The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
jus. AOM.
IijRRARY
JUL 2 o
10r-'
TV
ammtrria
COPYRIGHTED IN 1936
VOL. 143.
8YWJLLIAM B. DANA COMPANY, NEW YORK.
l8SU8dW«^C>Gopy~
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFPICE AT NEW YORK. NEW YORK, UNDER THE ACT OF MARCH 3, 1 J7».
NEW YORK, JULY 18, 1936.
NO. 3708
TRUST
THE
COMPANY
Chartered
NATIONAL
1866
Kidder, Peabody & Go.
George V. McLaughlin
NEW
OF
PHILADELPHIA
THE
CITY
The
BOSTON
YORK
President
NEW YORK
CHASE
BROOKLYN
Member Federal Deposit Insurance Corporation
YORK
is
tra-
bankers' bank.
a
many
served
BANK
NEW
chase
ditionally
For
OF
years
it
has
large number
a
of banks and bankers
as
New York
\^k&ra>Bank.
INSURANCE
FRANCISCO
Member Federal Deposit Insurance Corporation
RESOURCES
1
United States
STOCKS
Government
OVER $200,
Securities
1
1
.
Hallgarten & Co.
FIRST BOSTON
Brown Harriman & Co.
CORPORATION
Established 18S0
NEW YORK
NEW YORK
PHILADELPHIA
London
Incorporated
63 Wall
BOSTON
CHICAGO
Chicago
Deposit Insurance Corporation
AND
UnlonlrustCo.
SAN
depository.
reserve
Member Federal
BANK
®
and
correspondent
and
COMMERCIAL BANKERS SINCE 1852
AND OTHER
Street, New York
Telephone t BOwling Green 9-5000
>
SAN FRANCISCO
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
NewYorkTrust
Amsterdam
London
Company
CARL M. LOEB & Co.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
.
$32,500,000
Barr Brothers & Co.
INCNew York
Paris
London
Municipal Bonds
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
State
New York
-
Municipal
Industrial
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
London
•
European Representative* s Office:
Railroad
,
Eastern
8
-
Public Utility
KING WILLIAM STREET
BONDS
LONDON, E.C. 4
Correspondent
Edward1
Minneapolis
B. Smith & Co.,
CHICAGO
R.W.Pressprich&Co.
He
Inc.
St. Louis
Member Federal Reserve System
N, Y.
.
and
Clearing House Association
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
Financial
u
July 18, 1936
BAKER, WEEKS
Becker & Co.
G.
A.
Chronicle
&HARDEN
Incorporated
J. & W.
Investment Securities
Established 1893
Seligman & Co.
Memben
New York Stock Exchange
New York Curb Exchange
Investment Securities
Chicago Board of Trade
Commercial Paper
52 WALL STREET,
New York
No.
Wall
54
Street
Philad?iphia Stock Exchange
NEW YORK
NEW YORK
Graybar Building, New York
Chicago
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
And Other Cities
London Correspondents
6 Lothbury, London, E. C. 2
BROTHERS
SELIGMAN
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
j
Foreign
Foreign
MARX & CO.
NATIONAL BANK OF INDIA, LIMITED
BIRMINGHAM, ALABAMA
Bankers
to
the Government in
and
Head Office:
SOUTHERN
MUNICIPAL
CORPORATION
AND
Kenya Colony
Uganda
26, Bishopsgate, London, E. C.
Branches in
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
BONDS
NATIONAL BANK
Subscribed Capital
of EGYPT
New
...
.
.
.
FULLY
PAID
RESERVE
Newark Bank & Insurance Stocks
and 7,
J. S. RIPPEL & CO.
FUND.
.
.
.
.
£3,000,000
3,000,000
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
King William Street, E. C.
Branches in
Chief Office in New Zealand: Wellington
Sir James Grose, General Manager
all the
Head Office: 8 Moorgate,
principal Towns in
Newark, N. J.
London, E. C. 2, Eng.
Subscribed Capital
EGYPT and the SUDAN
£6,000,000
Paid up Capital
LOUIS
£2,000,000
Fund
Reserve
£1,000,000
Currency Reserve..
The
conducts
Bank
£500,000
description of hanking
every
business connected with New Zealand.
•
'
'
.
"
•
'
'
•
Correspondents throughout the World
London Manager, A. O. Norwood
St. Louis Securities
«
,
Sti>\
a
TAKE
WE
PLEASURE
IN
ANNOUNCING
THAT
SAINT LOUIS
809 OtM St
Members St. Louis Stock
POWELL
JUNIUS
MR.
Exchange
THIS
DAY
HAS
ASSOCIATED
BECOME
MANAGER
AS
UNDERWRITING
US
OF OUR
BANKING
INVESTMENT
AND
WITH
DEPARTMENT
Missouri and Southwestern
Stocks and Bonds
wo/uc
Smith, Moore & Co.
St. Louis
MEMBERS
The First Boston
Corp.
NEW
YORK
STOCK
EXCHANGE
St. Louis Stock
Wire
Exchange
24
JULY
BROAD
STREET
NEW YORK
t
15, 1936
DETROIT
MICHIGAN
i
MUNICIPALS
and
■
CORPORATION
United Air LinesTransport
BONDS
WATLING, LERCHEN & HAYES
NOTICE IS HEREBY GIVEN that by limitation
Trust Agreement dated July 23,
Corporation
of
its term,
-
1934, under and in pursuance of
the Voting
the terms
of which the Voting Trust Certificates for shares of Capital Stock of United
Air
Members
Lines
Transport
Corporation
have
been
issued,
will
expire
at
twelve
New York Stock Exch.
New York Curb Assoc.
o'clock midnight, July 22,
Detroit Stock Exchange
Chicago Stock Exch.
dated Voting
Trust Agreement, have instructed City Bank Farmers Trust Company, as
their Agent, to deliver or cause to be delivered on and after July 23, 1936,
upon surrender of Voting Trust Certificates then outstanding, certificates of
Capital Stock of United Air Lines Transport Corporation to the amount
called for by such outstanding Voting Trust Certificates.
334 BUHL
BLDG.,
DETROIT
The
1936.
undersigned Voting Trustees,
Letters
of
transmittal
Certificates are
DETROIT REAL ESTATE BONDS
transmittal
to be
filled
acting under
out
and
the above
delivered with Voting Trust
others may obtain such
Trust Company, 22 William
being mailed to holders of record;
letters
from
City
Bank
Farmers
Street, New York, N. Y., as Agent of the Voting Trustees.
MARTIN
Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange
PENOBSCOT
BUILDING, DETROIT, MICH.
banking
undertaken
CAPITAL
LONDON AGENCY
6
ST.
£2,200,000
The Bank conducts every description of
and exchange business
Cairo
.
Trusteeships and Executorships also
Jersey State & Municipal Bonds
18 Clinton St.
£2,000,000
Capital
Reserve Fund
NEWARK
Head Office
£4,000,000
Paid Up
JOSEPH
Chicago, Illinois,
July 11, 1936.
SUMNER
C.
P.
ANSORGE
RIPLEY
SEW ALL
Voting Trustees.
Vol. 143
JULY
18,
No. 3708
1936
CONTENTS
Editorials
Financial
page
Situation
313
The Robinson-Patman Anti-Price Discrimination Act..
325
Political Table-Turning in
327
Europe
Comment and Review
Gross and Net Earnings of United States Railroads for
the Month of May
329
__
Text
of
Week
on
Measure
Establishing
Government in Virgin Islands
the
Permanent / Form
of
334
European Stock Exchanges
317
Foreign Political and Economic Situation
Foreign Exchange Rates
and
318
Comment-
322 & 373
Course of the Bond Market
329
Indications of Business
336
Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
315
Exchange
372
News
Current Events and Discussions..
Bank and
General
Trust
351
....
Company Items
370
Corporation and Investment News
416
Dry Goods Trade
State
and
464
Municipal Department
465
..
Stocks and Bonds
Foreign Stock Exchange Quotations
373
Dividends Declared
373
Auction Sales
373
New York Stock
Exchange—Stock Quotations:
383
New York Stock
Exchange—Bond Quotations.. 382 &
392
New York Curb
Exchange—Stock Quotations
398
New York Curb
Exchange—Bond Quotations.
401
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
404
408
Quotations
Over-the-Counter Securities—Stock & Bond Quotations.
411
Reports
Foreign Bank Statements
Course of Bank
321
Clearings
...
,
Federal Reserve Bank Statements
373
379
General Corporation and Investment News
...
416
Commodities
The Commercial Markets and
the
450
Crops._j._
Cotton
452
Breadstuff s
„
*
458
I
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
City
Herbert D. Seibert, Chairman of the Board and Editor: William Dana Seibert, President and Treasurer: William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year. $10.75 for 6 months; Creat Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display
dvertising matter, 45 cents
per agate line.
Contract and card rates on request.
J^y 18> 1936
Chronicle
Financial
x
$15,300,000
The Chesapeake and Ohio Railway
Company
Serial Notes, Issue of 1936
Dated
;
Maturing SI,530,000 annually
Interest
July 15,- from 1937 to 191+6, both inclusive
payable January 15 and July 15 in New York City
Not callable
(
on
July 15, 1936
prior to the respective maturity dates
Coupon Notes in denomination of SI,000, registerable
denominations
of SI,000, $5,000, $10,000 and
registered Notes of the
same
as
any
to principal.
Fully registered Notes in
Coupon and
multiple of $10,000.
maturity interchangeable.
Legal investment, in the opinion of counsel for the Underwriters, for Savings Banks
in the State
To be issued under
of New York.
Indenture to be dated
an
as
of July 15,
1936 between the Company and
Guaranty Trust Company of New York, Trustee.
Amount
Maturity
Maturity
Interest Rate
Amount
r
July 15, 1937
%%
July 15, 1942
1,530,000
iy8%
July 15, 1943
1,530,000
1%%
July 15, 1944
1,530,000
July 15, 1940
1,530,000
U/8%
July 15, 1945
1,530,000
July 15, 1941
1,530,000
2\i%
July 15, 1946
2V2%
2%%
2%%
2%%.
2J4%
1,530,000
July 15, 1939
Interest Rate
$1,530,000
July 15, 1938
;
$1,530,000
1,530,000
Subject
certain
to certain
associates
all maturities
The
current
at
terms
have
and conditions,
Morgan Stanley & Co.
Incorporated and
agreed to purchase severally from the Company these Notes of
99% and accrued interest to date of delivery.
proceeds from the sale of these Notes together with funds from the Company's
will be
cash
4% Equipment
used to retire
Trust
on
September 1, 1936 all of the Chesapeake and Ohio
Certificates dated March
1,
1934,
outstanding in
the aggregate
principal amount of $15,938,000, of which $613,000 principal amount mature September 1,
1936,
the
and the
same
balance, $15,325,000 principal amount,
will be called for redemption
date.
"
'
on
.
Price 100% and Accrued Interest
for all Maturities
These Notes
writers
are
offered subject to prior sale when,
as
and if issued and accepted by the Under¬
(the undersigned and associated purchasers of the Notes from the Company) and subject to
authorization
by the Interstate Commerce Commission of their issue and sale and to the approval
of Messrs. Davis Polk Wardwell Gardiner & Reed, counsel for the Underwriters.
that
about
July 17, 1936, against payment therefor in New York funds.
The
Notes
long
It is expected
delivery of Notes in definitive form will be made at the office of J. P. Morgan & Co. on or
Underwriters have authorized
Morgan Stanley & Co. Incorporated to purchase and sell
for the respective accounts of the Underwriters, in the
open
market
or
otherwise,' either for
short account, during the period and within the limits set forth in the Agreement between
or
the Underwriters.
-*
,
MORGAN STANLEY &
CO.
Incorporated
KUHN, LOEB & CO.
July 15,
1936.
EDWARD B. SMITH & CO.
The Financial Situation
they have been present in abundance for
THE BoardquiteGovernors of the Federal Reserve
of unexpectedly
System
Tuesday
on
nounced
increase of 50% in the reserve
an
ments of member banks.
require¬
It is true that the
had
the
utterances of the
more
less
or
in
the
action
of
the
most observers
be
not
taken
increase.
an
sort
would
this
at
occur
least
until after the
On
the
the
to force the
were
other
generally
present is
step.
need to go
in
and
There
way
is
bond
their
of
terms
ticket.
It
is
the
We
and this
reserve,
appear
have
people to
in
been
reduced
.
.
faith
and
will
of
Board's
that
cour¬
such
merous
no
been
this
market, and there is
encountered
special
no
should be
far
so
in
It
no
is
of
good ground for doubt¬
ing
that
will,
as
excess
Faithful
reach about
into
all
proves
case, excess
the
new
to
of
new
be
reserves
of
such
the
ideas
of
some
of the
can
requirements take
which the
in the
to
entirely
statement
of
taken at face
the
on
different
the
Board
nouncing the change in
to
fear
part of the Board,
upon
the
value, there hardly
seems
of
the
Board
unless
and
until
might
cause
may
an¬
be
to be much
on
there
important changes in the general situation.
other factors that
or
lengthy
occasion of
requirement
ground for expecting further drastic action
part
neces¬
of further and
factors. ' If the
reserve
in
skeptical
remaining
such action
on
of
as
the
war-
dis¬
any
the part
Reserve authorities
a
so
of
long
Treasury is piling
deficits at
a
In
any
up
remotely
four
years.
excess
or
hazard
was
and is
potential danger; the risk entailed by the wholesale
deposit
creation
and
distribution
the
of
deposits
through the current method of deficit financiering
by the Treasury is immediate and pressing.
accordingly difficult to become
with the action
ment
that have
the
now
continues to
taken,
spend
apparently
very
as
long
to be
grown
It is
much impressed
as
the Govern¬
in the proportions
money
a
fixed habit, and
Treasury continues to meet its demands for funds
by the expedient of loading the banks of the country
shortcomings.
are
of
rank and
drastic declines in the
rate
event, the
past three
with evidences of its
As to
a
approaching those of the
the
price of the obligations of the Federal government,
average
probably quite
It will like¬
however, quite possible in Ameri¬
we sincerely hope that the
government bond market, it would be
unpredictable action
else
is
reserve
it either
technically
tinctly
naturally
politics, and
approximate amount estimated by the
to attribute
by
of dis¬
process
ranted
repudiation
planks of the Republican plat¬
Board, namely somewhat under $2,000,000,000. If,
therefore, real and abiding weakness should develop
sary
member banks
simple
man
effect would doubtless still
remain in the
and
to force retrenchment
This latter is
Governor will have both the
courage and the
wisdom to undertake it with
vigor.
after
$2,-
zero
.
All this is,
the
from
to
quite true, but the
practically
the New Deal.
obligations, it
posing of these holdings.
appear¬
sentiments
will
concreteness
little less
a
reserves
the
on
:
wise require what amounts to
effect.
take
even
unfortunate
forthright repudiation of
the
form.
requirements
translation
significant
entail
$3,500,000,000
by the middle of August,
the date at which the
so
upon
only
000,000,000
conflicting,
vague,
to
means
is that, since
$2,500,000,000 Gov¬
excess
Governor has undertaken to make his stand.
reserves
the Board predicts,
If such
substance—so
meaningless, and, at times,
are the terms of the
platform
op¬
Reserve
would be possible to reduce
that such general
convincing
ance
There
What it
ernment
beliefs as these will have to be translated into
rather definite programs of
proposed action,
if they are to be given a
as reserves
concerned.
are
without saying
market
the
course,
own
than
addresses by the head of the ticket him¬
goes
is
the Federal Reserve banks
Opportunity will thus be afforded him
are hopefully
waiting
get their fingers into the nail prints.
to
why it
reason
of
now
convince those who
to
it
(mistakenly
open
by
system.
say,
in
self.
difficulty has
which
orthodox i
erations
large sections of the people. We have been
glad to learn from the press that plans are
now being
laid for extensive travel and nu¬
Market
order of mag¬
an
with
so-called)
But many need to be convinced. The Gov¬
still remains largely an unknown to
yet
within
of
enough in the American
that if Governor Landon
that
of $2,-
reserves
feasible to deal by means
the
them
excess
The
reasoning is
own
nitude
energies to
own
ernor
The Government Bond
very
000,000,000jor thereabouts
are
Republican
good one as far as
a
convince
Of
particularly striking.
this autumn.
certain it will
severe
proportionately.
.
reality his views actually are, they will
unexpected numbers flock to his banner
in
quickly.
very
and $2,000,-
astronomical that the ord¬
so
stern
Treas¬
matter of fact
taken.
now
significant difference
a
likely to find the difference
head
certainly
believe
so
the
the potential danger of this
This, according to the Republican nominee
Vice-Presidency, is the credo in gen¬
can
ury
a
has
either figure is
course,
and their
own resources
eral
re¬
^increase
of
is the matter
run
action
excess reserves
for the
adverse
any
Board and the
As
situation
un¬
Board.
reserves,
is
solve them."
govern¬
the
do
$3,500,000,000
excess
it goes.
of the
required
the
by that independent spirit, by that un¬
wavering determination
which
they have
always had as a free people, depending on
pos¬
market to
from
cover
effects
of
age,
therefore
ample time for the
ment
000,000
have always solved them, by that sturdy
not
sibly before the end of the
year.
effect
"He believes that the American people will
solve these [their current] problems as they
into the market
important
an
general
between
He Believes
The
will
are
effect
inary observer is not
Treasury is well supplied
cash,
equally important in the long
the
that
"logical"
a
long time
budgetary situation.
To the extent that there
time,
an
hand of the
cumulative
hand, it is
conceded
moment for the
with
of
election, and
probably not then unless developments of
of the
reason
a
they
now,
General Effects
But
It is
believed
no one
marked
more
of
some
feeling fairly confident that it would
at
expected kind
unsound
are
Board itself seemed to squint
direction of
equally true, however, that virtually
that
merely by
subject
long been under general discussion, and
If they
past.
an¬
course,
that the
impression that the action
cation of
ties
to
a
set
determination
our
financial
now
on
the
house
file
The danger is,
will obtain
the
taken is good indi¬
part of the authori¬
in
"order, when the
\
Financial
314
fact
at
of the
that
is
matter
the situation
only
proceed,
as we
the
proposed action
nificance
record
credit
Board through
of the
action
the Board
find
we
that gave
have
maintenance of
"the
that
disturbing is the interpretation of
an
tion
the
funds
make it possible
or
about and
for the commercial
tions
.
remains unchanged
.
.
con¬
foreign disasters. But, in the words of ex-Governor
of
the
sion,
capital market, has been due
the
principally to the large accumulations of idle funds
tors" which will in
tion
of
set
no
1932
it
as
seems
of centuries of
and
expansion"!
mark by
"There is
At the end of
number of institutions)
large
a
purchase of government obligations by
banks.
The inward flow of gold to
which the Board makes reference did not
the loans
and investments of all member banks stood at
til the devaluation of the dollar was
$27,-
What Gold Imports
469,470,000. At about the peak of the boom period in
1929, they amounted to $35,913,771,000.
Today they
It is
substantially exceed $30,000,000,000 notwithstand¬
ing
three years.
"excess"
banks have increased pro¬
same
reserves
chases
of
of Governors of the
banks.
The
Yet
Federal Reserve
the Board
System calmly asserts that there is
credit
1'
to
"large accumulations of idle funds in the hands
in
no
excess
of individual and institutional investors"
accumulations
were
in
no
of these
dence that
1929,
or
they
else
funds,
we may
to the state of
well thank Provi¬
about"
or
course
to b<* attributed chiefly,
be
speaking of gold imports as though they were "an
act of
God," unpredictable and uncontrollable. What
an
"lasting recovery"
"the
adequate supply of funds at fa¬
capital purposes, including mort¬
said, is that
any
did
the
by
such supposition or
assertion is the baldest of financial
heresy that flies
The
devaluation
occur.
was
In
foreign
the
because
of
the
The answer
dollar
caused
it
It is well enough to talk of capital
flight to this country.
rope?
gages," all that needs to be said, indeed about all
can
But the Board is in no way warranted
large part.
sustain
vorable rates for
that
cess reserves.
in
in
supposed duty of the banks to "bring
maintenance of
large amounts, thus enlarging their deposits, and
an almost continual increase in ex¬
still suffer from
As to their
similar sort.
a
banks
buy government securities steadily
to
clear.
knows, to the methods pursued in fi¬
to
continue
is
Supplying Capital Funds
the
upwards of $3,000,000,000 of gold im-
responsible for the inflow of gold?
nancing the Treasury deficits.
to
government obligations by the Reserve
is
existence, that is of
As
disappear had there been 110
should be in the throes of another
we
every one
to
not active as they were in 1927-
are
inflationary debauch of
as
if these
related to policies
way
emanating from Washington.. As
idleness
as
by reason of their constantly in¬
ports since dollar devaluation has enabled the
expansion, and speaks of the
now
Did
imports of gold and no further open market pur¬
portionately, and probably now stand at an all time
high figure.
un¬
creasing deposits would by now have caused these
Naturally deposits to the credit of the
of these
customers
begin
effected in 1934.
quite true that expanding reserves required
of member banks
"write-offs" during the past two or
enormous
of
the end of 1933 by reason of the continu¬
of the
Reserve
the
(before the banking holiday which permanently
closed
beginning of the now famous
by the Reserve banks) in
They had begun to approach the billion dollar
1932.
ance
credit
excess
being used today.
governrh'ent obligations
to us, to draft
experience.
term is
"open market" operations (large scale purchase
phrases more completely in disregard of
the facts
now
difficult,
were
the
which
in
sense
portions until the
be diminished by the ac¬
way
taken.
now
It would be
a
110
reserves
excess
They were at no time of more than nominal pro¬
of individual and institutional inves¬
the hands
in
Before the depres¬
of course unknown in
Smith, let us look at the record.
rates, which has been an important factor
in the revival
of
day were to be attributed to the impact
that
tinued," and that the "prevailing level of long-time
interest
campaign that the horrible conditions of
1932
the
The statement is strongly
of President Hoover during
reminiscent of the cry
condi¬
and will be
conditions."
easy money
system's policy of encouraging full recovery through
the creation and maintenance of easy money
through the creation and maintenance of
recovery
lasting recovery," that "the
a
abroad and
system's policy of encouraging full
the
from
not
so] is an important factor in bringing
sustaining
resulted almost
entirely from the inflow of gold from
meaning that the Reserve system should supply
banks to do
"These excess reserves have
read:
including mortgages [by plain implica¬
certain facts to
At one point we
statement.
be found in this formal
adequate supply of funds at favorable rates for capi¬
tal purposes,
credit
revealing and certainly but little less
Little lesls
believing that "there is now no excess
as
expansion,"
is the record of the Fed¬
about what it is doing.
to know so little
going definitely
as
banking systems of the country can actually
fallen into the hands of a group which seems
and
In
imperfect
Board almost from the first, it is al¬
impossible to believe that the monetary,
most
which the
rise to it.
As
eral Reserve
announced of far greater sig¬
was
the
than
this document
on
and for others that will he clear
find the general views expressed in
we
memorandum
inflation, will be taken by head and heels and
of
than Action Taken
the country,
voluntarily plunge into the whirlpool
if it will not
thrown in.
For this reason,
document, but can hardly be inter¬
preted as other than an assurance that
largely where they stood before.
Words More Significant
July 18, 1936
1
the rest of the
preliminary step
a
leaving the real hazards of
been taken,
most has
Chronicle
But
why?
part,
Such
a
flow of foreign funds
Disturbed conditions in Eu¬
certainly, but primarily because
owners
of funds believed that the dollar
undervalued
currency
of the world, and
they foresaw, or thought they foresaw, large
inflationary movements in this country from which
they hoped to skim a handsome profit.
The
the
Administration, for which we must assume
Board
largely speaks, cannot absolve itself of
blame for the
excess reserve
situation that has arisen
callously in the face of centuries of practical ex¬
merely by pointing to large imports of gold as if
perience not always untinged with tragedy by rea¬
it had
son
of lapses
Board to
purpose
of just this sort.
continue
"easy
money
The promise of the
conditions" for the
of attaining these ends is consistent with
nothing whatever to do with these imports.
Even the currency
ers
of
capital
stantial
may
dangers abroad from which own¬
have been fleeing are in very sub¬
part an outgrowth of our refusal/to proceed
Volume
with
Financial
143
foresight and
common
conference of 1933.
face the facts
like
scarlet
This
at the
sense
intelligently and rationally still
thread
runs
315
The condition statement of the 12 Federal Keserve
London
stubborn refusal to
same
Chronicle
banks,
combined,
holdings
indicates
gold
that
$8,186,524,000
were
certificate
15 against
July
on
$8,106,569,000
on
ment of the Board of Governors of the Federal Be-
increased
total
serve
System, and it is just this that we find more
significant than the action taken concerning reserve
718,000 from $8,390,119,000.
in actual circulation dropped to $4,006,015,000 from
requirements.
$4,040,332,000.
through the latest
pronounce-
r;
:
chief
A STEP longthe Board ofin these columns Fedadvocated Governors of the was
by
50% increase of
a
take effect
to
Aug. 15.
commendable and
nition
of
the
requirements,
reserve
constitutes
long-delayed
a
Board that
will be
reserves
will
only
recog-
still
be
crease
will be
and
within
the
remained
ratio
unchanged at
Discounts by the System continued to drop
the
recorded
are
weekly
holdings
to
at
were
$2,899,060, down $397,000
period.
Industrial
advances
operations, since the
open
off $1,000 to $3,084,000, while United
security holdings also fell $1,000
$2,430,227,000.
i
OTEADY
^
market
market holdings of United
open
fell
Open market bankers' bill
The New York Stock Market
At that level they will be
of control through
scope
The in¬
by the gain of deposit liabilities,
reserve
States Government
re-
nominal.
were
and the decline of circulation lia-
approximately $3,500,000,000, and the
$1,900,600,000.
the
The
of member bank
Variations of foreign bank and
offset
were
50% increase of requirements then will reduce the
total to
sharply higher
were
were increases
|43,000 to $29,457,000.
time prior to the
excess
reserves
now
for
By the time the in-
into effect, it is estimated,
goes
serves
any
gold imports.
of
79.0%.
sterilized, while the remaining total
of
$506,644,000.
that
so
It is carefully explained by the
larger than at
recent flood
from
bilities
uncontrollable
part of the huge total of excess
a
deposit changes
crease
credit inflation inherent in the unprecedented
aggre-
gate of idle funds.
Total deposits
non-member bank balances
This action is thoroughly
dangers of wild and
to $8,486,:
up
Federal Keserve notes
Treasury general account balances to $592,501,000
System, Tuesday, when announcement
made of
cash in vaults also
as
moved
reserves
balances to $5,871,746,000 from $5,814,251,000, and
0f
taken
was
July 8, and
at $6 730,060,000 as against $6,584,011,000.
Federal Reserve Bank Statement
eral Keserve
the
and^ fairly
advances
pronounced
in
stock prices took place this week in the New
York markets.
Gains
scored every day, and
were
'
States
Government
000,060.
It
intention
quently.
rely, it
now
are
$2,430,-
indicated that the Board has
was
of
securities
changing
requirements
reserve
stated,
was
and the bull market.
no
fre-
The Keserve System should continue
.
the movement produced the best levels of the
taking modified the advances to
the traditional methods of
on
open
by such liquidation, but the general tendency
through discount policy and particu-
larly through
market operations.
theless
The Board
reversal of the easy money
of the
start
was
actual
Provision for such
in
reserve
deposits in central
are:
19%%; demand deposits in
Wednesday
on
The market
On
industry is apt to be less acute than
supposed.
cities, from
Announcement
ments will be increased
on
that
at first
was
require-
reserve
Aug. 15 caused
-
and mild buying soon was resumed.
the
tion of the drought conditions in the West
from
3% to 4%%.
naturally
v
overshadows
interruption of the upswing, but it
ported early in
tics.
this week
Only
are
quite in accordance with expectations,
played only
small increase took place in the monetary
a
the week, and
day
in all
forms of currency in
bonus disbursements caused
in the
of hand-to-hand
use
sharp reductions
bursements
for
of
a
on
a
advances
Veterans'
bulge of $300,000,000
money,
so
be anticipated.
can
continued
repayments
Finance
reduction of $52,006,000
circulation.
that further
Treasury dis-
large scale, but large
to
Reconstruction
the
Corporation apparently sufficed not only
current
needs
but also for
increase of
an
the
was
•
on
was
materially by the deposit of
gold
certificates.
increased
in
Member
these
$2,920,000,060,
weekly period.
large amount of
reserve
circumstances,
officially estimated that
were
bank
a
a
and
excess reserves on
balances
it
was
July 15
gain of $46,060,060 for the
some
were
resumed
realization sell-
noted also in the carrier issues.
attracted
little
a
interest.
Utility shares
The
upswing
resumed more broadly on Tuesday, with
prominent
and
compilations
average
levels of the
year.
Steel issues
which
on
was
of the
recording
were
best
sharply better,
improved reports from the drought area,
and
utility
issues shared
pronounced
were
in
many
Wednesday
the
nouncement
of the impending
requirements,
natural.
but
some
good buying took place in the farm-equipment
Railroad
aided
The gains were
ing, but other industrials improved and good buying
banks.
was
Steel stocks met
Monday.
shares
gain in the Treasury balance also
distinctly upward, with industrial issues of
continued when dealings for this week
Treasury general account with the Federal Keserve
The
connews
minor part in the markets.
a
almost all descriptions in favor.
Currency is returning to the banks, and
a
Political
The trend of stocks in the brief session last Satur-
ceased.
shows
was re-
this likewise
gold stocks, since the flow of gold from Europe has
the credit summary
rea-
Some relaxa-
tributed to the interest in equities.
large extent the variations to be noted
a
was
soned that this change will not affect stocks greatly,
changes to be noted in the current banking statisTo
tempo-
a
in
announcement
ses-
stimu-
was
rary
all banks is
was
excess
close to
was
10% to 15%; demand deposits in country banks,
from 7% to 10%%.
The increase on time deposits
This
never-
also
with dealings considerably in
the 2,000,000-share mark.
cities, from 13%
reserve
Trading
lated by indications that labor strife in the steel
The
requirements
reserve
upward.
sions, while turnover
steps
year.
some
of the 1,000,000-share mark in each of the full
policy pursued since the
Banking Act passed last
changes
demand
to
depression.
made in the
steadily
was
rather active,
emphasized that the current step does not constitute
a
degree, and
a
year
profit-
of the prominent speculative vehicles were affected
to
credit control
Occasional periods of
110
market
and
There
a
was a
undue alarm
faced
period
the
in
gains,
overnight
increase
of
the
instances.
of
On
an-
reserve
uncertainty
was
good deal of churning about,
was
occasioned and net
changes
Financial
316
for
day were small, with gains slightly more
the
Buying was resumed on
selective fashion than early in
pronounced than losses.
