, conunissions, &c., $9.945: customers' credit balances. $4,112; reserve for un-
Financial Chronicle
Volume 141
settled tax claims, $9.605; 1st pref. $5.25 cum. stock (16,500 shares after
deducting 2,500 shares held in treasury at a cost of 1176,000), $1,320,250:
18 cony. cum. pref. stock (7,000 shares). $700,000; common stock,(150,000
shares), 1150,000 capital surplus, $830,750; deficit, $339,216: total 12.686,130.-V. 139. p. 1876.
(J. J.) Newberry Co., Inc.
-Sales
-Month ofJanuary
February
March
April
May
June
1934
1935
1933
12.344.989 $2.360,766 $1,883,121
2.528.508 2,294,272
1.976.225
3.021.008 3.329.179 2.117.309
3,521.565 2.876,783
2.710,174
2.740,152
3,365,749 3.408,136
3,520,525 3,608.094
2.900,065
Total six months
-V. 140, p. 3903.
$18,302,568 $17,877,289 114,327,046
New England Telephone & Telegraph Co.
-Earnings
Period End. May 31- 1935
-Month-1934
1935-5 Months
-4934
•Operating revenues
15.745,233 $5,682,782 $27,837,095 $27,702,301
Uncollectible ()per. rev
17,693
16,579
97.582
124,240
Operating expenses
4,172,852 4,051,407 20,191.937 19,664,e44
Operating taxes
462,166
450,040
2,372.394
2.302,903
Net operating income. $1,073,666 11,163,642 15,175,182 $5,610,214
-V.140, p. 4075.
New Orleans Public Service, Inc.
-Earnings-[Electric Power & Light Corp. Subsidiary]
Period End. May31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$1,242,701 $1,206,586 115,100,724 $14,977,562
Operating expenses
884,624 9,782,772 9.530,975
832,999
Net rev. from operOther income (net)
$409,702
3,873
1323,762 $5,317,952 $5,446,587
2,220
23,481
26,965
Gross corp.income_
Interest & other deducii.
$413,575
240,798
1325,982 $5,341,433 $5.473,552
245,139 2,902.470 2.925.404
Balance
y$172,777 y$80343 $2.438,963 $2,548,148
Property retirement reserve appropriations
2,124,000 2,124,000
z Divs. aPplic. to pref. stock for period, whether
paid or unpaid
544.586
544.586
Deficit
$229,623
$120,438
y Before property retirement reserve appropriations and dividends.
.z Divs. accumulated and unpaid to May 311935. amounted to 11,248.010.
Latest div., amounting to 137Ii cents a share on $7 pref. stock was paid
April 1 1933. Diva, on this stock are cumulative.
Hearing on Plan July 19-
A hearing will be held in the Eastern District Federal Court of Louisiana
on July 19 on a petition of company for the extension of all general lien
4K% bonds until 1942, with Interest at 5% on the balance due on the bonds,
.and for authorization of the New York Trust Co., trustee, to show on its
books payment of 10% of the principal of the bonds, in accordance with the
plan of reorganization.
-V. 141. p. 122.
New Orleans Texas & Mexico RR.
-New
See Missouri Pacific RR. above.
-V. 141, p. 122.
Director
-
New York Central RR.
-Earnings
(Including all Leased lines)
Period End. May31-Month-1934
1935-5 Mos.-1934
1935
Railway oper. revenues_124,994.185 $25,636,9651125,459.910$126,110,759
Railway oper. expenses_ 19,076,584 18,556,921 96,096.263 93,201,491
Railway tax accruals__ _
Uncollect. ry. revenues_
Equipt. & St. fac. rents_
2,108,543
7,931
1,325,021
2,362.211
42,919
1,435,185
9.893,521 11.791,496
32,907
115,856
6,354,461
6,963,957
Net income
Misc. & non-oper. inc
12,474,103 $3,239,726 $13,082,758 $14,037,967
1.599,440
1,854.976
8,239,011
8,965,884
Gross income
Deductions
$4,073,544 $5,094.703 121,321,767 $23.003,851
4,917.910
5,022.611 24,744.964 24.643,925
Net income
-V.141. P. 122.
def$844,365
$72,091 df33,432,197d1$1,640,073
New York Chicago & St. Louis RR.
-Obituary
-
See Chesapeake & Ohio RR.above.
-V. 140. P. 4408.
---New York 8X•Vuras Rosario Mining Co.
-50
-Cent
Extra Dividend
' The directors have declared an extra dividend
per share
addition to the regular quarterly dividend of 25of 50 centsshare on in
cents per
capital stock, par $10, both payable July 27 to holders of record July the
Similar distributions were node in each of the five preceding quarters16.
compared with extra dividends of 75 cents pe: share in addition to as
the
regular payments on Jan. 30 1934 and Oct. 30 1933. A special distribution
of $I per share was made Dec. 29 1934 and one of 50 cents per share on
Dec. 29 1933.-V. 140, p.3398.
New York Telephone Co.
-Earnings
Period End. May31- 1935
-Month.
-1934
1935-5 Mos.-1934
Operating revenues
$16,108,041 $16,023,583 $78,127,084 $78,533,237
Uncollectible oper.rev
75,484
78,251
399,507
444,315
Operating expenses
11,700,471 11.314,484 56.115,315 54,757,846
Operating taxes
1,851.734 8,293,659
1,655,782
7.584,704
Net operating income_ $2,673,537 12.781,681 113,318,603 $15.746,372
-V. 140, P. 3903.
- --New York Water Service Corp.
"
-Seeks to Issue 82,300,000 1.st Mtge. 5s
-See under "Current Events and Discussions" on a preceding page.
-V. 141, p. 322.
North American Trust Shares-Distributions
The City Bank Farmers Trust Co., as trustee, will distribute on July 15
to the bearers of Coupon No. 8 appertaining to North American Trust
Shares, 1955, the sum of 1.048 per trust share and to the bearers of Coupon
No.8 appertaining to North American Trust Shares, 1956, the sum of $.052
per trust share. The amount so to be distributed is in each case for the
semi-annual period ending June 30 1935. and is classified as follows:
sourceNets 1955
Nets 1956
Regular cash dividends
.046830
1.046100
Extra cash dividends
.001830
.001750
Proceeds from the sale, pursuant to
the terms of the trust agreement,of
stock of Mission Corp. received in
connection with holdings of Standard Oil Co. of N. J. and of stock of
Radio Corp. of America received in
connection with holdings of Westinghouse Elec. & Mfg. Co
.002912
Carry-over from pi(seeding cUstribut'n
.000164
.001785
Total
1.048824
3.052547
Deduct:
Expenses paid by the trustee
.000009
.000009
Carry-over (minor fractions not
practicable to distribute on this
distribution date)
.000815 .000824 .000538 .000547
Total to be distributed
1.048000
1.052000
-v. 140. p. 323.
-Electric Output
North American Co.
President J. F. Fogarty on July 9 made the following quarterly report of
electric output:
283
"Electric output of subsidiaries of the North American Co. for the first
six months of 1935 was greater than for any half-year period in the history
of present subsidiaries. In spite of the usual seasonal decline, improvement in electric output has continued to be substantial, the kilowatt-hour
volume during the second quarter being only slightly less than during the
first quarter. The volume for the 12 months ended June 30 1935 exceeded
5,000,000.000 kilowatt-hours for the first time in any 12 month period since
that ended March 31 1931. Compared with the 3
-month, 6
-month and
-month periods ended June 30 1934, the increases shown by the corre12
sponding periods ended June 30 1935 were 53 %,
6% and 5%,respectively."
-V.140. p.3224.
'Northern Ohio Telephone Co.
-To Issue $1,600,000
43/2% Bonds-See under "Current Events and Discussions"
on a preceding page.
-V. 141, p. 122.
Northern Pacific Ry.-Abandonment and Operation
The Interstate Commerce Commission has issued a certificate (1) permitting Northern Pacific Ry., Great Northern By., Oregon-Washington
RR. & Nay. Co. and Chicago Milwaukee St. Paul & Pacific RR. to abandon their Jointly-owned line of railroad called the west-side line, extending
southerly along the west side of the Cowlitz River from Vader Junction to
a point near the freight house at Longview, 19.35 miles; (2) authorized the
St. Paul to operate under trackage rights over that portion of the main line
of the Northern Pacific extending along the east side of the Cowlitz River
between Olequa and Longview Junction, 20.36 miles; and (3) granted the
Longview Portland & Northern By. (a) permission to abandon operation
under trackage rights over the west side line, and (b) authority to operate
under trackage rights over the portion of the aforesaid main line of the
Northern Pacific extending southerly from Yoder Junction to Longview
Junction, 21.93 miles, and over a line of railroad jointly owned by the
Northern Pacific. Great Northern, Oregon-Washington and the St. Paul,
extending northwesterly from Longview Junction to the Longview company's station 136. plus 54.7, at or near Longview, 0.96 miles, all in Lewis
and Cowlitz counties, Wash.
-V. 140, p. 4409.
Northern States Power Co.(Del.) (8c Subs.)
-Earnings
Period End, May31- 1935-5 Mos.-1934
1935-12 Mos.-1934
Operating revenues----313,834,960 $13.547,574 132,352,125 $31,404.955
Oper. exps., maint. and
taxes (other than income taxes)
7,432,933
7,051.710 17,622.753 16,477.075
Approp. for retire. res've 1,126.666
1,126,666 2,900,000
2.900,000
Net oper. rev. (before
prov, for inc. taxes) $5,275,361 15.369.197 $11,629,372 112,027.879
Other income
44,476
47,055
103.737
116,606
Gross income (before
prov. for inc.taxes). 15.319,838 15,416.252 111,733,110 112.144,486
Interest charges (net)__ - 2,478,529
2.397.784
5,850.727
5,757,109
Amort. of dt. dis. & exp..
107,245
94,604
243,213
214,137
Other income deduc'ns-20,856
23,387
56.242
52.474
Minority int. in net income of sub. co
11,718
11,037
28,439
26,353
Prov. for Fed. & State
income taxes
253,036
257,350
562,521
637,982
Net income
$2,448,450 12,632,067 $4,991,965 15,456,430
The Board of Railroad Comimssioners, State of North Dakota, on April
23 1934 ordered a reduction of 25% in electric and steam rates at Minot,
N. D.. and on April 18 1935 ordered a 25% reduction in electric, gas and
steam rates at Fargo, and electric rates at West Fargo, N. D., pending a
valuation of these properties for rate-making purposes. The orders
the company to charge the rates then in effect until new rates are permit
established, on condition that 25% of collections from above-mentioned services
are segregated to provide for possible refunds on final determination of
cases. 25% of the electric and steam collections at Minot from Aprilthe
23
1934 to May 31 1935 amounted to $103,271.11; 25% of involved service
collections at Fargo and West Fargo from April 18 1935 to May 31 1935
amounted to $5,950.71. On April 10 1935 the Commission also ordered a
reduction of electric rates at Grand Forks, N. D., which order has been
appealed by the company in District Court. On May 8 1935 the Court
ordered a stay and suspension, specifying that until final determination of
this case collections in excess of amounts computed at rates established by
the Commission's order be segregated and impounded. The amount so
segregated for the period from April 10 to May 31 1935 is 16.311.10. The
company feels that these reductions are arbitrary and excessive and, pending determination of rates ultimately to be charged, it is impracticable to
estimate what refunds, if any, may be made: therefore, no deductions have
been made from earnings.
-V. 140, p. 4076.
Ontario Power Co. of Niagara Falls-Tenders
The Toronto General Trusts Corp. will until July 20 receive bids for the
sale to It of sufficient 5% 1st mtge. gold bonds as can be purchased for
$125,246 at prices not exceeding 110 and interest.
-V. 139. p. 287.
Pan American Petroleum Co. (of Calif.)
-Court Ruling
Federal Judge William P. James on July 7 ruled against the Chase National Bank, New York, trustee for the Pan-American bonds, declaring the
agreement dated Nov. 1 1931, under which the properties of Richfield and
Pan-American have been jointly operated, to be in full foce and effect
continuing such agreement as a working contract until further order ofand
the
Court.
The Judge stated that the Court would entertain an order to show cause
to terminate the operating agreement. In making his ruling, the Judge
stated in part:
"It would be unfortunate, indeed, with a favorable prospect present for
concluding both receiverships, to have installed a new manager for PanAmerican and separate the operating properties."
See also Richfield Oil Co. of California below.
-V. 140. P. 483.
(J. C.) Penney Co., Inc.
-Sales
-Month of1935
May
June
April
1934
$12,904.502 112.440.233
12,038.869 11,741.901
15.507.467 16,464.080
17.596,845 15.475,133
16.979.741 17.084.631
17,929,310 16,796.586
Total six months
-V. 140, p. 4077.
192,974,346 $90,022,564 171,029,692
January
February
March
1933
$8,689,376
8.455,073
10.234,073
14,591.329
14.431,647
14,628,193
Pennsylvania Sugar Co.
-Balance Sheet Dec. 31AsselsCash
Accts. receivable
Inventories
Land
Bldgs.dr equip.,&c
By products bldg.
and equipment.
Franco-American
Chemical Works
Fine Arts Food
Corp
Prepaid and def'd
items
1934
1933
$
2,200,531
1,110,247
3,698,818
1,404,406
8,718,558
1934
LtabflUtes$
Capital sock
4,985,400
Accounts payable_ 392,960
Notes payable_
4,745,000
Accrued liabilities_ 311,577
Dorm accounts_ 6,025,052
Reserve for taxes
1,469,770 1,585,972 & contingencies_
169,997
Surplus
6,026,079
447,646
447,646
2,525,586
1,861,562
5,637,868
1,417,635
8,994,479
19,250
127,056
5,916,702
25,754
282,267
1933
$
4,985,400
621,196
1,800,000
173,694
5,897,690
329,807
Total
22,656,065 19,121,738
-V. 139, p. 126.
Total
Ohio Water Service Co. Files-
22,656,065 19,521,738
Plcm-witiredurtThe mpany filed ri July 8, a reorganization plan,
under Section
of the anuptcy A
in the Northern District Federal Court of 77-B
Ohio.
providing that the bon be left undisturbed.
Under the plan, holders of
% and 6%
one new common share for each preferred preferred stocks would receive
share and the holders of 6%
preferred stock would receive 83 cents in cash as
additional compensation
for the higher dividend rate.
The Federal Water Service Corp. would
stock for Its advance of 11,332,500 and receive 26.650 shares of new coin.
its holdings of 58.746 shares of
284
Financial Chronicle
present common stock. Certain shares of new common stock would be
bawd to subscribers to uncompleted partial payment stock purchase
contracts.
Upon completion of the proposed reorganization, the company would
have outstanding between 40,517 and 40.547 shares of common stock, no
preferred stock and $3,820,000 1st mtge. bonds. Acceptance of the plan
must be filed before July 31.-V. 140, P. 3397.
-Earnings
Oklahoma Gas & Electric Co.
12 Months Ended May 311935
1934
Operating revenues
$11,055.313 $10,701,921
Operating expenses, maint. Ac taxes (other than
income taxes)
5,781.103
5,479.978
Appropriation for retirement reserve
981.250
1,025.000
Net operating revenue (before prov. for income
taxes)
$4.249,210 $4,240.692
Other income
59.757
3.378
Gross income (before prov.for inc. taxes)
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
Provision for Federal & State income taxes
$4.252,588 $4,300.449
2,230.005
2.228,814
200,000
200,000
31,795
26,270
99.305
96.180
July 13 1935
Philippine Ry.-Earnings-Month-1934
Period End.Apr.30- 1935
$61,082
$35,470
Gross oper. revenue......
34,900
32,877
Oper. exps. and taxes.. _ _
1935-12 Mos.-1934
$607,406
$494,735
399,931
405,140
$26.181
28,496
$89,594
349,340
$207,474
341,960
$2,314
$27,748
Net deficit
Income approp.for invest. in physical property.._
$259,745
3,371
$134,485
53,063
Deficit
-V.140, p. 3905.
$263,116
$187.549
Net revenue
Deductions
$2,593
30,341
-Cent Dividend
-25
Phillips Petroleum Co.
The c.irectors have declareL a dividend of 25 cents per share on the
common stock, no par value, payable Aug. 30 to holders of record Aug. 2.
Similar payments were made each three months from Sept. 1 1934 to and
including June 1 1935.-V. 140. p. 3398.
-Approve Dividend Plan
Phoenix Securities Corp.
At the adjourned special meeting of stockholders held on July 9, 71%
of the preferred and 62% of the common shares were voted in favor of the
plan a clearing up back dividends on the preferred stock up to June 30 by
paying $2 in cash and one-eighth share of additional preferred stock on each
$1,701,322 S1.77:342
Net income
preferred share held. The distribution will be made on Aug. 15.
-V. 140. p. 4076.
The stockholders were advised that the directors had previously declared
their Intention of resuming the regular dividend on the preferred stock be---Annual Dim en--, -Semi
Old Colony Insurance Co.
Vnning with the current quarter. See also V. 140, p. 4077, for details..
ghare
The directors have declared a se:ni-annual dividend of $4 per
, p. 4412.
of which $2 is payable Aug. 1 to holders of record July 20. and $2 is payable
-May LiquidateNov. 1 to holders of record Oct. 21. Six months and a year ago the same
Pineapple Holding Co.
-V. 140, p. 1667.
amounts were paid.
,
The stockholders at their annual meeting to be held on July 30 will vote
dissolving the company. Assets consist of 500,000shares
on liquidating and
.
Gas & Electric Co. Bottels-of-Sub- -ealledi
of Hawaiian Pineapple Co., Ltd., and $36,300 cash. If dissolution is
, •------- Pacific
The co:npany announced on July 9 that all outstanding 1st mtge. 5%
approved stockholders will receive two shares of Hawaiian Pineapple for
bonds f the Midland Counties Public ServIcelorp. have been called for
three shares of Pineapple Holding Co. and a proportionate amount of cash.
There are $2.229,500 of
redemption at 103% and int. on Aug. 1 193
Fractional shares resulting from distribution will be sold and proceeds distthese bonds outstanding in the hands of the p ic. Pacific Gas & Electric
-V. 137, p. 155.
tributed to Pineapple Holding Co. stockholders.
Co. has made arrange:nents for holders of these bonds to obtain knmediately
u 34bia, Ltd.
Pioneer Gold Mines of British Col19m
the rede:nption price, together with full interest to Aug. 1 1935, upon
presentation of the bonds at the office of the company. 245 Market Street.
Month of June
San Francisco, or at the Bankers Trust Co., 16 Wall Street, New York.
5
171
$293.000
Gross
3
1933
$19 ,800
$259,200
V. 140. p. 4410.
Net after expenses, but before depre207,560
ciation, depletion and taxes
143.500
190,000
-June Shipments
Packard Motor Car Co.
-V. 140. P. 2550.
M. M. Gilman. Vice-President and General Manager, states that June's
shipments reached the high mark of 6,513. The best previous month was
--Earnings,
Pittsburgh & Lake Erie RR.
Oct. 1928, when 5,805 cars were shipped. The previous record of weekly
-Month-1934
1935
1935-5 Mos.-1934
Period End. May 31shipments was established during the week of July 23 1928 with 1,535 cars.
Railway oper. revenues- $1,340,260 $1.488.635 $6,321,397 $6.367,358
ended June 29 last this record was broken with 1.862 shipments.
In this week
1,123.780
5,241,508
5.180,286
Railway oper. expenses- 1,048,766
"Packard's shipments since Jan. 1," Mr. Gilman said."were more than
eight times as large as those during the first six months of 1934. despite
$364.854 $1,141,111 $1.125,850
Net rev,from ry. oper. $291,493
of the new 1-20 Packard was not completely under
the fact that production
87.570
105,643
Railway tax accruals__ _
498,299
456,380
way until April of this year.
1
Uncollect. ry. revenues
2
39
Shipments since Jan. 1 to date total 20,879, as compared with 2.565
159,646
137.644
Equip. & Jt. fac. rents__
733,464
721.858
during the first six months of 1934. Shipments for June were nearly
17 times those of June last year. 6,513, as compared with 390.-V. 140.
$414,925 $1.376,273 $1,391,289
Net ry. oper. income.. $345,496
p. 4076.
32,727
66.687
Miscell. & non-oper.inc_
337,402
203,967
-Transfer AgentParamount Pictures, Inc.
The Bankers Trust Co. has been appointed sole transfer agent for the
1st preferred stock, $100 par value, and scrip agent for the same class of
-V. 141, p. 123.
stock.
-New Company
Pathe Exchange, Inc.
The name of the new company to be formed under the plan of reorganization, which will acquire all the assets and assume all the obligations of
-V. 141. p. 123.
Pathe Exchange, Inc., will be Pathe Film Corp.
,
-New Company--Pathe Film Corp.
See Pathe Exchange, Inc. above.
-EarningsPennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary]
1935-12 Mos.-1934
-Month-1934
Period End. May 31- 1935
$2,825,394 $2,755,221 $34,314,880 $33,514,372
Operating revenues
1,413,531 17,960,114 16,841,540
1,551,713
Operating expenses
1,318
16.906
1.641
22,160
Rent for leased property
Balance
Other income (net)
Gross income
Deductions
$378,224
127.598
$250,625
Net income
-V. 140. p. 4412.
•Credit balance.
$481,612 $1,580.241 $1,728,691
130,736
517,774
576,328
$350,876 $1,062,466 $1,152,363
--Earnings
Ponce Electric Co.
-Month-1934
Period End. May 31- 1935
$26,472
$25,110
Gross earnings
11.998
15,551
Operation
1,217
2.610
Maintenance
2,904
2,545
Taxes
223
146
Interest charges
$7,809
Balance
Appropriations for retirement reserve
Preferred dividend requirements
$6,575
1935-12 Mos.-1934
$323,598
$318.439
212.225
146.093
20,092
13.943
27,273
47,290
940
1, 9
$62 897
10
35,833
25.442
$110.171
40,000
25,701
Balance for common dividends and surplus_ _ _ _
$834
-V. 140. p. 3905.
$1,272,040 $1,340,372 $16,332,606 $16,655,926
405.101
44,915
435.138 '''''Portland (Ore.) General Electric Co.
28,961
-Bond
$44,470
.
Gross corp. income _ - $1,301,001 $1,385,287 $16,737,707 $17,091,064
6,214,202
519,678 6,274,825
526,435
Int. & other deductions_
34774,566 y$865,609 $10,462,882 $10,876,862
Balance
1,875,000 1,550,000
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
3,846,534 3,846,589
paid or unpaid
Extension
EffectiveHolders of more than 90% of the $6,547,000 5% first mortgage bonds have
-year extension offer mace by the company, and the exaccepted the 15
tension offer is closed. All who did not assent, will be paid par and interest.
-...
V. 140. p. 4412.
Postal Telegraph & Cable Corp.
-Management Continued in Control-
..
$4,741,348
Balance
The management was granted permission in Federal District Court,
and $5,480273tions dividends.
y Before property retirement reserve appropria
July 11 by Judge Alfred C. Coxe to continue in control during reorganization
Regular diva, on all classes of pref.stock were Paid on April 11935. After
z
proceedings. The permission was termed by the Com t as "not necessarily
dividends there were no accumulated unpaid diva.
the payment of these
permanent and subject to be reopened at any time."
-V. 140, p. 3729.
at that date.
Committees representing stockholders and bondholders were advised
Bonds- by Judge Coxe to pool the interests and form a committee of the whole.
-Sells $6,000,000 P. B. ct W.
Pennsylvania RR.
Named to Debenture Protective Committee
The company has sold $6,000.000 Philadelphia Baltimore & Washington
Hamilton Pell, senior partner of Pell & Co., members of the New York
lilt. gen. mtge. bonds, series A, due April 1 1960. These bonds were acits coll.
Stock Exchange,has been appointed a member of the bondholders protective
quIred by the Pennsylvania in 1920, and were deposited under its $60 of
co:n)nittee for the 5% coll. trust debs., according to Cecil P. Stewart,
trust indenture dated Feb. 1 1921, as part security for the issue P.13.& W
,.
-year 634% secured bonds, maturing Feb. 1 1936. The
-V. 141 p. 123.
Chairman.
000,000 15
were recently released from this pledge and $6,000,000 in cash and
bonds
secured bonds were delivered to the
Prudential Investors, Inc. Semi
-Annual Report
$6,000,000 Pennsylvania RR. 8l%
trustee so that $54,000,000 of the latter bonds are now outstanding. sale
The net assets of the corporation, taking investments at market quotaThe P. B. & W. bonds originally were 6% bonds, but before their
Hong as of June 30 1935, amounted to S8,866.792, which was equivalent to
$191.52 per share on 46,2913 shares of $6 preferred stock outstanding. The
the interest was reduced to 4%.-V. 141. p. 123.
balance remaining for the 510.540 shares of common stock outstanding,
-Sales
Peoples Drug Stores, Inc.
after deducting $100 per share for the $6 preferred stock, was $8.30 per share
1933
1934
1935
MentholIncome Account, Six Months Ended June 30
$1,466.958 $1.322.136 $1.310,613
January
1935
1934
1.185,279
1,250.116
1933
1.428.201
February
$53,450
Interest
1,268.006
$35,420
1.450,922
$46,293
1,558.292
March
129,094
Cash dividends
142,885
1,245.704
1.324,034
6
x12241
1,537,724
Art
3,312
Miscellaneous income
1.242,600
3,108
1,336,054
1,561,023
May
1,243,098
1,342,468
1,535,034
June
$185,856
Total Income
$181.413
3168.709
28,192
Expenses
23,332
20,097
$9,087,120 $8.025,732 $7,502,300
Total six months
8.989
Taxespaid and ccrued
7.673
2.899
-V. 140. p. 3905.
$148,676
Net income
$150,408
$145.713
-Obituary
Pere Marquette RR.
138,888
Preferred dividends
138,888
150,000
-V.140, p. 4412.
See Chesapeake & Ohio RR.above.
$9,788
Surplus
$11,520 def$4,287
-Earnings
the corporation's own $6 pref. stock.
(& Subs.)
Philadelphia Co.
x Including $8,502 with respect to
Balance Sheet June 30
(Not incl. Beaver Valley Traction Co.(in Receivership) ard Its Subsidiary]
1934
1935
Months Ended May 311934
Liabilities1935
12
Assets1935
1934
$47,028,751 $46.441,217
Operating revenues
Accounts Payable..
Cash In banks:
84,881
$2,511
Open exps., maint.& taxes (other than inc. taxes)- 24,071,370 23,617,384
Demand dep.._ 81,046,967 8530,634 Pref. stock divi7,204,367 7,314,331
Appropriation for retirement reserve
dend payable__
2,515
2,516
Invest. In sub. cos.
69,444
69,444
Reserve for taxes__
x Other investmls:
13,981
6,863
$15,753,012 $15,509,501
995,845 Due brace,bought
Net oper. rev. (before prov.for inc. taxes)
1,407,798
Bonds
9,327
621,886
422,380
396,788 3 Capital stock_ 6,000,000 6,000,000
Other income
,
Preferred stocks._ 136,729
Common stocks._ 5,257.221 5,558,105 Surplus
1.793,242 1,420,311
Grossincome (before prov.for income taxes)-- _$16,175.393 $16,131,387
1,900
2,800
Accts. receivable
6.510,890 6,539,080
Interest charges (net)
22.672
27,516
Accrued Int. rec
69,192 .
69,236
Contractual guarantee
1
1
Furniture & flat
387,126
387,641
Amortization of debt discount and expense
374,263
349,251
Otherincome deductions
57,881.549 $7,508,459 Total
87,881,549 87,508.459
Total
755,501
1,447,458
Provision for Federal Income taxes
x Market value as of June 30 1935 was 37,875,300 ($7.756,887 in 1934)
y Represented by 46.296 shares $6 pref. stock and 510,540 shares common
$8.031,191
$7,385,947
Net Income
-V. 140, p. 2550.
stock, all of no par value.
-v 140. P. 4245.
Volume 141
Financial Chronicle
'Public Utilities Securities Corp.
-RFC Representatives
Resign from Board-Atlas Corp. Takes Control
-
Jesse H. Jones, Reconstruction
nounced, July 11, that the governmeFinance Corporation Chairman, annt agency
Securities Corp." and that representatives ofwas out of Public Utillties
the RFC recently elected
directors had resigned. Mr. Jones' statement follows:
"We 're out of the Public Utilities Securities Corp.. .
and
tives of the RFO.recently elected to the position directors the representaof
in that company
have resigned.
We traded the notes of the Webster Securities Corp. to
the Atlas Corp.
for 5% debentures of the Utilities Power & Light Corp.,
the
being a subsidiary of the Public Utilities Securities Corp., latter company
which in turn,is a
sub. of Webster Securities Corp.
"Webster Securities Corp. notes,
Central
were in default, no interest havingheld by the for two Republic Trust Co.,
been paid
years, and were inadequately secured.
"Interest on the debentures
In the principal amount of the is being regularly paid and we received debs.
2.260.000
Webster notes, with interest to date, a total
of
$.
"The trade is a very advantageous one for the Central
Co. and relieves the RFC of any responsibility of managem Republic Trust
ent in the affairs
of these utility companies."
Confirming the stateme
regard to the purchase by it of Jesse H. Jones. chairman of the RFC, in
Bank Trust Co.in Webster Atlas Corp. of the interest of Central Republic
Securities Corp. and in Public Utilities Securities
Corp., Floyd B. Odium, President of Atlas
stated that Atlas considers this as omy a te.nporary investme
Corp..
nt and that Atm has no intention
of becoming active,y interested in the managem
ent of Utilities Power &
Light Corp.
Mr. Odium also confirmed the purchase
of
Securities Corp. and Pubtic Utilities Securities certain notes of Webster
Illinois National Bank & Trust Co.of Chicago. Corp. held by Continental
-V. 140. p. 3905.
Puget Sound Power & Light Co. (Sc Subs.)
-Earnings
Period End. May 31- 1935
-Month-1934
1935-12 Months
-1934
Gross earnings
$1,085,271 $1,059,257 $13,471.620 *12,848,394
Operation
433,428
395,701
5,243,803 4,881,906
Maintenance
58.901
48,592
792,450
611.187
Taxes
149.602
159,638
1.921,254
1,642,964
Balance
$455425 $5,514411 $5,712,336
Inc.from other sources-- $443,339
34,733
34,733
416.800
418,062
Balance_ _ _
$490,058 $5,930,911 $6,130,399
Interest &
$1
3
1fig
329,053 3,893,342 4,001.855
Balance
$156,436
$161,005 $2,037,569 $2,128,543
Appropriations for retirement reserve
1.353,526
1,444,786
Prior preference dividend requirem
ents
550,000
550,000
Preferred dividend requirem
ents
1,583,970
1,583,970
Deficit for common dividends
and surplus..
$1,449,926 $1,450,212
-V.140. IX- 4079.
Reiter-Foster Oil Corp.
-Earnings
--
Calendar YearsGross inc.from crude oil & gas
prod-Other income
Total income
Prod. oper, gen. & admin.
,
exPs--Loss through sale, aband. & surrender
ofleases
Prov.for deplet. & depreciation
Net loss for year
1934
$24.35
8
16
1933
$45,539
2.716
1932
$83,365
13.368
$24,374
41.284
$48,255
56,997
$12 7.1
:5
139.351
20,017
88,872
55,062
221,738
18,065
$176,276
$152,676
$208,645
Balance Sheet Dec.31 1934
Assets-Cash, $642; accounts,
notes and accrued interest receivable
(net). $24.461; undisbursed colletions
, held by trustees, for account of
notes payable, secured by
assets (less depreciation mortgage. $5,893; due from officer, $100; fixed
and depletion of $146,256). $506,242; prepaid
Insurance, taxes and other
assets, $105; total, $537,445.
Liabilities
-Notes payaole (secured by mortgage in default, from which
mortgaged properties, trustees are receiving
disbursements and accrued interest thereonincome and making necessary
of $19,118). $133,709; other
notes payable (secured). $2,951; accounts
payable,
(secured). $13.584; other accounts payable, taxes officers and employees
and payrolls, $6,281;
capital stock (543.750 shares,
no par). $2,468.878; capital surplus, $1.307,895: deficit from operation
s. $3,395.855; total, $537,445.-V. 139, p. 2843.
Republic Steel Corp.
-Meeting Again Adjourned
-
The adjourned special
meeting of stockholders to consider acquisition
of the Corrigan, McKinney
Steel Co., and to consider agreement with
certain stockholders of Truscon
Steel Co. relating to acquiring outstanding
stock of that company has
been further postponed to July 18.-V. 140.
p. 4079.
Reynolds Investing Co., Inc.
-Earnings
Income Account Year Ended Dec. 31 1934
Cash dividends received and
$143.314
Interest received and accruedaccrued
8.153
Miscellaneous income
38
Total income
$151,505
Net loss on securities sold
93,627
Profit before deducting expenses
$57,878
Expenses and other charges
220.280
Gross loss from operation
$162,402
Non-recurring income received
in settlement of dividend arrears on
Stokely Brothers & Co.preferred
stock
87.537
Net loss for the year
$74,864
Balance Sheet Dec. 31 1934
Assets
-Cash on deposit
hand.$32,332; accrued diva. & int. receivle,
$32,821; due for securities & on $28,910;
sold,
other acc'ts receivle, $9; securities
(at cost), $13.880,746; deferred
charges, $157,008; total,
Liabilities-Bank loan, $50,000; accrued int. payable$14,131,826.
on dabs. & bank
loan, $43,686; acc't payable to assoc.
State taxes, $896; 5% deb. bonds seriesbroker. $148,592; res. for Fed. &
A, due 1948. $3,446,900; $6 cum.
pref. stock (no par), $1,130,70
0; common stock ($1 par). $1.782.819;
capital surplus. $6,943,834;
earned surplus, $584,400; total, $14,131.826.V. 137. p. 1778.
r-- Richfield Oil Co. of Calif.
-Foreclosure Sale Decreed
Federal Judge William
285
Rike-Kumler Co., Dayton, Ohio
-Earnings
Years Ended Jan. 311935
1934
1933
Netsales
Cost of sales, operating expenses, net $4.868,141 $4,004,763 $4,021,021
other deductions, &c
4,520,545 3,751,483 4,004,265
Provision for depreciation
67,003
61,787
60,254
Provision for Federal income tax
39,500
25,500
Net profit
$241,093
$165.992 loss$43,498
Dividends on preferred stock
26,005
26,694
27,718
Net profit aPplic. to common stock *215,088
$139.298 def$71,217
Decrease ofreserve provided to reduce
common treasury stock to book
13,591
6.322 Dr19,913
a Discount on pref. stock purchaseval
d
30
1.697
4,211
Variation in indicated market value of
marketable securities during the year
5,693
1,218
6,275
Adjustments affecting prior year's reserve for losses, &c
14,116
Total surplus
Common nividends paid
Special reserves provided
$248,516
113,023
$148,536 def$80.643
56,524
42,656
59,635
Net addition to surplus
Surplus at beginning of year
$135,493
$92,012 def$182,934
2,033,954
1,941.942 2.124.876
Surplus at end of year
$2.169,447 $2,033,954 $1,941,942
Shs. common stock oatatanding
112,998
113,048
113.048
Earns,per shs,common stock um par)
$1.90
$1.23
Nil
a pref. treasury stock purchased-......
13 shs.
170 sbs.
165 shs.
Balance Sheet Jan. 31 1935
Assets
-Cash on deposit and on hand, $280,891; U. S. Govt. securities
,
$300,383; municipal and corporate securities
customers' notes and
accounts receivable (less reserve), $601,106;, $50,061;ise inventory
merchand
, $661,498; creditor's debit balances and sundry current receivabl
es, $27.533;
deposit in closed bank, $23,335; sundry notes and
$6,990: real estate not used in operations, $61,408; accounts receivable.
(less reserve), $19,901; real estate, store fixtures andsundry investments
equipment (at coat
less reserves for depreciation), $1,056,474; deferred
charges, $21.235; total.
$3,110,816.
Liabilities-Accounts payable, $242,705; provision for Federal income
tax, $39,500; accrued real, personal and other taxes. *45.140,•
7%
stock cum.(3,709 shares). $3'70,900: common stock (112.998 shares pref.
after
deducting 12,002 shares at cost, $256,877). $243,123 surplus earned,
;
$2,169.447; total. *3.110,816.-V. 140, p. 3400.
Rio Grande Southern RR.
-Not to Register
-
The New York Stock Exchange has been advised
receiver, that "in view of the negligible amount ofby Victor A. Miller.
transactions
1st mtge. 4% bonds, due July 1 1940 on the Exchange, the corporatiin the
on will
not make the application for permanent registration."
The Exchange announces that these bonds are exempt under
Rule AN-8
until Oct. 16 1935, after which date no trading in them
will be permitted
on the Exchange
-V. 132. p. 2959.
Roos Bros., Inc.
-Earnings
--
Calendar YearsSales
Net profit
Federalincome tax
1934
1933
1932
1931
$3,865,837 $3,391,724 83,266,391 $4.449.59
1
199,312
124,606 lossx161,261
120.595
29,606
17,000
15.778
Net income
$169,706
$107,606 loss$161,261
$104,817
Pref. stock dividends_ _.
56,963
56,556
42,354
65,000
Common stock dividends
15,590
133.000
Balance
$112.743
$51,050 def$219,205 def$93,183
Earnngs per share on
common stock
$1.48
$0.67
Nil
$0.50
a Loss after depreciation and extraordinary write-offs.
Balance Sheet Dec. 31
Assets
1934
1933
Liabilities
1934
1933
Cash
$558,641 $387,681 Mdse.& gen. cred. $215,993 $308,260
Securities
51,564
174,022 Other accts. pay..,.
124.333
Customers' accts.
Mdse. orders
26,305
21,586
receivable
760,114
712,377 Dep, on sub leases
41,034
34,914
Other accts. rec
6,355
6,392 Fed. & State taxes
Inventories
750,725
814,127
accrued
77,549'
59,070
Life ins. surr. val.
22,481
Misc. curr. habit_
138,976
Prepaid expenses_
63,808
48,477 Preferred stock_ __ 1,000,000 1,000.000
x Fixtures & equip 277,080
283,021 y Common stock..
80,000
80,000
Lease deposit
20,000
40,000 Earned surplus__ 156,251
45.254
Other assets
11,964
16,590 Capital surplus_ -- 755,918
780,311
Good-will
1
1Own Ins. reserve__
30,708
28,962
Total
$2,522,735 $2,482,689
Total
$2,522,735 $2,482,689
x After deducting reserve for depreciation and amortization of $653,366
In 1934 (1933 $613,859). y Represented by 80,000 shares (par $1) ineluding 3,896 shares in 1934 (3.696 in 1933) held in treasury.
-V. 140.
P. 1671.
Rose's 5, 10 & 25 Cents Stores, Inc.
-Sales
-Month of1935
January
February
March
April
May
June
*213,287
241.914
290,727
315,913
310,873
307.797
1934
*186,008
199,429
237,261
206,861
235,262
233,004
Total six months
$1,680,614 $1,297,827
The company has 79 stores in operation at end of June, compared
with
69 stores on June 30 1934.-V. 140, p. 4080.
Rutland RR.
-Earnings
Period End. May 31- 1935
-Month-1934
1935-5 Mos.-1934
Railway oper. revenues.. $273,602
$283,328 $1,290,025 $1,355,752
Railway oper. expenses_
264,507
251.611
1,297,848. 1,287.157
Railway tax accruals__ _
19.843
19.960
98,217
98,403
Uncoil. ry. revenues......
40
18
Equip. & it, fac. rents *
879
1.830
16.191
15,225
Net ry, oper. income.. def$9.868
$13,586
$89,889
$14,601
Miscl. & non-oper. inc_ _
14,398
5,183
32,786
26,330
Gross income
*4.529
318,770 def$57,102
$11,729
Deductions
35,014
35,185
175,629
176,906
Net deficit
*30.485
$16,414
$232,732
$165,176
• Credit balance.
-V. 140. p. 4413.
P. James at
Angeles on July 5 approved the
form for decree of foreclosure and saleLosthe company
of
and Pan American
Petroleum Corp. properties as submitte
d by
Chase National Bank, Pan American trustee,Joseph V. Kline, counsel for
with modifications approved
by counsel for the Richfield trustee, counsel for
the receiver, and counsel
for the reorganization committee. It
is
sign the decree after completion of a legalanticipated that the Court will ---Sttouis Gas & Coke Corp.-Thettring-Sept7TTdescription of the properties to
The Southern District Federal Court of
be submitted as part of the decree. Counsel
the da for:yaring on the reorganization Illinois has set Sept. 17 as
fully opposed two provisions of the decree for Cities Service Co. unsuccessplan prepared by George B.
which the Court approved.
Eva. trustee. V. 140, P. 4413.
ns
Richard W. Millar, Secretary of the Richfield reorganization
committee,
commenting on the proceedings, stated
St. Louis Public Service Co.
complicated nature of the Richfield and in part: "Because of the highly
-Interest Payments
Pan American
Federal Judge C. B. Davis at St. Louis has
decree, a very voluminous document, represent over a receiverships. the
year's
company to make two semi-annual interest authorized the trustee for the
part of various counsel to compose differences sand provide work on the
payments which became due
July 1 1933, and Jan. 1 1934. on the *17,894.
for numerous
contingencies. Assuming that no appeals are taken
from
outstanding in hands of the public and *6.000.000000 of United Railway 4s
next step, bringing the properties to sale, will be a petitionthe decree the
Bank, St. LOMB, and the Mercantile-Commerce held by the First National
by one of the
parties to petition the Court to set a date for such sale.
Some of the proalso on the $3,263,000 City & Suburban 58. The Bank & Trust Co. and
visions of the decree as well as the recent compromise settlemen
Court directed the trustee
to set aside $425,040 representing the two
t with the
Government and the sale of the New
properties will probably necession the $10,626,000 United Railway 4s held semi-annual interest payments
tate certain revisions in the plan andYork
agreement of reorganization and the
pledge, the validity of which is in dispute. by the banks under a claim of
offer of Standard Oil Co. of Calif. on which the plan is based."
-V.140, p. 3907.
J. V. Kline, counsel for the Pan American trustee stated at the hearing
St. Louis
-Southwestern Ry. Lines
that the trustee anticipates that with the signing of the foreclosu
-Earningsre decree a
petition will be filed asking that the date of sale be fixed.
-First Week of July -Jon. 1 to
It is hoped,
July 7according to Mr.Kline,that the date will be early fall, at the
1935
1934
latest.
1935
-V.140,
1934
Gross earnings
p. 4247.
$304,800
8298.027 88,105,153 37,541,774
-V. 141, p. 125.
July 13 1935
Financial Chronicle
286
on
In addition, unrealized profit on securities owned but not sold (based unand
the June 29 close) amounted to $359,002. Total profits realized
began operating in Feb. 1933
realized on sale of securities since the company
amount to $426,853.-V. 140, p. 1155.
-Earnings
San Diego Consolidated Gas & Electric Co.
1934
1935
12 Months Ended May 31$7,080,469 $6,857,918
Operating revenues
3,783.043
Oper. exps., naaint. & taxes (other than inc. taxes) 3,715,403
1,176,000
1,195,000
Appropriation for retirement reserve
Net oper. rev. (before prov. for income taxes) $2,170,065 $1,898.875
7,346
13,099
Other income
Gross income (before prov. for income taxes)._ $2,183,164 $1,906,221
857,340
845,430
Interest charges (net)
80,488
80,467
Amortization of debt discount and expense
5,394
6,980
Other income deductions
108,117
120,755
Provision for Federal income taxes
$854,881
$1,129,530
Net income
-V. 140, p. 4080.
-Earnings
Seton Leather Co.
Calendar YearsGross profit
Loss from hide depreciation
Admin., selling and other expenses
Deprec. on building and equipment
Deductions from income
Miscellaneous income
Reserve for Federal income tax
1934
$137.593
1933
$149,249
108,209
6,360
3,213
Cr4,563
3,614
82,395
6,936
15,776
Cr11,924
8,986
1932
$79,654
84,480
100,406
6.724
9,679
Cr6,696
$47,079 loss$114,939
$20,759
Balance Sheet Dec. 31 1934
-Cash on hand and in bank, $72,384; accounts receivable of
Assets
surrender value
customers (less: reserve of $16,379), $144,312; cash $360,089; consigned
merchandise inventory,
life insurance policies. $44,666;
officers, employees,
merchandise in hands of agents, $87,580; loans to buildings and equip$8.672; sundry inventments (at cost), $10,826; land,
$161.259; total, $889,787.
ment (less: reserve for depreciation of $200.141);
(bank),
Liabilities-Accounts payable (trade), $27,3308; notes payable
shs.
$50.000; reserve for Federal income tax,$3,614; common stock (96,000
surplus,$324,475; total. $889,787.
no Par). $480,000; capital surplus, $4..511;
p. 4137.
-V. 138.
Net profit
-San,Joaquin Light & Power Corp.-Bends-Cal/a- int.
at 10394 and
The,bompany has called for redemption Aug. 1 1935
-year 5% gold
unifying & ref. mtge. 30
t,A rb.fk date all of its
bonds, series D of 1957 and the Chase National Bank has been authorized
and
7ny of the bonds at the full redemption priceCorto take up immediate! a
the
interest to Aug. 1. Bonds should be surrendered for payment toSt., New
Bank, 11 Broad
porate Trust Department of the Chase National
York.
-V. 140, p. 3734.
-Earnings
Savannah Electric & Power Co.
-Earnings-.
(W. A.) Sheaffer Pen Co.
1935-12 Mos.-1934
1935-Month-1934
$137,034 $1,796,810 $1,749,692
$149,239
630,678
678,485
51,982
59,965
102,962
106,648
10,971
9,108
195.166
208,165
16,158
16,758
399,256
396,818
33.027
33,009
$421,628
$406,692
$24,893
$30.397
Balance
150,000
150,000
Appropriation for retirement reserve
149,114
149.114
Debenture dividend requirements
60,000
60,000
requirements
Preferred dividend
$62.513
$47,578
Balance for common dividends and surplus_
-V.140, p. 3907
Period End. May 31
Gross earnings
Operation
Maintenance
Taxes
Int. and amortization
Earnings for Years Ended Feb. 28
1935
$580,531
Operating profit
27,068
Depreciation
34,300
Bonuses
819
Interest paid
85,630
Provision for income taxes
$432,715
1.219,537
Net profit
Previous earned surplus
1934
$284,161
30,588
14,758
x3,300
$235,516
1,092,163
$1,652,252 $1,327,679
Total
5,342
21,368
Cash dividends on preferred stock common stock
value of
Excess of cost over capital
2,800
9,981
acquired for treasury
100,000
151,347
Provisions for loss on stock subscription notes
5
Premium on preferred stock retired
15ity--,
-$1
L-----Second National Investors Corp. per Pref. on adcount
share
of $1
of
The directors have declared a dividenc.
par $1. payable Aug. 1
accumulations on the $5 cum. cone, preferred stock,$1.25 paid on May 14
July 22. This compares with
to holders of record
last, 95 cents on July 1 1934, $1.05 paid on Jan. 1 1934,51 on July 1 1933,
$1.25 on
$1.15 on Jan. 1 1933, $1.25 on July 1 1932. $1.10 on Jan. 11932, 1930.July 1 1931 and $1.25 per share each quarter to and including Oct. 1
V. /41, p. 125.
$1,469,550 $1,219,537
Earned surplus
x Estimated Federal income tax only.
Comparative Balance Sheet Feb. 28
1934
1935
Liabilities
1934
1935
Assets
$72,968
$758,075 $277,014 Accounts payable_ $97,349
Cash
14,699
14,988
571,839 Acer. taxes & caps.
541,431
Notes & accts. rec_
482.932 Customers' credits
Mdse. inventories_ 617,769
9,200
45,873
pay. In mdse_
825,038
636,297
Other assets
Prov. for Fed. &
x Land ,b1cles.,ma16,800
96,500
State Income tax
265,626
chinery & equip_ 250,432
Res've for "LifePats., trade-marks
1
time" products
1
and good-will...
50,000
50,000
guarantee
34,429
39,495
Deferred charges
267,200
287,100
Preferred stock
806,475
802,140
Common stock
Y
Earned surplus... 1,469,550 1,219,537
-Earnings
(B. F.) Schlesinger & Sons, Inc.(& Subs.)
Income Account for Year Ended Jan. 31 1935
[Incl. Kahn Dept.Stores, Inc.; Olds, Wortman & King,Inc.,and Northwest
Dept. Stores, Inc.(doing business as Rhodes Bros.)]
$6,752,635
Net sales,incl. sales of leased departments
937.479
Sales of leased departments
$5,815,157
Net sales own departments
4,027,822
Cost ofsales
$1,787,335
Gross income
160,064
Discount on purchases
$2,843,501 $2,456,879
$2,843,501 $2,456,879 Total
127,611
Total
Income from concessions
$392,167 in 1934.
x After depreciation allowance of $419,208 in 1935 andin
$21:905775:029170
y Represented by 160,428 no par shares In 1935 (165,000 1934).-V. 140.
Total Income
/
administrative expenses
Selling, general &
'
9 1843'
56,223
Depreciation and amortization
-4" ""---......
-Dividend-Z
----Shell'Transport P. Trading C0. Ltd. has been received by
ti.)
$61,490
A dividend of 25. 6d. per ordinary share (par held by
Net profit on sales
shares
Cr26.339
them as successor
Chase National Bank on certain ordinary
Other income
American shares, $1.237 per share,
4,692
depositary. The equivalent thereof onholders of American
Interest paid to banks and others
3,303
shares of record
will be distributed on July 24 1935, to
Other charges
11,571
/
at the close of business on July 17 1935.-V. 140, p. 4248.
Provision for Fe-eral income tax
$68,263
65,816
Net profit for year
Operating .eficit at Jan. 31 1934
-Accumulated Dividend '( ,Z
*----(Franklin) Simon & Co.
of
of $1.75 per share on
$2,447
Earned surplus at Jan.31 1935
Combined Balance Sheet Jan. 31 1935
and Northwest
[Incl. Kahn Dept. Stores, Inc.; Olds,Wortman & King,Inc.,
Dept. Store., Inc. (doing business as Rhodes Bros.)]
Liabilities
Assets
$60,000
banks
Cash-1n banks and on hand... $206,277 Notes payable to
366,405
1,046,542 Accounts Payable
Accounts receivable
1,071,592 Payroll, rent, local taxes &
Inventories
76,819
12 other accrued liabilities_ _ _
company....
Due from parent
41
19,441 Due to parent co
Mis. Investments & deposits_
11,571
649,354 Prov. for Fed. Income tax_
Fixed assets
1,850,000
60,679 Capital stock
Deferred charges
686,612
Capital surplus
2,447
Earned surplus
Total
-V. 138. p. 4312.
$3,053,896
$3,053,896
Total
-Earnings
Servus Rubber Co.
Years EndedSales at list
Returned sales at list
Trade and special discounts
Rebates and allowances
1933
1934
$2,260,478 $2,095.291
49,588
61,447
506,830
600,371
84,990
70,874
$1,527,785 $1,453,882
1,048,083
1,205,391
165,210
176,134
94.406
90,416
Net sales
Cost of goods sold
Selling and shipping
Administration and credit
Net profit from operations
Income credits
$55,842
27,718
$146.182
9,962
Total income
Income charges
Provision for Federal income tax
$83,561
106,896
$156,145
106,512
8,550
$23.334 prof$41,083
Net loss
Comparative Condensed Balance Sheet Dec. 31
1934
Ltab
1933
1934
Assets$76,104 $140,649 Notes pay -banks $65,000
Cash
289,517 StkhIcirs. loans.. 297,500
269,343
less res _
Reedy.,
32,807
297,310 Accts. pay.. trade_
375,815
Inventories
899
48,675 Oust.' credit bal..
47,145
Other receivables_
45,656
21,591 Accr. liabilities_ _ _
22,682
Deferred charges
' loans
Stockhldrs
Fixed assets, less
due In 1937 &'38 250,000
677,398
depreciation.... 668,176
723,450
1 Preferred stock_
1
Patents
149,589 Common stock... 617,940
Organization esp. 145,632
428.351
Deficit
Total
$1,604.901 51,624,733
Total
1933
$71,482
297,500
31,248
827
38,698
250,000
723.450
617,940
406,414
$1,604,901 $1,624,733
Selected American Shares, Inc.--Assets--from
rose
$5,199,111
The company announces that net current assets
30. According to preliminary
on Dec. 31 1934 to $6,028,377 on June to be issued, net current asset
subject to audited report about
figures,
on June 30. Allowvalue per share advanced from 1.12700 Dec.31 to 1.24
is an increase of 12%.
ing for the 2.1c. dividend paid on March 15 this profit of 1150,745 from the
company realized a combined
In 1933 and 1934
an additional realized profit
sale of securities owned. This was increased by
according to preliminary figures.
of 517.106 in the first six months of 1935,
account
The directors have declared a dividend
payable Sept. 3 to
accumulations on the 7% cum. pref. stock, par $100,on
June 1, last, this
holders of record Aug. 17. A similar dividend was paid
latter being the first distribution made on this issue since June 1 1934 when a
-V.140, p. 3230.
regular quarterly dividend of $1.75 was paid.
-Earnings-(H.) Simon & Sons, Ltd.
1933
1934
Calendar Years-
Operating profit
Other income
1932
1931
b$33,222
8,928
Net earnings
Depreciation
Res've for bad debts_
Reserve for income taxes
Other reserves
$42,150
Net profits
Preferred dividends....
Common dividends
$32,620
23,572
Surplus for year
Previous surplus
Surplus created through
pur.& red,of pref.stk.
Adj. inc. tax prior yr...
$9,048
77,090
4,220
5,310
$42,492
5,456
8,664
4,100
a$41,648
12,849
8,829
$62,995
12,394
9,559
88,695
$24,272 aef$68,726
22,813
$41,042
37,205
75,125
$24,272 def$91,539 def$71,288
64,411
230,236
156,509
Dr11,594
Dr559
Dr2,439
$77,090
$64,411
$156,509
$86,137
Balance forward
a Includes $15,279 profit on redemption of preferred stock.
b Less directors' fees of $2,880.
Comparative Balance Sheet Dec. 31
Liabilities
1933
1934
1933
1934
Assets
310,772 $8,918 Accounts payaWe_ _ $10,186 $28,613
Cash
Reserve for Income and
Montreal Trust Co.
protied t
5,634
130,000 190,000 preferrt taxes
call loan
k
324,700 449,500
Acc'ts & bills recely___ 160,006 177,556
88,261 88,261
177,023 228,862 Common stock
Inventories
86,137 77,087
5,666 Earned surplus
6,377
Deferred charges
19,280 17,539
Plant & equip., &c.. 50,000 50,000 Special surplus
1
1
Good-will
$534,179 $661,003
$534,179 $661,003 Total
Total
x Represented by 30,050 no par shares. y Surplus created through purchase and redemption of preferred stock from commencement of company.
-V. 140, p. 2021.
-June Production-.
Siscoe Gold Mines, Ltd.
Month of JuneTons handled
Production of gold
-V. 140, p. 3908.
1935
12.338
$182.935
1934
10,050
$171,500
-Earnings--South Carolina Power Co.
[A Subsidiary of Commonwealth & Southern Corp.]
1935-12 Mos.-1934
-Month-1934
- 1935
Period End. May 31
$190,518 $2.825,487 $2,140,016
5224,867
Gross earnings
1,160,707
105,864
1.614,637
122,260
Operating expenses
553,089
45,821
689,647
.53.559
Fixed charges
120.000
10,000
171,241
13,000
Prov. for retire. reserve_
171,464
171,438
14,286
14,286
Divs. on pref. stock....
$134.754
$178,523
$14,546
$21,761
Balance
-V. 140, p. 4081.
-
Volume 141
Financial Chronicle
287
(Howard) Smith Paper Mills, Ltd.
(& Subs.)
-Earns.- ---Southern California Gas Co.
Calendar Years-To Issue $15,000,000 4s
1934
1933
1932
1931
Net profit from oper'ns_y$1,837,161 01,676,
See under "Current Events and Discussions" on a preced 489 y$1,377,556 $1,101,716
ing
Bond interest
516,599
page.
-V. 140, p. 4415.
529,607
552,990
560,919
Depreciation
886,994
761,721
426,355
420,172
Directors' fees
1,265
Southern Indiana Gas & Electric Co.
Mortgage interest
-Earnings
3,324
Provision for income tax.
70,272
U.S.exch.on bond int_
48,545
67,850
Prov.for inc. tax (subs.)
54.306
7,028
1,630
Reserve for conting
3.957
50.000
Miscell. adjustment_
1,753
145,958
Reserve for inventories_
24,275
140,627
Net profit
$334,432
$187,206
$132,772
262,362
Preferred dividends.__
2,604
2,604
2.604
47,604
Common dividends
2,250
3,000
3.000
7,500
Net profit subject to
income tax
$329,578
$181,602
$127,168
$7,258
Previous surplus
1,509,363
1,327,760
1,200,593
1,424,056
Total surplus
$1,838,941 21,509,363 $1,327,761 $1,431,314
Minority interest
105,569
Income tax, prior periods
19,824
Adj. pertaining to minor,
stockholders' int. in
subsidiary co
3.986
Adjustment prior pref._
230,722
Balance at credit Dec.
31
x Subject to minority 21,709,562 x$1,509,363 x$1,327,761 x$1,200,593
stockholders'
investments, miscellaneous revenue and equity. y Includes income from
discount on bonds redeemed.
Consolidated Balance Sheet Dec. 31
1934
1933
1934
Assets1933
$
$
$
Cash
$
237,760 Bank loans
56,000
Accounts and notes 227,243
758,000
rec., less reserve 889,913 1.115,003 Notes of MM. cos.
under disc
7,500
Inventories
2.026,947 1,829,146 Accts. & bills pay- 603,333
34° 389
Def. accts. receiv_
44;oo8
35,610
Accrued liabilities_ 135,285
Life insur. policies
148,429
20,914
18,148 Mortgages payable
80,250
s
Mtge. receivable
92,200
17,820
21,742 Other loan payable
90,000
Invest.In other cos
56,887
55,938 0th. notes payable
45,185
Inv. in sub. cos.'
Taxes due & accr'd
79,427
bds. & pref. stk_
98,034 Accounts payable_ 120,458
286,401
Guarantee deposits 117,315
88,523
86,875 Bonds outstanding 9,050,800 9363,400
Cash with trustee_
3.178
5,819 Pref, stock of sub.
Cash held in sinkoutstanding__ _ 2,290,700 2,290,700
ing fund
42,683
799 Min. stockholders'
Deferred charges
48,254
42,
823 equity in coin.
Fixed assets
21,555,200 21,163,055 stock &surpluses 570,270
640,014
Res. for deprec.,
depletion,
4,855,813 3.960,931
6% pref.stock__ _ 4,500,000 4.500.000
Corn. stock (220.000 shs, no par). 900,623
900,623
Capital surplus.._
35,281
140,205
Earned surplus.-- 1,709,562 1,410,642
Total
25,130,488 24,873,943
Total
25,130,488 24,873,943
-V. 140, p. 2879.
----Solvay American Investment Corp.-
Pref Stock Called
.
A total of 1,652 shares
called for redemption on of 5%% cumulative preferred stock have been
($1.37;i). Payment willAug. 15 at $110 per share and accrued dividend
be made at J. P. Morgan & Co., 23 Wall St.,
141, p. 126.
Sparta Foundry Co.
-50
-Cent Special Dividend 6
-
- "LThe directors have declared a special dividend of 50 cents
common tock, payable Aug. 1 to holders of record Julyper share on the
dividend of 25 cents in addition to the regular quarterly 15. An extra
dividend of like
amount was paid on June 29. last. On March 30 1935
an extra dividend of
15 cents was distributed.
-V. 140, p. 3909.
•
Spiegel, May, Stern Co., Inc.
-To Issue Additio
Stock-Eights-L9-4Steekholders-See under "Current Events nal
and
Discussions" on a preceding page.
Sales for Month and Six Months Ended June 30
93
1935
1932
$1,260,469
$927.917
$320.710
$359.582
1,617,261
1,421,846
663,633
551,532
3,108,329 2,732.512
948,452
720,033
3.299.647
2,322,133
861.980
757.373
3.350,817
2.193,078
901.041
672,331
2,356,850
1,437,008
782.803
329,770
Total six months
$14,993.373 $11,034,493 $4.478,620 $3.390.623
Month ofJanuary
February
March
April
May
June
Listing of Additional Common Stock-Rights
to Stockholders
-
The New York Curb Exchange has removed from unlisted
trading privileges the6H% preferred stock,$100 par.
-V.140, v. 4082.