Thursday, in
a more
Railroad stocks were in best
the week.
demand, but
of the high-priced industrial issues also moved
many
Some issues reflected profit-taking,
ahead
easily.
which
modified
stocks.
gains in the affected
the
buying was continued in a quiet session
Cautious
good results, while rails again shared in the adUtility issues were only a little higher.
market
bond
listed
the
In
movements
for'the
somewhat erratic,
diverse and
were
reserve
re-
quirement increase naturally could be expected to
exercise
greater effect on bonds than on stocks,
a
securities improved in
Government
States
United
early sessions, but a sharp decline took place
the
It was reasoned that the
Wednesday and Thursday.
lower
will make banks less anxious
reserves
excess
formerly to increase their holdings of Treasury
than
issues.
issues tended to advance with
not
were
semi-speculative
and
speculative
while
affected,
bonds
corporate
High-grade
In the for-
equities.
eign dollar bond market the main tendency was upward,
most of these securities are in the specu-
as
unsettlement
some
In
classification.
lative
the less ominous
commodity markets
the
caused early in the week by
was
drought reports, but grains again
thereafter
advanced
further
of
indications
on
Other commodities
warmth and lack of moisture.
Foreign exchanges showed
steady to firm.
were
compared favor¬
General Electric
closed yesterday at 40 against 38% on Friday of
last week; Consolidated Edison Co. of N. Y, at 40%
against 40%; Columbia Gas & Elec. at 20% against
20%; Public Service of N. J. at 48 against 46%;
J. I. Case Threshing Machine at 160 against 165%;
rising
and prices at the close
one,
ably with those of a week ago..
International Harvester at
81% against 81; Sears,
Co. at 79% against 75; Montgomery
Ward & Co. at 43 against 43%; Woolworth at 53%
against 53%, and American Tel. & Tel. at 170%
against 169%.
Western Union Tel. closed yesterday at 89% against 86% on Friday of last week;
Leading industrial stocks showed rather** Roebuck &
yesterday.
vance.
JuI? 18> 1936
Chronicle
only modest variations, with gold movements lack-
Allied Chemical & Dye at 211 against 203; Columbian Carbon at 130% bid against 125; E. I. du Pont
de Nemours at 162 against 156; National Cash Register at 26 against 23%; International Nickel at 50%
against 50%; National Dairy Products at 27%
against 28; National Biscuit at 33% against 33%;
Texas Gulf Sulphur at 35 against 35%;
Continental
Can at 79% against 77%; Eastman Kodak at 174
against 168%; Standard Brands at 16% against
15%; Westinghouse Elec. k Mfg. at 134 against
126%; Lorillard at 23% against 23%; United States
Industrial Alcohol at 34% against 35%; Canada
Dry at 14 against 14%; Sclienley Distillers at 38%
against
40, and National Distillers at 26%
against 27%.
The steel stocks show further improvement this
week. United States Steel closed yesterday at 62%
against 61% on Friday of last week; Inland Steel
at 97 against 90%; Bethlehem Steel at 52% against
Among the favorable dividend actions this week
Steel at 21% against 19%, and
In
the motor group, Auburn Auto closed yesterday at
32% against 30% on Friday of last week; General
the Louisville & Nashville RR. declared a dividend
Motors at 69% against 70; Chrysler at 115% against
ing,
the European gold currencies held fairly well
as
did
and
approach the levels at which metal
not
might be shipped to this side at a profit.
of
$2.50
the
share on
a
payable
stock,
common
and
$1
of
extra dividend
United States Rubber at 29% against 29. and B. F.
share together with a quarterly distribu-
Goodrich at 19% against 19%. The railroad shares
show substantial advances throughout the list,
Aug. 24, 1935.
on
a
tion of like amount
able
declared
Co.
Gamble
&
37%c.
the
on
an
stock, both pay-
common
Aug. 15; in previous quarters 37%c. a share was
paid regularly.
On
New
the
touched
touched
Stock
York
Exchange
164- stocks
high levels for the year while 23 stocks
new
new
low
the
On
levels.
New York Curb
Exchange 77 stocks touched new high levels and 21
stocks touched
New
Stock
York
Call loans
levels.
low
now
on
the
On
the
New*
half-day session
shares ; on
Stock
York
on
on
Exchange the sales at
1,434,990 shares; on
In the copper group,.Anaconda Cop-
closed yesterday at 38% against 36% on Friday
of last week; Kennecott Copper at 42 against 40;
305,505
On the Newr York Curb Exshares;
were
on
on
Trade and industrial reports showr a favorable
377,905
trend, and the upswing in stocks was predicated
Tuesday,
on
Thursday,
Friday, 359,285 shares.
Accompanied by heavy trading, equities enjoyed
on
Tuesday, when
many
This
issues
in the
general list touched the highest levels of the
year.
On Thursday the tone of the market
confident, and buying
caution, but the list
at the close.
was
as a
was
on
Steel ingot production
the American Iron and Steel
such indications.
estimated
by
Institute at 69.0% of capacity this week against
67.2% last week and 39.9% at this time last year,
Electric
power
production
for
the
week
ended
July 11, reported by the Edison Electric Institute,
less
totaled 2,029,704,000 kilowatt hours against 1,956,-
some
230,000 kilowatt hours in the previous vreek and
reasonably firm
1,766,010,000 kilowatt hours in the corresponding
was
undertaking with
whole
partly
was
wide advances in the stock market this week.
especially true
and Phelps Dodge at 36% against 35%.
230,500 shares;
Wednesday, 401,505 shares;
333,635 shares, and
was
per
American Smelting & Refining at 84% against 78,
Monday,
on
against 30%.
Wednesday, 1,978,044
on
change the sales last Saturday
shares;
Railway at 18 against 16%, and Northern Paagainst 25%. Among the oil stocks,
cific at 26%
Thursday, 1,481,150 shares, and on Fri-
day, 1,555,360 shares.
on
ern
Standard Oil of N. J. closed yesterday at 64%
were
Tuesday, 1,659,580 shares;
shares;
at 39% against 37%: Union Pacific at 134% against
125%; Southern Pacific at 37% against 34; South-
against 62% on Friday of last week; Shell Union
Oil at 17% against 18, and Atlantic Refining at 30
Saturday last were 867,180
Monday they
Pennsylvania RR. closed yesterday at 36% against
33% on Friday of last week; Atchison Topeka &
Santa Fe at 82% against 77%; New York Central
unchanged
remained
Exchange
atl%.
the
In the
rubber group, Goodyear Tire k Rubber closed yesterday at 23% against 23% on Friday of last week;
share
a
115%, and Hupp Motors at 2 against 2%.
25 last
In addition, the
Aug. 24; this compares with only $2 on Feb.
Procter
51%; Republic
Youngstown Sheet & Tube at 68% against, 64%.
Yesterday the trend continued to be
a
week of 1935.
Car loadings of revenue freight,
as
Volume
Financial
143
Chronicle
317
reported by the Association of American Railroads,
profit-taking,
totaled
ahead.
was
724,324
in the week to July 11.
cars
gain of 74,565
a
and of
158,822
cars
As
the previous week
over
the corresponding week of
cars over
last year.
This
indicating the
of the commodity mar¬
course
kets, the July option for wheat in Chicago closed
yesterday at 105%c.
against 109%c. the close
as
Friday of last week.
July
on
at Chicago closed
corn
securities
foreign
Austrian
and
obligations
ment between those countries.
In another
slightly higher, while other gilt-edged
improved.
Government
placement of
on
day of last week.
issues
were
phere
prevailed
day at 38%c.
against 39%c.
as
ttfe
close
on
Friday
The
spot price for cotton hereMn New York closed
against 13.65c. the close
as
Friday of last week.
yesterday
16.41c.
was
Friday of last week.
day at 9%c., the
The
price for rubber
spot
against 16.70c. the close
as
same
as
on
-
Friday of previous
-v
•
-
In London the price of bar silver
pence
ounce
on
per
on
Domestic copper closed yester¬
weeks.
19%
on
ounce
y-'
was
pence
per
Friday of last week, and spot silver in
New
York
from
Friday of the previous week.
In
the
transfers
closed
matter
yesterday
of
the
London
on
closed
cable
6.63c.
as
transfers
against
cable
African
of
supported
improve.
Thursday
were
ther
closed
6.61%c. the close
yesterday at
Friday of
on
last week.
week
financial centers.
pean
London, Paris
or
There
was
little activity at
Berlin, partly because of the
many
Bastille
market
tle
cheerful in most
was
uncertainty
Paris Bourse
Bastille
that
the
a
lit¬
by
new
Austro-German accord.
closed
was
sessions, although
The
Monday and Tuesday for
Day observances, and in the sessions
followed
Prices at
holiday
caused early in the week
was
disclosure of the
the
summer
getting into full swing. The London
movements
Berlin
were
small
were
firm
for
a
and
diverse.
time, because of
diplomatic victory achieved in the agreement
with
Austria, but the tone became quiet in the mid¬
week
sessions.
The
international
throughout
closed
on
the
received
now
being made by France to bring funds out of
further
study,
owing to the efforts
hoarding and back from foreign countries, but the
results
the
are
so
far
inconclusive.
reported, but there is
the French
the
are
Small additions to
gold stocks of the French and Netherlands banks
gram,
as
yet that
The
new
French
Cabinet,
the
on
hand, is proceeding with its "reflation"
pro¬
and in most informed banking circles it is
believed
that
that road.
franc
Such
cautiousness in
other
indication
offering of "baby bonds" will improve
situation.
other
no
devaluation lies
conjectures occasion
most markets.
It
is
at
the end
an
attitude of
plain,
on
of
the
hand, that business conditions
are improving
leading industrial countries of Europe.
Dealings were small and movements uncertain in
in all the
the initial session of the week
•
X
'
on
'
the London Stock
Exchange.
British funds held to previous levels and
home
stocks
rail
also
were
well
early advance in industrial issues
maintained.
was
An
modified by
on
gold-mining
suffered
group
cheerful session
a
yesterday fur¬
International
issues
were
un¬
always
France.
Monday,
week
is
The
Paris
well
as
as
punctiliously
Bourse
until
followed by
was
remained
Tuesday, and trading
resumed
not
was
holiday
Tuesday, and
year on
observed
Wednesday.
a
sharp drop
quotations, owing chiefly to the diplomatic set¬
back for France
tween
implied in the
Germany
sharply, and
and
declines
severe
upward
new
Austria.
agreement be¬
Rentes
were
utility and industrial stocks.
off
were
noted also in bank,
International securi¬
quiet but insistent demand.
on
mid-month
carryover was arranged at 3%%
against 4y2% at the end of June, but the Bourse was
not
disposed to place much importance
tion.
The
Bourse
stimulated
was
the reduc¬
on
to
a
degree
Thursday by the disclosure of increased gold
serves
by the Bank of France.
slightly higher and the tone
equities of all descriptions.
also
in
were
rentes
stocks
in demand.
were
of
marked
International securities
equities,
yesterday
but international
dropped.
strength in almost all groups of issues.
encouraged by
were
prochement
extensive,
the
and the
although
new
a
display
Investors
Austro-German
buying movement
profit-taking
rap¬
quite
was
diminished
gains toward the end of the trading period.
much interest
After
an
was
dustrial stocks
shares
and
were
opening
the
ment.
cause
Boerse
on
was
Austrian issues
Satisfactory
were
an
announcement
was
that
had been
In¬
progress
by the
with Vienna.
the
announce¬
in excellent demand be¬
the German market dwindled
ernment loan
prices
German Government loan,
stimulated
of the agreement
Tuesday,
demand, with chemical
favor.
a new
on
the Berlin market.
in best
especially in
reported with
the
Not
taken in fixed-income securities.
uncertain
again tended to advance
was
on
re¬
firm in French
Advances occurred
French
and
Rentes
was
The Berlin Boerse started the week with
monetary situa¬
tion
The
Day occurred this
The
is
firm
was
Gilt-edged issues edged higher,
In
holiday
of
now
responded to the prevailing note
stocks.
ties moved
Europe, and partly because the
also
recorded in British funds and most
were
confusing elements in the present political situation
season
im¬
profit-taking, but international securi¬
firm.
gains
that
in
stock
on
stocks
The British market
section.
The extended
MOVEMENTS of exchanges in wereleading Euro¬
importance the lacking this
,
certain.
for
European Stock Markets *
industrial
and
no
British funds
Good buying was noted in the
well.
as
little from
ties
although
place.
long list of small advances appeared in the
industrial
a
cheerful atmos¬
more
took
sales
International
gold mining securities, while most interna¬
hopefulness.
a
A
Wednesday,
on
tional issues also
as
Friday of last week,
Paris
on
exchanges,
yesterday at $5.03
on
tended to
industrial
foreign
against $5.02% the close
and
at 44%c., unchanged
well
were
and
yesterday
against 19%
as
"
v.
■
dull and soft.
in business
provement
yesterday at 13.23c.
ses¬
very
issues also
realization
but
orders,
caused reactions in most other stocks.
of last week.
in
Some of the aircraft issues in the indus¬
trial section continued to advance
€resh
quiet
Tuesday, British funds tended to move
on
yesterday at 92%c. against 85%c. the close on Fri¬
July oats at Chicago closed yester¬
forged
were
exceptionally good request, owing to the new agree¬
sion
;
but most
German
on
Dealings
on
Wednesday, despite
700,000,000 mark Gov¬
oversubscribed.
The
trend
mixed, with chemical shares in good request,
while most other groups
Little
activity
was
reflected mild liquidation.
reported Thursday, but the tone
Financial
318
),000,000 requested Avould be spent in the next
Changes were fractional in almost all
steady.
was
instances, with best results noted in bank stocks.
Movements
small and irregular
were
sion at Berlin
in
a
quiet ses¬
July 18, 1936
Chronicle
six years.
In France a bitter parliamentary
the model of
yesterday.
arranged for the trade under¬
been
extension
had
standing
between
The
Russia.
>■
the
United
States and
Soviet
existing understanding is largely tenta¬
making
it quite possible that the terms eventually will be
incorporated in a more formal agreement when
tive, but it has produced satisfactory results,
some
deadly.
British officials Avere interpellated in the
Commons, Monday, regarding reports that
goland in defiance of Versailles Treaty
It
ceeding with the construction of forts, but not
interest was taken in the disclosure.
calls for Russian purchases in this coun¬
130,000,000, the
States, in turn, applying to Russian goods
armaments
national
the
of
Most
no
year ago,
adjusted.
that the Germans are pro¬
admitted readily
was
The arrangement, made a
are
contrary, every effort appears to be made to
Russian
The
accords.
filled the terms in the
as
their
purchases
authorities
than ful¬
more
experimental year just ended,
were
$37,000,000,
approxi¬
or
mately double the amount of the preceding annual
American imports from Russia increased
period.
$18,330,018.
Trade problems of the United States and Ger¬
many have been under discussion for several weeks
in Washington between a special German delega¬
only moderately in the last period to
officials
and
tion
of
State
the
Department.
It
however, that little progress has been
an understanding, as the countervail¬
would seem,
made toward
ing duties announced a month ago on a variety
German
goods Avere permitted to go into effect last
The surcharges, ranging from 22% to 56%,
Sunday.
were
imposed under the Tariff Act of 1930, as a
of German trade discriminations and
consequence
the
of
arrangement of the
subsidy
for
ment
stimulating exports.
German Govern¬
A special German
in
is expected
delegation started conversations on these matters
Washington on July 6, and the group
The British policy of
to return to the Reich.
soon
and trade agreements was
tariffs
London House of
revieAved in the
Commons, Wednesday, by Walter
The
special trade
agreements adopted four years ago is Avorking excel¬
lently, Mr. Runciman said, and he saAV no reason for
On the
impress
all Britons the dangers of Avar that unques¬
upon
tionably loom on the horizon.
of the various reciprocal tariff
are
but the British Government is making
United
reduced rates
much
programs
attempt to Avithhold full information.
try in an annual amount of at least
the
Heli¬
regulations.
Germany is fortifying the North Sea island of
problems between the two
of the outstanding
The
House of
held secret,
countries
authorities.
to Russian Soviet
described as exceptionally effective and
Aveapon was
SECRETARY of last Saturday, that a one-year
Washington, State Cordell Hull announced in
type of French aircraft gun had
a new
been presented
Trade Agreements
debate
Avaged late last Aveek over the disclosure that
was
Prime Minister Stan¬
ley Baldwin has taken occasion to warn his felloAV
that an unheralded air .attack might
countrymen
signal the start of the next conflict.
Chancellor of
Exchequer Neville Chamberlain declared more
the
recently that the Empire is devoting itself night and
day
Hoare, First Lord of the Admiralty, de¬
Saturday that Great Britain must con¬
clared last
struct
Sir
defensive rearmament.
of
task
the
to
Samuel
"virtually
Avhere."
He
communications
fleet, capable of going any-
a neAv
vital
are
that British
out again
pointed
sea
England, since "the
to
people would be dead of starvation within six Aveeks
if
they
on
These statements Avere folioAved
cut."
Avere
Wednesday by
formal British notification to
a
the United States and
Japan invoking the escalator
clause in the London naval
means
treaty of 1930.
By this
Great Britain Avill be entitled to retain some
of over-age destroyers, but a similar
40,000 tons
right to retain old ships naturally is accorded also
to the other
ment
On Tuesday the announce¬
signatories.
made in London that the
Avas
tends to manufacture and store
than
40,000,000
gas
masks,
so
government in¬
against
will be available for every man, Avoman
the
use no
less
that a "perfect" mask
and child in
country.
Runciman, President of the Board of Trade.
Austro-German Accord
system of increased import duties and
the
SOME of the outstanding differences between Ger¬
and Austria have been settled under a
many
new
slightest change.
agreement, announced simultaneously in Ber¬
lin and Vienna last
War
Preparations
of
ALL governments profess of armaments increases
and speed peaceful intentions, but
^
the scale
and other
Avar
preparations affords a better index
real thoughts as to
of their
serving the
usual number
highly important subject.
the most
The British measures are
significant and startling, for the pace of
British rearmament still is
defense
for
total
undergoing rapid accel¬
Estimates submitted from time to time for
eration.
various
the possibility of pre¬
Within the last 10 days an un¬
of incidents have throAvn light on this
peace.
the
requirements
current
now
budgetary
have raised the
period
approxi¬
mately to the $1,000,000,000 level, Avhich is a figure
never
nese
that
to
before
army
approached in peace-time.
The Japa¬
submitted proposals to the Cabinet of
country last Tuesday calling for huge additions
the
customary
military
expenditures
OA^er
a
period of 12 years for replenishments and modern¬
ization.
Most of the extra appropriation
of about
this accord
can
Saturday.
The precise nature
only be sensed, for it is widely
reported that secret protocols accompanied the brief
It is highly sig¬
formal statement of reconciliation.
nificant,
however,
caused in
satisfaction
intense
that
Avas
Germany by the development, Avhile the
Italian Government also
London the
neAv
accord
appeared to be pleased.
Avas
In
vieAved Avith the keenest
interest, and much of the information regarding the
secret
annexes
emanated
France and Soviet Russia
the
rapprochement.
pressed
the
from
were
French
that
conviction
British
commentators
the
agreement
merely the first step toAvard "Anschluss,"
cal union of the tAvo German States.
ties
appeared to believe that
means
of
Eastern
claimed
circles.
frankly dismayed by
or
ex¬
Avas
politi¬
Soviet authori¬
Germany took this
keeping the Avay open toward expansion in
Europe,
to
Avhich
be his aim
Chancellor
years ago.
Hitler
pro¬
The realization
spread sloAvly this week that the agreement proba¬
bly
means
the end of Italo-German contention re-
Volume
Financial
143
garding Austria, and in
assumed
was
that
like
alliance
an
two great Fascist States soon may fol-
between the
These and many
low.
European circles it
some
something
other conjectures led to the
Chronicle
«
The
319
accuracy
of the secret
manifested.
of
reports regarding the terms
sopie
the agreement was quickly
annexes to
It
indicated at Vienna on Wednes-
was
day that military leaders who favored the Nazi
reading of anything and everything into the accord,
and in
nesty
while
cause would soon be reinstated,
rely
such circumstances it is
perhaps wisest to
the few available facts and await further
on
official disclosures.
The
and
victed of participation in violent crimes.
citizens
Governments stated
been
accord,
reached
to
that
agreement had
an
reestablish relations
on
normal
a
friendly basis, in order to make "a tangible
tribution to the settlement of Europe
tenance of peace,
but
of
States
German
these two
The German Gov-
thereby best be served."
ernment,
con-
and the main-
and in the belief that the manifold
mutual interests
would
its part, affirmed that it recognizes the
on
general am-
July 25, with only those excluded'who were con-
joint announcement of the German and Aus-
trian
a
Nazis is to be proclaimed
for imprisoned
were
taken
Austrian
surprise
by
entirely
the
by
the authorities kept insisting to the last
as
moment that there
was
no
likelihood of important
developments until the autumn.
When the agree-
ment finally was announced, the reaction in Austria
mixed,
was
with
Pan-Germanists completely
the
mollified and their opponents equally
Although Austria is
a
exasperated,
member of the League of Na-
tions, and as such is required to file all treaties
Each of the two
at Geneva, it appears that this problem was circum-
governments, the declaration added, views the in-
vented by dubbing the accord an agreement rather
complete sovereignty of Austria.
ternal
the
political structure in either State, including
question of Austrian National Socialism,
internal affair of that
refrain from
to
respective State and agrees
attempting either directly
rectly to interfere
the
a<s
Austria
therewith.
indi-
or
agreed to
than
treaty,
a
so
that Geneva does not have to be
Disclosure of the precise terms of the
informed.
understanding thus
was
in Vienna this week
It was rumored
avoided.
that implementation
of the
personal
agreement soon may be discussed in a
con-
bring its political policies, especially in so far as
versati on by Chancellors Adolf Hitler of Germany and
they
concern
Kurt Schuschnigg of Austria.
with
the fundamental
that Austria
the German Eeich,
professes herself to be
The reservation
not affected
era!
statements
that the
of
by that agreement.
added
was
To these gen-
further
a
protocols
Italy and Hungary
declaration
prerequisites
It
adopted
the
over
on
indicated
that
the
Germany will
retaliatory
Austria became alarmed
when
remove
will
now
passports of Germans desiring to visit Aus-
be removed.
Austrian counter measures,
form of mild trade
abolished.
But these
that
an
was
such
accepted
as a
friendly attitude
toward
ernment
a
only the obvious
matter of
man
to
the
annexes
are
an
Austrian
the
counterpart of the
Eventually, according to
as
Ger-
hope will place Austria completely
From London it
camp.
Sunday that military and
was
political
understanding.
In
a
pseudonym of "Augur" stated that
annex on
the defense of Austria calls for
increase of the Austrian army to
a
as a
an
were
said to
matter.
The
said in various
political amnesty in Austria, free-
newspapers
relations.
men,
assortment of other prob-
dom of movement of the two
German
annex was
current
a
portions of the accord
reports to deal with
300,000
On the question of the
political
provide that this is not
lems, such
Austro-German
an
-
Locarno Deadlock
X TOTWITHSTANDING
the
the
vast
successes
re-
cently achieved by Germany and Italy outside
Versailles
and
Locarno
British and
spheres,
French statesmen continued to indulge this week in
lengthy discussion regarding
proposed conference
a
to consider the Locarno situation.
diplomacy
European
clearly
The initiative in
for the
time
being, with the two great Fascist countries.
Ger-
many
rests,
tore the Locarno pact to shreds by military
common cause
with the Reich
Great Britain, seeking
tion.
on
the Locarno ques-
road to genuine solu-
a
tion of the difficulties, made it plain that she de-
Hapsburg restoration,
of
his often expressed desire for
reconciliation.
sired German participation in any conference on the
with adequate armaments.
secret
on
tolerant and perhaps for a
attached to this
writes under the
military
It is significant that Premier Mussolini,
served virtual notice that she is prepared to make
It
dispatch to the New York "Times," the observer who
a
Europe.
in his note to the Austrian Government, commented
the part of the Austrian Gov-
more
on
German
reported last
Schuschnigg
occupation of the Rhineland, and Italy this week
that "self-determination" which the
authorities
within
Messages of felicita-
Chancellor
to be
reports, a plebiscite is to be held in Austria
aid
to
that the secret
course
by
measures
are
necessarily implies.
German Nazi movement.
some
are
which took
restrictions, also
are
agreement
call for
annexes
an
be
the 1,000-mark visa
tria, and retaliatory trade restrictions also
the
exchanged
with the heads of the other Fascist governments of
IN
spread of German Nazism
dropped.
were
can
to be supplied "in the form
are
quickly
was
measures
tion
only by certain preliminary action, and
series of individual measures."
a
fee
German State,
a
mutually desired lessening of tension
be achieved
these
conformity
made that the Rome
was
and the relations of Austria with
were
into
recognition of the principle
in
peoples, distribution
Austria
and
cultural
Locarno
problem.
French
But the
Government
sought to abide by all the outworn fictions of Versailles and Locarno and urged
even
if the
France and Belgium.
nized
a
formal conference
only attendants would be Great Britain,
everywhere,
The real danger, now recog-
is that of 'a gradual drift of
Europe into opposing
alliances,
Belgium sent invitations some time
Britain, France and Italy for
a
ago
to Great
Locarno meeting, to
start in Brussels next Wednesday.
in the meantime has achieved a
But Germany
reconciliation with
Austria, the precise effects of which still
ter of discussion
and conjecture.
are a
mat-
Premier Benito
Mussolini supplied another shock for Great Britain
and France last
Saturday, when he declined the in-
vitation to the Brussels
based
on
gathering.
the continued existence
The refusal
of
was
the British-
inspired Mediterranean mutual assistance accords,
directed against Italy.
But that anti-Italian bloc
is disintegrating rapidly.
stated
Premier Mussolini also
that Germany should be invited to such a
320
Financial
gathering,
the absence of the Eeich "would
as
plicate instead of clarify the situation."
com¬
This pro¬
Chronicle
July 18, 1936
to propose a
soon
of
nance
"realistic scheme for the mainte¬
In London it is expected that the
peace."
nouncement, together with Italian mediation be¬
British-sponsored Mediterranean defense pact
tween
will be
able
Germany and Austria, indicates
consider¬
a
degree of understanding between the Fascist
States.
It suggests
tion
Europe, which calls for extremely skilful
in
the development of
a new
diplomacy everywhere if the mistakes of the
period
pre-war
to be avoided.
are
The
situa¬
British
a
incident
tees
be
can
fortunately,.
wide view
appears
of the situation.
England at the height of the crisis probably will
be
sought.
Monday.
light despite the lack of
same
to the British
questionnaire
a
rather have
without
on
German reply
a
Chancellor Hitler's
"The British Government would
pronouncements.
Locarno conference at all than
no
Italy and Germany,"
a
will be directed toward
now
France and
one
London dispatch of
Tuesday to the New York "Times" remarked.
its efforts
anticipated
The
Belgium to widen the
,
"All
-.»•'*
....
AFTER
to the Black Sea once
There
way.
followed, with the two governments
made very
would
next
the situation.
on
clear in Paris that all possible
be
exerted
to
appar¬
On Thursday it
the
assure
was
pressure
Locarno
meeting
Wednesday, in accordance with the original
invitation.
To all intents and purposes,
Government
ises
called upon
was
the British
British
and
Belgium would be formed if security
negotiations, in the French
Prime
Minister
sire
for
view
He
was
former
a
German
is in the
answer
with
Germany has distinct
asked whether Great Britain would
sympathetically
of the
the
Commons, Thursday, that the de¬
reconciliation
limits.
fruitless.
sense, proved
Stanley Baldwin indicated in the
British House of
German demand for
a
negative.
behest
of
the
Actually,
which
were
allowed
British
these
lapse
official date.
but in
Governments.
against Italy,
measures
in
Little
countries
many
attention
was
is
experiment
international
paid anywhere
made
ever
by
merely
the
League.
reorganization of the
a
body, but also
a
reorientation of for¬
eign policy by most member States.
bedecked
on
Italy
was
sponsored
a
over
Benito
Mussolini,
country-wide celebration of the
economic
severe
in
a
obstacles.
characteristic
Premier
speech
Rome, declared that the world's sanctionists
hoisted the white
of
a
return to
umph
made
of
at
had
flag of surrender, and he expressed
hope that it would also
were
flag-
Wednesday, and the Italian Govern¬
victory
the
the
quite understandable, since the League de¬
feat necessitates not
ment
were
before
Italy to the formal termination of the most
ambitious
This
Nations at the
of
French
and
punitive
common
prove to
sense.
be a symptom
The usual comments
by II Duce regarding the so-called tri¬
civilization
Europe.
It
Rome, the
same
was
and
justice
indicated
in
war
that
were
But
war.
between other
the
straits
neutral while
Russia, backed
League of Nations
fight for
under treaties
and to accept the
closed war-time passage
a
Franco-
into the
Sea, which is almost entirely Russian.
were
made
on
prepared to abandon the
are
straits
open
Russian thesis of
or
The British indicated
Reser¬
by the Japanese and Bulgarian
delegations, while the effectiveness of the proposed
accord is further
endangered by the refusal of Italy
Results
attend.
to
of
the
conference
caused
dis¬
pleasure in Berlin, where the apparent accord be¬
tween France
to
European
and
Russia
viewed
was
as
a
menace
peace.
France
RIOTS and the mediation France Socialist Gov¬
are yielding
slowly to disorders in of the
placed in full effect last Nov. 18,
to
at
were
Wednesday that they
ernment
last
by the League
at the Mon-
return
SANCTIONS against in accordance an official end
Wednesday, Italy came to with the de¬
reached
s
Turkish water¬
a
held
if Turkey
colonies, and declared that
Sanctions End
cision
again
delegates
duly filed with the League.
vations
France
a
•
closed, except to those countries acting under the
Covenant of the
Black
March
•
ap-
by France, maintained that the straits should be
to make good its prom¬
last
that
countries
military alliance with
of
•
request, but a great deal of dissension with respect
other
officials
•
tacit agreement with the Turkish
was
of the
months," the report added.
•
and thus make the straits from the Mediter¬
ranean
to Turkish action in the event of
pro¬
,
agreement
right to refortify the Dardanelles and the Bos¬
porus
Powers.
scope
'
■
an
persuading
Informal conversations between British and French
ently at odds
of
regarding the Turkish demand for
should remain open,
or
'
imminent, Wednesday,
peared
treux conference
the
'
discussion
of
weeks
the
.
transfer
.j-.V ;>■
/
•
.
posed conference, even if it is necessary to postpone
meeting for weeks
Italian
Dardanelles Conference
good part of the Cabinet is said to view the matter
in the
guaran¬
An
peaceful partner of Nazi Germany, and
a
Some Italian
liquidated.
regarding the small countries that supported
important section of British opinion is anxious to
make
soon
that the entire Anglo-Italian
so
troops from the Libya-Egypt border was started last
Government,
inclined to take
terminated,
in
Africa, and
official
circles
in
day, that Signor Mussolini intends
of Premier Leon
in behalf of the
new
Blum, exercised entirely
workers, and in the meantime the
regime steadily is pushing legislation that
ac¬
cords with the Left Front program.
Finance Min¬
ister
Thursday the
Vincent
Auriol
introduced
on
long-promised bill for reform of the statutes of the
Bank of
same
France, and the Chamber
day to consider another
ization of essential
bill
war
wqs
measure
industries.
asked
on
the
for national¬
The bank reform
seeks, in general, to terminate the close control
of the institution
under
the
stockholders.
to have
by the Council of Regents, elected
Napoleonic
It
rulings by
the 200 largest
provides that all stockholders
votes, while the General Council is to
sist of directors named
are
con¬
partly by the shareholders,
partly by the government, and partly by the trades
unions and the
commercial, industrial and agricul¬
tural interests of the nation.
tain the
right to
Governors.
re¬
the Governors and two Vice-
name
The unrest that has
to be difficult
seems
The Cabinet will
to
allay.
prevailed in France
It
was
manifested
during the Bastille Day celebrations early this week,
when Right and Left adherents clashed on
frequent
occasions in Paris.
dents
were
trouble.
ishing,
The
as
In
general, however, these inci¬
adjusted by the police without too much
an
fold-arms
official
strike
movement
announcement
on
is
dimin¬
Thursday
'•
,
Volume
stated
Financial
143
the
that
strikers in 613
number
latest
showed
count
factories, whereas
Chronicle
and
73,703
only
120,381 strikers in 1,171 factories.
was
Discount Rates of
Present
rates
table
Foreign Central Banks
the
at
leading
centers
at
now
The
com¬
and 79.72% the previous
year
bills
commercial
record
francs
and
namely
decreases,
440,000,000 francs, 3,000,000 francs,
are
bills
discounted,
treasury bills and ad¬
on
against securities
vances
1,065,000,000
63,000,000 francs respectively.
hlso appears
CENTRAL
stands
bought abroad, advances
which follows:
DISCOUNT RATES OF FOREIGN
French
francs.
58.32%,
79,738,354,272
ago
ratio
pared with 74.91% last
rates of any
banks.
years
reserve
year.
THEREdiscount no changes during the week in
have been
the
of the foreign central
shown in the
two
Bank's
week earlier the
a
321
A loss
in note circulation of 358,000,000 francs,
BANKS
bringing the total down to 86,091,242,965 francs.
Rate in
Country
Pre¬
Effect
July 17
'
Argentina.
Date
Established
Austria
Batavia
Mar.
3^
3H
4
Effect
1 1935
Holland
Date
Established
Rate
a
year
vious
July 17
Country
Rate
Circulation
Pre¬
Rate in
vious
•
3
July
4
Aug. 28 1935
6 1936
434
234
Nov. 29 1935
2
July
1 1935
May 15 1935
3
Belgium
Ireland....
3
June 30 1932
334
434
334
334
Bulgaria
6
Aug. 15 1935
7
Italy
434
May
18 1936
5
Canada
234
Mar. 11 1935
3.29
Apr.
ChUe
4
Jan.
24 1935
4J4
Java
434
June
6 1936
21935
Colombia..
4
July
18 1933
5
Jugoslavia
Lithuania..
5
Feb.
1 1935
6
Jan.
21934
334
Morocco
4*4
Norway
634
334
May 28 1935
6
May 23 1933
Poland
5
Oct.
25 1933
6
Portugal...
5
Dec.
13 1934
534
Rumania
Dec.
7 1934
6
South Africa
434
334
May 15 1933
4
81,728,580,795 francs
was
Credit
274,110 francs.
4
234
234
534
4H
ago
and the year before 81,482,
_
July
Hungary...
India..
Japan
_
Czechoslo¬
vakia
3
Jan.
1 1936
Danzig
5
Oct.
21 1935
Denmark..
3X
Aug. 21 1935
England...
2
June 30 1932
Estonia
5
Sept. 25 1934
Finland
4
Dec.
France
3
...
l"
10 1935
4 1934
....
..
balances
abroad
francs and
francs.
3.65
334
634
..
Greece
5
July
10 1935
534
Gold
Dec
1 1933
3
Credit bals. abroad.
Oct.
m
Switzerland
234
234
May
2 1935
2
a
holdings
bought abr'd
Adv.on Treas. bills
Adv. against secure.
9^%
bills,
against 9-16@^g%
as
Money
call in London
on
on
234%-
58.32%
Bank of
3^% and in
'
an
increase in
marks, bringing the total
Gold
a
to 72,037,000 marks.
up
stood at 93,930,000 marks, and two
years ago
at 72,171,000 marks.
currency,
advances,
another
With
year ago.
week this
in
£5,234,000.
a
new
high.
An
Public deposits
other
which
accounts
proportion
32.0
% from 29.80%
35.7
% last
of
reserves
to
week
ago
a
Loans
year.
increased
£55,000 and loans
on
of
previous
3,666,522,000 marks and the
£6,066,315
000 marks.
£2,317,491.
rose
compares
2%.
The
Below
are
shown
comparisons for previous
BANK
OF
the
The item of bills of
items
year
ago
was
exchange and checks
73,303,000
marks.
Below
we
"
.
Changes
for Week
Assets—
+ 102,000
Silver and other coin
on
other Ger. bks.
Advances
Investments
STATEMENT
72,037,000
24,537,000
Reichsmarks
93,930,000
30,176,000
1934
Reichsmarks
72,171,000
17,916,000
+ 169,000
5,092,000
8,373,000
5,591,000
—73,303,000 4,367,487,000 3,572,039,000 3,325,670,000
a247,187,000
186,690,000
239,804,000
1,532,000
12,850,000
12,237,000
+4,245,000
42,044,000
48,149,000
60,613.000
+76,000
530,528,000
660,603,000
701,542,000
a592,998,000
665,122,000
570,952,000
Bills of exch. & checks-
years:
Reichsmarks
No change
depos. abroad
Reserve in foreign curr.
with
July 15, 1936 July 15, 1935 July 15,
Reichsmarks
Gold and bullion
Of which
Notes
ENGLAND'S COMPARATIVE
a
before 3,595,717,-
comparison of the various items for three
a
loss
of
loss
REICHSBANK'S COMPARATIVE STATEMENT
which increased
different
year
a
total down to
a
years:
ratio did not change from
reserve
Circulation
is
and 2.2%
furnish
to
with
year
registers
government securities
£119,267 and securities
£971,465.
daily
ratio
reserve
which brings the
4,212,837,000 marks.
The latter consists of discounts and advances which
decreased
Bank's
Notes in circulation reveal
year.
83,000 marks,
other securities £852,198.
on
The
The latter
liabilities
and
the
was
respectively.
1.70%, compared with 2.79% last
now
£9,871,000
rose
deposits decreased £3,748,824.
The
rose
marks
expan¬
reserves
consists of bankers' accounts which fell off
and
other
marks, 4,245,000 marks, 76,000 marks and 41,167,0G0
to date, has shown gold holdings
£152,000 in circulation slightly offset the rise
and other
and
exception, the statement for
one
gold this week and the increase in
therefor
Reserve in foreign
investments
maturing obligations record increases, namely 169,000
of the Bank to have reached
sion of
year ago
with only £193,239,334
compares
year
Pre¬
THE statement for thegold and bullion of of July,
second quarter 102,000
holdings raising the total to another record high of
a
c
Representing drafts of
Germany Statement
THE statement for thethis time £5,387,056 in gold
week ended July 15 shows
large gain,
every
d
Treasury on 10-billlon-franc credit opened by Bank.
England Statement
£231,954,289 which
79.72%
74.91%
b Includes bills discounted abroad,
viously included In French commercial bills discounted,
shows
Bank of
+0.45%
Includes bills purchased In France,
At
wras
Paris the open market rate remains at
Switzerland at
a
Friday of last week.
Friday
on
d Tem. adv. to State
Propor'n of gold on
hand to sight Iiab.
for three months'
3,834,772,227
1,141,255,371
6,814,973,075
1,202,153,611
—63,000,000
3,473,500,950
3,275,704,659 v,123,316,942
—358,000,000 86,091,242,965 81,728,580,795 81,482,274,110
+91,000,000 7,550,157,356 13,517,536,416 18,544,750.168
+815,000,000 4,489,000,000
Note circulation
on
Francs
—440,000,000 6,339,183,118
—3,000,000
1,271,178,989
—1,065,000,000 10,644,955,300
Credit current accts
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
July 13, 1934
Francs
+266,260,821 54,606,761,205 71,351,359,405 79,738,354,272
+23,000,000
44,111,592
9,890,981
14,522,429
bills discounted.,
Foreign Money Rates
July 12, 1935
Francs
French commercial
b Bills
c
July 10, 1936
Francs
Spain
as
STATEMENT
Changes
Sweden
Friday of last week, and
comparison of the various
for Week
4
were
a
BANK OF FRANCE'S COMPARATIVE
5
on
furnish
7
July
9 1936
Sept. 30 1932
13 1933
we
items for three years:
4
,
of 23,000,000
increase
an
temporary advances to state of 815,000,000
Below
7
Germany
register
Other assets
Liabilities—
July 15.
July 17,
Jrly 18,
July 19,
1936
1935
1934
1933
Notes in circulation
July 20,
1932
v
Other dally matur. oblig
Other liabilities
—83,000 4,212,837,000 3,666,522,000 3,595,717,000
804,735,000
742,903,000
605,615,000
+41,167,000
al86,247,000
-
217,147,000
163,451,000
Propor'n of gold & for*n
Circulation
443,258,000 399,567,687 383,888,618 377,374,459 365,758,894
Public deposits
20,391,000
20,644,473
7,883,273
19,051,759 13,379,064
Other deposits.
131,32.1,103 142,427,136 132,690,912 151.363.885 121,751,271
Bankers' accounts:
90,637,413 103,582,360 96,881,478 94,159,317 88,023,928
Other accounts
40,683,690
38,844,776 35,809,434 57,204,568 33,727,343
Govt, securities
96,813,310 91,886,044
83,187,071 89,590,963 66,230,765
Other securities
24,271,534 22,826,386
19,947,007 25,309,013 40,315,295
Disct. & advances.
5,864,044
7,462,713
11,246,485 14,307,079
9,276,901
Securities
18,407,490
13,549,485 12,484,294 14,062,528 26,008,216
Reserve notes & coin
48,695,000
53,671,647 68,289,949 73,606,193 46,663,453
Coin and bullion
231,954,289 193,239,334 192,178,567 190,980,652 137,422.347
Proportion ot
reserve
to liabilities
32.01 %
Rank rate
2%
35.70%
2%
44.53%
2%
43.19%
2%
34.53%
2%
curr.
THEincrease gold the weekof 266,260,821 francs,
statement for holdings ended July 10 shows
in
an
which brings the total up to
Gold
a
year
ago
54,606,761,205 francs.
aggregated 71,351,359,405 francs
—0.10%
2
1.70%
79%
a
Figures of June 23;
-
Validity of notes on other banks expired March 31, 1936.
latest available.
2.2%
1
New York Money Market
'
CONDITIONS in the New York money market
perceptible
this
week
reflected
hardening of rates for
to
Bank of France Statement
to note circul'n.
the
announcement
a
reserve
member banks will be increased
The
but
classes of paper, owing
some
that
faint
change was noticeable
requirements of
50%
as
of Aug. 15.
chiefly Thursday and
yesterday, in Treasury discount bill and bankers'
bill
trading.
hands
at
Some
of these
obligations
changed
slightly better yields, but formal changes
Financial
322
generally to the effect that lowest money market
now have been seen, despite the Reserve Board
levels
Commercial
tinned.
while time money still was
transactions,
offered
held to 1%
the New York Stock Exchange
on
all
for
unaltered,
were
Offerings of bankers'
plentiful than in some timq. Call
more
were
loans
rates
paper
little business done.
with very
bills
policy will be con-
that the easy money
insistence
freely
with few
1%%,
at
The
takers.
further $50,000,000 of
bills, due in 273 days, and average awards
Treasury sold last
discount
Monday
a
computed
rate of 0.071%,
were
at
bank
discount basis.
a
Course of Sterling
Wall Street sentiment, however, was
lacking.
were
annual
on
an
■
%:;;v
July 18, 1936
Chronicle
STERLING exchange and steadiness whichthe ex¬
ceptional firmness continues to display began
around
Currently the foreign exchange
26.
June
market is devoid of
special features of interest and is
the at least
French francs and the
gold bloc currencies. The British Exchange Equaliza¬
tion Fund has been active in the market to maintain
the relative steadiness of sterling in terms of the
depressing incidents owing to
of
free
temporarily sounder tone of
$5.02 7-16
between
been
Money Rates
week has
for bankers'
The range for sterling this
French franc.
and
$5.03
sight, compared with a range of between $5.01%
and $5.02 15-16 last week. The range for cable trans¬
fers has been between
New York
Exchange
with
a
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
ruling quotation all through the week for both new
loans and renewals.
The market for time money
$5.02%
a
week ago.
rate
$5.02% and $5.03%, compared
of between $5.01 15-16 and
range
has shown
ing been reported.
Rates continue nominal at 1%%
Prime commercial paper has been
and the
MEAN
Paper has been fairly plentiful
have been quickly disposed of.
Monday,
best
but the
Rates
names
%% for extra choice names running from
six months and 1% for names less known.
are
four to
July 14
LONDON OPEN
July 13
July 14
Tuesday,
_.$35.00
35.00
35.00
July 13...
Monday,
THE demand for prime bankers' acceptances bills
somewhat stronger this week.
More has
Thursday,
Friday,
Tuesday, July 14
75.823
75.822
—75.805
July 16
July 17
139s.
138s. lid.
138s. lOd.
Wednesday, July 15
Thursday,
Friday,
FOR GOLD BY THE UNITED
RESERVE BANK)
Saturday, July 11
PARIS
Wednesday, July ;5_-_
MARKET GOLD PRICE
138s. 8d.
138s. 8J^d.
138s. lOd.
Saturday, July 11__
Monday,
PRICE PAID
Bankers' Acceptances
—76.015
.76.016
75.903
July 13
active this week.
very
LONDON CHECK RATE ON
Saturday, July 11
Tuesday,
for all maturities.
tables give the mean London
Paris, the London open market
on
change this week, no transactions hav¬
no
check
gold price,
price paid for gold by the United States:
The following
July 16
July 17
STATES (FEDERAL
$35.00
35.00
35.00
Wednesday, July 15
Thursday,
July 16
Friday,
July 17.
been
been available and the demand has
have
Rates
Quotations of the American
unchanged.
are
including 90
Acceptance Council for bills up to and
days
are
3-16% bid and %% asked; for four months,
34% bid and 3-16% asked; for five and six months,
The bill-buying rate of
Bank is %% for bills running
%% bid and 5-16% asked.
the New York Reserve
from 1 to 90 days,
for
121-
to
%% for 91- to 120-day bills and 1%
holdings of acceptances decreased from $3,-
banks'
Open market rates for ac¬
085,000 to $3,084,000.
ceptances
are
concerned,
as
far as the dealers are
they continue to fix their own rates.
nominal in
so
nominal rates for open
The
as
Reserve
Federal
The
bills.
180-day
market acceptances are
follows:
British monetary
The
improved.
on
Bank of
gold
Jan..
SPOT DELIVERY
120 Days—
150 Days
Bid
Asked
Bid
Asked
5ie
H
S16
X
90
60
Days
Asked
DELIVERY
Days
Bid
Asked
3t6
Asked
X
316
WITHIN
316
—30
Days
Bid
Ys
Bid
Prime eligible bills
FOR
Asked
Bid
ya
Prime eligible bills
DAYS
THIRTY
%% bid
% % bid
Eligible member banks
Eligible non-member banks
-
Discount Rates of the Federal Reserve
Banks
THERE have beenof'-the Federalthis week banks.
no changes Reserve in the
rediscount
rates
following is the schedule of rates now in effect
The
for
the
various
classes
of
the different
at
paper
Reserve banks:
The bank's note circulation is now at
in
the
after
August
holidays,
•
its
It is believed that the Bank will
gold holdings,
even
after August.
decline
2
Feb.
81934
2Y
New York
IX
Feb.
21934
2
Philadelphia
2
Jan.
17 1935
Cleveland
IX
2
11 1935
May
9 1935
2
Jan.
14 1935
2Y
Chicago-
2
Jan.
19 1935
2Y
St. Louis
2
Jan.
3 1935
2Y
14 1935
2 X
Boston
Richmond
Atlanta
-
San Francisco
2X
2
2Y
2
—
May
2
Minneapolis
Kansas City
Dallas
May
May 10 1935
2Y
2
May
2
Feb.
8 1935
16 1934
2X
2X
if note circulation should
first, the high degree
earnings
demand
for English notes on the part of Continental hoarders.
The increase in gold holdings is necessitated partly
by the enlarged circulation but principally by what
seems to be a newly adopted policy of the British
authorities to place their credit structure on a broad
base for the purpose of making certain as far as
possible a continuation of the present domestic
prosperity, and perhaps also in order to build up a
strong position in the event that when world condi¬
tions improve the country may be insured against any
sudden heavy withdrawal of the vast amount of
foreign capital domiciled in London since 1932.
prosperity with consequent higher
general public, and second, the wide
of the
unlikely that large sums will be
withdrawn
months and possibly not for
when
be
experienced in
continued heavy with¬
drawals forced her off the
gold standard and brought
Previous
Rate
continue to add to
Two outstanding causes for
the rise in note circulation are,
some
Date
Established
when there may be a
seasonal recession.
BANKS
Rate in
Effect on
July 17
Its gold
holdings of £231,954,289 are also at record high.
The Bank's note circulation will continue to rise until
from London for many
Federal Reserve Bank
the highest level
history, standing at £443,258,000.
its
It is
*
DISCOUNT RATES OF FEDERAL RESERVE
the position of the note circulation
England and the great increase in the
of British
—180 Days
situation at present turns
of the
Bank's
purchases, which have been carried on since
1 and in greatly increased volume since March.
largely
years,
caught
but Great Britain is determined not to
again
September,
in
1931,
the
predicament
Had the
during
the past year, the reserve of notes in its banking
department would have been reduced to alarmingly
about
practical devaluation of the pound.
Bank not
steadily increased its gold holdings
Volume
low
Financial
143
The Bank will have to continue its
figures.
policy of buying gold for the issue department in
order to avoid
of its note
certainly
rates/;
,
The
gold
lowering
a
fixed policy
a
.
as
it
Treasury policy to prevent curtail¬
a
or
important increase in
any
7
money
Equalization Fund, the Bank surrender¬
ing Treasury bills in exchange, and again replenish¬
ing its security holdings by fresh purchases of Trea¬
bills in the
sury
open
323
three-months'
bills
19-32%, four-months' bills
are
V8%> and six-months' bills
are
Gold
market.
there
was
offer
on
£173,000,
Tuesday £341,000,
on
Friday £435,000.
on
By these operations
£1,406,045 in gold bars,
Monday £752,196,
on
Wednesday
£4,589,
Friday
on
the week
£750,211.
If at
be
£60,000,000
carry
than at the
future
by other
or
or more
Treasury bills
Bank's
The
time currency
stability should
by devaluation of the gold bloc
there is likely to be
means,
a con¬
siderable
repatriation
London.
The effects of such withdrawals upon
exchange
and
of
foreign
markets
money
balances
will,
however,
coupled with purchases of Treasury bills by the fund.
Thus every precaution has been and is
to
prevent such
catastrophe
a
being taken
overtook London in
as
Regarding the high degree of British prosperity
Mr/Colin
brought
Clark, university lecturer in statistics,
recently
that
out
prepared
the
Britain in 1935 reached
which
was
the
Clark's
net
little
a
(private
in
follows:
was as
and government),
of
amount
Net national
These figures
making full allowances for the mainten¬
depreciation, and obsolescence of capital.
Imports
Exports
131,000 from Russia
$1,703,000 total
Net Change in Gold Held Earmarked for Foreign Account
Increase:
Note—We have been notified that
The
above
figures
the
forms
rates, and
The
of
additions to capital
Out of this
year.
customs
total
duties,
excise
income."
duties,
local
\
Mr. Clark shows that
is
£604,000,000
and local authorities in
forth, leaving £3,842,000,000 of private
so
25% of the national income
high proportion, it compares favorably with
30% of the national income taken by Federal, State,
and
Russia; there
metal,
or
a
local taxation in
the
United
account.
On
States, and with
was
tion Fund is
which it
France
shipped from Paris' to London.
moving to London
now
or
than £7,000,000
British Exchange
holds
a
It is
Equaliza¬
portion of the gold
under earmark at the
that the Bank of France is
Bank of
£40,000,000 3% credit which the French Government
obtained
from London
guaranty.
The
banks
credit
in
February under
may
be
renewed
a
for
another three months.
Money continues
money
is at
%%.
easy
Canadian
tween
were
exports of the
was
received from
exports of the metal but
no
reported
exchange
discount of
a
Friday that $239,000 of
on
ranged during the
%% and
a
week be¬
discount of 5-64%.
Referring to day-to-day rates sterling exchange
Saturday last
was
firm in dull trading.
was
The
on
range
$5.02%@$5.02% for bankers' sight bills and
$5.02%@$5.03 for cable transfers.
market
steady.
was
$5.02%
pound
dull.
was
The
sight
bankers'
steady.
$5.02 13-16;
steady.
The
and
$5.02 9-16@
On Wednesday the
Bankers' sight
was
was
$5.02 7-16@
$5.02%@$5.02%.
range
$5.02% @$5.02%
was
for
On Friday sterling was firmer. The
$5.02%@$5.03
Friday
on
cable
for
bills
On
limited with rates exceptionally
for
bankers'
sight
$5.02 11-16@5.03 1-16 for cable transfers.
90-day
On
$5.02%@
bills and $5.02 11-16@$5.02 13-16 for
cable transfers.
was
$5.02 9-16@
range was
bills
transfers
cable
bankers' sight
range
was
cable transfers $5.02%@$5.02%.
for
was
On Monday the
Bankers' sight
$5.02 13-16 for cable transfers.
at
at
and
Closing
$5.02 15-16 for demand
were
transfers.
Commercial
sight
$5.02%, 60-day bills at $5.01%,
$5.01%,
documents
for
payment
(60 days) at $5.01%, and seven-day grain bills at
$5.02%.
Cotton and grain for payment closed at
$5.02%.
Continental and Other
in Lombard Street.
are
Day
9-16%,
Foreign Exchange
FRENCH ruling well above the shipping point this
week, francs have been relatively steady for
gold from Paris to
some
Two-months' bills
on
was
preparing for
repayment at maturity in August of a portion of the
gold
no
Friday $4,800 of gold
was
finished
gold
were
gold
received at San Francisco from China.
bills
believed that either the
of
It
was
$5.03
more
week ended
$4,800.
quotations
two
the
$40,100
gold
and
or
Thursday
There
nearly 40% of the national income taken by State
During the past week
was
change in gold held earmarked for foreign
and local taxation in France.
of
for
On
Thursday trading
absorbed by taxation, but points out that while
this is
are
Wednesday.
Tuesday sterling
the
$5,000
approximately $290,000 of gold
received at San Francisco from Australia.
goods and services consumed
during
None
5,000 from Guatemala
$5.02 13-16;
accrued to the government
follows:
$1,567,000 from India
higher of the two figures represents the value of all
or
was as
gold held earmarked for foreign account increased
£4,446,000,000;
private incomes, £3,842,000,000.
ance,
York,
GOLD MOVEMENT AT NEW YORK, JULY 9-JULY 15, INCLUSIVE
Great
than 1%.
more
"the
gold movement for
reported by the Federal
as
Guatemala.
previously recorded,
years
analysis shows that
net after
are
income
March.
which
higher level than in 1929,
highest of all
national income in 1935
income
analysis
an
national
a
exceeding the 1929 level by
Mr.
July 15,
received from
September 1931.
Cambridge,
the week ended
be
cushioned by sales of gold by the Equalization Fund
for
purchases
£30,130,865, of which the greater part
At the Port of New York the
from
the
on
£1,301,714, and
bring its total purchases since the beginning
Reserve Bank of New
beginning of June.
some
restored either
units
the low side and the market
£1,506,541,
Tuesday
Thursday
on
has been bought since early in
having to
on
On
Saturday last £1,070,358,
on
on
of the year to
is
Saturday
Wednesday £327,000,
on
Thursday £294,000, and
On
Monday £238,000,
on
circulation, but bankers' deposits with the Bank of
on
market continues
to be taken for unknown destination.
the Bank has neutralized most of the increase in note
England still remain
%%.
are
offer in the London open
on
Friday of last week the Bank of England bought
.
being bought by the Bank of England
now
is from the
apparently
or
increase in the fiduciary issue iust
of credit
ment
It is
reserves.
to avoid any
is most
contraction of credit
a
Chronicle
months
ago
several occasions
dollar
New York (6.58% established
by the
Bank
of France).
On
during the week the rate went above
parity of 6.63.
The
Paris
market
was
ex-
four holidays
Bastille
on
beginning
Day, July 14.
steadiness
relative
and
firmness
due
was
month after
outward flolv of money into private
hoarding have helped during the past few weeks to
keep the franc
There
on a
slightly firmer basis.
possibility that the franc will
to be no
seems
sufficiently firm to induce a flow of gold from
become
The rate would have to approach
New York to Paris.
of
Bank of France
not be
cessation of hoarding operations as
francs
358,000,000
interpreted
as a
circulation
in
in
bank
time since
notes
May,
approximately
London
continues
buying
heavy
as
of
at any
England
of
Bank
note
England notes in order to keep
Bankers in Lor don
demand for bank notes
Wednesday the French Government
bank
of the
reform
a
Minister
which Finance
Chamber.
On
Wednesday the Chamber of Deputies adopted the
Government's bill for reorganization of the Bank of
by
The proposal to
vote of 432 to 111.
a
governing the Bank of France would
board of 20 directors to manage the institu¬
revise statutes
create
a
named by producers,
five others by bankers,
and the
consumers,
remaining 10 would be Government
administration
The
censors
two
and
staff would also include
Bank's
three
shareholders, one governor and
elected by the
Government.
under-governors appointed by the,
The
officials*
reorganization measure, it is asserted,
designed to end control of the Bank by a group
"200 families" whose directorships are generally
The firm¬
partly to the improved tone of sterling
due
exchange but more probably to the fact that sanc¬
tions
been lifted and international trade
have
with.
Nevertheless, economic and
Italy will become freer.
political circles in Rome declare that Italy will con¬
operate
to
virtually
on
a
sanction basis for
authorities have
because the
come,
determined to make the country as
self-sufficient
as
possible and must continue the policy inaugurated
nearly
before the Ethiopian venture to reduce
a year
a
maintained for
lira
will
currency
The
an
be
to
controlled
a
on
gold to the United States dollar:
New Dollar
Range
Parity
Parity
This Week
6.60?£ to
6.63)^
3.92
Switzerland (franc)
16.95
16.91
5.26
Italy (lira)
6.63
13.90
(franc)
Belgium (belga)
8.91
32.67
7.88H to 7.90
32.71
to 32.79
68.09
to 68.27
19.30
(guilder).
68.06
40.20
The London check rate
at
blocked
and
indefinite period.'
Old Dollar
Holland
minimum.
a
following table shows the relation of the lead¬
ing currencies still
France
to
rigid control of foreign trade must be
many months, which means that the
continue
for
imports
luxury
and
Consequently
tion, of whom five would be
merchants
is
ness
steady and ruling at slightly higher
are
during the past few months."
levels than
to the
recently expounded
France
Italian lire
manu¬
confirm market reports that
being placed easily in its entirety.
the loan is not
unnecessary
announced
that quotation of Bank of France shares has, been
suspended until Parliament gives its pronouncement
on
Reich Minister of Economics, to
Schacht,
facturers to subscribe,
and
high denomination for hoarding.
Auriol
industry for alleged dilatoriness in taking up
a more moderate appeal by Dr. Hjalmar
the loan and
to
sterling securities
Informed
that attacks in the Nazi
observers in Berlin report
press on
the present there have
signs of eagerness to subscribe.
no
time
foreign holdings secret.
On
forced loan and up to
some
report that there is a large
of
been
improve¬
no
700,000,000 reichs-
be fully subscribed, as it is in
will doubtless
a
tinue
balances into Bank of
their
Freneh
as
marks
effect
understood that French hoarders
converting
are
a
is borne out by an increase of
£152,000
It is
circulation.
in
as
been
that
indicate
advices
London
British
can
considerable
unemployment in the past few weeks.
apart from the strikes there has
increase
A reduc¬
in this respect.
6.69 in order to be effective
tion in the current statement of the
•
mark situation shows
The recent internal loan of
ment.
a
promulgation of the law.
German
The
operations of the British exchange equaliza¬
tion fund.
Measures taken by the Blum Govern¬
within
made
declarations
granting amnesty to
to
active
ment to arrest the
non-declaration of securities
the
However, the greater part of
view of the holidays.
the
be strengthened by a bill
a few days ago and is
may
Chamber
Senate imposing severe penalties on
held abroad, while
about to pass the
partly to covering operations made necessary in
due
appeal
which passed the
Saturday last and ending
The relative firmness was
on
bond
The
ceptionally quiet throughout the week, as there were
1936
July 18,
Chronicle
Financial
324
75.85, against 75.85
on
on
Paris closed
to 16.93^
Friday
on
Friday of last week.
In
New York sight bills on the French center finished
at
6.62%, against 6.61%
cable transfers at 6.63,
on
Friday of last week;
against 6.61%; and commercial
sight bills at 6.60, against 6.58%.
closed
at
16.90% for
Antwerp belgas
bankers' sight bills
and at
was
of
hereditary.
It is too early to judge the probability of success of
the new one-year and six-months Treasury issues of
regarded to have become almost
small
money
which
denominations
are
expected to draw
They are to be to bearer or
resemble national defense bonds in their
from hoarding.
order and
immunity from all income taxes besides stamps and
duties.
The bonds can be subscribed for only in
cash and
no
limit is set to the
urging
such
summer.
date
or
campaign
carried on all
subscriptions will be
as to discounting facilities are not
become
the
medium
of
whether the
ordinary
transactions like the defense bonds during
the
war.
Final
It is evident, however,
ment intends to stress
currency
and after
that the Govern¬
liquidity of the bonds, making
quotations for Berlin marks
bankers'
comparison with 40.31% and 40.32%.
cable
Italian lire
sight bills and at 7.90 for
transfers, against 7.87% and 7.88%.
Czechoslovakia at
rest at
4.15%, against 4.15%;
0.74%, against 0.74%;
against 18.95; and
Greek exchange
bills and at
Austrian
and
on
on
on
on
Bucha¬
Poland at 18.96,
Finland at 2.22, against 2.31.
closed at 0.93% for bankers' sight
0.94% for cable transfers, against 0.93%
0.94%.
—«—
EXCHANGE on and inclined toneutral during the
is steady the countries
firmness owing to
war
the
firmer
tone
The Holland
of
facilities.
end of June.
sterling and the French franc.
guilder has been ruling well above dollar
parity of 68.06.
Netherlands
40.35 for
schillings closed at 18.87, against 18.85; exchange
appeal to small and large capitalists. This means
that the bonds will ultimately have rediscounting
its
were
sight bills and 40.36 for cable transfers, in
closed at 7.89 for bankers'
Details
yet known and it remains to be seen
bonds
amount of
It is believed that a wide
subscriptions.