1933
$62,184
23,089
12,792
899
3,372
14,501
78,082
50,000
600,000
91,639
50,000
8986,539
12 Months Ended May 311935
1934
Operating revenues
$1,860,841 $1,755,973
Operating expenses, maintenance
& taxes (other
than income taxes)
1.046,989
975,864
Appropriation for retirement reserve
208,401
172.853
Net operating rev. (before prov,for inc. taxes)
__ $605.450 $607,255
Other income
769
787
Gross inc. (before prov. for income
taxes)
$606,220
$608,042
Interest charges(net)
427,317
428,318
Other income deductions
3,815
4,610
Provision for Federal income taxes
5,000
5.000
Net income
$170,087
$170,113
-v. 140, p. 4081.
-Fourth Week of June- -Jan 1 to June 305
1935
1934
22,442,884 $2,483,422 $51,507.036 $51,776,257
196
4
890,963
4,425
$120,492
30,438
LiabilitiesDec. 29 '34 Dec. 30 '33
Capital stock
$1,280,000 $1,260,000
Acc'ts payable_ __ 56,173
59,301
Depreciation
1,236,112 1,185,750
Profit and loss_.... 169,044
329,205
Total
82,721,329 82,834,257
Southern Colorado Power Co.
-Earnings
-
Southern Ry.-EarningsPeriodGross earnings
-V. 141, p. 126.
2150,930
45,464
14,501
1933
$766,626
200,345
410,631
16,250
5,487
13,421
Soule Mills-Balance Sheet-
Assets
Dec. 29 '34 Dec. 30 '33
Real estate
82,135,546 82,137,992
Merchandise
377,375
Cash, acc'ts rec. & 218,618
securities
367,165
318,889
Total
82,721,329 $2,834,257
-V. 139. p. 2063.
Southern Public Utilities Co.-Earnings[Incl. Salisbury & Spencer Ry.]
Period End. Apr. 30- 1935
-Month-1934
1935-12 Mos.-1934
Gross income
$1.128,366 $1,135,419 $13,430,992 $12,987,220
Operating expenses
764.047
702.822
9,230,143
8,770,732
General expense
39,834
51,879
571,422
,63
Renewals & replace. res.
131,237
128,182
1,554,539
1,531,651
Interest on underlying
& divisional bonds.....
20,629
20,674
247.592
303,075
Int. on S. P. U. Co. 5%
bonds
68,695
68,695
824,350
824,350
Net income
$103,921
$163,164 $1,002,944 $1,042,776
-V. 140, p. 4249.
The New York Stock Exchange has authoriz
70,000 shares of common stock (no par) on ed the listing of an additional
official
subscription by common stockholders made pursuant notice of issuance on
to
to such stockholders or on issuance to the underwri rights to be issued
ters of the offering
(as to any portion not sold to stockholders);
making the total number of
common shares applied for 245,000 shares.
The directors on June 15, authorized the issue
At the meeting the directors resolved to offer and sale of 70,000 shares.
at $47.50 per share, to common stockholders the 70,000 shares pro rata,
specified in notice of offering to stockholders in of record on a date to be
proportion to the number of
shares held by each stockholder.
The offering has been underwritten and the
underwriters have contracted
with the company to take all shares not purchase
price of 847.50 per share. The registrant will d by the stockholders at a
mission of $175,000 representing 82.50 for each pay an underwriting comof the 70,000 shares of such
stock underwritten.
The purpose of the issue is to provide additional working
capital for use
in the ordinary course of the company's business
The net
realized by the company after deduction of the .underwri proceeds to be
ting commission
will be 23,150,000.
Sonotone Corp.
-Earnings
-
Calendar Years1934
Net sales _ _ ________________________ _ _______
$1,265,481
Cost of goods sold
320,474
Selling, general and
administrative expense
754,972
Provision for doubtful
20,722
Miscellaneous taxes accounts
10,522
Provision for depreciation
10,212
Net gain from operatio
ns
$148,578
Other income
10,284
Total income
$158.862
Other charges
Provision for Federal
51.072
income taxes
8,392
Extraordinary expenses due to change
in sales policy
28.120
Net profit for period
Preferred dividends
$71,278
3,500
Condensed Balance Sheet Dec. 31
Assets="
1924LiabilitiesCash
1934
833,826 Accts. pay., trade. 885,612
Dep. with Comml $44,134
Trade acceptances
Invest. Tr. Corp
45,188
Accrued salaries &
Accts.reoeivable I 36,671
209,175 commissions
_
Notes rec.(net) f 197,489
22,594
260 Battery & special
merch. inventories 333,702
234,119
deposits
Furn.,fixtures,dies,
Accr. sales and
mach., tools &
franchise taxes _
equipment_
83,658
87,805 Fed. Res. Bk. of
Mailing list
81,367
61,481
N. Y. loan pay_
50.000
Pats., pat, rights,
Notes rec. discled
22,151
excl.license agreeDealers'deposits
22,170
ments, developDue to officers &
ment work, &c.
324,469
directors
22,227
Due from subscrib- 287,935
Res.for Fed.inc.tax
8,392
ers to common
0th. current ilabil's
17,827
capital stock
29,734
Reserves
Deferred charges
67,814
35,823 Preferred stock.._
50,000
x Common stock
629,320
Earned surplus__ _ 140.779
Capital surplus_ _
46,242
Total
81,162,504 8988,539 Total
81.182,504
x Shares of $1 par value.
-V. 141, p. 126.
[A Subsidiary of Commonwealth & Southern
Corp.]
Period End. May 31- 1935
-Month-1934
1935-12 Mos.-1934
Gross earnings
$260,662
$238,579 $2,987,277 $2,797,341
Operating expenses
143,818
137,968
1.699,813.
'Fixed charges
27.397
26.372
320,378
316,233
Prov. for retire. reserve..
23,141
23,141
277,700
277,700
Divs. on pref. stock _
45,206
45,193
542,436
542,081
Balance
$21,098
$5,903
$146,948
$87.410
-V. 140. p. 4081.
Preferred Stock Removed from Unlisted Trading
-
'..------Standard Gas & Electric Co.
-Plans Extension of Notes
The company has mailed to the known holders of
-year
6% gold notes and its $9,826,500 6% convertibleits $14,823,000 20
gold notes,
Oct. 1 1935, a prospectus relative to a plan for the extensio both due
n to Oct. 1
1940 of thelime for the payment of the principal of these
of extension as outlined in the prospectus provides that notes. The plan
the rate of interest
shall continue at 6%.
The funded debt of the company other than that
namely, the 6% gold debentures series A due Feb. maturing in 1935.
1 1951 and the 6%
gold debentures series B due Feb. 1 1966, and the
6% gold debentures due
Feb. 1 1957, issued by Standard Power &
company, and the prior preference stockLight Corp. and assumed by the
$7
stock $6 cumulative, $4 cumulative preferred cumulative, prior preferred
stock and common stock of
the company will not be affected by the plan of extension.
It is proposed that the plan of extension will become operativ
e when
95% of the outstanding notes maturing in 1935 have been deposite
d.
However the plan may be declared operative at the election
of directors of the company, when 66 2-3% of such outstand of the board
ing notes have
been deposited. Following a recent practice
noteholders are requested, when depositingin cases of similar extensions
their notes,
accept
approve the plan as a plan of reorganization in the event of to presenta and
its
tion
as such under Section 77-B of the Bankruptcy Act.
Noteholders desiring to participate in the plan may deposit
their notes
with any of thefollowing depositaries: The Chase National
Bank,New York
Continental Illinois National Bank & Trust Co.. Chicago;
Fidelity Philadelphia Trust Co., Philadelphia; Old Colony Trust
Co., Boston; Northwestern National Bank & Trust Co., Minneapolis; Bank
tional Trust & Savings Association, San Francisco, and of America NaBank of America
National Trust & Savings Association, Los Angeles.
Copies of the prospectus may be obtained from
First Boston Corp., W. C. Langley & Co., A. C. H. M. Byllesby & Co.,
Allyn & Co., Inc., and
other security dealers.
Weekly Output
Electric output for the week ended July
an increase of 8.7% compared with the 6 1935 totaled 81.576.456 kwh.,
corresponding week last year.
-V. 141, p. 126.
---Standard Oil Co. of Indiana-Stock Distribution
."
The trustees
of the fourth stock purchasing plan will
to employees 255,096 shares of capital stock which haveshortly distribu
under the plan as of June 30 1935. This distribution will accrued to th
bring the number
of shares up to 1,634,870 issued to employees
consecutively operated 8/1=0 April 1 1921.-V. under purchasing plans (,
140. p. 3403.
Sullivan Machinery Co.
-Earnings
-
Calendar Years
Loss for year
Depreciation reserves_ -Res. for possible shrinkage in inventory
Res. for contingencies
Net loss
1934
$95,578
212,183
1933
$289.386
281,294
48,000
20,000
1932
1931
8937.453 $1,023,009
292,064
411.712
109,238
$355,761
$590,680 $1,229,517
21.543,959
Balance Sheet Dec. 31 1934
Treasury cer-Cash in banks & on hand, $249,781; U. S. Gov. (less reserve
Assets
receivable
tificates (at cost), $107.797: accounts and notesinventories, $3,328,128:
of $120,718). $847,532;
for doubtful accounts
appraised in
other assets, 896,204; deferred charges, $67,781; buildings as
buildings, ma1919 (less reserve for depreciation of $907.614), $41.443; (less reserve
subsequent to appraisal
chinery and equipment acquired
appraised in
for depreciation of $2,763.589). $2,432,907; real estate as & fixtures,
jigs
1913, plus subsequent additions (at coot). $184,412; dies,rights, $65,000;
power
$250.000; patterns & drawings, $100,000; water
.
office furniture de equipment, $1; patents, $1; total, $7,700,986
re-Accounts payable, $238,015; accrued taxes, $22,274;
Liabilities
$6,637,353;
serves. $456,987; capital stock (186,774 shares, no par),
$416.358; total, $7,770,986.-V. 139. p. 1880.
surplus.
-Earnings
(S.) Stroock & Co., Inc.
Earnings for the 6 Months Ended June 30 1935
Net prof. after deprec. and other charges, but before Fed.taxesEarns. per share on 93,200 no par shares outstanding
-V. 140, p. 987.
887,392
$0.93
r Agent
-Transfe
Swift & Co.
transfer agent
The Guaranty Trust Co. of N. Y. has been appointed
-V. 140. P. 3736.
for 6,000,000 shares of capital stock, $25 par.
-Earnings
Sylvanite Gold Mines, Ltd.
Years Ended March 31Bullion produced
Exchange compensation
1934
1935
$1,584,817 $1,558,912
31,774
1933
$795,642
103,905
Total operating income
Less: Operating expenses
Administration expenses
$1.616,592 $1,558,912
605,516
696,478
34,775
53.395
$899,547
602.965
23,438
Net operating earnings
Interest income
$866,719
$918.621
27,163
$273,144
24,983
Total net earnings
Reserve for depreciation
Reserve for taxes
•
July 13 1935
Financial Chronicle
288
$866,719
115,777
27,500
$945,784
96,008
80,400
$298,127
81,204
15,000
Profit
Common dividends
Taxes thereon and exchange
$723,442
659,900
$769,376
494,928
39,908
$201,923
164.975
$63,542
713.138
34,938
Dr150.115
$234,540
478,276
322
$36,948
441,328
•
Surplus for year
Previous surplus
Profit on bonds sold
Development charges written off_
-Earnings
Telephone Service Co. of Ohio(& Subs.)
Income Accountfor Year Ended Dec.31 1934
Revenues
Non-operating income of subsidiaries (net)
$692,665
3,514
$696,179
354,855
3,293
Total revenues
Subsidiaries' operating expenses
Telephone Service Co. of Ohio operating expenses
$338,031
217,040
Net income
&c
Deductions of subsidiaries' minority interests.
Balance
Co. of Ohio_
Int.on 1st lien 5% coll, trust bonds of Telep. Serv.
ed net earnings for the year
Consolidat
Consolidated earned surplus at Dec. 31 1933
$120,990
109,110
$11,880
22,770
$34,650
9
Balance
Net adjustments
$34,641
Consolidated earned surplus at Dec. 31 1934
Consolidated Balance Sheet Dec. 31 1934
investments
-Property, plant and equipment,$5,058,380; miscell. $193,621,•
Assets
hand,
(at cost), $10,246; special deposit, $1; cash in banks and on$24,437; accrued
notes and accounts receivable, $26,906; unbilled revenues, due from affil.
interest receivable, $699; materials and supplies, $123,710;
realized from deposits in closed
company $21,324; amount estimated to be
$5,491,941.
and restricted banks, $6,323; deferred charges, $26,290; total,
debt outstanding. $2.182,200; notes payable.
-Long-term
Liabilities
accrued taxes, 829,634: reserve for
$2,285; accounts payable, $18,659;on long-term debt, $15,833; other acFed, inc. tax, $18,611; accrued int.
liabilities, $2,465: due to atilt. co., $6,277;
crued liabilities, $69; other
in Lima Telep. & Teleg. Co..
reserves, $1,536.321; minority interest
excess of par or stated values
$760,810; capital stock (par $100), $10,000; surplus of subs, at date of
and earned
of capital stocks, capital surplus recorded value of the investments on the
acquisition. April 6 1933, over the surplus arising from appraisals of propbooks of the parent co., $607,258;
May 31 1934. $266,874; earned
erty, plant and equipment adjusted as of
surplus, $34,640; total, $5,491.941.-V. 139. P. 1880.
-Earnings
Tennessee Public Service Co.
[National Power & Light Co. Subsidiary]
1935-12 Mos.-1934
-1934
-Month
Period End. May31- 1935
$239,814 $2,750,451 $2,859,273
$239,442
Operating revenues
1,901,760
1,938,406
170,923
170,873
expenses
Operating
$957,513
8812,045
868,891
$68,569
Netrev,from oper'n-104,499
94,781
8,703
8,158
Rent from leased prop-19,480
14,666
1,598
726
Other income (net)
$921,492 $1,081,492
$79,192
$77,453
Gross corp. Income......
391,898
392,206
32,631
32.660
Int. dr other deductions_
$689,594
$529,286
y$46,561
y$44,793
Balance
313,523
329,124
Property retirement reserve appropriations
for
z Dividends applicable to preferred stock
297,618 • 297,405
unpaid
period, whether paid or
$78,666
def$97,456
Balance
ons and dividends
y Before property retirement reserve appropriati
$359.z Dividends accumulated and unpaid to May 31 1935. amounted to stock,
cents a share on $6 pref.
622. Latest dividend, amounting to 75 stock are cumulative,
-V.140.
on this
was paid on Aug.1 1934. Dividends
p.3566.
$478,278
$713,138
$661,504
Balance Sheet as at March 31
1934
1935
1934
1936
Assets$840,850 $284,499 b Accts. payable,
Cash
154,767 incl. res. for tax_ $95,977 $126,536
115,334
Bullion
13,697
15,318
3,208 Payroll payable_ __
17
Acols receivable.. _
20,024
20,120
30,226 Accrued charges__
34,040
Stores & materials
608,011 Reserve for con33,230
& debs
Bonds
51,697
58,718
tingencies
a Buildings, plant,
159,543 c Subscribed cap 2,383,000 2,383,000
mach. dr equip._ 177,565
713,138
523 11,400,000 Profit and lose bal. 661,504
Mining properties_ 11,842,
I 524,736
Prelim. dev., &O..'
67,883
Deterred develop't
Shs. in & advs. to
wholly - owned
53,669
170,901
subsidiary .
Prepaid exps. and
Texas & Pacific Ry.-Reduces RFC Loan
21,551
20,177
$200,000
sundry assets......
In both May and June the company made repayments of Corpora$3,234,637 $3.308,092
on the original loan of $700.000 from the Reconstruction Finance the comTotal
$3,234,637 $3,308,092
Total
$200,000 still outstanding, which, it is expected,
tion, leaving
b In-V. 141. p. 127.
a After depreciation of $594.278 in 1935 and $480,513 in 1934.
pany will repay in the near future.
cluding reserve for taxes. c After discount on shares of $916,500-V. 139,
Common Div
-45
2692.
P.
-Third National Investors Corp. 45 -Centper share on tif
--cents
--Earnings
The directors have declared a dividend of
Taiwan Electric Power Co., Ltd.
Aug. 1 to holders of record July 22. ThIS
common stock, par $1 payable
1 1934.
Earnings for 6 Months Ended Dec. 31 1934
compares with 50 cents paid on May 14, last, 40 cents on July 1 1933
45 cents on Jan. 1 1934, 40 cents on July 1 1933, 45 cents on Jan.
(Currency in Japanese Yen)
July 1932.-V. 141, p. 127.
5,069,847
and 50 cents per share in January and
Operating revenues
1,226,645
Operating expenses
. 721,054
-EarningsThrift Stores, Ltd.
-head office
General expenses
200,000
1932
1934
1933
1935
Reserve for employees' benefits
• Years End. Mar.3150,000
$107,130
$110,701
$111,837
loss$16,442
Directors' bonus
Operating profit
469,155
28,789
30.515
36.793
16.358
Depreciation
Depreciation
Balance,forward
Net operating income
Other income
2,402,993
204,914
Gross income
Interest
2,607,907
1,470,313
Net income
Surplus as at beginning of period
Total surplus
Legal reserve
Dividends paid to public only
Appropriations for contingency and equalizing dividend reserves
1,137.593
79,038
1,216,632
70,000
674,850
140,000
331,782
Surplus
Balance Sheet Dec. 31 1934
(In Japanese Yen)
LialalUiesAssets70,016,549
95,558,017 Funded debt
Fixed property
34,495,000
11,445,374 Capital stock
Investments
2,294,492
7,069,124 Bills & accts. payable
Cash
771.734
334,126 Dividends payable
Bills & accts. receivable
277.744
2,556,537 Miscellaneous liabilities
supplies, &c
Materials,
462,778
Res. for employees' benefits_
40,414
Miscellaneous assets
1,684,800
424,709 Legal reserve
Sinking fund
4,533,000
on bonds 3,983,079 Contingency reserve
Discount & expenses
5,293,500
Res. for equalizing diva
Res. tor disadvantage on the
1,250,000
rate of exchange
331,783
Surplus
121,411,380
Total
121,411,380
Total
-V. 137. p. 2464.
-Dividend Increased
olquitt Co.
Taylor-C
the no-par common stock,
A dividend of 50 cents per share was paid oncompares with 40 cents per
on June 30 to holders of record June 27. This quarters, 25 cents per share
share distributed in each of the three preceding and including July 2 1934:
paid each three months from Sept. 30 1933 to March 31 1933 and 40 cents
12.li cents was paid on July 1 1933; 25 cents on
on Dec. 31 1932.-V. 140, P. 328.
--Earnings
Teck-Hughes Gold Mines, Ltd.
Earningsfor the Nine Month Period puling May 31 1935
$3,422,971
Gross value of bullion ($11.16 per ton)
98.126
Incomefrom investments ($0.32 per ton)
$3.521,097
Total gross earnings ($11.48 per ton)
1,404,215
Development, mining & milling expense($4.58 per ton)
273,828
ton)
Insurance & taxes(other than bullion tax)($0.89 per per ton)..
155,315
General exp.,incl. marketing bullion & assaying ($0.51 per ton)
25,158
outside properties& exploration work ($0.08
Expense on
$1,662,579
Balance to surplus account (estimated)($5.42 per ton)
$0.34
Earnings per share on 4,807.144 shares
-V. 141, p. 127.
def$32,801
16,709
6.300
4,000
$80,185
22,279
8.400
8,000
$75,044
22,397
8,400
$78,341
22,750
8,400
-
def$59,810
Net earnings
150.089
Previous surplus
Profit on redemp. of 290
shs. 1st pref. stock-
$41,507
119,712
$44.248
93,296
$47,191
55,189
Total surplus
Income tax & adjustm t_
$90,279
3,194
$161,219
11,129
$139.863
20,151
$102,380
9,084
Profit & loss surplus- -
$87,086
$150.089
$119,711
$93,296
Net profit
1st pref. dividend
2d pref. dividend
Ordinary dividends
2.320
Consolidated Balance Sheet March 31 1935
-Cash on hand and in banks, $149.735; accounts receivable (less
Assets
reserve for doubtful accounts). $17,243; inventory, $304.432: Montreal
Lt., Ht. & Pow. Consol. debs. (at cost), $2,037; deferred charges to oper.
$15.477; fixed assets (less reserve for depreciation of 8107,186), $181,951
good-will. $39,000; total, $709,875.
-Trade accounts and bills payable. $159,245; income taxes
Liabilities
payable, $794; 06% 1st cum. red. cony. pref. shs. ($25 par), $342,750;
7% second cum. red. cony. pref. shs. ($10 par), $120,000; ordinary stock
(2(0,000 shs., no par; no stated value given); earned surplus, $87,086; total.
$709.874.-1. 140, p. 3912.
-To Build Terminal
Tide Water Oil Co.
The company plans immediate construction in Bangor, Me., of a new
storage terminal of more than 3,000.000 gallons capacity on the Penobscot
River, John D. Collins, Sales Manager,announced on July 8. The terminal
-gallon
is to be in operation in September. It will augment the 20,000,000
storage facilities recently completed at the Revere water terminal in the
-V. 140, p. 4251.
Boston District.
-Earnings
Tobacco & Allied Stocks, Inc.
Calendar YearsDividends received
Interest earned
1934
$167,343
1933
$151.729
5,500
1932
$164.337
3,766
1931
$177,705
913
Total income
Salaries
Directors' compensation
Printing and stationery..
Stock transfer stamps......
Legal and auditing
Transfer fees and sundry
expenses
Taxes paid and accrued..
Custody of securities_ _
Prov.for Fed. inc. tax..
Loss on securities sold
$167,343
5.842
9,000
332
666
3,935
$157,229
4.190
$168,104
4,032
$178.618
5.940
448
939
1,470
429
674
1,808
535
440
1,750
2.040
6,933
1.488
9,530
Cr87,717
1,773
6,559
1,370
1.949
8.556
1,512
2.150
14,226
1.811
88,927
452,633
440.021
Net profit
Dividends
$215,293
174.025
$51.555 def$303,490 def$288,257
Balance
$41,268
$51.555 def$303,490 def$288.257
Financial Chronicle
Volume 141
Surplus Accounts for the Year Ended Dec. 31 1934
(I) Paid-in surplus: Balance,
1934, $783,333;
able to 8,639 shares of capital Jan. 1 retired in 1934,lass amount applicstock
$143.983; balance,
$639.350; add, portion of consideration received for 1.000 shares of capital
stock issued in 1934 against warrants, allocated to paid-in surplus by
action of boara of oirectors, $18,166; balance Dec. 31 1934, $657,517.
(2) Capital surplus: Balance Jan. 1 1934,
excess of
value of and paid-in surplus pertaining to$355,796; add,of capital stated
8,639 shares
retired in 1934 over purchase price thereof, $123,116 balance Dec. 31 stock
.
1934.
$478,909.
(3) Earned surplus (deficit): deficit Jan. 1 1934. $57,058: deduct, net
profit for the year ended Dec. 31 1934, $41.268;
deficit,
1934, before ap ying unrealized appreciation in balance,value ofDec. 31
$15,789.pl
market
investmeats.
Balance Sheet Dec. 31 1934
Assets
-Cash. $12,251; accounts receivable.
marketable (Estee)
securities, $2.393.909; 200 shares Tobacco & $274;
Stocks. Inc.. at cost,
$9,818; dividends receivaole. $42.986; furniture ana fixtures, $1: total,
$2.159,240.
Liabilities-Accrued Federal income tax, $9,530: accrued New York
State and city taxes (subject to claim and protest by company), 31.881;
other accrued taxes payable, $2.414; accrued expense. $744: provision
for
accrued compensation of directors (subject to stockholders approval).
$9,000; capital stock (issued 39.361 shares, no par). $1,315,033;
surplus.
$1,120,637; total, 32.459,240.-V. 140. P. 4083.
Tonopah Belmont Development C.o-Bal. Sheet Dec. 31
Assets1934
Liabitutes1933
1934
1933
Prom accounts---$1,326,081 $1,339,095 Capital stock
81,500,000 81,500.000
Inv. In stocks of
Accounts payable_
8,138
2,891
otner companies
9,454
24,767 Unpaid wages_ _
2,115
1,586
Mat'ls & supplies
Taxes accrued_ 1,451
1,585
for operation_ __
28,273
30.529 Deficiency
104,905
90,918
Accts.receivable-.
Due from mint..
9,253
8,281
Due from others
5,990
1,252
Deposit with Nev.
Indus. Comm_ _
50
Ins. Prem. Paid in
advance
574
Cash
27,698
12,646
Total
51,406,799 $1,415,145 Total
$1,406,799 $1,415,145
-V. 139. P. 1563.
Transamerica Corp.
-Dividend Date Correction
-
The 15
-cent semi-annual dividend recently
on the
is payable on July 31 to holders of record JulydeclaredJuly 13 capital stock
15(not
as previsouly
stated). See also V. 141, p. 127.
Transue & Williams Steel Forging Corp.
-Earnings
-
Period End, June 30- 1935-3 Mos.-1934
Gross profit
$65,787
375.978
Depreciation
21,470
21,589
Expenses
33,557
34,938
Other income
Cr546
Cr605
N
$21,556
39.806
Earns. per sh. on
abs. capital stock 000
128'
$0.17
$0.07
-V. 140, p. 4084.
1935-6 MOS.-1934
$182,528
$103,668
42,996
43,174
65,439
68,716
Cr2,086
Cr1,487
$76,179
loss$6,735
$0.59
Nil
Trunz Pork Stores, Inc.
-Earnings
-
Years EndedDec. 31 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
Sales (net)
Cost of sales, delivery, $3,509,691 $3,295,388 $3,765,785 84.555.825
selling, general & au:
mi strative expenses_ 3,495,508 3,178,505 -.3,523,050
ni
4.302,988
Operating income
$14,183
$116,883
8242.735
$252,836
Other income
7,392
13,894
2.951
9,115
Total income
$21,575
3130.778
$245,686
$261,952
Prov. for Federal taxes..
18,126
4,442
33,700
31.100
Other deductions
1,175
46,128
Net profit
$17,133
$111,477
$211.986
$184,723
Previous surplus
849,569
858,469
731,452
646.729
Total surplus
$961,046
$875,601
$943,438
$831,452
Dividends
93,978
72,986'
93,870
100,000
Treas.stk,acquired prior
to Jan. 1 1934 carr. at
$5 Per sh. & coat of
treas. stk. acq. during
the year 1934
59,572
Amt.written off in reduc.
of treas. stk. seq. durint 1933 to stated val.
9,600
Balance
$743,043
$857,469
3849,569
8731.452
Earns. per sh. on 100.000
shs.com.stk.(no par)$1.11
40.19
$2.12
$1.85
:
Computed on 90,000 shares of capital stock outstanding.
Balance Sheet Dec. 31 1934
Assets
-Cash, $152,150; accounts
receivable, $36.900; inventory. 3158,709; investments, 17. S.and notesbonds (at cost),
Treasury
$153,657;
accrued interest receivable, $661; deposits as security on
leases, $4,366;
mortgages receivable &
investments. $7.600; prepaid expenses,
$5,276; capital assets (atsundry depreciation). $838,036;
cost less
good-will, $1;
total. $1.357,357.
Liabilities-Accounts payable, $39.971; outstanding drafts for
live stock
In transit, $13,610; accrued U. S. Gov. processing tax.
$47,047; accruals,
Federal income, State taxes.
stock (90,000 shares, no par).water charges and payroll, $13,686; capital
3500,000; surplus (earned). 3743,043; total,
$1.357.357.-V. 140, p. 2884.
Trusteed American Bank Shares, Series B-Earnings
Earnings for 3 Months Ended June 30 1935
Cash dividends collected on stocks
Supervisory fee
Disbursements of accumulations by trustee upon redemption of
trust shares
38.455
808
Net income for the period
Undistributed income from prior periods
$7,605
204
43
Total income available for distribution
$7,809
Distributable to certificate holders
-July 2 1935 ($0.01 per
share on 780,850 trust shares)
7.809
Balance Sheet June 30 1935
Assets-Stocks owned, at market (cost, $685,713). $668,559;
dividends(declared but not received), 35,655; cash.$24.074; total. accrued
Liabilities-Supervisory fee payable. $808; trust certificates $698.289.
(780,850 shares, par 25c. each, stated at amount received outstanding
thereof, less cost of redemptions and amounts transferred to upon issue
distribution
account), $704.773: distribution fund, payable to certificate holders
July 2
1935, $7,808; deficit, $15,101; total, $698,289.
Tuckett Tobacco Co., Ltd.
-Earnings
-
Years End. Mar.311934
1935
1933
1932
Net profit after tax, &c$479,023
$496,908
$732,944
Preferred dive. (7%).-- $652,993
140,000
140,000
140.000
140,000
Common dividends---(16%)400,000 (12)300,000 (32)800.00
0 (12)300.000
Balance,surplus
$112,993
$39023 def$443,092
$292,944
Earned on common
$20.52
$1.56
$14.28
$23.71
Balance Sheet, Mar.31 1935
Assets
-Real est., bldgs., mach., &c.. $1.079,324; good-will &
marks, $2,478,672; invests. in sub. cos., $1,008,434; other invests, trade
at cost.
289
8647,153; inventory, $1,948,981; sundry debtors, 837,694; cash, $768,738;
deferred charges, $8,813; total, $7,977,812.
Ltabtlities-7% cum. preference shares ($100 par). $2,000,000; ordinary
shares ($100 par), $2,500,000; sundry creditors, $184,892; prov. for income
war tax. $75,922; diva. payable, $110,000; res. for bldgs., mach., Am.,
$912,091; earned surplus, $2,194.905; total, 37.977,812.-1r. 140. p. 3912.
n Bag & Paper Corp.-Righte-Offered--
The &tockholders of record July 12 are offered the right to subscribe at
$30 peC share for additionayapital stock (no par), to the extent of one share
for each three shares held. Rights to subscribe expire Aug. 12 1935.-V.
140, p. 3913.
Union Gas System, Inc.(8c Subs.)
-Earnings
Calendar Years
1934
1933
1932
Gross revenues
$1.053,247
3959,657 81,031.608
Operating expenses
666.100
648,526
671.609
Maintenance
85,559
76,371
66,268
Taxes
54.260
49,177
61,373
Net earningsfrom operations
$247,328
3185.583
$232.357
Non-operating income
4,758
22,627
22,750
Balance available for fixed charges.. $252,086
$208,211
$255,107
Rental on natural gas system properties operated under lease
63.100
74,167
72,167
Balance available for int., depr.,&c 4188,986
3134,044
8182,941
Annual bond interest
65,300
x Subject to audit and year end adjustments.
Consolidated Balance Sheet Dec. 31 1934
Assets-Fixed capital (less reserves for depreciation and
$3,221.678: cash, $19,492; accts. rec. (customers' & miscell. depletion).
less res.),
3167.005; inventories, $205,195; other assets, $55,159; deferred charges,
$17,424,• total, $3,685,954.
Liabilities-lst mtge.& coll. trust 5% bonds, $1,275.000; notes payable,
$42,463; accounts payable. $118,761; accrued liabilities, $59,312; due
affil. and associated cos., $1,240; consumers'deposits and accrued interest
thereon, $79,549; deferred contractual obligations, $24,231; reserved for
contingencies, $22,848; 7% preferred stock, series A (31.484 shares).
$1,574,200; common stock (80,505 shares no par), $80,505; capital surplus,
$517,177; deficit, $109.335; total, 33,685,954.-V. 137. p. 1938.
Union Tobacco Co.
-Earnings
--
Calendar YearsIncome
Salaries, rents, interest, &c., expenses
Net income
Previous deficit
Other credits
Total deficit
Charges
1934
$31,550
18,928
1933
$72,687
25.982
1932
8178.751
47.588
$12,621
6,871.354
1,124,830
$446,705
6,990,540
95.409
$131.163
sur75,561
1,886
35,733.903 36,848.426 sur$208,610
14.538
22.927 x7,199,151
Deficit Dec.31
85,748.441 36,871.354 $6,990,540
x Includes $7,093,877 provision for unrealized loss on investments.
Balance Sheet Dec. 31 1934
Assets
-Cash, $7,108; accounts receivable, $16; investments in stocks
other companies: cost (value based on market quotations $1,617,893of
).
$1,496,445; machinery (obsolete), $1; office furniture and fixtures (less
deprec. reserve of $1,073), $412; total, 31,503,984.
Liabilities-Accounts payable and accrued taxes, $4.656; reserve for
United Profit Sharing Corp.coupons outstanding (of which $6,448 is
in common capital stock at $8.4375 per share). $8.399,• United Profit payable
Sharing
Corp.. payable in common capital stock at $8.4375 per share, $354;
cumul. pref. stock (par $100), $2,160,000; class A stock (145.695 no 7%
par
shares) and common stock (817,918 no par shares). $5,079,016;
includes credits for excess of amounts received for capital stock over deficit
stated
value thereof), $5,748,441; total. $1,503,984.
Investments in Stocks of Other Companies Dec. 31 1934
Value Based on
Market Quotations
Shares
Description
Cost
Price
Amount
30,800 Philip Morris & Co., Ltd., cap. $600,332
47
81.447,600
1,075 *Philip Morris Cons.,Inc.,corn.
($10 par)
10,001
19%
21,366
3,722% Tobacco Prods. Corp. of Del.,
COM.($10 par)
886,111
40
148,900
81
United Cigar Stores Co. of
America,corn.($1 par)
35c.
28
Total
31.496.445
* Since dissolved.
-V. 139, p. 3167.
$1,617,893
----United Engineering & Foundry Co. Appr
In a letter sent to stockholders the company states t t
change
plan as been approved by the Pennsylvania Departmenits
t o tate. The
co any asks holders of common stock no par) to surrender their holdings
for exchange into two $5 par share for each old share held.
-Y.140, p.4417.
United Light 8c Power Co.(& Subs.)
-Earnings
-
12 Mos. End. May 311935
1934
Grass operating earnings of subs. & controlled cos.
(after eliminating inter-company transfers)
$74,983,401472.377,182
Operating expenses
35,200.706 32.274,352
Maintenance, charged to operation
4,299,428 3.886,167
Depreciation
7,257.764 6,830.696
Taxes, general and income
8,408,831 x7,957,638
Net earns,from oper. ofsubs.& controlled cos_
Non-operating income of subs. & controlled cos_ _ _$19,816,671 $21,428.326
_ 1,486.243 1,291,675
Total income of subs, and controlled cos
321,302,914 $22,720,001
Int.,amort.& pref. dive, ofsubs.& controlled cos.:
Int. on bonds, notes, &c
Amortization of bond & stock discount & expense 11,438,151 11,574,306
668,807
717.354
Dividends on preferred stocks
4,258,714 4,258.538
Balance
Proportion of earnings attributable to minority $4,937,241 $6,169,802
common stock
1.366.396 4.031.843
Equity of United Lt. & Pow. Co. in earnings of
subs. St controlled cos
13,570.844 34,137,958
Earnings of United Light & Power Co
9.635
13,514
Balance
Expenses of United Light & Power Co
$3,580,480 34,151,473
270,833
232,769
Balance
33.309,646 83,918.703
Holding company deductions
Interest on funded debt
2,320,099 2,315,988
Amortization of bond discount and expense
241,776
243,935
Balance transferred to consolidated surplus.,_
$747,771 51.358,780
x Adjusted on account of revision of Columbus (Ohio)
electric rate ordinance.
-V. 140, p. 4251.
United Fruit Co.
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
x Net earnings after all
chges. but before taxes $2,300.000 $4.713,000
$4,550,000 $6,317,000
Shares of common stk.
outstanding (no par). 2,906.000
2,025,000 2,906.000 2.925.000
Earnings per share
$0.79
$1.61
$1.56
$2.15
x Approximate figures.
The company issued the following statement:
"Unit costs of an agricultural and shipping business like
that of the
United Fruit Co. cannot be accurately determined until
and all interim statements at best are estimates basedthe end of the year
upon assumptions
of
as to probable gross quantities. Conaequently, any interim estimatethe
earnings of the company must be considered as subject to revision at
end of the year. Apparent earnings for the first halfof 1935, as estimated
by the comptroller of the company,are, before taxes, 84.550,000."-V. 140.
p. 2555.
-Weekly Output
United Gas Improvement Co.
Week EndedElectric output ofsystem (kwh.)
-V. 140. p. 4417.
July 6 1935 July 7 1934
67,154,203 61,675.298
-Earnings
United Light & Rys. Co.(& Subs.)
1934
1935
12 Mos. End. May 31Gross operating earnings of subs. & controlled cos.
$66.565,520x$64,746,213
(after eliminating inter-company transfers)
31,069.016 28,685,371
Operating expenses
3.453,486
3.848,061
Maintenance,charged to operation
6,326,718 6,001.982
Depreciation
7,850,262 37,704,003
Taxes, general and income
Net earns,from oper. ofsubs. &.controlled cos_ _$17,471,461 $18,901,369
1,374.545
Non-operating income of subs. & controlled cos__ _ 1,434,601
$18,906,063 $20,275.915
Total income of subs. & controlled cos
Int., amort.& pref. dive. of subs.& controlled cos.:
10.084,986 10,244.364
Int. on bonds, notes, &c
665,773
625,856
Amortization of bonds & stock discount St exp3,028.232
3,028.121
stocks
Dividends on preferred
$5,167,099 $6,337,545
Balance
Proportion of earnings attributable to minority 1.369.634 32,038,067
common stock
Equity of United Lt. & Rys. Co. in earnings of $3.797,464 $4,299,477
subsidiary and controlled companies
11,602
7,548
Earnings of United Light & Rys. Co
$3,805,013 $4,311,080
Balance
227,414
176,894
Expenses of United Light & Rys. Co
$3,628,119 $4,083,665
Balance
Holding company deductions
1,375,000
1,375.000
Interest on 53.i% debentures, due 1952
37
Other interest
51,704
42,988
Amortization of debenture discount & expense
Balance transferred to consolidated surplus_ _ -- $2,210,130 $2.656,924
Prior preferred stock dividends
275,019
275.002
7% prior preferred-first series
346,530
346,212
6.36% prior preferred-series of 1925
620,030
619,432
6% prior preferred-series of 1928
$969.484 $1.415.343
Balance
x Adjusted on account of revision of Columbus (Ohio) Electric rate ordi-V. 140. p. 4252.
nance.
-t '
-Receiver's Report -=
United Paperboard Co.
c•-•
Mar. 30 '35 Mar. 31 '34 Mar. 25 '33
Year Ended$2,661,121 $2,099,791 $2,391,89g
Total sales
203,396
87,700
171,221
Net pr ofit before depreciation
Condensed Balance Sheet
30'35 Mar.31'34
Mar
Mar.30'35 Mar. 31 '34
$
$
Liabilities3
5
AssetsPreferred stock_ _ _ 1,317,200 1,317,200
Real estate. Plants
and machinery_ 5,269,584 5,257,957 Common stock_ ....12,000,000 12,000,000
65,425
49,685
7,880,480 7,813,428 Accounts payable_
Good-will
9,183 Claims of creditors:
9,168
Personal property.
1,650
1,356
Pref. & secured_
395,175
Invested assets_ .._ 376,215
215,551
Notes payable_ 116,067
124,958
324,922
Cash
93,172
32,070
Accts. payble_
1,216
Notes receivable
188,646 Dep. rec. on acct.
183,326
Accts.receivable
326,366 of leases 5, sates
Mdse.and supplies 277,394
148,836
395,959
of mills
16,001
53,558
Deferred assets....
291,096
462,317
Surplus
14,374.648 14,132,931
Total
14,374,648 14,132,931
Total
Note-Good-will inclunes Gifference between value of assets as carried
by the company and as tetermined by appraisers appointed by Court.
-V. 139. p. 131.
-Earnings
United Profit-Sharing Corp.
Income Account for Calendar Years
1932
1933
1934
$107,482
$78,006
$29,646
Net profits
19,929
19,929
19.929
Preferred dividends
1931
$89.549
19,927
$87,553
63,625
$69,622
17,888
Balance, surplus
Previous surplus
Ore its applic.to prior yrs
Excess provision for coupon redemption
Federal tax refund
Total
Loss on securities sold
$9,717
203,920
4,961
$58,077
144,608
8,370
2,241
$218,598
$202.685
prot1,235
$151,178
6.570
$98,121
5,997
$92.124
$144,608
$203,920
Profit & loss surplus__ $218,598
224.597
224,600
224,605
236,608
Shs.com.stk.out.(no par)
$0.31
$0.37
80.26
80.04
on com_
Earnings per sh.
Balance Sheet-Dec. 31 1934
marketable securities,
Assets
-Cash in banks and on hand. $173,975;
and notes
$60,983; investment in affiliated company, $7,022; accounts
receivable (less allowance for doubtful accounts of $5,628). $185,077;
$5.157;
Inventories, $114,037; interest receivable, $626; special deposit, prepaid
investment in Acker, Merrall & Condit Co. (at cost), $132,206;
taxes, postage, insurance, supplies, &c., $14,202; furniture, fixtures and
Improvements (less allowance for depreciation of816,501), $22,854; treasury
total, $716,702.
stock (305 25-160 shares common, at cost), 8563;cash and stock dividends,
-Accounts payable, $58,696; unpaid
Liabilities
deposits advanced for coupon redemption. $1,124; provision for
$13,496;
redemption of coupons, $133.270; provision for contingencies, $4,500;
preferred stock ($10 par), $199,290; common stock (outstanding 236,913
total,
shares). $59,228; capital surplus, $28,499; earned surplus, $218,598;
$716.702.-V. 139. p. 291.
- United Rys. & Electric Co. of Balt. Stockholders Ratify
Plan-Name Will Be Ch nged to Baltim e Transit Co.
Common Stock Reclasszfied
The stockholders, at a speçld meeting, July 9, ratified the proposed
for
the
amendments to the compan 's charter to make effectiveU. S.plan
District
reorganization (V. 140, p. 2025) now pending before the
Court.
the name of the
One of the charter amendments provides for changingin the articles of
company to the Baltimore Transit Co. Other changesnew common and
incorporation included a provision for the issuance ofoutstanding classes
preferred shares and debentures in exchange for present
of bonds and common stock.
Under the amended charter the common stock was reclassified so that
250,000 will
authorized capital stock will consist of 450,000 shares of which addition the
(no par). In
be preferred (par $100) and 200,000 commonin an aggregate amount not
were empowered to issue debentures
directors
5%, payable
exceeding $24,000,000, to bear-Interest at a rate not exceeding
only when earned.
ratification of the changes in the charter and by-laws, the
Following the
19, in order to pave the way for
stockholders adjourned to meet again July contingencies might make necesany corrections or changes that unforeseen
before the Federal Court.
sary in proceedings pending
bondholders' committee.
Edwin G. Baetjer, chairman of the first lien
be begun immediately
stated that the exchange of new securities for old will
Mr. Baetjer added that the
meeting.
upon adjournment of the July 19 was the final corporate step required in
of the charter changes.
ratification
July 13 1935
Financial Chronicle
290
formal
connection with the reorganization and it only remains for certain under
steps to be consummated before the proceedings may be terminated
-V.141, p. 128.
Bankruptcy Act.
Section 77-B of the
-Earnings
United Securities, Ltd.
1935
$673
98,584
366.819
25
1934
$852
94.653
359,925
62
1933
$1,839
97.584
386.649
50
1932
$1,170
101,785
413,456
117
Total income
Expenses
Interest on bonds
$466,101
18,096
261,431
8455,492
29,942
265.865
$486,122
53,928
270,041
$516,529
49.645
273.996
Balance.surplus
Common dividends
$186,574
102,522
$159,684
102,522
$162,152
102,522
$192,888
102.522
Years End. Mar.31Interest on loans
Interest on bonds
Divs,from investmentsMiscellaneousincome_ t-
$90,366
$59,630
$57,162
$84,052
Balance Sheet March 31
1934
1935
1934
1935
Liabilities$
$
$
Assets5,126,173
.._ _ _10,259,426 10,189.579 Common stock _ _ _ 5,126,173 4,815,000
x Investments
4,733,500
22,000 Funded debt
Callloans
7,461
1,077
99 Accts. pay. & seer.
24
Accts. receivable._
78,453 Res. for exch. on
56,570
Cash In bank
5,732
4,201
bond Interest _
558
233
Trustees accounts_
121.696 Investment res've. 134,042
126,216
Accr. d1v.& Int _
110,344
Accr. Int. on bonds 108,476
125
Prepaid charges_ 25.631
25,630
Div. payable
322,045
309,496
Surplus
Balance,surplus
10,442,594 10,412,385
Total
10,442,594 10,412,385
Total
($7,133,000
x Market value March 31 1935 was approximately 86,077,120
in 19341.-V. 138. p. 3109.
-Earnings
Utah Light & Traction Co.
1935-12 M03.-1934
-Month-1934
Period End May 31- 1935
$941,794
$86,303 $1,010,910
$86,948
Operating revenues_ ......
865,962
75,717
921,856
74,337
Operating expenses
$75,832
$89,084
$10.586
$12,611
Net revs, from oper
805,464
42.705
541,097
39,309
Rent from leased prop_
2,274
313
2,974
263
Other income (net)
8883,570
$633,125
$53.604
$52,183
_
Gross corp. income__
894,284
53,933
637.073
52.511
Int. & other deductions_
$10,714
$329
$33,948
8328
Deficit_a
appropriations and dividends.
a Before property retirement reserve the above
statement or unpaid
Note
-No provision has been mane in
cumulative interest in the 6% income demand note, payable if earned,
amounting to $492,000 to Dec. 31 1934.-V. 140. P. 3915.
--Earnings
Utah Power & Light Co.(& Subs.)
[Electric Power & Light Corp. Subsidiary]
1935-12 Mos.-I934
-Month-1934
Period End. May 31- 1935
8795,977 $10,152.958 $9,559,716
$791,886
Operating revenue_ _ _ _
5,299,315
486.490 6,061,214
490,362
Operating expenses
8309.487 $4,091.744 $4,260,401
Net revs, from oper__ $301.524
33,288
4,677
42.105
3,626
Other income (net)
Gross corp. income_ __
Int. & other deductions-
8305,150
240,129
$314,164 $4,133,849 34.293,689
3.038,948
245,004
2,910,441
y$69,160 $1,223,408 $1,254,741
Y$65,021
Balance
746,532
700,000
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for
1.704,761
1,704,761
period, whether paid or unpaid
$1,227,885 $1,150,020
Deficit
y Before property retirement reserve appropriations and dividends.
and unpaid to May 31 1935 amounted to $3,835,z Dividends accumulated
712. Latest dividends, amounting to $1.16 2-3 a share on $7 pref. stock
and $1 a share on 86 pref. stock, were paid on Feb. 1 1935. Dividends
-V. 140, p. 3916.
on these stocks are cumulative.
-Preferred Dividend-s&.t-C
Dusen Harrington Co.
The directors paid a dividend of $1.75 per share on the 7% cum. cony.
pref. stock, par $100, on July 1 to holders of record June 20. A dividend of
$3.50 per share was distributed on April 1 1935. 'Unpaid dividends on this
-V. 140, p. 23'72.
issue now amount to 83.50 per share.
-Victor Oil Co., Los Angeles-Earnings
Earnings for Year Ended March 31 1935
Oil sales
Discount earned
Interest on treasury bonds
$20,577
19
573
Total income
Director's tees
Office expense
Lease expense
Taxes
$21,171
81
1,225
9,782
1.971
58,111
4,089
260
Operating profit
Loss on depreciation
Loss on depletion
$3,761
Balance Sheet March 31 1935
Assets
-Cash,87,297; accounts receivable, $1,916; U.S. Treasury bonds,
$17 355; accrued interest on bonds. $573; property (less: reserve for depletion and depreciation, $394.186). 8450,705; total, 8477,848.
Liabilities-Capital stock, $233,562; surplus, $244,285; total, $477,843.
Balance,surph-s
(& Subs.)
-Earnings
Virginia Electric & Power Co.
-Month-1934
1935-12 Mos.-1934
Period End. May 31- 1935
$1,248,235 $1,244,844 $15,199,397 $14,851,698
Gross earnings
497,280 5,907,125
5,802,837
488,185
Operation
88,534
967,369
91,772
1,027.040
Maintenance
1,592,883
152,295
1,900,984
156,808
Taxes
157,825
1,565
155,626
Inc. from other sources_
$355.841
Balance
Interest and amortization
Appropriations for retirement reserve
Preferred dividend requirements
$348,909 56,423,918 $6,430,502
1,909.864
1.894,085
1,800,000
1.800,000
1,171,608
1,171,608
Balance for common dividends & surplus
-V. 141. P. 129.
$1,558,224 $1,549,029
-Accumulated Dividend-6L-C..6---''""NVIchek Tool Co.
of
on the
on
account
accumulations
A dividend of $1 per share was paid
7% cum. pref. stock, par $100 on June 29 to holders of record, June 24. A
similar payment was made on Mar. 30 1935 and Dec. 28 1934, this latter
being the first distribution made on this issue since Dec. 31 1931 when a
regular quarterly dividend of $1.75 per share was disbursed.
Accruals after the payment of the June 29 dividend amount to $21.50
-V. 137. p. 2122.
per share.
-SalesWalgreen Co.
Month ofJanuary
February
March
April
May
June
Total six months
-V. 141. p. 129.
1933
1934
1935
84.704.507 $4,303,470 $3,664,964
4,633.592 4,079,749 3,248,371
4,618,455 3.412.705
5,028,955
4,621.329 4,211,153 3,452,180
3,643,478
4.640,967 4.356,431
3,982,684
4,457,291
4,667,303
$26,026.549 $21,404,384
$28,297,780
Volume 141
Financial Chronicle
Vortex Cup Co.
-Earnings
-Year End. Year End.
Period-
Year End. Year End.
Dec. 31'34. Dec. 31 '33. Sept. 30 '32. Sept. 30 '31.
Gross profit from oper_
$882,026 x$912,584 $1,379,428
Sell., adm. & gen. exp-- $1,017,706
538,198
472,761
518,855
687,030
Net profitfrom oper__ $479,507 y$409,265
$393,729
$692,397
Other income
12,627
18,719
13,726
14,679
Total profits & income $492,135
$427,985
$407.455
$707.076
Int. paid & misc. exps_
3,916
Provision for Federal and
Canadian income tax_
68,925
60,050
55.700
83,500
Unrealized loss in cony.
of acc'ts of Can.subs_
13,856
Other deductions
9,529
Net income
$423,210
$358,405
8351,755
3605,805
Class A dividends
175,000
179,719
185,594
187,500
Common dividends
151,837
62,831
152,112
201,891
Balance
396,373
$115,855
$14,049
$216.414
Common shs. outst'g
101,458
100,058
105,000
105,000
Earnings per share
$2.45
$1.78
$1.35
$3.98
x After providing for amortization of
patents in the amount of $28,776.
y After provisions of $50,353 in
1934 and $62,855 in 1933 for depreciation
offixed assets and $31,408 in 1934
and $31,382 in 1933 for amortization of
patents,,&c.
Consolidated Ba ance Sheet Dec. 31 1934
Assets
-Cash in banks and on hand. $719,221; accounts and
notes
receivable (less reserve for doubtful receivables
of
inventories, $249.683; prepaid insurance, advances $10,000), $71,897:
to salesmen, &c..
$4.726; cash in closed banks (less reserve).
$6,853: plant and equipment
(less reserve for depreciation) of $558,878).
3858,556; patents, trade'narks and goodwill, $1,525,613; total, $3,436,550.
Liabilities-Accounts payable, $39,645; accrued taxes, wages,
royalties.
&c., $32,312; provision for Federal
and Canadian taxes, $78,769; class A
stock (70.000 shares no par after deducting 5,000 shs.
on treasury at cost
of $100,000), $1,400,000; common stock (101,458
shs. no par after deducting 3,542 shs. in treasury at cost of
$628,851: earned surplus. $749,684; $17,710), $507,290; capital surplus,
total, $3,436,550.-V. 139, p. 1420.
----Walker Manufacturing Co.
-Accumulated Dividend
The directors
have declared a
of accumulations on the $3 cum, dividend of $1.50 per share on account
cony, preferred stock, par $50, payable
Aug. 1 to holders of record July 20. This compares
with 75 cents paid on
May 1 last, $1.50 on
preceding quarters. Feb. 1 1935 and 75 cents per share in each of the five
Arrearagas after the payment of the
Aug. 1 dividend will amount to $3
per share.
-V. 140, p. 2205.
Washington & Suburban Cos.
-Earnings
-
Years Ended Dec. 31Dividends received
Interest on notes and bonds
Interest on bank deposits
Total income received
Income accrued, not received
Total income
Interest
Federal tax on dividends received
Tax refunds on bond
interest, Zke
General expenses
1934
$410,305
32,613
1933
$406,006
31.643
280
$442,919
45,000
$487,919
357,500
6,934
31,664
$482,928
357,500
10,258
6,693
27,134
$91,800
240,000
Net income, before reserves
Additions to reserves
$437.928
45,000
$81,342
240,000
Loss for the year
Previous deficit
$148,200
$158,658
1,143,842
985,184
x Deficit end of period
$1,292.042 $1,143342
x Dons not reflect net surplus increases the various subsidiary
of
operating
companies since acquisition. These net surplus increases
amounted to
$2.066,265 at Dec. 31 19..i4 and at Dec. 31 1933 they totaled
$1.791,835.
Comparative Balance Sheet Dec. 31 1934
Assets
-Cash in banks, $176
notes receivable (sub. cos.) *834: accounts receivable. $1,317; demand
$1.051,596; accrued
$175 531 . investment securities, $19,400,456; total, interest receivable,
.
:
$20,805,736.
Liabilities-Accounts payable, $3,367; accrued Interest payable.
$119,167;
% collateral trust gold bonds, $6,500,000: reserve for
contingencies
and adjustments, $406,782; $6 cumulative preferred
no Par), $2,864,806; common stock (6,000 shares, stock (70,000 shares,
no par), $7,483,900;
capital surplus, $4 719
755' deficit, $1,292,042; total, $20,805,736.V. 138, P. 2599.
*
Waverly Oil Works Co.
-Earnings
Years Ended April 30-Sales
-Net of returns &
Cost of merchandise soldallowances_
Manufacturing profit
Total expenses
1935
1934
$1,137,357 $1,138,751
960,670
885,712
1933
$735.700
598,416
$176,687
201,814
$253,039
196,449
3137.283
117.027
loss$25,127
4,345
$56,589
8,042
$20,255
9,736
Profit before int., ins, and taxes-- 1088$20,781
Interest
14,717
Insurance
7,224
Taxes
11,702
Depreciation charges
x4,116
Special reserve-Semler Brown acct-
364,632
18,622
9,258
17.374
69,750
7,415
$29.992
19,345
9,610
16,427
73.120
Profit before other income
Total other Income
Total loss to surplus
$58,542
$57,786
$88,512
x Depreciation on Coraopolis plant omitted due to sale.
Depreciation
write off on Pittsburgh plant suspended due to present
low valuation as
carried on books of account.
Balance Sheet April 30 1935
Assets-Cash in banks
and accounts receivable and on hand, 311.587: notes, trade acceptances
(less reserve), $130,202; inventories, $138,344;
unlisted securities, $.300; deferred charges, $13,271;land,
machinery and equipment (less depreciation reserve of $327.500; building
$901.298).
returnable drums and containers (net). $4,002; total, $714,954. $89,745;
Liabilities-Notes and trade acceptances payable,
$54,063;
payable, $71,322; long-term series notes due banks, $125,000; accounts
reserve for
contingent liability Eisaman property, $15,000: class A stock
(10,000 shares
no par), $870,000: capital surplus, $441,958; operating deficit
account,
$862,390; total. 3714,954.-V.
137. p. 2992.
Wee Investors Royalty Co.
-Stop Order Issued-See
under "Current Events and Discussions" on a preceding page.
West Shore RR.
-Guaranteed Bonds
Coupon sheets bearing coupons maturing from Jan. 1 1936 to
Jan. 1
1985. inclusive, are being attached to the guaranteed first
mortgage
geld bonds, due 2361, upon presentation of the bonds at the office 4%
of the
New York Central RR.
-Y. 137, p. 2101.
Western Auto Supply Co.
-Sales
Month of1935
1934
$870,000
882.000
1 114 000
1,137.000
1.476.000
1,666,000
1933
$666,862
651,000
670,000
873.000
1,156.000
1,382,000
January
February
March
Aprll
May
June
31.114,000
995,001
1.372,0'0
1,460,000
1,636,000
1,884,000
Total Rix months
-Nr, 140, p. 4252.
$8,462,000 37,146,000 $5,400,000
291
Western Maryland Ry.-Earnings-Fourth Week of June
--Jan.1 to June 30Period1935
1934
1934
1935
Gross earnings (est.)---- $316,006
$322,350 $7.475,241 $7,046,478
-V. 140, p. 4419.
Western Oil & Refining Co.
-Receiver's ReportRebert C. Gillis, receiver in a report submitted to the U. S. District
Court, Southern District of California says in part:
From the audit it appears that the receivership of the company was
operated during the four month period ending Nov. 30 1934 at a profit,
after making due allowance for depletion but excluding general depreciation,
of $58,986. This audit shows that for the entire period of receivership up
to Nov. 30 1934 a like profit, after allowance for deprletion but excluding
general depreciation, of $107,989 was made; which may be compared with
a like and similar total profit for the entire period of the receivership up to
July 311934. amounting to $49,002
-the low point apparently having been
reached at that time when heavy losses had been incurred during the first
seven months of the year 1934 most of which were marked by a disastrous
gasoline price war causing heavy losses to all operators, as indicated in the
last preceding operating report of this receiver.
This gain of $58,986 is attributed to the orderly marketing of gasoline
and other petroleum products under the provisions of the Pacific Coast
Petroleum Agency Agreement which became effective on June 25, 1934.
Comparative Balance Sheet
AssetsNov. 30'34. Apr. 431. LiacuutesNov. 3034. Apr. 431.
Cash in bank
$2,184 Curr. liabilities_
$105,798
330,050
Deps. held as part
Receiver's certifs_ 260,541
security for notes
Deferred credits._
368
payable
446 Receiver, capital
Cash In transit.._
17,230
account
2,854,582 2,854,582
Working fund__ _ _
1,109 Receiver, capital
1,170
Revolving fundadjustment ace. Dr68,391
Cash in bank___
499
Amounts paid to
Inventories_ _ _
.
discharge liens,
82,000
x Accts. and notes
taxes,ea
Dr165,808
receivable
132,848
229,576 Receiver, gain or
Inventories
204,974
171,642
loss on realizeCash value life Inlion of assets of
surance
receivership estateDr23,090
869
eferred assets._
7,382
19,807 Proceeds from sale
y Fixed assets
2,108,426 1,896,195 of casing not inInvestments and
eluded In readvances
507
ceiver's original
Prepaid and un4,881
inventory
expired taxes, inProfit April 4'31surance and rents
29,417
32,751
Nov. 30 1934... 107,988
Dot,Items, contingent equities, dm. 110,864
Going concern value 500,000
500,000
Total
$3,301,122 $2,854,582
33,301,122 $2,584.582
Tots
-V. 138, p. 518.
Western Public Service Co.(& Subs.)
-Earnings
Period End. May 31- 1935
-Month-1934
1935-42 Mos.-I934
Gross earnings
$158,318
$166,483 $2,024,406 $1,958.197
Operation
85,497
1.052.200
86,370
1,017,233
Maintenance
8,506
7,711
103,229
80.266
Taxes
15,330
16,189
189,355
165,655
Interest & amortization_
28,871
30,533
357,684
375,963
Balance
$20,112
$25,678
$321,936
$319.077
Appropriations for retirement reserve
206,750
200.000
Preferred dividend requirements
119,453
119,448
Deficit for common dividends and surplus..___
$4,266
$370
-V. 140. p. 3918.
----Wiox-Rich Corp.
-Stricken from Listing and
.
The lass A convertible stock (no par) has b en stricken from listing and
registration by the New York Stock Exchange V. 141, p. 129.
•Willys-Overland Co.
-To Build
ore Cars
-
The bondholders and creditors, according to Toledo, Ohio. press dispatches, have reached an agreement on the manufacture of 10,000 additional
cars and trucks until November, by which time it Is hoped that a reorganization of the company may be carried out.
The agreement, it is said, provides that orders with cash deposits must
be received from dealers for all of the 10.000 cats before application is
to the U. S. District Court for permission to make the additional made
cars.
The bondholders also are to receive cash for permission to make the cars.
On a previous order for 10,000 cars, bondholders, it is stated, were given
$250,000 received from the sale of surplus machinery, which sum is now
being held by the trustee for the bonds pending a court order for distribution. The amount to be paid this time has not been learned.
David R. Wilson, one of the receivers, said that the 1,400 workers now
employed at the Willys-Overland plant will be kept busy until July 27 on
the last court authorization for 7,500 cars.
-V. 140, p. 4253.
Wilson & Co., Inc. (8c Subs.)