16.91% for cable transfers, against 16.91 and 16.92.
has
In recent weeks the Bank of The
.taken
considerable
gold
from
Belgium which moved out between March and the
It will be recalled that the Netherlands
-
Volume
24, bringing the rate down to 3% on July 6.
In the past
few days the private discount rate in
Amsterdam moved down to
able
reduction
Despite
the
of
another
2%, indicating
a
prob¬
Yi% in the bank rate.
relative firmness
the
in
the
guilder,
movement of Dutch funds to American securities con¬
tinues and American issues
only nominally quoted in the
are
New York market.
stated
the Amsterdam bourse
that
A recent
the
dispatch from Washing¬
United
troubles
change in government there during the last
While
year.
under
were
with the United States
negotiations
the
way
guaranteeing
agreements with France and England
certain payments
thus
and
This
United States
the
United
of the
part
discriminatory to
as
In addition
Spain had made
bills and
The unofficial
States
against 25.10.
EXCHANGE on the Far importance. These units
of Eastern countries presents
no
dollar
Bank
The
difficult.
of
trade
international
of
settlement
Bank's gold stock stood at
States and the Chinese monetary
States
notes and sight
to
sight
Amsterdam finished
on
a
high record in
new
In
at
total
receipts of silver coin were
$19,359,531, of which $19,357,461 came
from China.
The
January of this
only other comparable month was
year,
when the receipt of Chinese
$15,438,759
silver coin accounted for the bulk of the
of
foreign coin received.
Closing quotations for
29.37
against 29.3734
on
yen
checks yesterday were
Friday of last week.
Hong¬
Friday
on
at
30.15@30 5-16, against 30.18@30 5-16; Manila at
Friday of last week; cable
50.00, against 50.00; Singapore at 59.05, against 59;
against 68.11, and commercial
68.17,
Bombay at 37.99, against 37.97; and Calcutta at
on
against
68.14,
francs
Swiss
68.08.
against
finished
37.99. against 37.97.
*
cable
22.44and
transfers
Checks
on
at
Sweden
25.92J^> and cable transfers at 25.93^2,
at
checks
against 25.92 and 25.93; while
finished at
on
Norway
25.263^ and cable transfers at 25.273/2,
Spanish pestas closed at
against 25.24 and 25.25.
13.73 for bankers'
Gold Bullion in European
Copenhagen
32.73.
and
32.72
at
22.45against 22.45 and 22.46.
closed
Treasury, resulted in
32.75^ for checks and at 32.76J^ for cable
transfers,
checks
authorities, whereby
kong closed at 32.48@32.53, against 32J4; Shanghai
68.16, against 68.10
closed at
gold
of
ratio
its
at
with
June
36.8%.
bills
in sympathy
States.
On July 11 the
sight
and steady
The recent agreement between the United
sterling.
valued
large gold stock but the reserve is not
at
features
with
balances.
transfers
new
generally firm
are
2,439,300,000 pesetas, its ratio of gold to notes at
Bankers'
is
Peru
5.19.
against
quoted at
nominal at 25.10,
nominally
is
exchange
against
are
free market,close was 5.85,
or
Chilean
5.19,
Brazilian
834 f°r bankers' sight
8J4 for cable transfers, against 834 and 8J4-
milreis, official quotations,
the Spanish peseta with the
pound, thus making exchange
for
at
free market close
or
importation of silver coin into the United
available
liabilities
unofficial
The
27.35@27.40, against 27.15@27.30.
was
June for the
a
and
Friday of last week; cable transfers at 33.52,
against 3334-
gold balances by the sale of silver coin to the United
Spain has
44.4%,
on
Spanish
large
a
regarded
was
trade.
and the
33.46
the Chinese Government would be enabled to create
other agreements to peg
franc
Friday, official
on
for all imports from those nations
earmaking
exchange.
made
Government
Spanish
closed
pesos
trade
States-Spanish
agreement failed for two reasons, exchange
and the
paper
t
Spanish pesetas
ton
Argentine
quotations, at 333^ for bankers' sight bills, against
5.80.
in demand.
are
on
325
Chronicle
three reductions in its bank rate since
Bank made
June
Financial
143
sight bills and at 13.74 for cable
Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at par
bullion
exchange) in the principal European banks as of
of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shown for the
are
corresponding dates in the previous
four years:
transfers, against 13.71 and 13.72.
EXCHANGE steady and firm as thesecountries is
generally on the South American
currencies
maintained
by regulation in
Argentina has just made an easing in its
sterling.
exchange rules which will create
for American
now
close relation to
in effect
broader market
a
The new exchange regulation
goods.
applies to
list of 50 different articles
a
from the United States.
Argentine importers of the
are
permitted to purchase the
neces¬
sary
exchange
1933
£
231,954,289
France
436,854,089
2,372,300
88,092,000
a4 2,575,000
50,936,000
107,141,000
49,292,000
24,028,000
6,553,000
7,210,000
Germany b.
Spains
Italy
Netherlands
Nat. Belg..
Switzerland.
Sweden
Denmark._
Norway
Total week.
Prev. week.
1932
£
'
193,239,334
570,810,875
3,591,050
90,777,000
63,047,000
56,737,000
101,530,000
45,248,000
19,760,000
7,394,000
6,602,000
192,178,567
637,906,834
2,712,750
90,537,000
71,678,000
70,572,000
75,538,000
61,189,000
15,278,000
7,397,000
6,577,000
190,980,652
652,378,739
9,928,350
90,383,000
72,645,000
62,062,000
76,573,000
61,459,000
11,997,000
7,397,000
6,569,000
£
137,422,347
652.262,501
33,347,950
90,233,000
61,221,000
84,105,000
73,314,000
89,155,000
11,445,000
7,440,000
8,324,000
1,047,007,678 1,351,975,593 1,231,564,151 1,242,372,741 1,255,269,798
1,037,789,536 1,156,731,941 1,230,580,847 1,238,321,497 1,251,941,662
Amount held
Oct.
20,
1935: latest figure available,
b Gold holdings of the
the amount of which the present
Bank of Germany are exclusive of gold held abroad,
year
is £1,227,550.
dollar exchange at the official rather than the
free
1934
£
England
a
specified goods
1935
£
are
1936
Banks of—
»
official
Argentine
as
dollar.
is to
peso
price of the specified articles
pesos
power
places
98 centavos, or to increase
of the Argentine peso in terms of
American
now
Discrimination Act
goods
the
ranks
imports.
as
the
The Bobinson-Patman
The free rate is 27.30
by
United
almost
States
23%.
on
a
The
more
Great Britain,
largest source of Argentine
equitable competitive footing with
which
The Robinson-Patman Anti'Price
per
66 centavos per one dollar of mer¬
chandise to two
regulation
cents
equivalent to three pesos 66 centavos
from three pesos
certain
33.52
The net effect of the regulation, therefore,
reduce the
purchasing
around
equivalent to two pesos 98 centavos
peso,
cents per peso,
Currently the
heretofore.
is
rate
United States dollar.
per
per
rate,
exchange
wrhile
it
w<as
before
Act, familiarly referred to
Congress as the "chain store"
bill, which became law on June 19, had its origin in
the demands of
to
popular clamor and a serious desire
remedy some admitted evils of trade
The
chain
ceries
and
drug
competition with
ments
to be
was
practice.
stores, particularly those handling gro¬
store
commodities,
small
widely felt and
or
as
whose severe
independent establish¬
widely publicized,
were
curbed, and price discriminations, especially in
dealings between wholesalers and retailers, were to
be
put under the ban. The progress of the bill, or of
what eventually
and the House of
;f
Representatives, that it is doubtful
To "induce or receive" a
discrimination in price is also made unlawful. The
ban on discrimination extends further to discounts,
rebates, allowances or advertising service charges,
to prices fixed with the intentioir of destroying cornices on unequal terms.
members of either body kne|w at the end
many
exactly what the bill contained, or had a very clear
of
idea
when
its
how
provisions would probably work
they were applied.
As
matter of
a
is far
,
fact, the Act at a number of points *
petition or "eliminating a competitor" in any part
of the United States, and specifically to "unreason-
from^clear. In form the Act is an amendment
Clayton Act, which in turn supplemented and
of the
amended the then
existing antitrust laws.
makes it "unlawful for any person
ably low prices" with a similar purpose,
The Act
A curious provision throws upon a person
engaged in com-
in the course of such commerce, either di-
merce,
or
indirectly, to discriminate in price between
different
purchasers of commodities of like grade
rectly
and
quality, where either or any of the purchases
discrimination
in such
involved
are
in
commerce,
where such commodities are sold for use, consump-
tion
its
or
resale within the United
States"
or
any
of
possessions, "and where the effect of such dis-
crimination may
tion
or
be substantially to lessen competi-
competing in the distribution of
such products or commodities;" or to discriminate
between purchasers in the offer of facilities or serv-
differences of opinion between the Senate
many
1936
sideration is available on proportionally equal terms
became the final bill, through Con-
entailed so many amendments, and disclosed ~ to all customers
gress
so
July 18,
Chronicle
Financial
326
-
against
whom a prima facie case of violation has been
lodged the burden of rebutting the charge and
"showing justification," but with the proviso
that the seller may rebut the prima facie case "by
showing that his lower price or the furnishing of
services or facilities to any purchaser . . . was made
in good faith to meet an equally low price of a
competitor, or the services or facilities furnished
by a competitor." The penalties for violation of the
com-
Act are a fine of not more than $5,000, imprisonment
to injure, destroy or prevent competition
tend to create
monopoly in
a
any
line of
with
for not more than one year, or both,
The extent to which a statute so encumbered with
provisos and exceptions may be expected to achieve
customers
of either of them."
This sweeping pro-
what is obviously its primary purpose, namely, the
hibition is
qualified, however, by several important
prevention of discrimination in prices "between pur-
merce, or
with any person
benefit of
the
ceives
who either grants or knowingly resuch
discrimination,
or
"differentials which make
chasers of commodities of like grade and quality,"
only due allowance for differences in the cost of
com-
is not easily determined. If discrimination is still
practised, it will be necessary for the complainant
to show, in order to bring it within the prohibitions
delivered."
of the Act, that it "substantially" lessens competi-
One permits
provisos.
sale
manufacture,
different methods
delivery resulting from
or
quantities in which such
or
to such
the
modities
are
Another
impowers the Federal Trade Commission,
purchasers sold
affects the competitive position of dealers or their
parties," to "fix and establish quantity limits,
ested
customers upon whom the discrimination bears. A
wide opportunity for difference of opinion between
due
and revise the
where it finds
quantities
it finds necessary, as to par-
same as
commodities
ticular
classes'
or
that available
are so
few
as
of
to render differentials on acpromotive of
or
not be construed as permitting differen-
ever, may
tials based
on
greater .quantities than the Commis-
Still another proviso declares
designated.
nothing in the Act "shall prevent persons en-
selling goods, wares or merchandise in
gaged in
commerce
from
fide
bona
selecting their
and
transactions
own
not
in
customers in
restraint
of
declares that the Act shall
trade," while another
in
mo-
Such action, how-
nopoly in any line of commerce."
sion has
commodities,
purchasers in greater
thereof discriminatory
count
not
tion or tends to promote a monopoly, or adversely
investigation and hearing to all inter-
"after
that
or
prevent "price changes from time to time where
response
market for
to
or
changing
the
conditions affecting the
marketability of the goods con-
cerned, such as but not limited to actual or imminent deterioration of
perishable goods, obsolescence
a
complainant, the Federal Trade Commission, and
an
alleged violator of the Act appears to be afforded
by the far from clear proviso that differentials may
be permitted if they represent only a "due allow-
ance" for differences in costs of manufacture, sale '
delivery "resulting from the differing methods
or quantities" in which commodities are sold or delivered to purchasers; and the provision impowering
the Commission to fix differentials for certain large
quantity transactions needs clarifying. Apparently a
dealer may still sell to some customers and refuse to
sell to others, but it may be difficult for him to show
or
that such selective selling, although "bona fide,"
is "not in restraint of trade." Some knotty problems
are likely to be presented in determining the proper
relation between "services rendered" for which commission, brokerage or other compensation may apparently be Allowed, and the "proportionally equal
which competing customers must be al-
of seasonal
goods, distress sales under court process,
terms"
sales in
good faith in discontinuance of business
lowed to enjoy beneficial payments for services or
or
in the
goods concerned."
The Act further makes it unlawful for any person
"engaged in commerce" to give
of value
as
a
or
on
facilities in connection with the processing, hanor sale of commodities.
dling
accept "anything
Study of the Act by a number of trade associa-
other com-
tions and their legal advisers, on the other hand,
commission, brokerage
or
discount in lieu
shows substantial agreement at a number of points
thereof," except for services rendered in connection
regarding the probable working of the new law.
with
to pay
Price discriminations based upon no other recog-
"anything of value" to a customer -for any services
pensation,
or
or
purchase
any
or
allowance
sale;
or
to
or
pay
or
agree
facilities furnished by the customer
tion with the
for sale
processing, handling, sale
"in
connec-
nizable principle than that of "getting the business,"
and all kinds of secret manipulation of prices be-
or
offering
tween buyers and sellers, will have to be abandoned
of any products or commodities
manufac-
along with special commissions, allowances
or
fa-
"Loss leaders," fake "fire"
or
tured, sold or offered for sale" by the person "en-
vors
gaged in commerce," "unless such payment or con-
"bankrupt" sales, and price cutting whose obvious
to customers.
Financial
143
Volume
only purpose is to
drive a competitor out of
business will have to go,
and bargain sales will have
and
carefully managed. The chain stores will
to be more
be
not
extinguished, but small dealers will have a
With the burden of justi¬
better chance of survival.
fication thrown upon
or
or
the seller whose price changes
be regarded by a customer as discriminatory
may
tending to create
compensation
monopoly, and commissions
restricted
the
to
measure
have to be elaborated
systematic cost accounting instituted. There is
in
force
some
the
be
salers
alike.
The Act
the
which
is
granting to whole¬
not
granted
to re¬
are
Dis¬
apparently permissible
equal and all customers are treated
likely to encourage the devel¬
seems
Retailers who will
from price
advantage previously enjoyed
In terms, the
quantity buying.
discrimination in
Act is not limited to interstate commercial transac¬
tions; the peculiar phrase "in commerce" is the one
employed; but under recent court decisions the pro¬
visions of the Act would
seem
not to affect intra¬
transactions, although it is possible that a com¬
state
reiteration of
made
ler
a
Saturday is in part only
on
declaration which Chancellor Hit¬
May 21, 1935, but which, for various
on
has not been regarded outside of Germany
reasons,
particularly binding.
At that time Hitler ex¬
people,
or
processing operations of large
lose
The statement issued
a
pressly disclaimed either the intention or the desire
to annex Austria to the Reich or to interfere in its
opment of private brands, and the manufacturing
and
question whose answer is awaited in min¬
a
affairs, but insisted upon the right of the
wholesalers,
are
tain is
gled hope and apprehension.
German
quantity sales
if conditions
it, has been closed and another
chapter opened, but what the new chapter will con¬
as
tailers if both classes of customers are served.
counts for
nations that wrote
dismal reading to some of the
manufacturer from selling
differential
a
to be agreed is that a chap¬
appears
very
internal
does not prevent a
to
history,
to be agreement, further, that the
There appears
exclusively
everybody
of
ter
bookkeepers and
among
ciaries of the Act.
Act
which
implications of
The one thing upon
perceived.
the chief benefi¬
criticism that
will
accountants
cost
ety and bewilderment as the large
the accord have been
of
accounting
rendered,
services
for
will in many cases
methods
and
a
allowances
other
327
Chronicle
regarded
were
statement is
of whom the Austrian
as a
now
Germans
part, to self-determination. That
reaffirmed, and with it the full sov¬
ereignty of the Austrian federation is recognized*
Each of the two governments,
the statement continues,
regards the existing political structure of the other
as
internal affair
an
other, it
agrees
to
exert any
is
the
over
which, in the case of the
not to attempt, directly or indirectly,
influence.
Included in this agreement
question of National Socialism in Austria.
Austrian
concerns
policy, however, especially in so far as it
the German
to the fundamental
Reich, is in general to conform
conception of Austria
as a
Ger¬
State, and each Government will take such
man
measures as
may
be necessary to lessen the tension
between the two countries.
normal
The re-establishment of
and friendly basis,
parison of interstate and intrastate prices might be
relations
used to
templated by the announcement, is declared to be
support a charge of unlawful discrimination.
One of the
weightiest criticisms of the Act is the
greatly enlarged scope which it gives to
torial powers
of the Federal Government through
the Federal Trade Commission.
has been
a
It will not be
without
That
possible, however, to make out
of alleged violation of the statute,
case
where the facts
are
glaringly
and simple,
alleged discrimination undertook to meet.
means
investigation of business accounts and
operations to
any
extent to which the Commission
Under the Robinson-Pat-
feel disposed to go.
may
open
going widely and deeply into the conditions
which the
Act, in other words, government intermeddling
man
with
business
promises to be still more extensive
and minute than it is now.
inclusive
It will be virtually all-
if, through constitutional amendment or
changes in the personnel of the Supreme Court, the
Federal
control
Administration
of intrastate commerce
desires, but which the
the Constitution
liar
deny, is obtained.
now
which the
Court and
The
pecu¬
phrase "in commerce" which the language of
the Act affects would then make
cation
every
of
tion
but
the
Act
to
possible the appli¬
commercial
kind where prices
were
transactions
of
involved.
and
has
any
Europe
event so shaken political
diplomatic circles in Europe as the announce¬
ment, last Saturday, of the accord
and Austria.
The
^etween Germany
announcement, made simultane¬
other
States
The immediate pur¬
of the announcement, unquestionably, was to
pose
put an end at a stroke to the encirclement of Ger¬
which Great Britain, France and Russia, with
many
the aid of the Little
without the
Entente, have been all too obvi¬
That could not be done, however,
ously contriving.
help of Italy, and the issuance of the
announcement
proof positive that the needed
was
help had been given.
What Europe now has is a
German-Austrian-Italian bloc,
the Baltic
from
to
of
stretching unbroken
the Mediterranean,
shattered encirclement
which has
seemingly beyond possibility
repair. We said last week that Germany, in the
chaotic
political conditions which at that moment
prevailed, held the center of the European stage.
It
now
and
a
of
role
position with Austria and Italy,
emerging from the chaos.
of Austria in the
country would
believed to be
tria and
of
order is
new
arrangement
is
important than the size and material resources
the
was
shares that
new
suggest.
As long
as
Hitler
planning the annexation of Aus¬
encouraging the Austrian Nazis
as a means
bringing annexation about, it was possible for
opposition to annexation to serve as a cardinal point
most
the Little Entente.
German
be interpreted in the light of
sharply the two points of view.
in the
surprise has turned rapidly into a mixture of anxi¬
two
diplomatic documents, the Berlin-Vi-
ously at Berlin and Vienna, appears to have taken
European foreign offices by surprise, and the
of these
origin and of the situation which it creates, al¬
more
Political Table-Turning in
and the mainte¬
though it would be a needless formality to separate
The
Not for years
of Europe
thereby best be served."
statement is to
enna
con¬
and in the belief that the manifold
interests
mutual
Like
its
settlement
of peace,
would
as
by "the desire to make a tangible contribu¬
to the
nance
advance, but will deal with cases as they
prima facie
save
The Commission, it
announced, will not undertake to interpret
the Act in
arise.
the^inquisi-
actuated
a
on
foreign policies of Great Britain, France and
By formally recognizing the in¬
dependence and political integrity of Austria, re-
Financial
328
Chronicle
July 18, 1936
pudiating annexation and support of the Austrian
direction of at least
Nazis, and leaving the country to
that Hitler has
its
manage
own
affairs, Hitler has knocked out one of the pillars of
British
British and French
his peace
Entente of its
German State and its
a
German
people,
of
the idea
to
principal reason for existence. At the
time, by the reciprocal recognition of Austria
same
as
policy and deprived the Little
a
of all German peoples for
whose realization Hitler has
in the
near
is revived
part of the
as a
powerful impetus has been given
union
a
people
consistently hoped. If,
distant future, the annexation issue
or
by either country, the road to union will
be found to have been substantially
march of
paved, and the
pan-Germanism will be ready to advance
The role of
of
Italy is not less important than that
Germany. As long as the independence of Austria
in
was
doubt, there was a barrier to a complete ac¬
cord between
barrier
that
which
The removal of
Italy and Germany.
not
Europe
makes
only
possible the accord
but
sees,
now
also
immensely
It is true
temporary peace.
questionnaire about the precise meaning of
proposals, and that the Locarno conference
nothing of importance
which has been called will do
in the absence of
Germany and Italy.
Neither Italy
the other hand, shows any aggres¬
nor
Germany,
sive
disposition, and both may well desire an interval
of
on
The German financial situation is not
peace.
good, and while its economic situation will doubtless
improve
result of the Italian accord and the re¬
as a
campaign of Dr. Hjalmar Schacht in the Bal¬
cent
kans, both industrial and commercial conditions are
in much need of
has
another stage.
a
longer any need to reply to the
no
The Ethiopian war
strengthening.
costly to Italy, and the development of
been
Ethiopia will call for large expenditures for many
Both countries need money, and if foreign
years.
loans
be considered it will be necessary
to
are
British,
to
The
support them by definite assurances of peace.
their side, have every reason to wash
on
of Continental commitments
their hands
as
far
as
strengthens the ability of Mussolini to maintain vir¬
possible, and the rumblings of revolution in France
tually complete freedom of action in dealing with
are
influence
his
reinforces
With
and France,
Britain
Great
Europe divided by
whose members
Italy is in
in
same
southeastern
time
Europe.
three-Power bloc, two of
a
firmly entrenched dictatorships,
position, with the active
a
of
support
are
and at the
Germany,
or
undermine
to
benevolent
British
and
French influence in the Balkans and resist the
ex¬
tension of Russian influence in Eastern or Central
On the other hand, there is need of light
Europe.
the
on
of
status
Italo-Russian
it
the
reported negotiations for an
sufficient to engross
Yet there
not be
disquieting symptoms that should
are
ignored. Europe is arming, and at a feverish
Naval limitations, save for
which
Germany has accepted for its fleet in relation
to that of the
tical
British, have ceased to be of any prac¬
value, and the British navy, it is reported, is
to be
rebuilt; there
land
armaments,
pact. The negotiations were initiated,
Germany, but now that Germany and Italy are in
accord the tables
Czechoslovakia
Germany that Italy
For Great Britain and
Austrian accord
means
desire to check.
may now
France the Italo-German-
further and
devastat¬
more
ing diplomatic defeat. A hint of the Italian leaning
toward
fusal
Germany was to be seen in Mussolini's re¬
take
to
unless
part in another Locarno conference
Germany were invited on a full footing with
the other
Powers, and unless the anti-Italian Medit¬
agreement which Great Britain
erranean
gineered
en¬
abrogated, but the full import of an
was
Italo-German
the
had
accord
not
was
foreseen.
Now
on
for supremacy
The anti-Italian Mediter¬
mania in
has left
Montreux
at
still undecided.
than
effective restrictions
competition
agreement still exists, and the Straits Con¬
ference
turned, and it is Russia rather
are no
and
in air armament is keen.
ranean
are
the restriction
pace.
generally believed, with the object of checking
was
the attention of the Blum
Government and make it anxious for peace.
important questions
The announcement
is
on
Friday that
aid
financial
extend
to
the construction of
railway
a
Ru¬
to
the
across
Carpathian Mountains which will give rail connec¬
Czechoslovakia and Russia by way of
tion between
Rumania
is, if true, of marked importance, partly
because of the indication that
members of the Little
Rumania,
one
of the
Entente, is drawing closer to
Russia, and partly because the new line will open
Central
Europe to Russia without the necessity of
The Rome report that the three-
crossing Poland.
German-Austrian-Italian
Power
bloc
may
before
that
long be augmented by the adhesion of Hungary and
unexpected has happened, virtually every item of
Yugoslavia,' both of which are virtually under dic¬
Anglo-French diplomacy of the past fifteen years in
tatorships, and that Poland will be found friendly,
Europe has been relegated to futility. The persistent
is to be taken with all reserve,
attempts to keep Germany in subjection have failed
remembering that the combined population of the
as one
by
one
have been
the restrictions of the Versailles treaty
As far
repudiated.
cerned, the treaty is
as
only
now
a
Germany is
scrap
of
paper.
professions of regard for the League which Brit¬
ish
and
make curious
completely
dictators
The
reading
now
have
repeatedly made
that League prestige has
The attempt to control Italy has failed
collapsed.
as
statesmen
has the effort to control Germany.
as
of
Europe
now
are
the dictators of
Italy and the Reich, and while the triumph of Hitler
and Mussolini in their
achieved
respective countries has been
by overriding almost
principle of
every
political freedom which the English
espouse,
been
no
question
new
some
new
forces that
are
working
Europe. It would be idle to speculate about what
may
What has been demonstrated beyond
happen.
cavil is that the Continent has ceased to be
of
to
political
the
wishes
and
a
kind
to be administered according
preserve
plans
of
Great Britain -and
France, and has been split by a German-AustrianItalian
wedge whose pressure either eastward
westward will
situation the
French
now
be the
League of Nations, with all the Anglo-
come
only a ruin that encumbers the ground.
there
were
means peace or war.
probability
seems
whether
At the
mo¬
to dip in the
or
determining force. In this
diplomacy that centered about it, has be¬
need of further
the United States in
alignment
160,000,000.
of the
French
and
everybody's tongue is
on
ment the balance of
in
are
denying that the victory has
won.
The
the
there is
These
con¬
The
French
six countries exceeds
but it is worth while
holding aloof from
in whose schemes and
If
proof of the wisdom of
a
situation
perils it has been persistently
urged to share, the proof has now been furnished
abundantly.
Volume
Financial
143
been affected by the increase in reserve
The Course of the Bond Market
lower
decision
The
Reserve
System
Aug.
effective
effect
of the Board
to increase
15,
reserve
appeared to
the bond
on
market
at the best levels of the year.
off in
to
somewhat
be
0.21 point
Wednesday,
on
Ohio
Northern
4s,
1948,
& Quincy 4s,
Thursday, and 0.05 point on
Pacific 4s,
were
1997, advanced
106;
at
%
109%.
to
improvement in price.
1%
1966, advanced
to
78%;
87%,
at
up
1%.
Lowers
Pacific 4%s, 1969,
The defaulted section
3%s,
Electric
$10,500,000
1966;
1966, and serial debentures,
number of small declines, industrial bond prices
a
been
generally
convertible
showed
gains
to
up
Rail
point.
a
outstanding changes being a
6s, 1938,
Baldwin
by
In the steel group
this wTeek.
better
issues
and a
w.,
w.
1940.
Oils
have been quiet as well as the food and retail issues.
The
Allis-Chalmers conv. 4s, 1945, were 1% points higher at 133.
A gain of % point to 92% was noted in the Certain-teed
Products 5%s, 1948.
The foreign bond market 'has been rather strong.
Most
groups showed gains ranging from fractions in the Scandi¬
navian group to 3 to 5 points in Uruguayan bonds.
Bel¬
gained 1% to close at 91%; Missouri-Kansas-Texas 5s, 1962,
closed
Narragansett
10%-point
Illinois Central 4%s,
Southern
increase in new flotations, with
an
City Gas & Electric 4s,
9%-point rise to 94%
grade railroad bonds have been in active demand, and most
issues showed
There has been
equipments have been strong,
to close at 113;
%
Interstate
$7,108,000 Bangor Hydro-Electric 3%s, 1966.
have
Chicago
%
off
1958, gained
to 72%;
I
Despite
High-grade railroad bonds have been moderately better.
&
2%.
and
the
Baltimore
points
were
2%
Sioux
Friday.
Burlington
2%
Friday; Cities Service 5s,
on
1948,
ment, the average of eight long-term issues losing 0.13 point
on
tendency toward
advanced
1968,
5s,
week, closing at 91%
$34,000,000
issues appeared
effect of the announce¬
the
Power
Power 6s, 1952, at 67%
up
Thursday saw a slight easing
vulnerable to
Alabama
requirements, while
slight
about with a
1950, declined % to 83; New England Gas & Elec. 5s,
rose
continued to sell
United States Government
prices.
for the
On Wednesday, the
groups
grades milled
strength.
little immediate
have very
many
Federal
the
requirements by 50%,
this week.
day of the announcement,
of
Governors
of
329
Chronicle
showed im¬
rise to 102%
by
Coupler 6s,
Gould
provement, the following gains being among those recorded:
gians, Italians and Austrians have been among the stronger
Chicago Rock Island & Pacific 4s, 1988, %; Chicago Great
Europeans,
Western 4s,
among
On
1%;
1955,
1959, 1%; Denver & Rio Grande Western 5s,
Missouri
Southwestern
The
5s,
Pacific
5s,
1977,
1%,
St.
and
1990, 2.
utility bond
,.
market
has been
week and considerably more stable.
less
active
Louis
than
the weaker
U
S
on
and
also
were
Salvador 8s,
outstanding.
be mentioned the various Polish
may
last
High grades have not
some
German issues,
including the government 7s.
Moody's computed bond prices and
are given in the
following tables:
bond
yield
MOODY'S BOND PRICESt
(Based
side
5s,
Panama
loans, the French Railways bonds and
^
.
while Chileans,
South American issues,
the
MOODY'S BOND
YIELD
averages
AVERAGESt
(Based on Individual Closing Prices)
Averaoe Yxelds)
All
120 Domestic Corporate*
Domes¬
by Ratings
Averages
**
120 Domestic Corporate
120 Domestic
120
by R'ltlngs
Corporate by Groups
Corporate* by Croups
tic
Domes¬
120 Domestic
Govt.
Bonds
1936
Daily
120
1936
Daily
Aaa
Baa
RR
120.33
109.68
96.70
107.14
123.75
120.33
109.68
96.54
106.96
110.05
118.66
16
123.32
120.54
109.49
96.70
106.96
110.05
118.66
15..
111.92
123.53
120.54
109.68
96.70
107.14
110.05
118.66
111.73
123.32
120.33
109.68
96.39
107.14
110.05
118.45
Corp.*
July 17.. 109.76
111.73
16- 109.81
111.73
15- 110.02
111.73
14..
110.15
13..
110.07
Aa
123.53
A
P.
tic
Indus.
Averages
118.45
U
11Q.05
July 17—
Baa
RR
4.96
4.33
4.17
3.74
4.19
4.97
4.34
4.17
3.73
4.20
4.96
4.34
4.17
3.73
3.64
4.19
4.96
4.33
4.17
3.73
X
3.65
4.19
4.98
4.34
4.17
3.74
X
Aa
Aaa
4.08
A
3.65
4.19
4.08
3.49
3.65
4.08
3.51
3.64
14—
4.07
3.50
13—
.
3.50
4.08
3.51
—
tt
30
For-
P
Indus
U
eigns
5.77
X
X
•
'
11..
110.05
111.73
123.53
120.33
109.49
96,39
107.14
110.05
118.45
11—
4.08
3.50
3.65'
4.34
4.17
10—
110.05
111.54
123.32
120.33
109.31
96.08
106.60
110.05
118.45
10—
4.09
3.51
3.65
4.21
5.00
4.36
4.17
3.74
9-
110.07
111.54
123.53
120.33
109.12
96.08
106.60
109.86
118.45
9—
4.09
3.50
3.65
4.22
5.00
4.36
4.18
3.74
4.22
8- 110.09
3.74
120.11
109,12
95.48
106.25
109.68
118.04
8—
4.11
3.51
3.66
5.04
4.38
4.19
123.10
119.90
108.94
95.33
106.07
109.68
118.04
7
—
4.12
3.52
3.67
4.23
5.05
4.39
4.19
3.76
123.32
119.90
108.94
95.33
106.07
109.49
118.04
6—
4.12
3.51
3.67
4.23
5.05
4.39
4.20
3.76
Exchan ge
4—
Stock
3-
4.12
3.52
3.67
4.23
5.04
4.39
4.20
3.76
2
4.12
3.52
3.67
4.23
5.05
4.40
4.20
3.76
4.12
3.52
3.67
4.23
5.05
4.39
4.21
3.76
4.13
X
5.82
3.76
110.98
110.98
4..
•
123.32
7- 109.99
6„ 110.07
1
Stock
111.16
4.98
4.20
3— 110.04
110.98
2- 109.91
110.98
1-
110.98
109.90
Clos ed
119.90
108.94
95.48
106.07
123.10
119.90
108.94
95.33
123.10
119.90
108.94
95.33
123.10
109.49
118.04
105.89
109.49
118.04
106.07
109.31
118.04
Weekly—
1
—
—
-
X
X
:
,
Clos ed
Exchan ge
,
5.80
X
.
t
Weekly—
110.79
122.46
119.48
108.75
95.63
106.25
108.94
117.84
3.55
3.69
4.24
5.03
4.38
4.23
3.77
5.77
109.93
110.79
122.46
119.27
108.94
95.63
106.60
108.75
117.63
19
4.13
3.55
3.70
4.23
5.03
4.36
4.24
3.78
5.85
12- 110.01
110.98
122.67
119.07
108.94
95.93
106.42
109.75
118.04
12„
4.12
3.54
3.71
4.23
5.01
4.37
4.24
3.76
5.95
5- 109.99
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
5—
4.15
3.55
3.73
4.24
5.06
4.41
4.26
3.77
6.06
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.78
5.91
4.42
June 26.. 109.88
19-
June 26—
Weekly—
—
Weekly—
May 29.. 110.01
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
May 29
—
22..
110.20
122.03
118.66
108.75
94.88
105.54
117.43
22—
4.24
5.08
3.79
5.92
15-.
109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15..
4.15
3.58
3.74
4.23
5.06
4.41
4.25
3.80
5.'89
8- 109.70
109.86
121.60
118.04
108.38
94.73
105.20
108.39
116.82
8—
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
5.84
109.31
121.38
93.09
110.23
108.57
4.16
3.80
4.28
5.14
4.48
4.28
3.86
5.96
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
3..
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
116.42
Mar. 27..
4.17
3.61
3.79
4.24
5.03
4.39
4.28
3.84
116 62
20-
4.16
3.60
3 77
4.23
5.04
4 39
4.26
3.83
5.80
13-.
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5.94
6-4.
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
108.03
116.01
1—
4.21
121.38
117.22
108.21
94.88
104.85
108.21
116 42
Apr. 24—
4.19
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17—
4.17
9- 109.75
110-42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9—
3_.
109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
Mar. 27..
109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
20..
109.51
110 23
121 38
117.84
108.94
95.48
106 07
108.39
13..
109.11
110.05
120.75
117.63
108 75
95.63
106.07
108.03
116 22
6..
109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116 22
109.69
117.22
108.03
4.25
3.60
104.51
109.68
110.05
1-.
Apr. 24.. 109.80
3.73
3.57
"
17..
109.96
5.85
110.61
120.54
117.84
108.94
97.16
107.67
108.39
115.81
29—
4.14
3 64
4.23
4.93
4.30
4.26
3.87
6.00
21-
108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21..
4.13
3 62
3 79
4.22
4.87
4.25
4.25
3.87
5.92
15..
108 52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
120.96
96.70
8—
4.16
3 62
4.25
3 88
6.10
1
Feb. 29..
8-
108.98
108.22
110 23
117.02
108.39
106.60
108.57
107.96
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
108 03
109.68
120.75
116 82
108.03
95.63
105.37
108.57
115.41
24-
107 89
109.68
120.54
116.62
108.21
95 78
105 37
108.57
115.41
17..
108.34
109 31
120.11
116.62
107.85
95 18
104.68
108.39
115.02
Jan.
3.77
Jan.
•
3.81
4.26
4.96
4 36
4.19
3 63
3.82
4.28
5.02
4.42
4.25
3 89
31..
4 19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
24—
115 61
1-
31..
Feb
4
19
3 64
3.83
4.27
5.02
4 43
4 25
3.89
6.11
17
4.21
3.66
3 83
4.29
5.06
4.47
4 26
3.91
6.17
—
—
.
6.15
10..
108.02
108 39
119.90
115.41
107 14
93 99
103.48
108 21
114 04
10—
4.26
3 67
3.89
4.33
5.14
4.54
4 27
3 96
6.26
3..
107 94
107.31
119.27
114.63
106.07
92 53
101 97
107 85
112 69
3..
4.32
3 70
3 93
4.39
5 24
4 63
4 29
4 03
6.23
High 1936 110.28
111.92
Low 1936 107 77'- 107.14
123.75
120.54
109.68
98.09
108.57
110.05
118.66
Low
1936
4.07
3.49
3.64
4.19
4.87
4.25
4.17
3.73
5.77
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3 71
3 94
4.39
5 28
4.65
4.29
4.05
6.31
High 1935 109 20
119.69
114.43
105 72
91.67
101.31
107 67
112.11
Low
4.34
3.68
3.94
4.41
5.30
4 67
4.30
4 06
5.78
Low
106.96
1935 105.66
1935
99.20
116.82
108 57
98.73
77.88
90.69
94.14
106 78
119.48
110.61
103.22
85.48
96.70
106.07
10S.39
115.81
108.39
97.94
82.14
100.17
93.40
106.60
3
25
4.S3
6.4U
5 37
6
i3
4 36
6.97
3.69
4.14
4.55
5.76
4.96
4.39
4.26
5.96
4.76
July 17,35
99.84
4.MO
4.54
High 1935
103.48
3.87
4.26
4.88
6.03
4.74
5.18
4.36
7.36
82
4
'
1
Yr.
1
Apn
July 17'35 109.10
2 Yrs.Ago
Ago
2 Yrs.Ago
July 17-34 106.64
*
Yr.
July 17'34
These prices are computed from average yields ou the
basis of one "ideal' bond (4?i % coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
For Moody s index of bond priee~ by months back to 1928, see the issue of Feb. 6, 1932, page 907.
•♦Actual average price of 8 long term Treasury issues,
t The latest complete list of bonds used in computing these indexes was published In the issue of May 18, 1935,
page 3291.
ti Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
X Daily averages discontinued, except Friday
Of each week
Gross and Net Earnings
Financial
statistics
covering
the
operations
United States railroads for the month of
a
satisfactory trend
of last year.
as
of United States Railroads for the Month
of May
of
May reflect
compared to the same month
With business conditions vastly im¬
show
only
must be
a
relatively small addition and
resembling
an
adequate return
ment made in the railroads.
proved during the intervening year, it is natural to
have weathered the storm
find that gross
that any
earnings increased sharply.
But the
high costs under which these primary carriers
oper¬
if the
to absorb
There
an
altogether undue proportion of the in¬
creased gross revenues.
Net earnings, before taxes,
that
on
the huge invest¬
Many of the carriers
well, and it is not believed
important additions will be made to the
list of railroads
ate, largely because of Federal regulations, continue
one
enlarged considerably to provide anything
facing the reorganization problem,
present satisfactory business trend continues.
can
be
no
definite
assurance
on
point, however, and it remains true that
"the
a
latter
huge pro-
Financial
330
Chronicle
portion of the country's railroad mileage faces the
production of pig iron in the United States in
that
reorganization problem.
May
Last
May
normal month, so far
was a
conditions go.
operating
Effects of the devastating floods in
part of the country last March
Northeastern
the
as
July 18, 1936
the present
aggregated 2,648,401 gross
year
compared with 1,727,095 gross tons in May,
tons as
1934; 887,252
tons in May,
1935; 2,042,896 gross
tons in May, 1933; 783,554 tons in May, 1932;
gross
signs,
1,994,082, tons in May, 1931, but comparing with
during May, of the further natural obstacle that
3,232,760 tons in May, 1930, and 3,896,082 tons in
developed during June and July, when drought con¬
May, 1929.
pretty well dissipated.
were
There
were no
developed in the great grain belt of the West,
ditions
railroads
the
threatening
from
revenue
with
heavy
a
of
loss
of their most important sources.
one
Trade, industry and agriculture all appeared promis¬
The result was an increase of the gross earn¬
ing.
statistics
Institute,
4,046,253
and
But operating expenses,
steel ingots in the
year reached
of
May the
current
tons as against 2,633,661 gross tons
gross
Comparisons with preceding years, back to
1934.
14.82%.
in
May last year and 3,352,788 gross tons in May,
in
$279,133,293 in the same month of 1935, a gain of
or
production
the
States
United
ings of 139 roads during May to $320,487,420 from
$41,354,127,
In the, case of steel, according to the
compiled by the American Iron and Steel
1,976,428 gross tons
including May, 1929, are:
May, 1933; 1,125,243 tons in May, 1932; 2,551,633
in
1931; 3,982,915 gross tons in
tons in May,
artificially high because of the enforced restoration
gross
of 1929 wags
May, 1930, and no less than 5,286,339 gross tons
levels, absorbed the great bulk of the
increase, and net earnings increased only to $80,-
in
May, 1929.
We present the results of operations below,
14.78%.
( + ) or Dec. (—}
—1,147
0.48%
+841,354,127
14.82%
1935
1936
>.
237,012
$320,487,420
$279,133,293
239,757,929
208,801,716
+30,956,213
74.81%
74.80%
+0.01%
$80,729,491
Month of May—
Mileage of 139 roads
Gross earnings
$70,331,577
+$10,397,914
Operating expenses.
Ratio of expenses to earnings.
Inc.
238,159
14.83%
There
several
are
14.78%
important factors which neces¬
sarily will influence the financial results strongly
in
and
June
subsequent months.
Commerce Commission has
of
of
continuance
for
railroads
the
Interstate
The
granted the application
the
surplus
largest for the month since May, 1930), the hard coal
production fell considerably below that of May last
The United States Bureau of Mines reports
that the
the
quantity of bituminous coal mined in May
reached 28,678,000
present year
26,849,000
only
against
net
in
in
tons
less than
May,
1931,
but comparing with
36,314,000 tons in May, 1930, and 40,-
to aid the
706,000 net tons in May, 1929.
end of this calendar year.
of all but
chiefly
of 2c.
level
basic
a
of passenger fares
mile, despite the protests
a
of the larger
one
are
On June 1 the ICC made
order for reduction
effective its
to
The extension, how¬
struggling carriers.
Eastern systems which
No adequate indications are
affected.
yet, to show whether passenger traffic
available,
as
increased
sufficiently to overcome the reductions in
We have
rates.
the
already alluded to the drought in
the
All
the
must be
tion
regarded
continued
of
the other hand,
on
subsidiary to the general ques¬
as
from
recovery
the
depression.
Although the capital goods industries do not yet
show
adequate improvement, it is evident that con¬
sumption goods
are
moving freely and
are
contribut¬
ing to the impressive upturn of railroad revenues.
In
taking,
indices
as
as
the
is
our
in
tons
net
practice, the leading trade
of
measure
business
activity,
one
aggregated
net tons in. May, 1936, as against
4,919,000 net tons in May
a year ago
and 5,250,000
1934, but comparing with only
May,
2,967,000 net tons in May, 1933 and 3,278,000 net
in
tons
1932.
May,
anthracite
In
May,
1931,
however, the
output was 5,005,000 net tons; in 1930,
5,911,000 net tons, and in May, 1929, no less than
6,308,000 net tons.
Turning
to the building industry, the F. W.
now
Dodge Corp.
particular problems,
On the other hand,
output of Pennsylvania anthracite
only 4,577,000
West, which surely will curtail freight traffic
sharply in the dry area.
as
1935;
May,
18,384,000 tons in May, 1932; 28,-
May, 1933;
314,000
no
is only for a period of six months, or until the
net tons
tons in
27,385,000 net tons in May, 1934; 22,488,000 net tons
freight charges, found necessary a year ago in order
ever,
output was very
larger than in May a year ago (in fact, the
year.
►a
Net earnings
industry—the mining of coal
find that while the soft coal
—we
much
tabular form:
in
+
As to another basic
729,491 from $70,331,577, a gain of $10,397,914, or
reports
construction
ment,
States east of the
1931)
as
substantial improve¬
in
awarded
the
37
involved
a
outlay of
money
(the largest recorded for May since
compared with only $126,720,100 in May a
year ago
the
very
Rocky Mountains during May the
present year having
$216,070,700
a
contracts
and $134,363,700 in May, 1934.
Extending
comparisons further back, we find that build¬
ing contracts awarded in May, 1933, had a money
of
value
$77,171,700 and in
May, 1932,
of $146,-
naturally turns first to the manufacture of automo¬
221,200.
biles.
$306,079,100; in May, 1930, of $457,416,000, and in
According to the statistics compiled by the
Bureau
of the
Census, there
was
not only a most
gratifying increase in the output of motor vehicles
as
compared with May
was
the
a year ago,
but production
largest for the month since May, 1929.
Bureau
reports
turned out in
that
460,565
May the present
automobiles
year as
361,107 in May, 1935, and but 330,455
1934.
In the five years
of motor
cars
was as
The
were
against only
cars
in May,
preceding 1934, the output
follows:
214,411
cars
in May,
1933; 184,225 cars in 1932; 317,163 cars in 1931;
420,027
in
May,
cars
in 1930, and
1929.
no
less than 604,691 cars
Very gratifying improvement
likewise shown in the iron and steel
output in
was
industries, the
both cases having been the largest for
May in all recent years.
The "Iron Age" reports
In May, 1931, however, the valuation was
May, 1929, of no less than $587,765,900.
the marked
ber
a
In view of
improvement in the building trade, lum¬
production,
as
large increase.
might be expected, also showed
According to the figures compiled
by the National Lumber Manufacturers Association,
an
average
ended
lumber
the
of 548 identical mills in the four weeks
May 30 showed
same
a
cut of 991,014,000 feet of
compared with only 525,739,000 feet in
as
weeks
four
of
1935,
or
corresponding period of last year
was
in progress
the
record
of
comparable
weeks
of
1934.
four
same
feet
88%
a
strike
in Western mills) and 60% above
mills during the
same
Shipments of lumber in the
four weeks the present year reached
as
above the
(when
921,945,000
against but 624,556,000 feet in the similar
Volume
Financial
143
period of 1935,
also
gain of 48%, while orders were
or a
greatly increased scale, aggregating 904,-
a
on
331
Chronicle
$2,626,314 in net earnings; the New York Central,
which with
of
$3,168,359 gain in gross reports an in¬
(These figures cover the
$995,998 in net.
301,000 feet as compared with but 756,622,000 feet
crease
in the
corresponding four weeks of last
operations of the New York Central and its leased
above
those
weeks
of
It
of
May, 1935, and 47% above similar
Western roads
too,
was
May the present
that
than in May, 1935.
year
different
staples.
the
Western
grain movement in
We deal with the details of
farther along in this
combined,
but
against
of
article, and therefore
the receipts at the Western
year
primary markets of wheat,
weeks
separate para¬
a
here that for the five weeks ended
say
May 30 the current
rye,
The in¬
extended Without exception to all
creases, moreover,
only
over
greatly increased scale in
a
on
traffic
grain
the
the
need
lines.
Including the Pittsburgh & Lake Erie, the
result is
1934.
happened,
graph
20%
year, or
32,148,000
1935 and
oats, barley and
corn,
bushels
50,608,000
aggregated
bushels
the
in
as
five
same
increase of
an
ports $2,452,470 increase in
increase in
gain of $2,432,541 in
the Norfolk &
of 1933;
the similar weeks
51,595,000 bushels in the
five weeks of 1932;
same
gross
53,503,000
bushels
bushels in
It
in
five weeks of 1931;
same
May,
1930,
and
49,487,000
May, 1929.
$757,777 in net.
amounts in
showing the loading of revenue freight
railroads
of
all
of the
that
all the
on
country that the composite result
has
been
said
is
above
most
clearly
For the five weeks of May the current
apparent.
according to the figures compiled by the Car
year,
Service
Division
ciation,
the
freight
American
the
number
of
cars
Railroad
loaded with
(the largest number
since
1931)
same
five
similar
of
as
weeks
of
weeks
last
cars
in the similar
5,186,235
of
in the
cars
cars
1932,
but
in the
cars
in
of
excess
in the
in the
cars
comparing
with
less than
no
five
weeks
$5,474,544 Missouri-Kansas-Texas
a3,168,359 Denver & Rio Gr. West.
2,452,470 Bessemer & Lake Erie
Chesapeake & Ohio
Southern Pacific (2 rds.)_
1,299,436
1,259,143
Coming
we
find
now
to the separate roads and systems,
exhibits
the
in
are
showing for the railroads
pilations showing the
of
excess
crease
$100,000, not
in gross
but 15 roads
amount.
have
whole.
increases
and
our com¬
decreases in
obliged to show
a
case
de¬
a
of the net,
loss above that
able to
Among them
to be found the Atchison
are
and
gross
$2,502,150 loss in net; the Chicago Milwaukee St.
Pacific, with $1,215,717 increase in
$1,493,202
decrease in net;
the
Western, with $984,862 gain in
(2rds.)
Chic. R. I. &Pac.
Erie (2
roads)
Atch. Topeka
.
710,058 Western Pacific
671,406 Seaboard Air Line
585,851 Alton
577,632 Colo. & Southern (2rds.)
549,947 Lehigh & New England..
527,077 Chic. Ind. & Louisville..
503,542 Mobile & Ohio
491,881 Long Island
& Santa Fe
Northern Pacific
L.__
N. Y.Chicago & St.
Grand Trunk Western._
St. L. San
Fran.(3 rds.)_
North.
Duluth Missabe&
Reading
Pere Marquette
Pittsburgh & Lake Erie. _
N. H. N. H. & Hartford.
-
These
and $615,108
137,664
128,872
123,410
118,193
117,657
117,156
115,337
110,880
482,032
430,580
417,074
Elgin Joliet & Eastern
Texas & Pacific
a
Alabama Great South—
483,775
155,914
154,698
145,406
$39,415,357
Total (60 roads)
figures cover the operations of the New York
Central and. the
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of 3,652,134.
leased
CHANGES IN
PRINCIPAL
NET EARNINGS FOR THE MONTH
OF MAY,
Central
1,205,400 St. Louis Southwestern._
1,170,252 St. L. San Fran. (3 rds.).
a995,998 Chicago Great Western..
-
Illinois Central—
Nashville—
Great N orthern
(2 roads)
N. Y. Chicago & St. L_.
Grand Trunk Western. _
Pere Marquette
_
Reading
Kansas City Southern.._
Alton
Texas & Pacific
Missouri-Kansas-Texas
_
Orleans. &
Texas Pacific
Yazoo & Miss. Valley—
Bessemer & Lake Erie—
Northern Pacific
Pittsburgh & Lake Erie..
New
Cinn.
164,224
158,191
155,263
134,255
133,762
125,633
123,200
757,777 Atlantic Coast Line
631,051 Lake Superior & Ishpem.
602,972
Total (35roads)
512,433
.$15,909,716
Dcctcglsb
480,383
417,508 Atch. Top. & Santa Fe.. $2,502,150
1,493,202
372,264 Chic. Milw. St. P. & Pac.
615,108
352,676; Chic. & North Western._
323,783
348,371 Missouri Pacific
283,913
323,747 Central of New Jersey—
226,97.6
264,536 i Western Pacific.
—
194,411
242,672 Boston & Maine.
174,329
232,221 Internat. Great Northern
175,015
228,896 Delaware & Hudson
137,539
228,642 Bangor & Aroostook
131,092
Chic. Burl. & Quincy._.
New Oris. Tex. & Mex.
224,103
106,265
215,821
(3 roads)
105,707
210,287 Chic. Ind. & Louisville.
Southern
Erie
Increase
$2,626,314 Minneapolis & St. Louis.
1,864,607 , Long Island
Pennsylvania
Chesapeake & Ohio
Baltimore & Ohio
Norfolk & Western
Louisville &
1936
\
Increase
.
204,448
201,809
$6,467,490
Total (15 roads)
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute, Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $1,197,807.
a
These figures cover
When
roads
the
are
arranged in groups or geo¬
location, as
the results
shown as compared with May last year is still more
clearly brought out, as it is found that all three
graphical divisions, according to their
is
our
the
custom,
improvement in
the
Southern dis¬
districts—the
Eastern district,
trict
Western district—together
and
the
with the
and $323,783 decrease in net, and the
creases
in both gross
gross
Pacific, with $145,406 gain in
$226,976 decrease in net.
more
even
conspicuous of the roads distinguished for
gains in both
gross
and net earnings alike,
shall content ourselves with
Pennsylvania RR.
case
increase
and
gross
Lack of space prevents
naming separately, with their increases,
in the
Missouri Pacific
regions comprising these districts, show in¬
Western
The
and
gross
Chicago & North
gross
_
Chic. Burl.& Quincy
various
gain in
the
1,052,017 Chic. St. P. Minn & Om.
1,043,791 Wabash
1,020,564 Yazoo & Mississippi Val.
984,862 Chicago Great Western.
957,483 Delaware & Hudson
909,901 Minn. & St. Louis
672,426 Lake Superior & Ishpem.
722,349 Chicago & East Illinois.
310,324
309,932
288,746
254,198
251,403
248,795
219.322
195,388
163.323
net; the Missouri Pacific, reporting $909,901
loss in
our
Louisville & Nashville—
report gains in the case of the
Topeka & Santa Fe, with $710,058 gain in
Paul &
1,054,269
Union Pacific
In
single road reports
a
the
Many of the roads in this latter category
been
gross.
as a
earnings, and in the
are
with
consonance
& Texas Pacific
St. Louis Southwestern._
Union Pacific
Southern
412,296
394,368
381,171
368,413
360,622
Cincinnati
1,215,717 Lehigh Valley
Pac.
Chic. Milw. St. P. &
Kansas City Southern—
New Orleans
1,481,142
_
_
Minn. St. P. & S. S. M__
2,432,541
Norfolk & Western.
Duluth Missabe & Nor.
of 1929.
Increase
Increase
Pennsylvania
New York Central
New York
corresponding
the
corre¬
$100,000, whether increases or
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MAY, 1936
the
period of 1931; 4,586,357
same
period of 1930, and
in
May
for
cars
3,026,021
year;
1934; 2,656,168
weeks
four
3,719,868
revenue
recorded
against only 2,887,975
sponding period of 1933, and 2,535,500
same
Asso¬
the railroads of the United States reached
on
3,351,801
cars
statistics
In the following we
decreases, and in both gross and net:
Chicago& Nor. Western.
to the
come
we
and of $1,864,607 in net;
gross
bring together all changes for the separate roads for
Illinois Central
is, however, when
and $1,205,400
and $1,170,252 increase in net, and the South¬
increase of
an
gross
Ry., which with $1,043,791 gain in gross shows
ern
Great Northern
59,151,000 bushels in the
and of
Western, with $1,299,436 increase in
Baltimore & Ohio
81,594,000 bushels in
gross
net; the Chesapeake & Ohio, reporting a
only 35,519,000 bushels in the
corresponding period of 1934, but comparing with
$3,652,134 in
$1,197,807 in net); the Baltimore & Ohio, which re¬
of
of the gross
$5,474,544
mentioning only
so
a
we
few:
the
and net earnings alike, with
exceptions that the Western district (including
the Northwestern
region and the Central Western
region) and the New England region in the Eastern
district, were obliged to record losses.
mary
by groups
is
as
below.
plained, we group the roads to conform to the classi¬
of
the
Interstate
Commerce
(which heads the list both
fication
and of the net) reports
The boundaries of the different groups
in
gross
earnings
and
an
of
Our sum¬
As previously ex¬
are
Commission.
and regions
indicated in the footnote to t^e table:
332
Financial
SUMMARY BY
District and Region
Gross
1936
New England region (10 roads)
Great Lakes region (24 roads)
S
119933655
Inc. (+) or Dec. (- -)
$
12,463,175
55,377,663
58,911,964
+ 7,081,392
+ 9,998,657
.144,448,451
126,752,802
+17,695,649
11993355
4.94
12.79
16.97
13.96
+
615,600
1936
------
39,631,718
20,475,876
35,034,324
16,632,742
60,107,594
51,667,066
+8,440,528
32,181,251
47,596,595
20,935,579
+ 5,935,341
+ 5,665,669
18.44
+ 3,616,940
17.28
115,931,375
100,713,425
+15,217,950
15.11
...
-
13.12
23.11
+4,597,394
+3,843,134
Southwestern region (24 roads)
Total (55 roads)..
roads).—320,487,420
279,133,293
-Net
Region
1936
——Mileage—
1936
1935
New England region.
Great Lakes region..
26;628
Central Eastern reg'n
24,951
58,655
11.90
59,014
39,230
6,010
6,015
45,245
46,294
56,822
30,304
46,467
56,957
30,476
8,534,065
7,631,607
5,441,453
+6,633,232
+2,868,282
+3,097,125
43.07
47.15
+5,965,407
45.09
Total.
:
■'
11199933356565
—534,874
+2,218,514
4,888,790
+552,663
21,607,125
23,807,850 —2,200,725
70,331,577 +10397,914
the following indicates the confines of the different
"Y' v
EASTERN DISTRICT
New England
Region—Comprises the New England States.
Region—Comprises the section on the Canadian bouhdary between
Chicago, and north of
New England and the westerly shore of Lake Michigan to
a line from Chicago via Pittsburgh to New York.
Eastern
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg,
a
line thence to the southwestern
corner
W.
of Maryland and by the Potomac
River to its mouth.
DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va.t and a line thence following the
eastern
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Region—Comprises the section north of the southern boundary of
Pocahontas
Virginia,
east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
and by the Columbia River to the Pacific.
"
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.
1199335665
79,000
and by the Rio Grande to the Gulf of Mexico.
We have already pointed out that Western roads
ever,
in
May last
that the grain movement in May, 1935, and also
May the previous
the present
below
1934,
year,
for the month in
record
in
It is proper to state, how¬
year.
or
wheat
the
at
in
Western
the
of
oats,
bushels;
of
as
same
19,589,000 bushels
els;
still
and that
very
much
All the different cereals,
May, 1933.
13,082,000 bushels
bushels
was
as
May 30,1936, receipts
primary
markets
were
compared with only 9,756,000
five
weeks
of
1935; of
corn,
against only 12,058,000 bush¬
7,798,000
barley,
bushels
7,149,000
against
3,838,000
bushels
against
4,179,000 bushels, and of rye, 2,990,000 bushels
compared with only 2,317,000 bushels.
the
on
less degree, contributed to the increase.
Thus for the five weeks ended
of
the smallest
all recent years,
year's grain traffic
that of
greater
were
as
Altogether,
receipts at the Western primary markets of the
five
staples, wheat,
corn,
oats, barley and rye, dur¬
272,000
60,000
2,111,000
1,654,000
2,168,000
2,422,000
94,000
385,000
233,000
214,000
55,000
233,000
221,000
40,000
23,000
40,000
90,000
342,000
382,000
86,000
252,000
542,000
85,000
368,000
116,000
100,000
68,000
65,000
-
■
99,000
Sioux City—
1936...
-
1935
-
Total All—
:
:
1936
...
30,000
37,000
31,000
1,000
against
five weeks of 1935
:—•
—
5 Mos. End.
Flour
Wheat
Corn
May 30
(Bbls.)
(Bush.)/
(Bush.)
Chicago—
4,091.000 22,557,000
3,452,000 10,081,000
4,015,000
3,533,000
1935-..-
Oats
Barley
(Bush.)
8,462,000
2,892,000
5,786,000 1,859,000
3,043,000 1,804,000
15,640,000
8,984,000
>
3,682,000
862,000
■--."i
6,386,000 12,717,000 2,642,000
1,350,000
3,996,000
376,000
;"~:
'■
------
2,933,000
281,000
1,703,000
-----
2,020,000
46,000
164,000
2,017,000 1,745,000
454,000
334,000
2,757,000
2,122,000
497,000
674,000
9,089,000
4,595,000
209,000
37,000
75,000
Milwaukee—•
330,000
-
1935-.-...--
ToledOr—
'
118,000
225,000
411,000
■*
-
■
.v.."..
■
/■
'■
■ ■
1,668,000
472,000
1,506,000
3,048,000
2,115,000
83,000
9,000
94,000
119,000
2,423,000
335,000
268,000
601,000
394,000
287,000
147,000
'-.v.- ■■■+
•
1936
509,000
376,000
1935..------
1936...-.--
.
.
3,753,000
2,153,000
—2,921,000 18,887,000
34,000
2,764,000
6,600,000
.
1935..-...—
<
——
"
——
4,051,000 10,280,000
2,500,000
4,806,000
....2,654,000
3,948,000
8,944,000
5,829,000
1,232,000
323,000
1,247,000
632,000
2,690,000
831,000
815,000
1935...
742,000
254,000
Kansas City—v.-Y-:
302,000 10,274,000
319,000
5,460,000
1935..
St. Joseph—•++.y.+YY
1936
647,000
■
Wichita—
'V,
,
1,699,000
1935-2,250,000
Sioux City—Y'.Y
•
•
'•
-
•'
-
----
1936
.
Total All—
1
...
133,000
135,000
1935—
weeks of 1929.
In
Western
of
the
usual form:
the
following table
grain
we
movement
give the
in
our
1,000
—
the
other
hand, the livestock movement
over
WTestern roads appears to
have been much smaller
than in
At Chicago the receipts
May
a year
ago.
comprised only 6,067 carloads in May, 1936, as com¬
with
pared
Kansas
cars,
6,168 carloads
City they
were
in
May, 1935, and
at
only 2,236 cars against 3,567
although at Omaha they reached 1,720
cars as
compared with 1,600 cars.
Coming
we
find,
year,
both
to the Southern cotton traffic, this,
now
was
as
much larger than in May last
very
regards the overland shipments of the
staple and the receipts of cotton at the Southern
Gross shipments overland of cotton during
1936,
reached
52,911 bales
as
against
only
37,676 bales in May, 1935; 15,963 bales in May, 1931;
Southern outports,
details
73,000
.-..7,867,000 46,438,000 80,749,000 31,858,000 33,219,000 8,809,000
7,766,000 30,843,000 41,655,000 14,083,000 14,513,000 4,054,000
in
five
2,000
158,000
1,000
May, 1930, and 35,111 bales in May, 1929.
same
-
(
46,000
61,000
Y,:
or-Y-YyYY
:
1936
On
—
Y'TY
—
Y
983,000
366,000
405,000
—
,
.;
387,000
1935—_
------
1,229,000
644,000
114,000
83,000
—------
-----
'
1,873,000
855,000
650,000
1,567,000 1,002,000
1,315,000
942,000
YY'YYy-'YV
1,086,000
614,000
8,629,000
9,414,000
Y
------
...