-Earnings
Earnings for the 6 Months Ended April 27 1935
Gross sales
3102,840.298
Net income after int., deprec., processing taxes, minority int.
& provision for Federal taxes
2,489.179
Earns, per share on 2,001,163 no par shares common stock..
$0.75
The balance sheet as of April 27 1935 shows current assets of $39.845,267.
including cash of $2,713,720 and inventory of $26,162,415, while current
liabilities totaled $12,623,432. including bank loans payable of $5,581,388.
-V. 141, p. 129.
& Lovett Grocery Co.
-Special Class B Dividend
The directors have declared a special dividend of 50 cents per share on
the class B stock, no par value, payable July 15. An initial dividend of like
amount was paid on Dec. 29 1934.-V. 140, p. 489.
Winnipeg Electric Co.
-Meetings Announced
-
Following the authorization ecently granted by the Court, dates have
been fixed for meetings of security holdeis of the company and its subs. in
connection with the proposed reorganization plan.
The meetings will be held between Aug. 7 and Aug. 27 in Montreal and
Toronto, as follows: Aug. 7, Manitoba Power CO. at Toronto; Aug. 12,
Northwestern Power, at Montreal; Aug. 15, Suburban Rapid Transit CO.,
at Montreal: Aug. 22, Winnipeg Electric Co., at Toronto. and Aug. 27,
Winnipeg Selkirk & Lake Winnipeg Co., at Toronto -V. 140, p. 4419.
Wisconsin Public Service Corp.(& Subs.) Earnings
12 Months Ended May 31Operating revenues
Oper. exp., maint. & taxes (other than inc. tax.) _ _
Appropriation for retirement reserve
Net operating revenue (before prov,for inc. tax.)
Other income
Gross income (before provision for income taxes)
Interest charges (net)
Amortization of debt discount & expense
Other income deductions
Provision for Federal & State income taxes
Net income
-V. 140, p. 4086.
(F. W.) Woolworth Co.
-Sales
Month of1935
January
February
March
April
May
June
Total six months
-V. 140, p. 3919.
317.147,912
18.218.936
20,482.647
22,382.097
21,050,290
21.113,249
1935
$7.055,745 $6,902,117
4,209,366
3,920,872
749.950
587.030
$2,096.429 $2.394 80
15
311
30.632
$2,127,060 $2.425,995
1,349,996
1,348,742
101,253
101,506
17.275
15.300
79.825
58.200
$578.710
$902,246
1934
1933
318.137.412 315,844,684
17.860,960 16.244,993
24,035,139 17,509.833
19.788.230 20.159.295
22,004,068 19,801,192
22,000,467 19,344,065
5120,397,124 3123826,274 3108904,065
-
Financial Chronicle
292
July 13 1935
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
PETROLEUM-RUBBER-H1DES-METALS-DRY GOODS
COMMERCIAL EPITOME
were not large. On the 10th inst. futures ended 5 points
lower to 10 points higher with near months showing the
most strength. Hogs were 20 points higher. Shorts
covered. On the 11th inst. futures ended 5 points lower to
5 points higher. Hogs were higher owing to small receipts.
Cash lard was firmer; in tierces, 13.97c.; refined to Continent, 123/Ic.; South America, 12%c. To-day futures
ended unchanged to 5 points lower.
Friday Night, July 12 1935
Coffee futures closed 7 to 9 points higher on Santos
contracts and 5 to 7 points higher on Rio owing to the
Sales
improved exchange rate and higher Brazilian prices. Cost
5,750 bags of Santos and 3,750 bags of Rio. with
were
and freight offers were unchanged to 5 points higher
LARD FUTURES IN CHICAGO
Santos 4s 7.65 to 7.90c. On the 9th inst. futures closed DAILY CLOSING PRIORS OF Sat. 'Mon. Tues. Wed. Thurs. Fri.
13.90
lower on Santos and 7 to 12 lower on Rio with July
13.52 13.62 13.80 13.90 13.90
6 to 7 points
bags
13.37 13.45 13.62 13.70 13.75 13.75
sales of 16,750 bags of the former contract and 3,500 Cost September
12.45 12.60 12.75 12.70 12.65 12.60
December
of the latter. Brazilian markets were weaker. with
Pork steady; mess, $28.75; family, $26.50 nominal; fat
and freight offers from Brazil advanced 5 to 10 points
backs, $25 to $28.50. Beef firm; mess, nominal; family,
4s 7.70 to 8.00e.
Santos
to $24; extra India mess, nominal. Cut meats easier;
on
On the 10th inst. futures were 3 to 5 points lower of $23
pickled hams picnic loose e. a. f., 4 to 6 lbs., 163.0.; 6 to 8
contracts and 2 to 3 points lower on Rio with sales
Santos
15Mc.• 8 to 10 lbs., 15c.; skinned loose c. a. f., 14 to
3,750 bags of the former and 4,500 bags of the latter. Lower lbs., 194c.; 18 to 20 lbs., 19c.; 22 to 24 lbs., 17c.; pickled
futures and exchange caused the weakness. On 16 lbs.,clear,f. o. b. N. Y.,6 to 12 lbs., 233/Ic.; bellies, clear,
Brazilian
bellies,
the 11th inst. futures were quiet and easier Santos contracts dry salted, boxed, N. Y., 14 to 16 lbs., 183 c.; 18 to 30 lbs.,
%
7 to 10 points lower and Rio 4 to 9 points lower;
closing
creamery, firsts to higher than extra and
183/Ic.
8,250 bags of Santos and 4,000 bags of Rio. The premiumButter, 223.i to 25c. Cheese, flats, 18 to 19c.
sales
marks,
Brazilian exchange rate was easier. Cost and freight offers Eggs, mixed colors, checks to special packs, 223 to 293/Ic.
Brazil were generally unchanged with Santos 4s at
from
Oils-Linseed was in slow demand. The price was
7.70 to 7.90c. To-day futures ended 4 to 5 points lower on
cars, but concessions of as much as
contracts and 7 to 17 points lower on Santos with sales quoted at 8.7c. tankbe obtained in some directions. The
Rio
2c. could, it is said,
21 contracts of Rio and 78 contracts of Santos.
of
recent weakness of grains caused a break in domestic seed
Rio coffee prices closed as follows:
5.06
of about 3c. on the 11th inst. Cocoanut, Manila, tanks,
5.26 September
March
5.18
2
5.33 December
May
/
forward, 33 0.; Coast, 33% to 33/c. Corn, crude tanks,
5.00
July
/
Western mills, 830.; China wood, tanks, Aug. to Dec.,
Santos coffee prices closed as follows:
13.6 to 13.7c.; drums, spot, 15 to 153/Ic. Olive, denatured,
7.53
7.66reptember
March
7.62
spot Spanish, 85 to 86c.; other oils, 80 to 82434 shipments,
7.71 December
May
7.53
July
Spanish,85 to 86e.; Greek, 83e. Soya bean, tanks, Western
Cocoa futures on the 8th inst. closed 5 to 6 points higher mills nearby, 7.3 to 7.5c.: C. L. drums, 9.1e.; L. C. L., 9.50.
on good buying by manufacturers and a fair demand from Edible, cocoanut, 76 degrees, 10%e. Lard, prime, 13c.;
ic. Cod, Norwegian light,filtered,
Wall Street. Sept. ended at 4.56c., Dec. at 4.71c. Jan. extra strained winter,12Y
'
at 4.76c. March at 4.86c. and May at 4.97o. On the 34e.; yellow, 35c. Turpentine, 49 to 53c. Rosin, $4.85
'
9th inst. futures closed 2 to 5 points higher with sales of to $6.65.
Cottonseed Oil sales, including switches, 57 contracts.
1,072 tons on a good demand from manufacturers. Sept.
,
ended at 4.61c., Oct. at 4.66e., Dec. at 4.74c., March at Crude, S. E., 85/Ic. Prices closed as follows:
9.80 9.95
9.751 9.82 November
July
4.89c. and May at 4.99e.
9.88
9.75 9.95 December
1 to 4 points higher with August
On the 10th inst. futures closed
9.94
9.90 9.92 January
September
February
-9.85@1O.00
9.99
manufacturers good buyers. Sales were 2,023 tons. Sept. October
Dec. at 4.77e. March at
ended at 4.65c. Oct. at 4.70c.
Petroleum-The summary and tables of prices formerly
the 11th inst. futures reversed appearing here regarding petroleum will be found on an
4.90c. and May at 5.00c. On
its recent upward trend and ended 1 to 2 points lower after earlier page in our department of "Business Indications,"
sales of 1,420 tons. Sept. ended at 4.64c. Dec. at 4.75e. in the article entitled "Petroleum and Its Products."
Jan. at 4.80c. March at 4.89c. and May at 4.99c. To-day
-On the 8th inst. futures closed unchanged to
Rubber
futures closed 2 to 7 points higher with sales of 85 contracts. 3 points lower on sales of 1,500 tons. Spot ribbed smoked
4.73c. Dec. at 4.79e. March sheets here fell to 12.170. London closed quiet, but steady.
Sept. ended at 4.71e. Oct. at
at 4.91c. and May at 5.01c.
Singapore was quiet and 1-16 to 3-32d. lower. Here Sept.
Sugar futures on the 8th inst. showed the sharpest break ended at 12.30e.; Oct. at 12.37c.• Dec. at,12.51c.; Jan. at
May at 12.87c. On the
since May 31, being off 7 to 12 points at one time. They 12.58c.; March at 12.71c., and'
closed 4 to 10 points lower on sales of 300 tons of old con- 9th inst. futures closed 12 to 14 points higher with sales of
tracts and 18,700 tons of new. Uncertainties regarding 1,830 tons. Spot ribbed smoked sheets rose to 12.27e. here.
a fear that
the Agricultrual Adjustment Administration andival basis in London and Singapore were steady. Sept. here ended at
at
Cuba may sell more sugar on a price-date-of-arr decision on 12.43c.; Oct. at 12.50c.; Dec. at 12.65c.; Jan. at 12.72c.;
12.99c.
March at 12.85c., and May
order to fill her quota before a possible adverse
On the 10th inst. futures ended 3 to 6 points lower after
the AAA and a possible increase in duty from 90 cents to
$1.50, caused the selling. Raws were quiet. On the 9th sales of 690 tons. Spot ribbed smoked sheets were lower
inst. futures closed 4 to 8 points higher, with sales of 14,050 at 12.25c. London was unchanged at 1-16d. lower while
tons of new contracts and 900 tons of old. Cane refiners Singapore advanced 1-16d. Here Sept. closed at 12.4043
deliveries for the first six months showed a gain of 270,000 Dec. at 12.6143. Jan. at 12.68c. and March at 12.82c.
'
tons over the same period last year according to the Sugar On the 11th bast. futures closed 5 to 10 points lower; sales
Institute and for the week ended June 29, they showed a 1,410 tons. Spot ribbed smoked sheets were 12.18c.
gain of 35,000 tons over the same week last year. It was London and Singapore were easier. Here prices closed
reported that Cuba would withhold shipping permits on with July at 12.18c., Sept. at 12.300., Dec. at 12.54c.,
Jan. at 12.61c.,. March at 12.75c. and May at 12.860.
sugar sold on a price-date-arrival basis.
On the 10th inst. futures closed 2 to 3 points lower on old To-day futures ended 4 to 6 points lower after sales of
contracts with sales of 1,000 tons and 3 to 4 points lower 43 contracts. July closed at 12.13c.; Sept. at 12.65c.,
on new contracts with sales of 7,400 tons. Raws were Dec. at 12.49c., March at 12.69e. and May at 12.82c.
Hides futures on the 8th inst. were fairly active and
easier. On the 11th inst. futures rose 5 to 7 points early
on short covering but reacted slightly later in rather slow closed unchanged to 10 points lower. Sales totaled 5,240,000
trading and ended unchanged to 4 points higher. Sales lbs. Sales of spot hides in the Chicago market on the 8th
were 350 tons of old and 11,100 tons of new contracts. The inst. totaled 10,000 bales at steady prices. Some 6,000
Department of Agriculture estimated the beet sugar produc- frigorifico steers sold in the Argentine market at 113/Ie.
tion at 1,377,000 short tons raw value against 1,239,575 tons Here, Sept. ended at 10.63c. Dec. at 10.99c. and March at
last year and the quota of 1,550,000 tons. To-day futures 11.33c. On the 9th inst. futures closed 13 to 21 points
closed 1 point lower to 1 point higher on old contract and lower after sales of 1,960,000 lbs. Some 1,000 light native
1 point lower to 1 point higher on new; sales, 8 contracts in cows sold in the Chicago market at 103/Ie. of July take-off.
the old and 103 contracts in the new.
Some 1,000 branded cows sold at 160. Sept. ended at
Prices were as follows:
10.50c., Dec. at 10.81c. and March at 11.12c.
2.37
2.31 September
December
On the 10th inst. futures ended 1 to 5 points lower with
2.09
2.34 January
July
2.14
2.10 May
sales of 2,000,000 lbs. Sept. closed at 10.45c., Dec. at
March
at 11.09e. On the 11th inst. futures
Lard futures on the 6th inst. ended 7 to 10 points higher 10.860. and March to 2 points higher with sales of 1,160,000
of corn and hogs. On the 8th inst. closed 2 points lower 10.47c., Dec. at 10.78c. and March
reflecting the strength
ended at
futures advanced 7 to 15 points on short covering and trade lbs. Sept. To-day futures ended 4 to 9 points higher after
buying influenced by the strength in corn. On the 9th inst. at 11.11e. contracts. Sept. closed at 10.493., Dec. at
there was a further rise of 18 to 15 points owing to the sales of 29
at 11.15c.
firmness of hogs, which were 10 points higher. Hogs receipts 10.84e. and March
Volume 141
Financial Chronicle
Ocean Freights were dull.
Charters included: Grain booked
-3 loads to Antwerp at 5c.; 1% loads
to Antwerp at Sc.; 3 loads to Antwerp at Sc. Sugar-Aug., Cuba to
United Kingdom-Continent, 12s. Trips-Atlantic range, redelivery
United Kingdom, 75c.
Coal was in small demand. The price of chestnut was
cut by a smokeless producer 20 cents to $2. Bituminous
output in the week ended July 6 was approximately 2,450,000
net tons, according to the National Coal Association. It
compares with 5,012,000 tons in the same week in 1934
and 5,573,000 in 1933. The Bureau of Mines made the
production in the week ended June 22, 4,831,000 tons
and 6,482,000 tons in the week ended June 29. For the
calendar year to July 6 the production was 185,315,000
tons against 187,320,000 in the same period last year.
Copper was more active and steady at 8c. for domestic
delivery. Export prices were higher at 7.750. c.i.f. European
base ports, with a good demand. Bids will be opened on
July 17 by the Navy Department for approximately 3,100,000 lbs. of copper. The outcome of the meeting of world
copper leaders scheduled for July 15 in Brussels is awaited
with much interest. In London on the 11th inst. spot rose
17s. 6d. to £31 6s. 3d.; futures advanced 16s. 3d. to £31
13s. 9d.; sales, 425 tons of spot and 2,700 tons of futures;
electrolytic spot £34, up 10s.; futures, £35, up 10s.
Tin was firm at 52.200. for spot Straits. Demand was
light. In London on the 11th inst. spot was up 10s. to
£231 108.;futures rose 15s. to £224 15s.; Straits dropped 17s.
6d. to £245 2s. 6d.; Eastern c.i.f. fell 2s. 6d. to £230 12s. 6d.;
sales, 35 tons of spot and 235 tons of futures.
Lead was in good demand and firm at 4.15c. New York
and 4e. East St. Louis. In London on the 11th inst. spot
was up 3s. 9d. to £14 2s. 6d.;futures up 38. 9d. to £14 3s. 9d.;
sales, 1,250 tons of futures.
Zinc was in better demand with prime western unchanged
at 4.30c. East St. Louis. In London spot was 3s. 9d. higher
at £13 18s. 9d.; futures advanced 2s. 6d. to £14 is. 3d.;
sales, 300 tons of futures.
Steel prospects are good. A brisk demand is expected
from the automobile district by late August or early September, when contracting for new models begins. Predictions
are being made that the automobile output next year will
exceed that of this year, and the demand for steel rails by
the railroads is expected to pick up in the fall. Public works
and other enterprises are expected to furnish a good outlet.
Quotations: Semi-finished billets, rerolling, $27;forging, $32;
sheet bars, $28; slabs, $27; wire rods, $38; skelp per pound,
1.700.; sheets, hot rolled annealed, 2.40c.; galvanized,
3.10c.; strips, hot rolled, 1.85e.; cold rolled, 2.60c.; hoops
and bands, 1.85c.; tin plate, $5.25 per box of 100 lbs.; heavy
steel, bars, plates and shapes, 1.80c.
Pig iron sales in June held up well and makers of iron and
steel castings report a better than seasonal demand. Most
of the business, however, is in small lots. Prices continued
steady. Quotations: Foundry No. 2 Eastern Pennsylvania,
$19.50; Buffalo, Chicago, Valley and Cleveland, $18.50;
Birmingham, $14.50; basic Valley, $18; Eastern Pennsylvama, $19; malleable, Eastern Pennsylvania, $20; Buffalo,
$19.
.Wool was in moderate demand at firm prices. Boston
wired a Government report on July 11 saying: "Trade in
the Boston wool market is very moderate and sales are
scattered, although occasionally transactions involve fair
quantities. The bulk of the activity is on the finer Western
grown wools. Other lines have a few calls. Prices appear
mostly steady. French combing 58s-60s, half blood territory wool has been sold at prices that figure around 580.,
scoured basis. Twelve months' Texas wools are reported
moving at firm prices in the ranges 70 to 72c., scoured basis,
for average, and 73 to 75e. for choice clips." In London
on July 9 the fourth series of Colonial wool auctions opened;
total offerings, 131,500 bales; sales close July 25. There
was a large attendance of home and foreign buyers at to-day's
sales, with English buyers the chief operators; prices firm.
Compared with May,greasy merinos were 10 to 15% higher,
scoured merinos 732% dearer, greasy crossbreds 10 to 20%
higher, while crossbred slipe prices were up 5%. In London
on July 10 offerings were 10,210 bales, including 530 bales
of English specially classed greasy and washed crossbred
which sold on a par with the best New Zealand grades,
best grades of each selling at 9%d. and 14d., respectively.
The Colonial selection met brisk sale chiefly to Yorkshire,
greasy merinos frequently exceeding the opening advance.
First offerings of Puntas and Falklands greasy crossbred
sold at 5 to 10% above May levels. In London on July 11
there was a good selection of 10,150 bales; demand good,
chiefly from Yorkshire. Prices firm. Details:
Sydney,928 bales; scoured merinos, 10 to 22d.: greasy,9 to 18d. Queensland, 2.946 bales; scoured merinos, 163i to 2634d.: greasy. 11 to 16d.
Victoria, 1,295 bales; scoured merinos, 14 to 24d.; greasy, 15 to 18d.;
scoured crossbreds. 9 to 17d. South Australia, 165 bales; scoured merinos,
17% to 19%cl.; greasy, 12 to 16d. West Australia, 436 bales; greasy
merinos, 10 to 16d. New Zealand, 4,380 bales; scoured crossbreds. 9%
to 1910.; greasy, 7% to 123jd. New Zealand slipe ranged from 51id.
-bred lambs. West Australia greasy
to 1310., the latter price for half
comebacks sold at 12%cl. a pound.
Silk futures closed 1 to 334c. higher on the 8th inst.
with sales of 170 bales. Crack double extra spot rose to
$1.4034. Japanese cables were stronger. July here ended
at $1.34, August at $1.34, Oct. $1.35Y, Dec. $1.3434, Jan.
$1.34 and Feb. $1.3434. On the 9th inst. futures ended
293
unchanged to 13'c. higher on sales of 1,130 bales. Crack
double extra was $1.41, up 34c. Cables from Japan were
firmer. Here July ended at $1.3434, Aug. at $1.35, Sept.,
Nov., Dec. and Jan. $1.3534 and Feb. $1.36.
On the 10th inst. futures ended 34 to 20. higher on sales of
1,550 bales. Crack double extra spot was 2c. higher at
$1.43. Japanese cables were stronger. Here July ended at
$1.35 and other months at $1.37. On the 11th inst. prices
fell 34 to 24., after sales of 620 bales. Crack double extra
spot rose 34e. to $1.4334. July ended at $1.3434; Aug. at
$13534; Oct. and Dec. at $1.35; Jan. at $1.36, and Feb. at
$1.3534. To-day futures advanced 34 to 134c., but were
quiet. Sales were only 43 contracts. July ended at $1.3534;
Aug. at $1.3634; Sept. and Dec., $1.3634; Jan., $1.3634,
and Feb. at $1.37. Crack double extra spot rose to $1.4334.
COTTON
Friday Nipht, July 12 1935
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
13,918 bales, against 9,188 bales last week and 8,706 bales
the previous week, making the total receipts since Aug. 1
1934 4,018,184 bales, against 7,327,042 bales for the same
period of 1933-34, showing a decrease since Aug. 1 1934 of
3,308,858 bales.
Receipts at-
Sat.
Galveston
Texas City
Houston
Corpus Christi
New Orleans
Mobile
Savannah
Charleston
Lake
Wilmington
Norfolk
Baltimore
Mon.
Tues.
Wed;
Thurs. Fri.
136
274
669
501
301
1
2
347
474
650
gg6
236
413
168
473
---_
MO
200
32
121
5§§
210
13
510
50
1.735
909
1,919
_
Total
423
4
3,082
iih
,
1,311
4
40
13
ii
100
Totals this week_
1.604
2.090
2,304
4
4,556
51
3,481
2.635
102
652
13
8
12
100
5.631 13.918
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
1934-35
Receipts to
July 12
Galveston
Texas City
Houston
Corpus Christi _ _ _
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_
Wilmington
Norfolk
Newport News_
New York
Boston
Baltimore
Philadelphia
Tows
1933-34
Stock
This Since Aug
Week
1 1934
This Since Aug
Week
1 1933
2,304 909.433
4
62,895
4,556 1,082,935
51 275,073
4,693
3,4811,041,987
8,757 2.160.477
OR 178,507
7,295 2,239.359
230 322,484
____
10.464
9,524 1,499,791
2,635
3,647
433
3
2,106
652
13
8
12
135,392
79,990
6,883
115,863
459
145,675
57,233
18,921
53,486
100
27.266
1935
1934
545.736
5,854
877.116
46,994
3,790
596,188
47.067
9,770
2,949
75,925
90.496
11,366
3,811
107.417
1,662
41
40
638
180,601
153,431
13,911
183,372
36,670
139,481
104.152
23.798
45,244
19.959
8,087
16.525
17.723
47,670
20,428
15.750
13,581
141
102
237.158
3,196
358,384
34,374
768
329,185
148
35,159
6,872
1,234
1,421
59,395
9,301
2.470
13.918 4.01R 184 31.622 7.527.042 1.170.597 2.457 562
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934-36
Galveston_ _ _ _
Houston
New Orleans_
Mobile
Savannah_....
Brunswick _
Charleston _ _ _
Wilmington_ _
Norfolk
Newport News
All others_ _ _ _
Total this wk_
Rillar.
Amr 1
1933-34
2.304
4,556
3,481
2,635
102
652
8
12
168
1932-33
8,757
7,295
9,524
3.647
2,106
1931-32
1930-31
1929-30
5.970
5.650
13,711
2.238
891
1.842
2,316
5,208
1.406
2,529
1,271
1,833
4,284
203
2,524
1,662
40
638
11,688
15.749
15,342
9.450
5,916
660
4,610
599
1.303
213
101
305
2,143
87
408
1,862
953
17.618
2,216
237
913
208
13.918
34.622
82,935
31.295
16,170
13.098
4 AIR 154 7 597 n49 R A44 6400 AAA 107 R 464 47A R IRA fif27
The exports for the week ending this evening reach a
total of 38,040 bales, of which 1,214 were to Great Britain,
1,921 to France, 10,725 to Germany, 5,930 to Italy, 7,228
to Japan, nil to China, and 11,022 to other destinations.
In the corresponding week last year total exports were 54,598
bales. For the season to date aggregate exports have been
4,692,039 bales, against 7,275,804 bales in the same period
of the previous season. Below are the exports for the week.
July 12 1935
Exports from
Galveston
Houston
Corpus Christi
New Orleans_ __
Mobile
Norfolk
Los Angeles
San Francisco _
Total
Total 1934
Total 1933
Exported to
Great
Britain France
1,921
850
126
238
1,214
Germany
1,865
8,326
2,537
197
Italy
Japan
3,209
398
2,323
2,Eao
4.728
1,921 10,725
9,637 2,540 15,286
36,176 11,518 17,794
China
Other
Total
5,230 8,816
3,841 13,376
398
1.535 3,858
418 8,303
197
4,854
238
5,930 7,228
11,022 38,040
6,392 8,423 2,950 9,390 54,598
8.348 67,198 16,050 10,779 187,861
From
Aug. 1 1934 to
Great
July 12 MO
Exportsfrom- Britain France
Galveston
Houston
Corpus Christi_
Texas City
Beaumont
New Orleans__
Lake Charles__
Mobile
Jacksonville...
Pensacola
Panama City
Savannah
Brunswick.. _ _ _
Charleston._
Norfolk
Gulfport
New York._
Boston
Baltimore
Philadelphia
Los Angeles__
San Francisco.
Seattle
July 13 1935
Financial Chronicle
294
Exported to
Germany
Italy
China
Japan
113,397 87,63887,775 116,606 409,466
130,501137,365 97,034 170,550 417,965
39,875 26,817 10,216 17,556 144,085
743
452
3,858
1,896 12,162
400
252
122
3,512
90,803 108,834139,072 187,435
182,224
9,112
5,640 4,537
11,325 11,627
52,102 8,812 31,436 17,518 39,869
1,430
52
2,548
6,769 3,260 10,996
73
11,476
___ 14,014
3,956
177
11,918
6,550
70,584 3,494 31,826 6:864
876
. 10,400
5,086 26,51,
87,993
200
6,719 2:033
814
6,727
3,892
2,118 3,000
150
4,758
684
5,707 5,005
812
7,783
114
____
54
19
105
573
619
100 259,324
2,792
24.077 4,717
____ 53,420
643
18
5,240
Other
Total
18,699256,361 1089,942
75,418 327,471 1356,304
7,048 42,365 288,962
__ 16,413 35,524
5,481
1,195
5,309 204,275 917,952
____ 16,490 58,731
528 16,123 166,388
4,580
550
72 3,292 35,938
782 30,847
____
-_-_ 7,464 126,782
1,076
200
____ 5,338 135,332
____ 3,064 19,557
--------13,918
___ 9786 29,777
8,447
____ 6,260
505
400
____
1,242
50
1,150 13,593 305.753
250 2,173 60,744
257
257
__
933,9024692,039
769,555390,739 433,574 487,526 588,269 108,474
10381317275.804
1276,444734,809 397,306665,047 813,145350,922
Total 1933-34_
635.915311.69010750728007,467
Total 1932-33_ 1455.650873.226 1863.051792.863
Total
In addition to above exports, our telegrams to-night also
not
give us the following amounts of cotton on shipboard,
cleared, at the ports named:
On Shipboard Not Cleared for
July 12 at
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston_ -- _
Mobile
Norfolk
Other ports
500
3,190
902
Total 1935..
Total1934Total 1933..
5.553
9.058
17,020
961
400
716
2,504
Other CoastGermany Foreign wise
1,100 12,000
855 8,623
600 6,061
1;Hi
Staple Premiums
60% of average of
stir markets quoting
for deliveries on
July 18 1935
15-16
inch
1-Inch .4
longer
.21
.21
.21
.21
.21
.18
.17
.45
.45
.45
.45
.45
.38
.35
.20
.20
.17
.43
.43
.36
.17
.17
.17
.35
.35
.36
.16
.83
.18
.33
.17
.17
.34
.34
Learing
Stock
Total
800 14,800
13.384
10,067
"MO
tinent and shorts. The New York Cotton Exchange Service estimated June domestic consumption at 395,000 bales
against 469,000 bales in May and 363,000 bales in June
last year. The daily rate in June was about 19,800 bales
against 17,300 in the same month a year ago. Worth Street
reports stated that a fair business continued.
To-day prices moved within a narrow range and ended
5 to 8 points higher, owing to better Liverpool cables and a
scarcity of offerings. Buying came from the Far East,
spot houses and the trade. Commission houses, the Continent, Wall Street and the South were selling. Houses which
usually act for Government agencies were selling October
and buying May. The Exchange Service estimated world
takings of American cotton at 180,000 to 190,000 bales for
the week against 171,000 bales in the same week last year
and 301,000 bales in 1933. The Dallas "News" stated that
the condition of the crop has improved but that it is still
three weeks late.
-Hoe
2,175
222,358
345,000
319,118
75.925
19.859
44,892
17.723
85.196
900 40,526 1,130,071
3.620 2.555 27,898
1,500 70,435 2,386,928
1,772 12,552 45,553
6.671 23,139 107,816 10.960 165,606 3,075.249
Speculation in cotton for future delivery was not very
active. The acreage estimate by the Government of
about
29,166,000 acres occasioned little surprise, for it was
irreguIn line with what was expected. Prices fluctuated
larly over a narrow range.
on
On the 6th inst. prices ended 10 to 14 points higher
•
Differences between grades established
for deliveries on contract to July 18 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
White
.69 on
Middling Fair
do
57
Strict Good Middling
do
.46
Good Middling
do
ao
Strict Middling
do
Basis
Middling
39 off
Strict Low Middling- _ do
do
83
Low Middling
do
1 31
*Strict Good Ordinary
do
1 77
*Good Ordinary
Extra White
47 on
Good Middling
do do
31
Strict Middling
do do
01
Middling
38 off
Strict Low Middling- do do
do do
79
Low Middling
Spotted
25 on
Good Middling
do
.02 off
Strict Middling
do
.41
Middling
.85
*Strict Low Middling__ do
do
.
*Low Middling
02 off
Strict Good middling__Yellow Tinged
------- -27
do do
Good Middling
do do
47
Strict Middling
do do
.85
*Middling
do do
1.33
*Strict Low Middling__
do do
1.79
*Low Middling
Light Yellow Stained__ .44 off
Good Middling
do
do
do
__ .85
*Strict Middling
do
do
do
*Middling
Yellow Stained
Good Middling
.84 off
do do
*Strict Middling
do do
*Middling
1.79
Gray
.30 off
Good Middling
do
Strict Middling
.83
do
*Middling
.84
Blue Stained
*Good Middling
.84 off
do do
1.33
*Strict Middling
do do
1.79
*Middling
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
cables and
scattered buying owing to better Liverpool Government
short covering and evening up before the
acreage report which is scheduled to be published at 12
'Not deliverable on future contract.
l'clock New York time on Monday. Trade interests were
The official quotation for middling upland cotton in the
buyers included
fixing prices in the near months. Early
for the past week has been:
Liverpool, the Continent, the trade and shorts. The South, New York market each day
Sat. Mon. Tues. Wed. Thurs. Fri.
A
July 6 to July 12Wall Street, spot houses and commission houses sold.
12.35 12.30 12.40 12.44 12.35 12.45
Middling upland
Dallas, Tex., report put the acreage at 29,780,000 acres,
10,525,000 bales. On
Putures-The highest, lowest anti closing prices at
condition 72.1% and production at
was about in
the 8th inst. the Government acreage report effect on the New York for the past week have been as follows:
little
line with what was expected and had
July 1
Tuesday
Wednesday Thursday
Monday
Friday
Saturday
market. It put the acreage seeded to cotton as of revised
July 10
July 9
July 8
July 11
July 6
July 12
the
at 20,166,000 acres, an increase of 4.6% fromlast season.
for
July (1935)
planted acreage of 27,883,000 reported
the smallest
Range__ 11.91-12.03 11.84-11.95 11.97-12.11 12.04-12.13 11.95-12.04 12.04-12.09
12.08With the exception of last year the acreage is
12.12-12.13 12.03-12.04 12.09 Closing. 11.95-12.00 12.95was issued, prices showed Aug.
since 1905. Before the report
11.95-11.95
Range__
immediately after its
net losses of 11 to 13 points, but
11.97n
12.01n
11.85n
11.92n
11.98n
Closing- 11.87n
up Sept.
publication a rally occurred which brought the market
11.85-11 85
Range _ _
previous day's closing. Then
to only 1 to 6 points below the
11.86n
11.90n
11.75n
11.81n
Closing. 11.76n
11.88n
over the
came another recession owing to disappointment
under trade Oct.Range- 11.57-11.75 11.52-11.65 11.65-11.80 11.71-11.80 11.64-11.72 11.71-11.77
demand to broaden, but a final rally set in laterfor the day.
11.75
11.79-11.80 11.70-11.71 11.75-11.77
Closing- 11.65,11.66 11.64- buying which left prices only 1 to 3 points off Government Nov.
Range _ _
Trading, however, was unusually quiet for a wheat stimu11.75-s
11.74n
11.83n
II.69n
Closing. 11.65n
11.75n
of
report day. On the 9th inst. the firmness ended with net Dec.Range- 11.55-11.70 11.50-11.64 11.63-11.77 11.69-11.78 11.61-11.69 11.65-11.71
lated local and trade buying and prices scarce. Opening
11.7311.77-11.78 11.65-11.69 11.74-11.71
Closing_ 11.64-11.66 11.62gains of 11 to 13 points. Offerings were
and proved to Jan.(1936) 11.53-11.67 11.50-11.61 11.62-11.74 11.69-11.76 11.62-11.67 11.69-11.74
Range__
prices were 1 point lower to 3 points higher Continent, the
11.7211.7611.6111.67 -- 11.73-11.74
Closing_ 11.64n
be the lowest of the day. Wall Street, the
South, Feb. __
Range
trade and shorts were buyers against selling from the
11.77n
Liverpool
11.74n
11.63n
11.68n
Closing_ 11.65n
11.74n
the Far East, New Orleans and Liverpool. Yet
belt Mar.
Range.... 11.57-11.73 11.52-11.65 11.64-11.78 11.72-11.80 11.67-11.69 11.71-11.78
cables were disappointing and the weather over the
a
11.7711.79-11.80 11.69 -- 11.7511.65Closing_ 11.67was generally favorable. Worth Street, too, reported
April
Range....
fair business.
weakness on light
On the 10th inst., after showing early
trade
selling pressure, prices rallied towards the close on
buying and local support, and ended 2 to 4 points higher.
within
It was a narrow market, with fluctuations keeping with
a range of 7 to 9 points in moderate trading. Houses
Government connections bought the distant deliveries in
the early trading and were credited with selling October
against purchases of May later on. Wall Street and Japanese interests were early buyers. Selling came from the
South, the Far East, Liverpool and commission houses.
Ideal weather continued over the belt, and the weekly
weather report was favorable. Worth Street reported a
fair business.
On the 11th inst. prices declined 9 to 11 points in a dull
and featureless market. Selling came from the South, commission houses, locals and Wall Street, and was influenced
by good weather and relatively lower Liverpool cables. A
rally occurred near the close on trade price-fixing and
some local buying, and final prices were at about the highs
for the day. Buyers included the trade, Liverpool, the Con-
11.82n
11.79n
11.71n
11.67n
11.78n
Closing.. 11.68n
May
Range.. 11.62-11.75 11.57-11.70 11.68-11.82 11.78-11.85 11.71-11.77 11.71-11.78
11.81-11.82 11.85 -- 11.74-11.76 11.82 --11.69
Closing_ 11.70- JuneRange_
Closing_
n Nominal.
Range of future prices at New York for week ending
July 12 1936 and since trading began on each option:
Option for
Range for Week
July 1935_ 11.84 July
Aug. 1935__ 11.95 July
Sept.1935_ 11.85 July
Oct. 1935__ 11.52 July
Nov. 1935
Dec. 1935.. 11.50 July
Jan. 1936_ 11.50 July
Feb. 1936
Mar. 1930.. 11.52 July
Apr. 1936
May 1936.. 11.67 July
June imie
Range Since Beginning of Option
July 10 10.30 Mar. 18 1935 14.21
11.95 July 9 1935 12.53
July
July 10 10.80 Mar. 12 1935 12.39
July 9 10.05 Mar. 18 1935 12.71
10.35 Mar. 19 1935 11.12
8 11.78 July 10 10.10 Mar. 18 1935 12.70
8 11.76 July 10 10.16 Mar. 18 1935 12.70
8 12.13
9 11.95
10 11.85
8 11.80
Aug. 9 1934
Jan. 24 1935
Mar. 6 1935
Jan. 2 1935
June 14 1935
Jan. 9 1935
Feb. 18 1935
8 11.80 July 10 10.38 Apr. 3 1935 12.07 May 17 1935
8 11.85 July 10 10.80 June 1 1935 11.97 May 25 1935
Volume 141
Financial Chronicle
The Visible Supply of Cotton to night, as made up
by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to night
(Friday) we add the item of exports from the United States,
for Friday only.
July 121935
Stock at Liverpool
bales 554,000
Stock at Manchester- _ - ______ 81,000
Total Great Britain
635,000
Stock at Bremen
179,000
Stock at Havre
91,000
Stock at Rotterdam
21,000
Stock at Barcelona
69,000
Stock at Genoa..
59.000
Stock at Venice and Mestre-14,000
Stock at Trieste
9.000
Total Continental stocks
442.000
Total European stocks
1,077.000
India cotton afloat for Europe - 98,000
American cotton afloat for Europe 172,000
Egypt, Brazil,&c.,afi't for Europe 172.000
Stock in Alexandria, Egypt
134,000
Stock in Bombay. India
699,000
Stock in U. S. ports
1,170,597
Stock in U. S. interior towns_
1,161,421
U.S. exports to-day
3,104
1934
864,000
92,000
1933
690,000
106.000
1932
590,000
168,000
956,000
462,000
197,000
23,000
75,000
57,000
6,000
9,000
796,000
515,000
199,000
21,000
83,000
85,000
758,000
323,000
167,000
20,000
95,000
69,000
829,000
903,000
674,000
1,785.000 1,699,000 1,432,000
99,000 111,000
50,000
137,000 328,000 173,000
185,000
98,000 104,000
261,000 345,000 523.000
1,007,000 877,000 834,000
2,457,363 3,240,855 3,493.363
1,203,873 1.283,311 1,388,864
4,421
55,952
20,349
Total visible supply
4,687,122 7,139,657 8,038,118 8.018.576
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales 179,000 331,000 371,000 273,000
Manchester stock
63.000 100,000
31,000
46,000
Bremen stock
128,000
Havre stock
74,000
Other Continental stock
98,000 697,000 829,000 620.000
American afloat for EuroPe
172,000 137.000 328,000 173,000
U. S. ports stock
1,170,697 2,457,363 3.240.8,55 3,493,363
U. S. interior stocks
1,161,421 1,203,873 1,283,311 1,388,864
U. S. exports to-day ______
3,104
4.421
55,952
20,349
Total American
3,017.122 4,876,657 6,171,118 6,068,576
East Indian, Brazil, &c.
-
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt. Brazil, Arc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India. Stc
Total American
375,000 533,000
50,000
46.000
51,000
73,000
18,000 132,000
99,000
98,000
172,000 185,000
134.000 261.000
699,000 1.007,000
319,000
43.000
317,000
68,000
74,000
111.000
98.000
345,000
877,000
54,000
60,000
104,000
523,000
834,000
1,670,000 2,263.000 1,867.000 1,950,000
3 017,122 4,876,6,57 6.171.118 6,068,576
Total visible supply
4,687,122 7,139,657 8,038,118 8,018,576
Middling uplands, Liverpool
6.94d.
6.99d.
6.33d.
4.66d.
Middling uplands, New York
13.15c. 11.60c.
12.45c.
5.85c.
Egypt, good Sakel, Liverpool.- 8.29d.
8.43d.
9.18d.
7.80d.
Broach, fine, Liverpool
4.27d.
6.10d.
5.32d.
5.52d.
TinnevellF, good, Liverpool
6.03d.
6.57d.
6.21d.
4.40d.
Continental imports for past week have been 116,000 bales.
The above figures for 1935 show a decrease from last
week of 155,258 bales, a loss of 2,452,535 from 1934, a
decrease of 3,350,996 bales from 1933, and a decrease of
3,331,454 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to July 12 1935
Towns
Receipts
Week
Season
Ala., Dirmlag'm__, 21,611
Eufaula __ _
8,998
1
Montgomery.
___,,
24.052
Selma
44.336
0
Ark., Blythville
123,431
Forest City_
____ 27,704
Helena
13 47,263
Hope
29,183
1
Jonemboro__.
_ __
28,085
Little Rock_
62 86,86
Newport_ - _.
_ _ _.
17,109
Pine Bluff--98 80,334
Walnut Ridge
80 24,953
Ga.. Albany
___
463
3
Athens
14,43
- -_
.
Atlanta _____ 1,135
79,9 i
Augusta
562 103,812
Columbus_ _ _
0i 1
39.4''
Macon
39
14.567
Rome
50
19,308
La., Shreveport
____
57,721
Miss.Clarksdale
558 135241
Columbus_ _ _
Ii
23,553
Greenwood107 137,756
Jackson
6
25,283
Natchez
3,933
Vicksburg
____
22,331
Yazoo City..
____
28,418
Mo., St. Louis- 1,886 205,094
N.C.,Gensboro
100
471
2
Oklahoma
15 towns *
13 241,108
S.C.,Greenville 1,764 132,675
Tenn.,Memphis 8,3321,423,77
Texas, Abilene_
___
24,007
Austin
12
21,227
Brenham___
13
15,279
Dallas
4
47,807
Paris
23
35,917
Robstown
___
6,748
San Antonio_
2
16,793
Texarkana ._
1
26,951
Waco
26
57,581
Shipmetals
Week
Stocks
July
12
Movement to July 13 1934
Receipts
Week
3,842
461
211
5,393
226
16,388
202
35,787
102
77,521
17,292
34
281
12,399
232
18,597
24,400
19
40,702
676
14,297
____
28,950
79
14
11.173
41
3,603
23,590
101
802
44,823
873
90,966
11.361
601
14.181
37
20,773
-.-100
20,969
25,400
645
11,717
162
30.686
328
10,648
035
___
4,201
____
____ 4,323
131 11,901
233 3,448
2 28
907
181 3,615
'
60
____
998
26
401
94
104
521
____
1,139
...._
379
_ _ ...
83
____
2,721
2,512
50'
471
250
____
1,146
158
1,160
510
46106,479
3,681 39.033
15,205321,225
8.054
__
11 2,380
38 4,364
28 6,002
12 10,790
...... 1,335
____ 3,427
___ 14,353
227 8,248
Season
Ship- 1Stocks
I meats July
13
Week
34,38
11,0411
33,1661
33,93
127 7591
,
18,0501
46.0181
49,906
30,946
117,933
31,222
109.817
53,551
18,420
32,898
146,979
160.207
29,291
19.882
12,573
56,86
130,042
20,282
146.667
30,965
4,734
22,278
27,33
271,322
8,736
363 8,316
40 4,969
401 24,719
907 23,460
483 38,480
178 8,582
129 12.377
609 10.607
67 5,584
1,022 31,074
379 10,268
..___ 20,950
13' 6,696
18 7,088
'II 83,153
2,531 171,616
2,083110,986
411 12,311
369 30,420
.___ 8,780
100 18,625
1,814 17,394
64 9,719
1,494 31,685
263 11,019
12 4,126
____ 4,046
33 7,784
3,845 13,803
2 18,693
544 807,64
2,193 48,614
2,584 181,273 3,083 88,806
7,0441,870.358 14,361 299,634
____
73,557
__l 1,975
19,859
701 1,528
19
27,708
35
601 3,382
3141 4,311
99,753
201
54,702
3871 3,140
-___
5.482
__-_
____
449
11.439
3
53
131
1
1471 8.645
34,631
93,834
58
2411 6.458
Total, 56 towns 15,1453,524,938 35,0771161421 21.3565,123.4
•Includes the combined totals ot 15 towns in Oklahoma.
39,1251.203.871
The above totals show that the interior stocks have
increased during the week 19,932 bales and are to-night
42,452 bales less than at the same period last year. The
295
receipts of all the towns have been 6,210 bales less than
the same week last year.
New York Quotations for 32 Years
The quotations for middling upland at New York on
July 12 for each of the past 32 years have been as follows:
1935
1934
1933
192
1931
1930
1929
1928
12.45c,
12.85c.
11.55c.
5.70c.
9.10c.
13.10c.
18.35c.
22.20c.
1927
1926
1925
1924
1923
1922
1921
1920
17.75c.
17.85c.
24.10c.
30.95c.
27.85c.
22.50c.
12.40c.
40.60c.
1919
1918
1917
1916
1916
1914
1913
1912
36.00c. 1911
32.80c. 1910
26.75c. 1909
12.95c. 1908
8.90c. 1907
13.25c. 1906
12.30c. 1905
12.50c. 1904
14.25c.
13.10c.
11.20c.
13.06c.
10.90c.
11.10c.
11.15c.
Market and Sales at New York
The total sales of cotton on 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 a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed
Spot Market
Closed
SALES
Spot
Conied Total
Saturday__ _ Steady, 15 pts. adv_ Barely steady-Monday
_ Quiet,5 pts.dec.__ - Steady
Tuesday.._ Steady, 10 pts. adv. Steady
Wednesday_ Steady,5 pts. adv__ Steady
Thursday - _ Quiet. 10 pts. dee_ -- Steady
128
128
Friday
Steady, 10 pts. adv_ Steady
Total week..
128
- .
128
Since Aug. 1
112,462 151.8110264,262
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
-1934-35Since
Week Aug. 1
2,285
h
700
is
lx
July 12ShippedVia St. Louis
Via Mounds, 3sc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Szc
I,
-1933-34-Since
Week
Aug. 1
3,845
h
800
h
-h
Rio
h
3,100
3.651
Total to be deducted
h
h
h
12,270
h
100
193
8.934
Overland to N. Y., Boston, 3rc
Between interior towns
Inland, &c.,from South
3.376
4,150
9.736
Total gross overland
Deduct Shipments
-
h
h
h
h
h
148
172
1,105
h
h
h
9,227
Leaving total net overland *___
h
1.425
h
509
is
10,845
h
•Including movement by rail to Canada. h We withhold the totals
since Aug. 1 so as to allow proper adjustments at the end of the crop year.
-1933-34In Sight and Spinners'
Since
Since
Takings
Week
Aug. 1
Week
Aug. 1
Receipts at ports to July 12
13,918
34,622
Net overland to July 12
509
10,845
lx
Southern consumption to July 12- 80,000
100,000
lx
Total marketed
94,427
Interior stocks in excess
*19,932
Excess of Southern mill takings
over consumption to June 1
----
h
h
Came into sight during week
Total in sight July 12
it
h
145,467
*18,510
h
h
126.957
--.
h
h
h
74,495
____
h
North.spinn's' takings to July 12- 10,910
h
h
15.812
• Decrease. h We withhold the totals since Aug. 1 so as to allow of
Proper adjustments at the end of the crop year.
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
July 12
Galveston
New Orleans- _
Mobile
Savannah
Norfolk
Montgomery_ _
Augusta
Memphis
Houston
Little Rock..-Dallas
Fort Worth_ __ _
Closing Quotations for Middling Cotton onSaturdag Monday Tuesday
12.10
12.30
12.26
12.46
12.25
12.50
12.80
12.35
12.10
12.25
11.90
11.90
12.10
12.30
12.24
12.44
12.25
12.50
12.79
12.35
12.05
12.24
11.90
11.90
12.20
12.40
12.35
12.55
12.35
12.50
12.90
12.45
12.15
12.35
12.00
12.00
Wed'day Thursd'y Friday
12.25
12.48
12.39
12.60
12.40
12.55
12.94
12.50
12.20
12.40
12.05
12.05
12.15
12.33
12.10
12.50
12.30
12.45
12.85
12.40
12.10
12.30
11.95
11.95
12.20
12.35
12.15
12.66
12.35
12.60
12.91
12.46
12.35
12.35
12.00
12.00
New Orleans Contract Market
-The closing quotations
for lead'ng contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
July 6
Monday
July 8
Tuesday
July 9
Wednesday Thursday
July 10
July 11
Friday
July 12
11.89Jul/(1935) 11.9212.0012.0812.0012.03August - - September
Detober __ 11.5911.56-11.57 11.69-11.70 11.74-11.75 11.6311.70November
December_ 11.5811.5611.68-11.69 11.7111.64-11.65 11.68Jan.(1936) 11.5811.5611.6811.7111.6411.68February.
March__ 11.6111.5811.7211.7411.6711.70April
May
11.6511.6911.76-11.77 11.79 -- 11.7111.76June
Tone
Spot
Quiet.
Quiet.
Steady.
Steady.
Quiet.
Steady
fIntinnia
RtAarly
Steady.
RUM,'V
gtINIA Ty
fitwagiv
Qtaniiv
Financial Chronicle
296
Agricultural Department's Report on Cotton Acreage
July 8
-The Agricultural Department at Washington on
acreage as of July 1. This report
issued its report on cotton
United
places the acreage of cotton in cultivation in the
Board
States on July 1 as estimated by the Crop Reporting
acreage
at 29,166,000 acres, which is 4.6% more than the
acreage for
on July 1 1934, but 28.6% less than the average
1929-33 and with the exception of last
the five-year period
year is the smallest since 1905. The report in full follows:
1 is
The acreage of cotton in cultivation in the United States on July
which is
estimated by the Crop Reporting Board to be 29,166,000 cares,than the
less
4.6% more than the acreage on July 1 1934, but 28.6%of the increase
average acreage for the five-year period 1929-33. In spite
the
over the 1934 acreage, with the expection of last year's acreage it is
smallest since 1905.
from
Increases are shown for all major States except Oklahoma. ranging
is estimated
4% in North Carolina to 10% in Louisiana. A decrease of 7% for planting
for Oklahoma, due partly to unfavorable weather conditions
contract with
and partly to a relatively high percentage of acreage under time. In all
the Agricultural Adjustment Administration for the first
reduction
State increases permitted producers who signed two-year acreage producers
contracts last year are partly offset by reductions made by
the first time.
offering contracts this year for
Arizona is estimated
The acreage of Pima Egyptian long-staple cotton in
1934.
at 33,000 acres, compared with 28,000 acres in be made by the Board until
will
No report on probable production of lint
Aug. 8.
COTTON REPORT AS OF JULY 1 1935
Department of AgriculThe Crop Reporting Board of the United States
correspondents, field
ture, from the reports and data furnished by crop
of Agriculture
co-operating State Boards (or Departments) cotton acreage
statisticians,
following estimate of
and Agricultural Colleges, makes the
In cultivation July 1 1935.
U.S. acreage in cultivation, total 29,166,000 acres. 104.6%
year
U. S. acreage in cultivation compared with last
State
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona x
California
All other
Area in Cultivation
10-Yr. aver.
July 1 1935
Abandonment
July 1 '34 P. C.
1925-34
Acres
of 1934
Acres
Percent
58.000
98
59.000
1.4
999.000
961,000 104
1.0
1,420,000
1,315.000 108
1.8
2,251,000
2,124,000 106
1.6
94,000
92,000 102
3.0
325,000
319,000 102
2.5
785,000
748,000 105
1.3
2,337,000
2,144,000 109
1.1
2.661.000
2,510,000 106
1.2
1,289,000
1,172,000 110
1.4
11.357,000
10.816,000 105
3.2
2,737,000
2,943,000
93
3.5
2,343.000
2,190,000 107
1.9
110,000
100.000 110
5.7
152,000
136,000 112
0.5
225,000
225,000 100
1.6
23,000
79
29,000
2.4
27,883,000 104.6 29,166,000
2.4
United States
115,000
66.000 174
2.5
Lower Calif. (Old Mexico) z
at 33,000 acres this year
x Including Pima Egyptian long staple cotton estimated
1 1934. z Not Included in California
compared with 28,000 acres in cultivation July
figures. nor In United States total.
Weather Reports by Telegraph-Reports to us by
telegraph this evening indicate that temperatures in the
the trade because
cotton belt are being watched closely by
possibility of their rising too high, and causing serious
of the
present
damage to the cotton crop. However, up to the
weather has beenmore
time,it has been conceded thatthe hot
beneficial than detrimental.
Thermometer
Rain Rainfall
high 97 low 79 mean 88
dry
-Galveston
Texas
high 100 low 70 mean 85
dry
Amarillo
high 104 low 74 mean 89
dry
Austin
high 104 low 72 mean 88
dry
Abilene
1 day 0.16 in. high 98 low 74 mean 86
Brenham
high 94 low 76 mean 85
dry
Brownsville
high 92 low 76 mean 84
dry
Corpus Christi
high 104 low 76 mean 90
dry
Dallas
high 98 low 74 mean 86
dry
Del Rio
1 day 0.01111. high 100 low 74 mean 87
El Paso
high 104 low 74 mean 89
dry
Henrietta
high 100 low 64 mean 82
dry
Kerrville
high 102 low 68 mean 85
dry
Lampasas
2 days 0.64 in. high 102 low 72 mean 87
Longview
1 day 0.12 In. high 102 low 72 mean 87
Luling
high 98 low 70 mean 84
Nacogdoches
1 day dr6.38 in. high 100 low 72 mean 86
Palestine
high 102 low 74 mean 88
dry
Paris
high 102 low 72 mean 87
dry
San Antonio
high 102 low 70 mean 86
dry
Taylor
high 102 low 72 mean 87
dry
Weatherford
high 102 low 74 mean 87
dry
Oklahoma-Oklahoma Cityhigh 100 low 68 mean 84
dry
-Eldorado
Arkansas
high 98 low 74 mean 86
dry
Fort Smith
2 days 0.30 in. high 96 low 72 mean 84
Little Rock
1 day 0.01 In. high 96 low 70 mean 83
Pine Bluff
high 97 low 72 mean 89
dry
Louisiana-Alexandria
1 day 0.02 In. high 100 low 65 mean 83
Amite
high 98 low 78 mean 88
dry
New Orleans
high 101 low 75 mean 88
dry
Shreveport
1 day 0.12 in. high 96 low 68 mean 87
-Meridian
Mississippi
high 98 low 68 mean 83
dry
Vicksburg
3 days 2.05 in. high 97 low 71 mean 84
Alabama-Mobile
high 96 low 68 mean 82
dry
Birmingham
2 days 0.28 in. high 96 low 74 mean 85
Montgomery
5 days 2.38 in. high 90 low 70 mean 80
Florida-Jacksonville
3 days 1.20 in. high 88 low 72 mean 80
Miami
2 days 0.14 in. high 94 low 74 mean 84
Pensacola
3 days 2.70 in. high 94 low 74 mean 84
Tampa
7 days 4.17 in. high 93 low 70 mean 82
Georgia-Savannah
2 days 1.27 in. high 97 low 70 mean 84
Athens
1 day 0.08 in. high 96 low 68 mean 87
Atlanta
4 days 3.24 in. .high 94 low 70 mean 82
Augusta
2 days 0.58 in. high 98 low 72 mean 85
Macon _
mean
South Carolina-Charleston _6 days 6.73 in. high 91 low 66 mean 79
88
3 days 2.71 in. high 97 low 68
Greenwood
5 days 1.54 in. high 94 low 70 mean 82
Columbia
5 days 3.31 in. high 93 low 70 mean 87
Conway
North Carolina-Asheville -4 days 1.30 in. high 88 low 64 mean 76
4 days 0.74 in. high 92 low 70 mean 81
Charlotte
6 days 7.21 in. high 93 low 69 mean 81
Newborn
5 days 1.54 in. high 90 low 68 mean 79
Raleigh
4 days 3.26 in. high 93 low 68 mean 81
Weldon
5 days 2.84 in. high 84 low 72 mean 78
Wilmington
high 94 low 70 mean 82
dry
Tennessee-MemPhis
1 day 0.02 in. high 96 low 68 mean 83
Chattanooga
1 day 0.28 in. high 92 low 66 mean 79
Nashville
July 13 1935
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. in, on the dates given:
July 12 1935 July 13 1934
Feet
Feet
1.2
17.1
Above zero of gauge_
New Orleans
3.9
24.5
Above zero of gauge_
Memphis
9.6
10.8
Above zero of gauge_
Nashville
3.7
15.7
Above zero of gauge_
Shreveport
43.3
4.0
Above zero of gaugeVicksburg
-The
Dallas Cotton Exchange Weekly Crop Report
Dallas Cotton Exchange each week publishes a comprehensive report covering cotton crop conditions in Texas,
Oklahoma, and Arkansas. The current week's report, dated
July 8, is as follows:
TEXAS
West Texas
Abilene (Taylor Counly)-No rain for several days. Weather hot, just
what we need. Crops doing fine, but if we get rain in the next week am
afraid the plant will grow too fast. Would rather not see any more rain for
two more weeks and then get heavy rains in August. warm
and generally
-The past two weeks of
Big Spring (Howard County)
dry weather have been ideal, and have enabled the farmers to get their
crops up and practically all cleaned out. A great deal more chopping than
usual will be necessary this year. The plant is growing rapidly and no
insect damage of any kind is reported so far.needing
rain, not having had
-Parts of county
Clarendon (Donley County)
any since the first of June, but other parts faring better, having had some
rain in last 10 days. Crop generally growing nicely, none suffering vet.
Fields in good state) of cultivation. Crop has ovetcome some ot the late
same
start and condition better with better prospect thancorp. time last year.
With adequate rainsfrom now on could make bumper
-The weather the past week has been ideal for
(Floyd County)
Floydada
growing crops and has given the farmer a chance to clean fields of weeds and
grass. All replanted cotton is about up to a good stand, old cotton is growing fine,ranging in size from three to 10 inches high. The ground is getting
dry. We need a good general rain, but are not suffering.
-Past week dry and hot. Farmers have made
Haskell (Haskell County)
rapid progress in cleaning out grass and weeds. This has been a real cotton
growing week. No insectsso far. Cotton has begun to fruit nicely. We need
two more weeks of dry hot weather.
-Everything looks favorable for a good crop.
Lubbock (Lubbock County)
-inch rain in parts of this county. Heavy
-.87 to 4
Memphis(Hall County)
hall over a small area. From 40% to 50% damage.
rains preceded by
Cotton, in general, has made wonderful progress the past week. Some
cotton as high as 16 inches and is loaded with squares. Growing conditions
have been excellent all week. Rain in July and August will make a normal
crop or better.
uanah (Hardeman County)-Prospeeta continue very flattering. Crory
making rapid progress and looks fine. Two more showers this month and
two or three in August will make a full crop.
-Some cotton was washed out in the northShamrock (Wheeler County)
east part of this county Wednesday, but most of it is being replanted.
Within another week this entire territory will need a slow general rain.
Weather getting hot, average maximum temperature this week 94 degrees
and average minimum 69 degrees. Total rainfall first six months this year
11.89 inches compared to 16.63 for same period last year.
-Weather has been favorable for cotton this
Stamford (Jones County)
week and it has made rapid progress. There is an abundance of moisture,
If there is no more rain in July,it will befavorable to cotton. Crop prospects
are good.
-Past week favorable for cotton crop. Cotton
Sweetwater (Nolen County)
progressing nicely.
North Texas
-We have had two weeks of real cotton
Clarksville (Red River County)
weather, and the stands are looking better. 75% chopped, fruiting fair,
some blooms, height from 4 to 24 inches, 10% less acreage on July 1 than
year ago. No insects.
Dallas (Dallas Counly)-Weather during past week has been very favorable. The plant has progressed very rapidly and fleas are disappearing due
to the dry hot weather. Cotton is fruiting well and quite a number of
points have reported blooms.
-Crop in this territory is growing nicely. Some
Garland (Dallas County)
farmers are complaining offleas, but most say plants are fruiting as well as
could be eipected considering lateness of crop. Fields are clean with exception of some onion cotton. A rain would be helpful.
-Crop Is worked out and is growing fast. Many
Greenville (Hunt County)
squares on plants. All we need is about 10 days of hot weather. Have had
one light rain since last report.
-Weather favorable the past week. Cotton
Honey Grove (Fannin County)
crop making splendid progress. Farmers have hoed and plowed over their
crop during week. Fields are practically clean.
-Cotton has improved wonderfully the last
McKinney (Collin County)
10 days as the weather has been ideal. We think about 20% has reached
normalcy,40% isfrom 20 to 25 dayslate,and 40% is from 35 to 40 days late
with fair to poor stands, and probably one-fourth of the fields are still
grassy and in a poor state of cultivation. We have had a few complaints of
weevil and fleas, but if the weather continues hot and dry we don't believe
they will do any great damage.
-Crops are growing nicely and most all fields are
Paris (Lamar County)
cleaned. Cotton very small for this time of year, but another week of
sunshine will give the farmers a chance to get the crops in excellent condition.
-Cotton past two weeks has made marked
Sherman (Grayson County)
progress. About 75% has been chopped and beginning to grow, looks
healthy, and very few insects. Acreage about 5% less, weather Ideal.