1936..
:•
corresponding five weeks of 1933; 51,595,000 bushels
the
311,000
70,000
Peoria—
bales in May, 1931;
period of 1930, but
606,000
348,000
St. Louis—
in
in
21,000
-
1932; 29,191
May, 1932; 59,151,000 bushels in May, 1931, and
'
(Bush.)
Minneapolis—
36,317 bales
same
Rye
(Bush.)
only 35,519,000 bushels in the similar weeks of
against only 49,487,000 bushels
19,000
1,818,000 13,082,000 19,589,000 7,798,000 7,149,000 2,990,000
1,811,000
9,756,000 12,058,000 3,838,000 4,179,000 2,317,000
1934, but comparing with 81,594,000 bushels in the
53,503,000 bushels in the
2,000
"
1935
May,
and
1,104,000"
168,000
154,000
only
same
2,187,000
247,000
149,000
Y/Y+,
aggregated
32,148,000 bushels in the
110,000
189,000
804,000
454,000
59,000
62,000
617,000
outports.
as
2,058,000
888,000
1,042,000
583,000
533,000
.
year
bushels
667,000
600,000 '
-
ing the five weeks ended May 30 the current
50,608,000
3,938,000
1,133,000
739,000
1,013,000
1936..
much larger grain traffic
a
61,000
36,000
»
:
1936......-.2,389,000
Southwestern Region—Comprises the section 'ylng between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
advantage of
5,000
Indianapolis & Omaha—
Central
than in
124,000
126,000
1
Detroit—
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
the
76,000
75,000
67,000
1935-...
DISTRICT
Northwestern
had
138,000
12,000
26,000
1936-...-.--
thence by the Potomac River to its mouth.
WESTERN
116,000
76,000
Duluth—
SOUTHERN
21,000
.
1936....
Region—Comprises the section south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
east of a line from
Va.f and
4,000
1936
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Central
352,000 1,220,000
Wichita—
14.78
Great Lakes
45,000
1936
9.24
80,729,491
groups and regions:
55,000 2,093,000
126,000 1,352,000
St. Joseph—
5.90
22.52
11.30
districts.-237,012 238,159
Commerce Commission, and
703,000
934,000
Kansas City—
^
9,068,939
9,850,121
..133,420 133,900
Toal all
73,000
166,000
120,00p
.
1936
-
'•
561,000
5.000
360,000
1936
19.92
'
494,000
368,000
1936
13°57
13,228,743
19,194,150
583,000
4,000
St. Louis—
18.63
28.10
6,659,779
6,568,964
9,528,061
9,666,089
273,000
37,000
Detroit—
Inc. (+) or Dec. (—)
§
<y0
33,294,984
y
38,927
Wester ft District
Southwestern region.
555,000
124,000
80,000
171,000
'
1935.
Northwestern region.
Cen. West, region...
1,164,000 1,467,000 2,881,000
411,000
538,000 1,073,000
1,500,000
1,510,000
—
Indianapolis & Omaha—
3,381,455
—458,958
13,870,651 +2,583,765
16,042,878 + 4,508,425
39,928,216
44,937
Total...
4,016,000
2,780,000
-
1936
14.82
+41,354,127
§
'
-
..
933,000 1,300,000
652,000 1,735,000
Toledo—
Earnings-
1935
$
2,922,497
16,454,416
20,551,303
7,129
26,825
25,060
7,076
Southern District—
6,095,000 2,158,000
4,676,000 1,612,000
:
-----
Peoria—
Southern region.....
Pocahontas region..
—
1936..
1936
-
Rye
(Bush.)
Milwaukee—
Tit
Northwestern region (15 roads)
Central Western region (16 roads).
Total....
Barley
(Bush.)
_■ ,■
2,720,000
1,057,000
1935...
16.34
38,116,592
53,262,264
24,552,519
...
Total (32 roads)
M onth of May
Eastern District—
Oats
(Bush.)
' /
^
■ >,
■
Duluth—
Southern region (28 roads)
Pocahontas region (4 roads)
District and
*
Minneapolis—
Southern District—
Total all districts (139
■
969,000
804,000
_--
1935.--..-
1936....
Total (52 roads)
*
r
Corn
(Bush.)
(Bbls.)
*
GRAIN RECEIPTS
(Bush.)
Wheat
Flour
May 30
Chicago—
%
13,078,775
62,459,055
68,910,621
Central Eastern region (18 roads)--
July 18, 1936
FLOUR AND
WESTERN
5 Wks. End.
Earnings
1935
$
Month of May—
Eastern District—
Chronicle
GROUPS
190,101
bales
May, 1933; 23,095 bales in May,
11,635 bales in
At the
receipts of the staple aggregated
during
May
the
against only 87,177 bales in May
present
a
year
year
ago,
as
but
comparing with 197,085 bales in May, 1931; 123,059
bales in
May, 1933, and 222,102 bales in May, 1932.
Carrying the comparisons still farther back, we find
Volume
that in
143
Financial
May, 1931, the port receipts
were
only 99,776
bales; in May, 1930, they reached 205,975 bales, but
in May, 1929, they were
only 134,735 bales. In the
subjoined table we give the details of the port move¬
ment of cotton for the
COTTON AT
RECEIPTS OF
AND
FROM JAN.
1
past three years:
SOUTHERN
TO END
OF
PORTS
MAY
FOR
*
MONTH
MAY
OF
1935 AND 1934
1936,
Chronicle
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
extent
Pons
1936
1935
1936
1934
1935
:e
Galveston
52,284
Houston, &c__
41,229
1934
,.
1,285
14,271
20,441
1,136
New Orleans..
68*271
39*349
66*319
Mobile
11,625
2,841
1,843
1,934
11,844
*2*833
2*464
2,995
*19*682
28,475
27
501
148
713
488
1,512
1,142
486
1,863
4,586
13,297
2,674
4,231
27,889
12,104
6,029
13,323
11,022
43
43
162
588
2,258
Corpus Christ!.
269,433
358,209
15,612
6,783
391,340
57,619
18,062
31,o62
81,001
24,291
622
Beaumont-...
...
Pensacola
800
Savannah.....
8,492
Brunswick
2,590
4,757
Lake Charles..
Wilmington
Norfolk
569,367
363,786
13,943
95
679
273,558
22,058
490,088
48,971
33,588
29,116
14,473
9,480
14,278
126
~
Charleston
162,033
163,290
9,072
2,767
Jacksonville...
offset
the
the
loss
higher
in
rates
earnings
served
resulting
that
to
from
the
shrinkage in the volume of traffic.
Contrariwise, the sav¬
ing in expenses then achieved was effected in face of higher
scales, the Railroad Labor Board having the previous
wage
awarded
summer
Since Jan. 1
from
revenue
to
time
same
May
333
a
that
20% increase to the employees, at the
the
Commission
Commerce
Interstate
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
schedules would have
wage
the
payroll
the
added
$50,000,000
month
a
to
time.
of the
carriers,
as
was
pointed
out by
us
at
On
the other hand, in
any attempt to appraise correctly
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
the
of the
Total
190,101
87,477
Results
for
197,085 1,186,860
Earlier
The
increases recorded in railroad
namely, $41,354,127
(14.82%)
in
703,155 1,623,313
Years
been
1934.
In
gain
a
$27,428,140,
the
in
the
in
previous
year
earnings
(May,
of $3,584,364 and
but these increases followed
three
gross
1933)
a
there had
in
gain
net
of
tremendous losses
immediately preceding.
In May, 1932,
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,years
compilations showed
our
131,912 loss in
and
gross
$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 $26,179,817 gain
in gross, or 4.86%, and $17,754,001 gain in
net, or 12.9%.
Moreover, this
indifferent
or
for this
reason
moderate improvement
very
came
after poor
results
in May, 1928, and May, 1927, one
having been that the agricultural communi¬
ties of the
country were even at that time already suffering
depression, greatly impairing their purchasing and consum¬
ing capacity, though the situation in that respect was not
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
so
increase in
An
im¬
fact to remember,
portant
lowed
with $1,063,507 decrease in net.
gross,
quite substantial
the roads
as
a
whole)
however, is that this last fol¬
improvement (we are speaking of
in May. 1926, over May, 1925, when
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
our
1924, our tabulations for May, 1925, having recorded
$11,114,584 increase in gross and $16,805,030 increase in net.
over
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
what
was
then
lost.
less
recovery
of
Our statement
than
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
ever,
unexampled volume of traffic, and
an
addition
year) of
to
the
no
net
our compilations showed
(as compared with the preceding
less than $97,510,054, or 21.77%, and an addition
to
in
the gross
the
of
sum
$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 nota¬
ble
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 com¬
pared with May of the year before) there was only a
small
or
very
improvement in the
less
1%—but
than
traction in expenses of
an
augmentation
roughly, 43%.
the
year
in
preceding
was
at
the
same
time
a
con¬
$23,995,177, and this brought about
the
There
earnings—only $4,069,753.,
gross
there
net
in
amount
of
$28,064,928,
or,
improvement also in the net in
(1921), though gross at that time was
The decrease in
the gross then was
reduction in
$13,214,331, but it was accompanied by a
expenses of $58,054,141, thus leaving a gain of
$44,839,810 in the
net
that time was
either
the
earnings.
The loss in the
gross
at
only 2.89%, which, of course, failed to reflect
great falling off in traffic or the extent and
"outlaw"
so
strike,
happened that in May, 1920, the
which served so seriously to
cumstances, 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
less than
no
But,
merely
$61,001,464, leaving
already
as
one
of
a
stated,
a
loss in net of $22,372,391.
1920
the
decrease
in
net
was
series of losses in net that had been
con¬
tinuing
through successive years.
As indicating how ex¬
had been mounting up, it is only necessary to note
that in May, 1919, though gross
earnings increased as com¬
pared with 1918 in amount of $35,132,305, the augmenta¬
19276530
penses
tion
in
in
reached $69,091,093, leaving a diminution
$33,958,788.
Similarly, for May, 1918, our
registered $31,733,655 increase in gross, but
expenses
the
net
of
compilations
$14,459,024 decrease in net, owing to an increase of $46,232,679 in expenses.
For the three years combined, there¬
fore, the loss in net for this single month
in face of
in
penses
325,236.
of
the
the
we
$70,790,203,
was
increase in gross earnings of
$105,535,033.
the three years for this month increased
an
Ex¬
$176,-
Even prior to 1918 rising expenses were a feature
though not, of course, to anywhere near
returns,
extent which subsequently
developed.
In the following
the May comparisons for each
year back to 1909.
show
We
give the results just
each
as
registered
by
our
tables
own
year:
Gross Earnings
Mileage
Month
of
Year
Year
May
Given
Preceding
909
Inc.
(+) or
Dec. (—)
$196,826,686 $170,600,041 + $26,226,645
230.033.384 198,049,990
+ 31,983,395
226,442,818 231,066,896
—4,624,078
232,229,364 226,184,666
+ 6,044,698
263,496,033 232,879,970
+ 30,616,063
239,427,102 265,436,022 —26,007,920
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
447,299,150 443,229,399
+4,069,751
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
517,543,010 516,454,998
+ 1,088,016
509,746,395 518,569,718
—8,823,323
536,723,030 510,543,313
+ 26,179,817
462,444,002 537,575,914 —75,131,912
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
279,153,707 281,642,980
—2,489,273
320,487,420 279,133,293
+41,354,127
910....
911
912....
917....
918....
919
920....
924..1.
925
927....
934..__
Net Earnings
Per
Year
Year
Cent
Given
Preced'g
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
14.82
Inc.
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
237,012
(+)
1909-
of
Year
May
1919-_.
1934...
1935
1936...
(—)
Year
Given
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
70,331.577
+ $14,901,120
+ 5,226,827
29.93
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
—
-
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
238,159
$64,690,920
70,084,170
.
1916-
1928.
217,933
225.274
232,503
231,597
236,619
243,954
245,207
247,189
247,842
228,892
234,339
or Dec.
Month of
1924.
was
declining, owing to the collapse in trade.
so-called
interfere with railroad operations the
previous month, con¬
tinued with greatly aggravated
consequences.
In these cir¬
926....
for May, 1924, showed
$70,476,133 falling off in the gross and $30,448,063 falling off in the net.
These losses, in turn, how¬
no
9199321432615084563
87
preceding, and it
years
during May—
gross
and
$10,397,914
(14.78%) in net—came after a decrease of $2,489,273 in
gross earnings and of $1,066,850 in net earnings in May last
year, and
these losses, in turn, followed an increase of
$26,769,505 in gross and a decrease of $1,618,619 in net in
May,
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
...
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
80,729,491
—1,695,071
—2,452,666
+ 7,172,397
+ 15,756,870
+ 14,619,397
+ 33,806,935
+ 3,524,718
8.06
2.39
3.58
10.79
21.47
25.50
47.09
3.33
+ 14,459,024
13.58
—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
36.81
43.82
223.72
43.27
34.79
24.07
17.49
13.89
0.83
+ 840,317
0.66
+ 17,754,001
12.09
—35,711,276
—30,320,730
—33,623,278
+ 27,428,140
—1,618,619
24.22
27.23
41.48
57.85
2.20
—1,666,850
2.31
+ 10,397,914
14.78
July 18, 1936
Chronicle
Financial
334
Newly Enacted Measure Establishing Permanent Form of Government
Virgin Islands—Bill Signed by President Roosevelt on June 22
Text of
in
The
of
form
permanent
a
action
signature to the measure.
Pinal congressional
registered on June 2, when the Senate
the bill was
on
(which passed the bill on May 4) concurred in amendments
St.
and
Islands
Islands—St.
three
Under
John.
the
The
be
shall
the
passed
by
Municipality of St. Croix, and (2) the Municipality of St.
Thomas and St. John.
The executive power of the Virgin
the
enactments
Islands and the municipalities will be vested in an executive
January
be
will
title
Governor
the
of
the
Sec.
be
Virgin
The
legislative powers in the municipalities will be vested in
Municipal Councils and the judicial power of the Virgin
the members present.
ordinances in conflict with
Islands.
Reference to the
Saint
to
in
To
provide
Be it
is
age,
States
and
United
"the
name
States
lands
States
of
Act,
this
and
the Danish
of
United
the
in
used
as
domain,
cession
through
between
convention
Islands"
Virgin
territorial
the
include
shall
apply
acquired
waters
by
West Indian
America
and
His
Sec.
Croix
into
and
with
In
in
laws
force
(1)
Virgin
the
this
the
Act
include,
in
"the
phrase
to the
addition
be
different
a
Sec.
the
on
date
Government
of
the
of
bodies
and"
(a)
to
out
of
as
and
contract
to
law
the
and
official
an
property by purchase,
acquire
seal;
(b)
to
donation
exchange,
and in
sue
ditions
of
granted
ized
collection
the
for
exercised in
or
by
taxes,
authorizations, permits,
any
officer
of
bequest, by virtue of
or
eminent-domain
other
or
heretofore lawfully
powers
in respect of the Virgin Islands by any author¬
or
United
Provided further,
Secretary of the Interior shall be authorized to lease or to sell
terms
as
States
any
he
vision in
agent
or
the
of
of
the Virgin
the United
the
the
That
States:
advantageous bo
deem
may
property
such
upon
the United
administrative super¬
Government of
States under hie
Islands not needed for public purposes.
Sec.
All
5.
assembly,
Croix."
which
legislative
powers
shall
be
designated
the
the
municipality for
Croix,
in a local legislative
Council
"Municipal
members elected
Saint
of
by the qualified
term of two years beginning the 1st day
a
next succeeding the date of
shall
elected in four representative districts, two of which shall be the town
Christiansted and the country district thereof, and two of which shall
the town of Frederiksted and the country district thereof, as defined
January
law
in
force
members
on
the
be
shall
date
elected
of
for
each
of
The members
election.
this
of
enactment
said
Act:
Provided,
and
districts
Sec.
All
6.
vested
and
in
a
"Municipal
consist
municipality
next
one
local
legislative
Saint
John,
local
legislative
Council
of
for
succeeding
a
Saint
of
seven
the
of
date of
as
country
district of
defined by
law in
Provided, That two members
herein
assembly
Thomas
members
term
as
election.
which
and
elected
two years
by
Saint
force
shall
members
and
the date
shall be elected
one
of
for
Said
Each
12.
members, for
the
elected
be
the town
of
large.
.
in
district and
district
enactment of
each
the
of
of January
of
Saint
this
Act:
the districts
of
members
other
members
municipal
shall
be
all
in
municipal
privileged
conduct
shall
No
councils.
the
than
the
debate in
treason,
except
their
during
arrest
councils and
con¬
until
Act,
other
or
cases,
from
be
bodies,
concerned,
this
speech
any
judges
shall
and
councils
with
tribunal
any
for
sole
parties
the colonial
before
the
legislative
institute
to
the' respective
the
in
inconsistent
as
of
advise the Governor
municipality,
;
of
under
council
and
shall
annually
going to and
in
the
of
name
concerning
relating
matters
and
have
power
the
loans
and
made
municipal
Committee
the
to
from
among
standing
a
shall
shall
Governor
transfers
municipal
funds,
by the Governor except
when
but
by
the
local
transfers
of
to
budgets,
loans
or
The
law
the annual
in
the recommendation
upon
Governor.
by
granted
items
such
no
The
accordance with bylaws
approved
between
municipality.
the
to
council
by
as
Committee",
concerning the management of the fiscal affairs of the
adopted
Municipal
from
serve
"Municipal
Committee shall be in
recommend
appoint
three members to
year,
one
the
procedure of the Municipal
shall
be'1
Municipal
the
Committee.
S»c.
fixed
at
Each
certain
a
on
13.
the call
may
than
Saint
John
Saint
Governor
fourteen
Croix
Sec.
mated
The
be the
Governor
and
basis
He 6hall
such
The
be
passed
of
Each
publish
Now
when,
the Virgin
of
by
and
extent,
approved
which
such
vote
keep
of
the
law
a
the
an
until
members
entered
otherwise herein
as
of its
yehs
of
and
proceedings
of
nays
the
the journal.
on
alterations, and amendments of
shall
council having jurisdic¬
be
effective
legislation,
by the Governor,
his
consist
jurisdiction,
journal
a
gnd<
as
-
shall
having
council
new
municipalities
council.
repeals,
and
approval
the
and
enforced
alterations,
Governor
disapproval
or
and
shall
is
state
whole
in
if in part only, what part is approved and what part not
Governor may veto any specific item
appropriates
at
in
The
(yea-and-nay)
assembly,
whether
case
respective municipal
the
of
which
for such munici¬
bill shall become
No
year,
budget of esti¬
a
municipalities,
the
to
Islands by the municipal
the
in part, and
approved.
the
legislative
are
year,
municipal, council
and repeals,
the
to
amendments
submit
council shall
legislation,
of
respective municipal
the
respective
question shall be entered
any
and
Municipal Council
by the Governor, except
during
same
longer
a
Thomas
respective municipal councils,
fiscal affairs
municipal
municipal
the
Saint
appropriation bills
time
majority
a
the
of
of either municipal
each
the journal, and approved
16.
local
its members.
by
voting
the
each fiscal
the
for
to
of
quorum
and
Sec.
all, only as
having jurisdiction
money
a
whole.
If
any
bill
passed
items
or
for specific purposes, but
shall
veto
in
any
other
by the muncipal
bill
bills,
council
or by the legislative assembly be disapproved in whole
part by the Governor, the Governor shall within thirty calendar days
return
such
assembly,
after
thirds
shall
bill
bill
whether
to
the
in
all
be
by
the members of
sent
to
transmit
or
said
actual
reconsideration
of
it shall
it,
time
resolution
majority of all
provided.
such
submit to
annual
from
by
Governor
but not for
the
introduce bills in
may
reports concerning the
15.
shall
upon
If
and
shall
the
previously
The
Christiansted.
expenditures
for
be requested
present
or
Saint
Thomas,
be
extraordinary meetings
the council.
of
Council
at
convene
shall
day
and for
The Municipal
at
convene
shall
receipts
palities.
if
which
year,
ninety days before the close of
councils
or
month,
the chairman
or
days.
The Governor
at least
shall
shall
14.
councils.
and
the
the whole
postpone the meetings of the municipal councils,
period
it
second
every
Governor for
of
council shall assemble for ordinary meetings
municipal
day of
by the
and
the
members,
and
peace,
municipal
laws
be
by
be
their
power
themselves
the
term
a
which,
committee,
tion,
council
electors
1st day
Saint Thomas, one member for the district of Saint John, and two
at
Sec.
its
local
Saint
shall
designated
be
qualified
shall be
of
provided,
John."
Saint
the
The
Thomas,
on
shall
beginning the
of which
one
otherwise
may
as
returning from the same.
be
by
at
the
rules of
answer
sessions
members voting on
That two
member
one
municipality
the
in
powers
except
representative districts,
the
John,
the
at
to
the
allow¬
receive
subsistence
shall
of
inherent
witnesses
except
repealed
and
specifically in each
Thomas
three
attendance
have
to
councils
of
be
of
large.
shall
breach
Sec.
in the municipality of Saint
council shall consist of nine
Said
electors of
of
local
either of the municipal
council shall
councils
attributes
Existing
held
municipal
or
absolute
herein otherwise provided, shall be vested
as
receiving
from
qualifications
and
effect,
or
be
shall
councils
may
Legislative Branch
except
amended,
cases
proceedings,,
or
by any other means provided by law, andi to possess, administer, and
govern
such property; and (e) to alienate or encumber any of their
property, subject to the previsions of this Act.
Sec.
4.
All property which may have been
acquired by the United
States from Denmark in the Virgin Islands under the convention entered
into August 4, 1916, not heretofore or within one year hereafter reserved
by the United States for public purposes, is hereby placed under the
control of the Government of the Virgin Islands: Provided, That, except
as
otherwise expressly provided, all
laws of the United States for the
protection and improvement of the navigable waters of the United States
and the
preservation of the interest of navigation and commerce shall
apply to the Virgin Islands: Provided further, That nothing in this Act
shall be construed to affect or impair in any manner the terms and con¬
proceedings
and
felony,
Saint Croix and of the
arising
be sued; (c) to demand the fulfillment of obligations
to defend and prosecute all actions at law;
(d) to
use
of a
council
compensation
convicted
Each municipal
reasonable
such
municipal
and
subpenas
oaths.
municipal
Saint Thomas and Saint John are hereby constituted into
and juridic, under the present name of each such munici¬
such bodies they shall have perpetual succession and power
adopt
under
the municipality of
of
been
not
persons
or
municipal
and
separately
or
issue
force
respective
intention.
twenty-five years
over
t
authority
jointly
in
member
unless the context shall
has
States
each
of
returns,
the
administer
altered,
shall
member of either municipal
a
States,
and
therein
expenses
respective
elections,
tinue
of
politic
pality,
Islands"
Virgin
travel
The
with
shall
and
shall be Saint Thomas.
colonial
respective
and
moral turpitude.
the United
members
The
investigations,
this Act,
of
enactment
the
of
Thomas
United
election,
of
from' membership
11.
the
and
be
Saint
members
Saint
prescribed by the council.
vested
authority of the insular possession,
governing
The inhabitants
3.
municipality
shall
of
first
the
of the Virgin Islands.
actual
for
Sec.
of
Saint Thomas and Saint John.
The
be the same as at present established
governing authority of the two municipalities,
indicate
Islands
municipality
capital and seat of the central government
the
the
municipality of
the
the
is
namely,
of said municipalities shall
accordance
in
which
possession
municipalities,
two
(2)
boundaries
and
insular
The
2.
date
the
crime involving
a
10.
Sec.
King of Denmark entered into August 4, 1916, and ratified by the Senate
on September 7, 1916 (39
Stat. L. 1706).
divided
of
or
ance
the
Majesty
Virgin
exclude
v
after
Tuesday
voter of the municipality in which elected, has
Islands for a period of not less than three years
the Government of
to
of
of the
citizen
may
by the
Islands
the
governments
the
There¬
provided.
herein
as
first
shall be eligible to be
a
qualified
a
in
is
from
the Senate and House of Representatives of the United
by
he
preceding
felony
of America in Congress Assembled, That the provisions, of this Act,
the
and
next
civil government for the Virgin Islands of the United States.
a
enacted
of
office
of
terms
No person
9.
unless
resided
ACT
the
on
January 1, 1937, are hereby extended to that date.
Sec.
[S. 4524]
held
be
beginning with the year 1938, and every two years
municipalities
the
of
council
of
AN
shall
Saint John and of
Croix, whose terms of office under existing law would expire prior
councils
follows:
Act
of the
The
municipal council
of each
elections
thereafter.
legisla¬
new
on
Monday in November,
these columns May 9, page 3093, and
June 20, page 4104.
The Act is to be known as the "Organic
Act of the Virgin Islands of the United States."
The text
appeared
function until
shall continue to
The next general election in the Virgin Islands shall
November 3, 1936.
At such election there shall be chosen the
membership
the
colonial councils
present
1937.
1,
held
after
Islands will be vested in a court to be known as the District
Court of the Virgin
the
assembly.
legislative
the
of
The
8.
entire
Islands, and who will be appointed by the President.
tion
by
message
vote of
two-thirds majority
a
municipal councils shall not enact Jaws or
whose
the
in
session, or
calling such a
The
officer
power to enact
whole, but no legislation
assembly shall have
The legislative
year.
in both of said resolutionsProvided
further, That so long as the membership of the legislative assembly does
not exceed
sixteen members, a quorum of the legislative assembly shall
consist of not less than ten members, and no bill shall be enacted until it
Virgin
the
calendar
Governor
St.
Croix,
law
new
into two municipalities—(1)
be divided
to
are
the
of
inhabitants
the
shall
and
Islands."
legislation applicable to the Virgin Islands as a
shall
be
considered
other
than that
specified
suffrage (beginning Jan. 1, 1938, or within the year previous
to that date if the Legislature so provides in the meantime)
to
Virgin
each
by the House in passing the bill on June 1.
One of
the features of the bill is its provisions extending universal
made
Thomas
1937, joint sessions of said municipal coun¬
be designated the "Legislative Assembly of
1,
January
constitute
legislative assembly shall convene in Saint
Thomas upon call by the Governor,
and also whenever both 'municipal
councils shall determine by resolutions passed by each of them: Provided,
that the Governor shall call the legislative assembly at least once during
the
Islands became a law on June 22 when President Roosevelt
affixed his
After
shall
cils
Virgin
in the
government
7.
Sec.
passed at the recent ssesion of Congress estab¬
bill
lishing
the
the
municipal
session
the
or
legislative
the said
same
to
the
in
it
pass
such bill
case
he
shall
If
the
and it
legislative
his
objections.
forth
having
President.
he shall sign
the
to
or
setting
body
body
Govevrnor who,
part of bill,
council
not,
shall
jurisdiction
or
not
part
then
President
two-
thereof,
approve
approves
become law;
if he
Volume
Joes
not
ernor,
stating,
so
by the
shall
it
like
manner
months
not acted
he
by
presented to
and
the
reserves
him
annulled
shall
termination
be
of
fiscal
any
municipal
the
for
applicable,
until
the
in
act
17.
quent to
either
be
by
him
a
the
the
the Governor
of
years
and
as
Additional
imposed
age
or
be
18.
in
of
of
be
John,
and
date
in
and
Act
or
to
of
to
rights
the
effect
law
any
ordinance,
property of
Act,
and
ordinances
marks,
laws
and
the continental
have
legislative
made
would
into
by
the
palities
The
executive
thereof
the
shall
hold
be
to
rights
control
office
the
at
all
in
The
the
incumbency.
He
and
and
reprieves and
laws,
of
and
ordinances
all
shall
that
commanders
islands,
or
or
summon
place
the
or
Interior,
and
his said
He shall
perform such
law,
annual
Interior.
He
shall
with
the
have
shall
his
be
of
a
vacancy
Governor,
the
all
seal
in
or
of the
executive
temporary
or
case
his
of
for
Attorney
martial
the
of
Virgin
the
other
to
the
or
as
in
until
advice
of
the
He
shall
officers
by the legislative authorities
herein
proclamations
the
legislative
form
and
orders
authorities.
such
other
duties
of
He
as
shall
the
com¬
the
as
the transac¬
the
Congress.
in pursuance
He
regulations
shall
attend
not
or
or
He
disability
in
may
shall
have
of
the
custody of
countersign and affix such
may
be
and
preserve
established.
Governor
have
all
He
and
such
prescribed
seal
to
all
the
shall
laws
executive
by law
or
laws
enacted
promulgate all
enacted
powers
assigned
by
said
and
per¬
to
him
by the Governor.
Sec.
for
*
22.
Saint
So
in
The
Secretary of the Interior shall
Croix, who shall
original.
act
for
the
shall
shall
Governor
appoint
in
the
an
Administrator
administration
Court of
court
such
to
the
Superior
Court
from the district court.
the
qualified
assem¬
than those arising
the advice
for
a
in
may
or
Superior
district
other
and
attorney for the
office
and
appoint
made for
be
and
term
unless
fix
of
the
consent of
District Court
of
four
and
years
removed
sooner
by
of
all
compensation
business
the
the
of
Department of Justice.
by
inconsistent
law
ordinance
or
therewith:
district
the
administration
the
of
The
and
upon
of
the Gov¬
legal
any
Government
duties
by order of
Provided, That
the district attorney to advise him
upon
concerning
the
prescribed
General not
call
may
Sec.
27.
divisions,
the
ques¬
Virgin
The
District
Court
constituted
one
by
the
of
Virgin Islands
shall
consist of
two
the
municipality of Saint Croix and one
constituted by the municipality of Saint Thomas and Saint
John, as defined
by local law in force on the date of enactment of this Act.
The judge
of
the
district court shall
hold
designate by order,
The
rules
scribed
of
by
practice
law
and
shall
Sec.
The
(1) All
under
or
by
or
division
two
such
rules
such
at
months
district
and
in
The
shall
under
cases
have
the
time
each
as
be
pre¬
the
district
of the
district
of
process
•
jurisdiction
he
division.
shall
court
regulations
ordinance.
or
district court
criminal
the
in
throughout the Virgin Islands.
run
28.
each
in
once
procedure
ordinance
or
in
court
least
at
judge not inconsistent with law
<&
of—
laws
of the respective
municipalities
applicable to -the Virgin Islands;
laws of the United States
All
cases
of divorce and annulment of marriage;
(5) All
cases
at law
cases
involving title to real estate;
(8)
for
All matters
which,
tion
of
involving principal
The
Sec.
exceeding $200
sums
criminal
States
to
or
Sec.
of
State
any
Virgin
of
30.
the
or
jurisdiction of
concurrent
also
jurisdic¬
the
thereof,
District
law.
jurisdiction
with
have jurisdiction of offenses
States
when
territorial
such
limits
to
under
or
the
the
into
the
Virgin
States,
the
Islands
on
to any citizen
the United
offenders
Virgin
under
committed
are
the laws of
Territory thereof, and
brought
offenses
of
United
the
created by
are
provided
the
judge
are
Islands
found
after
the
offense.
Appeals from
by law
no
of the
or
32.
in part
or
or
Islands
the
provided
shall
United
corporation
any
of
or
the
commission
as
the
belonging in whole
thereof,
be
beyond
have
section
court
of
seas,
the
courts ;
within
were
Islands,
within
also
provided in
this Act,
of
Virgin
;
hereinabove
of the judge thereof, by local
or
shall
court
as
laws
high
the
be placed
The district
29.
vessels
of
otherwise
not
enactment
Court
Virgin Islands,
courts
the
in
the
proceedings
hereafter
district
inferior
the
District
may
Court of
and
the date of
on
the
which
or
the
in
appeal
District
force
Court
the
on
of
date
the
of
Virgin
Islands shall
enactment
shall be predicated upon
the
of
this
existence
of
a
Act:
right
appeal under the law of Denmark.
Sec.
a
record
with
district
been
legislative
a
from
Appeals
by and
a
the
causes
of appeals
case
the
of
in
and
Islands"
have
may
That
from
for the transaction
(4)
all
Governor.
as
shall be vested
Virgin
in equity;
by the Secretary of the
executive
of
Islands.
decision
times
the
may,
ap¬
in admiralty;
commission
Secretary of
transmitted' to
resignation,
shall
General
necessary
Attorney
tions
ascertained.
President's
report of
functions
temporary absence.
Islands and
attend
the
conduct
all
or
hold
chosen
from appropriations
such
pardons
States
law,
any
cause.
cases
proclamations and
practicable,
shall,
who shall
are
and
States.
judge and
a
cases
all other executive documents.
He shall,
meetings of the Municipal Council of Saint
Thomas and Saint John, before which
body he shall give expression to the
when
Islands
of
jurisdiction
any
United
President
successors
officers
paid
son
removal,
the
of
over
(2) All
Government Secretary for the
Virgin Islands, who shall have all the powers of the Governor in the
case
appoint
Court
transfer
may
(3) All
call upon the
the United
of
employee
or
Branch
organization
and
Islands
of
shall
officer
an
a
Virgin
and the compensation of the judge of the district court, and of the
district attorney,1 and the administrative expenses of such court shall be
faithfully
grant
can
the
disqualification
designate
of
event
of
and
officers
provided
are
the
In
Government
the Virgin
inferior
the
and
person to represent him at the meetings of the
legislative
herein established, and
may give expression to his views on any
matter before such bodies.
President
of
for
The
authorities
The
of
power
provided by law in the
Provided, That
21.
the
temporary
or
shall
"the District
courts
laws
as
26.
depute another
Sec.*
judicial
and
bureaus,
He may
and
ordinance.
or
governments.
under
salaried
(7) All appeals from judgments rendered in the inferior
Islands
issue
to
power
law
illness,
the
salaries
court,
successor
shall
He shall
and at such
and
advice
and
whose
laws
Act:
require, make official
Virgin
by
jurisdiction,' all
(6) All
of
report shall be
municipal
office
Governor
Islands
their
other
on
annually,
with
Virgin
the
designated
or
President
court
supervision
may
the
local
under
President
be
the
The
and
call out the militia, to prevent
or
the
of
Senate, appoint
the
appointed
Senate,
Virgin Islands
He
be
may
natives of
to
against the applicable
by the President,
the
title
be
until
the
President
forces
additional duties
applicable
any
other
or
under super¬
the
as
Virgin
the Secretary of the
offenses against the
in this
thereof,
the
be delegated to him
conflict
of
absence,
The
the Virgin
be
any
or rebellion;
and he may, in
danger thereof, when the public
privilege of the writ of habeas corpus, or
the
may
of
of
of
imminent
shall
He
Congress
whose
general
He
for
offenses
naval
part
with
Government
the
insurrection,
or
any
had
known.
the
or
invasion,
the
of
all
comitatus,
posse
suspend the
be
can
made
President
of
it,
and
invasion,
or
islands,
munication
tions
the
violence,
requires
thereon
military
law «shall
virtue
departments,
Islands.
forfeitures
for
laws
lands
of
in
Islands.
be authorized to appoint.
may
the
rebellion
safety
fines and
the
Virgin
Sec.
applicable to the Virgin Islands, and
Virgin
until the decision
he
of
suppress
of
the
the
Superior Court jurisdiction
ernor
or other property
"V;.'
and
reside
have
Virgin
veto any legislation as provided
officers
case
States
the
respites
grant
may
the United
He may
remit
consent
administrative
of
of
the
Court
arising
the
or
the
l}
officer
President
Governor shall
the laws of the United States
laws
in
extend to all
Governor shall
The
of
appointive
any
25.
to
may
advice and
execute
the
States
Virgin Islands and of the munici¬
Interior,
pleasure of
executive
the
to
causes
no
lands
;v
the
hereafter
effect
in
but
shall
the
executive
an
budgets
court
until
with
District
Islands" and shall be exercised
the
Government
local
Branch
of the
power
of.
and
court
otherwise
United
arising by
nor
than
appoint,
having
municipal governments
Judicial
of
subject
the
the
or
and
Interior
pleasure, and in making such appoint¬
due consideration
shall
municipal council
officer,
Sec.
to
to the enforcement
and
islands,
States,
offices
the
of
States
force and
the
Government of
bills,
with
officers
Virgin Islands to discharge the functions of such
during such vacancy, absence, illness, or temporary disqualification.
officer
criminal,
or
Islands shall
or
the
The officers appointed by
Governor
of the
Government
shall be
herein
with this Act
said
higher
and with the
qualified.
official
of
the
not
inconsistent
jurisdiction
existing
United
taxed
vested
Secretary of
and
his
pointive
and
States
of the
and
States,
inconsistent
the
the
when
by United States district courts.
the Virgin
President, by
chosen
in
Thomas
civil
United
same
of the Virgin
The
employees
under
jurisdictions,
part thereof,
!
be "the Governor of
of
the
same
Executive
is
or
Municipal
power,
as
The laws
the
the
Saint
not
the
any
.
20.
of
United
applicable
impair
except
copyrights,
the
power
nonresidents be
residents.
during
6ex,
inconsistent with
United
this
the
for
be established by local law: Provided,
of
inconsistent
not
executive
appropriation
annual
provide
private,
or
all
of
bly may
not
may
Governor
hereafter
the
of
public
Secretary of
Virgin
have
by
is exercised
as
States
which
by the
color,
to
respective
laws
new
trade
in
shall
their
thereunder, shall have
The
entered
vision
shall
Provided, That
assembly,
witiin
conferred tor
all local laws and ordi¬
Municipal Council
and
in
required.
be
as
by the Secretary of
or
appropriated
Congress
Secretary shall give
of
consent
and
in
race,
the
other execu¬
be
discretion,
by order of the
or
salary
by the President
funds
appoint such
duties
and
of
The
be
applicable
Act, and
effect:
inconsistent with
as
laws
United
shall
in
ever
discrimination
any
Virgin Islands,
repeal
or
and
patents,
19.
Sec.
resi¬
shall
He
in the municipality
assembly:
legislative
shall
the
Act
enact
arising
such
enacted
of
the
and
Virgin Islands shall
treaty
by
in
subjects of local application not
the
twenty-
regulation
hold office during his
24.
or
in
States
this
applicable to the Virgin Islands or
of the Congress to annul the same.
Virgin Islands
Sec.
Islands,
vested
Governor.
Islands.
ordinance for
or
the
his
in
may,
ordinance,
or
provided by law.
the
as
powers
ordinance.
from
shall
in
States,
nor
United
legislative
any
force
and not
relating
Interior
vacancy
be
shall
force
and
this
modify,
provided,
Sec.
local law
by law
or
the
date subse¬
of the United
difference
upon
the
in
the
only,
continued
under
such earlier
on
by
ments
of
administrative departments
such
executive
or
paid
otherwise
and
shall
and collections
income qualification
or
voter,
any
based
of
Croix
with
alter,
the
item;
having jurisdiction
franchise
citizens
prescribed
enactment
such
on
Saint
application
of
laws
date
force
inconsistent
of
or
fixed by
the
are
property
of
or
shall continue
Council
power
may
them
law
be
such
The
the
on
this Act,
made
same
by
belief.
Sec.
this
made
be
may
may
no
required
or
qualification
amend,
appropriation
the
as
item
the payments
make
have
not
and able to read and write the English language.
over,
qualifications
upon
religious
Saint
far
Islands
the support
Saint Croix, before which
of
advice
the
officers
have
employees appointed
shall
to
Secretary of the Interior shall
shall
upon
such
the
at
The
Interior
for
thereafter,
Provided, however, That
nances
municipality
may
January 1, 1938,
on
1937,
1,
municipality,
Islands
in the last
so
If
imposed
the
all
over
administrative
officers
any
expression
Croix, subject to the direction of the Governor.
23.
and
not
laws
shall
year
reappropriated,
hereby
which
for
necessary
appropriated *
be
Such
He shall, when practicable,
of the Municipal Council
give
supervision
Sec.
it
municipality of Saint Croix.
meetings
shall
Saint
if
as
The
he
exercise
of
if
Saint John,
document.
fiscal
ensuing
and
same.
public
therein specified,
to
dents of the Virgin Islands who
one
the
sums
of
the
appropriation
for
same
Congress,
the
to
as
deemed
Beginning
January
body
335
I
the
of
all
attend
and
by the Governor to the
reported
annually
year
the affairs
tive
the Municipal Council
Council of Saint Thomas
annul
council
behalf,
disap¬
or
approval;
law the
a
laws enacted by
shall
purposes
be
approve
in
law
a
for the .purpose aforesaid.
necessary
Sec.
shall
municipal
such
All
government
objects and
for
shall become
it
to
made, then the several
bills
become
The President shall
presentation
authority
published
shall
same
days
calendar
Chronicle
of this section within
and
the
the
not be
shall
within thirty
his
assembly,
and
power
bill
any
the Gov¬
to
under the provisions
time,
Interior,
it
its
after
by the Municipal
the
of
him
return
If
law.
provided
had signed it.
the legislative
Secretary
become
not
herein
as'
within such
Saint Croix,
or
be
shall
specifically approved.
of
been
been
from
upon
been
the
it
he shall
bill,
part of
or
act submitted to
an
three
of
and
if
as
bill
Governor
have
prove
had
Financial
such
approve
returned
after
14 J
31.
In any
Provided, That if
without
his
on
criminal
originating in said district court, no per¬
jury on the demand of either party:
jury is demanded the case shall be tried by the court
case
shall be denied the right to trial by
Provided
and of
cases
the
further,
order
That
The
district
not
that
may
exceeding
court
exceed
Saint John,
inferior
in
all
$200,
for
civil
of
six
months,
and
any
all
cause
may
6hall
of
court
criminal
any
councils
of
may,
action:
Saint
Croix
provide for trial in misdemeanor
have
in
cases
all
offense
a
of
jurisdiction
which
criminal
violations
or
trial
municipal
persons.
courts
and
the
respective
be imposed shall not exceed
regulations,
been
jury
a
the
jury of six qualified:
a
32.
does
have
motion,
Saint Thomas and
by
Sec.
no
jury: Provided further, That the judge of the district
a
own
fine
the
cases
of
police
wherein
concurrent
principal
wherein
$100
or
sum
the
with
claimed
punishment
imprisonment not
regulations
jurisdiction
and
executive
hereafter
shall
conferred
by local law.
Such inferior courts shall hold
pre¬
liminary investigations in charges of felony and charges of misdemeanor
in which the punishment that
may be imposed is beyond the jurisdiction
granted to the inferior courts by this section, and shall commit offenders'
to
the district court
and
grant
bail
in
bailable
cases.
The rules
governing
#
336
said
Financial
"
prescribing the duties of inferior judges and inferior
and
courts
jurisdiction.
Appeals in civil and criminal cases from the judgments and
the inferior courts shall be to the district court and shall be
by law or ordinance by the municipal council having
lished
Sec.
33.
rulings
of
the
with
in' accordance
taken
ordinances
and
laws
the
of
respective
That the right of appeal in all cases, civil and
established1 by law or ordinance in force on the date
this Act, or as may hereafter be established by law or
municipalities: Provided,
criminal, shall be
of
of
enactment
ordinance
as
council having jurisdiction.
by the municipal
Provisions
Miscellaneous
Sec.
deprive
law
deny to any
or
criminal
all
In
person
any
for his defense, to be informed of the nature and
to have a copy thereof, to have a speedy and
accusation,
the
of
cause
shall
Islands which
Virgin
the
in
liberty, or property without due process of
person therein equal protection of the laws.
prosecutions the accused shall enjoy the right to be
life,
of
counsel
represented by
enacted
be
shall
law
No
34.
witnesses against him, and to have
in his favor.
No person shall be held to answer for a' criminal offense without due
process of law, and no person for the same offense shall be twice put in
jeopardy of punishment, nor shall be compelled in any criminal cause to
give evidence against himself; nor shall
any person sit as judge or
magistrate in any case in which he has been engaged as attorney or
public trial, to be confronted with the
compulsory
for obtaining witnesses
process
bailable by sufficient sureties in the case of
criminal
offenses, except for first-degree murder or any capital offense
when the proof is evident or the presumption great.
No law impairing the obligation pf contracts shall be enacted.
All
All
the
persons
shall
same
enacted.
Private property shall not be taken
for public use except
ment of just compensation ascertained in the manner provided by
Nothing contained in this Act shall be construed to limit
of the municipal councils herein provided to enact laws for the
of life, the public health, or the public safety.
bail
Excessive
required,
be
not
nor
excessive
No
pay¬
upon
law.
the power
protection
by
oath
and
searched
arrest
shall
search
or
but
issue,
upon
probable cause,
affirmation, and particularly describing the
the persons or things to be seized.
place
ment
redress of
the
for
in the Virgin
shall not exist
Slavery
be made respecting an
No law shall
establishment of religion or prohibit¬
and the free exercise and enjoyment of
religious profession and worship without discrimination or preference shall
forever be allowed, and no political or religious test other than an oath
the
ing
to
thereof,
exercise
free
support the Constitution
the
to
ment
as
and
the
laws
the
of
shall
shall
Sec.
Congress
and
on
or
money
warrant
hereby prohibited.
the
for
be
may
marriages is prohibited.
bill of the local legislative authority having
drawn
.5
'
;
'
:
after
the
STATE
OF
TRADE—COMMERCIAL
be
shall
-
EPITOME
activity shows a slight gain over the preceding
Electric output touched a new all-time high, topping
Business
the week
a
ended
June
27 by
a
small margin, and showing
gain of 14.9% over the corresponding week of last year.
a gain for the week, operations
69.0% of capacity, which is a gain of
1.8 points over the preceding week, and compares with a
rate of 39.9% of capacity during the corresponding week
of last year.
The current month has all indications of
being the most active July in the steel industry for several
years, barfing labor disturbance, which latter development
is far less threatening than a few weeks ago.
The outstanding feature of the steel news is the good demand for heavy
steel, which is now reported as exceeding the demand for
Steel
output also
being
estimated at
light steel.
for
the
shows
Structural steel sales
are
far above the average
the railroads is
brisk, a rather surprising situation for this time of year,
Steel company officials profess increased confidence that
no
the
year
to date,
and
purchasing
by
serious labor troubles will result in the near future from
steel
unionization
appropriations
indicate that heavy construction work by the Federal Goveminent may reach $600,000,000 during the current fiscal
year.
work
campaign.
Existing
This would compare with about $674,000,000 of such
out during the fiscal year ended June 30.
carried
Earlier
estimates
of
July automobile production
are
now
being revised upward, owing to the heavy demand for cars
a
as
for such purpose only, except
authority having jurisdiction
by the legislative
effect
and
force
in
in and
for the Virgin
Islands: Pro¬
vided, That the Secretary of the Treasury shall designate the several ports
audi
of
shall
such
make
rules
laws
he
as
the
in
of
of
fees,
duties,
the
and
Islands
all
the United
of
and
officers
such
export
duties
shall
in
levied
be
Virgin
the
All
judicial
"the
.
the
United
offices
of
laws
Sec.
laws
United
Virgin
reports
branch
and
the Virgin Islands
to
the
to
the
upon
duties
be
of
the
Constitution
Virgin
Islands and
support
shall hereafter be made to the Secretary
States
hereby authorized to place all matters
Islands under the jurisdiction
Virgin
matters relating to the judicial
shall be as hereinbefore provided under
Interior,
the
said; Government
of
United
'^'V
by law to be made by the Governor to
required
to the Government of tbe
of
of the
or
name
the Virgin Islands shall
entering
oath
applicable
and the President is
Secretary
of
before
an
States
the
Islands.
official of the United
the
shall be conducted in the
\
take
by
except
the United States", and all penal
courts
People of
States,
the
by ordinance
further, That no
-
<■:"
6hall
All
of
39.
pertaining
the
the
of
the Interior,
of
the
the name of "United States
in
run
All officials of the Government
respective
the
of
the local
in
by authority of
38.
the
shall
process
the President of
prosecutions
and
provide
Islands
.
37.
citizens
fix the
for
Provided
having jurisdiction:
council
States."
their
and he shall
compensations and other expenses of the collection of
imposed under the customs laws from the receipts
export duties in" effect on the date of enactment of this
municipal
and
and
such
America, scilicet,
of
and
and
States;
employees
Congress.
of
States
officers
such
be from time to time reduced, repealed, or restored
may
of
regulations
and taxes
The
thereof.
Act
and
United
of the
appoint
Islands
deem necessary for the administration of the customs
may
Virgin
Virgin
the
in
entry
sub-ports
except
which
supervision of the Attorney General.
Sec.
This
40.
shall
Act
provisions
shall
legislative,
severally
take
become
executive,
nance,
and
of
Virgin
the
the
present
effect
incumbents
Sec.
Islands shall
Islands
This
41.
of
the
Act
United
may
all
in
sooner
cited
as
provided by law
offices
office
the
of
under
the
until their
corre¬
existing
or
ordi¬
Government
successors
are
removed by competent authority.
the
Organic Act
of
the
Virgin
States.
1936.
Activity
that lias followed the recent
baby bonds.
of
provided, the
functions
now
but until its
enactment,
herein
as
judicial
continue
be
its
upon
operative
and
appointed and have qualified unless
Approved, June 22,
Friday Fight, July 17, 1936.
week.
shall be treated
purpose
estab¬
levied
special fund in the
the municipal councils herein
hereafter derived from any tax
shall otherwise provide, all laws concerning import duties
the municipality of Saint Thomas and Saint John now
in
customs
effect
internal-
for which such fund was created has been accomplished.
purpose
Congress
Indications of Business
THE
by
money
authorized
otherwise
in
special
a
when
incomes,
privileges, and concessions granted may be
the Government of the Virgin Islands as
of the Virgin Islands and paid out
treasury
Until
all
and
property
on
service fees may be imposed and collected,
defined
and
That
Provided,
assessed for
of
purposes
provided
lished:
or
franchises,
for
royalties
collected
assessments
license fees, and
government shall continue to be exercised as
by the proper officer.
The employment of children under the age of fourteen years in
any
occupation injurious to health or morals or hazardous to life or limb is
jurisdiction and
said
of
and
Taxes
36.
taxes,
revenue
be
be paid out of the treasury except in accordance with
quarantine,
the Virgin
Islands and held in
respective municipalities,
government
sponding
contracting of polygamous or plural
of
Islands,
Virgin Islands.
No money
Act
Virgin
qualification to any office or public trust under the Govern¬
a
of the
The
an
Islands,
Virgin
required
and the laws of the United States applicable
collected in
fees
and 6hall be expended for the
municipalities in accordance with the
municipal budgets.
The "Municipal Council of Saint Croix may
make appropriations for the purposes of said municipality from, and to be
paid out of, the funds credited to its account in the treasury of the
Virgin Islands ; and the Municipal Council of Saint Thomas and Saint
John may make appropriations for the purposes of said municipality from,
and to be paid out of, the funds credited to its account in 6aid treasury.
the
and
any
grievances.
naturalization
and
into the treasury of the Virgin
annual
Sec.
Islands.
Involuntary servitude, except as a punishment for crime whereof the
party shall have been duly convicted, shall not exist iri the Virgin Islands.
No law shall be passed abridging the freedom of speech or of the press
or the right
of the people peaceably to assemble and petition the Govern¬
>
the inhabitants of the Virgin Islands, and all
on
for
benefit
inflicted.
or
the proceeds
of collection, and
cost
and the proceeds of any taxes levied by
income tax,
immigration,
account
Sec.
seizures shall
the
less
duties,
States
Islands shall be covered
new
nor
shall
Croix
Saint
customs
Congress
passport,
criminal
for
warrant
supported
of
United
the
the
payment
violated.
be
Islands
proceeds
fees,
duties,
taxes,
of
compensation
imposed,
fines
right to be secure against unreasonable searches and
The
to be
shall
unusual punishment
and
cruel
not
and
shall have the privilege of the writ of habeas corpus
not be suspended except as herein expressly provided.
ex-post-facto law or bill of attainder shall be
No
duties,
employees
be imprisoned or shall suffer forced labor for debt.
shall
person
be
shall
persons
No
Virgin
Thomas
and
prosecutor.
All
3o.
municipality
of
July is> 1936
and public revenues collected in the
be covered into the treasury of the
Islands and held in account for said municipality and all taxes,
fees, and public revenues collected in the municipality of Saint
and Saint John shall be covered into said treasury of the Virgin
and held
in
account for said municipality: Provided, That the
Sec.
court
and places of holding such courts,
the
disposition of fines,
costs, forfeitures, enforcements of judgments,
providing for appeals therefrom to the district court, and the disposition
and treatment of prisoners shall be as established by law or ordinance in
force on the date of enactment of this Act or as may hereafter be estab¬
the times
bonds,
and
oaths,
officers,
Chronicle
large-scale cashing of veterans'
Several companies plan to maintain their
pres-
ent high level of operations well into August to meet this
demand. Striking evidence of the improvement in the heavy
industries was seen in the contracts let by Standard Oil of
New Jersey for eight tankers, the largest shipbuilding undertaking ever assumed by an industrial corporation.
The
commodity markets have been more or less irregular, with
the exception of wheat and corn, which have continued to
reflect the devastating effects of the drought. The securities market, after more than two months of declines and
irregular fluctuations, has turned sharply upward ,once
again. Wholesale volume of trade continued to expand this
week, showing a 20 to 30% gain over the preceding week,
Retail volume was up 12 to 15%, despite the drought handicap.
Car loadings totaled 724,324 cars, a rise of 74,563 cars
over
the
previous
week,
which
is
the
best
record
since
October a year ago. Compared with the corresponding 1935
week, the gain was 158,822 cars.
As a further indication
of the improvement in industry and trade, the combined
net
earnings of 31 large corporations, covering a crosssection of industry, showed an increase for the second quarter of approximately 40% over the corresponding period
of last year.
The drought continued to occupy the center
of the
stage
as
far
as
the
week's
weather
is
concerned,
However, good rains fell and were of great value in materially relieving the serious drought situation in western
Mountain States and parts of the northwestern Great Plains.
Volume
In
Montana
eastern
late
too
came
Financial
143
to
and most
save
of
Wyoming, while the rain
crops, water holes were
dry-land
Chronicle
of
15.7% when compared with 1935 and
comparison is made with the
replenished and the range will improve, relieving, at least
temporarily, the livestock situation.
Also in western Colo¬
rado, much of New Mexico and Utah, very helpful rains
materially improved the outlook.
On the other hand, ab¬
freight
normally high temperatures and scanty rainfall over large
areas of the country, especially in the interior
valleys and
July
Central-Northern
weather
began
In
the
of
the
much
other
country
of
here,
with
ranging from 68 to 84 degrees.
partly cloudy and moderately warm
tonight and Saturday.
Overnight at Boston it was 60 to 78
degrees; Baltimore, 68 to 90; Pittsburgh, 62 to 88; Port¬
land, Me., 58 to 76; Chicago, 70 to 82; Cincinnati, 70 to 90;
for
was
Cleveland, 68 to 82; Detroit, 62 to 90; Charleston, 74 to 94 ;
Milwaukee, 72 to 82; Savannah, 72 to 88; Dallas, 76 to 90;
Kansas City, 76 to 106; Springfield,
Mo., 78 to 100; Okla¬
homa City, 76 to 100; Salt Lake
City, 62 to 94; Seattle,
56
to SO;
loaded
their
the preceding week and
13, 1935.
265,591
Montreal, 58 to 74, and Winnipeg, 70 to 96.
Business
Making
in First Half of
Co.
Looks
for
Exceptionally
REVENUE FREIGHT LOADED
Continuance in
culties and
Last
follows:
CONNECTIONS
FROM
RECEIVED
July 11,
Atch. Top. & Santa Fe Ry
1936
23,857
..
Baltimore & Ohio RR
32,126
22,884
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
20,875
Chic. Milw. St. P. & Pac. Ry
21,554
17,419
2,106
2,323
5,314
18,762
Chicago & North Western Ry
Gulf Coast Lines
Internat. Great Northern RR.
___
Missouri-Kansas-Texas RR
Missouri Pacific RR._
New York Central Lines
39,850
4,987
20,955
65,438
5,460
N. Y. Chic. & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
3,085
9,018
33,287
35,926
8,716
4,176
39,220
4,204
15,104
50,579
4,720
4,839
23,928
4,001
11,020
6,634
16,138
8,985
8,366
8,722
10,260
1,247
1,796
19,738
6,910
1935
4,904
15,863
10,614
4,955
4,462
13,073
•
July 13,
1936
20,185
22,659
16,827
12,400
16,291
13,678
2,092
2,187
60,326
5,275
6,689
24,539
5,002
27,362
6,750
July 4,
1936
5,404
5,981
7,210
1,316
1,929
2,364
6,370
27,894
6,491
3,288
31,739
3,381
3,918
x5,200
6,161
7,557
7,988
9,802
1,004
1,327
2,619
7,571
40,086
9,301
4,591
42,460
5,204
5,911
4,471
5,091
66,894
x7,791
7,834
8,807
5,076
.344,932 308,179 265,591 184,900 192,477 141,224
Excludes
x
1935
24,861
27,138
20,826
13,591
18,164
17,875
1,586
1,708
3,942
14,590
37,786
4,543
Connections
from
Weeks Ended—
July 13, July 11,
July 4,
1936
cars
Interchanged between S. P. Co .-Pacific Lines and Texas & New
Orleans RR. Co.
Year
of
Rec'd
Own Lines
on
Weeks Ended—
Showing
Half
revenue
in the seven days ended
table
AND
Loaded
Southern Pacific Lines.
1934, Col. Ayres of Cleveland Trust
Despite Political Campaign,
of
cars
(Number of Cars)
Total.
Good
344,932
cars
A comparative
Wabash Ry
With
of
total
a
lines, compared with 308,179 cars in
own
in the early
temperatures
forecast
major railroads to report for the week ended
1936
on
rise of 10.4% when
a
week of 1934.
same
14th
the
part of the week broke effectively the intense heat of the
previous several days, when record high temperatures were
scored.
The latter part of the week pleasant, seasonable
weather prevailed in this area.
Today it was fair and warm
The
11,
Mountains.
Rocky
the
good
Tlie first 18
July
wave
to
up
electric storm
an
the
heat
The
continuous
east
area
offset
to
sections.
has been
York City
New
did
the
July 3 and
on
much
over
States,
from
news
337
TOTAL
LOADINGS
AND
Possible Labor Diffi¬
RECEIPTS
CONNECTIONS
FROM
(Number of Cars)
Droughts
Weeks Ended—
Stating that "business has clearly given
exceptionally
an
fact
that
all
these
fine
figures
figures," Colonel Leonard P.
Cleveland
Trust
"Business
Bulletin"
•
It
despite
year
of
Cleveland, Ohio,
of
the
depression
in
the
of the
prospective
to
disputes
do
well
the
of
in
the
Total
the
campaign,
week ended
has
throughout
output
of
previous
record, and
of
industry
if
prices
high levels.
large
has
be
done
half,
of
decline,
the
and!
new
increased
will
latest
official
figures,
which
contracts
construction
the
in
the
the kind
year
the
70%
two
prices
of
automobile
low
the
financing,
has
it
strongly and
rose
trading
months
was
during
are
of
in
advance
but
the
losses
half-year,
and
been
about
mostly
five
times
for
that
of
May,
show
May
of
value
the
1935.
They
year.
activity
business
of
and
than
in any previous part of
increased
among
ones
more
steadiness
the
made
lumber,
nearly
of
from
has
industrial
of
last
been
making
the lasting
clay,
volume
during
year
the depression period.
industry
factory workers
stone,
the
constant
the
durable
materials such
glass, and
the
like.
well
goods.
and
production
so
far
have
this
year,
A major factor in this
sustained
These
employment
goods
are
iron, jpteel, the other metals,
as
These
goods
and
Non-durable
and
of
articles
include
trucks.
goods
made
include
of leather
foods,
and
textiles,
rubber.
In
tobacco,
more
paper,
than
half
preceding week,
but
merchandise
of
and
above
districts
and
24,031
alone,
this
cars
142,052
and 4,084 cars above
1935
and
in
cars,
and 14,134
1934.
above
cars
an
In
the
July
the preceding week
products
:week in 1935 and
the
same
week, in
cars,
a
loading
13,537
totaled
30,910
but
increase
cars
an
above the
cars,
of
same
week in
6ame
of
for
below
cars
week
same
1935.
in
5,120
above the
cars
cars
same
live stock
982
decrease
a
8,958
1,415
below the
cars
above the
cars
of
loading of
decrease of
a
preceding
above the
cars
4,158
alone,
cars,
ended
week
1935.
decrease
2,781
decrease of
districts
8,449
this year but 2,340
preceding week,
the
above the
cars
Western
the
In
for
11,396
a
Western
4 totaled
increase of 234
an
corresponding week
1934.
loading
increase of
below
cars
1934.
cars,
in
1,094
8,688
above the corresponding
week in
week
increase of
an
It was, however,
ended
the
cars
above the
cars
same
products
grain
preceding week, but
Forest
decrease of
a
same
18,094
the
loading amounted to
1935,
week
cars,
above the
above
cars
grain
year
stock
the
week in
the
>'•
-
totaled
freight
the preceding week, but an increase
increase of 55,308
preceding week,
4,820
July 4 totaled 30,146
Live
lot
grain products loading totaled 41,972
the
and
1935,
week
carload
19,248 ,cars below
above the
cars
above the corresponding week
'
than
of
decrease of 25,176
a
increase of 66,909
cars
above the corresponding week in
1935
Grain
below
cars,
...
less
the preceding week, but an
in
24.8%, above the correspond¬
or
264,629
an
loading amounted to 105,469
in
649,759
4 totaled
July
37.9%, above the corre¬
or
cars
same
1934.