-Weather for the week just ending
Sulphur Springs (Hopkins County)
has been ideal for cotton. Plants have made excellent progress,fields are
being cleaned rapidly, stands fair, much improvement shown during the
past 10 days.
-The weather for the past week has been favorTerrell (Kaufman County)
able, but alight shower in the next few days would be beneficial Few
grass and weeds, except in the bottoms, and most replanting is completed.
The old cotton has stalk 10 to 12 inches, and is fruiting nicely.
-Conditions more favorable past week,
Wills Point (Van Zandt County)
with the temperature running high and no rain. Plant is now making rapid
growth. Most fields are clean of weeds and grass. Some weevil and flea
damage. With another week of hot and dry weather, it is possible some of
the lateness can be overcome.
Central Texas
Cameron (Milam Counly)-Hot and dry the past week, which is very
favorable. Plants are beginning to fruit more, however, fleas and boll
weevil are heavy in spots.
-Weather has been hot and dry. Most fields
Cleburne (Johnson County)
are clean and practically all chopped. Crop is late, but making excellent
progress. Small increase in acreage, no abandonment in this area Some
insect talk, but damage will be slight if dry weather continues.
Glen Rose (Somervelt Counly)-Crop doing fine. Lots of squares and some
blooms. Weather ideal past week,some complaint of insects.
-Weather favorable except two local showers
San Marcos (Hays County)
first of week. Fields are clean and plant is growing and blooming. Insects
are doing some damage. Expect first bale around Aug. 20.
Waco (McLennan Counly)-In our opinion, the crops have made rapid
Improvement in the past 10 days, the weather being very favorable. The
fields are clean with about 75% chopped and plowed out. The crops are
looking much better and we need about 30 days of hot dry weather. It is
not putting on much fruit on account of the fast growth, and there is some
little talk of fleas and weevil.
-Weather conditions during past week have
Waxahachie (Ellis County)
been ideal and crop has made rapid progress; however, all of the growth
thus far is going to the weed, there is little or no fruiting. Acreage about the
same as last year. Crop looks to be from two weeks to a month late. Some
fleas and cutworms reported. We need another week of hot dry weather.
East Texas
-Crops are doing fine. Weather is perfect for
Timpson (Shelby County)
cotton.
Tyler(Smith Countr)
-Crop conditions remain much the same as last week,.
This territory has had a few scattered showers during the past week, not
Financial Chronicle
Volume 141
enough rainfall, however, to keep the farmers from working. No insects
have as yet been reported.
South Texas
Corpus Christi (Neuces County)
-This section had scattered rains on
July 4, and since clear hot weather. Leaf
-worms are active and farmers
busy poisoning, some the second time, and some planters using aeroplanes
to dust. Cotton continues to bloom and square and this section still has
chance for a fair cotton crop. Scattered ginning now in this section, and
expect about 18th to 20th to be going fairly good.
Harlingen (Cameron County)
-Weather favorable. Crop conditions excellent. Expect fairly good movement around the 10th.
Seguin (Guadalupe County)
-Crop in this county is spotted. We have had
some very damaging showers during the week. Growth is average, but
fruiting is poor in places. Crop will be about two weeks late. Best opinion
Is that this county will gather about two-thirds as much cotton as last
year; however,it is too early for a very accurate estimate.
OKLAHOMA
Chickasha (Grady County)
-Weather fine this past week. Most fields
cleaned out and crop is doing nicely. No complaint of insects as yet. Lateness is our only drawback.
Hugo (Choctaw County)
-Weather favorable past week,days hot and most
nights have been warm. Cotton that is up to a stand is looking fair, stalks
range from six to 18 inches, depending on richness of soil. Crop is about 30
days late. Many lower lands are still grassy and weedy. UP to 40% of
river section has been abandoned.
Mangum (Greer County)
-Past week was one of ideal weather for cotton,
as was dry and hot. Much cultivating and chopping was done and plant
looks healthy. For best results we need another week of like weather, then
cotton showers. Consider our prospects above normal for good yield with
normal weather hence.
McAlester (Pittsburg County)
-The weather has been favorable for the
past 10 days. Much cultivation and chopping has been done during the
past week. Stands fair to poor. Plant from four to eight inches tall. Cron
three to four weeks late. Very little cotton fruiting. Some complaints of
weevil. Acreage reduced about 30% due to floods and abandonment.
ARKANSAS
Ashdown (Little River County)
-Local showers this week considered
beneficial,farmers busy cleaning crops. About 85% chopped. Plant is very
small, some 30 to 40 days late. Stands poor, 15% under last year. Weevil
and hoppers taking most all fruit.
Conway (Faulkner County)
-Weather the past two weeks has been mostly
vavorable. Stands are good. 80% of the cotton has been chopped out.
Cultivation backward. Fields still grassy, but are fast being cleaned out.
We will have a 5% to 7% decrease in acreage. About 12% to 15% of the
best producing acreage lost on account of overflows. Crop about three
weeks late.
Little Rock (Pulaski County)
-The past week was again very favorable rot
the cultivation and growth of cotton and a very decided improvement was
noted. Light scattered showers occurred on two days of the week. Cotton
is rapidly overcoming its early backwardness, with some fields near normal.
Reports coming in during the week indicated that the loss by overflowing of
streams was probably not over a third of early estimates. Much cotton
which was under water is now green and growing nicely, and with proper
cultivation will show no ill effects of flood waters. The crop is now from
five to 15 days late.
A. 0. Wellman, of Boston, Elected to Membership in
New York Cotton Exchange-At a meeting of the Board of
Managers held July 8, Arthur Ogden Wellman of Boston was
elected to membership in the New York Cotton Exchange.
Mr. Wellman is associated with Nicols & Co., Inc., who are
wool top manufacturers.
Receipts from the Plantations
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
1934
1933
Receiptsfrom Plantations
Stocks at Interior Towns
1933
1934
1935
1935
1934
25.587
32,699
39,301
38.413
Since
Week 1 Aug. 1
20.000 2.481,000 39,000 2,364,000 53.000 2,608,000
Exports
From
-
For the Week •
Since August 1
Great IConti- Jap'nch
Britain meat China Total
Bombay
1934
-35_ _
2,000
I933-34.._ 27000 3,000 18:0
.
1932-33__ 4,000 17,000 1,000
Other India1934-35_ _ 2,000 26,000
1933-34_ _ 19,000 9,
1932-33__ 3,001 20,000
Great
Britain
2.000
23,000
22,000
Conti- Japan &
meat I China
28,000 263,00 599,000
28,000 284,000 624,000
23,000 123,
417,00
May
-
15,791
21.595
21,061
18,627
21,846
75.235 90.027 1,396,1981,467,685 1.709,661
46,544 101,074 1,370,8381,436,869 1,672,791
51.676 118,296 1,345.9331,404.254 1,624,351
34.486 79,657 1,328.412 1.378.269 1,566,959
33.148 88.978 1,301,899 1.351.401 1.521,226
18,907 34.989 86.064 1,269,564 1.312.579 1,478,208
14_ 14,317 34,833 72,682 1,244.820 1,284,177 1,442.027
21__ 13,466 47,623 60,353 1,218,931 1,262,078 1,392,603
28_ 8,706 59.054 75,954 1.201.295 1,236.729 1,343,684
July
9.188 50.199 80,277 1,181,353 1,222,383 1.310,456
12._ 13,918 34,622 82.9351,161.421 1.203.873 1,283,311
Alexandria Receipts and Shipments
-We now re"
ceive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt,
July 10
1934-35
To Liverpool
To Manchester,&c
To Continent and India
To America
1932-33
4,000
8,430,234
1,000
4.937.207
This Since
.1
Week Aug
Exports (Bales)-
1933-34
7,000
7.362,839
Receipts (cantors)
This week
Since Aug. 1
This Since
Week Aug. 1
This Since
Week Aug.1
3.000132,015 2.000255,640 ---- 155,617
5,000 153,452 -_-_ 184,090 6.000125,801
9,000 716,978 14,000 660,752 13,000 483,533
37,820 1,000 70.555 2,000 39.622
9'mo.....,,,st.
17 0011 11141126A 17.00(1 1171027 21110(1 S0473
Note
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended July 10 were
7,000 canters and the foreign shipments 17.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is steady. Demand for yarn is improving. We
give prices to-day below and leave those for previous weeks
of this and last year for comparison:
20,358
24,435
46.143
58.729
Nil
36,803 60.650
Nil
15.22 64.204
Nil
19,561 69.856
1.106 8,501 22,275
Nil
6
.
43,245
1934-35
Week
Visible supply July 5
4,842,380
Visible supply Aug. 1
American in sight to July 12_ _
74,495
Bombay receipts to July IL_
20.000
Other India ship'ts to July 11_
28,000
Alexandria receipts to July 10
1.400
Other supply to July 10 *20-- 6,000
Total supply
4,972,275
Deduct
Visible supply July 12
4,687,122
U.
90
90
90
90
May-
NU
Nil
35,85
16,11
47,049
55,790
June
-
1933-34
Season
Week
Season
h
h
h
h
h
h
h
7,263,292
h
h
h
h
h
h
h
126.957
39.000
28,000
800
8,000
it
7.466,049
h
h
7.139,657
h
90
90
90
90
90
014@i1N
9 (§1 11 J4
9h
28-- 954@l1S4
July
ILO (NM
12_ _
10 Callkl
85
86
86
56
86
86
32s Cop
Twist
81.4 Lbs. Shirt- Cotton
ing:. Common .11iddrg
to Finest
Uprds
s. d.
a. d.
9ji@It
10 @l1li
10 1511 34
1014401h
43.046
36,501
10.929
27.035
1934
ityi Lbs. Shirt- Cotton
tags, Common MidelFg
Uprds
to Finest
Apr.-
NU
6,431
25,52
33,70
Total takings to July 12
h
326.392
285,153
it
Of which American
h
200,592
h
189,753
Of which other
h
125,800
95,400
h
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
it We withhold the totals since Aug. 1 so as to allow proper adjustments
at end of crop year. b Estimated.
328 Cop
Twist
Nil
NU
Nil
Nil
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,140,563 bales;
in 1933-34 were 7,243,795 bales and in 1932-33 were 8,445,139
bales. (2) That, although the receipts at the outports the
past week were 13,918 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 19,932 bales during the week.
World's Supply and Takings of Cotton-The following 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
are obtainable; also the takings or amounts gone out of
sight for the like period
Cotton Takings,
Week and Season
857,000
908,000
540,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
19,000 bales. Exports from all India ports record a decrease
of 21,000 bales during the week, and since Aug. 1 show an
increase of 224,000 bales.
1935
5..- 25,927 68.255 75,548 1,492,794 1.620.120 1.839,230
12.. 25,529 70,948 56.769 1.474,028 1,581.871 1,806,896
19-- 15,829 74,294 80,344 1,451,845 1.546,878 1.772,695
26_ 21,251 79,174 92,386 1.423,178 1,506,117 1,739.083
Total
64,000 331,0001,262,000 1,657,000
67,000 325,000 990,0001.382,000
60,000 314,000 l.143,000.517.000
Total all
1934-35__ 2,000 28,030,000 332,000 920,000 1,262,000 2,514,000
1933-34_ _ 21,000 12,000 18;555 51,00
351,00 949,00 I 990,00((2,290,000
1932-33_ _ 7.000 37,000 1.000 45,00 183,000 '131,000 1.143.00012,057,000
Apr.-
10..
1724_
31_
Jun
1932-33
Since
Week 1 Aug. 1
1933
Nil
6,763
NI1
Nil
Bombay
1933-34
Since
Week 1 Aug. 1
d.
d.
2
2
2
2
6.35
6.65
6.63
6.78
934 @It ti
9ft5ll34
91,0:411
9%©104
2
2
2
2
2
6.81
6.88
6.90
7.01
6.92
934151034
934151014
9H(41034
934(41034
0%01014
2
2
:
6.83 9141 411X
6.76 10 1§)11.34
6.79 10 @l1X
6.85 1034@it%
2
2
2
2
6.94 1034(41134
6.94 10%1:41144
2
2
s. d.
1
1
1
1
s. d.
15
15
15
15
SO 0000 00000
Receipts at Ports
1935
1934-35
July 11
Receipts-
00 0000 SOOSS 0000
Week
Ended
297
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:
a
3
3
3
3
3
d.
6.40
6.35
6.18
5.88
4
4
5.93
615
6.23
6.20
8.28
4
4
4
4
6.56
6.61
6.69
6.84
4
4
6.66
6.99
a
Shipping News
-A shown on a previous page, the
exports of cotton from the United States the past week have
reached 38,040 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON-To Copenhagen-July 3
-Tampa, 300
-Tampa,692___July 6-Floride, 128---To Dunkirk--July 3
-Tampa, 1,009- _July 6-Riol, 14_
To Gdynia-July 3
-July 3
-Tampa,623
To Gothenburg
To Antwerp-July 6
-Florio°, 100
-July 6-Florido, 1,048
To Ghent
To Havre--July 6-Floride, 1.101__
To Bremen-July 6-Riol, 1,482
To Hamburg-July 6-Riol, 183
To Barcelona-July 6
-Mar Negro, 2,136
HOUSTON-To Venice-July 5
-Clara, 1,525
-Clara, 500
To Trieste-July 5
-July 5
To Malaga
-Mar Negro, 450
-Mar Negro, 2,598
To Barcelona-July 5
To Antwerp-July 2-Leerdam. 100
-July 2-Leerdtun, 211
To Ghent
To Bremen--July 9-Riol, 4,218
To Hamburg- July 9-Riol, 2.108To Rotterdam-July 2-Leerdam, 482
To Japan-July 11-Snestad, 1.184
-To Genoa-July 2-Monstella, 200_ --July 5NEW ORLEANS
Sahale, 550___July 10- Montello, 1,400
.
To Oslo-July 5-Sahale, 100
To Gdynia-July 5-Sahale, 600.
To Barcelona-July 6-Sahale, 300
To Gothenburg-July 5-Sahale, 235.- --..
To Stockholm-July 5-Uddenholm, 150
.r0 Arico-June 15-Santa Marta, 100.
To Buena Ventura-Jan. 22-SLxaola, 50
-July 10-Montello, 173
To Naples
Bales
300
820
1.023
623
100
1,048
1,101
1,482
183
2,136
1,525
500
450
2,598
100
211
4,218
2,108.
482
1,184
2,150
,
100
BOO.
300
235
150
100
50
171.
Financial Chronicle
298
Bales
398
350
500
50
155
300
1,332
700
150
166
2,500
100
126
4.728
238
197
CORPUS CHRISTI
-To Genoa-July 6-Monstella, 398
MOBILE
-To Liverpool
-June 29-Afoundria,350
To Manchester-June 24-Afoundria. 500
To Bremen-June 25-Karpfinger,50
To Genoa-June 24-Montello, 155
To Naples
-June 24-Monteilo, 300
To Venice-June 28
-Clara, 1.332
To Trieste-June 28
-Clara, 700
To Gdynia-June 25-Karpfinger, 150
To Gothenburg-June 25-Karpfinger, 166
To Japan-June 29-Snestad, 2,500
To Rotterdam-June 30
-City of Alm°, 100
LOS ANGELES
-To Liverpool-July 5-Lockstrine, 126
To Japan-July 8
-President Coolidge, 4,728
,,
238
SAN FRANCISCO
-To Great BritainNORFOLK
-To Bremen-July 12-Frankenwald, 197
38.040
Total
Cotton Freights-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Density
Liverpool .30c.
Manchester.30c.
Antwerp .350.
Havre
.360.
Rotterdam .35c.
.400.
Genoa
.46e.
Oslo
Stockholm .42o.
Standard
.45c.
.45e.
.50c.
.450.
.50e.
.550.
.610.
.570.
Trieste
Fiume
Barcelona
Japan
Shanghai
Bombay a
Bremen
Hamburg
High
Density
.50c.
.500.
.350.
•
•
.40c.
.30o.
.30e.
High
StandDensity
ard
.75c.
.650. Piraeus
.750.
.650. Saionica
.500.
.500. Venice
Copenhag'n.420.
•
.400.
Naples
•
.40e.
.55c. Leghorn
.45c. Gothenb'g .420.
.45c.
Standard
.900.
.90e.
.65c.
.570.
.550.
.550.
.570
•Bate is open. :Only small lets.
Liverpool
-By cable from Liverpool we have the following statement of the week's imports,stocks, &c.,at that port:
June 21 June 28
60.000
41,000
592,000 587,000
197,000 199,000
59,000
60.000
3,000
4,000
138,000 111,000
30,000
46,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
July 12
July 5
50.000
61,000
574,000 554,000
194,000 179,000
5,000
31,000
1,000
2,000
126,000 105,000
25,000
27,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday
Spot
Market
12:15
i
P.M.
MIci.1.1pl'ds
Monday
Tuesday
A fair
business
doing,
Quiet.
Quiet.
6.90d.
6.90d.
Wednesday Thursday
More
demand,
More
demand.
6.97d.
6.98d.
6.92d.
Friday
Good
lnoulry
6.94d.
Quiet, Quiet, 1 pt. Quietbut Quiet but Quiet but Quiet but
Futures.1
5 to 6 pts dec. to 1 pt stdy., 1 to stdy., 1 to stdy., 1 to sty, 1 to 3
Market
advance. 3 pts. adv. 3 pts. adv. 2 pts. adv. pis. adv.
decline.
opened
Quiet.
Steady.
Very stdy., Quiet but
Quiet,
Quiet,
Market. I
stdy., 2 to 3 to 5 pts. 3 to 4 pts.
8 pts.
4 to 7 pts 1 to 2 pis.
4
advance
advance. 3 pts. adv. decline.
decline.
decline,
P.M.
Prices of futures at Liverpool for each day are given below:
Mon.
Sat.
July 6
to
July 12
Tues.
1
Wed.
Thurs.
Fri.
12.15 12.30 12.15 5.4512.15j 4.0012.15 4.0012.1;4.0012.15 4.00
p. m. p. m p. m.p. m. p. m.p. m.lp. m. p. m.p. m.p. m.p. m p. m.
New Contract d,
July (1935)--- __ __
August
October
__ __
December
January (1938) __ __
March
_
May
July
October
_
_
_
__
December
January (1937) ___
d.
d.
6.49 6.50
6.39__ _ _
6.17 6.17
6.07 __ __
6.07 6.0
8.06 8.0.
6.0 6.03
6.01__ __
5.89 _ __
5.86 __ __
5.86 - _ __
d.
d.
6.48 6.52
6.38_ __
6.15 6.19
6.O6._ __
6.0. 6.09
6.0 6.08
6.02 6.06
5.99. _
5.88__ _
5.85__ _
5.85__ __
d.
d.
6.56 6.57
6.46_ __
6.23 6.25
6.14__ __
6.13 6.16
6.12 6.1
6.1 6.13
8.0 __ __
5.98__ __
5.93._ __
5.93 __ __
d.
d.
8.58 6.5:
6.49 __ __
6.26 6.2.
6.17.._ .._
6.16 6.1
8.15 6.15
6.13 6.13
6.10.._ _.
5.09_ ....
5.96 _- __
5.96_ __
d.
d.
6.5. 6.59
6.4. __ __
6.22 6.26
6.13 _ _ __
6.12 6.16
6.11 6.15
6.09 6.13
6.0 __ _
5.94._ _
5.91 _
5.91 __ _
d.
6.58
6.48
6.26
6.17
6.16
6.14
6.12
6.09
5.98
5.95
5.95
BREADSTUFFS
Friday Night, July 12 1935
Flour business was routine and prices recently held
steady as a result of the strength of wheat, which many
had expected would decline sharply owing to the big spring
wheat crop forecast by the Government.
Wheat prices broke to new lows for the season on the 6th
4
inst. and at the close were off 2% to 23 c. A further slump
in foreign markets and favorable harvesting weather over the
winter wheat belt influenced selling. Commission houses
gave fair support but hedge and stop-loss selling sent prices
down to new lows for the season. On the 8th inst. short
covering, owing to a renewal of the black rust scare from
South Dakota and stronger markets at Liverpool, Kansas
City and Minneapolis, caused a rise in prices of 1% to 1%c.
Disappointing threshing returns from the Southwest offset
increased hedging pressure. Liverpool and Winnipeg closed
higher. The weather was generally favorable over the belt.
On the 9th inst. prices advanced 33% to 43'.3. on buying
stimulated by a stronger Liverpool market,continued reports
of black rust infection in the Northwest, and drought in
parts of Montana. The Liverpool market was stronger.
Kansas City and Minneapolis were sharply higher. Southwestern reports said that new crop hard winter wheat was
bringing high premiums in Kansas and Oklahoma markets,
and that the peak of the new wheat movement in Oklahoma
had passed. New wheat was reported to be finding a market
in Texas. A wire from Aberdeen, S. Dak., said that high
south winds had covered the American and Canadian
Northwest with rust spores and added that the infection
had increased rapidly since June 22.
/
On the 10th inst. prices ended irregular, 14c. lower to
/ higher. Many were evening up for the Government
1c.
2
report, which will be issued after the close. Winnipeg was
4
1
4c.
unchanged to / lower, and Liverpool closed Y to %d.
July 13 1935
lower. Kansas City was firmer, but Minneapolis closed %c.
lower to %c. higher. The Government put the winter wheat
crop as of July 1 at 458,000,000 bushels against the average
of private estimates of 451,000,000 bushels. The spring
wheat crop was estimated at 272,954,000 bushels against
25d,000,000 bughels the average of private estimates.
On the 11th inst. prices dropped 3c. in the early trading
under a bearish interpretation of the United States and
Canadian crop reports, but regained about half of this loss
later, on buying orders from Kansas City, covering by early
sellers, and a good demand from commission houses stimulated by unfavorable weather in the Northwest The Kansas
City buying was believed to be removal of hedges against•
sales of cash wheat. Heavy rains fell over a large portion
of the Northwest, but favorable conditions prevailed over
thP winter wheat area. Winnipeg fell to the pegged levels
at one time, but rallied later and ended only % to 84c. lower.
Liverpool dropped 1% to 1%d., owing to the better crop
prospects in this country.
To-day prices ended 11% to 2%c. lower, influenced by the
weakness of Kansas City and Minneapolis markets. Liverpool cables, too, were disappointing, and the weather continued ideal for harvestinm in the Southwest. Australia
had welcome rains, but more is needed. There was less
talk of damage by black rust. The open interest was
69,820,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed, Thurs. Fri.
95% 96% 100% 100% 99% 97%
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sal, Mon. Tues. Wed. Thurs, Fri.
78% 79% 84
July
840 83% 81H
793 80% 84% 85
September
84% 82%
81% 83% 86% 86
December
85% 83%
Season's Low and When Made
Season's High and When Made
I
July
101% Apr. 16 1934 July
78% June 15 1935
September -.....102% Apr. 16 1034 September
79% June 15 1935
December
94
May 20 1935 December
81% June 13 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed, Thurs. Fri.
80
805j 80% 80
80
July
80
80
August
80
81
81
80% 80%
Corn showed independent strength on the 6th inst., and
closed % to 1%c. higher owing to short covering influenced
by the strength in cash corn. Weather couditions, however, were favorable. On the 8th inst. prices closed Xc.
lower to 1%c. higher with the near months showing the most
strength. Cash corn advanced 1 to 1%c. and was the
chief reason for the strength in nearby futures. The December delivery showed distinct weakness owing to more favorable crop reports. Recently the weather has been ideal
for corn progress. Illinois reports indicated that the new
crop grew no less than eight inches between July 1 and 4th
under the hot, forcing weather. The plant has had plenty
of moisture. On the 9th inst. prices ended % to IXe.
3
higher in sympathy with wheat. The advance, however,
was checked by selling of December induced by favorable
weather conditions.
On the 10th inst. prices ended unchanged to %c. lower.
There was considerable pre-bureau liquidation of December. The Government estimated the crop at 2,044,601,000
bushels against 2,151,000,000 bushels the average of private
reports. Crop reports were favorable.
On the 11th inst. prices ended unchanged to 5
4e. lower.
Fluctuations in corn reflected the action of wheat. Spreaders were buying corn and selling wheat, but the decline
was less severe, and on the setbacks good support was noted
which was attributed to the tightness of the old crop position. Some thought the Government underestimated the
crop. To-day prices ended unchanged to %c. lower, in sympathy with wheat. The open interest at Chicago was
33,964,000 bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
98% 97% 98% 98
97% 97%,
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sal. Mon. Tues. Wed. Thurs. Fri.
80
811 82% 81% 811 815
July
September
74% 74
76% 75% 747 74%
December
62% 62
63% 63% 63
62
I
Season's High and When Made
Season's Low and When Made
90% Dec. 5 1934 July
July
71g Mar. 18 1935
September ____ 84% Jan. 5 1935 September
67
Mar. 25 1935
June 6 1935 December
December
65
60
June 1 1935
No. 2 yellow
Oats followed wheat downward on the 6th inst. and hit
new lows for the season. They ended that day unchanged
to Xe. lower. On the 8th inst. prices ended with net gains
of X to Mc. in sympathy with the advance in other grains.
On the 9th inst. prices closed % to 1. higher on covering of
shorts influenced by the strength in wheat. Commission
houses bought moderately.
On the 10th inst. prices ended 14 to %c. lower, influenced
by the weaker tone of other grain. On the 11th inst. prices
ended I/ to %c. lower, with wheat sharply off. To-day
4
prices ended % to %c. lower.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues, Wed. Thurs. Fri.
45% 45% 46% 46% 46% 45%
No. 2 white
CLOSING PRICES OF OATS FUTURES IN CHICAGO
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
32% 33% 341 33% 33q
July
31
31% 32
32
31
31
September
33% 335i 346
34
335
33
December
I
Season's Low and When Made
When Made
Season's High and
33
June 13 1953
Dec. 5 1934 July
51
July
31
June 13 1935
September -_-- 44% Jan. 7 1935 September
3334 June 13 1935
December
3534 June 4 1935 December
Financial Chronicle
Volume 141
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thus-s. Frt.
July
42% 43% 44% 44% 44%
42
October
30% 32% 32
30
31% 31%
Rye fell to new lows with wheat on the 6th inst. and
ended with net losses of 3. to 23(e. On the 8th inst. rye
reflected the strength in other grams and ended 13 to 1N3c.
higher. Shorts were covering. On the 9th inst. prices
ended 1% to 23,4c. higher in sympathy with wheat. Crop
news was less favorable.
On the 10th inst. prices ended 1 to 1 lower, reflecting
hc.
4
the weaker tone in other grain. On the 11th inst. prices
declined with wheat and ended % to 1M3c. lower. To-day
prices ended
to %c. lower.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
July
41% 4254 41 44% 43% 43
September
41% 43
45
45
44
43%
December
48
45% 46
48% 47% 46%
Season's High and When Made
Season's Low and When Made
September -__- 76
Jan. 5 1935 September ____ 45
June 13 1935
December
48% June 13 1935
533( June 3 1935 December
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
July
34
34% 37% 36% 35
33%
October
36% 37% 39% 39 37% 3634
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Frt.
July
44
44
44
44
44
44
September
44
44
44
44
43% 42
DAILY CLOSING PRICES OP BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
July
33% 34% 36% 36% 35% 35
October
35% 35% 34% 33%
3374 34
Closing quotations were as follows:
GRAIN
Wheat New YorkOats. New York
No. red, c.i.f.. domestic-- 97%
No. 2 white
45%
Manitoba No. 1,f.o.b. N.Y_ 85% Rye. No.2.f.o.b.bond N.Y 50
Barley. New York
Corn, New York47% lbs. malting
56
No.2 yellow. all rail
Chicago. cash
97%
FLOUR
Spring pats-high protein $7.20 7.50 Rye flour patents
$3.5013.65
Spring patents
6.85 7.05 Seminole. bbl., Nos. 1-3- 8.00 8.20
Clears,first spring
6.45 6.75 Oats. good
3. 5
Soft winter straights
5.70 6.10 Corn flour
2.50
Hard winter straights
6.65 6.95 Barley goods
Hard winter patents.-- 6.95 7.15
Coarse
3.70
Hard winter clears
5.80 6.00. Fancy pearl.Nos.2.4.5z7 5.30©5.50
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &e.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of ,the last three years:
Receipts al-
Flour
Oats
Corn
Wheat
Rye
1
Barley
bls 196 lbs bush.60 lbs. bush.56 lbs. bush. 32lbs. bush 56 lbsi bush 48 lbs
Chicago
149,000
334,000
346,000
139,000
1
72,000
Minneapolis_
42,000
74,000
1,227,000
8,000
268,000
Duluth
367,000
14,000
Milwaukee-.
106,000
11,000
122,000
10,000
6,000
249.000
Toledo
24,000
25,000
69,000
Detroit
6,000
17,000
6,000
21,000
Indianapolis_
136,000
388,000
14,000
1,000
Bt. Louis
105,000
62,000
181,000
80,000
1,000
5,000
Peoria
240,000
33,000
11.000
22,000
29,000
57,000
Kansas City_
12,000
493.000
266,000
18,000
Omaha
252,000
71.
000
28 '
0'
St. Joseph_
22,000
18,000
5,000
Wichita
1,000
661,000
Sioux CRY 3,000
22,000
Buffalo
86,000
131,000
301,000
10,000
Tot. wk.'35
310,000 3,780,000 1,850,000
788,000
50,000
679,000
Same week '34
272,000 15,985,000 3,180,000
878,000
433,000 1,041,000
Same week'33
533,000 9,893,000 9,873,000 2,801,000 580,000 1,319,000
Since Aug.1
1934
17,163,000 195,056,000 173,883,000 48,839.000 14,808,000 59,348.000
1933
16,833,000256,821,000 188.996,000 71,488,000 13,435,000 52,549,000
1932
18,923,000343.894,000 230,630,000 99,976,000 17,846,000 52,847,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 6 1935, follow:
Receipts al-
Flour
Oats
Corn
Wheat
Rye
Barley
bbls 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs bush 56 lbs bush 48 los
New York-. 104,000
40,000
23,000
234,000
Philadelphia
28,000
8,000
2,000
Baltimore..__
5 000
7,000
10,000
77,000
2,000
77.000
New Orleans.
24,000
118,000
18,000
Galveston__
8,000
Montreal- - - 279,000
77,000
21,000
364,000
268,000
Boston
16,000
6,000
Halifax
2,000
Tot. wk.'35
235,000
247,000
618,000
Since Jan. 13. 6,441,000 21.926,000I6.953,000
347,000
98,000
270,000
8,976,000 3,716,000 1,755,000
Week 1934.
187,000
189,000 1,357,000
131,000
27,000
47,000
Since Jan.1'34 7.041.000 37_080_000 4.195.000 3.464.000 1,584,000
375.000
• Receipts do not include grain passing through New Orleans for foreign Ports
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, July 6 1935, are shown in the annexed
statement:
Etruria fromNew York
New Orleans
Galveston
Montreal
Halifax
Total week 1935_
gams% %Imo& 1024
Wheat
Corn
Bushels
Bushels
599,000
1,000
364,000
964,000
1 62•4 nivI
Flour
OM
Barrels
Bushels
3,655
3,000
1,000
77,000 279,000
2,000
86,655
42.609
279,000
133.000
Rye
Barley
Bushels Bushels
021,000
21,000
268,000
42,000
268,000
42.000
• Argentine rye.
The destination of these exports for the week and since
July 1 1935 is as below:
299
Flour
Exports for Week
and Since
July 110--
Week
July 6
1935
Barrels
United Kingdom_ 48,510
Continent
28,085
So. & Cent. Amer. 2,000
West Indies
2,000
Brit.No.Am. Cols.
Other countries._ _ 6.060
Total 1935
Total 1934
Wheat
Corn
Since
July 1
1935
86,655
42,609
1Veek
July 6
1935
Since
July I
1935
Barrels
48,510
28,085
2,000
2,000
Bushels
264,000
688,000
8,000
Bushels
Bushels
264,000
688,000
8,000
6,060
4,000
4.000
86,655
964,000
42.609 1,083,000
964,000
1,083,000
Week
July 6
1935
Since
July 1
1935
Bushels
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 6, were as follows:
United StatesBoston
New York..
"
afloat
Philadelphia
Baltimore_ a
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
131011SCRY
St. Louis
Indianapolis
Peoria
,Chicago
" afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo_ b
" afloat
On Canal
GRAIN STOCKS
Wheat
Corn
Oats
Bushels
Bushels
Bushels
9,000
22,000
53,000
32,000
92,000
227,000
Rye
Bushels
1,000
65,000
Barley
Bushels
12,000
78,000
25,000
86,000
85,000
79,000
41,000
53,000
827,000
293,000
2,000
2:000
58,000
800,000
843,000
219,000
743,000
208,000
4,811,000
1,246,000
51,000
422,000
70,000
197,000
375,000
265,000
1,000
65,000
11,000
22,000
58,000
71,000
2,000
8,000
232,000
40,000
5,000
157,000
651,000
76,000
7,000
922,000
35,000
2,000
127,000
23,000
4,000
90,000
117,000
42,000
23,000
573,000
80,000
1,000
2,558,000 2,237,000 1,764,000 4,144,000
839,000
51,000
217,000
407,000
51,000
218,000
2.000
712,000
4,623,000 1,231,000 2,819,000
702,000 2,010,000
2,652,000
1,277,000
986,000
598,000
81,000
7,000
8,000
9,000
32,000
2,207,000
888,000
325,000 1,124,000
627,000
251,000
89,000
24,000
Total July 6 1935
22,670,000 7,632,000 8,014,000 8,286,000 5,005,000
Total June 29 1935_ _ _22,497,000 7,696,000 8,131,000 8,479,000 5,164,000
Total July 7 1934
86,035,000 34,313,000 21,787,000 11,849,000 8,204,000
• New York also has stored in bond 30,000 bushels foreign oats, 252,000 bushels
foreign rye. a Baltimore also has stored in bond 106,000 bushels foreign corn.
b Buffalo also has stored in bond 7,000 bushels Argentine corn, 764,000 bushels
Argentine rye, 77,000 bushels Argentine corn afloat.
Note-Bonded grain not Included above: Barley-Buffalo, 121,000 bushels
Duluth, 102,000; total, 223,000 bushels, against none in 1934. Wheat
-New York,
663,000 bushels; New York afloat, 237,000; Buffalo, 3,542,000; Duluth, 669,000:
Erie, 455,000; on Lakes, 205,000; Canal, 245,000; total, 6,016,000 bushels, against
10,577,000 bushels in 1934.
Wheat
Corn
Oats
Rye
Barley
Cana d1anBushels
Bushels
Bushels
Bushels
Bushels
Montreal
8,267,000
438,000
33,000
743,000
Ft. Willian & Pt.Arthur_ _75,624,000
1,359,000 2,323,000 1,495,000
Other Canadian
34,499,000
685,000
504,000
567,000
Total July 6 1935 _...1i8.390.000
2,482,000
Total June 29 1935._.1l6.264,000
2,669,000
Total July 7 1934_ _ _ ., 95,770,000
4,979,000
Summary
American
22,670,000 7,632,000 8,014,000
Canadian
118,390,000
2,482,000
2,860,000 2,805,000
2,858,000 2,901,000
2,921,000 5,231,000
8,288,000 5,005,000
2,860,000 2,805,000
Total July 6 1935_ _ _ _141,060,000 7,632,000 10,496,000 11,146,000 7,810,000
Total June 29 1935_ _138,761,000 7,696,000 10,800,000 11,337,000 8,065,000
Total July? 1934_ _ _ _181,805,000 34,313,000 26,766,000 14,770,000 13,435,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended July 5, and since July 1 1935 and July 2 1934, are
shown in the following:
Wheat
Exports
Week
July 5
1935
Bushels I
North Amer_ 1,780,00
Black Sea_ _
296,000
Argentina_ _ 3,161,000
Australia _ _ _
937,000
India
0th. countr's
928,
Total
7,102,000
Since
July 1
1935
Bushels
1,780,000
296,000
3,161,000
937,000
928,000
7,102,0001
Corn
Since
July 1
1934
Week
July 5
1935
Bushels
Bushels I
3,182,
24,000
366,00
3,112,ulI 7,090,00
1,667,
520,011
604,
8.505,000 8,060,000
Since
July 1
1935
Bushels
366,000
7,090,000
604,
8,060,000
Since
July 1
1934
Bushels
3,000
289,000
5,704,000
170,000
6,166,000
Agricultural Department's Official Report on Cereals,
&c.
-The Crop Reporting Board of the United States Department of Agriculture made public late Wednesday afternoon, July 10,its forecasts and estimates of the grain crops of
the United States as of July 1, based on reports and data
furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 458,091,000 bushels, which compares with
the Department's estimate of 441,494,000 bushels a month
ago and with a harvest of 4135,552,000 bushels in 1934 and
a five-year (1928-32) average production of 618,186,000
bushels. The July 1 condition of winter wheat is given
as 73.0% of normal which compares with the June 1 1935
condition of 74.2%, with the July 1 1934 condition of 57.2%,
and a 10-year (1923-32) average condition of 74.5%. The
production of spring wheat is estimated at 273,000,000
bushels as of July 1, which compares with a production last
year of 91,400,000 bushels and a five-year (1928-32) average
production of 242,000,000 bushels. We give below the report:
Crops are off to about an average start on an acreage
that is well above
the acreage standing at this time last year but below
recent. years. However, as less of the country has the acreages of other
been suffering from
lack of rain than in any summer since 1927
acreage of spring croPs
abandoned is expected to be much less than the recent drought seasons.
Since the breaking of the drought in April and in
May. there has been a great
improvement in general conditions in the drought areas and a widespread
300
Financial Chronicle
and substantial improvement in pastures, ranges and hay crops. Livestock
that was on short rations is again feeding on green pastures. Milk production per cow on July 1 was about 12% above production at that time last
year, this increase much more than offsetting the decrease in cows and giving
the highest total milk production for that date on record. Egg production, while still low owing to the downward trend in the number of hens.
was above production on July I in either of the last two years,the decreases
in the number of hens being more than offset by the highest July production
per hen that has been reported during the 10 years of record.
Prospects for crops are very uneven. In the West, livestock is rapidly
recovering and in some areas thriving; there is nearly the usual supply of
water for irrigation, about the usual acreage of crops is being grown, and
ranges, while needing rain in. some areas, are carrying nearly the usual
quantity of feed. In the northern States of the 1934 drought area,farmers,
encouraged by good spring rains, have overcome the handicaps of a shortage
of seed, a shortage of working capital and workstock in no condition to do a
day's work. By borrowing where they could, using Government loans
and seeds so far as available and keeping their tractors chugging far beyond
the usual hours of labor, they and their families have planted acreages of
spring wheat, oats, barley, and flax that seemed impossible three months
ago. These crops started well but the wheat faces a widespread rust infection, which may or may not prove serious, depending on weather conditions during the nextfew weeks. Farther to the Southwest where winter wheat
is the principal crop, conditions are even less favorable,for about 12,000.000
acres of the wheat was killed before the drought was broken and much of
the remainder was damaged. Pastures are recovering there and spring
cro_ps have been planted but they can hardly offset the heavy loss of wheat.
The central corn belt, which last year had one of the hottest and driest
planting seasons on record, has just had one of the coldest and wettest.
From southern Indiana westward to Colorado and southwestward to Texas
absut 1.500,000 acres of crop land in the main river valleys were flooded
and there have been widespread losses of crops from excessive rains and
flooded creeks. In this area the too frequent rains also interferred greatly
with the planting of corn and cotton. In 11 of the principal corn States.
a third of the intended acreage of corn had not been planted on the first of
June, and in Missouri. where planting and conditions were worse, there
was still one third not planted on the first of July. In most of the corn belt,
corn is late and weedy and good weather during the remainder of the season
will be needed to prevent a large proportion of soft corn next fall. In some
areas the inability of farmers to plant their corn in season will result in a
large acreage ofsoybeans,sorghum and other crops that can be planted late.
With several important crops late and largely dependent on weather
conditions during the remainder of the season, prospects are still very
uncertain, but it now looks as though the expected good yields of oats
and barley would be far more than offset by a low yield of corn, resulting
-year
in a total production of feed grains about 9% smaller than the 10
average prior to last year. As stocks of feed grains on farms are abnormally
low,the total supply is expected to be about 15% below average. However.
the number of units of grain consuming livestock and poultry to be fed next
-year average, so present
winter is expected to be about 15% below the 10
indications are that farmers can feed the usual quantity of grain per head
and still have a not unusually low supply of corn and oats on hand at the
end of the season. During the last 12 months the disappearance of feed
grain per unit of livestock on hand has been less than three-fourths the usual
quantity.
Hay crops have had good weather for growth but poor weather for
harvesting. The yield per acre is expected to be heavy and the total tonnage is expected to exceed that harvested in any year since 1929 but to be
less than average production prior to that year. Much of the early crop
is of poor quality due to frequent rains at harvest time. As there is very
little old hay on the farms and farmers will probably carry over slightly
more than the usual tonnage next spring, the quantity to be fed per unit
of livestock is expected to be close to the average quantity fed during the
10 years prior to 1934. Wheat production should be ample for domestic
requirements with a sizable margin for export, feed and carrying over.
The acreage of beans is expected to be close to the high record set in 1930.
It is too early to tell definitely whether or not bean production will be
proportionately large but with small stocks on hand and some possibility
that the demand may be increased by the shortage of meats. the indicated
supply would not appear to be unduly excessive. Potatoes and sweet
potatoes have been planted on about the usual acreages and show about
average promise for this time of year. The orange and grapefruit crops
that will be harvested beginning next fall will be below average due to light
production in the Gulf States. Strawberries are nearly average. The
production of most other fruits is expected to be close to the usual average
and, taken together, their production is expected to be about 22% above
the low production of last year.
While prospects may be expected to change somewhat as the season
'advances, the present outlook is for a fairly large crop of beans and for
about average supplies of other principal food crops, including cereals,
fruits, and vegetables. Except in limited areas ample pasturage is available. The supplies of feed grains, hay and forage are expected to be sufficient not only to permit feeding present numbers of livestock at the usual
rate but to permit some increase in the supplies carried over as a reserve
against future shortage.
On the whole, it is evident that the effects of the 1934 drought are
gradually disappearing. The acreage of crops harvested is expected to be
with nearly 20%
only about 6% below the usual average as compared at least partially
below average last year. Subsoil moisture has been spring threatened
over considerable areas where the shortage last
restored
of feed has
all crops. The liquidation of livestock because of the shortage numbers of
been checked. The production of milk is already heavy. Thethe late fall
should show a substnatial degree of recovery by
hogs and hens
area chiefly
of 1936. Cattle numbers will increase more slowly and in theto offset the
affected by the drought several good years will be required
farmers during the past season.
financial losses of
at 93,590,000
Corn-The acreage of corn for harvest.in 1935 is estimated 87.795,000.
acres of
acreas, an increase of 6.6% over last year's harvestedbut abandonment was
95,402,000 acres of corn were planted
In 1934,
acreage
unusually heavy due to drought. The five-year average (1928-32) by wet
harvested was 102,768,000 acres. Corn planting was delayed
the corn belt. In Missouri, Kansas and Illinois conweather over most of
siderable acreage intended for corn was never planted because of weather
interference. In Missouri the 1935 corn acreage is below 1932 by nearly
or 35.4%•
2,000,000 acres, or 30.1%, in Kansas by 2,600,000 acreslateness and slow
The July 1 condition of 67.5% reflects not only the and poor quality
crop, but also the danger of low yields
development of the
-year average (1923-32)
should frosts occur at average dates this fall. The 10
condition on July 1 is 79.5%. Very low condition figures are reported on
belt with the exception of Ohio.
July 1 1935, for all of the corn
-year
The indicated yield of 21.8 bushels per acre compares with a 10 of
average yield of 25.7 bushels. In the recent similarly late wet years
were 22.9 bushels and 27.2 bushels
1924 and 1927, the final yields per acre
respectively.
In
The July 1 condition Indicates acorn crop of 2,044.601,000 bushels.
average
1934. 1.377.126,000 bushels were produced and the five-year
production was 2,562.147,000 bushels.
Wheat-Production of all wheat in the United States in 1935 is forecast
produced last
at 731.045,000 bushels as compared with 496.929,000 bushels
bushels.
year and the five-year average (1928-32) production of 860,570,000 increase
Winter wheat production is forecast at 458.091.000 bushels, an estimate
bushels over last month's forecast. The July
of about 17,000.000
because
of the acreage of winter wheat is about 3% above the May estimate
rains during May and June permitted the recovery of some acreage in the
to be dead on May 1.
hard red winter wheat area that appeared
Prospective yield per acre of winter wheat increased slightly during
June, most of increase taking place in the Northern Great Plains States
the Great
and in the northern half of the soft wheat belt. In much of harvesting
for
Plains region, weather conditions have been unfavorableof the crop will
that a considerable proportion
wheat and reports indicate
be of rather poor quality.
Production of all spring wheat in 1935 is forecast at 272,954.000 bushels,
bushels and
as compared with last year's extremely short crop of 91.377,000
the five-year average (1928-32) of 242,384,000 bushels.
compared with last year, when the acreage of spring wheat was held
As
down by unfavorable weather at seeding time and further reduced by
severe drought conditions during the summer, the acreage of spring wheat
increased in practically every State. The acreage of all spring wheat for
harvest in 1935 is estimated at 20.837.000 acres as compared. with 9.281,000
acres harvested in 1934 and the five-year average (1928-32) of 20,431.000
acres.
Condition of spring wheat on July 1 1935 was reported at 85.1% of
normal, indicating a yield per acre of 13.1 bushels as compared with 9.8
-year average (1923-32) of 12.4 bushels. Yields
bushels in 1934 and the 10
wheat producing
above average are indicated in all of the important spring
filly 13 1935
States except Montana and the Pacific Northwest. The latter areas have
suffered from lack of moisture. In the Dakotas and Minnesota, weather
conditions prior to July 1 were characterized by below normal temperature
and plentiful moisture supplies, resulting in a good growth of spring wheat.
During the first part of July, conditions over much of the main spring wheat
area were favorable to the development of black rust and reports indicate
that a llght but general infection occurred in Minnesota, South Dakota and
southeastern North Dakota. The appearance of rust at this late date
would not ordinarily cause alarm but this year, with the spring wheat crop
10 days to two weeks late, the possibilities of damage range from negligible
if cool dry weather prevails during the next few weeks to severe if weatner
conditions continue favorable to the development and spread of rust. The
Board,in preparing its forecast of spring wheat production has assumed that
losses from rust, will be about the average of losses in other recent years
when early season conditions have been similar to this year.
Production of hard red winter wheat is forecast at 219,531,000 bushels;
soft red winter 188,458,000 bushels; hard red spring 206,015,000 bushels;
durum 39,511,000 bushels; white wheat of both winter and spring varieties
77,530,000 bushels.
-Prospects for oats production are a little above average. The
Oats
estimated acreage of 39,530,000 acres for harvest this year is much larger
than the acreage harvested last year, but is 1% below the five-year average.
Sharp increases in acreage occurred this year in the entire corn belt west of
Ohio, the greatest gains being in the Dakotas and Nebraska where the
area lost last year was very large.
The oats crop is forecast at 1,266.243,000 bushels which, while much
larger than the small crop of last year is only 4% above the five-year
average. Indicated yields in most States of large production are fairly
close to average. The indicated average yielu per acre of 32 bushels for
-year average (1923-32) of 30.3.
the country as a whole compared with a 10
Crop correspondents generally report heavy straw and expect good oats
production, in some eastern corn belt States seeding was delayed and thin
stands and weeds are reported from some areas. Some rust is also reported.
as well as extensive lodging and some weather damage. In the northern
portion of the oats producing region, cool weather and ample moisture prior
to July 1 were favorable to the crop. Because of good bay prospects it is
probable that less oats will be cut for hay than in recent years when hay
supplies were short.
-Stocks of wheat on farms on July 1 1935 are
Stocks of Grain on Farms
estimated to have been 41,926,000 bushels, the lowest figure since 1928.
Farm stocks last year amounted to 60,323,000 bushels and two years ago
82,309,000 bushels.
Stocks of corn on farms on July 1 1935 amounted to 202.459,000 bushels,
the lowest in many years. On July 1 1934, stocks of corn on farms were
474,370,000 bushels and on July 1 1933, they were 630,849,000 bushels.
Stocks of oats on farms on July 1 1935 were 70,492,000 bushels as compared with 107,577,000 bushels on July 1 1934 and 204,372,000 on July 1
1933.
Disappearance of these grains from farms during the quarter ended
July 1 was unusually small.
Barley-The second largest barley crop in history was in prospect on
July I. The forecast of production this year is 316,850,000 bushels compared with 118,348,000 bushels in 1934 and a five-year (1928-32) average
of 282,841,000 bushels. The crop of 1928, the largest to date, amounted
to 329,625,000 bushels. The area for harvest this season is placed at
12,957,000 acres compared with only 7,095,000 acres in 1934 when drought
in the principal producing States greatly reduced the acreage. Yield Per
acre on July 1 was forecast at 24.5 bushels, the highest since 1928 when
the average yield was 25.9 bushels.
Rye--The acreage of rye for grain is estimated to be 3,699,000 acres.
which Ls 00.5% above the small acreage harvested last year, and is the
largest acreage for harvest since 1925. Increases are especially large in
the important producing States of North ant: South Dakota, Minnesota,
and Nebraska where sharp reductions occurred last year. All rye pronucting States show more acreage than in 1934 except Washington. Colorado
and some of the Atlantic Coast States. The proportion of the total seedee
acreage allowed to ripen for harvest as grain is larger than usual in most
States.
Production of rye is forecast at 53,141,000 bushels which Is larger than
the crop for any year since 1924, and nearly 33 times the small crop of
last year. The indicated yield of 14.4 bushels is the highest since 1927.
and it compares with a yield of 8.3 bushels last year. In nearly all of the
important States, the crop has a heavy straw but in some regions the heads
are unevenly filled. Thin stands are found in some areas where heavy
grazing occurred, but crop correspondents are generally expecting good
yields.
Flaxseed-Production of flaxseed in 1035 is forecast at 14,499,000
bushels as compared with a production of 5,213,000 bushels in 1934 and
the five-year average (1928-32) production of 15,961,000 bushels.
The estimated acreage of flaxseed for harvest in 1935 is 2,138,000 acres,
compared with 969,000 acres harvested in 1934, when over one-third of
the seeded acreage was abandoned because of drought.
The yield per acre indicated by the July 1 1935, condition of 77.2%
-year (1923-32) average
of normal, is 6.8 bushels, as compared with the 10
yield per acre of 6.9 bushels.
contrast to recent years, when the flax crop has suffered serious
In sharp
losses from weather and insect damage. conditions so far this season have
been generally favorable except that seeding was somewhat later than
usual.
-The rice acreage of 789,000 acres in 1935 is a small increase over
Rice
the 1934 acreage of 781,000 acres. In the South (Arkansas, Louisiana, and
Texas) 700.000 acres are being grown compared with 676,000 acres harvested
In 1934; $686,000 acres in 1933, and 763.000 in 1932. In Texas, acreage
Increased 16,000 acres over last year and in Louisiana 8.000 acres.
The California acreage decreased 16,000 acres from last year. Probable
production in that State is 5,696,000 bushels, on the basis of the July 1
condition of 87%. Last year California produced 7,685,000 bushels.
Production for the United States (four States), on basis of July 1 condition of 86.1% of normal, is forecast at 37,752,000 bushels (45 pounds each).
compared with 38.296,000 bushels produced in 1934; 37.058,000 bushels
in 1933 and 41.250,000 bushels in 1932.
-The total acreage of tobacco of 1,501,700 acres this year is
Tobacco
about 18% more than that harvested in 1934, when the acreage devoted to
this crop was the smallest since 1914, but approximately 20% leas than
the five-year (1928-32) average harvested acreage. In 1934, 1,270,600
acres were harvested compared with the five-year average of 1,874,500
harvested acres. The condition of the crop on July 1 indicates a total
production of 1,192,626,000 pounds compared with 1,074,160,000 pounds
harvested in 1934 (including 28,500,000 rendered unmarketable by contracting growers), and the five-year average of 1,432,845,000 pounds.
An increase in acreage is shown for all classes of tobacco. The most
significant increase is in flue-cured with an estimate of 893,000 acres representing 30% more than the 687,200 acres harvested in 1934 but approximately 10% less than the five-year average harvested acreage. Production
of flue-cured is forecast at 684,248,000 pounds, compared with 556,930,000
pounds in 1934 and the five-year average of 679,274,000 pounds.
The acreage of fire-cured is estimated at 152,700 acres, compared with
149,200 acres harvested in 1934 and the five-year average of 206,340 acres.
Production of fire-cured is forecast at 123,305,000 pounds which is about
8.500.000 was not marketed.
9% less than the 1934 crop, of which aboutis not
materially changed from
The acreage of Burley of 314,000 acres
that harvested last year. In 1934, 307.300 acres were harvested and the
five-year average is 433.200 acres. July 1 conditions indicate a production
of 247,938,000 pounus of Burley, compared with about 252,000,000 pounds
harvested last year (including about 18.000,000 pounds =marketed),and
the five-year average production of 342,542,000 pounds. The indicated
acreage and production of Maryland tobacco this year is not materially
different from the 1934 crop.
-The acreage of hay for harvest in 1935 is forecast at 66,096,000
Hay
acres, an increase of 8.8% over the 60,740.000 acres harvested in 1934, and
1.5% below the five-year (1928-32) average of 67.091.000 acres. Hay
acreage has tended downward irregularly since 1922 when 75.432.000 acres
were harvested. Due to the widespread drought in 1934, the harvested
acreage was the lowest in many Years.
Most of the recovery this year from 1934 is in the prospective increase in
wild hay acreage which is placed at 13.086,000 acres for harvest in 1935
five-year (1928-32)
compared with 8,912.000 acres harvested in 1934. and ais
average of 13.36,000 acres. The acreage of tame hay 53,010,000 acres,
2.3% more than was harvested in 1934, but less than in 1930 or any other
recent year. The five-year average is 53.725,000 acres.
The prospective total hay production of 85,645,000 tons Is 50% larger
than the extremely small 1934 crop and also larger than any crop since
1929 when 87.304.000 tons were harvested.
Volume 141
Financial Chronicle
The July 1 condition of 84.0% for tame hay indicates a yield of about
1.41 tons per acre and a production of 74,538,000 tons compared with 52 269,000 tons in 1934 and a five-year (1928-32) average of
69.591,000 tons.
The condition of wild hay of 81.5% Indicates a yeild of .85 tons per acre
and a production of 11.107,000 tons compared with 4,759.000 tons harvested
in 1934 and a five-year average of 10,793,000 tons. The probable yield
per acre of both tame and wild hay is much higher than In 1934 and is generally above average. However, less than average yields are expected in
parts of the West and in a few southeastern States. The alfalfa hay crop
will probably be about 28,939,000 tons or more than one-half larger than
the short 1934 crop of 19,042,000 tons. Such a production places alfalfa in
first rank as a hay crop for the second consecutive year. The clovertimothy crop, which was formerly in first place, s expected to be about
25.656,000 tons compared with 15,966,000 tons in 1934.
Potatoes
-Potato production based on the July 1 reports is forecast at
367,589,000 bushels, which is nearly 5% smaller than the 385,421,000
bushels harvested in 1934 but is about 1% larger than the five-year average
(1928-32) production. The acreage for narvest this year is estimated to
be 3,256,000 acres or nearly 2% less than the 1934 acreage and 4% less
than that of 1932, but is 2% larger than the potato acreage harvested in
1933. The reported July 1 condition of the potato crop was 82.7% compared with 75.5% reported the same date a year ago and 83.9%, the 10
year average (1923-32) July 1 condition.
In the 30 late States the forecast of July 1 indicates a production about
5% less than was harvested in 1934 but is about 2% above the five-year
average production. On account of heavy rains, plantings were delayed
from two to three weeks in the northeastern States and some acreage in
the north and central parts of the country had to be replanted as considerable early planted seed rotted in the fields.
The 17,832,000 bushels decrease in total potato production from the
crop of 1934 reflects mainly the 18,628,000 bushels decrease in the 18 surplus
late States.
The acreage of potatoes for harvest in the seven intermediate States is
325,000 acres or slightly less than the harvested acreage in 1934. However,
growing conditions in these States are generally much better than a year ago
and the present July 1 forecast of production is 37,321,000 bushels which
exceeds by 3.511,000 bushels, the crop harvested from the intermediate
States in 1934.
The'
July 1 forecast does not take into account possible loss from floods
in New York, since no data on such possible loss were included in the
Board's information.
Sweet Potatoes
-The acreage of sweet potatoes is estimated at 757,000
acres, or less than 1% below the acreage harvested each year in 1934 or 1933.
The present acreage, however, Is about 18% below the 926,000 acres harvested in 1932.
The July 1 reported condition of 73..", indicates sweet potato production
at 65,552,000 bushels compared with 67,400,000 bushels harvested in 1934.
°
65.134,000 bushels in 1933 and 78,431,000 bushels in 1932. In the important commercial areas of Delaware, Maryland, New Jersey and Virginia,
growing conditions are reported as generally favorable. In the South
Central States, the crop is making normal progress.
Sugar Beets-Production of beets for sugar is forecast at 8,472,000 short
tons, compared with 7,481.000 short tons in 1934. and an average of 8.118,000 short tons for the five years, 1928-32. No forecast of beet-sugar
production is made at this time.
The area that will probably be harvested, 768,000 acres, is about 2,000
acres more than the estimated harvested acreage of the 1934 crop. but 7%
larger than the average of 717,000 acres harvested during the five years,
1928-32.
The condition of sugar beets on July 1 was 86.4% of normal. The
10
-year (1923-32) average on July 1 is 85%•
Louisiana Sugar Cane
-Sugar cane acreage is estimated at 258,000
acres compared with 249,000 acres in 1934, and a five-year (1928-32)
average of 186,000 acres. About 206,000 acres are expected to be used for
sugar and 27,000 acres for sirup. Condition on July us reported at 89%
of normal. With average growing conditions, the crop may be expected
to produce about 242,000 short tons of sugar and 7,440,000 gallons of
sirup. Production in 1934 was 234,000 short tons of sugar, and 7,001,000
gallons of sirup.
Pasture-Pasture cond,tions cominued to improve during June in all
parts of the country, excepting some areas where June rainfall was unusually light chiefly the Pacific Coast States, the far Southwest and the
South east of the Mississippi River. On July 1 the condition of pastures
was reported at 145.4% of normal compared with 48.9% last year and 60.5%
on July 1 1933. Following five successive years of poor pastures. the
July 1 condition this year was about the same as the usual July 1 condition
prior to 1929
In the Pacific Northwest and in the Southeastern States pastures were
poor on July 1. this year, but they were better than usual in the important
dairy area extending from Missouri. Iowa and Minnesota eastward. In
most of the Great Plains States, where pastures had not fully recovered from
the drought of last year, conditions were still somewhat below average, but
much better than in either of the past two year?.
General Crop Report as of July 1 1935
-The Crop
Reporting Board of the U. S. Department of Agriculture
makes the following forecasts and estimates for the United
States, from reports and data furnished by crop correspondents, field statisticians, and co-operating State Boards
(or Departments) of Agriculture and Agricultural Colleges:
Acreage
Condition July 1
1,000 Acres
Average
1923-32 1934
1935 Average
PerCent PerCent PerCent 1928-32 1934
Average
1928-32 1934
Corn, bushels
102,768
Wheat, all, bushels
59,885
Winter, bushels
39,454
All spring, bushels
20,431
Durum, bushels_ -- 4,805
Other spring, bushels 15,626
Oats. bushels
39,887
Barley, bushels
12,739
• Rye, bushels
3,296
Flaxseed, bushels
2,757
Rice, bushels
924
Hay, all tame, ton
53,725
Hay, wild ton
13,366
Hal, all clover and timothy a, ton
26,715
Hay, alfalfa, ton
11.656
Beans, dry,edible, lb
1.760
Soybeans b
2,635
Cowpeaa b
1,491
Peanuts b
1,631
Velvet beans b
81
Potatoes, bushels
3,243
Sweet potatoes. bushels_
729
Tobacco, lb
1,874
Sorgo for syrup
197
Sugar cane for syrup---105
Sugar beets
c773
Hops. lb
23
1935
93.590
52,226
31,389
20,837
2,737
18,100
39,530
12,957
3,699
2,138
789
53,010
13,086
Indicated
July 1
1935
106.6
123.6
95.2
224.5
276.5
218.3
131.0
182.6
190.5
220.6
101.0
102.3
146.8
25.7
14.4
15.2
12.4
11.7
12.6
30.3
22.6
12.2
6.9
43.3
1.31
.82
15.7
11.8
12.3
9.8
7.2
10.2
17.4
16.7
8.3
5.4
49.0
1.01
.53
21.8
14.0
14.6
13.1
13.6
13.0
32.0
24.5
14.4
6.8
47.8
1.41
.85
20,454 20,629 100.9
11,482 13,198 114.9
1,399 2,047 146.3
4,223 5,463 129.4
1,766 1,676 94.9
1,819 1,868 102.7
83 100.0
83
3,312 3,256 98.3
757 99.3
762
1,271 1,502 118.2
204 89.5
228
141 101.4
139
c847 89.6
c945
39 106.5
37
1.15
2.09
670
.78
1.66
741
1.24
2.19
641
112.8
89.0
771
116.4
88.5
823
112.9
86.6
794
1,274
1,119
1,260
87,795
42,249
32,968
9.281
990
8,291
30,172
7,095
1,942
969
781
51,828
8,912
---
GRAIN STOCKS ON FARMS ON JULY 1
1932
1933
1934
1935
Per
1,000 Per
1,000 Per
1,000 Per
1.000
Cent d Bush, Cent d Bush. Cent d Bush. Cent d Bush.
Corn_e '
23.7 527,374 25.1 630,849 23.3 474,370 18.3 202,459
Wheat
10.0 92,772 11.0 82,309 11.4 60,323 8.4 41,926
Oats
12.7 142,683 16.4 204,372 14.7 107.577 13.4 70,492
a Excludes sweet clover and lespede a. (Minor States excluded.) b Grown alone
for all purposes. c "Planted" acreage. d Per cent of previous years crop.
Data based on corn for grain.
Indicated
June 1 July 1
1935
1935
Corn, bushels
79.5
71.8
67.5 2,562 1,377
____
2,045
Wheat, all, bushels
75.4
52.4
77.1
861
497
____
731
Winter. bushels
74.5
57.2
73.0
618
406
441
458
All spring, bushels____ 76.7
38.4
85.1
242
91.4
____
273
Durum, bushels_ __ 76.9
29.6
88.0
54
7.137.3
Other spring, bushels 273.6
39.3
84.6
188
84.3
____
236
Oats, bushels
79.9
40.0
87.5 1,218
526
____
1.266
Barley, bushels
80.0
45.9
87.6
283
118
____
317
Rye, bushels
76.8
40.2
87.3
38.7
16.0
44.0
53.1
Flaxseed, bushels
77.8
47.9
77.2
16.0
5.2
____
14.5
Rice, bushels
86.7
84.8
86.1
38.3
43.0
____
37.8
Hay, all tame, tons
48.9
78.2
84.0
69.6
52.3
____
74.5
Hay, wild, ton
77.4
35.3
81.5
10.8
4.8
__
11.1
Hay, all clover and timothyb, tons
277.4
48.5
84.8
30.5
16.0
____
25.7
Hay, alfalfa, tons
82.8
57.5
87.0
23.7
19.0
____
28.9
Pasture
Beans, dry edible, 1004b.
bags
82.4
72.9
78.0
11.9
10.4
____
13.1
Peanuts
72.0
77.8
72.0
Apples, total crop, bush_ 59.8
44.9
64.5
c161
121
____
170
Peaches, total crop, bush. 62.1
56.0
60.9 056.5 c45.7
52.3
52.9
Pears, total crop. bush
58.7
61.3
54.7 c23.1 c23.5
22.0
20.9
Grapes d, ton
83.0
75.8
80.5 c2.20
1.93
____
2.15
Potatoes, bushels
75.5
83.9
82.7
363
385
____
368
Sweet potatoes, bushels_ 77.1
70.0
73.0 63.8
67.4
____
65.6
Tobacco, lb
75.3
72.4
72.8 1.433
1,046
____
1,193
Sugar beets, tons
85.0
70.8
86.4
8.12
7.48
____
8.47
Hops. lb
85.3
65.2
28.0
81.1
41.2
____
49.4
a Short-time average. b Excludes sweet clover and lespedeza. (Minor States
excluded.) c Includes some quantities not harvested. d Production is the total
for fresh fruit, juice and raisins.
WINTER WHEAT
Condition
July 1
Acreage
Production
State
1934
Avge.
1935 '23-32 1935
Thou. Acres
252
275
49
54
862
888
1,737 1,824
1,800 1,872
1,828 1,876
796
784
21
18
79
128
274
370
1,519 1,899
42
117
2,144 2,380
8,659 6,754
81
90
387
406
578
624
159
141
434
443
85
94
84
88
308
326
323
339
7
6
33
53
3,557 3,664
2,861 1,430
630
770
469
525
74
85
482
193
110
100
50
40
153
184
2
2
936 1,236
612
581
524
697
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
Tinitsul R.".
22 OAR
RI RAG
Per Cent
80
87
87
84
83
87
77
91
.77
79
72
78
80
90
82
89
81
93
83
86
74
72
69
86
74
85
70
58
88
88
85
88
83
83
79
87
810.7 a11.5
810.3 alb.°
a9.4 a8.3
78
71
72
78
al0.9 811.0
al0.5 a8.0
al2.5 al0.2
al2.2 a7.0
69
74
84
76
80
53
68
44
56
42
90
91
84
89
92
92
78
77
82
64
78
84
hid A
h7R A
Average
1928-32
1934
Indicated
1935
Thou sand Bus hels
4,243
4,284
5,775
1,165
1,127
1,188
17.205
14,654
17,316
30,251
33,350
41,952
26,279
32,040
31,824
30,079
29,248
30,954
15,343
10,976
19,104
600
207
462
3,283
790
2,816
6,698
3,288
7,215
20.217
21,266
22,788
1,867
168
2,106
54,169
15,008
40,460
177,054
79.663
67,540
1,800
1,539
1,710
8,648
7,934
8.526
9,220
8,092
9,048
1,643
1.974
2,544
3,653
4,340
5,094
575
765
940
510
756
730
3,002
4,250
3,749
2,918
3,392
3,153
3
66
68
247
297
424
55,145
37.348
37,373
41,083
25,749
10.010
8,800
8,820
13,090
13,252
8,208
9,975
1,711
481
765
13,051
3,760
1,834
3,712
561
700
602
1,000
1,000
3,358
1,606
3.588
69
40
48
28.039
21,247
29,046
17,610
8,874
9,586
11,046
8.384
13,592
AIQ leR
Ank SAO
Anent.
a Yield per acre. b Allowance made for condition at harvest in Southern States.
DURUM WHEAT
Yield per Acre
1935
PerCent
Average
of
1934 1923-32 1934
Total Production in Millions
Crop
Acreage
Croy
Crop
301
State
1934
Minnesota
North Dakota
South Dakota
Montana
Four States
State
Avge.
1935 '23-32 1935
Thou. Acres
57
171
900 1,700
11
833
22
33
Per Cent
82
90
76
87
75
90
75
83
Production
Average
1928-32
1934
Acreage
1935
Thou. Acres
7
10
8
9
7
7
3
3
8
10
26
20
9
10
90
112
1,106 1,659
28
53
3
3
2,882 7,900
98 3,185
166
464
10
11
1,920 2,592
437
437
56
114
168
378
15
24
67
75
10
10
947
739
220
275
Condition
JAI 1
Avge.
23-'32 1935
Per Cent
90
85
81
83
84
85
80
80
76
85
80
89
81
84
86
89
a78
91
84
89
76
81
872
88
a69
89
80
84
b8.6
b9.0
a71
78
86
80
86
88
77
82
78
71
88
89
88
95
71
66
81
68
United States
8.291 18,100 a73.6
a Short-time average. b Yield per acre.
84.6
Indicated
1935
Thou sand Bus hels
2,912
684
3,078
37,906
6,210
22,950
12,767
38
10.829
333
154
446
990 2.737 76.9 88.0
53,909
7 .086
SPRING WHEAT (OTHER THAN DURUM)
1934
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
Condition
July 1
37,303
Production
Average
1928-32
1934
Indicated
1935
Thou sand Bus leis
51
168
205
168
132
158
182
105
126
228
51
60
243
112
160
2,454
247
400
. 180
144
190
1,269
1,440
2,240
14,751
25,714
11.060
748
218
848
145
15
39
64.997
14,986
94,800
23.008
38,220
392
2,368
6,264
830
378
37
99
36,034
19,200
31,104
13,776
10,051
10,488
2,042
560
1,425
4,060
2,016
5.670
436
312
150
2,196
2,100
1,541
309
265
230
14,843
9,976
16,099
3,595
5.225
4,070
188.476
84.201
235.651
WHEAT, BY CLASSES
Condition
July 1
Acreage
State
" ....... ......, " .........
....... .1.41.2Voolmoc".......1W-4Wo.O...k.0
NO.Cot0.4.WO.C.Q.4000‘.....41.00WirPNONCINCOUO.P0,.01 W.4..
OMW
10000MWO.WWW.400N
00,W.NOCO..03oP0...WW.P...WJWN0000,00.010M0,
Thou.
. 13
16
67
37
8
52
617
166
1,216
2,927
3,883
7,159
1.392
2,384
4,507
8,986
4,815
1.401
2,827
6,676
3,777
141
515
1,461
441
2,440
1,730
3,927
639
2,618
2,641
3,425
2.748
2,053
1,354
2,117
5,097
133
38
131
842
136
35
19
2
34
57
05
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado _
New Mexico
Ar1ZOIM
Utah
Nevada
Washington
Oregon
California
4
.
2
Avge.
1935 '23-'32 1935
.
1934
Per Cent
78
80
81
81
73
79
82
80
89
83
88
82
77
76
86
82
80
79
79
78
69
76
62
78
68
76
65
81
64
81
69
85
46
78
59
73
70
81
67
84
63
78
84
84
81
80
82
80
75
78
75
82
61
74
74
75
68
80
62
80
71
78
75
75
67
74
62
72
77
73
66
77
81
72
77
72
76
84
80
80
76
81
69
81
82
87
79
86
91
90
81
84
75
86
83
88
87,795 93,590 79.5
OATS
Total
Bushels
822,180
889.702
932,221
745,788
528,975
496,929
731.045
s
110
89
110
31
132
20
1,300
1,546
306
132
83
.
97
23
12
32
2
170
246
98
8
110
93
90
30
139
26
1,495
1,747
398
152
126
175
35
15
51
2
173
246
127
;000.-46
Thou. Acres
111
111
8
8
64
61
5
5
2
2
10
10
861
836
44
44
888
906
1,209 1,233
1,350 1,620
3,029 3,786
1,222 1,283
2,334 2,544
3,767 4,746
4,682 5,852
1,235 1,482
766 2,100
376 2,280
1,224 2,668
1,238 1,424
3
4
45
44
124
123
108
108
211
207
427
388
363
336
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
MI581891001
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
1934
Indicated
1935
Thou sand Bushels
480
533
566
672
656
559
2,590
2,814
2,622
1,554
1,517
1,621
332
328
353
2,226
2,132
2,138
22,032
21,286
19,209
7,014
7,138
6,535
52,896
48,360
45,585
92,200 111.708
123,701
96,298 131,235
154,125
329.659 146.760 227,670
33,408
39,760
36,799
73,904
65,685
69,375
95,194
76,619
146,425
438,792 195,895 291,150
85,994
26,482
156,561
18,240
4,904
20,836
12.722
69,210
80.806
21,363 163,628
225,053
76,144
10,576
127,493
4,060
4,864
3.784
16,616
16,995
15,039
35,794
35,015
31,346
12,128
12,015
11,056
45.904
47,580
39,119
22,035
20,760
20,151
36,556
39,270
36,620
6,390
5,754
6,256
52,360
62,832
61,290
55,461
58,894
57,959
43.929
47,950
35,402
36,162
40,121
32,044
24,024
15,398
30,086
20,150
16,248
17,896
26,928
11,644
52,381
45,873 108,471
83,669
2,340
665
1,886
1,540
1,520
1,515
2,548
655
2.431
20,683
3,368
22,599
3,718
1,088
3.872
490
680
533
484
304
445
23
40
48
1,155
1,122
1,272
2,112
1,852
2,053
3,000
2,850
2,581
67.5 2,562.147 1,377,126 2,044,601
Awe.
1935 '23-32 1935
1934
Production
Average
1928-32
Condition
Ju y 1
Acreage
State
0i0;0.6,0o
.
United States
a Yield per acre.
Durum
Thousand Bushels Thousand Bushels Thousand
84,802
56,307
370,390 165,969 144,712
87,760
59,191
403,363 178,794 160,594
70,174
21,268
70,376
515,925 254,480
83,038
41.607
280,245 149,567 191,331
85,643
18,071
168,738 147,689 108,834
65,585
7,561
53,729
201,813 168,241
77.530
39.511
155 455 206015
219 521
1935.
CORN
0
000000
,,
WWWW0000-4WWW.4...2*, IJWOONWWWW..4-4.4.4WWCOMOOMWWW
.4000CO
1929
1930
1931
1932
1933
1934
102A a
a Indicated July 1
Hard
Red
Soft
Red
Hard
Red
White
(1Vinter
and
Spring)
Spring
Winter
Year
United States
July 13 1935
Financial Chronicle
302
Cent
88
89
86
87
93
92
85
82
82
86
85
86
87
89
91
94
89
87
91
90
827.0
86
81
83
84
a22.0
a24.5
a20.5
214.0
76
74
a19.0
a20.0
817.0
a25.0
a26.0
e23.0
80
81
90
86
65
87
90
92
76
65
91
Production
Average
1928-32
1934
Indicated
1935
Thou sand Bus hels
4,218
4,440
4,410
312
312
278
1,920
1,769
1,841
160
160
149
70
64
65
320
300
235
27,552
23,408
26,485
1,232
1,452
1,173
25,752
24,915
27,413
46,854
25.994
60,934
53.460
18,225
63,693
33,319 140,082
152,806
44,905
28,717
43,098
89,040
65,352
85,527
72,703 170,856
149,179
58,525 216,524
218.730
35,568
13,585
39,595
52,500
8,886
37,784
72,960
3,384
59,033
82.708
8,568
68,916
38,448
16,094
34,649
90
132
92
1.260
1.320
1,547
2,480
2,398
3,267
2,484
2,052
3,239
4,642
3,519
3,595
10.462
6,596
8,080
7,442
6,384
5,989
112
104
122
1.925
1,850
3,278
1,534
1,335
1,861
1,710
2,090
1,836
600
651
693
2,363
2,046
2,206
500
650
421
20,150
38,870
26.711
40,181
32,466
37,904
10,348
7,344
7,483
4,712
4,488
4,478
3,402
1,743
3.246
5,075
2,280
4,913
700
345
810
435
288
299
832
1,760
1,703
74
46
89
7,785
6,800
7,562
6,150
5,904
7,954
2,254
3,556
2,188
1,266,243
30,172 39,530 1379.9 b87.5 1,217,646 525.889
b Allowance•
Foreign Crop Prospects-The latest available informacountries, as retion pertaining to cereal crops in foreign of Agricultural
the Bureau
by the Foreun Service of Department of Agriculture
ported
Economics to the L nited States
on July 10, is as follows:
at Washington, and given out
Foreign wheat production in the Northern Hemisphere countries outside
of Russia and China May be about 117,000.000 bushels or 5% greater than
in the past season. Conditions at the end of June indicated increases in
Canada, Europe and Asia but a decrease in North Africa.
The wheat crop in the Prairie Provinces, Canada, made good progress
during the latter half of June. Drought areas are limited. The most
variable conditions now exist in Alberta where drought is an important
factor in the South whereas excessive moisture is reported from the North.
Crop prospects in Europe improved definitely during June and a harvest
somewhat above last year and above the average for 1929-1933 is now
indicated. This would be the second largest crop for Europe, excluding
Russia, since the war, being exceeded only by the record crop of 1933.
This increase over last year is largely the result of fairly good crop prospects
In the Danube Basin and some increases over last year for certain European
countries including Italy, Czechoslovakia. Germany and Austria. Smaller
crops are indicated in France, the United Kingdom, and the Baltic and
Scandinavian countries. A larger rye crop than in 1934 is also in prospect
due to the generally favorable conditions in Central Europe and the Danube
Basin. Harvesting, except in Southern Europe, will not be general for
another month, however, and significant changes in prospects may occur.
Some improvement has been noted in the North African crops during
June but a decrease of more than 20,000,000 bushels compared with the
1934 production is expected.
The total acreage sown to wheat in Russia this year is estimated to be
nearly 6% above last year and about 11% above the 1929-1933 average.
7
0
The rye acreage, however, shows a decrease of around 4 from last year.
Crop prospects are reported to be very promising and much more favorable
than in either of the past two years.
The wheat crop in China is expected to be well below last year.
-PRODUCTION. 1932-1935
WHEAT
Country
1934
1933
1932
1935
Bushels
745,788,000
443,061,000
Total (2)
'.urope (30)
iorth Africa (4)
ksla (3)
Bushels
Bushels
496,929,000 731,045.000
275,849,000 a365,000.000
1,188,849,000
Tinted States
3anada
Bushels
528,975,000
281,892,000
810,867,000
772,778,000 1,096,045,000
1 493,475,000 1,750,631,000 1,533,908,000 1,581,145,000
127,246,000 110,037,000 134,267,000 111,075,000
376,808,000 402,250,000 405,888,000 421,094,000
,846,841,000 3,209,359,000
Total, 39 countries-. 3,186,378,000 3,073,785,000 2
[Stimated world total, ex„,..,n.... n.,.... .e. ',lino 2 051 non
non
2 757 000 nno 2 45/1 ono nnn
a Unofficial.
FEED GRAINS
Barley-The area sown to bailey for the 1935 harvest in 20 foreign
reported to date is 2% above the acreage in the same countries
countries
in 1934. The 1935 production in the seven countries reported, however.
is about 16% below the average for those countries during the past three
years. There is a largo decrease from 1934 in the production of Spain
and the North African countries, while some increase is indicated in Bulgaria. Japan and Chosen. In Canada and Great Britain the condition
of the barley crop is considerably better than at the same time last year.
-The 1935 area sown to oats in 16 foreign countries is more than
Oats
1% below that of 1934 in the same countries. The estimate of production
in Spain for 1935 shows a large decrease, while the production in Bulgaria is
larger than that of 1934. and about the same as that of 1933. The condition
of the crop in Canada is better than last year.
Corn-The four European countries which have reported corn acreage
In 1935 show a net decrease of about 3% from that of the same countries in
1934. The 1934-35 corn production in Argentina is estimated at 452,730,000 bushels, the largest harvest on record, which would give an exportable surplus of about 397,600.000 bushels compared with actual exports
of about 209,400,000 bushels for each of the two preceding seasons.
-ACREAGE, ANNUAL 1932-1935
FEED GRAINS
Crop & Countries Reported in 1935
Barley
United States
Canada
Europe, 13 countries
North Africa, 5 countries
Syria and Lebanon
Total, 21 countries
1932
1933
1934
1935
Acres
Acres
Acres
Acres
13,346,000 10,009,000 7,095,000 12,957,000
3.658,000 3,612,000 83,798,000
3.758,000
17,362,000 16,904,000 17,134,000 16,930,000
8,557,000 8,5i0,000 8,553,000 9,077,000
763,000
776,000
680,000
611,000
43,799,000 39,844,000 37,005,000 43,442,000
Estimated Northern Hemisphere
total, excl. Russia and China._ 73,700,000 70,600,000 67,300,000
Oats
United States
Canada
Europe, 11 countries
North Africa, 3 countries
Syria and Lebanon
Total, 17 countries
41,420,000
13,148,000
27,898.000
596,000
32,000
83,094,000
36,701,000
13,529,000
27,496,000
581,000
30,000
78,337,000
30,172,000 39,530,000
13,731,000 a14,316.000
27,211,000 26,106,000
(105,000
601,000
30,000
32,000
71,747,000 80,587,000
Estimated Northern Hemisphere
total, excluding Russia di China 99,000,000 94,200,000 87,600,000
Corn
United States
Europe, 4 countries
108,668,000 103,260,000 87,795,000 93,590,000
6.264,000 6,134.000 6.127,000 5,959,000
Total, 5 countries
114,932,000 109,394.000 93,922,000 99,549,000
Estimated Northern Hemisphere
168.300.000 182.900.000 145 200 ono
total. excluding Russia
a Intentions
to plant.
Weather Report for the Week Ended July 10-The
general summary of the weather bulletin issued by the .
Department of Agriculture, indicating the influence of
the weather for the week ended July 10, follows:
The week had above normal temperatures rather generally east of the
Rocky Mountains, but cool weather prevailed in the more Western States.
Temperatures were especially high in the Great Plains and the west Gulf
area, with the maxima reaching 100 degrees in much of Texas, northwestern
Louisiana, the central Great Plains, and locally in the northern Plains
country. The highest reported for the week was 106 degrees at Phoenix,
Ariz. As a general rule, the South and interior valleys had much fair
weather, with a high percentage of sunshine, but some abnormally heavy
rains occurred locally in the more Eastern States.
Chart I shows that the temperature averaged slightly below normal
along most of the Atlantic seaboard, and much below normal in the far
Western States. The extreme South had near normal warmth, but the
weekly mean temperatures in most interior sections were decidedly above
normal. The greatest plus departures are shown from Kansas northward,
where the week averaged from 6 degrees to as much as 11 degrees warmer
than normal.
The table on page 3 shows that rainfall was substantial to heavy in
nearly all districts from the Appalachian Mountains eastwoard and northeastward. Many stations in this area reported from 1 to 2 inches or more.
A few localities had excessive rains, among the largest weekly totals being
that for W ytheville. Va., 4.8 inches; Elkins, W. Va., 6.3 inches, and
Ithaca, N. Y ., more than 9 inches. Heavy floods and considerable loss
of life and property resulted from the New York rains. The northern
had substantial precipitation,
Great Plains, especially North Dakota.
running locally as high as 4 inches. Elsewhere the falls were mostly
large western and southwestern areas having
light to moderate, with
a practically rainless week.
Except in a few localities
where damaging heavy rains occurred, the
week brought favorable weather for agricultural interests to practically
all sections from the Great Plains eastward. Among the outstandingly
Volume 141
Financial Chronicle
favorable features may be noted the mostly fair weather,
with a high percentage of sunshine, over the interior valleys where
there has been too
much rain for a long time; this permitted much-need
ed cultivation in
many fields that had become very weedy, though some
localities continued
too wet for active field work. Also generous rains occurred
in the southeastern dry area, though in some Piedmont localities
of the Carolinas the
amounts were light and insufficient; more rain Is
Southeast, especially for replenishing the subsoil. needed generally in the
especially in North Dakota, timely general rainsIn the northern Plains.
relieved the moisture
situation that had caused apprehension.
West of the Great Plains the continued lack of rainfall is
being rather
seriously felt In several States. Southwestern Kansas,
the Panhandle of
Oklahoma, and some adjoining sections are now
while the accumulated deficiencies in rainfall areneeding moisture badly,
becoming progressively
apparent on vegetation in most States west of the Rocky
Montana light to moderate showers brought temporary Mountains. In
and vegetation, in general, are being adversely affectedrelief, but crops
by dryness, especially In the north.
Small Grains—The week was mostly favorable
for harvesting winter
wheat, though there was some delay by rains in
is in 'Progress as far north as Pennsylvania, the a few localities. Harvest
northern portions
and Indiana, extreme southeastern Iowa and eastern Nebraska. of Ohio
In more
southern sections threshing is advancing, under mostly
favorable conditions. Recent dry weather has been unfavorable for winter
grains in
Montana, the yields are reported as somewhat disappointing
in California.
In the spring wheat belt the weather continued
and eastern portions, with timely rains in North favorable in the central
Some lodging is reported from Minnesota, and Dakota especially helpful.
for proper filling In western South Dakota. In more moisture is needed
Montana showers
the week relieved much of the dry-land grain that was burning, during
amounts were sufficient to give only temporary help. Additional but the
moisture
was beneficial in Washington, though some districts are still
too dry there
as well as in Oregon.
With ample moisture, progress of oats and other small
grains continued
satisfactory in the Central and Eastern portions of the country.
Flax is
making excellent growth in the northern Great Plains, while
rice is doing
well in Louisiana.
High temperatures and considerable sunshine made the best
corn week
of the season so far. Much delayed cultivatio
some areas of the interior valleys continued too n was possible, although
wet for field
complaint of weediness. A little additional corn was planted work, with
in Missouri,
but about 40% of the normal acreage in that State has not been
seeded:
much is being planted to forage crops. In the Great Plains
weather was mostly Ideal for corn, and growth was unusually States the
rapid; some
fields as far north as South Dakota are reported as hip high.
In Minnesota the outlook has
sunny weather, with leas rain,improved materially. In Iowa the warm,
promoted rapid growth in most of the
State, especially in those sections where sufficient cultivatio
n to keep
weeds in check has been possible. The crop now averages
10
and its condition in southern counties continues poor because ofdays late,
drowning
or choking by weeds.
Cotton—In the cotton belt the temperature for the week
averaged
somewhat above normal, with light to moderate precipitati
on
and eastern portions, and a practically rainless week in the in central
west, the
weather was generally favorable.
In Texas cotton shows general Improvement, and its condition
mostly good, though locally only fair in some northern sections is now
and it is
generally rather late. In Oklahoma warm, sunny weather
favored rapid
growth and facilitated cultivatio
the weekly progress
good in the eastern portion of then. While general condition is was very
State the
still rather
poor and plants small.
In the central States of the belt temperature and moisture conditions
were favorable, especially in some heretofore persistently
wet sections of
the north. In the eastern States timely rains
the general situation, though in some Piedmont brought improvement in
sections of the Carolinas
the amounts were light and insufficient.
303
DRY GOODS TRADE
New York, Friday Night, July 12
Continued hot weather in many sections of the 1935
stimulated retail trade during the past week. country
In the
metropolitan area the persistent firmness of the security
markets was a contributing factor in spurring sales.
sumer buying of.seasonal goods such as sportswear, Conaccessories, beach articles, &c., was very active, and
estimated
gains in the volume of sales for the local district
ran as
high as 18%, while some other localities reported increase
s
up to 50%. Although opinions of retailers differ as
to the
permanent character of the present spurt, it is predicte
d
that numerous special sales promotions scheduled
for
current month, particularly in low-prices apparel lines, the
will
help to keep up the volume of sales. Sales of
stores for the month of June, according to the department
usual
pilation of the Federal Reserve Board, gained 4% comJune 1934, although in most cities the month had oneover
less
business day this year than last year. Best results were
shown in the San Francisco District with a gain of 12%,
while the Boston District disclosed the least favorable
results, with a loss of 2%. The New York District recorded
a gain of 1%.
Trading in the wholesale dry goods markets, following the
National holiday, picked up appreciably with interest of
buyers centered in the new fall apparel lines. Inasmuch as
fall requirements of retailers as well as wholesalers are still
largely uncovered, owing to the recent protracted lull in
buying, fears have become widely spread that difficulties
will be encountered in obtaining prompt deliveries of wanted
merchandise. Prices in general continue to hold well,
with indications that a stiffening of quotations in some
lines may develop, as and when the expected rush for goods
begins to materialize. Business in silk greige goods was a
trifle better and some fall contracts for pure dye numbers
were received. In line with higher raw silk quotations,
prices stiffened appreciably. Finished goods continued
quiet, with printed satins and cantons moving in moderate
• volume. While trading in rayon yarns was affected by talk
of the possible imposition of a processing tax, shipment on
old orders held up quite well, with indications that total
July shipments may exceed the output for this month.
Since the renewed injection of the question of a processing
tax, little is heard of the previous rumors concerning a
moderate advance in the price of weaving
The Weather Bureau furnished the following resume of the imposition of a tax would, of course,counts, although
result in a corconditions in the different States:
responding advance in quotations.
Virginia—Richmond: Temperatures near normal; showers light to
Domestic Cotton Goods—Trading in print cloths was
heavy. Moderately favorable for growth and work. Rains
and harvesting in some localities; latter near completion. delayed haying
temporarily more active, as sellers showed increasing willingpastures burning and other crops deteriorating in sections Meadows and
of north; good
ness to grant appreciable price concessions. The easier
elsewhere. Cotton subnormal and corn uneven,
and sweet potatoes fair. Tobacco being laid but mostly good. Peanuts
tone of the raw cotton market following its recent steadier
due to dryness. Most southeast truck good. by; lower leaves yellowing
trend also was instrumental in making mills accede to the
North Carolina—Raleigh: Good rains on several
pressure of buyers for concessions. While earlier in the
tobacco, truck, cotton, and other crops, though some days helped corn,
parts of P'ledmont
had little rain and need more. Progress of
week rumors continued to circulate that the Government
period latter part of June damaged some cotton generally good. Dry, hot
early corn and impaired quality
would continue the 12 cent loan policy, a later statement
and quantity of considerable
tobacco, but recent rains and moderate
temperatures improved most earlycrops.
by the President revealed that no decision has been arrived
late
South Carolina--Columbia: Seasonable temperatures
at. As to the size of the accumulated stocks, although
moderate to heavy rains favored greatly renewed crop growth and general
and
recent curtailments in output may have held these stocks
ment, but considerable early corn, truck, and gardens severely developdamaged
account previous dryness. Late corn, forage, and pastures
down, the long lull in buying undoubtedly resulted in large
reviving and
stubble land seeded. Tobacco growth
increases in surplus stocks, estimated in some quarters at
setting bolls; progress and growth good,improved. Cotton blooming and
though some plants small.
Georgia—Atlanta: Seasonable temperatures in south to warm
between 200,000,000 and 250,000,000 yards. As against
in north.
Moderate to excessive rains in most places, but still
dry in east-central.
these accumulations, however, little doubt is held that,
Cotton very good progress
late in north. Corn where and condition good, though rather small and
conversely, buyers' own stocks have generally reached a
young very good progress after rains and the
effect on other crops similar.
very low point. Business in fine goods experienced a slight
Florida—Jacksonville:
and progress of cotton fairly good:
blooming continues, bolls Condition and some opening.
improvement, with a fair amount of staple fine yarn cloths
forming,
Corn good and
mostly matured. Some preparing ground for fall crops;
being taken out of the market at full asking prices. Shirtings
being started. Citrus improved; scattered late bloom. celery seed beds
continued to move in moderate volume and some inquiry
Alabama—Montgomery:
showers, but mostly
moderate. Cotton progress Light to locally heavy in
very good; condition
developed for sheer goods and lawns. Closing prices in
middle and south
generally good and in north fair to good: locally small, but
fruiting mostly
print cloths were as follows: 39-inch 80s, 83'2c.; 39-inch
very well. Corn improved, except in a few
and
Sweet potatoes generally good; vegetablesdry spots good condidon good.
72-76s, 80.; 39-inch 68-72s, 6Mc.; 383. -inch 64-60s, 5M to
fair to
and plentiful.
Pastures and cattle good.
6c.; 38 M-inch 60-48s, 5%c.
Mississippi—Vicksburg: Progress of cotton fair to good; blooming
freely throughout, with weevil depredations somewhat checked
by weather.
Woolen Goods—Trading in men's wear fabrics continued
Progress of corn poor to fair
needing rain in numerous localities.
progress of gardens, pastures, andand
in its previous lull but prices held steady, reflecting the
truck irregular.
Louisiana—New Orleans: Light to moderate rains in most
fact that mills remain busy on existing contracts as well as
beginning, followed by warm, dry weather mostly favorable, sections at
though some
truck needs moisture. Progress and
the expectation that the pending large Government orders
blooming and setting bolls generally.condition of cotton mostly good;
Progress and
for blankets and overcoatings will serve to take up
fair to very good; early hardening in extreme south. condition of corn
Rice, sugar cane,
sweet potatoes, and pastures doing well.
present slack in new orders by cutters. Rumors werethe
in
Texas—Houston: Temperatures averaged normal to somewhat warm
circulation that next year's lines of tropical worsteds and
light, widely scattered showers. Cotton improved during week
and condition now generally good, though locally only fair in some
flannels scheduled to be opened within the near future would
northern sections; crop, as a whole, rather late. Condition of wheat, oats,
show moderate increases in prices. Reports from retail
and
grains only poor to fairly good; harvesting and threshing progressed minor
clothing centers, while commenting on the present seasonal
Corn mostly good to excellent condition; crop practically made. rapidly.
Truck,
ranges, and cattle averaged generally good.
slowness in sales, nevertheless stressed the good consumer
Oklahoma—Oklahoma City:
favorable week
tivation. Harvest of oats and Very wheat nearingfor growth and culdemand for hot weather lines, such as sportswear, swim
winter
completion; threshing in full swing. Progress of cotton mostly very good, but condition still
suits, &c. Trading in women's wear fabrics continue
poor and plants small in east, but fair to good elsewhere; fields
d
mostly
its recent improvement, with substantial orders being reclean. Progress of corn fair; condition fair, except poor in
east: some
planted on lowlands in east. Broomcorn heading nicely.
ceived for August and September deliveries, and
Arkansas—Little Rock: Progress of cotton good to excellent due to
the new fall lines meeting with a good response on the with
favorable weather, except in a few localities where heavy
rains; fields
part
being cleaned and cultivated rapidly; crop growing very rapidly. Progress
of retailers.
of corn fair to very good and being cultivated; earing rapidly in south
and tasseling in north; much late being planted. Very favorable for
Foreign Dry Goods—A moderate amount of orders
growth of all other crop;..
on
dress linens and suitings continued to reach the
Tennessee—Nashville: Threshing grains made good progress; condition of wheat fair. Cotton rather poor to fair in west and fairly good
and prices held steady, in line with the persistent market,
in
strength
central and east; some three weeks behind and some fields grassy in west.
in the foreign primary centers. No indications of a
Progress and condition of corn very good, except condition poor in
revival
some
western areas; size varies widely and planting continues. Alfalfa, clover,
in household linens have appeared as yet. Under
the
and other hay excellent.
influence of slightly easier Calcutta cables, burlap
Kenturicy--Louisville: Irregular, light to heavy showers, in central
ruled a trifle lower. Inquiries were more numerou prices
and east, mainly beneficial on uplands aiding cultivation, hut too much
s
in places interfered with haymaking and threshing; otnerwise
heretofore, but actual business was confined to small than
favorable. General improvement in growth and state of week mostly
lots.
cultivation.
Domestically lightweights were quoted at 4.75c.; heavies
Progress and condition of corn fair to poor; marked improvement, but
extremely variable in size; planting continued on bottoms in west.
at 6.25c.
Financial Chronicle
304
July 13 1935
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
NEWS ITEMS
Alabama,—Revenue Bill Passed by Legislature—A general tax bill which is estimated to yield about $24,000,000 annually, was passed recently by the Legislature and
forwarded to Governor Graves for his signature, according
to Montgomery news reports. Amendments to objectionable
features of the revenue bill are said to be planned by the
Legislature.
In connection with this report we quote in part as follows
from a Montgomery dispatch of July 3:
Graves.
With House insurgents placated at a conference with Governor a year,
the general revenue bill, drawn to bring in at least $24,000,000
obstacle in its path toward enactment Wednesday afternoon
cleared the last
passed
when the House accepted the Conference Committee's report and
the amended bill.
14 the House,following a brief speech by RepresentaBy a vote of 79 to
of the
tive Sparks, Barbour, insurgent leader, in which he urged acceptance
and reConference Committee's report, concurred in the conference report
form by virtually the same count.
passed the bill in its amenoed
Representative Sparks told the House that he had attended a conference
legislators, a few
In the Governor's office, along with a number of other Governor that he
minutes previously, in which it bad been agreed by the
any defect in the bill.
would sign any bills later on in the session to correctwas satisfactory to those
This understanding, Representative Sparks said,
who otherwise would have fought adoption of the Conference Committee
strongly
report, and then adoption of the Conference Committee report was himself
advised by Mr. Sparks, although he told the House that he would
vote against the passage of the bill.
California—Voters to Pass on Authority to Issue Tax
An'ticipation Obligations—The "Wall Street Journal" of July 9
carried. a San Francisco dispatch dealing with the special
election to be held Aug. 13, at which time the voters will pass
on a proposal to give the State authority to issue short-term
tax anticipation notes, instead of registering warrants in
lieu of cash, which is the present practice. We quote in part
as follows from the news report:
State of
A matter of vital importance to the financial operations of the
held
California will be decided by the people at a special election to be
Aug. 13.
expenThe question to be settled is whether the State must continue the will be
sive practice of registering warrants in lieu of cash, or whether it
to
authorized to issue short-term notes in anticipation of tax payments
fund the present deficit,
voters will be asked to approve a bond issue of
At the same election the
improve$13,950,000, proceeds from which would be used for permanent in Sacraments to State institutions and State administrative buildings
mento and Los Angeles.
general fund
During the last two years the cash shortage of the State's issuing regisby
has been met by borrowing cash from other funds and June 30 1934 the
of 5%. As of
tered warrants bearing interest at the rate
and at present the
total of warrants outstanding had reached $17,585,904
aggregate exceeds $32,000,000.
by the Legislature cannot
Since the new tax measures recently enactedestimated by State officials
accrue cash to the treasury for some time, it is
amount of warrants can
that no appreciable reduction in the outstanding be required to carry on
be made for a year or more. Meanwhile cash will
the State Government,
the usual functions of
the sale
The State Constitution has never contained a provision allowing to be
is sought
of tax anticipation notes, and it is this condition which
changed.
by the Louisiana Legislature to-night as it pushed Longs latest list of
"dictator" laws for final passage after midnight.
The Senate also amended a bill for control of the State's school teachers
by giving the State Budget Committee the power to dismiss any instructor
at any time.
Before the Senate concurred in the resolution, Senator Clement Moss
of Lake Charles took the floor to declared that under it the "Board of
Liquidation can meet to-morrow and set aside every dedication of taxes
made in this State." Long controls the Board of Liquidation.
Terms of Resolution
"The Board would only act to protect the faith and credit of the State,"
replied Senator Harvey Peltier of Thibodaux, administration floor leader.
The resolution was adopted, 27 to 7, by the Senate after an overwhelming
House vote.
The resolution declares that the State Board of Liquidation, because of
the
the "postponement of taxes, the unavoidable delay in of assessment of
the State 'may'
property, or for the protection of the faith and credit
provisions of any law of this State providing for the approsuspend the
priation, deposit, expenditure or dedication of public funds."
The resoiution also provides for suspension of laws dedicating funds
If there "is any excess in any such appropriation or dedication," or in case
of "unexpected revenue."
"Any finding of fact by the Board of Liquidation in proceedings under
tois Act shall be conclusive," the resolution stated.
Senator Makes Objection
The action came a few hours before the sixth extraordinary session of
the last 12 months was scheduled to adjourn sine die, and topped off the
most far-reaching legislative program yet devised by the Louisiana "dictator."
In connection with the above account we take the following brief report from a lengthy Baton Rouge dispatch
to the New Orleans "Times Picayune" of July 9:
Given absolute domination of every appointive parish and city job in
the State, including school teachers, an authority to shift State funds
by the five-day extra session of the Legislature that adjourned early this
morning, Senator Huey P. Long indicated that he will remain in Louisiana
for a few days to consolidate his gains.
AU of the 25 bills passed by the Senate in 50 minutes at its post-midnight
session were signed by Governor 0, K. Allen this afternoon and numbered
by the Secretary of State. They become operative at noon Sunday,
July 28.
Empowered to control the appointment of every employee of the City
Government of New Orleans, except the Mayor and four members of
the Commission Council, who are elective officers, Senator Long is expected to confer with his ward leaders and Dr. Joseph A. O'Hara, leader
of his city organization, in the near future to work out a program of action.
New Jersey—Court Reserves Decision in Sales Tax Injunction Suit—A special news report from Trenton to the New
York "Heiald Tribune" of July 10 commented as follows on
the postponement of decision by the Vice Chancellor on a
suit to enjoin the collection of the recently enacted 2%
State sales tax:
After several hours of argument, Vice Chancellor Malcolm G. Buchanan
reserved decision to-day one petition to restrain J. H.Thayer Martin,State
Tax Commissioner,from collecting New Jersey's 2% sales tax and also on a
motion by the State to dismiss the action for lack of jurisdiction,
Tho petitioner in the suit is John W.Scblegal, Trenton market proprietor, who charges that the law infringes both the Federal and the State
law
Constitutions. Another suit to have thebeen set aside as unconstitutional
filed by Charles W.Conrad,
Is pending in the Supreme Court, having
of Paulsboro, a member of the Gloucester Retail Merchants' League, in
Supreme Court will be heard on Aug. 9.
Counsel for Mr. Schlegel based his application for a restraint upon nine
contentions. He maintained that the Act imposed a tax on tangible Property sold at retail and not a tax on business, as the State contended; that
the law, by reason of exemptions, was not uniformly applied; that legislative
and judicial powers had been delegated unlawfully to the State Tax Commissioner, and that the title of the Act was defective in that it failed to
set forth the contents.
The State's argument was presented by John Solan,•Assistant AttorneyGeneral, who held that a question of equity was not involved, because no
evidence had been offered to show that the petitioner had suffered irreparable injury and that, in the past, the Court of Chancery had refrained
from passing upon the constitutionality of acts when the question did not
exist.
Mr. Solan insisted that the tax was essentially a business tax and therefore did not corflict with the property tax laws, that the Legislature acted
within its powers in granting exemptions and also in conferring enforcement authority upon the State Tax Commissioner. Arguments involving
the title, he said, were irrelevent in view of the fact that the courts have
held that the title of a law was nothing more than a label and need not be a
complete index of its contents.
New York City—Court of Appeals Upholds Utility Tax
for Job Relief—The New York City utility tax, levied for
High Point, N. C.—Debt Readjustment Plan Declared unemployment relief, was unanimously upheld on July 11
Operative—It was announced on July 11 that the plan of by the Court of Appeals in the New York Steam Corp.
readjustment of the debt of the above city has been declared case and the 2% sales tax in the New York Telephone Co.
operative. It is said to have been agreed to by creditors case. In another decision affecting utilities the Court
.representing more than 94% of the principal amount of debt unanimously upheld the law requiring public service corporations to pay the costs of rate investigations conducted
affected by the plan. The new securities will be ready for
by the Public Service Commission. In the Steam and
delivery before Aug. 1, according to the statement.
the "Wall Street Telephone company cases lower court decisions upholding
In connection with the above report
the constitutionality of the city utility tax were sustained.
Journal" of July 11 had the following to say:
creditors affected,
The steam corporation began its suit in October 1934 atHaving received agreementsfrom more than 94% of the plan of debt readHigh Point, N. C., has declared operative the under the plan,
the City of
tacking the constitutionality of the Buckley Act, passed
to be issued
justment and expects to have new securities,affects all outstanding bonds
by the Legislature that year, imposing a 13/2% tax on the
ready for delivery before Aug. 1. The plan
with the exand notes of the city, matured or maturing, before July 11938. maturing
gross monthly income of public utilities for relief purunpaid
ception of electric light bonda. It also affects the 10 earliest
excepting electric light bonds.
poses. The Buckley Act has since been extended to Dec.
coupons of bonds due on or after July 1 1938,Treasurer of North Carolina.
The depatitaries, which include the State
31 1935.
& Trust Co. of
the Irving Trust Co. of New York and Wachovia Bank
Creditors desiring
In the Telephone company case the 2% sales tax on
High Point, will not issue deposit receipts after Aug. 1.
with E. M.
to assent to the plan after that date are asked to communicate
services of public utility corporations was also attacked
Knox, City Manager.
by
on constitutional grounds. The Court of Appeals decided
Holders who have not yet deposited their securities are asked pastcity
due
of
the Telephone company case on the authority of its decision
officials to take advantage of the plan in order to receive payment
interest.
in the Steam case, without a separate opinion.
Louisiana—Senator Long Made Tax Dictator of State—A
New York State—Attorney General Gives Ruling on Nonresolution was adopted by the State Legislature in the Callable Bonds—An Albany dispatch to the New York "Herbrief session which will give the State ald Tribune" of July 4 reported as follows on the opinion
closing hours of its
Board of Liquidation,understood to be under the jurisdiction given the previous day to the effect that the State cannot
of Senator Huey P. Long, the power to rededicate State call its non-callable bonds for the purpose of refunding at a,
levies regardless of purpose, according to an Associated Press lower interest rate before maturity:
dispatch from Baton Rouge on July 7,from which we quote
Attorney General John J. Bennett, Jr. held to-day In a formal opinion
bonds
that New 'York State cannot call its non-callable high interest rats be unin part as follows:
prior to maturity, and that to do so would
giving Senator Huey P. Long
A resolution interpreted by an opponent as
adopted concurrently
power to expend any State fund for any purpose was
for refunding purposes
constitutional.
Volume 141
Financial Chronicle
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STATE AND MUNICIPAL BONDS
Arkansas, Louisiana & Mississippi
Edward D. Jones aSt Co.
St.
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iNew York Curb Exchange (Assoc.)
Boatmen's Bank Bldg.
ST. LOUIS, MO.
Member
The opinion was given at the request of H.D.Yates,Deputy State Comptroller, who referred to an opinion of the Attorney General of Missouri
holding that that State could call its long-term high interest rate bonds in
In advance of maturity for refunding at low interest rate.
"There is no statute of this State (New York) which authorizes such
action," Mr. Bennett wrote, -and any statute which should purport to do
so would, in my opinion, violate the provision of Section 10 of Article 1
of the Constitution of the United States, which provides that no State
shall pass any law impairing the obligation of contract.
"The opinion of the Attorney General of the State of Missouri holding
that that State could call its long-term high Interest race bonds in advance
of maturity and refund them through the sale of new low interest rate
refunding bonds, to which you refer, was based upon a statute of that
State which was enacted prior to the sale of the bonds in question, and the
Attorney General held that the statute became a part of the contract
between the State and the bondholders and rendered tham callable, even
though no provision for their call was contained in the bonds themselves:
.
Ohio—Financial Crisis Threatened as Supreme Court Bars
Fund Transfers—An Associated Press dispatch from Columbus reported as follows to the New York 'Herald Tribune"
of July 11, regarding the effects of a State Supreme Court
decision handed down .the previous day in which it held
illegal the transferrance of monies from one State fund to
another in order to balance accounts:
Financial collapse of the State Government was threatened to-day by a
decision of the Ohio Supreme Court. The Court ruled that the State Board
of Control lacked power to transfer funds from one account to another to
absorb Governor Martin L. Davey's veto cuts.
The Court decision means:
Most of the State's departments and institutions are without funds for
postage telephone and telegraph bills.
Ohio State University is deprived of money to buy coal or other fuel
next year.
No funds will be available to purchase clothing for convicts and inmates
of the State's welfare institutions.
Relief can be obtained only by special session of the Legislature.
Governor Davey's misconception of his veto powers was blamed by high
State officials for the serious situation confronting Ohio's government. It
was pointed out the Governor had neglected to consult the Attorney
General in vetoing items in the general appropriation bill.
In vetoing appropriations totaling $8,800,000 Mr. Davey had proceeded
on the theory that ft nds appropriated for the same departments could boreallocated by the State Board of Control so no essential functions of the
State woald be impaired.
The Court held that the sole question was the power of the Control Board
to transfer money from items left in the appropriation bill to those vetoed
out by the Governor.
The ruling stipulated that the veto of the Governor "entirely and absolutely removed" the items stricken out by him in his $8,800,000 slash.
The decision further hela the clause of the Appropriations Act, which
gave the Control Board power to transfer to new classifications items in
cases where proper code items were not providet.. by the Legislature, had no
application.
The Court gam its decision on demurrers filed by Attorney-General
John W. Bricker and State Auditor Joseph Tracy to a mandamus action
brought by the Public Utilities Commission.
The Commission sought to compel Mr. Bricker ana Mr. Tracy, both
members of the Control Boaru,to vote on the transfer of $500from a salary
Item to a Muting and binding Item which had been knocked out of the
Public Utilities Commission appropriation by the Governor's veto. In
effect, the Supreme Court decision held that any transfer by the Board of
Control to an item vetoed out of the appropriations bill by the Governor
would constitute a legislative function.
The Constitution specifically limits the right to override a gubernatorial
veto to the General Assembly, where a three-fifths vote would be necessary.
The decision was concurred in by the entire Court of seven judges.
Ohi—CoUrf Approves Refunding Outside 10-Mill Limit—
The city of Wellston has won a case before the Ohio Supreme
Court to permit it to refund existing bonds without considering the 10-mill limitation, and thereby set precedent in the
State for liberalization of the refunding bonds.
A decision was handed down by the Supreme Court holding that existing
bonds can be refunded by a political subdivision without considering the
limitation, provided the bonds had been issued prior to the adoption of the
constitutional amendment.
•
The Wellston City Council recently passed an ordinance to refund certain
street improvement bonds which were issued on special assessments. The
bonds had become deliquent and it was the desire of the city to issue refunder bonds to strengthen the credit of the city and provide for eventual
payment of the obligation.
When the time came for issuing the bonds, the city officials were
that unless the question of whether the bonds could be issued outsidetold
the
-mill limitation was taken up and settled, the legality of the refunder
the 10
bonds would always be in question.
Parma, Ohio—Payment of Assessment Liens with Bonds
Held Illegal—Federal Judge Paul J.,nes on July 2 ruled that
the State law which authorizes the use of special assessment
bonds in payment of special assessments was in violation of
the United States Constitution clause providing for the
sanctity of contracts and issued a permanent injunction
restraining Cuyahoga County Treasurer John J. Boyle from
accepting assessment bonds issued by the city in payment of
the taxes which were levied for the purpose of providing for
redemption of the bonds. The legislation involved in the
matter is Statute No. 60, passed by the State Legislature on
Dec. 12 1934 and effective 90 days thereafter. The constitutionality of the measure was attacked by the Norfolk &
Western Railway Co., holder of defaulted city issues, and
counsel for the complainant was Squire, Sanders & Dempsey
of Cleveland. In connection with the ruling, we quote from
the Cleveland "Plain Dealer" of July 3 as follows:
The ruling was handed down on the plea of the Norfolk St Western Railroad, the road having argued it expected to be "left holding the bag' if the
Ohio law operated. It was said the railroad had Parma special assessment
bonds to the value of $114,001.87, and that the City of Parma was
$23,001.87 in default on the principal and was in arrears from Oct. 11934,
on interest. The road's plea said that Parma had bonds totaling $4,167,567.87 outstanding against the anticipated collection of special assessments.
Of this, 81,104,008 is against past due and unpaid special assessments, the
oad asserted.
305
MUNICIPAL BONDS
Dealer Markets
WM. J. MERICKA & CO.
INCORPORATED
Union Tien Bids, "I
CLEVELAND
J
DIRECT
WIRE
r
I,
One Well Street
NEW YORK
The court indicated its opinion that the law gave a bargain rate to assessed
taxpayers for settling their accounts with the county, but deprived bondholders who were not taxpayers in the county involved of some of the
basic
rights in the security behind the bond.
"The non-taxpaying bond holder has the right (among
means of enforcement which are implicit in the receipt and others) to the
application of
money for the payment of special assessments," the decision read.
Ohio's legisla.ion "lessens the efficacy of these means and to
impairs the obligations of these bonds," the ruling declared. that extent
Improving the market for a fixed obligation does not fulfill or discharge
it was said. Security of the bonds has not been improved by the demand it,
of
special taxpayers for the bonds with which to pay special taxes at a discount,
the order said.
Pennsylvania—Charter Referendum Bill Signed—An Associated Press dispatch from Harrisburg on July 8 reported
as follows on the Governor's approval, with reservations, of
a bill providing for a referendum on a new State constitution:
Governor Earle signed a bill to
-night giving Pennsylvania voters
tunity to decide whether they want a new Constitution, but at an opporthe same
time sharply criticized the Republican State Senate for changes made in
the measure.
"I have signed it simply because it was somewhat better than no bill at
all," the Governor said.
The bill provides for a referendum at the September primary on the
question of a new charter. If the voters favor modernization of the Constitution, deletes would be elected at the November election. The convention would be held in Harrisburg Dec. 1 and the draft of the new Constitution submitted to the voters at next April's primary. If approved,
it would become effective June 1 1936.
The bill gives the delegates power to rewrite the whole Constitution,
dealing with such matters as the tax structure,the courts and Legislature.
Tax Anticipation Act Upheld—The $50,000,000 Tax Anticipation Act approved recently by the Legislature was held
constitutional on June 29 by the State Supreme Court,
according to advices from Philadelphia. Upholding of the
Tax Anticipation Act, which permits the Commonwealth to
borrow up to $50,000,000 for current expenses inanticipation
of tax revenue of the current biennium, is said to assure
clear financial sailing for the administration until May 31
1937, which will be the half-way mark in its term.
(This subject is treated in greater detail on a subsequent
page of this section.)
United States—National Survey Shows Increase in Debts
of Cities—Debt structure of cities in the United States enlarged in 1934, according to a survey of 217 municipalities
of 30,000 population or over, made for the National Municipal League by C. E. Righter, of Dun and Bradstreet, Inc.
Between Jan. 1 1934, and Jan. 1 1935, the total debt of
these cities increased from $7,682,440,000 to $7,774,861,000
or by $92,421,000 the survey shows. At the same time 12
Canadian cities reduced their debt by $7,527,000.
The returns, however, disclosed that while the total debt increased more
cities reduced their budgets than increased them. A total of 118 dties
showed contractions, while 99 expanded debt. Atlantic City was at the
high with a per capita debt of $377.13, while Springfield, Ill.. was at the
low with a per capita debt of $4.52. Washington has no funded debt and
was excluded from the computations.
Classified according to population the per capita spread is from 884.14
for St. Louis to $205.44 for Philadelphia, in cities of 500 000 and
over:
from $67.80 for Seattle to $194.27 for Newark in cities from 300,000 to
500,000 population: $13.13 for Peoria to 8318.73 for Miami, in cities from
50,000 to 100.000, and in cities of 30.000 to 50,000, Sheboygan. Wis.
with $12.03 to White Plains, N. Y,, with $366.52.
OFFERINGS WANTED
Arkanas—IllInolst—MIssourl—Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. 8il
ESTABLISHED
1877
Investment Securities
Fourth and Olive Streets
Co.
ST.LOUIS
BOND PROPOSALS AND NEGOTIATIONS
ADA, Okla.—BOND ELECTION—The citizens will be
election to be held on July 16 to vote on a proposed $38,500 asked at an
water works
extension bond issue.
AIKEN SCHOOL DISTRICT, S. C.—BONDS VOTED—At the election held on July 5 the proposal that the district issue $125,000 high school
building bonds was approved by a vote of 163 to 17.
AKRON, Ohio—BONDS NOT SOLD—The several
aggregating $4,418,935.15 which were offered for sale on issues of bonds
July 8—V. 140.
p. 4265—were not sold as no bids were received.
AKRON SCHOOL DISTRICT, Ohio—BOND ELECTION—Th
Tax Commission has given the Board of Education permission to e State
submit a
proposed $2,900,000 school building bond issue to the voters on Aug.
13.
ALBION SCHOOL DISTRICT (P. 0. Albion), Neb.—BOND
A $40,000 issue of refunding bonds was sold by the School Board SALE—
to the Kirkpatrick-Pettis-Loomis Co. of Omaha,as 3Yis, paying aon July 1
premium
of $550, equal to 101.375, a basis of about 3.20%, to optional
on Dec. 1 as follows: $1,000, 1935 to 1939, and $2,000, 1940 to date. Due
1954.. Optional after 5 years. These bonds were issued to take up an equal
amount
of 43(% bonds.
6
ALBANY, N. Y.—TA X COLLECTIONS HIGHER—Tax collections
for
the first six months of 1935 are 2% better than they were a year
sa:ne date. City Treasurer Frank J. O'Brien reported July 2. ago on the
The city treasurer said so far this year he has taken in 58% of the
total
tax levy of $7,995.624.71. whereas a year ago July 1 he had been
able to
collect more than 56% of the 1934 tax levy of $8.030,505.34.
The collections represent 72.11% of the 1935 budget. Last year only
69% of the
budget had been ecliected by July 1, he said.
Penalties of 2% are being added to July tax delinquencies,
the figure
increasing 3 % per month until December when it will total
4%
ALLIANCE, Neb.—BOND ELECTION PETITIONED—A petition has
been presented to the City Council calling for a special election to
vote
306
Financial Chronicle
upon the proposition of issuing $100,000 combined City Hall and Municipal
Auditorium Building bonds. Ethel M. Nation is City Clerk.
-REFUNDING ISSUE .4 UTHORIZED--Florough Clerk
ALPHA, Pa.
Cleveland Rhen announces that the Berough Council has passed an ordinance authorizing the issuance of $68.000 refunding bonds to bear interest
at no more than 6%. Denoms. $1,000. Dated June 15 1935. Interest payable June 15 and Dec. 15. Due yearly as follows: $3,000, 1940, 1941 and
1942; $4.000, 1943 to 1946 incl.; 35,000, 1947 to 1951 incl., and $6,000.
1952, 1953 anu 1954. The borough debt to be refunded with .his issue of
bonds includes $9,000 bonds, S1,500 fire apparatus notes, also various items
of tax revenue notes and accumulated unpaid State,county and school taxes.
AMANA SCHOOL DISTRICT (P. 0. Amana), Iowa-BOND SALE
-It is stated that the $16,500 school bonds purchased on July 2
DETAILS
-were sold to the Merchants National
at a price of 100.87-Y. 141, p. 142
Bank of Cedar Rapids. as 2 Rs.
-CORRECT PURCHASER-The bid of Putnam &
ANSONIA, Conn.
-as successful in
Co. of Hartford, which was reported in V. 141, P. 142
the competition for the purchase of $75,000 municipal relief bonds on
July 2, was rejected because it was not properly marked and was not
received on time. The award was made to the R. F. Griggs Co. of Waterbury on a bid of 100.682 for 2s, a basis of about 1.91%.
Other bidders were:
Int, Rate
Price Bid
2
100.59
Bancamerica-Blair Corp
2
100.577
Co
Rutter &
2
100.304
Halsey, Stuart & Co
29
100.109
Kean, Taylor & Co
10007
2e
R. L. Day & Co
234%
101.069
Hoffman, Adams & Co
-BOND OFFERING
ASHTABULA COUNTY (P. 0. Jefferson), Ohio
-Clerk of the Board of County Commissioners will recevie bids until July 29
the purchase of $51,000 delinquent tax bonds. Denom. $1,000. Due
for
each six months from April 1 1936 to Oct. 1 1942 incl.; subject to call on
and after Oct. 1 1940.
-At the election held on June 11-BONDS VOTED
ATHENA, Ore.
-the voters approved the issuance of the $15.000 in 3M %
V. 140, p. 3934
bonds by a count of 55 to 0. It is stated that the bonds are due in
water
20 years. callable in 10 years.
It is stated by B. B. Richards, Town Recorder, that these bonds will
be offered for sale, probably about July 15th or 20th.
-It is stated in
ATLANTA, Ga.-BOND ELECTION AUTHORIZED
the Adanta "Constitution" of July 7 that the Mayor and City Council have
requested an early vote on the authorization of $1,500,000 in sewer bonds
in order to meet Federal Gas eminent proposals to completely modernize
the city's sewer system, of which total amount $500,000 would be set aside
to make ample provision for storm water flow. It is stated that the city will
have to pay only a portion of the total cost of the project, the Government
having aireauy set up $4,599,079 for the sanitary sewer project.
-On July 9 the issue
-BOND SALE
ATLANTIC HIGHLANDS, N. J.
-V. 140,
% coupon refunding bonds offered on that date
of $132,000
-was awarded to the only bidder, Leach Bros., Inc., of New York,
p. 4432
for a premium of $300. equal to 100.227. a basis of about 4.47%. Dated
Aug. 1 1935. Due $7,000 yearly on Aug. 1 from 1936 to 1953. Ind.. and
$6,000 Aug. 1 1954.
-BOND REFUNDING CONTRACTED-The Prairie
AUGUSTA, Kan.
State Bank of Augusta at a recent meeting of the City Council, received
-year storm sewer bonds. These
the contract from the city to refund 30
bonds will be replaced by 10-year serial bonds that will bear 3% interest.
-We are informed by Karl I.
-BONDS NOT SOLD
BAKER, Mont.
Pleissner, City Clerk, that the $125.000 not to exceed 6% refunding bonds
offered on July 5-V. 140. p. 4101-were not sold as no bids were received.
Bonds were to be either serial or amortization in form.
-On Aug. 3 an election will
BALL GROUND, Ga.-BOND ELECTION
be held for the purpose of voting on a proposed $15,000 water works bond
issue.
BALTIMORE, Md.-DEBT SERVICE CHARGES TO REACH NEW
HIGH-Principal and interest charges on the city's debt will reach a new
high level in 1936. Mayor Jackson informed members of the Board of
Estimate on July 2. The charges will total about $12,250,000, $900,000
more than the sum required this year. he said. The increase represents
lightly less than 9 cents on the tax rate, it is said.
-Mayor
BALTIMORE, Md.-PENSION FUNDS TO BUY BONDS
Jackson announced that the bonds to be issued in payment ofthe Howard St.
and Fayette St. widening and extension projects will not be offered publicly
but will be taken up by the Commissioners of Finance and the Board of
Pension Trustees. The Mayor explained that there are ample funds in the
two accounts to finance the expenditures and that "the city paper was as
secure an investment as there is available."
-BONDS
BARSTOW COMMON SCHOOL DISTRICT NO. 2, Tex.
VOTED-The district has recently voted in favor of a $75,000 bond issue
for construction of new school.
-NOTE SALE
BARNSTABLE COUNTY (P. 0. Barnstable), Mass
An issue of $50.000 notes. due Nov. 15 1935. has been sold to the Hyannis
Hyannis at 0.21% discount. Chatham Trust Co., only
Trust Co. of
other bidder, named a rate of 0.50%•
-The $5,400 coupon street
-BOND SALE
BARNESVILLE, Ohio
-were awarded to
3750
repaving bonds offered on June 22-V. 140, p.premium of $14.04. equal
J. S. Todd & Co.of Cincinnati as 5s, at par plus a 1 1934 and due $600 on
to 100.26. a basis of about 4.92%. Dated April made by H. K. Hastings
Oct. 1 from 1935 to 1943, incl. A bid of par was
of wheeling, W. Va. This report of the sale corrects that given previously
in these columns under the caption "Martins Ferry, Ohio."
-BOND ELECTION
BARNESVILLE SCHOOL DISTRICT, Ohio
The Board of Education has voted to submit a proposed $75,000 bond issue
to the voters on Aug. 13.
-The $298,000
-ADDITIONAL INFORMATION
BAYONNE, N. J.
offered for
not to exceed 4,4% interest coupon or registered bonds beingto
-will be payable as
sale on July 16, as stated in V. 141. p. 142 the United States at principal
the City
interest in lawful money of
and (F. & A.)
Treasurer's office or at the Hudson County National Bank, Bayonne,
Sorensen, Village
-BOND OFFERING-Hans C.
BEAR LAKE, Mich.
Clerk, will receive sealed bids'until 7:30 p. m. (Eastern Standard Time)
on July 15 for the purchase of $17,000 4% coupon bonds, registerable as
to principal only and divided as follows:
$12,000 water works mortgage revenue bonds. Due July 1 as fellows:
$300 in 1937 and 1938; $400. 1939; $500 from 1940 to 1957 incl.
and $1,000 in 1958 and 1959.
5,000 general obligation bonds. Due July 1 as follows: $200 from 1936
to 1945 incl. and $300 from 1946 to 1955 incl.
Each issue is dated July 1 1935. Prin, and int. (J. & J.) payable at the
Village Treasurer's office.
-BONDS APPROVED-The $50,000 3% operating exBEAVER, Pa.
penses bonds recently sold to Van Alstyne. Noel & Co. of Philadelphia
approved by the Pennsylvania Department of Internal Affairs.
have been
-NET SCHOOL BUILDING
BELLEVUE SCHOOL DISTRICT, Pa.
-The School Board is considering a plan to construct new
PLANNED
building at a cost of $566.000, of which 5350,000 would be obtained
school
by a sale of bonds and the difference furnished by the Federal Government.
-BONDS AUTHORIZED
BENTON COUNTY (P.O. Camden), Tenn.
-The County Court is said to have approved recently the issuance of
$5,000 school bonds.
-By a vote of
BENTON SCHOOL DISTRICT, Mo.-BONDS VOTED
253 to 39 the residents of the district at a recent election approved the
bonds.
Issuance of $17,500 school building
-BOND ELECTION
BERLIN HEIGHTS SCHOOL DISTRICT, Ohio
PLANNED-The voters will be asked to vote on an issue of $33,000 bonds
addition to a high school building.
to help finance an
-An issue
-BOND OFFERING
BERWICK SCHOOL DISTRICT, Pa.
for sale on July 22
of $250,000 434% refunding bonds is being offered
at 7 p. m.
July 13 1935
-It is Stated by the City Clerk
BETTENDORF, Iowa-MATURITY
that the $6,847.59 improvement bonds purchased recently by the Central
-are due on
-V. 141, p. 142
Engineering Co. of Davenport, as 5s at par
Dec. 1 as follows: 31,000, 1939; $500. 1940; $2,500, 1941, and $2,847.59
in 1942.
-BOND
BIJOU IRRIGATION COMPANY, Morgan County, Colo.
-The J. K. Mullen Investment Co. of Denver recently purchased
SALE
$80,000 534% ditch construction bonds. Due from 1936 to 1942.
BILLINGS, Mont. BOND SALE-The $64,000 issue of refunding
bonds offered for sale on July 8-V. 140. p. 4101-was awarded to the
Harris Trust & Savings Bank of Chicago, as 35, paying a premium of $257,
equal to 100.401, according to 0. W. Nickey, City Clerk. The second
highest bid was submitted by the Wells-Dickey Co. of Minneapolis, offerng $832 premium on 334% bonds.
-BONDS AUTHORIZED
BLUE ISLAND PARK DISTRICT, 111.
The district authorities have authorized the issuance of $30,000 bonds.
-BONDS VOTED-Taxpayers of Boone recently voted
BOONE, Colo.
In favor of a $15,000 bond issue for construction of a water supply system.
-The $17,000 issue of coupon funding
la.
BOONE,
-BOND SALE
bonds offered for sale on July 3-V. 140. p. 4256-was awarded to the
Carleton D. Beh Co. of Des Moines, as 244s. paying a premium of $100,
equal to 100.5S, a basis of about 2.41%. Dated May 1 1935. Due from
Nov. 1 1936 to 1948. The other bids were as follows:
Price Bid
Bidders517.095.00 for 23.4% bonds
Boone State Bank & Trust Co
Ia. Des Moines National Bank & Trust Co- 17,080.00 for 2L% bonds
bonds
17,060.00 for 2
Jackley & Co
17,086.00 for 234% bonds
Shaw, McDermott & Sparks
17,101.00 for 234% bonds
Glaspell, Vieth & Duncan
-The following described bonds ,total-BOND SALE
BOSTON, Mass.
-were awarded
ing $5,437,000 which were offered on July 9-V.140. D.4433
to a syndicate composed of Lehman Bros.; Paine, Webber & Co.: Kean,
Taylor & Co.' R. if, Moulton & Co.; A. C. Allyn & Co.; Burr & Co.; The
Chemical Bank & Trust Co.; Eastman, Dillon & Co.; Eldredge & Co.;
Hemphill, Noyes & Co,; Schaumberg, Rebhann & Lynch and Rutter &
Co., all of New York; Graham, Parsons & Co. of Philadelphia; the Equitable Securities Corp. of Nashville; Lawrence Stern & Co. of Chicago; the
Mercantile Commerce Bank & Trust Co. of St. Louis: F. L. Putnam &
Co of Boston; the Wells-Dickey Co. of Minneapolis, and Stern Bros. & Co.
of Kansas City, on an offer to pay a premium of $5,437, equal to 100.10.
for 2,34s, a basis of about 2.489%;
Group A, Composed of Coupon Serial Bonds Aggregating $1,925,000
$50,000 police communications system. Payable $10,000 annually.
Aug. 1 1936 to Aug. 1 1940 incl.
250,000 reconstruction of streets. Payable $25,000 annually, Aug. 1
1936 to Aug. 1 1945 incl.
100,000 replacement of the Brookline Ave. water main from the Brookline line to Beacon St. Payable $5,000 annually, Aug. 1
1936 to Aug. 1 1955 incl.
500,000 school, South Boston District. Payable $25.000 annually,
Aug. 1 1936 to Aug. 1 1955 incl.
300,000 Hospital Department, new buildings and alterations and equipment bonds. Payable $15,000 annually, Aug. 1 1936 to Aug. 1
5
wa 5r cia
150,000 19 te inm• in construction bonds. Payable $8,000 annually.
Aug. 1 1936 to Aug. 1 1945 incl., and $7,000 annually, Aug. 1
1946 to Aug. 1 1955 incl.
75,000 Northern Avenue Bridge, reconstruction and repair bonds.
Payable $4,000 annually, Aug. 1 1936 to Aug 1 1950 incl..
and $3,000 annually, Aug. 1 1951 to Aug. 1 11155 tool.
500,000 schools, West Roxbury' District, bonds. Payable $25,000 annually Aug. 1 1936 to Aug. 1 1955 incl.
Group B, Composed of Coupon Serial Bonds Aggregating $3,012,000
$3,000,000 City of Boston, municipal relief loan, Act of 1935, bonds. Payable $300,000 annually. Aug. 1 1936 to Aug. 1 1945
12,000 automatic traffic signals, North End Section, bonds. Payable
$2,000 annually, Aug. 1 1936 to Aug. 1 1937 incl., and $1,000
annually. Aug. 1 1938 to Aug. 1 1945 incl.
Group C, Composed of Coupon Sinking Fund Bonds Amounting to $500,000
$500,000 traffic tunnel bonds. City of Boston, Act of 1929, series g
bonds. These bonds shall be due Aug. 11965. but may be called
by the city after 20 years from date on any date upon which
interest is payable on these bonds.
All of the bonds are dated Aug. 1 1935.
The second high bid was submitted by a syndicate composed of the
National City Bank of N. Y.; the Bankers Trust Co.: E. B. Smith & Co.;
Blyth & Co.; Lazard Freres & Co.. and Reynolds & Co. all of New York;
the First of Michigan Corp, of Detroit; the Illinois Co. of Chicago, and
Washburn & Co. of Boston, which offered a premium of $2,169.36 for
$4,937,000 serial 254s and $500,000 sinking fund 234s. or a net interest
cost to the city of 2.54%.
-The successful bidders are reBONDS OFFERED FOR INVESTMENT
offering the bonds for public investment on the following basis: the $4.
937,000 non-callable serial bonds are priced to yield from 0.50 to 2.70%.
according to maturity, while the $500.000 sinking fund issue. maturing
is priced at 95 and accrued inAug. 1 1965 but callable on Aug. 1 1955,
terest, to yield about 2.745% to maturity. The financial statement of the
city shows an assessed valuation for 1935 of $1.650,000,000. Its total
bonded debt, as of June 26 1935, incl. the obligations just sold, amounted
to $170,205,333. Net debt stood at $135,491,539.
-BOND REFUNDING ARRANGED--Bowdle
BOWDLE CITY, S. D.
City has been successful in refinancing its indebtedness according to F. G.
Grosz, City Auditor. The matter is being handled by the Northwestern
Municipal Association of Minneapolis. .
The bonded indebtedness of the city, including water,sewer and funding
bonds, has been reduced to $48,000. The first bonds will be due in 1937.
and all bonds will mature over a period of 20 years. The interest rate
has been cut 1% for the first five years.
-TEMPORARY LOAN
-W. 0. Gay & Co. of
BRAINTREE, Mass.
Boston were awarded on July 9 a $100,000 revenue anticipation note issue
at 0.59% discount. Due $50,000 each on March 23 and April 20 1936.
Other bidders were:
Bidder
Discount
o.62
National Shawmut Bank
Merchants National Bank
0.64
Faxon, Gade & Co
_0.67 0
___First National Bank of Boston
Bank
Second National
0685%
0..71%
BRANCH TOWNSHIP SCHOOL DISTRICT, Schuylkill County,
Pa.
-BOND ELECTION-Secretary of the Board of School Directors
Alva J. Dando announces that an election is to be called for Aug. 16 to vote
on the question of issuing $150,000 school bonds.
-BONDS AUTHORIZED
BRIARCLIFF MANOR, N. Y.
-The Board
of Trustees has authorized the issdance of $50,000 bonds.
BRECKINRIDGE SCHOOL DISTRICT, Mich.
-BONDS VOTED
At a recent special election the voters approved a proposed $10,000 bond
Issue for school improvements.
-BONDS NOT TO BE ISSUED AT
BRIARCLIFF MANOR, N. Y.
-Village Clerk Alfred H. Pearson informs us that the $50,000
PRESENT
bonds recently approved by the Village Trustees are not to be issued at the
present time, as approval of the voters must be obtained at the village
election next March before issuance can be made.
BRISTOL COUNTY (P. 0. Fall River), Mass.
-LOAN OFFERING
Sealed bids will be received until 10 a. m. on July 16 for the purchase at
discount of a $180,000 revenue anticipation loan, due Nov. 18 1936.
BRONTE INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
-By a vote of 134 to 20 residents of the district recently approved
VOTED
the issuance of $20,000 school building bonds.=
r- BUCYRUS, Ohio-BOND OFFERING-Constance R. Keller, City
Auditor, will receive bids until noon (Eastern Standard Time) July 25
for the purchase of $35,000 6% intercepting sewer bonds. Denom. 5500.
Dated Jan. 1 1935. Interest payable April 1 and Oct. 1. Due $500 on
April 1 and $1,000 on Oct. 1 in each of the years from 1936 to 1945 incl.:
and $1,000 on Apr. 1 and Oct. 1 in each of the years from 1946 to 1955.
Volume 141
Financial Chronicle
incl. Bids may be submitted for bonds bearing less than 6% interest, but
rate must be a multiple of j
%. Cert. check for 1% of amount of bonds
bid for, payable to the city, required. Legal opinion of Squires, Sanders
& Dempsey, of Cleveland, will be furnished to the purchaser.
BUFFALO, Okla.
-BANKRUPTCY PETITION FILED
-The town
went into Federal Court recently with a petition for bankruptcy. The
municipal officials of the community alleged that it is unable to pay face
value on $174,000 of outstanding water works bonds, issued in 1921. An
agreement with creditors was proposed whereby the bonds will be replaced
by another issue at 50 cents on the dollar, to be paid in 25 years at an
interest rate of 2%. Whether that deal goes through depends on the decision
of U. S. Judge Edgar S. Vaught.
BURR OAK Kan.
-BONDS VOTED-The city recently voted in favor
of a $30,000 bond issue for construction of a community building. J. A.
Poppen is President of City Board.
CALIENTE, Nev.-BOND OFFERING-Sarah Gentry, County Clerk
of Lincoln County, acting for the Town Board of Caliente, will receive
bids at Pioche, until 2 p. m. July 29 for the purchase at not less than par
of $30,000 sewerage system and sewage disposal plant bonds, to bear no
more than 4% interest. Prin. and annual interest (Jan.) payable at the
County Treasurer's office. Due $2,000 yearly in Jan. from 1936 to 1950
incl. Certified check for 5% of amount of bid required.
CAMBRIDGE, Md.-BOND SALE
-The $40,000 coupon, registerable
1935 municipal bonds offered on July 8 were awarded to W. W.Lanahan
& Co. of Baltimore on a bid of 101.219 for 3s, a basis of about 2.88%•
Dated July 1 1935. Due on July 1 as follows: $5.000 in 1940: $10,000
in 1945 and 1950, and 315,000 in 1955. C. T. Williams dr Co. of Baltimore
bid 100.184 for 3% bonds.
Other bids were as follows: C. T. Williams & Co. of Baltimore offered
100.184 for 3s, wh le Stein Bros. & Boyce of Baltimore b d 101.878 for 33's.
Financial Statement
Estimated value of real and personal property
812,000.000.00
Assessed value of real and personal property. 1934
8.846.205.00
Total bonded indebtedness May 31 1935
203,500.00
Amount of sinking fund May 31 1935
11,851.01
Total City tax rate 85c. per $100.00, levy 1934-1935.
Population 1930-8,544: 1935
-estimated 9,000.
CAMDEN S. C.
-BOND OFFERING-Sealed bids will be received until
8 P. m. on July 22, by J. C. Boykin, City Clerk, for the purchase of an
aggregate of $175,000 coupon refunding bonds, divided as follows:
$50,000 sewerage bonds. Said bonds issued to refund a like amount of
bonds issued by the city on July 1 1907, maturing July 1 1947.
with the privilege of redemption after July 1 1927.
35,000 electric light bonds. Said bonds issued to refund a like amount
issued by the city on Oct. 11913. maturing Oct. 1 1953, with the
privilege of redemption after Oct. 1 1933.
90.000 water works bonds. Said bonds issued to refund a like amount
issued by the city on Oct. 1 1913, maturing Oct. 1 1953, with the
privilege of redemption after Oct. 1 1933.
Interest rate is not to exceed 4%. payable semi-annually. Due in 40
years, with the privilege of redemption after 20 years. A certified check
for $1,000 must accompany the bid.
CARSON COUNTY (P. 0. Panhandle), Tex.
-BOND OFFERING
Sealed bids will be received until 10 a. m. on July 15 by J. C. Jackson,
County Judge, for the purchase of a $40,000 issue of 5% road bonds.
Denom. $1,000. Dated Apr. 1 1930. Due on April 1 as follows: $5,000
In 1954; 310.000, 1955 to 1957, and $5,000 in 1958. Prin. and int. (A.
& 0.) payable in Panhandle. Legal approval by the Attorney General.
No certified check is required with bid. (This report corrects that which
appeared in these columns recently
-V. 141. P. 142.)
CARTER COUNTY (P. 0. Elizabethton), Tenn.
-BONDS AUTHORIZED
-On July 1 the County Court is said to have voted an issue of
bonds to retire school indebtedness, increasing the tax rate about seven
cents. The Board is said to have also voted $11,000 for school construction, increasing the school rate 10 cents.
CARVER COUNTY SCHOOL DISTRICT NO. 78 (P. 0.
-NorwocTd),
Minn.
-BOND ELECTION
-An election is being held on July 9 for the
purpose of voting on the question of issuing $15,000 school building improvement bonds.
CASS COUNTY SCHOOL DISTRICT NO. 17(P.O. Union), Neb.BOND ELECTION
--An election will be held on July 23
proposition of issuing $7,000 high school gymnasium to vote upon the
and auditorium
building bonds. Edward Morris, is Secretary of the Board of Education.
CAVALIER SCHOOL DISTRICT, N.
-BONDS VOTED
-At an
election on July 2, the proposition of issuing D.
$40,000
carried by a vote of 273 to 35. Ross McIntosh is school building bonds
School Cherk.
-Dated JUI3715 1935. Due from 1939 to 1955. No date of sale has been
fixed as yet, according to the District Clerk.
CHARLOTTE, N. C.
-BOND SALE
-The Equitable Securities Corp.
of Nashville, offering a premium of $16.50, equal, to 100.066 for 14s, a
basis of about 1.72%, was awarded the $25,000 coupon motor equipment
bonds offered on July 9-V. 141,p. 143. Dated July 1935. Due $8.000
on July 1 in 1936 and 1937; and $9,000 on July 1 1
& Co. of Richmond, the next best bidder, offered 1938. F. W. Craigie
a premium of $14.64
for 14% bonds.
CHARLESTON S. C.
-REPORT ON PROPOSED BOND REFUNDING
-In connection with the report given in these columns recently, to the
effect that Mayor Maybank intended to recommend to the City Council
that it make plans for the refunding of $3,350,000 bonds which mature
July 1 1937 and 1938. we give the following statement from the Mayor,
bearing date of June 24:
"In reply to your letter of June 19, it is our hope to be able to refinance
the bonds referred to. At the present time we have no sinking fund and the
bonds are not good for the payment of taxes or licenses, as are other bonds,
but they are merely second mortgages;that is, the other bonds that are
for city taxes and other fees naturally are more valuable and saleable. good
"The bonds we expect to refinance are old bonds sold at various times
some at 40c. to 50c. on the dollar to make good carpetbag money that was
circulated in this section."
CHICAGO SANITARY DISTRICT (P. 0. Chicago), 111.
SHOWS INCREASE IN DEFAULTED 130ND INTEREST -REPORT
-Semi-annual
report of the Sanitary District of Chicago was made public on July 1,
showing progress in stetting in back taxes, and a decrease in principal in default more than offset by a jump in the interest in default as of June 1
1935. compared with the same date last year, according to toe Chicago
"Journal of Commerce" of the following day.
The report is the one delivered to the Supreme Court of the United States
under the terms of the decree under which sanitary district now is operating, and is for the purpose of recording progress made.
It is stated in the report, signed by Ross A. Woodhull, President and
Philip Harrington, Chief Engineer, that the district reduced its amount
In default by $2,619,885 since the December 31 report. The figures. compared with the report of a year ago, however, make this showing of defaults as of June 1:
1935
1934
Principal
315,735,390
$16,233.125
Interest
1,110,460
126,382
Total_
$16,848,850
$16,359.507
The financial condition of the district since the last report to the Court
"has changed but little," but "the local tax situation has improved slightly," it is stated. The following table of amounts of taxes extended for
the district and collected up to May 31 1935. is appended:
Total Taxes
Amount
Extended
Collected
1928
$19,448,392
817,307.124
1929
24,466.998
20,111,873
1930
22.453,699
16.840,274
1931
20,517,562
14,860,870
1932
19,281.643
12,498,361
1933
18,037,167
10.346,119
3124.205.463
$91,964,622
The extent of improvement in the Sanitary District tax collection is
reflected in the figures this year and last, showing the percentage unpaid:
307
As of Mau 311935 1934
As ofMau 311935 1934
1928
11.01 12.10 1931
27.57 34.40
1929
17.80 20.40 1932
35.18 59.20
1930
25.00 29.80 1933
As matters now stand, about 26% of all taxes extended 42.64 in 1928-1933
remain uncollected. It is stated that of the $91,964,622
tary District account by the County Collector, onlycollected for Sani$88,253,531 has
actually been turned over to the District.
In the last six months, $12,593,851 in taxes has been collected, representing about 10% of the taxes levied and due, and this fund was used
to redeem tax anticipation warrants, pay current expenses and
meet
defaulted principal and interest of bonds.
CINCINNATI, 0.-84,817,000 BONDS TENTATIVELY AUTHORIZED-City Bond Committee on July 1 approved a tentative
bond program of $4,817,000, including a $350,000 University of 1936-1937
Cincinnati
issue.
CLEARWATER COUNTY (P. 0. Orofino), Ida.
-BOND SALE
The issue of $50,000 North Fork Highway District refunding bonds offered
on July 9-V. 140, p. 4434
-was awarded to the Potlatch State Bank
Potlatch, on a bid of par for 4% bonds. There were no other bidders.of
CLEARWATER COUNTY HIGHWAY DISTRICT (P. 0. Greer),
Ida.
-BOND SALE
-The $130,000 general obligation highway district
refunding coupon bonds offered on July 9-V. 140. p. 4434
-were
to the Potlatch State Bank of Potlatch, as 4$. There were no other awarded
bidders.
CLIFTON, N. J.
-BOND REFUNDING BID RECEIVED
-H. Braverman & Co., Newark auditors, who were authorized several months ago to
negotiate for refunding of maturing Clifton bonds, reported
City
Council on July 2 that a syndicate of New York bond houses to the purwould
chase $2,700,000 worth of paper at an interest rate of 4.90. with an alternate offer of 4.72 if the City permits the syndicate to refund an additional
$1,700,000 worth of bonds maturing in 1936 and 1937.
The syndicate, represented by M. F. Schlater, Noyes and
submitted a check for $5,000, urging immediate ratification, but an Gardner,
objection
was voiced by several officials to certain clauses in the contract submitted
by the bond houses. Mr. Braverman urged that the Council act on
offer immediately so that savings in interest could become effectivethe
at
once, but the Council decided to table the matter until Friday evening,
when a special meeting will be held.
The "catch" to which Clifton officials objected was that the syndicate
was to be given until September 1 to dispose of the bonds and that if
the
syndicate finds itself unable to carry out its agreement, it can withdraw
and reclaim its $5,000 check.
BOND SALE
-The offer made by M. F. Schlater, Noyes & Gardner
of New York, and associates to purchase $4,400,000 refunding bonds
has
been accepted by the City Council,
CLOVERDALE UNION HIGH SCHOOL DISTRICT (P. 0. Santa
Rosa) Calif.
-PRICE PAID
-The $31,000 school bonds that were purchased by the Bankamerica Co. of San Francisco
-V. 140,
-were
sold for a premium of $39, equal to 100.125, according to the P. 4434 Clerk.
County
COFFEE COUNTY (P. 0. Manchester), Tenn.
-BOND REFUNDING APPROVED
-The County Court is said to have approved the refunding of $18,000 highway bonds.
COFFEEVILLE, Miss.
-BOND ELECTION
-It is reported that an
election will be held on July 30 to vote on the issuance of $15.000 in paving
bonds.
COLFAX COUNTY SCHOOL DISTRICTS(P.O. Raton), N.
BONDS CALLED
-The County Treasurer is said to have called for Mex.payment
at his office on July 1, the following bonds:
Nos. 1 to 5 of School District No. 4 bonds. Dated Sept. 1 1912.
Due
on Sept. 1 1942.
Nos. 1 to 6, 8 and 9, and 11 to 20, of School District No. 4 bonds,
dated
Jan. I 1922. Due on Jan. 1 1952.
Nos. 1 to 10 of School District No. 25 bonds, dated Jan. 1 1923.
Due
Jan. 1 1953.
Nos. 1 to 5, 7 to 16. 19 and 20. and 23 to 30 of School District
No. 25
bonds. dated July 1 1922. Due on July 1 1952.
Nos. 29 to 62. 64 and 66 to 80, of School District No. 27 bonds.
dated
July 1 1920. Due on July 1 1950.
COLUMBUS, Ohio
-ADDITIONAL INFORMATION
-We learn that
the Northern Trust Co., F. S. Moseley & Co.and the Illinois Co.of Chicago
participated with McDonald-Coolloge & Co. of Cleveland in the
purchase
of 81,181,000 bonds as 3s at 100.091, a basis of about 2.99%, as stated
in
V. 141, p. 143. The bankers are offering the bonds for public investment
at prices to yield from 2% to 3%, according to maturity.
The award comprised six issues, as follows: 3500,000 sewage
treatment
works, $100,000 Main St. bridge, 814,000 incinerator fund,
sewers. $76,000 sanitary sewer and $136,000 storm sewer. 8355,000 relief
Other bidders
and their bids were as follows:
Banc Ohio Securities Co., Stranahan, Harris & Co., Mitchell, Herrick &
Co., Boatmen's National Bank, Otis & Co., Van Lahr, Doll & Isphording,
Well. Roth & Irving Co., Johnson, Ease & Co. and Breed & Harrison,
Inc.
-3 % on sewage treatment works fund No. 1 issue
4
remaining three issues, plus premium of $1,827 on total. and 3% on
Lowry Sweney, Inc. Graham, Parsons & Co. Brown, Harriman &
Co.,
Inc. Hayden. Milfer & Co. and Wells
,
-Dickey Co. 331% on total plus
premium of $10.155.42 on total.
Field, Richards & Shepard, Inc., Halsey, Stuart & Co., First Cleveland
Corp., Stifol, Nicolaus & Co. and The Milwamme Co.
-All or none:
3% on Main Street Bridge fund No. 1 issue and 331% on three remaining
issues, plus premium of $2,927 on total. Alternate bid: 3% on Main
Street Bridge fund No. 1 and 34% on sewage treatment works fund
No. 1 and incinerator fund No. 1.Wsues; and 34% on the relief and sanitary sewers portions ($4431,000). and 3% on the storm sewers portion
($136,000) of the relief, sanitary and storm sewers fund No. 1
issue,
plus premium of $465 on the total.
Lehman Brothers. Stone & Webster and Blodget, Hemphill, Noyes
& Co..
Morse Bros. & Co., Inc., Fox, Elnhorn & Co., Inc., and Phelps, Fenn
& Co.
-34% plus premium of $2.232.09 on total.
•
COMMERCE, Ga.-BOND ELECTION
-An election is to be
the purpose of voting on the question of issuing $20,000 school held for
building
bons.
d
CONEHATTA CONSOLIDATED SCHOOL DISTRICT (P.
hatta), Miss.
-BOND OFFERING-It is reported that sealed 0. Cone.
bids will
be received until July 13, by C. C. Carson, District
Secretary, for the
purchase of $10,000 issue of school bonds. These bonds
were approved
by the voters last October.
CONESVILLE SCHOOL DISTRICT, Ohio
-BONDS VOTED
-The
issuance of $25,000 school building bonds was approved
by a vote of 415
to 91 at a recent election.
CONNECTICUT, State of (P. G. Hartford)
-Day,
Stoddard & Williams,Inc.of New Haven were the -NOTE SALE
$2,000,000 notes offered for sale on July 11 by successful bidders for the
State
Addis. The accepted bid fixed the rate of discount at Treasurer John S.
0.1475%. The issue
is dated July 15 1935 and due Jan. 15 1936.
Other bids, according to
unofficial sources, were as follows:
Bidder
Rate
Rutter & Co
0.149%
Lincoln R. Young & Co
0.15
Henry C. Robinson & Co. (plus $31 premium)
0.17
Roy T. H. Barnes & Co. (plus $1.01 premium)
0.18
Charles W.Scranton & Co.(plus $11 premium)
0.20
Putnam & Co
•
o
COOK COUNTY (P. 0. Chicago), 111.
-During
the period from May 1 to June 6 the County -DEBT REPORT
collected a total of $3,944,242
in fees, taxes and other items, while
expenditures in the period totaled
$4,269,277, leaving a deficit of $325,035, according
report issued by Clayton F. Smith, President of the to the regular monthly
Board of Commissioners.
The overdraft, according to the report, is
offset
available in the working cash fund. The current by $1,089,066, which is
and bonded debt of the
County is placed at $64,944,171, made up of
the following items:
Bonds maturing after June 6
$338,340,500
Defaulted bonds
Defaulted interest coupon
550.820
Accrued interest on defaulted bonds
592.361
Outstanding tax warrants from the years
1930 to 1935
13,569,070
Unpaid bills and judgments
4,012.413
Lass cash on hand
136.404
Net floating debt
3.876,009
308
Financial Chronicle
-BOND REFUNDING PLAN APPROVED
CORPUS CHRISTI, Tex.
-The program providing for the refunding of approximately $3,166,000 in
outstanding bonds, not including State, seawall and breakwater construction issues, over a period of years on a graduated scale, which was accepted
by the Shaffer administration last January, was approved by the present
administration recently. N. T. Waggner, representing the bondholders,
appeared before the Council, together with Marcellus Eckhardt, attorney,
at two meetings recently to explain the program and report on its success
to date.
The program as arranged will allow the city two years without payment
on principal and annual payments after that time has been so set down as
not to overburden the city financially at any time. Under the contract.
the balance now in default will be taken up and the payments so distributed
that they come within the estimated tax collection limits. Final payment
on the bonds would be made in 1969.
Before the present bonds may be taken up and issued under a new date
the bondholders must approve the plan. The bondholders are being contacted by the bondholders' committee, including Mr. Waggner, F. W.
Hubbell and C. F. Coders.
The city now is faced with principal and interest default of $98,000 and
another principal and interest payment of 156,000 is due this year.
-BONDS TO BEISSUED
COTTLE COUNTY (P.O. Paducah),Tex.
The Commissioners' Court has given notice that it intends to authorize the
Aug. 12.
Issuance of $35,000 warrant funding bonds on
-BOND ELECTION
CRAIGHEAD COUNTY (P. 0. Jonesboro), Ark.
-It is said that an election will be held on Aug. 13 to vote on the issuance
-V.140,
in these columns early in June
of the county jail bonds, mentioned
-in an amount of 560.000.
P. 3936
-The City Council has decided to
-BOND ELECTION
CRANE, Tex.
call an election for July 27 for the purpose of voting on a proposed bond issue
to finance the construction of a water supply system.
-BONDS
CUMBERLAND COUNTY (P. 0. Fayetteville), N. C.
AUTHORIZED-The Board of County Commissioners has authorized the
Issuance of 77,000 refunding bonds.
-At the election held on
CUNNINGHAM, Kans.-BONDS VOTED
July 5 the voters by 154 to 47 gave their approval to the proposal that the
bonds.
city issue $22.000 waterworks
-BONDS AUTHCURWENSVILLE SCHOOL DISTRICT, Pa.
ORIZED-The Board of School Directors have decided to issue $22,000
bonds.
school building
-On
-BOND ELECTION
CYPRESS SCHOOL DISTRICT, Calif.
July 18 the residents of the District will be asked to vote on a proposition
that the District issue $38.000 school construction bonds.
-The two issues of coupon bonds ag-BOND SALE
DALLAS, Tex.
gregating $3,500,000. offered for sale on July 1, the award of which was
-V. 141, p. 143-were
postponed to July 5, as reported in these columns
finally sold to a syndicate headed by Brown Harriman & Co., Inc., bidding
a price of 98.859 for both issues as 35, non-callable. The bonds are divided
as follows:
53,000.000 park impt. bonds. Due $100,000 annually from Feb. 1 1936
to 1965 incl.
500.000 Institute of Fine Arts bonds. Due $17,000 annually, except
$16,000 each third year, from Feb. 1 1936 to 1965 incl. Co.
Net interest cost of 3.076 V. Associated with Brown Harriman &
were: Mercantile-Commerce Bank & Trust Co. of St. Louis; A. G. Becker
& Co. of Chicago; the First National Bank & Trust Co. of Minneapolis;
Mahan, Dittmar & Co. of San Antonio; the First Boston Corp.. New York;
Kelley, Richardson & Co. of Chicago; the Commerce Trust Co. of Kansas
City; Plper. Jaffray & Hopwood, of Minneapolis, and A. W. Snyder &
Co. of Houston.
-The successful bidders reBONDS OFFERED FOR INVESTMENT
offered the above bonds for public subscription at prices ranging from
0.40% to 3.15%, according to maturity.
-Phelps, Fenn & Co. of New York paid
-PRICE
DANBURY, Conn.
a price of 100.25, a basis of about 2.97% for the $100,000 3% welfare
relief bonds awarded to them as reported in V. 141. p. 143.
-An issue of $80,000 3% sewer
-BOND SALE
DANBURY, Conn.
bonds was recently sold privately to the City National Bank & Trust Co.
in 16 years.
of Danbury. Due
DANVILLE, Va.-BONDS AUTHORIZED-The City Council recently
authorized the issuance of $120,000 refunding bonds.
-BONDS AUTHORIZED-The Local Government
DAVIDSON, N. C.
Commission is said to have authorized the issuance of $18,000 in sewage
disposal bonds, to be used on a Public Works Administration project.
-An issue of $18.000 4% refunding
DECATUR, Nebr.-BOND SALE
bonds has been sold to the State Board of Educational Lands and Funds.
-The
-BOND ELECTION
DEER PARK SCHOOL DISTRICT, Ohio
Board of Education has ordered the submission of an $11,000 school site
purchase bond issue at the Aug. 13 elections.
-ENDS FISCAL YEAR WITH SURPLUS
DELAWARE (State of)
closed the
Governor C. Douglas Buck recently declared that the State
Treasury of
recent fiscal year with a cash surplus in the the past four about $100.000.
years, the State
Despite the unsavory economic conditions of
has paid its bills and met all payrolls on schedule, he added.
Camden), N. J.
DELAWARE RIVER JOINT COMMISSION (P.O. to offer for sale,
-The Commission is expected
PLANS SALE OF BONDS
additional $2,000,000 bonds of the
probably sometime in September, an
latter amount.
authorized issue of $41,000,000. according to report. Of the It is expected
sold.
$35,620,000. bearing 4;1% interest, have already been same coupon rate.
that the projected loan of $2,000,000 will bear the
Of the $35,Joseph K. Costello is general manager of the Commission. proceeds has
the
620,000 bonds previously marketed, about $30,962.000 ofby the States of
been used to make payment in full of the sums advanced
for the conPennsylvania and New Jersey and the City of Philadelphia
which is now being managed
struction of the Plilladelphia-Camden bridge, balance of the funds is being
and operated by the Joint Commission. The transit line across the bridge
applied to the cost of constructing a high-speed
connecting the Philadelphia subway system with Camden.
-BONDS PROPOSED
DELTA COUNTY (P. 0. Escanaba), Mich.
building bonds.
Plans are under way for the issuance of $160,000 courthouse
Rene H. Labre is County Auditor.
-William F. Mc-BOND CALL
DENVER (City and County), Colo.
payment on
Glone, Manager of Revenue, is reported to be calling for
July 31 at his office, various special improvement bonds.
-The city authorities are said to have called an election
BOND ELECTION
3% 1963for Sept. 10 to vote on the Issuance of $5,400,000 not to exceed 3% relief
1972 serial 1955 optional water projects bonds and $1,000,000
bonds.
-SALARY INCREASES TOTAL $1,000,000
DETROIT, Mich.
municipal employees
Common Council recently voted pay increases to of the city by about
expenses
which will increase the annual operating
$1,000,000, according to report.
READING
-BONDS APPROVED ON FIRST refunding and
DUMONT, N. J.
general
Ordinances providing for the issuance of $715,000 on first reading by the
serial funding bonds were recently passed
$150,000
Borough Council.
-A $25,000 issue of bond anticipation
-NOTE SALE
DURHAM, N. C.
Bank of Raleigh
notes was awarded recently to the Security National official list of the
at 134% plus a premium of $525. The following is an
received;
bids
Price Bid
Rate
Bidder$25,000.00
Kirchofer & Arnold and Branch Banking & Tr. Co__ 1 V
25,000.00
1
Raleigh, N. C
Wachovia Bank & Trust
28
Co..
R. S. Dickson & Co.. Raleigh, N.C25,00.1
25,005.00
N.0
Fidelity Bank, Durham,
25,005.25
134%
* Security National Bank, Raleigh, N. C
* Purchaser.
-BOND REFINANCING
DYER COUNTY (P. 0. Dyersburg), Tenn.
passed recently by
AUTHORIZED A resolution is reported to have beenindebtedness of the
refinance the bonded
the County Court, proposing to
agreed by holders of about $2.500,000 of the county's $4.500,000
county, as
ea
July 13 1935
bonded debt, and the refunding committee of the Court. It is said that
the contract calls for a reduction in interest rates for the first 15 years.
EAGLE PASS, Tex.-BONDS SOLD TO RFC-The $1,858,000 improvement bond issue recently voted, are said to have been sold to the
Reconstruction Finance Corp.
-At a recent meeting of
-BONDS VOTED
EAST HAVEN, Conn.
the taxpayers the issuance of $10,000 right-of-way bonds was voted.
-BOND ELECTION
EAST LIVERPOOL SCHOOL DISTRICT, Ohio
-On Aug, 13 the taxpayers of the District will be asked to vote on aproposal
that the District issue $385,000 school building bonds.
-It IS
-BOND ELECTION
EAST TUPELO (P. 0. Tupelo), Miss.
reported that an election will be held on July 16 to vote on the issuance
bonds.
of $20,000 in water and sewer
-It is reported that an
-BOND ELECTION
EATONVILLE, Wash.
election will be held on July 30 to vote on the issuance of $5,000 in utility
finance municipal light and power plant improvements.
revenue bonds to
-BONDS CALLED-Richard Sutton. City Treasurer.
EMMETT, Ida.
is reported to have called for payment on July 1, on which date interest
ceased, various bonds of the city bearing dates in 1920, 1924 and 1925.
The holders of the bonds are notified to present the same for redemption
at the office of the City Treasurer, or at the First Security Bank of Idaho,
at Emmett, on the date of redemption.
-LOAN OFFERING-Sealed bids will be received
ERVING, Mass.
until July 19 for the purchase of $30,000 four months' tax anticipation
notes.
-The City Council
-BONDS TO BE ISSUED
FAIRFIELD, Iowa
expects to issue $22.800 5% bonds to take up warrants held by banks.
-The city has recently disposed of
FAIRFIELD, Nebr.-BOND SALE
a block of $14,500 4% refunding bonds to the State Board of Educational
Lands and Funds.
-BONDS
FAIRVIEW SCHOOL DISTRICT (P. 0. Fairview), Okla.
-The proposal that the district issue $330,000 school building
DEFEATED
bonds which was submitted to a vote on July 2 was rejected.
-The $300,000 notes sold at
-MATURITY
FALL RIVER, Mass.
0.95% discount to the Merchants National Bank and the National Shawmut
Boston, mature Nov. 6 1935.
Bank, both of
FALLON COUNTY SCHOOL DISTRICT No. 55 (P. 0. Plevna),
-The $5,000 refunding bonds offered on July 1-BONDS SOLD
Mont.
-were awarded to the Commissioner of State Lands, of
V. 140. p. 3589
Montana. at par as 5% amortization bonds. Dated July 1 1935.
-BOND ELECTION
FANNIN COUNTY (P. 0. Bonham), Tex.
-We are informed by Smith S. Lipscomb, County Auditor,
AUTHORIZED
that at a meeting on July 8 the Commissioner's Court passed an ordinance
authorizing the issuance of $1,054,000 bonds to take up the outstanding
district bonds of the county and incorporate them into one single Issue.
He states that the election will be held on Aug. 24 and will be county-wide.
The purpose of the election is to lower the interest rate on the bonds now
outstanding.
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Lewistown),
-It is reported that 6% school bonds, numMont.
-BONDS CALLED
bered 101 to 104. and 107 to 122, of an issue dated Jan. 1 1921. were called
for payment at the City Bank-Farmers Trust Co. in New York City, on
July 1, on which date interest ceased. Due from Jan. 1 1932 to 1941.
optional six months prior to maturity.
-The following two issues of
-BOND SALE
FITCHBURG, Mass.
coupon bonds offered on July 10 were awarded on that date to Tyler,
Buttrick & Co. of Boston on a bid of par for 1348:
$100.000 macadam pavement bonds. Due $20,000 on July 1 from 1936
to 1940 incl. Denom. $1,000.
25,000 street construction bonds. Denoms. $1,000 and $500. Due
$2,500 on July 1 from 1936 to 1945 incl.
Each issue is dated July 1 1935. The First Boston Corp. bid 100.212
for $25,000 1 ;is and $100,000 Wis.
-Sale of the $100,000
-BOND SALE NOT COMPLETED
FLINT, Mich.
4% series A general refunding bonds to Stranahan, Harris & Co. of Toledo
and the Bancamerica-Blair Corp., which was reported in V. 141, p. 144,
was not completed on advice of the purchaser's attorneys.
-On July 8 the City Commission sold $898,0004% refunding
BOND SALE
bonds to Stranahan, Harris & Co. of Toledo, at par. These bonds are part
ofthe 81,575.000 bonds offered for sale on July 1 at which time only $100,000
-V. 140, p. 144. The
were awarded, but which award was later canceled.
$898,000 issue matures from 1938 to 1948,incl.
-BOND SALE
FORSYTH COUNTY (P. 0. Winston-Salem), N. C.
The issue of $100.000 school refunding bonds offered on July 9-V. 141.
-was awarded to the Interstate Securities Corp. of Charlotte. for
P. 144
a premium of $13.68, equal to 100.01368. The successful bidder specified that $65,000 maturing $5,000 yearly on July 1 from 1937 to 1949 should
bear 331% interest, and $35,000 maturing S5,000 yearly on July 1 from 1950
to 1956, should bear 3% interest. At these terms the money is costing
the county about 3.13% annually. Dated July 1 1935. The next best
bid was submitted by R. S. Dickson & Co. of Charlotte, offering a premium
% bonds maturing the first ten years and $50,000
of $232.52 for $50,000
3% bonds coming due the second ten year period.
-BONDS TO BE
FORT BEND COUNTY (P. 0. Richmond), Tex.
ISSUED-The County Commissioners' Court is planning to authorize the
Issuance of $40,000 warrant funding bonds.
FORT JENNINGS CONSOLIDATED SCHOOL DISTRICT, Ohio
-On July 30 the residents of the district will vote on a
BOND ELECTION
proposal to issue $23,000 school building bonds.
-An
-BONDS SALE
FORT MILL TOWNSHIP, York County, So. C.
issue of $30,000 highway bonds was recently sold to the Bank of York at
par and accrued interest.
-The $15,000 issue of coupon public
-BOND SALE
FRANKLIN,Tenn.
school building and equipment bonds offered for sale on July 5-V 140.
-was awarded to the Union Planters National Bank & Trust Co.
p. 4269
of Memphis, as 33%s, paying all expenses and a premium of $16, equal to
100.10, a basis of about 3.24%. Dated July 1 1935. Due 51,000 from
1936 to 1950. inclusive.
FRANKLIN TOWNSHIP (P. 0. Plain), Wis.-BONDS VOTED
On June 25 the residents of the township voted by 221 to 107 In favor of
the issuance of $40.000 road surfacing bonds.
-It
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND CALL
is announced that the following described bonds are being called for retirebonds
ment as of Aug. 1 1935, on which date the bonds,should be presented at
no
1e C tizen N ite nal
th88,400 t4npabionnd BbraindkgeaatnFrd
almshouse
334%,issued pursuant
$
to the provisions of Chapter 483 of the Acts of the General Assembly of the State of Maryland of 1900, there being now outstanding and hereby called for redemption the entire original issue
of $188,700, the same being all dated July 1 1900, and of which
150 bonds, designated as series A, are for $1.000 each; 70 bonds,
designated as series B,are for $500 each: 37 bonds, designated as
series C,are for $100 each.
54,000 school bonds, 434% issued pursuant to the provisions of Chapter
125 of the Acts of the General Assembly of the State of Maryland
of 1910, there being now outstanding $54,000 of the original
Issue of $75,000, $21,000 of said original issue having heretofore
been retired-the same being dated Oct. 1 1910, being 108 bonds
for $500 each.
%,issued pursuant to the provisions of Chapter
54,000 school bonds,
404 of the Acts of the General Assembly of the State of Maryland
of 1912, there being now outstanding $54,000 of the original Issues
of $75,000. $21,000 of said original issues having heretofore been
retired, the same being $18,000 dated May 11912; 818.000 dated
--being 108 bonds for
Sept. 1 1912; $18,000 dated May 1 1913
$500 each.
26,000 school bonds. 434%,issued pursuant to the provisions of Chapter
of Maryland
359 of the Acts of the General Assembly of the Stateoriginal h
ise„
the
of 1914. there being now outstanding 526,000 of
$36.000. $10,000 of said original issue having heretofore been
of
all dated May 11914, being 52 bonds for
retired-the same being
$500 each.
Volume 141
Financial Chronicle
FROMBERG, Mont.
-The taxpayers at a recent
-BONDS VOTED.
election voted favorably on the question of issuing $26,000 street and building bonds.
-A
FULLERTON SCHOOL DISTRICT, Calif.
-BOND ELECTION
proposition that the District issue $156.000 school building impt. bonds
will be placed before the voters at an election to be held on Aug. 13.
GALLATIN COUNTY (P. 0. Bozeman), Mont.
-BONDS CALLED
It is reported that Nos. 164 to 204 of the 4%% funding bonds dated Dec. 1
1915, were called for payment at the Central Hanover Bank & Trust Co.
In New York on July 1.
GALVESTON, Tex.
-BOND OFFERING-Sealed bids will be received
until 10 a. m.on Ju.y 18, by A. J. Peterson, Commissioner of Revenue and
Finance, for the purchase of a $425.000 issue of coupon or registered refunding bonds. Lit,rate is not to exceed 4%,payable M.& S. Denom.$1,000.
Dated Sept. 1 1935. Due on Sept. 1 as follows: $58,000. 1936: $68,000.
1937; $43,000, 1938; $77,000. 1939; $18,000, 1940: 819.000, 1941 to 1943:
$20,000, 1944 and 1945; 821,000, 1946 and 1947, and 822.000 in 1948.
Rate of int. to be stated in multiples of X of 1%. No bid for less than
par will be considered. Prin. and int. payable at the City Treasurer's
office or at the National City Bank in NeW York. It is stated that the
issuance of these bonds will not increase the debt of the city, nor will the
term of such debt be extended. Purchaser must agree to have the bonds
prepared at his expense by the Republic Bank Note Co. of Pittsburgh, Pa.,
which company has prepared all of the recent bonds issued by the city.
All legal proceedings incident to this refunding operation are to be submitted to Thomson, Wood & Hoffman of New York, for their approving
opinion, which is to be obtained at the cost of the purcha.ser, and is to be
binding. A certified check for 2% of the amount bid, payable to the city,
is required.
BOND REDEMPTION CONTEMPLATED
-We are informed by F. A.
Quin, City Auditor, that the city contemplates exercising its option and
calling for redemption all of the outstanding issues of bonds, as follows:
5
General indebtedness funding 1897 bonds
Sewerage bonds of 1898.
5
4 % grading, filling and drainage 1908 bonds.
Public school 1908 bonds.
5
4 % Grading, filling and drainage 1909 bonds.
5% Public school 1909 bonds.
5% Grade raising 1909 bonds.
5% Seawall improvement 1910 bonds.
GASTONIA GRADED SCHOOL DISTRICT, No. Caro.
-BONDS
AUTHORIZED-The County Commissioners have authorized the district
to refund $52,000 of the district's bonds which are in default.
GEORGETOWN INDEPENDENT SCHOOL DISTRICT (P. 0.
Georgetown), Tex.
-It is reported that a total of
-BONDS CALLED
$48,000 school house bonds, Series of 1922-B were called for payment
at the First National Bank in Dallas. on May 29. on which date int, ceased,
but they have not been presented as yet. Dated Feb. 10 1922. Due on
Feb. 10 1962, optional in 1932. Prin. and int. payable at the National
City Bank. or at the Chemical Bank & Trust Co.in New York.
GIRARD, Ohlo-BOND ELECTION
-At the Aug. 13 elections the
residents of this city will vote on the question ofissuing $45,000city building
and community center bonds.
GLASCO UNION FREE SCHOOL DISTRICT NO. 9, N. Y.
-REPORTS $10,000 SURPLUS
-The annual report of receipts and expenditures
for the school year ended June 30 1935shows that receipts totaled $36,883.14
against disbursements of $26 A62.68, the cash surplus amounting to $10.420.46. Payments during the period included $2.000 for redemption of
bonds and $3,015 in interest charges.
GLASSBORO, N. J.
-BOND REFINANCING COMPLETED-Refinancing of all of the Borough's outstanding Indebtedness,totaling $444.000,
has been completed at a savings in interest and maturities of approximately $12.000 a year.
This was the report made to Glassboro Council on June 25 by Councilman
G. William Patton. Chairman of the Finance Committee. He said that
the last of the new 4% bonds have now been placed. They were exchanged
for old bonds or disposed of to other buyers for outstanding borough bonds
or notes which bear interest from 4%% to 6%. Mr. Patton said that the
old bonds averaged higher than 535%•
GOSHEN, Ind.
-BOND OFFERING-Ray Kitson, City Clerk-Treasurer, will receive sealed bids until 2 p. m. on July 24 for the purchase of
$130,000 not to exceed 4% interest electric utility revenue bonds, payable
solely out of the "Electric Utility Bond Fund." to which fund there has
been Pledged 25% of the gross revenues of the electric utility owned and
operated by the city. Report of operations during the calendar year 1934
and monthly reports for 1935 may be obtained by the bidder upon application at the Clerk-Treasurer's office. The bonds will be dated July 15
1935. Denom. $1,000. Due as follows: $10,000. Jan. 15 and July 15
in 1936 and 1937; $12,000, Jan. 15 and July 15 in 1938 and 1939; $12,000,
Jan. 15, and $10,000, July 15 1940; and $10,000, Jan. 15 and July 15 1941.
Bidder to name a single interest rate on the issue, expressed in a multiple
of
of 1%. Payment for and delivery of the bonds to be made at the
office of the Clerk-Treasurer. A certified check for 3% of the issue bid
for, payable to the order of the City, must accompany each proposal.
Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will
be furnished the successful bidder.
GOSHEN,N. Y.
-At the election on July 2 the voters,
-BONDS VOTED
by 148 to 54, approved the issuance of $90,000 water works system improvement bonds.
CRANBURY INDEPENDENT SCHOOL DISTRICT, Tex.
-BOND
SALE
-An issue of $12.000 school building bonds was recently purchased
by the State Board of Education.
GRAND FORKS, N. Dak.-BOND OFFERING-It is stated that both
sealed and oral bids will be received at 1 p. m. on July 24, by Charles J.
Evanson, City Auditor, for the purchase of a $246,000 issue of sewage
disposal, first mortgage bonds. Interest rate is not to exceed 4%, payable
M. & N. Due on May 1 as follows: $8,000, 1937 to 1951, and $9,000.
1952 to 1965, all incl. Bids shall state that the bonds will be accepted by the
bidder not later than 30 days after the acceptance of the successful bid by
the city, or such time therafter after as the city shall designate. No bids
for less than par and accrued interest will be considered. All bids to be
accompanied by a certified check, cashier's check or bank draft to the
amount of not less than 2% of the bid, payable to E. A. Fladiand, of the
Board of City Commissioners.
GRAND JUNCTION, Colo.
-Wm. L. Sackett, City
-BOND CALL
Treasurer, gives notice that the following bonds are called for payment
on July 20 1935, interest to cease on that date:
Bonds Nos. 11,12 and 13, Alley Paving District No.2, dated Sept.1 1929;
Bond No. 41, Paving District No. 11, dated July 1 1924;
Bond No. 13. Paving District No. 12, dated Jan. 1 1926;
Bonds Nos. 284 to 307, incl., dated May 11926;
Bonds Nos. 95 to 98, incl., Paving District No. 16, dated March 1 1926;
Bonds Nos. 37 to 39, incl., Paving District No. 17, dated Oct. 1 1926;
Bonds Nos. 65 to 68, incl., Paving District No. IS, dated Sept. 1 1927;
Bonds Nos. 66 to 71, incl., Paving District No. 20, dated July 1 1928:
Bonds Nos. 58 to 67, incl., Paving District No. 21, dated July 1 1929;
Bonds Nos. 17 and 18, Paving District No. 22, dated Aug. 1 1929;
Bonds Nos. 18 and 19, Paving District No. 23. dated Sept. 1 1929;
Bonds Nos. 24 to 26, incl., Sidewalk District No. 9, dated June 1 1925;
Bond No. 8, Sidewalk District No. 10, dated July 1 1928;
Bonds Nos. 119 and 120, Combined Sewer District No. 2, dated Aug. 1
1923;
Bond No. 17, Combined Sewer District No. 3, dated Aug. 1 1924;
Bonds Nos 42 to 44• Incl Combined Sewer District No. 4. dated
.
March 1 1926;
Bond No. 4, Combined Sewer District No. 5, dated Aug. 1 1926;
Bonds Nos. 2 and 3, Curb and Gutter District No.2, dated Sept. 1 1934.
GRAND LAKE SCHOOL DISTRICT (P. 0. Hot Sulphur Springs),
-BOND SALE
Colo.
-The $12,500 4% school building bonds that were
approved by the voters recently
-V. 140, p. 4436-have been purchased
by Oswald F. Benwell of Denver. Denoms. $500 and $1,000. Dated
June 1 1935. Due on Dec. 1 as follows: $500, 1936 to 1948; and $1,000,
1949 to 1954. Prin, and int. (J. & D.) payable at the office of the County
Treasurer, or at the United States National Bank of Denver. Legality
approved by Myles P. Tallrnadge of Denver.
309
GRANT COUNTY (P. 0. Carson), N. D.
-BONDS AUTHORIZED
The Board of County Commissioners has passed an ordinance authorizing
the issuance of $200,000 4 % refunding bonds. Dated July 1 1935.
GRANT COUNTY SCHOOL DISTRICT NO. 3 (P. 0. John Day),
Ore.
-BOND ELECTION
-An election is said to be scheduled for July 16
to vote on the issuance of $14,400 in school construction bonds. (An
allotment of$20,200 has been approved by the Public Water Administration).
GRANVILLE COUNTY (P. 0. Oxford), No. Caro.
-BOND ELECTION
-The Board of County Commissioners have ordered that an election
be held on Oct. 1 for the purpose of voting on the question of issuing $55,000
hospital building bonds.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND SALE
-The
issue of $8.486.97 6% coupon drainage bonds offered for sale on June 28
-was awarded to the Sullivan State Bank of Sullivan
-V. 140, p. 3938
at par for 6s. Dated May 15 1935. Due $3.061.59 May 15 1936, and
$602.82 yearly on May 15 from 1937 to 1945 incl.
GREENVILLE, Ohio
-BOND ELECTION
-A proposed $85,000 bond
issue for construction of a sewage disposal plant is to be submitted to a vote
of the people on Aug. 13.
-At the election held on
GREENWOOD, Miss.
-BONDS VOTED
July 2-V. 140, p. 4436
-the voters approved the issuance of the $192.000
in sewage disposal and electric distribution system bonds, by a wide margin.
It is said that the bonds are to be sold to the Public Works Administration
after the city's application is approved.
-PROPOSED BOND
GRUNDY COUNTY (P. 0. Altamont), Tenn.
ISSUANCE
-A resolution is said to have been adopted by the County
Court recently, requesting the Governor to include in his call for a special
session of the Legislature, the right of the county to issue $150,000 in
school building bonds.
-BONDS AUGUILFORD COUNTY (P. 0. Greensboro), N. C.
THORIZED
-The Local Government Commission is said to have authorized
the county to issue $155.000 in refunding bonds. (These bonds were
-V. 140, P. 3938.)
approved by the County Commissioners early in June
-BOND REHADDON TOWNSHIP (P. 0. Haddonfield), N. J.
AUTHORIZED-The Township Committee has authorized
FUNDING
the refinancing of $1,495,000 of indebtedness for the next 35 years at an
interest rate of 4 X %, and has instructed the Director of Finance and the
Soliciter to make the necessary arrangements.
-A $15,000 issue of 4% road imHAMBURG, Wis.-BOND SALE
provement bonds is reported to have been purchased by the Charmer
Securities Co. of Chicago. Denom. $1,000. Dated June 1 1935. Due
$1,500 from June 1 1937 to 1946 incl. Prin. and int. (J. & D.) payable
at the office of the Town Treasurer. Legality approved by Chapman &
Cutler of Chicago.
-City Comptroller M.A. McCormick
-BOND SALE
HAMMOND,Ind.
recently sold $25,000 viaduct land purchase bonds to Burr & Co.of Chicago
on a 43. % interest basis.
-The taxpayers voted on July 8
HAMPSTEAD, Md.-BONDS VOTED
to issue $35,000 bonds to finance part of the cost of constructing a water
supply system. The balance of the cost is expected to be furnished by the
Federal Government. The proposal was appioved by a vote of 141 to 19.
HARRIS CONSOLIDATED SCHOOL DISTRICT (P. 0. Harris),
Iowa
-The 814,000 school refunding bonds authorized
-BOND SA
-are reported to
by the Board of Education on July 1-V. 140. p. 4436
have been purchased by the White-Phillips Co. of Davenport, as 2%s.
-BOND OFFERING-City Clerk-Treasurer
HARTFORD CITY, Ind.
Von Braner will receive bids until 10 a. m. July 23,for the purchase at not
less than par of $8.000 4 % street improvement bonds. Denom. $500.
Dated July 23 1935. Interest payable June 30 and Dec. 31. Principal
and interest payable at the office of the City Clerk-Treasurer. Due $1,000
each six months from June 15 1936 to Dec. 15 1939, incl. A certified check
for MOO, payable to the city, required.
(This report is in addition to that given in V. 141, P. 145.)
-PLANS FOR REFUNDING OPERATION
HAWAII, Territory of
OUTLINED
-Plans for a refunding operation by the said Territory involving early sale of a new bond issue of $4,430,000, were outlined on July 10
by W. C. McGonagle, Treasurer of the Territory, who is in New York to
arrange for the first major Hawaiian financing since 1929. Proceeds of the
offering will be used to refund three issues of 4% bonds, which are callable,
and a substantial saving in interest is expected. The new bonds, like all
4
of those outstanding, will be tax exempt in the United States.
Bids will be called for within the next 10 days or so. Mr. McGonagle
announced, and bidders will be asked to name the interest rate and the
price. Serial maturities will be designated, with the first maturity not
later than five years from the date of issue and the final maturity probably
set for 1944. Three banking groups, including a number of Pacific Coast
houses, have already indicated their intention to submit bids and others are
expected to be formed when the sale date is announced.
"The outstanding indebtedness of Hawaii on June 21 1935 was $31,715,000 and on the same date $7,400,000 was held in the sinking fund,"
according to Mr. McGonagle. "The Territory has an unbroken record for
the payment of principal and interest on all of its obligations.
"All bonds, new or refunding, must be approved by the President of the
United States and all are general obligations, payable from the consolidated
revenues of the Territory. Hawaii has never had any tax limitation laws
or resorted to a tax moratorium. The Organic Act limits the bonded
indebtedness of Hawaii be 10% of the value of its real property. The
assessed value of both real and personal property for 1935 Is $383,990,500
and the net taxable base, after all deductions, is $244,151,938."
Prospects for an early balancing of the Hawaiian budget are execllent,
Mr. McGonagle said. The biennial deficit was reduced from $1,809,251
for the period ended in 1933 to $1,475,111 on June 30 1935 and it is estimated
that this will be cut to approximately $700,000 by 1937. without taking into
account the interest saving from the refunding operation. Total revenues
for the current biennial period are estimated at $23,851.147 against estimated requirements of $24,503,944.
As evidence of recent business improvement in the Territory, Mr.
McGonagle cited a 23% gain in income taxes collected in 1934 as compared
with 1933 and an increase in internal revenue for the same period from
$3,067,249 to $5,116,469. Current delinquencies in tax collections are less
than 10%.
"The Territory of Hawaii has suffered less during the depression than the
industrialized mainland," Mr. McGonagle said. "Its revenues are derived
principally from its two great agricultural crops-sugar and pineapples.
The outlook for sugar as a result of the quota plan of the Jones-Costigan
Act and the operation of the processing tax is better than in several years.
The co-operative movement among the pineapple growers has also improved
the prospects for this product.
the Hawaiian tourist trade, which is important enough to be called
an industry, has enjoyed the best season since 1930. Hotels have been
filled and steamships arriving at Hawaii this summer have continued to
operate at capacity.
"Another source of revenue is the business incidental to Army and Navy
operations in the Pacific. Expenditures by both branches of the service in
the Territory have been larger than ever before. New construction
projects include an air field for the Army and a drydock for the Navy.
During the recent fleet operations the Navy had as many as 176 vessels at
Pearl Harbor, all of which contributes to increased revenues and emphasizes
the value of Hawaii as the real western outpost of our Nation."
Mr. McGonagle is making his headquarters at the offices of Bankers
Trust Co., fiscal agent for the Territory.
HAYWOOD COUNTY(P.O. Brownsville), Tenn.
-BOND REFUNDING AUTHORIZED--A resolution is reported to have been adopted by
the County Court, calling for the refunding of $65,000 in road bonds.
HAZELTON, Pa.
-BONDS APPROVED
-The Pennsylvania Department of Internal Affairs on July 3 approved a total of $50.000 bonds,
including $40,000 funding obligations, $8,000 for purchase of fire department apparatus and $2,000 for improvements to the City Hall,
HEBER CITY, Utah-BOND ELECTION
-The city will hold an election on July 9, to vote on Waterworks Revenue Bonds to the amount of
$25,000. Int. not to exceed 4%. Clarence Olson Is City Recorder.
HENRY COUNTY (P. 0. Paris), Tenn.
-It is reported
-BOND SALE
that the $50,000 refunding bonds authorized last April, have been purchased
by the Union Planters Bank & Trust Co. of Memphis, as 2%s.
310
Financial Chronicle
HERNDON, Pa.
-BOND ELECTION POSTPONED-The election
which was to have been held on July 16 to vote on the issuance of $25,000
bonds has been deferred to Sept. 17.
HIDALGO COUNTY WATER CONTROL & IMPROVEMENT
DISTRICT NO. 6(P. 0. Mission), Tex.
-REFINANCING ARRANGED
-Refinancing of $1,218,000 in outstanding bonds of the Hidalgo County
Water Control and Improvement District No. 6 is expected to begin within
the next 30 days, according to M. L. Hays, Business Manager for the digHays has been advised by Emil Schram, Division Chief of Drainage for
the Irrigation Department of the Reconstruction Finance Corporation,
that a grant of $527,500 had been allowed for refinancing the district's
bonds. The arrangement will effect a saving in principal alone of about
3690,000.
L. H. Ramey, Secretary of the district, who has been in Washington for
the past three months, is expected to return within a week. He is now contacting officials of the Public Works Administration in connection with a
loan and grant totaling $399,900 for lining all main canals of the district
with concrete. About $305,000 will be in the form of a loan and the remainder of $94.000 in the form of a grant. The loan and grant was authorized some time ago, but has been delayed during completion of details
relating to tho refinancing arrangement through the RFC.
HILLSBORO, Wis.-BOND SALE
-The $35,000 4% road irnpt. bonds
that were approved by the voters recently
-are said to have
-V.141, p. 145
been purchased by the Channer Securities Co. of Chicago. Demoms. $500
and $1,000. Dated June 1 1935. Due $3,500 from June 1 1936 to 1945
incl. Prin. and in (J. & D.) payable at the office of the County Treasurer
in Viroqua. Legality to be approved by Chapman & Cutler of Chicago.
HILLSBORO INDEPENDENT SCHOOL DISTRICT (P. 0. Hillsboro), Tex.
-BONDS VOTED
-At the election on July 2-V. 140, P.
3938
-the voters are stated to have approved the issuance of the $21.000
in 4% school improvement bonds. Due in 20 years. It is said that these
bonds will be offered for sale in about 30 days. (An allotment of $28,000
has been approved by the PWA.)
HILLSBOROUGH COUNTY (P. 0. Manchester), N. H.
-BOND
OFFERING
-Thomas F. Sheehan, County Treasurer, will receive bids
until 2 p. m.(Eastern Standard Time) July 29, for the purchase of $300,000 3% coupon funding bonds. Denom. $1,000. Dated July 1 1935.
Prin. and in (J. & J.) payable at the Manchester Trust Co. of Manchester. Due $15,000 yearly on July 1 from 1936 to 1955 incl.
Bonds will be engraved under the supervision of and certified to as to
genuineness by the Manchester Trust Co. of Manchester, will bear on face
a certificate of registration signed by the Clerk of the Superior Court of
Hillsborough County, and their legality will be approved by Ropes, Gray,
Boyden and Perkins of Boston, whose legal opinion will be furnished the
purchaser. The valuation of Hillsborough County. as determined by
the State Tax Commission, for 1934 was $168,708,018. The valuation
of County property, as given by the Board of County Commissioners
Jan. 1 1935 was $1,003,009.87. Outstanding funded debt $521,000.
HILLSDALE, N. J.
-BONDS AUTHORIZED-The Borough Council
has passed an ordinance authorizing the issuance of $170.000 general refUnding bonds, to bear no more than 4g% interest. Dated June 15 1935.
Interest payable June 15 and Dec. 15. Due yearly on Dec. 15 as follows:
37,000 1936 to 1939 incl.; $12.000 1940 and 1941.; $13,000 1942; $14,000
1943 to 1949 incl.; $3,000 1950, and $4.000 1951.
HOBOKEN, N. J.
-BOND SALE
-Edward Hunter. City Comptroller,
states that the amount of general funding bonds purchased by the Sinking
Fund Commission was $460,000, not $465.000 as previously reported in
these columns. The transaction was an exchange arrangement, the bonds
having been substituted for a similar amount of 4% tax revenue bonds of
1934 which were hald in the funds. The bonds are part of an original
issue of $464.600, the remaining $4,600 having been sold on July 2 as 4s,
at par, to C. C Collings & Co. of Philadelphia.
BONDS AUTHORIZED
-Two ordinances authorizing the issuance of
$298,000 bonds have been finally passed by the Board of Commissioners.
One ordinance provides for the issuance of $105,000 water bonds, and the
other $193,000 park bonds. Interest rate is not to exceed 4j%. Dated
August 11935.
HOGANSVILLE, Ga.-BONDS VOTED
-At an election held on July 1
the voters approved the issuance of $15.000 5% annual water system impt.
bonds by a count of 344 to 4. Due $3,000 from Jan. 1 1937 to 1941 incl.
Dated Aug. 1 1935. It is said that these bonds will be offered for sale
shortly.
HOMINY,Okla.
-UTILITYLOSESFIGHT ON CITYPOWERPLANT
-A United Press dispatch from Washington. D. O., on June 28 had the
following to say regarding a municipal electric plant projected by the
above named city:
"A suit by the Oklahoma Utilities Co. to prevent the City of Hominy,
Okla.,from proceeding with a municipal electric project with Public Works
Administration funds was dismissed to-day by Justice Daniel W. O'Donoghue in District of Columbia Supreme Court.
"The utilities company announced it would appeal and the case is expected
to be heard in the District Court of Appeals in the fall.
"In questioning the right of the city to go ahead with its project the
utilities company attacked Title II of the National Industrial Recovery
Act under which the PWA was given authority to grant loans for such
projects.
"Without passing on the merits of the company's contention Justice
0 Donoghue ruled that the company had not sufficient legal interest in the
.
matter to maintain the suit."
HORNELL, N. Y.
-BOND OFFERING-Howard P. Babcock, City
Chamberlain, will receive sealed bids until 3 p. m.(Eastern Standard Time)
on July 18 for the purchase of $70,000 coupon or registered bonds, divided
as follows:
$30.000 bridge bonds. Dated Nov. 1 1934. Denorns. $1,000 and $500.
Due $1,500 on Nov. 1 from 1935 to 1954 incl. Prin. and int.
(M. & N.) payable at the City Chamberlain's office or at holder's
option at the Irving Trust Co., New York City.
25,000 public works bonds. Dated May 1 1935. Denom. $1.000. Due
May 1 as follows: $3,000from 1937 to 1943 incl. and $4,000 in 1944.
Prin. and Mt.(M. & N.) payable at the Chamberlain's office.
15,000 emergency relief bonds. Dated May 1 1935. Denom. $1,000.
Due May 1 as follows: $2,000 from 1937 to 1943 incl. and $1,000
in 1944. Prin. and int.(M. & N.) payable at the Chamberlain's
office.
The $330,000 issue is to bear int. at,a rate of not more than 4%, while
a coupon of not more than 5% may be named on the issues of $25,000 and
$15,000. All of the $30,000 bonds bear the same int. rate and this is
also true in the case of the remaining $40,000 bonds. Int. rates to be
expressed in a multiple of
or 1-10th of 1%. Bids on the $30.000 loan
must be accompanied by a certified check for $600, payable to the order
the city. In the case of the issues of $25,000 and $15,000, one check for
$800 is required. All of the $70,000 bonds are direct general obligations
the city, payable from unlimited taxes. Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
Financial Statement
The assessed valuation of the real property of said city subject to taxation as it appears on the last preceding assessment roll for State or county
taxes is 810,879,505 and the total contract debt of said city, including
these issues if $826,000. Deducting $4.000 temporary loan in anticipation
of the issue of $25,000 public works bonds and 870.000 water debt included
in the total debt above stated, the net debt is $752,000.
The population of said city (1930 census) was 16,250.
The total debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all of the property subject
to the taxing power of the city. There are such other subdivisions.
A detailed report of essential facts will be sub:nitted to any interested
bidder.
This city operates under a City Charter, which is Chapter 288 of the
Laws of 1906, and amendments thereof.
Tax Data
Total a:nount of city taxes levied for preceding three fiscal years (including city taxes relevied per Charter) was: 1932-1933. $227,071.51; 19331934. $216,471.60; 1934-1935. $222.706.38.
Amount of such uncollected taxes at the end of each of said fiscal years,
is: 1932-1933, 312,203.85; 1933-1934, $15.281.55; 1934-1935, $16,362.20.
That the amount of such taxes uncollected as of July 1 Is: 1932-1933;
$2,285.98; 1933-1934, $44,150.25; 1934-1935, $10,257.72.
n
July 13 1935
The city taxes of the current fiscal year 1934-1935 amount to $213,659.18
and to date $151.711.63 thereof has been collected. Said taxes become
delinquent Sept. 4 1935.
SEEKS $308,000 FLOOD DAMAGE FUND
-David Noonan, Assistant
State Highway Commissioner and Governor Lehman's personal representative, was requested by the Disaster Relief Committee of the city on July 10
to provide a fund of $308,000 for the purpose of relieving the personal
distress to its citizens and property damage caused by the recent rain storms
which raged over a large portion of the up-State area. Hornell is one of
the communities which suffered heavily as a result of the torrential rains
and one of the purposes of the request for funds is to provide trucks and
men to clear the municipality of the debris occasioned by the storms. In
soliciting the special fund, Mayor Leon F. Wheatley pointed out that there
is no provision in the budget to meet the situation and pointed out that the
city is already bonded to the limit. Press dispatches state that there are
1,000 families in distress in Hornell and 2,000 damaged houses that will
need attention.
No word has been received as to whether any change has been made in
the plans of the city to receive sealed bids on July 18 for the purchase of
$70,000 bridge, emergency relief and public works bonds, as stated above.
HORTONVILLE SCHOOL DISTRICT, Wis.-BONDS DEFEATED
-By a ballot of 168 to 62 the citizens at a recent election rejected a proposal
that the District borrow $27,000 on bonds for the purpose of building a
new school gymnasium.
HUDSON SCHOOL DISTRICT (P. 0. Hudson), Ia.-MATURITY--It is reported by the Secretary of the Board of Education that the 317.500
3g% semi-ann. refunding bonds sold recently to the Hudson State Bank
-V. 141, p. 145
-are due as follows: $1,500, 1936 to 1940, and 112,000.
1941 to 1945.
-The $77,000 issue of 4%
-BOND SALE
HUMACAO, Puerto Rico
coupon semi-annual public improvement bonds offered for sale on July 9V. 140, P. 4105
-was awarded to the Banco Popular de Puerto Rico, paying a premium of$207.90, equal to 100.27,a basis of about 3.973%. Dated
Jan. 1 1935. Due from July 1 1936 to 1960 incl. The next highest bid
was an offer of $77.85 premium, tendered by Seasongood & Mayer of
Cincinnati.
-In connection
-BOND REFUNDING REPORT
HUMBOLDT, Tenn.
with the report carried in these columns recently to the effect that the
Board of Aldermen had approved the refunding of $347,000 bonds, and
-it is stated by the City Atalso a $20,000 note issue
-V. 140. p. 4270
torney that the First National Bank of Jackson, Tenn., has been designated
as transfer and paying agent and most of the $347.000 bonds have been
deposited and are now being exchanged. He states that the $20,000
notes have been sold locally. Interest on all bonds not included in the
refunding plan is being paid by the city through the Merchants State
Bank of Tflurnboldt. He goes on to report that the city has about cleared
up its current obligations and is well on the road to recovery.
HUMESTON INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
ELECTION
-An election has been called for July 30 to vote on the issuance
of $11,000 bonds to build a gymnasium-auditorium to cost $18,500. Clyde
C. Hutchinson is Secretary.
-The $20,000 issue of coupon
-BOND SALE
IDAHO FALLS, Ida.
-was awarded
refunding bonds offered for sale on July 5-V. 140, p. 4436
jointly to Edward L. Burtan & Co., and the First Security Trust Co.
both of Salt Lake City, as 2gs, at 100.525, according to the City Clerk.
19 ted July 1 1935. Dire from July 1 1937 to 1940, optional after July 1
Da6
3
)-DELINQUENT DEBT FUNDING BOND ACT
ILLINOIS (State of
PASSED-The Act which will permit issuance of bonds by cities to pay
off delinquent indebtedness has been passed by the State Legislature.
-BOND FINANCING PLANNED
MINNESOTA (State of)
-N. W.
Elsberg, State Highway Commissioner, is awaiting approval by the United
States Bureau of Public Roads of a $6,000,000 program of Federal aid
highway construction for the fiscal year beginning July 1. Projects
costing an additional $800,000 will be submitted in a few days,completing
the State's full program of $6,800,000 under the regular Federal aid provisions. Of this amount the Federal Government will pay half and the
State the balance. As soon as Federal approval of the program is received Commissioner Elsberg will ask the State Executive Council to
authorize sale of bonds to provide for the State's share of the expense.
-BONDS AUTHORIZED
INDIANAPOLIS SCHOOL CITY, Ind.
The School Board has approved the issuance of $172,000 school construction bonds.
JENNINGS CONSOLIDATED SCHOOL DISTRICT, Ohio
-BOND
ELECTION
-A proposition that the district issue $23,000 school building
bonds will be submitted to the voters on July 30.
JENNINGS COUNTY (P. 0. Vernon), Ind.
-BOND SALE
-The
315,000 series No. 1 of 1935 "advancement fund" poor relief bonds offered
on July 8-V. 140, p. 4436
-were awarded to the Indianapolis Bond &
Share Co. of Indianapolis as 2s. Dated July 15 1935. Due $1,500
each six months from June 1 1936 to Dec. 1 1940 incl.
JENNINGS SCHOOL TOWNSHIP, Scott County, Ind.
-BOND
SALE DATE POSTPONED-Date of the sale of an issue of 329,000 4 %
coupon school bonds, originally planned for July 8, as stated in V.140.
p.4271, has been postponed until July 18.
JOHNSBURGH (P.O. North Creek), N. Y.
-OFFERING OF NORTH
CREEK WATER DISTRICT BONDS
-Charles S. Kenwell, Town Supervisor, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
July 24 for the purchase of $12,000 not to exceed 6% interest coupon or
registered water bonds. Dated Aug. 1 1935. Denom. $1,000. Due
$1,000 on Feb. 1 from 1936 to 1947 incl. Bidder to name a single interest
rate on the issue, expressed in a multiple of g or 1-10 of 1%. Prin. and
int. (F. & A.) payable in lawful money of the United States at the North
Creek National Bank, North Creek. The bonds will be valid and legally
binding obligations of the town and, as provided in Chapter 610, New
York State Laws of 1935, will be payable from taxes to be levied upon
all the taxable property in the North Creek Water District in the town.
Proceeds of the issue will be used to retire a certificate of indebtedness
issued to finance improvements and pay other expenses of the district.
A certified check for 2% of the issue, payable to the order of the town,
must accompany each proposal. Legal opinion of Hawkins, Delafield
& Longfellow of New York will be furnished the successful bidder.
JOHNSON COUNTY (P. 0. Mountain City), Tenn.
-BONDS
AUTHORIZED
-The County Court is said to have approved the issuance
of $15,000 in school bonds.
JONESBORO,Ark.
-BOND ELECTION
-It is reported that an election
will be held on Aug. 13 to vote on the issuance of $100,000 in community
-mill levy for retirement, accenter bonds. The issue will require a 3
cording to report.
KANDIYOHI COUNTY (P. 0. Willmar), Minn.
-BOND SALE
The $30,000 issue of drainage refunding bonds offered for sale on July 8V. 140, p. 4437
-was awarded to Kalman & Co. of St. Paul, according to
the County Auditor, Dated July 1 1935. Due $5,000 from July 1 1937
to 1942 incl.
-The issue of $25,000 4% bonds offered on
KANE, Pa.
-BOND SALE
July 8-V. 140, p. 4271-was awarded to Singer, Deane & Scribner, Inc.
of Pittsburgh at par plus a premium of $1,562.50, equal to 106.25, a basis
of about 3%. Dated July 1 1935 and due Oct. 15 as follows: $3,000 from
1938 to 1944 incl. and $4,000 in 1945. Second high bid of par and premium of $1,478.54 was entered by Kane Trust & Savings Bank of Kane.
-A $7.500 issue of 4% sewage disposal
KENDALL, Wis.-BOND SALE
plant bonds is said to have been purchased recently by the Channer Securities Co. of Chicago. Denom. 41500. Dated Oct. 1. 1934. Due $500
from Oct. 1 1939 to 1953 incl. Prin. and int. (A. dc 0.) payable at the
office of the Village Treasurer. Legality to be approved by Chapman &
Cutler of Chicago.
-BOND SALE
-The $800,000 Issue of bridge
KENTUCKY, State of
revenue bonds. Project No.9 offered for sale on July 9-V. 140, p. 4271was awarded by the State Highway Commission to the Kentucky-Illinois
Bridge•Co., the original owner of the bridge, as 33s at par. The bonds
are issued to pay the said owner for the Paducah-Brookport bridge over the
Ohio River at Paducah. The interest and principal of the vonds are to
be paid from the tolls collected. Dated Aug. 15 1935. Due on July 1
1955. Redeemable on any interest payment date, on 30 days' advance
notice.
Volume 141
Financial Chronicle
KINSLEY, Kan.
-BOND SALE
-A block of water bonds, totaling
350,000 have been purchased by the State School Fund Commission. They
paid par and accrued interest for the bonds, which bear 3% ihterest.
KLAMATH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Klamath
Falls), Ore.
-BOND OFFERING-Sealed bids will be received until 7 P. m•
. on July 24 by Ida M. Odell, District Clerk, for the purchase of an issue
of $125,000 refunding bonds. Dated Sept. 1 1935. Due on Sept. 1 1952.
optional on Sept. 1 1948. A certilied check for 5% of the bid is required.
KLAMATH FALLS, Ore.
-BOND OFFERING-Sealed bids will be
received until July 18, by Clifton Richmond,Police Judge,for the purchase
of a $273,417.39 issue of refunding improvement bonds. Interest rate is
not to exceed 4%%, payable F. & A. Denom. $1,000. one for $417.39.
Dated Aug. 1 1935. Due on Aug. 1 as follows: $12.917.39 in 1938;$14,500
1939; $16,000. 1940: $17,000, 1941; $18,000, 1942; $19,000, 1943; $21,000.
1944;$23,000, 1945; $24,000, 1946; $25,000, 1947; 827,000, 1948; $28,000.
1949 and 1950. The approving opinion of Teal, Winfree, McCullock,
Shuler & Kelley of Portland, will be furnished the purchaser. A certified
check for $6,000 must accompany the bid.
BOND CALL
-It is stated by Ruth 0. /3athiany, City Treasurer, that
the following bonds are being called for payment.
Improvement bonds, series 54, dated Aug. 1 1928, and numbered 1 to
160, inclusive.
Improvement bonds, series 55, dated Aug. 1 1928, and numbered 1 to
172. inclusive.
Improvement bonds, series 56, dated Aug. 1 1928, and numbered 1 to
217. inclusive.
All of said bonds are redeemable at the option of the city on any interest
paying date on and after one year from the date of issuance, and pursuant
to said option to redeem, notice is given that all of said bonds will be
redeemed on the first day of Aug. 1935. and said bonds are called for
redemption and will be redeemed at the fiscal agency of the State of Oregon
In New York City, New York, or at the office of the Treasurer of the City,
the places of payment provided therein.
Interest on said bonds will cease on said date and no further interest will
be paid thereon.
KUTZTOWN, Pa.
-Webster J. Frey, Borough
-BOND OFFERING
Secretary, will receive bids until 7 p. in. (Eastern Standard Time) Aug. 5
for the purchase of $16,000 3% coupon park bonds. Deno/11s. 60 for $100
and 20 for $500. Dated Sept. 1 1935. Interest payable Mat. 1 and Sept. 1
Due $2,000 yearly on Sept. 1 from 1940 to 1947 incl.; redeemable after
Sept. 1 1936 on Unity days' notice.
LAKE COUNTY (P. 0. T
-BONDS DEFAULTED-It
), Fla.
is reported that on July 1 the county defaulted in payment of principal
on $1,200,000 bonds. The County Coinmissioners are said to be hoping
to arrange a refunding program in the near futtue.
LAKE-MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO. 28
(P. 0. Ronan), Mont.
-MATURITY
-The $100,000 refunding bonds
that were purchased by the State Board of Land Commissioners, as 3s
at par-V. 141, p. 145
-are due in 1945, according to the District Clerk.
LAKEWOOD, Ohio
-BONDS SOLD-The $75,000 street paving bonds
which were recently authorized were purchased on July 1 by the City of
Lakewood for investment of its Treasury funds.
LAMAR, Colo.
-BOND CALL
--It is reported that Nos. 121 to 235 of
a 4% refunding bond issue dated Sept. 1 1930 are oeing called for payment
at the international Trust Co. in Denver, on Aug. 1,00 which date interest
shall cease. Denom. $1,000. Due $23,000 from Sept. 1 1936 to 1940.
optional at any time. (We reported in these columns recently the sale of
$115,000 3 4
,
refunding bonds
--V. 140, p. 4437.)
LANCASTER, N. Y.
-The $20,861.18 coupon or regis-BOND SALE
tered funding bonds offered on July 8-V. 141, p. 146
-were awarded to
the Marine Trust Co. of Buffalo as 3.25s, at par plus a premium of $40.07.
equal to 100.19, a basis of about 3.16%. Dated July 1 1935 and due
July 1 as fellows: $5,000 from 1936 to 1938 incl. and $5,861.18 in 1939.
Leach Bros., Inc. of New York, second high bidders, offered a premium
of $10 for 3.90s.
LANDER, Wyo.-PURCHASER-The $30,000 4;5% semi-ann. warrant funding bonds that were sold recently
-were pur-V. 140, p. 4437
chased at par by the Stock Growers National Bank of Cheyenne, according to the Town Clerk. Denoms. $500 and $1,000. Dated June 15 1935.
Due as follows: $1,500 from 1936 to 1940; 82,000. 1941 to 1944; $2.500.
1945 to 1947; $3.000. 1948 and $4,000 in 1949.
LAPORTE, Ind.
-A block of $90.000 Public Works
-BOND SALE
Administration bonds for financing waterworks improvements has recently
been sold to C. W. McNear & Co Chicago. at a premium of $3.375, equal
to 103.75.
LEA COUNTY SCHOOL DISTRICTS (P. 0. Lovington), N. Mex.BOND SALE DETAILS
-In connection with the sale of the bonds aggregating $45,000 to the State Treasurer, at par
-V. 140. P. 4437
-it is reported by the County Treasurer that the bonds were sold as 48.
-LEECVUNTY
(P. 0. Fort Madison), Iowa-BONDS AUTHORIZED
-A resolution authorizing the issuance $52,000 refunding bonds was
recently passed by the board of county supervisors. N.J. Tucker is County
Auditor.
LEHIGHTON, Pa.
-The residents will have
-BOND ELECTION
an opportunity at the September primary election to vote on the question
of issuing $25,000 municipal building bonds.
LEWIS COUNTY (P. 0. Chehalis), Wash.
-WARRANTS CALLED
The County Treasurer is said to have called for payment at his office on
June 25, various school district general fund, cnrrent expense, soldiers and
sailors and Road District No. 1 warrants.
LEWIS, LEYDEN, WEST TURIN AND HIGH MARKET, LEWIS
COUNTY AND AVA,ONEIDA COUNTY CENTRAL RURAL SCHOOL
DISTRICT NO. 1 (e. 0. West Leyden), N. Y.
-BOND OFFERING-.
The Board of Education will receive bids until 1 p. m. (Eastern Standard
Time) July 16 for the purchase at not less than par of $25,000 coupon or
registered school building improvement bonds, to bear no more than 4%
,interest. Denom. $1,000. Dated July 11935. Principal and semi-annual
interest (Jan. 1 and July 1) payable at the National Exchange Bank, in
Booneville. Due $1,000 yearly on July 1 from 1937 to 1961, incl. A
certified check for 10% of amount of bonds, required.
Assessed valuation of the district subject to taxing power of issurer is
$268,279; total bonded debt including proposed issue is $50,000: population by last U. S. census, 677; bonded debt does not include debt of any
other subdivision of district, (is none); uncollected tax for last three fiscal
years at end of fiscal 'year, to wit: 1932, $1,553.78, now none; 1933,
$1,600.72. now none: 1934. $1,334.25, now 31.334.25.
LIMA, Ohio
-City Council
-REJECTS MUNICIPAL POWER PLANT
on July 4 rejected the proposal to ask the Public Works Administration
for a loan and grant of $225.000 to finance the construction of a municipal
electric light plant.
LINCOLN, Neb. -BOND SALE
-The $68,000 issue of refunding
bonds offered for sale on July 8-V. 141, p. 146
-was awarded jointly to
the First Trust Co. of Lincoln, and the Kirkpatrick-Pettis-Loomis Co. of
Omaha, paying a premium of $26,equal to 100.038, a basis of about 2.73%,
on the bonds divided as follows: $6,800 as 2SO, maturing in 1945. the remaining $61,200 as 29,1,8, maturing $15,300 from July 1 1946 to 1949 incl.
LOCKPORT, N. Y.
-F. D. McLean, City Treasurer,
-BOND SALE
Informs us that the 825,000 coupon work and home relief bonds offered
on July 9, were awarded to the Manufacturers & Traders Trust Co. of
Buffalo as 2.90s, at 100.1991, a basis of about 2.89%. Dated May 15 1935
and due May 15 as follows: $3,000 from 1936 to 1943 incl. and $1,000 in
1944. Prin. and int.(M. & N. 15) payable at the City Treasurer's office.
Two other bids were received, as follows:
BidderInt. Rate
Rate Bid
Marine Trust Co. of Buffalo
3%
100.169
George B. Gibbons & Co., Inc
3.50%
100.08
LOCKPORT, N. Y.
-The $18,000 coupon public
-BOND SALE
library bonds offered on July 12-V. 141, p. 146
-were awarded to the
Marine Trust Co. of Buffalo as 2%s, at a price of 100.091. a basis of about
2.735%. Dated July 1 1935 and due $2,000 on July 1 from 1937 to 1945
incl. The Manufacturers & Traders Trust Co. of Buffalo bid 100.2991
for 2.805.
311
LODI, N. J.
-The Borough Council on July 1
-BONDS AUTHORIZED
passed on final reading an ordinance authorizing the issuance of $235,000
5% general refunding bonds. Denom. $1,000. Dated June 1 1935. interest payable June 1 and Dec. 1. Due yearly on Dec. 1 as follows:$2,000
1939; $23,000 1940 to 1948 incl. and $26,000 1949.
The bonds are to be issued to fund or refund all or any part of the following outstanding obligations of the borough: $140,000 assessment bonds
dated March 1 1933, payable $20,000 of bonds on March 1 1935 and
$30,000 of bonds on March tin each of the years 1936 to 1939 incl. $93,000
general improvement bonds dated March 1 1933, payable $6,000 of bonds
on March 1 of each of the years 1935 to 1939 incl.: $8,000 of bonds on
on March 1 1940; $9,000 of bonds on March 1 in each of the years 1941
to 1945 incl., and $10,000 of bonds on March 1 1946.
LOGAN, Utah-BOND SALE
-The $100,000 issue of 4% coupon
semi-annual electric light and power plant revenue bonds offered for sale
on July 5-V. 141. p. 146
-was awarded to Snow, Bergin & Co. of Salt
Lake City, according to the City Auditor. Denom. $1,000. Dated May 1
1935. Due $10,000 from 1938 to 1947, incl.
-LOGANSPORT SCHOOL CITY, Ind.
-BONDS AUTHORIZED
The School Board has authorized the issuance of 815,000 school improvement bonds.
LONG BEACH, Calif.
-COURT ORDERS TAX LEVY TO PAY JUDGMENT
-An Associated Press dispatch from San Francisco on July 1 reported as follows on a Supreme Court order, directing the above city to pay
a judgment obtained some time ago by contractors:
"The State Supreme Court late to-day ordered the City of Long Beach
and its officials to levy a 1935-36 tax sufficient to pay two-tenths of an
$83,726 judgment held against the city by C. J. Kubach Co., contractors.
The Kubach company was awarded a contract in 1929, on a bid of
$838.034, for harbor improvement works. The decision stated that the
company protested against certain plans and specifications ordered, but
was directed to proceed, and that later certain of the bullikeads constructed
under the contract gave way.
"Kubach company ceased operations in August 1930, and the city took
over the job, completing it at greater expense than the contract mice.
Kubach company filed a suit for $213,970, and got a judgment of $118,433.
including costs. Only $34,707 of this has been paid.
"Co-winner in the action with the Kubach company was the Title Guarantee & Trust Co.. which was given the judgment for collection.'
LONG BRANCH, N. J.
-In con-ADDITIONAL INFORMATION
nection with the offering on July 16 of $182,000 not to exceed 5% interest
refunding bonds, details of which appeared in V. 141. p. 146, we learn
that payment of principal and (F. & A.) interest on the bonds will be
made in lawful money of the United States at the City Treasurer's office.
LOS ANGELES COUNTY SPECIAL ASSESSMENT DISTRICT
NO.67(P.O. Los Angeles), Calif.
-REPORT ON DELAY IN REFUNDING PROCEEDINGS
-In connection with the report given in these columns last April, to the effect that 843,000 refunding bonds would be exchanged with the holders of the original bonds
-it is stated
-V.140, p. 2742
as follows by the Secretary of the County Special Assessment Relief Committee:
"The County has been unable to proceed with the refunding of the bonds
of this district for the reason that the California State Supreme Court has
decided that the refunding Act, under which these proceedings have been
taken, was unconstitutional.
"In the decision of the Court, the points which were objected to by the
Court were clearly set forth. Amendments to the Act have just been passed
by the State Legislature for the purpose of meeting the objections of the
Court. Assuming that the Governor will sign the bill which includes these
amendments, we are very optimistic about the possibility of being able
to refund the bonds of this particular district and of other districts which
are in trouble."
LOWELL, Mass.
-BOND SALE
-An issue of 8450.000 234% 1-10
year serial municipal relief bonds has been sold privately to F. L. Putnam
& Co. and Brown Harriman & Co. both of Boston. Dated July 1 1935.
- 1
7777ikeri riaTiali price of100.14 for the issue, the basis cost to the
-city being about 2.225%. Issue is dated July 1 1935 and due $45,000 each
July 1 from 1936 to 1945 incl. Public re-offering is being made by the
bankers at prices to yield from 0.70% to 2.30%, according to maturity.
They are stated to be legal investments for savings banks and trust funds
in the States of New York and Massachusetts and,in the opinion of counsel
to the bankers, constitute direct obligations of the city, payable from unlimited ad valorem taxes on all taxable property therein. City reports
assessed valuation for 1935 of $110,340,750 and net funded debt is 84.820,447.
LYNCHBURG, Va.-BOND OFFERING-Sealed bids will be received until 11 a. m. on July 18 by George M. Bell, City Treasurer, for
the purchase of a $500.000 issue of coupon or registered city bonds. Denom.
$1,000. Dated Aug. 1 1935. Due as follows: $20,000. Feb. 1 and $25,000
Aug. 1, 1936 to 1938; $25,000, Feb. and Aug. 1 1939 to 1943; $25.000.
Feb. 1 and $3.30,000 Aug. 1 1944, and $30,000 Feb. and Aug. 1 1945.
Bids will be taken on said bonds in blocks; block 1 covering all bonds maturing six months to five years incl., and block 2 covering all bonds maturing
five years, six months to 10 years incl., after date; and "all or none" bids
will be taken on the entire issue. All bids shall fix the interest rates in
multiples of 1-10th of 1% on the two blocks of bonds separately, and
on the two blocks of bonds as a whole on "all or none" bids. The interest
rate on said bonds shall be fixed by resolution of the Council, after bids
are received, at rate set forth in successful bid. All bids must be for
par and accrued interest. Prin. and int. payable in lawful money at
the Chase National Bank in New York. The approving opinion of Thomson, Wood & Hoffman of New York will be furnished. A certified check
for 2% of the face value of the bonds bid for, payable to the City Treasurer.
is required.
LYNN, Mass.
-TO ISSUE BONDS
-Mayor Manning plans to issue
$60,000 of bonds and to use the money, together with about $35,000 cash
from the city treasury, to buy mechanical equipment fcr municipal
departments.
McCAMMON, Ida.
-BOND OFFERING DETAILS
-In connection with
the offering scheduled for 8 p. m. on July 22, of the $16,000 not to exceed
43‘% semi-ann. refunding bonds, report on which appeared in these columnsrecently
-it is stated by Franklin Wells, Village Clerk,
-V.141,P.146
that the bonds are due on July 1 as follows: $2,000. 1937 to 1941, and
$3,000 in 1942 and 1943, optional on or after 5 years from date. Prin.
and int. payable at the office of the Village Treasurer, or at the Chase
National flank in New York City. The approving opinion of Martin &
Martin, of Boise, will be furnished.
MADISON COUNTY (P. 0. Jackson), Tenn.
-BOND REFUNDING
AUTHORIZED-The County Court on July 1 is said to have voted to
refund $284,000 in road bonds. (A call for payment of road bonds outstanding as of July 1 was issued recently by the County Judge
-V. 141.
p. 146.)
MANATI, Puerto Rico-BOND SALE
-The $58,000 issue of 4%
coupon semi-annual sewer system bonds offered for sale on July 9-V.
140, p. 4106
-was awarded to the Banco Popular de Puerto Rico, paying a
premium of $156.60, equal to 100.27, a basis of about 3.976%. Dated
Jan. 1 1935. Due from July 1 1936 to 1959. The second highest bid was a
premium offer of $58.85, tendered by Seasongood & Mayer of Cincinnati.
MANCHESTER, N. H.
-TEMPORARY LOAN
-The $500,000 tax
anticipation loan offered on July 11 was awarded to Whiting, 'Weeks &
Knowles of Boston at 0.57% discount. Dated July 11 1935 and due
April 10 1936. Second high bid of 0.595% was submitted by the First
National Bank of Boston.
MANHATTAN, Kan.
-BOND SALE
-It is stated by A. L. Hjort, City
Clerk, that a total of $11.558.80 4% general improvement bonds, dated
Aug. 1 1917, and due on Aug. 1 1947, optional 10 years after date of issue,
are being called for payment on Aug. 1, at the office of the State Treasurer
In Topeka, interest to cease on date called.
ThONDS OFFERED
-On or about Aug. 1 Finance Commissioner Sam C.
Charlson will sell $11,558.80 2)1% coupon refunding bonds. Denom.
$1,000 and $558.80. Dated Aug. 1 1935. Principal and semi-annual
interest(F.& A. 1) payable at the office of the State's fiscal agent in Topeka.
Due in 10 years.
MANASSA DRAINAGE DISTRICT, Colo.
-BONDS DEFEATED
By a vote of 11 "for" to 22 "against" the residents of the district on July 2
voted down the proposal that the district issue $18,600 refunding bonds.
312
Financial Chronicle
MANNSVILLE,Okla.
-At an election held on June 29
-BONDS VOTED
the voters are said to have approved the issuance of $12,500 in 6% school
building bonds by a count of 118 to 0. Due in 1955. The date of sale
has not been set as yet.
MAPLEWOOD TOWNSHIP, N. J.
-BONDS RECEIVE FIRST READING
-An ordinance providing for the issuance of $137,000 five-year refunding bonds was passed on first reading on July 2.
/I MARBLEHEAD, Mass.
-BOND SALE
-The $40,000 coupon sewer
construction bonds offered on July 11-were awarded to Tyler,
Buttrick & Co. of Boston as 1 h's, at a price of 100.55, a basis of about
1.09%. Dated July 1 1935. Due $8,000 on July 1 from 1936 to 1940, incl.
Other bidders were:
BidderInt. Rate
Rate Bid
Mosley & Adams
100.511
1.257
Whiting, Weeks & Knowles
100.483
1.25V
Washburn & Co
100.36
1.25V
Estabrook & Co
100.32
1.25V
First Boston Corp
1.25
H. C. Wainweight & Co
100.314
1.25V
Burr & Co
1.25%
100.234
R. L. Day & Co
1.257
100.199
Bond, Judge & Co
1.25
100.124
Blyth & Co
1.25
100.10
New-ton, Abbe & Co
100.01
1.25V
Faxon, Gade & Co
1.50%
100.35
-BOND OFFERING
MARYLAND, State of (P. 0. Annapolis)
Hooper S. Miles, State Treasurer, will receive sealed bids until noon on
Aug.7 for the purchase of $100,000 3% certificates of indebtedness, known
as "general bond issue of 1935." Dated Aug. 15 1935. Certificates in coupon form of $1,000 each, registerable as to principal only. Due Aug. 15 as
follows: $6,000, 1938 to 1940 incl.; $7,000, 1941 to 1943 incl.: $8,000, 1944
to 1946 incl.; 39,000, 1947 to 1949 incl., and $10,000 in 1950. Interest
payable F. & A. 15. Authority for the loan is contained in Chapter 89,
Acts of the Maryland General Assembly of 1935. The loan and interest
thereon is exempt from the Federal income tax and State, county and
municipal taxation in Maryland. A certified check for 5% of the amount of
the bid, payable to the order of the State Treasurer, must accompany each
proposal. The certificates will be delivered to the successful bidder at the
State Treasurer's office on Aug. 15 1935. It is one of the terms of the
offering that the bonds when issued will be the legal and valid binding
obligations of the State. The opinion of the Attorney-General of Maryland
and the opinion of Ritchie, Janney, Ober & Williams and Mulliken, Stockbridge & Walters to this effect will be delivered to the successful bidder.
Bidders may, if they wish, make the legality and validity of the bonds one
of the terms of the bid by making the bid "subject to legality" or using any
equivalent form of expression, but without leaving this question to the
decision of the bidders or their counsel. All bids conditioned upon the
approval of bidders or counsel, whether named or unnamed, will be treated
as conditional bids and rejected, unless the condition is waived by the
bidder to the satisfaction of the Board before the opening of the bid. ,
MASON CITY, la.
-BOND OFFERING
-Rena B. Mack, City Auditor,
will receive bids until 9 a. m. July 15 for the purchase of 325,000 coupon
city hall purchase bonds. Denom. $1,000. Dated July 1 1935. Prin.
and semi-ann. int. (J. & J.) payable at the City Treasurer's office. Due
July 1 1943. Legal opinion by Chapman & Cutler, of Chicago.
MASSACHUSETTS (State of)
-BOND FINANCING OPPOSED
The Boston Municipal Research Bureau has asked the joint legislative
Ways and Means Committee to disapprove the program recently announced
by Governor Curley, providing for the early issuance of $35,000,000 bonds
-V. 141, p. 146
-In a letter to the Committee, the Bureau declared that
sale of the bonds "will increase the direct debt of the State to a very dangerous extent."
MATTOON,III.
-BONDS DEFEATED
-At a recent election the voters
rejected a proposal to issue $77,000 filtration plant bonds.
MEDINA COUNTY (P.O. Hondo),Tex.
-BOND SALE
-Russ. Roe &
Co. of San Antonio have purchased and are now offering to investors at
prices to yield from 3% to 4.30% a block of $26,000 435% road refunding
,
bonds. Dated July 1 1935. Due from 1936 to 1950.
MEMPHIS SCHOOL DISTRICT, Mo.-BOND ELECTION
-A special
election is to be held on July 18 at which the residents of the district will be
asked to vote on a proposal that the district issue $18,000 bonds to finance
the erection of a gymasium and auditorium.
MERCER COUNTY (P. 0. Stanton), N. D.
-BONDS NOT SOLD
It is stated by Paul Leupp, County Auditor, that just one bid was received
on July 2 for the purchase of the $35,000 to $50,000 funding bonds offered
-V. 140, p. 4438
for sale at that time
-and that bid was rejected. It is
expected that the State of North Dakota will purchase these bonds. The
matter was continued until July 12.
MERIDEN, Conn.
-REFUNDING AUTHORIZED
-At a recent
special borough meeting it was voted to refinance $200,000 outstanding
bonds at a saving in interest charges.
-BOND ELECTION
-On
MERIDIAN SCHOOL DISTRICT, Tex.
July 20 the residents of the district will vote on a proposed $11,200 bond
issue for the purchase of school property.
MIDDLEPORT, Ohio
-APPROVES GAS BOND ISSUE-City Council
has voted to issue $175,000 bonds to finance in part the cost of constructing
a municipal gas distribution system. The Federal Government will be asked
to furnish the remaining $154,000 of the estimated cost of the project.
MIDDLEPORT EXEMPTED VILLAGE SCHOOL DISTRICT,
-BONDS VOTED
-By a vote of 645 to 161 the electors on July 2
Ohio
gave their approval to the proposition that the district issue $60,000
school construction bonds.
MIDDLESEX COUNTY (P. 0. New Brunswick), N. J.-$10,500
-Recent discovery of $10,500 in forged county
BABY BONDS FORGED
baby bonds of $10 denoms. has resulted in the decision by the municipal
officials not to issue any further obligations of that nature, according to
report. Such bonds have been issued in payment of salaries of municipal
employees and have been accepted freely by merchants. The forged bonds
were found in an oil can which was found by a 12-year old Linden boy in
a vacant lot in that community. Examination by police and county
authorities showed that the signature of County Treasurer William A.
Aligair had been forged.
-BOND
MILLBRAE ELEMENTARY SCHOOL DISTRICT, Calif.
ELECTION
-Residents of the district will be asked on July 24 to vote on
the question of issuing $32,000 bonds to finance school improvements.
-The town will offer for sale
MINETTO, N. Y.
-BOND OFFERING
on July 22 an issue of $67,000 tax equalization reimbursement bonds. The
bonds will mature $3,350 yearly for 20 years.
MINNEAPOLIS, Minn.
-BOND OFFERING-Sealed bids will be
received until 11 a. m. on July 31, and open bids will be asked for after
that hour, by George M. Link, Secretary of the Board of Estimate and
Taxation for the purchase of two issues of bonds aggregating $640,000,
;
divided as follows:
$500,000 public relief bonds. Due $25,000 from Aug. 1 1936 to 1955 incl.
140,000 permanent improvement (work relief) bonds. Due $7,000 from
Aug. 1 1936 to 1955 incl.
Interest rate is not to exceed 6%,stated in a multiple of one-fourth or
one-tenth of 1%. Denom. $1,000. Coupon bonds, dated Aug. 1 1935.
Bids should be on a single rate of interest for each issue. Principal and
interest payable at the city's fiscal agency in New York City, or at the
office of the City Treasurer, at the option of the holder. Legal approval
will be furnished by Thomson, Wood & Hoffman of New York.
Said bonds may be registered both as to principal and interest upon
application to the City Comptroller of the city of Minneapolis, and are
subject to successive registrations or transfers at the option of the holder.
Said obligations will be issued pursuant to the terms of Sections 9 and
10 of Chapter XV of the Charter of the city of Minneapolis, will be payable in "lawful money of the United States of America," will be without
option of prior payment and will be tax exempt in the State of Minnesota.
The full faith and credit of the city of Minneapolis will be Pledged for the
payment thereof. The cost of preparing the obligations will be borne by
the city of Minneapolis. Delivery will be made by the City Comptroller
at the office of the City Treasurer in the City Hall, Minneapolis, Minn.,
or elsewhere in the United States at the option of the purchaser.
Said obligations will be sold to the bidder (or bidders) offering a bid
or bids complying with the terms of this sale and deemed most favorable,
joy
13 1935
subject to the provision that the Board of Estimate and Taxation reserves
the right to reject any or all bids.
•
Each Proposal and subscription must be addressed to the Board of
Estimate and Taxation, 343 City Hall, Minneapolis, Minn., marked
"Proposal for City of Minneapolis Bonds," and accompanied by a certified
check (or bank cashier's check) payable to C.A.Bloomquist,City Treasurer,
for an amount equal to 2% of the amount of the obligations bid for, to be'
forfeited to the city in case the purchaser refuses to pay for the obligations
when ready for delivery. Proposals and subscriptions must state the total
number of obligations bid for, and total amount offered therefor including
principal and accrued interest thereon from the date of said obligations to
the date of delivery.
-CERTIFICATE OFFERING-Sealed bids
MINNESOTA, State of
will be received until 10 a. m. on July 22 by Theodore H. Arens, Conservator of Rural Credit, for the purchase of a $790,000 issue of certificates
of indebtedness. Denom. $1,000 Dated Aug. 1 1935. Due on Aug. 1
1936. It is stated that these certificates will be issued by authority granted
to the Conservator under Section 10 of Chapter 429 of the Session Laws of
the State for the year 1933. All bids shall be subject to accrued interest
to date of delivery. An opinion regarding the legality of this issue, by the
Attorney-General of the State, will be furnished to the successful bidder,
free of charge. These certificates will be sold at face value at the lowest
interest rate obtainable. A certified check for $7,900, payable to the State
Treasurer, must accompany the bid.
-INCREASE SHOWN IN BONDED DEBT
MONTANA, State of
The bonded debt of Montana has increased by nearly $3,500,000 in the
last two years, according to Helena press advices of July 6. It is said that
most of the increase was caused by bonds issued to pay for Public Works
Administration construction loans to be used in the building of educational
institutions.
-BOND REFUNDING CONTEMPLATED-The
MONTPELIER, Ida.
City Council is reported to have decided recently to refund outstanding
bonds in the amount of $19,500 at 4M % and also to retire warrant indebtedness, consolidating the two debts into one bond issue.
MONTREAL METROPOLITAN COMMISSION (P. 0. Montreal),
-The Commission plans to come to
Que.-TO BORROW $2,500,000
market with an issue of $2,500,000 bonds in the near future.
MONTREAL METROPOLITAN COMMISSION, Que.-$2.690,000
BONDS SOLD
-A syndicate headed by the Bank of Montreal purchased
$2,690,000 2M% and 4% bonds of the Commission and effected rapid resale of the securities in Canada at prices to yield 2.90% and 4.21%. The
bonds were heavily oversubscribed on July 11, the date on which they were
placed on the market. They were offered in two series as follows: $1,390,000 23is of May 1 1937, priced at 99.32, to yield 2.90% and $1,300,000 45
of May 1 1947, offered at 98, yielding 4.21% to maturity. The City of
Montreal and the municipalities under the control of the Commission are
jointly and severally responsible for the loans made by the Commission by
means of the bond sale, according to the bankers. All of the bonds are
dated May 1 1935. Coupon in denoms. of $1,000 and $500,registerable as
to principal only. Prin. and int. M. & N. payable in lawful money of
Canada at the office of the Montreal Metropolitan Commission in Montreal, or at the principal office of the Bank of Montreal or of National
Canadian Bank in Quebec, P. Q., or at the principal office of the Bank of
Montreal in Toronto. Legal opinion, Meredith, Holden, Reward &
Holden for the selling agents and Charles Laurendeau, R. C., for the
Commission.
Syndicate Members: Members of the underwriting group follow: Bank
of Montreal; National Canadian Bank; Royal Bank of Canada; Canadian
Bank of Commerce; Bank of Nova Scotia; Dominion Bank; Imperial Bank
of Canada; Bank of Toronto; Provincial Bank of Canada; Barclays Bank
(Canada); L. G. Beaubien & Co., Ltd.* Mead & Co. Ltd.; Dominion
'
Securities Corp., Ltd.: A. E. Ames & Co., Ltd.; Wood, GUndy & Co., Ltd.•,
Hanson Bros., Inc.; McTaggart, Hannaford, Birks & Gordon, Ltd.; Royal
Securities Corp.,Ltd.;Ernest Savard, Ltee.; Nesbitt,Thomson & Co.,Ltd.:
McLeod, Young, Weir & Co., Ltd.; Pry, Mills, Spence & Co. Ltd.; Bell,
Gouinlock & Co., Ltd.; Collier, Norris & Henderson, Ltd.; W.0. Pitfield
& Co., Ltd.; Rene-T. Leclerc, Inc.; Kerrigan, MacTier & Co., Ltd.; Drury
& Co.' Credit Anglo-Francais, Ltd.; Greenshields & Co., Inc.•, Societe de
Placeinents, Inc.; Williams, Partridge & Angus, Ltd.' Societe Generale de
Finance, Inc.:• R. 0. Sweezy & Co., Ltd.; A. T. Rosa, Ltd.; Lajoie, Robitaille & Cie, Ltee.: Gairdner & Co., Ltd.; Henri Turgeon, Ltee.; A. S.
McNichols & Co., Ltd.
MOORHEAD SCHOOL DISTRICT (P. 0. Moorhead),
n.ELECTION DETAILS
-It is stated by the Superintendent of Schools that
Min
at the election scheduled for July 16, mentioned in these columns recently
-V. 140, p. 4439
-the amount of bonds to be issued to the Public Works
Administration on this project will be $150.000, to secure the loan portico
of an allotment.
-NOTE SALE DETAILS
MORGANTON, N. C.
-It is stated by the
Town Clerk that the $12.000 6% tax anticipation notes purchased by the
First National Bank of Morganton
-V. 141, P. 147
-are dated June 25
1935, and mature on Oct. 25 1935.
MORRISON, Ill.
-BOND ELECTION
-An election will be held on
Aug. 27 to vote on the issuance of $25,000 hospital bonds,
-BOND ISSUANCE NOT CONTEMPLATED--It is
MOSCOW, Ida.
reported by the City Clerk that a proposal to issue $60,000 in refunding
bonds did not receive favorable consideration by the City Council and the
matter has been dropped.
MOUND CITY, Mo.-BOND SALE DETAILS
-The 312.800 refunding
bonds that were purchased by the Martin-Holloway-Purcell Co. of Kansas
City, as reported recently
-V. 140, p. 4439
-bear interest at 434% and
mature in 1955, according to the City Clerk.
MUSKEGON SCHOOL DISTRICT, Mich.
-BOND OFFERING
Mae A. Rockenbach, Clerk of the Board of Education, will receive sealed
bids until 10 a. in. (Eastern Standard Time) on July 13 for the purchase of
$139,000 not to exceed 4% interest refunding bonds. Dated May 15 1935.
Denom. $1,000. Due May 15 as follows: $7,000, 1936; $9,000, 1937 and
1938; $14,000, 1939; $15,000, 1940: $14,000, 1941 to 1943
$13,000,
1944; $10,000, 1945; $5,000, 1946 and 1947: $4,000 in 1948 and $2,000 from
incl.•.
1949 to 1951 incl. Int. payable M. & N. A certified check for $2,000 is
required. Legal opinion of Miller, Canfield, Paddock & Stone of Detroit
will be furnished the successful bidder. Previously, the District had asked
for bids until June 13 on an issue of $159,000, but the sale was postponed.
-TEMPORARY LOAN
NASHUA, N. H.
-The $50,000 temporary
loan dated July 9 1935 and payable May 10 1936 offered on July 8-V.
141, p. 147
-was awarded to Preston, Moss & Co. of Boston on a 0.43%
of New York and E. H. Rollins & Sons
discount basis. Leavitt & Co.
of Boston each bid 0.53%.
Other bidders were:
Bidder
Discount
E. H. Rollins & Sons
0.53
Second National Bank of Nashua
0.58
Whiting, Weeks & Knowles
0.60
Nashua Trust Co
0.64 0
-TEMPORARY LOAN
NATICK, Mass.
-The Merchants National
awarded on July 8 a $75,000 revenue anticipation
Bank of Boston was
loan at 0.82% discount. Dated July 8 1935 and due June 15 1936. Other
bidders were:
Bidderscount
Faxon, Gade & Co-------------------------------------------0.88%-First National Bank ofBoston0.91
-BONDED DEBTS DECREASED IN JUNE
NEBRASKA (State of)
The following report is taken from a Lincoln dispatch to the "Wall
Street Journal" of July 6:
Bonded debts of political subdivisions in Nebraska were decreased $672.615 in June. reports State Auditor Price. Bonds totaling $862,515 were
paid off and retired, and only $190,000 of new bonds issued. These consisted of $175,000 school bond issue at Hastings and $15,000 of park bonds
by Norfolk. Refunding bonds registered during the month totaled $317,500. A calculation by the auditor shows that these subdivisions have
bonds outstanding to the amount of 92 millions. State has no bonded debt.
-At the election held on July 2
NEWBERRY, S. C.
-BONDS VOTED
- 140, P. 4107
17.
-the voters approved the issuance of the $37,000 in
fire department bonds by a wide margin, according to report.
-P WA APPROVES SEWER PROJECT
NEW BRUNSWICK, N. J.
The Public Works Administration has approved the city's application
Volume 141
Financial Chronicle
for a loan and grant of $595,000 to finance the construction of a sewage
disposal plant.
NEW JERSEY kState of)
-SELLS $2,500,000 PORT AUTHORITY
BONDS
-The 52,500,0003% series F, Port of New York Authority bonds
offered for sale by the State on July 9 were awarded at par and accrued int.
to a syndicate composed of B. J. Van Ingen & Co.; J. S. Rippel & Co, Newark; George B. Gibbons & Co., Inc.; Adams & Mueller, and Van Deventer.
Spear & Co., Inc., both of Newark. The bonds are dated June 1 1935
and mature Mar. 1 1941.
The bankers are making public re-offering of the loan at a price of 101.25
and interest, to yield about 2.75%. Principal and interest (114. & S. payable at the Central Hanover Bank & Trust Co., New York. Coupon bonds
of $1,000 each, registerable as to principal or as to principal and interest,
and when so registered reconvertible into coupon form at the expense of
the holder. Legality to be approved by Thomson, Wood & Hoffman of
New York City.
NEWPORT, R. I-BOND OFFERING
-B.F. Downing, City Treasurer,
will receive sealed bids until 5 p. m. (Daylight Saving Time) on July 18
for the purchase of $118,000 not to exceed 2)i% interest coupon improvement and pavement bonds. Dated Aug. 1 1935. Denom. $1,000. Due
Aug. 1 as follows: $10,000 from 1937 to 1947 incl. and $8,000 in 1948.
Bidder to name a single interest rate on all of the bonds. Prin. and int.
(F. & A.) payable at the City Treasurer's office or at the First National
Bank of Boston, at holder's option. The bonds are to be engraved under
the supervision of and authenticated as to genuineness by The First National
Bank of Boston; their legality will be approved by Messrs. Ropes, Gray,
Boyden and Perkins, whose opinion will be furnished the purchaser. • The
original opinion and complete transcript of proceedings covering all details
required in the proper issuance of the bonds will be filed with The First
National Bank of Boston, where they may be inspected. Bonds will be
delivered to the purchaser on or about Thursday, Aug. 1 1935, at The
First National Bank of Boston, 17 Court Street Office, Boston. Mass.
Financial Statement, (July 1 1935)
Valuation for year 1934
881,653.300.00
Sinking fund bonds
$303,000.00
Less sinking funds
186,089.24
116,910.76
Serial bonds (including issue advertised
1,787,000.00
Net bonded debt
1,903,910.76
Population, 1930-27.430. Tax rate 1930 to 1933-524.00:1934,$23.50.
NEW YORK. N. Y.
-OFFICIAL CALL FOR 13/DS-Official announcement is being made of the intention of Frank J. Taylor, City Comptroller,
to receive sealed bids until noon (Daylight Saving Time) on July 16 for
the purchase of $38,000,000 corporate stock and serial bonds, described
below:
$25,000,000 corporate stock, including a series of $18,700,000 to provide
for the construction of rapid transit railroads and one of
$6,300,000 to provide for the supply of water. Issued in
coupon form and interchangeable; denoms. of $1,000 for coupon
bonds, or in registered form in any multiple of $10. The entire $25,000,0001 issue will mature July 1 1975.
8,000,000 serial bonds, including a series of $4,000,000 for dock improvements and $4,000,000 for various municipal purposes.
Each series matures July 1 as follows: $136,000 in 1937 and
$138,000 from 1938 to 1965 incl.
3,300,000 school construction bonds. Due July 1 as follows: $168,000
in 1937 and $174,000 from 1938 to 1955 incl.
1,700,000 various municipal purposes bonds. Due July 1 as follows:
$188,000 in 1937 and $189,000 from 1938 to 1945 incl.
The serial bonds will be issued in coupon form in $1,000 denoms., or in
registered form in denoms. of $1,000 or multiple thereof. Coupon serial
bonds may be exchanged for registered bonds, but are not interchangeable.
The entire $38,000,000 of stock and bonds will be dated July 1 1935. Interest payable J. & J. Bidder to name the rate of interest which each
of the six series offered is to bear, expressed in a multiple of 51 of 1%•
,
A certified check for 2% of the amount of the bid must accompany
each proposal. The sale will not add to the debt of the city as the
proceeds will be used to redeem special corporate stock notes previously
issued and outstanding.
FINANCING IN JUNE
-The city borrowed a total of $65,808,000
during the month of June. Sales of 4% bonds to the Public Works Administration accounted for $308,000 of the total, while $47,400,000 represented
the purchase by the city's bankers of that amount of 3% revenue bills of
1035, which were paid off in two days, the securities having been dated
June 27 1935 and with a maturity of June 29 1935. Other items making
up the month's total were:
$8,400,000 1.20% special corporate stock notes. Due Nov. 14 1935.
3.000,000 1.15% special corporate stock notes. Due Nov. 19 1935.
6,700,000 1.25% certificates of indebtedness for home and work relief
purposes. Due Oct. 30 1935.
NEW YORK (State of)
-A new record
-SELLS $75,000,000 NOTES
low cost for short-term financing was established by the State on July 8
when Comptroller Morris S. Tremaine alloted 375.000.000 of 0.35% notes
to various banks and investment banking houses throughout the State.
The notes are dated July 9 1935 and mature May 9 1936. The lowest rate
previously obtained on similar obligations was %%. Proceeds of the current financing will be used for current operating purposes. In connection
with the sale, the Comptroller pointed out that similar note issues aggregating $95.000.000 have been paid off in cash within the last two months,
an issue of $75,000,000 havingbeen retired on May 15 and one of $20,000,000 on June 28. Excluding the issue Just sold, there are at present a total
of $130,000,000 State notes outstanding, according to the Comptroller.
These mature as follows: $40,000,000 in September; $10,000,000 in October;
$40,000.000 in December 1935 and $440.000,000 in February 1936.
Subscriptions to the current issue of $75.000.000 notes were far in excess
of the amount offered and allotments were made as follows:
NameAmt. of Allotment
NameAmt.
Chase National Bank- _ -of Allotment George B.Gibbons& Co-- $600,000
32,500,000
National City Bank
600,000
2,500,000 Phelps, Fenn &Co
Bank of the Manhattan Co 2,500,000 Liberty Bank of Buffalo
500,000
Bankers Trust Co
500,000
2,500,000 South Shore Trust Co
Central Hanover Bank &
Brooklyn Trust Co
300.000
Trust Co
2,500,000 Federation Bk.& Trust Co 300,000
Chemical Bank & Trust Co 2,500,000 Harris Tr.& Savings Bk
300,000
First National Bank
300,000
2,500,000 Kings County Trust Co
Guaranty Trust Co
2,500,000 Lawyers County Trust Co. 300,000
Manufacturers & Traders
Trust Co. of North Amer- 300,000
Trust Co., Buffalo
300,000
2,500,000 A. C. Allyn & Co
Marine Trust Co., Buffalo 2,500,000 Blyth & Co
300,000
J. P. Morgan & Co
300,000
2,500,000 C. F. Childs & Co
National Commercial Bk.
Dominick & Dominick- _ 300,000
& Trust Co., Albany..,... 2,500,000 Emanuel & Co
300.000
New York State National
Ernst & Co
300,000
Bank,Albany
300,000
2,500,000 Estabrook & Co
Barr Bros. & Co
300,000
2,500,000 First of Michigan Corp..
Bancamerica-Blair Corp
300,000
2,500,000 Goldman,Sachs & Co
Brown Harriman & Co_
300,000
2,500,000 Hallgarten & Co
Lehman Brothers
300,000
2,500,000 Hannahs, Bailin & LeeR. W.Pressprich & Co-._ 2,500,000 Heidelbac.h,Ichelheimer &
Salomon Bros. & Hutzler_ 2,500,000
Co
300.000
E. B. Smith & Co
2,500,000 Hemphill, Noyes & Co_._ 300.000
Bank of New York Tr.Co. 1,000,000 Kidder, Peabody & Co
300,000
City Bank Farmers Tr. Co 1,000,000 W.E. Lauer & Co
300,000
Commercial National Bk.
Lazard Freres & Co
300,000
& Trust Co
300,000
1,000,000 Morse Brothers & Co.Continental Bk.& Tr. Co. 1,000,000 F.S. Moseley & Co
300,000
Empire Trust Co
-P. Murphy & Co.... 300.000
1,000,000 G. M.
Fifth Avenue Bk.of N.Y. 1,000,000 Robinson, Miller & Co
300,000
Public National Bank..
300,000
1,000,000 Roosevelt& Wigold,Inc
.1. Henry Schroder Tr.Co.. 1,000,000 L.F.Rothschild & Co_ _ _ _ 300,000
Ladenburg, Thalmann &
Rutter & Co
300,000
Co
1.000.000 Stone & Webster and
Speyer & Co
Blodget, Inc
300,000
1 ,000,000
Irving Trust Co
800,000 Van Alstyne, Noel & Co.- 300.000
First Boston Corp
800,000 Fulton Trust Co
200,000
Heise ,Stuart & Co
Lee, Higginson & Co
100,000
J.& .Seligman & Co
800: 00
0
NEW YORK (State a)-11370,000 BONDS PUBLICLY OFFERED
R. W. Pressprich & Co. of New York are offering a block of $370,000 4%
bonds to yield 2.60%. They include $320,000 of registered securities, due
from 1960 to 1967, ind. and $50,000 in coupon form, maturing in 1972.
313
NIAGARA FALLS, N. Y.
-BONDS AUTHORIZED-The City Council
on July 1 decided to issue $1,210,000 bonds, the funds from which would
be added to about $990,000 Federal money which has been requested for
the construction of a sewage disposal plant.
NORTH CAROLINA, State of
-A
-SINKING FUND BOND SALE
$1,523,000 total of 4, 43j, 435 and 4 le % highway bonds is stated to have
been purchased at private sale from the State Sinking Fund on July 10 by
the Chase National Bank, Salomon Bros. & Hutzler, all of New York, and
the Wachovia Bank & Trust Co. of Winston-Salem. Due in various
amounts from July 1 1937 to Jan. 1 1940.
BONDS OFFERED FOR INVESTMENT
-The successful bidders
re-offered the above bonds on July 11 for public subscription at prices to
yield from 1.20% on the earliest maturity to 2% on the 1940 maturities.
They are said to be legal investments for savings banks in various States.
NORTH NORWICH COMMON SCHOOL DISTRICT NO. S (P. 0.
North Norwich), N. Y.
-BOND OFFERING
-Arthur G. Moore, sole
trustee, will receive bids until 2 p. us. (Eastern Standard Time) July 15
for the purchase of the following 4% coupon special appropriation bonds:
$1,000 series 1 bonds. Due July 151936.
9,000 series 2 bonds. Due $1,000 yearly on July 15from 1937 to 1945 incl.
Denom. $1.000. Dated July 15 1935. Prin. and semi-ann. hit. (NI.
& N.) payable at the Chenango County National Bank & Trust Co.,
Norwich. Certified check for 10% of amount of bonds bid for, payable
to the trustee, required.
NORTH WILDWOOD, N. J.
-BONDS PASSED OAT FIRST READING-An ordinance authorizing the issuance of $1.380,000 refunding bonds
was passed on first reading at a meeting of the Common Council on July 2.
The ordinance will come up for final consideration on July 16.
NORTH WOOD INDEPENDENT SCHOOL DISTRICT (P.O. Northwood), la.
-BOND ELECTION
-An election will be held on July 31,
according to report, to vote on the issuance of $25.000 in school construction bonds.
NORWOOD CITY SCHOOL DISTRICT, Ohio
-BOND SALE
The $22,000 school building bonds offered on July 8-V. 140, p. 4440
were awarded to Grau & Co. of Cincinnati as 2tis, at par plus a premium of
3156.20, equal to 100.71, a basis of about 2.43%. Dated July 2 1935 and
due $1,000 on Jan. 2 each year from 1937 to 1958, incl.
OAK HILL, Ohio
-BOND OFFERING-Davis S. Brown, Village
Clerk, will receive bids until noon July 20 for the purchase of $22.000 5%
sewer and sewage disposal works bonds. Denom. $500. Dated July 1
1935. Interest payable Jan. 1 and July 1. Due $500 each six months from
July 1 1936 to Jan. 1 1959, incl. A certified check for 3% of amount of
bonds bid for, required.
-BOND SALE
-The
OCEAN COUNTY (P. 0. Toms River), N. J.
county has disposed of $465,000 434',% refunding bonds at a private sale.
OCEANSIDE, Calif.
-BONDS TO BE SOLD TO UNITED STATES
-V. 140, p. 4108
The $45,000 swimming pool bonds recently authorized
are to be purchased by the United States Government. Bonds will bear
4% interest. Denoms. 30 for $1,000 and 30 for $500. Dated Feb. 1
1935. Prin. and semi-ann. int. (Feb. 1 & Aug. 1) payable at the City
Treasurer's office. Due $1,500 yearly on Feb. 1 from 1936 to 1965 Inc.
OGDEN UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Spencerport), N. Y.
-BOND OFFERING-J. Thomas Osborne. District Clerk,
will receive sealed bids until 2 p. m.(Eastern Standard Time) on July 26
for the purchase of $30,000 not to exceed 6% interest coupon or registered
school bonds. Dated July 15 1935. Denom. $1,000. Due Mar. 15 as
follows: $3,000 from 1937 to 1943 incl. and $4,000 from 1943 to 1945 incl.
Bidder.to name a single interest rate on the issue, expressed in a multiple
of
or 1
-10th of 1%. Prin. and int. (J. & J. 15) payable in lawful money
of the United States at the Central Trust Co. Rochester. Bonds are
payable from unlimited ad valorem taxes. A Certified check for $600.
payable to the order of the District, must accompany each proposal. Approving opinion of Reed, Hoyt & Washburn of New York will be furnished
the successful bidder.
OKLAHOMA CITY, Okla.
-BOND ISSUANCE NOT SCHEDULED
It is stated by M. Peshek, Jr., City Clerk, that no action has been taken
regarding the construction of a city hall, municipal auditorium and county
court house, previously mentioned in these columns.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
Orlando), Fla.
-BOND ELECTION
-The County School Board is said
to have issued an order recently, calling for elections on Aug. 6, to have
the voters pass on the issuance of $115,501 in 4% bonds, divided as follows:
$46,500 Orlando Special Tax School District; $25,000 Union Park Special
Tax School District; $21,000 Lockhard Special Tax School District, and
$23,000 Apopka Special Tax School District. Due in 30 years. It is said
that an application will be filed for a Public Works Administration allotment with these bonds as security.
-On
-BONDS VOTED
OSCEOLA TOWNSHIP, Stark County, Ill.
June 29 the voters by 159 to 15 approved the issuance of $25,000 road bonds.
OSSINING (P. 0. Ossining), N. Y.
-CERTIFICATE ISSUE SOLD
W. 0. Gay & Co. of New York have purchased an issue of $16,675.18
• % tax lien certificates of indebtedness at a price of par, plus accrued
interest of $6.95. They are dated June 25 1935 and mature July 15 1936.
Interest payable at maturity.
ORANGE CITY, la.
-BOND OFFERING-Herman Te Paske, Town
Clerk, will receive bids until 730 p. m. July 22 for the purchase of $20,000
general obligations bonds. Certified check for $1,000 required.
OREGON, State of
-BOND OFFERING-Sealed bids will be received
until 2 p. m.on July 25 by H. B. Glaisyer, Secretary of the State Highway
Commission, at the Benson Hotel in Portland, for the purchase of a
$3,000,000 issue of State highway bonds. Int. rate is not to exceed 6%.
payable A. & 0. Denom. $1,000. Dated July 1 1935. Due as follows:
$75,000, Oct. 1 1940 and on April and Oct. 1 from 1941 to 1959,and $75,000
on April 1 1960. Prin. and int, payable at the State Treasurer's office
or at the fiscal agency of the State in New York City. The approving
opinion of Storey. Thorndike. Palmer & Dodge of Boston will be furnished. The bonds will be sold for cash to the bidder offering the price
deemed the best in the opinion of the State Highway Corn nission. considering the interest rate bid and the premium. Bidders may submit
bids in the total amount of $3,000,000 or any part, provided that no bid
will be received for less than $1,000.000. None of said bonds will be
sold for less than par and accrued interest. All bidders shall submit with
their bids a typewritten schedule setting out the amount of semi-annual
interest and the amount of the aggregate interest, less the premium which
will fall due upon the bonds bid for. A certified check for 5% of the
amount of the par value of the bonds bid for, payable to the Commission.
is required.
It was later reported by the above named Secretary of the Commission
that no bid will be considered for an interest rate greater than 6% per
annum, nor will any bid which is less than 95% of the par value of the
bonds for which bid is submitted be considered. Accrued interest must
be paid from July 1 to date of delivery. The proceeds of such sale shall
be paid at the Chase National Bank in New York City, on the date upon
which the bonds are delivered to the purchaser or his authorized representative, either in Portland, or at the Chase National Bank, New York.
OTTAWA COUNTY (P. 0. Grand Haven), Mich.
-BONDS AUTHORIZED
-The County Supervisors have authorized the issuance of
5129.000 bonds for the purpose of refunding a like amount of outstanding
Covert road bonds.
OXFORD INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
ELECTION
-An election has been called for July 26 to vote on the issuance
of $10,000 bonds to build a guymnasium-auditorium. C. C. Bireline is
Secretary.
PEABODY,Mass.
-BOND OFFERING-The City Treasurer will receive
sealed bids until 11 a. m.on July 16 for the purchase of $25,000 street paving
bonds, dated July 15 1935 and due serially from 1936 to 1940 incl. Bidder
to name rate of interest.
PENDLETON, Ore.
-BOND CALL
-It is stated by Charles E. Burnett, City Recorder, that City Treasurer Dickson is calling for payment
at his office on Aug. 1, on which date interest shall cease, various improvement bonds of Series 63. 64, 65. 69 and 70, of which 63 to 65 are dated
Feb. 1 1928, and 69 and 70 are dated Feb. J. 1930.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 50 (e. 0.
Newport). Wash.
-BOND OFFERING-S.M.McGee, County Treasurer.
314
Financial Chronicle
will receive bids until 10 a. m. Aug. 3 for the purchase of $70,000 School
District No. 50 bonds, to bear no more than 6% interest. To be dated
date of issuance. Interest payable annually. Prin. and int. payable at
the County Treasurer's office, at the State Treasurer's office in Olympia,
or at the office of the State's fiscal agent in New York.
Bonds to run for a pei Lod of 18 years from date of issuance. The various
annual maturities will commence with the second year after the date of
Issuance of the bonds and will, as nearly as practicable, be in such amounts
as will, together with interest on the outstanding bonds, be met by equal
annual tax levies for the payment of principal and interest.
Bidders are required to submit a bid spmifying:
(a) The lowest rate of interest and premium, if any, above par, at which
such bidder will purchase the bonds, or (b) The lowest rate of interest at
which the bidder will purchase the bonds at par.
All bids, except the bid of the State of Washington, must be accompanied
by a deposit of 5%,either cash or certified check, of the amount of the bid.
PERTH AMBOY, N. J.
-BONDS PASSED ON FIRST READING
The Board of Commissioners on July 3 passed on first reading an ordinance
authorizing the issuance of $200000 refunding bonds. The question will
be given final consideration on July 17.
PHILADELPHIA, Pa.
-SIN KING FUNDS NOT FOR INVESTMENT
IN CITY BONDS
-Declaring that "city government should not speculate".
Mayor J. Hampton Moore on July 5 refused the plea of the Committee of
Seventy that the 112.000.000 of cash now idle in the sinking funds be used
to purchase outstanding bonds. He stated that he would approve the
purchase of city bonds at a price of par, but pointed out that at this time
they are selling considerably above that figure. His reference to "speculation" was based on the thought that the actions of subsequent administrations might serve to depress the market value of municipal securities
and result in a loss to the city. John H. Mason, Chairman of the Sinking
Fund Commission, has long advocated the use of the cash funds for bond
investments, while City Comptroller David S. Wilson, the other member
in addition to the Mayor, has held that the money should be used in the
purchase of authorized and unissued bonds.
PIKE COUNTY (P. 0. Petersburg), Ind.
-WARRANT SALE
-An
issue of $30,000 6% warrants was sold on July 2 to the First National
Bank and the Citizens State Bank, both of Petersburg. The warrants
will mature on Dec. 15 1935.
PONTOTOC COUNTY UNION GRADED SCHOOL DISTRICT
NO. 2 (P. 0. Franks), Okla.
-BONDS VOTED-It is reported that the
voters recently approved the issuance. of $18,500 in school construction
bonds by a very wide margin. It is planned to request a Public Works Administration allotment on this project.
PORT OF NEW YORK AUTHORITY, N. Y.
-RE
-OFFERING OF
$2.500,000 BONDS
-B. J. Van Ingen & Co., Inc. of New York and associates made public re-offering this past week of 12,500,0003% Port bonds,
due in 1941, at a price of 101.25, to yield about 2.75%. Further details of
the issue are given in an item with a New Jersey (State of) caption on a preceding page.
PORTSMOUTH CITY SCHOOL DISTRICT, Ohio
-BOND ELECTION
-The State Tax Commission has given the district authority to vote
on a proposed 1457,996 school building bond issue at the Aug. 13 elections.
POTTAWATTAM1E COUNTY (P. 0. Des Moines), la.
-BOND
SALE DETAILS
-In connection with the sale of the $75,000 funding
bonds to Jackley & Co. of Des Moines, reported recently
-V. 141, p. 148
it is stated by the County Auditor that the bonds were sold as 3%,s, at
par, and mature on Nov. 1 as follows: $5,000, 1939 and 1940; $20.000,
1941: $25,000, 1942, and $20,000 in 1945.
.POTTS CAMP SCHOOL DISTRICT (P. 0. Holly Springs),-Miss
BOND ELECTION
-It is reported that an election will be held on July 30
to vote on the issuance of $7,500 in school construction and repair bonds.
POTTSVILLE SCHOOL DISTRICT,Pa.
-BOND SALE
----The $20,000
coupon or registered school bonds offered on July 10-V. 140, p. 4441
were awarded to Singer, Deane & Scribner, Inc. of Pittsburgh as 240, at
par plus a premium of $264, equal to 101.32, a basis of about 2.37%.
Dated Aug. 1 1935. Due $5,000 on Aug. 1 in 1940, 1945. 1950 and 1955;
callable on any interest payment date on or after ;Lug. 1 1950.
PROSPECT PARK, Pa.
-BONDS AUTHORIZED
-The Borough
Council recently approved a $15.000 bond issue for the purchase of materials to be used in construction of a sewer and in street repairs.
PROVIDENCE, R. I.-BONDS AUTHORIZED-The Common Council
has authorized the construction of a combined incinerator unit and auxiliary
municipal power plant at Fields Point from the proceeds of an issue of
$477,000 bonds.•
PRYOR, Okla.
-BOND REFUNDING PLANNED-It is planned to
refund $50,000 in bonds. A meeting is to be held with bondholders on
July 8.
PUBLIC WORKS ADMINISTRATION-MORE LIBERAL BASIS ON
HOUSING PROJECTS ANNOUNCED-The following press release
(No. 1475) was made public by the above Federal agency on July 8:
"A new and more liberal basis for financing Federal slum clearance and
low-rent housing projects under the Public Works Administration program
was announced by Administrator Harold L. Ickes.
"The new regulations provide that the recently authorized PWA grant
of 45% shall apply to slum clearance and low-rent housing projects. The
remaining 55% of a housing allotment is to be construed as a loan to the
project, to be amortized by rents.
"Interest to be charged on the loan section of the allotment is not to exceed 3%. Amortization of the loan is to take place over a 60
-year period.
Land cost will not be amortized, but a 3% annual land rent item will be carried by each project.
"The new rules liberalize previous regulations, under which a 30%
grant, 45-year amortization, 3% interest and amortization of land was
required. The effect of the new regulations, Administratior Ickes pointed
out, will be to reduce rents to be charged in the Federal projects.
"The new regulations will apply to some 74 slum clearance and low-rent
housing projects under consideration by the Housing Division of PWA
in more than 60 cities. Contracts for construction of five of these projects have been let, and bids are being invited on others. Land acquisition
is under way in some 40 cities where projects are in advanced stages.
"On limited dividend housing corporation side of the program, six of the
seven housing projects undertaken are occupied and the seventh is under
construction."
PUBLIC WORKS ADMINISTRATION-FEDERAL AGENCY REITERATES STAND ON RETENTION OF OUTSIDE ADVISERS TO
-The following is the text of a
OBTAIN MUNICIPAL ALLOTMENTS
statement (Release No. 1481) just made public by the PWA as a re-affirmation of its policy on the advisability of retaining consultants in order to
obtain municipal allotments:
Circulation of a leaflet which promised that "A conference with the
engineers of McCrary will get you a PWA loan and grant" to-day resulted
in a statement by Public Works Administrator Harold L. Ickes reiterating
the PWA policy that no one need employ any lawyer, engineer, agent or
lobbyist in order to obtain consideration of a Public Works project. The
Administrator said:
"My attention has been called to a circular issued under the name of
James B. McCrary Co.. Engineers of Atlanta, which is apparently being
sent to public officials in some of the Southern States. This circular makes
unjustified claims of ability to secure PWA funds for local projects. Some
of the statements are erroneous, and others highly exaggerated.
"It is not necessary for any municipality to send in an application for
PWA funds through this firm of engineers, or through any other firm. In
order to expedite our Public Works Program, we have set up in every State
a full staff of engineers, lawyers and finance examiners. This staff, within
reasonable limits, is prepared to give all the advice that it is necessary for
a municipality to have in order to file an application. No charge will be
made for this service. On the other hand, in studying an application,
PWA will scrutinize it very closely in order to ascertain whether the amount
of the loan includes unjustified fees for engineering or other purposes.
"As J. B. McCrary Co. must well know, from the very beginning PWA
has adopted the policy that no one need employ any lawyer, engineer,
agent or lobbyist in order to secure consideration of a Public Works project."
MEETING HELD ON INCEPTION OF NEW WORKS PROGRAM
The following is part of the text of a statement (Release No. 1486) made
public on July 9 by the above named Federal agency:
"Meeting here for a two-day series of conferences in connection with the
new $4.000,000,000 works program, the Acting State Directors Of PWA
Tidy
13 1935
to-day were addressed by Public Works Administrator Harold L. Ickes,
Works Progress Administrator Harry L. Hopkins and Frank C. Walker,
Director of the National Emergency Council.
"The Acting State Directors were received by President Roosevelt at
the White House at 3 o'clock this afternoon.
"The purposes of the Washington conference are to acquaint the State
Directors with new procedure and regulations, for discussion of common
problems and exchange of ideas. The conferences are under the supervision of Col. Horatio B. Hackett, Assistant Administrator of Public
Works."
PUEBLO COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Pueblo),
Colo.
-It is reported that the entire issue of 4%% school
-BOND CALL
bonds, scheduled to mature on Aug. 11943, is being cAlled for payment on
Aug 1. (A $599.000 issue of refunding bonds was sold on May 28-V.
140, p. 3759.)
QUARRYVILLE, Pa.
-BONDS APPROVED-The Pennsylvania Department of Internal Affairs on July 1 approved an issue of $30,000 refunding bonds.
RAILROAD SCHOOL TOWNSHIP (P. 0. San Pierre), Ind.BOND OFFERING-August Dust, Trustee, will receive sealed bids until
1 p. m. on July 26 for the purchase of $17,000 not to exceed 5% interest
school building bonds. Dated July 26 1935. Denom. $850. Due $850
July 2 1936, 3850 Jan.2 and July 2from 1937 to 1945, incl., and $850 Jan.2
1946. Rate of interest to be expreesed by the bidder in a multiple of 4.4 of
1%. Interest payable J. & J. 2. The bonds are direct obligations of the
township, payable from ad valorem taxes on all the taxable property
therein.
RANCOCAS VALLEY REGIONAL HIGH SCHOOL DISTRICT
(P. 0. Mt. Holly), N. J.
-BONDS VOTED
-The vote cast at the July 2
election on the proposal that the district issue $300.000 high school building bonds resulted in approval of the question by a ballot of 968 to 41.
RANDLETT SCHOOL DISTRICT, Okla.
-BONDS VOTED-The
Issuance of $14.000 bonds by the District for school building purposes was
approved by the voters at a recent election.
RECONSTRUCTION FINANCE CORPORATION-REPORT ON
LOANS MADE TO DRAINAGE DISTRICTS
-The following is the text
of a statement. issued by the above Corporation on July 5:
Loans for refinancing a drainage and levee district in Arkansas, two
drainage districts in Mississippi, and a drainage district in Missouri, aggregating $254,000.00 have been authorized by the RFC under the provisions of Section 36 of the Emergency Farm Mortgage Act of 1933, as
amended. The districts are:
Laconia Drainage and Levee District Phillips County, Arkansas $66,000.00
Central Drainage District, Bolivar County, Mississippi
No.8 Drainage Dist., Bolivar and Sunflower Counties, MiS13
131:888Z
43
Foley Drainage District, Lincoln County, Missouri
14O.00
These refunding loans are based upon deposit of 100% of the outstanding
00
indebtedness. If less than 100% is deposited the amounts authorized are
automatically decreased.
-PURCHASERS
REDMOND, Ore.
-We are now informed by Mabel
Rennolds, City Recorder. that the $40,000 4% coupon semi-ann. refunding
water bonds sold on June 28 at a price of 96.30, a basis of about 4.45%.
as reported in these columns
-V. 141, p. 149
-were purchased jointly by
the Baker, Fordyce Co. and Hess, Tripp & Butchart, both of Portland,
not by the Baker, Fordyce Co. alone, as previously reported. Due from
July 1 1936 to 1955 incl.
REEDSBURG JOINT SCHOOL DISTRICT NO. 1, Wis.-BOND
ELECTION
-A proposal that $100,000 school building bonds be issued
will be submitted to a vote for the people on July 16.
-BOND ELECTION-Governor Green
RHODE ISLAND (State of)
has issued a proclamation calling for an election on Aug. 6, at which the
residents of the State will be asked to vote on the issuing of $3,000,000
unemioloyment relief bonds and $600,000 voting machine bonds, and an
$8,000,000 State public works program.
RICHMOND COUNTY (P. 0. Rockingham), N. C.
-BONDS AU
THORIZED-The issuance of $130,000 in school bonds is said to have been
authorized recently by the Local Government Commission,
-BOND OFFERING-It is reported that sealed bids
RIPLEY, Tenn.
will be received until Aug. 1 by Mayor B. C. Durham, Jr., for the purchase
of a $63,000 issue of refunding bonds.
RISON CONSOLIDATED SCHOOL DISTRICT NO. 33 (P. 0.
-BOND SALE
Rison), Ark.
-The $35,500 issue of 4% coupon school
building bonds offered for sale on July 3-V. 140, p. 4441-was purchased
at par by the Public Works Administration. Dated July 11935. 13tie from
.Tuly 1 1937 to 1955 Incl. No other bid was received, reports the District
Secretary.
ROSCOE SCHOOL DISTRICT (P.O. Coshocton, Route 6), Ohio
BONDS VOTED-Klinee Foster, District Clerk, states that an issue of
$24,000 school construction bonds was approved by a vote of 432 to 173
at an election held July 2. They will be issued to mature in 15 years. a
ROSEBUD COUNTY SCHOOL DISTRICT No. 4 (P. 0. Forsyth),
-The County Treasurer is said to have called
-BONDS CALLED
Mont.
for payment at his office on July 1 the following 6% bonds: Nos. 1 to 18
of school bonds; Nos.41 to 81 of school refunding bonds. Denom.$1,000. 4
ROYAL OAK CITY SCHOOL DISTRICT, Mich.
-REFUNDING
AUTHORIZED-The Board of Education has approved a plan to refund
$2,569,000 of the district's outstanding indebtedness. The new bonds
would run for a 30 year period and would bear an ayerage interest rate of
3.9%, the rate for the first three years being 2%,snd increasing %% everythree years until a maximum charge of 43 % is reached.
ST. FRANCIS LEVEE DISTRICT (P. 0. Piggott), Ark.-ADDI
-In connection with the bond cal
TIONAL DETAILS ON BOND CALL
notice which appeared in these columns recently, for the retirement of
outstanding bonds on Jan. 1-V. 141, P. 149
-we quote as follows from
the Memphis "Appeal" o: June 30:
"With the local municipal market already tight and believed to be facing an advancing trend, local trading circles yesterday heard with interest
of the impending call of $258,000 St. Francis Levee District bonds for
payment Jan. 1.
"This is the second call within the past few months, the previous one
having been in May for $133.000 as of July 1. According to well informed
circles another will be made on or about the first of the year for as many
as may be paid off in advance of maturity.
"Although the official advertisement has not appeared, it was reported
that it would stipulate 125 Os due in 1943, 125 due in 1945 and eight 58
due in 1949.
• "Announcement of the previous call said the bonds could be presented
prior to call date and be paid off, so it was assumed by brokers that the
same would apply to the latest one. however, they believed that holders
would keep them as long as possible in view of the fact that the interest
rates are so much above those now current."
ST. PAUL, Neb.-BOND REFUNDING APPROVED-It is said that
the City Council has approved a plan to refund $49,000 city paving and
improvement bonds, which now bear 4% and 5% interest, at a rate of 4%
Interest.
-The State Tax Commission has
SALEM, Ohio
-BOND ELECTION
given its permission for the holding of an election on Aug. 13 to vote on
the question of issuing $50,000 city hall building bonds.
-BOND OFFERING-Sealed bids will be received
SALINAS, Calif.
until 7:30 p. m. on July 15, by F. E. Heple, City Clerk, for the purchase of
an issue of $140,000 municipal improvement bonds of 1935. Interest rate
Is not to exceed 5%, payable J. & J. Denom. $1,000. Dated July 1
1935. Due $5,000 from July 1 1936 to 1963 incl. Prin. and int. payable
in lawful money of the United States at the office of the City Treasurer.
The legal opinion of Orrick, Palmer & Dahlquist of San Francisco, will
be furnished to the successful bidder without charge. Said bonds will be
in coupon form but registerable as to both principal and interest. A
certified check for $5,000, payable to the City Treasurer, must accompany
the bid. Bids will be received for all or any part of said bonds, at not
less than par and accrued interest.
-An'
SAND HILL SCHOOL DISTRICT, Ga.-BOND ELECTION
election is to be held on July 20 to vot& on the question of issuing bonds
for the purpose of building a high school.
Volume 141
Financial Chronicle
SARASOTA COUNTY (P. 0. Sarasota), Fla.
-BOND TENDERS
INVITED-It is stated by J. It. Peacock: Clerk of the Board of County
Commissioners, that at 10 a. m. on Aug. 5, he will receive open and, consider sealed offerings of county court house bonds, under the following terms
and conditions: •
(1) The bonds offered must be owned by parties who have agreed to accept
the Sarasota County Refunding program being administered by the Sarasota County Refunding Agency, 1003 First National Bank Building, Chicago, Ill. The bonds need not be offered in the name of the actual owner
but should include the date of issue and bond numbers.
(2) All bonds must be offered firm for a period of 10 days and must be
made under cover of sealed envelope addressed to the undersigned and
distinctly marked on the outside of the envelope as "Offering of Sarasota
County Court House Bonds,' the undersigned reserving the right to reject
any or all bids and determine what amount or amounts of each of said offerings will be accepted, said bonds to be delivered to such place as may be
designated by the undersigned.
SAULTE STE. MARIE, Mich.
-The $39,570 special
-BOND SALE
assessment paving bonds offered for sale on July 1-V. 140, p. 4442
were awarded to Stranahan, Harris & Co. of Toledo, as 3hs for a premium
of $45.53, equal to 100.115, a basis of about 3.23%. Dated Aug. 1 1935.
Due in ten annual installments:
SCHENECTADY, N. Y.
-BONDS AUTHORIZED-The Common
Council has recently passed an ordinance which authorizes the issuance
of $210,000 street paving bonds.
SCHENECTADY, N. Y.
-The Board of Educa-BONDS PROPOSED
tion has recently requested the Common Council to authorize the issuance
of $500,000 high school building bonds.
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
-BOND OFFERING
POSTPONED
-The bond sale scheduled for July 8 has been postponed to
July 22. R. D. Leidlich, County Comptroller, will receive bids until
July 22 for the purchase of $90,000 4% coupon coal land appeal bonds.
Denom. $1,000. Dated Dec. 15 1933. Interest payable semi-annually.
Due $15,000 yearly on June 15 from 1939 to 1944 incl. Certified check
for 2% required.
SCOTT COUNTY (P.O. Davenport), Iowa-BOND SALE DETAILS
-It is stated by the County Auditor that the $33,000 funding bonds
purchased by the White-Phillips Co. of Davenport, and Glaspell, Vieth &
Duncan. of Davenport
-bear interest at 3%,were exchang-V.141,P. 149
ed for poor fund warrants, and mature on Nov. 1 as follows: $12,000,
1942 and 1943, and $9,000 in 1944.
SCOTTSBLUFF SCHOOL DISTRICT, Neb.-BOND SALE
-The
State Board of Educational Land and Funds has recently purchased $71,000
3Rj% refunding bonds of the District.
SCOTTSBURG, Ind.
-The $17,000 5% water works
-BOND SALE
revenue bonds offered on July 1-V. 140. p. 4110
-were awarded to the
Cities Securities Corp. and the Indianapolis Bond & Share Corp. of
Indianapolis for a premium of $311, equal to 101.829.
SEAL BEACH, Calif.
-BONDS SOLD-It Is stated by the City Clerk
that the bonds aggregating $132,000, authorized by the City Council on
April 18-V.140. p.3089
-were purchased by the Public Works Administration as 4s at par. The bonds are divided as follows: $62,000 breakwater,
$40,000 sewage treatment plant. and $30.000 water system bonds.
SEATTLE, Wash.
-H. L. Collier, City Treasurer, is
-BOND CALL
reported to be calling for payment from July 11 to July 17, various local
Improvement district bonds and coupons.
SEDGWICK COUNTY (P. O. Sedgwick), Kan.
-BOND OFFERING
-Bids will be opened by Claude N. Cartwright, County Clerk, at 11 a. m.
July 12 for the purchase of $44,000 public relief bonds. Denom. $1,000.
Dated June 15 1935. Bids must be accompanied by a certified check for
2% of bid.
SEQUIN, Tex.
-BOND CALL-Bettie Harington, City Secretary, announces that the city is calling for retirement as of August 10 $27,000
sewer bonds dated Aug. 10 1916, bearing V interest, in denominations
of $1,000 each, and numbered from 10 to 3 incl.
ch.
SHEFFIELD INDEPENDENT SCHOOL DISTRICT, Iowa
-BOND
ELECTION
-An election has been ordered to be held on July 15 to vote
on a proposed $4,500 bond issue.
SHELTON, Wash.
-The $41,000 water revenue re-BOND SALE
funding bonds offered on July 5-V.140, p.4276-were awarded to Grande,
Stolle & Co. of Seattle, as 3Ms for a premium of $110.70, equal to 100.27,
a basis of about 3.46%. Dated Oct. 1 1935. Due yearly on Oct. 1 as
follows: $4,000 1938 to 1941. incl.. and $5,000 1942 to 1946 incl. Harold
H. Houston & Co. bid $41,061.53 for 331s.
.
SHILLINGTON, Pa.
-The $400.000 Mohnsville Water
-BOND SALE
Co. purchase bonds offered on July 8-V. 140. p. 4276
-were awarded to
afgroup composed of Bancamerica-Blair Corp. of New York; E. W. Clark
& Co. and Butcher & Sherrerd, both of Philadelphia, as 2s,at 100.321,
a basis of about 2.475%. Dated July 1 1935 and due July 1 as follows:
$40.000, 1940: $10,000, 1941 to 1950 incl.; $15,000, 1951 to 1958 incl.,
and $20,000 from 1959 to 1965 incl. All or any of the bonds numbered
from 216 to 400 incl. are redeemable at par and accrued interest on July 1
1955 or an any subsequent interest date.
Other bidders were:
Bid
Name
Halsey, Stuart & Co. and Graham, Par-123i %-$726.50 prem. Par and
accrued Interest,
Boening & Co., Chandler & Co., Stroud 3X %-100.46 and accrued int.
& Co. and Swart, Brent & Co
Hemphill, Noyes & Co. and Hornblower
%-101.26 and accrued int.
& Weeks
Dougherty,Corkran & Co.,E.H.Rollins& 2,‘%-Par and accrued int.
Sons,Inc.,and Singer,Deane & Scribner
SIERRA COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Hillsboro),
N. MeX. BONDS NOT SOLD
-We are informed by the County Treasurer
that a $3.000 issue of not to exceed 6% school bonds offered for sale on
June 29 was not sold as no bids were received.
,
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
City), la.
-The Secretary or the
INDEFINITE
-BOND ELECTION
Board of Education confirms our recent report to the effect that petitions
were presented to the Board on July 1, calling for an election to submit a
$320,000 school bond issue to the voters
-V. 141, p. 149
-but he goes
on to state that no definite election date has been set as yet.
SLIDELL SEWERAGE DISTRICT NO. 1 (P. 0. Slidell),
La.
-BOND SALE
-The $40,000 issue of sewer bonds offered for sale on
July 8-V. 140, p. 4110
-was purchased by the Bank of Slidell, at par.
No other bid was received. Dated July 15 1935. Due from July 15 1936
to 1958.
SMITH CENTER SCHOOL DISTRICT, Kans.-BOND ELECTION
-The Board of Education will hold an election in July to vote
on a bond issue for construction of a high school to cost about $135.000.
SMITH COUNTY (P. 0. Raleigh), Miss.
-BOND ISSUANCE CONTEMPLATED-The Board of Supervisors are said to be planning the
issuance of $22,000 jail and court house bonds in the near future.
SMITHFIELD, Pa.
-H. B. Jackson, Borough
-BOND OFFERING
Clerk, will receive bids until July 25 for the purchase of 532,0004% coupon
waterworks bonds. Denom. $1,000. Dated March 1 1935. Interest
payable March 1 and Sept. 1. Due yearly on March 1 as follows: $1,000,
1936 to 1963 incl., and 52.000, 1964 and 1965. Certified check for $1,000,
payable to the Borough Treasurer, required.
SODA SPRINGS, Ida.
-It is announced by City Treas-BOND CALL
urer Jessie Gagon that the following bonds of the city are being called for
payment on July 15: Bonds Nos. 41 to 80 of municipal water works coupon
bonds dated July 15 1919, bearing interest at 6%,in denomination of 51,000
each. Interest will cease after July 15.
SOUTH CORNING, N. Y.
-At a recent election the
-BONDS VOTED
residents of the village by a vote of 98 to 27 authorized the issuance of
$18,000 water works bonds.
SOUTH DAKOTA, State of-BOND SALE DETAILS
-In connection
with the sale of the $7,000,000 4% semi-ann. Rural Credit refunding
bonds to a syndicate headed by Edward B. Smith & Co. of New York.
-it is reported
at a price of 100.10 a basis of about 3.985%-V. 141. p. 149
315
by the State Treasurer that the said bonds were issued to take up a loan of
$3,800,000 from the Reconstruction Finance Corporation at 4%, also
$2.500,000 6% series A rural credit bonds, due on Jan. 15 1936; $200.000
5% mai credit, series E bonds, due on Jan. 15 1936. and $300,000 5%
series N rwal credit bonds, due on Jan. 15 1936. The remainder of the proceeds will be used to meet interest payments due on Jan. 15 1936.
STAMFORD (Town of), Conn.
-BOND OFFERING-Joseph P.
Zone, Town Treasurer, will receive sealed bids until 10 a. m.(Eastern
Standard Time) on July 18 for the purchase of $720,000 coupon or registered emergency bonds of 1935. Dated July 1 1935. Denom. $1,000.
Due $60,000 on July 1 from 1937 to 1948 incl. Bidder to name one rate
of interest in a multiple of h: of 1%. Prin. and int. (J. & J.) payable at
the First National Bank of Boston or, at holder's option, at the Central
Hanover Bank & Trust Co., New York. These bonds will be engraved
under the supervision of and authenticated as to their genuineness by
the First National Bank of Boston. The legality of this issue will be
examined by Messrs. Ropes, Gray, Boyden & Perkins, a copy of whose
opinion will accompany the bonds when delivered without charge to the
purchaser. All legal papers incident to this issue, together with an affidavit certifying to the proper execution of the bonds will be filed with
the First National Bank of Boston, where they may be inspected.
STARK COUNTY (P. 0. Dickinson), N. Dak.-BONDS AUTHORIZED
-The County Commissioners are said to have passed a resolution
recently providing for the issuance of $95,000 in 4% seml-annual court
house and jail bonds. Due from 1938 to 1955.
SUPETZTOR, Neb.-BOND ELECTION
-Notice is given by City Clerk
L. P. Gregory that a special election will be held on July 30 to vote on a
proposal to issue negotiable bonds in amount of 540,000 for erection of a
city hall, auditorium and community house.
-BONDS APPROVED
SWISSVALE SCHOOL DISTRICT, Pa.
The Pennsylvania Department of Internal Affairs on July 1 approved an
ISSUE, of $7 ,0 000 operating expenses bonds. The bonds were sold on
June 11 to Halsey, Stuart & Co. of Philadelphia as 2s, at 100.26, a basis
of about 1.90%.
-The following report Is
TEXAS (State of)
-WARRANTS CALLED
taken from an Associated Press dispatch from Austin on June 30:
"State Treasurer Charley Lockhart Saturday called for payment $837,050.96 of general revenue warrants, leaving a general fund deficit of $6,339,234. Warrants through No. 105,812, issued last March 8, were included in the call.
"The Treasurer announced pension fund warrants issued through October, 1934, and not discounted, would be purcnased, while those issued
through October, 1933. would be paid regardless of discount. A deficit
of $4,747.960 was reported in the pension fund."
THAYER COUNTY SCHOOL DISTRICT No. 24(P.O. Alexandria),
Neb.-BOND ELECTION
-It is reported that an election will be held on
July 19 to vote on the issuance of $5,000 in not to exceed 4% semi-annual
school bonds. Due in 20 years.
THOR, Iowa
-BOND OFFERING-The Town Council will sell $8,000
bonds to complete the town hall at the Thor Savings Bank Building at
730 p. m. July 19. P. S. Lund is Town Clerk.
In connection with the above report it is said that the cost of the structure
will be $10,000, of which the Township of Norway will furnish the difference
from its own funds, under the provisions of a law recently enacted which
permits towns and townships to join in financing the construction of town
halls.
THURSTON COUNTY SCHOOL DISTRICT NO. 310 (P. 0. Olym-BOND OFFERING
-R. J. Johnston, County Treasurer of
pia), Wash.
Thurston County, on July 20, at 10 a.m. will sell for cash $8,000 bonds of
School District No.310, bearing interest at a rate not to exceed 6%,payable
serially. Bids must be accompanied by a deposit of 5% in either cash or
certified check. Bonds will be payable at office of Thurston County
Treasurer in Olympia.
-The City Council on Jiity 1
TIFFIN, Ohio
-BONDS AUTHORIZED
,
authorized the issuance of $68,750 municipal bu_ilding bonds.
.-meoarv-REFUNDING HELD IMPERATIVE
-Un-BOND
-TOLEDO, Ohio
less the city undertakes immediately some plan for the refunding of the
more than $1,000,000 bonds maturing in September, October, November
and December of this year, funds will not be sufficient to meet generaloperating expenses during that period, according to report.
TOLEDO, Ohio
-BABY BOND CASE TO BE APPEALED-ConsumaMon of the sale on June 25 of $2,450,000 5% so-called "baby-bonds" to
Stranahan, Harris & Co.. Inc. of Toledo and associates is threatened as a
result of the recent announcement that a local taxpayer will appeal to
the higher courts for an injunction against the issuance of the obligations
unless new legislation is enacted limiting the interest rate on the loan to
4%, according to the Toledo "Blade" of July 6. The original action was
dismissed in Common Pleas Court and a $50,000 appeal bond fixed. Ralph
Doty, City Law Director, stated that the new attempt to stay the sale
may occasion a delay of from 30 to 70 days in the issuance of the bonds
and might even result in the collapse of the entire transaction.
-At
-BONDS VOTED
TOULON TOWNSHIP (P. 0. Toulon), 111.
a recent election the voters by 126 to 22 approved the issuance of $20.000
gravel road bonds.
-BOND ELECTION
-At
'7RUMBULL COUNTY(P.O. Warren),Ohio
the August 13 elections the voters of the county will be asked to approve
a bond issue of $325,600 for work relief.
41
41.4
0
1.1
-The issuance of $45,000
TYRONE, Pa.
-BONDS AUTHORIZED
% work relief bonds was recently authorized by the Borough Council.
-At a recent
-BONDS VOTED
ULEN SCHOOL DISTRICT, Minn.
election the residents of the district voted by 174 to 96 in favor of the issuance of $14,000 school building bonds.
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT No. 9
-BOND ELECTION CONTEMPLATED
-It is
(P. 0. Hermiston), Ore.
said that an election will be held in the near future to pass on the issuance
.a
of $40,000 in school construction and gymnasium bondsi kft
.
-BONDS VOTED
VALLEY TOWNSHIP, Stark County, III.
-At
a recent election the taxpayers voted 151 to 11 for the issuance of $38,000
road bonds.
VAN BUREN, Ark.
-BOND SALE
-A block of $11,000 property
purchase and fire department bonds has been sold to the Peoples Bank &
Trust Co. of Van Buren.
VANDERBURGH COUNTY(P.O.Evansville), Ind.
-BOND SALE
The issue of $3300,000 poor relief bonds offered on July 8-V. 141, p. 150
was warded to the National City Bank of Evansville and the Hants Trust
Co. of Chicago, who took $90,000 bonds as 1 Ms,$90,000 as 2s and 9120,000
as 2.(s. Due $15.000 each six months from June 1 1936 to Dec. 1 1945 incl.
VINITA, Okla.
-It is stated by C. H. Webb7City
-BOND CALL
Clerk, that the city has resolved to call for payment on Aug. 11, on which
date interest shall cease, 5M % water works extension and improvement
bonds, numbered from 1 to 297. Denom. $1,000. Dated Aug. 11 1922.
These bonds are payable at the State's fiscal agency, the Manufacturers
Trust Co. in New York City.
VINITA, Okla.
-BONDS CANCELED-It is now stated that the $36,000
warrant and judgment funding bonds reported in these columns recently
as having been sold-V. 140, p. 4443-were ordered canceled by the District Court.
WARD COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 2
(P. 0. Barstow), Tex.
-BONDS VOTED
-At a recent election-V. 140.
13• 3761-the voters are said to have approved the issuance of the $75,000
in school construction bonds.
*ARE, Mass.
-NOTE SALE
-J. H. Walker, Town Treasurer, states
that the $38,000 town hall rebuilding and addition notes offered on July 9
were awarded to E. H. Rollins & Sonsof Boston as 2Xs,at a price of 100.583,
a basis of about 2.19%. Dated July 1 1935 and $2.000 each year from 1936
to 1954 incl. Other bidders were:
SniderRate Bid
Int. Rate
Hornblower & Weeks
100.319
2 fi%
Faxon, Gade & Co
100.376
3y
Ware Trust Co
Par
4%
316
Financial Chronicle
WARREN BOROUGH SCHOOL DISTRICT (P. 0. Warren), Pa.
BONDS NOT SOLD-The $25,000 2% coupon school bonds offered for
sale on July 8-V. 140, p. 4277
-were not sold, as no bids were received.
-The
-BOND SALE
WASECA COUNTY (P. 0. Waseca), Minn.
County Board recently sold $75,000 2X% refunding bonds to the First
National Bank of St. Paul. Due $15,000 yearly on Feb. 1 from 1937
to 1941 incl.
Denom. $1,000. Dated Aug. 1 1935. Int. payable Feb. 1 and Aug. 1.
-REPORT ON PROCEEDS OF OCCUPAWASHINGTON (State of)
-A dispatch from Seattle to the "Wall Street Journal" of
TIONAL TAX
July 5 reported as follows on the expiration of the old occupational tax
and, the levying of the new tax:
"The Washington occupational tax, which expired May 1, produced a
net income of $9,484,900 during the 22 months of its effectiveness. The
1935 legislature enacted another occupational tax as part of the large revenue program. The new tax has slightly different rates, however, and is
expected to raise only about $4,000,000 annually.
"The Tax Commission reports that in addition to the $9,484,000 actually
collected, about $2,000,000 in levies is tied up in court suits and $500,000
Is delinquent, which if realized would bring collections for the 22 months
to around $12,000,000.
-ABANDONS BOND ISSUE PROPOSAL
WATERVLIET, N. Y.
The Board of Education recently rescinded the plan to hold a special election on the question of issuing $53,000 bonds for remodeling School Building
No, 3. This action followed condemnation of the plan by a member of the
Board, who assailed the expenditure as excessive for an old structure and
suggested that efforts be made to erect a new building.
-An election will be held
WAYNESBORO, Va.-BOND ELECTION
on Aug. 13 to vote on the question of issuing $110.000 high school construction bonds.
-BONDS
WELD COUNTY SCHOOL DISTRICT No. 64, Colo.
-An issue of $40,000 4% school building
SOLD SUBJECT TO ELECTION
bonds was recently sold to Brown, Schlessmann, Owen & Co. of Denver,
subject to being approved by the voters at an election on July 9. Denom.
$1,000. Due $2,000 yearly beginning in 1936.
WELLINGTON,Kan.
-BOND OFFERING-Sealed bids will be received
until!,a. m.on July 15 by the City Clerk,for the purchase of $50.000 issue
of 2X% coupon water plant bonds. Denom. $1,000. Dated July 1 1935.
Due $5,000 from July 1 1936 to 1945 incl. Prin. and int.(J. & J.) payable
at the State Treasurer's office. A certified check for 2% must accompany
the bid.
WEST CHILLISQUAQUE TOWNSHIP SCHOOL DISTRICT
-The School Board
-BONDS AUTHORIZED
(P. 0. Montandon), Pa.
has recently authorized the issuance of approximately 10,000 bonds the
proceeds from which together with a Public Works Administration grant
would be used to build a high school.
WESTFIELD, N. J.
-BONDS PASSED AT FIRST READING
Ordinances authorizing the issuance of $60,000 improvement note refunding
and 679.000 general improvement bonds were passed on first reading by
the Town Council in June 24.
-BOND OFFERING-Sealed bids
WESTHAMPTON BEACH, N. Y.
will be received by the Board of Trustees until 1 p. m.(Eastern Standard
Time) on July 31 for the purchase of $26.000 Jot to exceed 6% interest
coupon or registered street improvement bonds. Lillian E. Witt is Village
Clerk. The bonds will be dated July 1 1935. Denom. $500. Due July 1
as follows: $1,000 in 1935 and 1938 and $1,500 from 1939 to 1954 incl.
Bidder to name one rate of interest on the issue, expressed in a multiple of
X or 1-10th of 1%. Prin, and in (J. & J.) payable in lawful money of
the United States at the Seaside Bank Westhampton Beach. The bonds
are direct general obligations of the Village, payable from unlimited taxes.
A certified check for $500, payable to the order of the Village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York City will be furnished to the purchaser without cost.
Financial Statement
Assessed valuation of taxable property, according to last
preceding assessment roll
83,879,730
Total bonded debt (including current issue)
x104,000
Water debt
None
xNot including debt of any other subdiv.sion having power to levy taxes
upon any or all property subject to the taxing power of the Village.
Uncollected End
Uncollected as
Total Levy
of Fiscal Year
of July 1 1935
Fiscal Year
$61,487.01
1932-1933
$4,575.15
$484.48
57,795.52
3,282.25
1933-1934
523.65
57,743.33
3,680.81
1934-1935
1,640.20
for current fiscal year were levied May 15 1935 and amount.
Note: Taxes
to $68,283.25, and to date $51,564.67 has been collected. Said taxes
become delinquent July 1 1935.
-BONDS APPROVED-The Pennsylvania
WEST LEESPORT, Pa.
Department of Internal Affairs on July 3 approved the $16,500 refunding
and funding bends which were awarded on July 1 to the First National
Bank of West Leesport as 34s. at 100.15, a basis of about 3.23%.
-PROPOSED BOND ISSUE
-An ordinance
WEST ORANGE, N. J.
authorizing the issuance of $54,900 improvement funding bonds was passed
on first reading by the Town Commission on July 2. Of the issue $23,900
is for West Orange's share in costs of the joint outlet sewer, $27,000 for
funding a like amount of anticipation notes previously issued for the Fourth
Ward sewer improvement and $4,000 for notes issued for drainage improvements to the east branch of the Rahway River.
-TEMPORARY LOAN
-Town TreasWEST SPRINGFIELD, Mass.
urer Henry E. Schmuck has recently negotiated with the Second National
Bank of Boston for a temporary loan of $25,000. on a 0.20% discount
basis. The notes will mature Nov. 7 1935.
-BOND CALL
-It is reported by Mrs. J.
WEST VIRGINIA, State of
Beverly Dooley, Assistant Secretary of the State Sinking Fund Commission that the following bonds are being called for payment on Aug. 1,
on which date interest shall cease:
$4,000 Preston County, 5% Kingwood Road District bonds, numbered 63
to 70, bearing date of Aug. 1 1913. Denom. $500. Payable at the
Kanawha Valley Bank in Charleston.
52,000 City of Beckley 5% bonds, numbered 1 to 4, 6, 9 to 12, 17 to 29.
and 31 to 60, bearing date of Aug. 1 1910. Denom.$1,000. Optional
Aug.on
1 1930. Payable at the Kanawha Valley Bank in Charleston.
1,000 Town of Hundred 5% bonds, numbered 61 to 70, bearing date of
Aug. 1 1908. Denom. $1,000. Optional on Aug. 1 1918, Payable
at the Bank of Hundred.
-BOND ELECTION
WHARTON COUNTY (P. 0. Wharton), Tex.
POSTPONED
-It is reported that the election which was scheduled for
June 22 to vote on the issuance of $2,940,000 in lateral road and drainage
bonds, memioned in these columns early in June
-V. 140, P. 3946
-has
been postponed to July 27.
WHATCOM COUNTY SCHOOL DISTRICT NO. 301 (P. P. Bellingham), Wash.
-BOND ELECTION CONTEMPLATED-It is said that an
election will be called to have the voters pass on the issuance of $450,000 or
$500,000 in high school construction bonds as soon as the Public Water
Works Administration approves a grant for the project, which is estimated
to cost $800,000.
WHITEFACE SCHOOL DISTRICT (P. 0. Whiteface), Tex.
BONDS VOTED
-The voters are said to have approved recently the issuance of $25,000 in school construction bonds.
WHITE PLAINS, N. Y.
-NOTES AUTHORIZF,D-The City Council
has recently authorize° the issuance of $98,000 certificates of indebtedness
to temporarily finance the sanitary sewer system.
WHITING, Iowa-BOND SALE
-The $20,000 issue of water works
-was awarded to the Toy
bonds offered for sale on July 5-V. 140, p. 4444
National Bank of Sioux City as 3Xs,at par, according to report.
WHITNEY POINT CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
-BONDS VOTED
-The taxpayers on June 28
Whitney Point), N. Y.
approved by a vote of 681 to 125 the issuance of $350,000 bonds to finance
the construction of a new grade and Mgt school.
WHITTIER SCHOOL DISTRICT (P. 0. Boise), Ida.
-BOND ISSUANCE NOT CONTEMPLATED-Regarding reports to the effect that the
July 13 1935
district was considering the issuance of $200,000 in school construction
bonds, it is stated by the District Clerk that no plans have been made for
such issuance.
-BONDS AUTHWILSON COUNTY (P. 0. Wilson) No. Caro.
ORIZED-The Board of County Commissioners on July.2 passed an order
authorizing the issuance of $52,000 bonds for the purpose of refunding outstanding school bonds. (This supersedes a report which appeared in these
-to the effect that $69,000 bonds had
columns recently
-V. 140, p. 4444
been authorized.)
WINGVILLE TOWN (P. 0. Montfort), Wis.-BONDS VOTED
At a special election held on June 18 the town of Wingville voted $10,000
bonds for highway improvement.
-SEEKING BUYER
WINNEBAGO COUNTY (P. 0. Rockford), 111.
FOR BONDS
-The county authorities are seeking a buyer for $200,000
to be issued for the purpose of funding outstanding inbonds which are
debtedness.
-BOND SALE DETAILS-It is stated by
WINSTON.SALEM, N. C.
the City Treasurer that the 842.0004% semi-ann. abbatoir bonds purchased
by R. S. Dickson & Co. of Charlotte, at a price of 102.513-V. 140, la•
4444
-are dated Oct. 1 1934, and mature Oct. 1 as follows: $1,000, 1937
to 1940, and $2,000, 1941 to me, giving a basis of about 3.76%•
WOODWARD SCHOOL DISTRICT (P. 0. Woodward), Okla.
-It is reported that an election will be held on July 15
BOND ELECTION
to vote on the issuance of $26,000 in not to exceed 5% school building vends.
WORCESTER UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-BOND OFFERING-Myrtle Ten Eyck, District
Worcester), N. Y.
Clerk, will receive sealed bids until 11 a. m. (Eastern Standard Time) on
July 18 for the purchase of $30,000 not to exceed 4,1i% interest coupon or
registered school building bonds. Dated July 1 1935. Denom. $1,000.
Due $1,000 on July 1 from 1936 to 1965 incl. Bidder to name a single
interest rate on the issue expressed in a multiple of X or 1-10th of 1%•
Principal and interest (J.& J.) payable in lawful money of the United States
at the Schenevus National Bank, Schenevus. A certified check for 2% of
the issue, payable to the order of the Board of Education, must accompany
each proposal. Legal opinion of Hawkins, Delafield & Longfellow of New
York will be furnished the successful bidder. Bonds are payable from unlimited ad valorem taxes on all taxable property in the district.
-BONDS AUTHORWYCKOFF TOWNSHIP (P. 0. Wyckoff), N. J.
IZED
-On July 2 the Township Committee passed on first reading an
ordinance authorizing the issuance of $103.500 general refunding bonds.
The ordinance will be given final consideration on July 16.
-The 8120,000 parks and play-BOND SALE
YOUNGSTOWN, Ohio
-were awarded to the
ground bonds offered on July 6-V. 140, _p. 4278
Provident Savings Bank & Trust Co. of Cincinnati as 3Xs, at par plus
a premium of $12, equal to 100.01, a basis of about 3.49%. Dated June 1
1935 and due $12,000 on Oct. 1 from 1936 to 1915 incl. Second high bid
of par plus a premium of $88 for 3)s was entered by Van Lahr, Dol &
IsphorWng, Inc., of Cincinnati.
CANADA, Its Provinces and Municipalities.
-The
BLACK LAKE, Que.-PAYMENT OF BOND INTEREST
city has been authorized by the Quebec Municipal Commission to pay
coupons due May 1 1933 on bonds issued under by-laws Sand 57, and clue
Aug. 1 1933 on by-law 11 bonds.
CAPE DE LA MADELEINE, Que.-BOND INTEREST PAYMENT
The city is paying interest coupons due July 1 1935. Holders of overdue
bonds which carry no coupons have been requested to register with the
City Clerk so that checks may be mailed.
CHICOUTIMI TOWNSHIP, Que.-310,400 BONDS DR4WN FOR
-Drawing of township bonds amounting to $10.400 was
REDEMPTION
held at the Quebec Municipal Commission office at Quebec. Twenty-four
bonds of $100 each and 16 bonds of $500 each were drawn. They will
he redeemable at par, plus interest on presentation at the bank as from
July 1.
HAMILTON, Ont.-33,000,000 BORROWING APPROVED--The city
has received permission to issue $3,000,000 bonds.
-The $48,000 publ c works bonds
JOLIETTE, Que.-BOND SALE
-were awarded to Beausoleil & Beauoffered on July 8-V. 141. p. 150
soleil of Montreal as 3Xs, at 96.77, a basis of about 3.88%. Dated May 1
1935 and due serially in 20 years.
MONTREAL, Que.-VALIDITY OF SALES TAX QUESTIONED
Validity of the city's sales tax was challenged in the Superior Court
July 2 with institution of suit by W. B. Baikle, one-time aldermanic candidate in Notre Dame de Grace, asking that the tax be declared illegal
because it is an indirect levy and therefore ultra 'wires of both city and
provincial legislation.
Along with the attack on the status of the tax is sought refund of money
paid under protest in the purchase of articles on which sales tax was exacted.
Neither the Province of Quebec nor the City of Montreal has power to
Impose on the seller the obligation to collect the taxes as the agent of the
city, it is added.
It is charged that the tax is illegal in respect both of its exaction of tax
on purchases made in the Montreal area and in exaction of tax on articles
purchased outside the city area by citizens resident in the City of Montreal.
The writ of summons, taken on behalf of Baikie by the legal firm of
Brown, Montgomery and McMichael, was served on city officials yesterday immediately following its issue from court.
ONTARIO (Province of
AGENTS APPOINTED FOR
-Under the terms of a plan anMUNICIPALITIES IN DEFAULT
nounced recently by Hon. D. A. Croll, Minister of Municipal Affairs,
Thomas Bradshaw, President of the Toronto General Trusts Corp., and
J. M. Macdonnell, General Manager of the National Trust Co., become
fiscal agents for defaulting municipalities in the Toronto area. They will
assist the Provincial Government and the municipalities themselves in
preparing refunding plans in East York, &arbor°, North York, Mimico,
York Township, New Toronto, Long Branch, Leaside and Weston.
In addition to his services in behalf of the Toronto suburban area, Mr.
Bradshaw becomes financial consultant to the municipal affairs department.
OTTAWA, Ont.-T490,000 BONDS APPROVED
-A by-law providing
for the issuance of $490,000 relief bonds has been approved by Council.
THREE RIVERS, Que.-BONDS APPROVED
-The ratepayers have
voted to issue $135,0001 sewer construction bonds.
-VALIDITY OF $1,500.000 BOND ISSUE
VANCOUVER, B. C.
ATTACKED-Validity of the city's issue of $1,500,000 "baby bonds'
was questioned in British Columbia Supreme Court June 30 when an
injunction to restrain the City Council from proceeding with the Issue
was sought on behalf of Herbert Louis Smith, Vancouver.
Principal grounds are that the bonds are charged on water rates and
they should have been charged on the rateable property of the city in accordance with the Vancouver Incorporation Act, and further that the
city allegedly had already reached the limit of its borrowing power.
It was also contended the bonds are invalid because there is no provision for paying them off by equal instalments annually.
BOND SALE ENJOINED-An injunction restraining the city from selling the above issue has been granted by Justice D. A. McDonald of the
British Columbia Supreme Court, pending trial of the suit attacking the
validity of the obligations.
WINDSOR, Ont.-CONCERTED ACTION FOR PROTECTION OF
INTERESTS PLANNED BY BONDHOLDERS
-Arrangements have been
completed whereby the various debenture holders' protective committee
of the old city of Windsor will hold a meeting at Toronto this week, at
which the affairs of the city will be discussed.
Up to the present each committee has been acting individually and
has proceeded to invite the deposit of debentures with a trustee, and already
a substantial proportion of the total debentures is on deposit. The desire
of each committee is to increase the proportion deposited so as to strengthen
its hands in effecting a satisfactory settlement.
It is understood from the Secretary of the Windsor debenture holders'
protective committee that the various committees representing the debenture holders already have the information required by the fiscal agents
and this information will be available to them.
Meanwhile, all debenture holders have been asked to deposit their debentures with the various protective committees.
@FedFRASER