Ore loading amoutned to
45,337 cars, a decrease of 4,125 cars below
:'f the preceding week, but an increase of 14,650 cars above the corresponding
week
in
Coke
1935
preceding
1935 and
All
week,
3,859
districts
revenue
years
and
15,965
cars
above
loading amounted to 7,994
but
cars
increase of
an
above the
reported
same
increases
the
cars,
corresponding week in
a
decrease of 342
3,456
cars
above
cars
the
1934.
below the
week
same
in
week in, 1934.
in
the
number
of
cars
loaded
with
freight compared with the corresponding weeks in 1935 and 1934.
of
revenue
freight
in
1936
compared
with
the
two
previous
follow:
the
among
the
makers
consumers'
Revenue
of
durable
goods than among those of the non-durable,
goods.
Freight Car Loadings Jump 74,565 Cars
Loadings of
per
revenue
11.5%, from the preceding week,
or
over
increase of
for
the
120,132
cars,
or
19.9%,
over
corresponding week of 1934.
July 4 loadings
were
1935, and 24.8%
1934.
gain of 158,822
a
cars, or
the total for the like week of 1935, and
an
the total loadings
For the week ended
37.9% above those for the like week
over
those for the corresponding week of
Loadings for the week ended June 27 showed
a
gain
Total
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
471,126
2,461,895
2,340,460
3,026,021
2,504,974
520,741
17,240,629
Four weeks In June.
1935
3,351,801
2,787,012
649,759
Four weeks in April..
Five weeks In May..
Week of July 4
freight for the week ended July 11,
1936, totaled 742,324 cars.
This is a gain of 74,565 cars,
28.1%,
1936
2,353,111
3,135,118
2,418,985
2,544,843
Four weeks In January
Five weeks In February
Four weeks In March
Week
of
cars,
freight loading totaled
factory workers are those engaged in making durable goods, but
during depressions the proportions change, and there is much more idleness
or
cars,
week in 1934.
Loading
chemicals,
normal timies
the
cars
same
week
ended
week
freight for the week of July 4 was a decrease
9.0% below the preceding week, due to the holiday.
decrease of
a
8,477
the
machinery,
furniture, much household equipment, and, most important of all, passenger
automobiles
of
below
Employment
much
cars,
the
cars
Farm income has been running about 15% above that of last
The
Loading
week
those
above
the
178,633
revenue
or
1934.
in
the
at
Railroads, in reviewing the
follows:
as
corresponding week in 1935 and 66,880
were
are
has been
which
large.
was
factory employment 5% above, and factory payrolls 16% above.
Freight car loadings in May were 15% greater than a year earlier, and
the dollar value of department store sales was
16% higher.
Foreign trade
has
done better, with imports above exports for the first time
in 10
been
below
cars
any
similarly fine
a
emulate
volume
that
for
of
(
greater than
show
years.
cars,
Coal
Stock
the
volume
of
has
1929.
have advanced
greatly
it
well.
and
quarter,
it
probable that
appears
will
1936.
of
as
in the first half of last year.
as
new
1936
since
year
The volume
so
now
half
first
leadership,
industry is making
first
which
during
Bond
refinancing,
The
first
month
a
quarter
recovered.
of
the
followed
record
the
have
markets
during
steel
the
through the second half of
in
set
hold
It
during
The
hold
can
has
security
second
as
it
vehicles
during the
to
period.
recovery
1929.
advances
continued
by having the best
steadily
There
since
that it
pace
The
the
motor
new
year
important
industry has
increase
an
12,264
1934.
Miscellaneous
made
automobile
freight
revenue
was
week in
63,880
Business
done
This
Loading of
business, Colonel Ayres
said:
The
58,528
sponding week in 1935 and 129,018
to
as
66,669
July 4, reported
Loading of
cars.
ing
In his further observations
21,742
24,522
1936
The Association of American
half of
second
political
1930, and possibly since 1929.
since
year
St. Louis-San Francisco Ry
company's
looming possibilities of labor difficulties, and the threats of droughts, which
are
widespread and becoming serious.
This promises to be the best busi¬
ness
Chicago Rock Island & Pacific Ry.
Illinois Central System
July 15 adds:
probable that it will continue
seems
the
Co.
still
are
Ayres, Vice-President
July 13, 1935
25,420
28,557
12,692
69,888
good account of its activities in the first half of 1936 despite
the
July 4, 1936
26,558
29,542
13,788
July 11,
15,631,855
15,957,364
1934
2,183,081
2,920,192
In the
following table we undertake to show also the load¬
ings for separate roads and systems for the week ended
July 4, 1936.
During this period a total of 126 roads
showed
last
increases
year.
showed
The
increases
when
most
compared
important
with
of
the
these
same
roads
week
which
were the
New York Central Lines, the
Pennsylvania System, the Baltimore & Ohio RR., the South¬
ern System, the Atchison
Topeka & Santa Fe System, and
the Illinois Central System:
Financial
338
LOADED AND RECEIVED FROM
REVENUE FREIGHT
Total Revenue
from Connections
Eastern District—
1934
1935
Group B (Concluded0—
490
494
1,257
924
1,038
6,337
927
270
252
6,287
1,122
9,803
8,427
1,507
Georgia & Florida
Gulf Mobile & Northern
Loulsv.
32
48
62
996
867
828
3,860
& West.
4,753
8,465
3,910
7,352
2,128
6,931
6,870
1,834
5,589
5,003
117
Nashville Chattanooga & St
871
Tennessee Central
Central Vermont
Delaware & Hudson—
Delaware Lackawanna
6,455
392
Line—
166
131
1,578
1,096
352
Ironton
Detroit & Toledo Shore
180
2,286
Detroit & Mackinac
Detroit Toledo &
12
13
Centrai+$Kliana
2,382
253
208
1,262
2,613
14,767
11,335
3,726
10,667
189
126
133
1,407
8,721
2,527
3,129
1,982
37,785
9,356
1,330
1,057
5,918
11,018
Erle
4,945
Grand Trunk Western
3,149
7,306
1,908
1,136
7,290
1,765
-
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
5,575
2,381
1,720
11,193
5,455
1,647
Illinois Central System
Louisville & Nashville
Montour
Lines
Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis ...
Pittsburgh & Lake Erie
b New York Central
N. Y. N. H. &
L.
Pere Marquette
Pittsburgh & Shawmut
Total
-
District
Grand total Southern
5,601
1,645
Wabash
491
22,048
90,121
67,538
69,152
62,004
45,746
1,439
7,493
2,121
704
2,258
9,802
Chicago Great Western
3,017
7,401
2,694
2,659
3,369
8,525
8,162
1,502
3,246
222
35
26,171
Chicago Milw. St. P. & Pacific.
10,969
1,687
Chicago St. P. Minn. & Omaha
54
232
32
6,565
3,230
3,620
28
Duluth Mlssabe & Northern—
Duluth South Shore &
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
Lake Superior &
934
4,010
2,964
5,010
3,080
8,807
6,244
2,402
209
123
88
11,661
2,591
2,568
454
395
562
406
2,624
1,684
5,310
8,405
1,470
1,184
4,226
93
88
1,737
2,056
1,345
2,051
5,796
1,389
1,276
4,248
6,317
2,957
2,379
223
142
300
180
1,578
1,173
1,307
1,202
873
73,942
75,697
43,297
33,476
24,861
2,997
17,084
19,510
2,674
4,904
2,066
2,623
4,289
2,040
269
193
118
49
55
13,591
10.409
744
9,751
13,382
1,107
10,089
1,563
2,152
812
642
659
6,634
1,097
8,990
2,365
1,285
5,732
1,317
12,220
2,493
1,892
1.579
1,338
2,685
1.809
187
136
19
19
1,123
1,594
966
1,359
1,723
840
722
1,562
1,394
951
Green Bay & Western
915
268
13,663
375
142
1,825
1,097
401
101,007
227
585
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
115,835
334
284
634
Ishpeming
17,525
3,341
24,402
3,745
15,863
2,689
12,046
1,117
127
191
9
8
...
Spokane Portland & Seattle—
415
249
338
3,144
317
246
1,011
158,692
127
359
5,248
599
177
111,124
917
3,776
6,222
2,614
16,960
Great Northern
529
3,418
13,318
1,112
7,012
Atlantic.
256
27,138
5,259
Buffalo Creek & Gauley
-
Central Western District-
System
Atch. Top. & Santa Fe
Alton
,
Cambria & Indiana
1,086
121
772
15
13
Central RR. of New Jersey—
5,491
4,348
4,827
10,772
8,778
Bingham & Garfield
Chicago Burlington & Quincy.
804
152
67
42
45
Chicago & Illinois Midland—.
292
85
225
29
40
Chicago Rock Island &
89
6
53
40
21
Chicago & Eastern Illinois—
Colorado & Southern
Cornwall
Cumberland & Pennsylvania..
Llgonler Valley
619
784
689
933
714
1,090
11,660
3,214
1,070
42,460
50,879
43,782
9,373
4,954
60,326
13,092
Pennsylvania System
Reading Co
Union (Pittsburgh)
600
30,229
1,924
15,191
Total..
Long Island..
—
Penn-Readlng Seashore Lines.
255
38,480
15,365
12,673
481
Bessemer <fc Lake Erie
223
37,757
667
40,086
104,515
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio
2,260
51,501
13,913
1,675
30,435
8,161
1,454
3,733
3,467
4,059
137,483
Total
240
755
Spokane International
*
1,5745
2,213
1,240
2,286
18,164
3,315
12,377
667
4,103
272
309
1,758
2,568
18,108
5,002
—
Wheeling & Lake Erie—
1,384
2,190
651
290
103
105
—
621
Rutland
144
115
Chicago & North Western
Belt Ry. of Chicago—
27,855
7,957
1,629
3,705
3,547
3,744
210
313
Pittsburgh & West Virginia—
12,542
Northern District—
1,187
Pittsburgh Shawmut & North.
12,508
7,439
3,407
808
254
1,994
9,301
5,872
5,204
14,905
389
63
1,654
407
1,229
13,547
1,047
10,853
4,999
1,727
2,460
Mobile & Ohio
2,289
2,774
1,242
775
470
951
173
Mississippi Central
230
Monongahela
336
126
Macon Dublin & Savannah
4,543
6,728
5,275
Maine Central
704
325
1,422
18,328
19,108
6,938
1,613
1,103
1,312
1,645
622
418
Georgia
671
Boston & Maine
1935
1936
1934
817
389
Bangor & Aroostook
Chicago Indianapolis &
1935
1936
>■
Ann Arbor
from Connections
Freight Loaded
Railroads
1935
1936
Total Loads Received
Total Revenue
Total Loads Received
1936
ENDED JULY 4
CONNECTIONS (NUMBER OF CARS)—WEEK
Freight Loaded
Railroad
July 18, 1936
Chronicle
15,260
4,991
9,537
4,139
2,517
.1,198
29,607
10,270
3,107
Pacific
—
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City...
Illinois Terminal
529
5,417
1,699
910
13
34
1
0
1,627
2,594
5,425
3,637
87,286
130,177
Total.
102,514
103,528
72,819
44
737
56
50
North Western Pacific.-
841
577
833
297
243
Peoria & Pekin Union
35
2,623
West Virginia Northern
Western Maryland.
282
68
73
66
49
14.410
16,347
System
5,119
3,319
Nevada Northern.
19,555
Southern Pacific (Pacific)
Included
St. Joseph & Grand Island...
Toledo Peoria & Western
7.433
3.434
1,052
955
767
763
10,614
4,591
1,158
3,005
2,151
2,943
793
639
44,524
24,022
35,035
17,156
Virginian
Total.
P.
418
169
306
1,309
987
8.580
9,478
8,140
5,921
100
123
115
4
4
1,329
1,119
1,267
1,489
1,046
98,340
72,529
82,666
49,365
35,791
193
196
139
4,450
3,373
121
106
127
232
87
77
100
200
122
1,586
1,708
2,106
1,970
1,462
2,650
1,004
1,327
1,201
1,849
1,021
1,939
1,014
1,257
Utah
12,558
Norfolk & Portsmouth Belt Line
17,511
13,818
10,742
10,362
20,826
19,738
Chesapeake & Ohio
Norfolk & Western...
U.
12,227
Union Pacific System
Pocahontas District—
in
a
Western Pacific..
Total—
•-
Southwestern District-
Alton & Southern
Burlington-Rock Island...
Southern District—
Fort Smith & Western
Group A—
4,107
1,124
346
927
606
Kansas Oklahoma & Gulf.
117
278
179
Kansas City Southern
39
88
91
Louisiana Arkansas & Texas—
126
59
386
1,076
842
359
1,799
68
1,156
291
817
645
Litchfield <fc Madison...
293
170
208
936
679
267
3,058
Midland Valley
571
524
523
276
Missouri & Arkansas
121
82
82
248
154
2,736
9,714
3,942
14,590
3,629
4,114
12,450
2,619
7,571
2,287
6,690
8,118
6.041
6,088
Cllnchfleld
1,061
830
836
486
534
166
117
35
32
1,864
422
Charleston & Western Carolina.
Gainesville Midland—
Norfolk Southern
.—
Piedmont & Northern
342
Seaboard Air Line
323
309
6,963
Richmond Fred. & Potomac...
5,611
5,618
4,104
3,437
14,340
15,140
14,764
19,000
Southern System
163
106
89
778
596
38,620
29,781
30,672
31,775
23,698
227
118
191
153
Winston-Salem Southbound—
Total.......
Gulf Coast Lines
International-Great Northern..
Louisiana & Arkansas...
—
269
Missouri-Kansas-Texas Lines.
.
Missouri Pacific..
_
Alabama Tennessee & Northern
134
448
Terminal RR. Ass'n Qf
540
1,098
769
3,122
2,464
246
183
151
258
69
72
100
6,863
1,663
3,953
2,103
4,771
3,767
2,639
3,689
2,341
1.563
19,746
3,100
1,766
2,353
3,735
14,128
262
212
160
64
84
62
40
29
49
52
48,107
41,294
43,539
55,521
45,252
194
376
325
467
320
Note—Figures for 1934 revised.
761
875
348
Florida East Coast
22
95
Wichita Falls & Southern
2,824
125
10
40
34
788
6,464
1,708
4,634
3,550
"
639
'
712
7,461
1,976
4,984
3,580
2,745
Texas & Pacific..
3,279
•
Columbus & Greenville.......
10,505
66
677
814
Coast..
Atl. & W. P.—W. RR. of AlaCentral of Georgia
1,302
1,246
130
Quanah Acme & Pacific—.—
St. Louis-San Francisco
4,221
Atlanta Birmingham &
143
1,395
1,198
Natchez & Southern
St. Louis Southwestern
.
199
1,894
1,350
..
Texas & New Orleans....
Group B—
289
4,274
1,656
Atlantic Coast Line
Durham & Southern
—
»
Previous figures,
.
a
592
Not available,
St. Louis
Weatherford M. W. & N. W—
Total
——
C. C. C. & St. Louis RR., and the
b Includes figures for the Boston & Albany RR., the
Michigan Central RR.
June index stood at
The
.
Moody's Daily Commodity Index
The
average
Slightly Lower
price of basic commodities changed
only
Moody's Daily Index of Staple Com¬
modity prices was 177.0 this Friday, representing a small
net decline from the 1936 high of 177.8 last Friday.
The most substantial changes were declines in cotton and
slightly this week.
,
further rise in (torn.
There were also gains for
wheat, and
a
silk,
hides, wool and coffee, and a decline for rubber.
cocoa,
The
prices of hogs, silver,
remained unchanged.
steel, copper, lead and sugar
94.0 in April, and
figures are for the newly revised
previously published.)
durable and non-durable
10
11
13
14
15
16
17
Both
most
—
175.6
174.9
—-175.9
177.2
177.0
Activity
in
During
3
17
17-Oct.
7 & 9
2 Weeks Ago, July
Month Ago,
June
Year Ago.
July
1935 High—
Low—
1936 High—
Low—
June, 1930, according to the index.
justed, showed
a
I—THE
TABLE
Business
Automobile output, seasonally, ad¬
further decline.
"ANNALIST"
172.3
165.0
!§9-4
175.3
Mar.18
148.4
July 10
May 12
.177.8
-162.7
Freight
car
INDEX
OF BUSINESS ACTIVITY AND
SERIES)
92.3
loadings
for
Index
Fourth
of
Business
Consecutive
activity advanced to the highest level since June, 1930,
according to the monthly review by H. E. Hansen in the
Mid-Year Review and Forecast Number of the "Annalist"
(New York), issued July 17.
It
was
further stated:
91.0
89.9
91.2
89.1
97.2
96.9
94.7
*100.8
100.0
98.3
*105.4
95.2
93.8
97.0
91.3
Electric power
production..
Manufacturing
Steel Ingot
production—
Cotton consumption—
85.7
80.8
99.4
104.0
118.8
105.4
89.3
Wool consumption
_i
production..,
production
Cement production
Mining
Zinc production
Lead production
Lumber
Cobmined Index
•
112.4
86.2
70.3
Silk consumption
Automobile
85.6
91.3
112.6
68.6
70.2
129.8
104.5
105.3
111.9
112.3
*104.7
112.6
117.6
82.7
82.8
Boot and shoe production
activity improved in June, for the fourth con¬
the "Annalist" index of business
April, 1936
93.1
Other
Rayon consumption.
month, .and
May, 1936
Miscellaneous
Pig iron production
"Annalist"
June
The
during the week, with com¬
Month
secutive
participated in the rise.
consumption, while substantial
production of steel ingots, pig iron and zinc
as well as in rayon consumption (with due allowance for normal seasonal
fluctuations).
Electric power production rose to the highest level since
June, 1936
177.8
-
Increase
goods
important single factor was cotton
gains were also made in the
Textile activity
Further
index and are not exactly comparable
with those
parisons, is as follows:
July
Sat.
July
Mon.
July
Tues.
July
Wed.
July
Thurs. July
Fri.
July
95.7 in May,
COMPONENT GROUPS (REVISED
The movement of the Index
Fri.
97.8 (preliminary), as against
96.7 in December, the high mark of last year.
The
of its loss during the depression.
(These
index has now receovered 64.5%
75.3
66.2
*97.8
81.0
84.3
81.7
82.6
88.0
63.3
83.7
79.7
95.7
94.0
Volume
Financial
143
II—THE COMBINED
TABLE
INDEX SINCE
JANUARY, 1931
(REVISED
SERIES)
339
Chronicle
A minor decrease
Other leather products remained
hides, steer hides, calfskins, and chrome leather declined.
also registered in the prices
was
of shoes.
steady.
1936
1933
1934
1935
1931
1932
February
of cotton goods, silk, and burlap
87.2
79.6
67.5
73.4
84.1
index for the textile products group.
88.9
._
prices
92.2
January
accounted for the 0.1% advance in the
86.7
83.2
66.1
71.4
86.7
Wholesale prices of knit goods and
March..
89.4
84.6
62.5
69.8
87.5
April
94.0
82.8
85.9
69.2
66.8
88.7
May
95.7
81.8
86.4
77.3
64.3
87.7
June
*97.8
82.0
83.8
87.5
Pronounced
84.4
The
increases
housefurnishing
"
Both furniture and
in the
goods
woolen and worsted goods declined.
during the week.
0.2%
decreased
group
furnishings shared in the decline.
Statistics includes 784 price series,
The index of the Bureau of Labor
63.9
85.1
July
82.7
78.0
94.0
62.9
85.3
weighted according to their relative importance in the country's marketB,
August
84.9
75.1
87.5
64.4
81.6
and is based
September
86.1
71.4
82.0
68.5
78.6
October.
89.1
74.6
78.5
69.8
75.5
November
92.0
76.0
75.3
69.2
75.6
modities for the past five weeks and for
December
96.7
82.4
77.5
68.8
75.2
July
+
)
the average for the year
on
15,
July 13, 1935; July 14, 1934, and
1933;
(1926=100.0)
Preliminary.
11,
4,
27,
20,
13,
July
13,
July
14,
July
15,
1936
1936
1936
1936
1936
1935
1934
1933
80.3
79.5
79.4
78.7
78.7
79.2
74.5
68.9
77.4
77.4
77.7
64.5
July
Decline of 1.9 Points Noted in "Annalist"
of
1926 as 100.0.
The following table shows index numbers for the main groups of com¬
Weekly Index
Commodity Prices for Week Ended
Wholesale
July 14
Commodity Groups
All commodities
Reflecting the partial breaking of the drought and distress
livestock marketings.
The "Annalist" Weekly Index of
Wholesale Commodity Prices declined 1.9 points to 124.4
on July 14 from 126.3,
July 7, wiping out about half of the
previous week's gains. The "Annalist" further reported:
__
June
July
June
June
61.1
Farm products
82.5
80.2
80.2
Foods
81.8
80.8
81.0
79.7
79.4
82.0
70.8
65.9
Hides and leather
products
94.3
94.2
94.4
94.4
94.6
89.8
87.6
85.4
Textile products.
Fuel add lighting materials
Metals and metal products
09.6
69.5
69.5
69.4
69.3
69.9
77.0
76.4
76.4
76.4
76.6
75.3
73.8
66.7
86.1
85.6
85.4
85.5
85.7
85.7
86.4
80.6
Building materials
Chemicals and drugs
Housefurnishing goods
86.1
85.7
85.6
85.6
85.8
85.0
86.9
78.8
78.6
; 78.3
182.6
78.0
77.6
77.3
79.5
75.5
72.9
82.4
82.6
82.9
82.9
81.8
83.1
74.0
Miscellaneous.
70.7
70.3
70.1
69.6
69.3
67.8
69.9
63.5
Raw materials
80.3
78.7
78.8
77.0
76.9
X
X
X
lemons.
Semi-manufactured articles
75.0
74.4
74.2
74.1
74.1
X
X
X
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Finished products
All commodities other than
80.5
80.4
X
X
X
Losses
Cotton
greatest in wheat, hogs and steers, but rye,
were
and
lards
the meats,
and
cotton
goods
barley, flour,
potatoes, refined sugar and cocoa also lower.
eggs,
advanced,
along
with tin, rubber, coffee and
[Unadjusted for Seasonal Variation (1913=100) ]
_
farm
...
66.5
71.4
81.4
80.9
79.9
79.3
79.3
79.0
78.9
79.5
76.7
70.8
79.2
products
80.8
78.9
78.8
78.7
78.8
78.0
78.3
72.2
All commodities other than
July 14, 1936
July 7, 1936
July 16, 1935
117.3
121.5
115.1
farm products and foods.
x
Not computed.
129.1
Food products..
124.9
127.0
Textile products
*110.5
*109.2
107.6
170.8
170.8
162.7
Metals
112.5
112.4
109.1
Building materials
111.8
111.8
111.5
Fuels
Chemicals
%
*
Preliminary,
on
87.0
123.0
73.4
74.5
72.4
Based on exchange quotations for France, Switzer¬
z
Point So
82.9
126.3
old dollar basis..
Revised,
x
land and Holland; Belgium included prior to March,
1935.
Rising for the fifth consecutive week, the wholesale
modity
price
Association
United
States Department of Labor Reports Gain of
1% in Wholesale Commodity Prices During Week
Ended July 11
Wholesale commodity prices
continued upward during the
week ended
July 11, advancing 1%, according to an an¬
nouncement made July 16 by Commissioner Lubin of the
Bureau of Labor Statistics, U. S. Department of Labor.
In his announcement, Mr. Lubin stated
This
increase
brings
Compared
average.
all-commodity index
the
the year's low point
with
index stood at 78.1, the current level of
to
80.3%
of the
of mid-May,
1926
when the
wholesale prices shows a gain of
The all-commodity index is 1.4% above the corresponding week of
2.8%.
last year.
Except
for
a
minor decrease registered by the housefurnishing goods
group, the rise in
was
shared by all major commodity
Raw material prices advanced 2% during the week and are 4.4%
groups.
above
commodity prices
month
a
finished
ago.
Semi-manufactured
articles increased 0.8%, and
These groups are 1.2% above their
products advanced 0.6%.
respective levels for the corresponding week of last month.
The "all commodities other than farm
rose
0.8% and the index is
year
now
products" group (non-agricultural)
1.3% above a month ago and 0.5% above a
Industrial commodities, represented by the group of all com¬
ago.
modities other than farm products and
index compiled
attained during
by
the week ended
the
week
100%,
as
index
78.7% of the
was
year
a
Farm product prices,
with
reached since October, 1930.
farm
The latest rise in the index
products and foods.
an
hogs, and poultry.
was
due largely to higher prices for farm
Fifteen items included in the foods
price and only six declined, the final result being
index
representing
food
prices.
modities included in the index and no
for cattle,
advanced in
rise of 1.2 points in the
textile
prices
in the prices of 14
com¬
A rise in the prices of
declines.
finished steel, steel scrap, and tin caused the
metals index to advance
The building materials index went slightly above last week's
slightly.
A continuation of the upward trend in the prices of crude rubber
index.
and cattle feed, as well as increases in the prices of wood pulp and book
paper,
was
largely responsible for the
index representing miscellaneous
commodities again moving upward.
Advances
were
registered by 51 price series included in the index last
week and declines by 15; in the
and 22 declines;
preceding week there
were
45 advances
in the second preceding week there were 45 advances and
11 declines.
/
WEEKLY
WHOLESALE
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
1926-1928=100
Latest
Year
Ago
Ago
July 4
June 13
July 13
Total Index
1936
1936
1936
1935
Group
advance of 2.9%, rose to the highest level
cotton,
Foods...
28.6
Farm products.—-
22.3
Cotton
79.3
78.9
79.3
74.5
-
71.5
67.6
66.3
95.0
Cottonseed oil
90.4
86.0
94.1
75.4
74.5
69.8
74.4
73.4
68.9
65.8
68.4
Grains...
85.8
78.3
66.8
74.7
Livestock
••
72.3
74.4
71.0
—
75.0
16.4
Fuels
79.5
79.5
79.5
77.0
10.3
month ago and 6.2% above a year ago.
Miscellaneous commodities..
77.1
75.6
72.8
69.3
Textiles
70.0
68.2
67.0
68.5
81.5
7.7
6.7
84.1
83.1
82.6
Building materials
82.7
82.6
80.7
78.1
1.3
Chemicals and drugs
Fertilizer materials
94.4
94.4
94.4
94.6
.3
64.9
64.5 T
65.2
63.7
.3
Fertilizers
71.1
71.1
70.7
77.3
.3
dressed poultry.
Prices of fresh
beef in the Chicago market were higher. Additional individual food items
for which higher prices were reported were cocoa beans, coffee, copra, lard,
oleo oil, edible tallow, and vegetable oils. This week's wholesale food index—
81.8—is 3% above a month ago.
Compared with a year ago, however, it is
Metals
5.8
Farm
92.6
92.6
92.6
92.0
78.7
77.9
76.1
76.6
mutton, cured and fresh pork, veal, and
machinery.
All groups combined..
100.0
r
0.2% lower.
80.5
Fats and oils
eggs,
during the week. Cereal products
rose 3.6%, dairy
products 2.4%, and fruits and vegetables 1.2%. Prices of
meats, on the other hand, deelined 0.9% because of falling prices for
Revised.
.
result of rising prices for
for the fuel and lighting
coal and petroleum products, the index
materials group advanced 0.8%.
Wholesale prices of
coke remained firm.
The index for the metals and metal
86.1% of the 1926
average.
products group advanced 0.6% to
The advance was due to higher prices for steel
bars, billets, plates, structural steel, pig tin, and heating equipment. Pig
zinc declined. Average prices of agricultural implements and motor vehicles
steady.
0.5% was recorded by the building materials group.
Higher prices for brick, lumber, paint materials., plumbing and heating
of
fixtures, structural steel, sand, gravel, and lime were responsible for the
increase.
Month
Week
July 11
Prices of sterenes and light hogs were higher. The current farm pro¬
increase
Precede a
Week
Bears to the
Each Group
Wholesale food prices advanced 1.2%
An
a
group
index representing
The
advanced during the week, the result of a rise
Grains advanced 16.1%, and the sub-group of
products, including
duct index—82.5—is 6.6% above a
were
an¬
Cotton, corn, most grains, alfalfa, lambs and sheep
increased in price last week but declines were shown in the prices
apples in the New York
market, oranges, hay, hops, fresh milk at Chicago, flaxseed, timothy
seed, dried beans, and potatoes increased 1.8%.
Livestock and poultry,
due to lower prices for calves, cows, heavy hogs, lambs, and poultry declined
a
The
nouncement, under date of July 13, continued:
Per Cent
As
of
A month
76.6%.
ago
Last
average
July, 1935.
following is also from the announcement issued July 16
by Commissioner Lubin:
0.8%.
1926-1928
against 77.9% in the preceding week.
it registered 76.1% and
ago
0.5% higher than for the
Tbe
other
July 11 the
highest level registered since the first of the year.
corresponding week of June and 1.5% higher than for the Corresponding
1
com¬
National Fertilizer
the
processed foods, advanced 0.4%.
The index for industrial commodities—79.2—is
week of
Further Advanced
Ended July 11, Reaching Highest
Far This Year, According to the National
Week
Fertilizer Association
87.1
124.4
All commodities
During
98.3
97.1
97.1
...
Miscellaneous
All commodities
Wholesale Commodity Price Average
remained unchanged.
oils caused the index for the,
0.4%. The sub-groups of drugs and
pharmaceuticals, fertilizer materials, and mixed fertilizers remained firm.
Cattle feed prices advanced 8.4%.
Crude rubber increased 1.8%. No
changes were reported in prices of automobile tires and tubes and paper and
Wholesale prices of cement
Continued advances in prices of fats ,and
chemicals and drugs group to advance
pulp.
The hides and leather
of the 1926 average.
products group
advanced fractionally to 94.3%
increased, and cow
Prices of goat skins and sheepBldns
Weekly Electric Production Continues Climb Toward
New High Mark
'
The Edison
Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended July 11, 1936, totaled 2,029,704 kwh.
This is the
fourth time that weekly electric output crossed the twobillion kilowatt-hours mark since these figures have been
compiled, and the past week's figure again established a
new all-time high production mark.
Total output for the
latest week indicated a gain of 14.9% over the corresponding
week/ of 1935, when output totaled 1,766,010,000 kwh.
Electric output during the week ended July 4 totaled
1,956,230,000 kwh.
This was a gain of 18.2% over the
1,655,420,000 kwh. produced during the week ended July 6,
1935.
The Institute's statement follows:
Financial
340
PERCENTAGE
Week Ended
Week Ended
Week Ended
July 4, 1936
MOUNTAINS
Week Ended
No. of
1936 June 20,
13.9
New Floor
Projects
1936
27,
Space (Sq. Ft.)
15.4
June
16.9
New England.
ROCKY
Valuation
Month of June—;
10.7
9.3
Central Industrial
21.3
Not
21.0
17.9
West Central
18.4
available
16.3
17.1
1936—Residential building
Non-residential building..
Southern States
20.0
16.6
16.9
Public works and utilities.
Rocky Mountain
28.0
27.7
22.7
Pacific Coast
13.0
10.5
7.5
11.8
Middle Atlantic
3,059
1933
1932
1931
1929
1930
1,436
1,429
1,637
1,698
1,654
1,689
1,645
1,717
8148,005,200
95,932,600
91,343,600
2,606,200
8334,844,600
489,733,300
413,152,800
1.704
1,655
1,494
1,425
1,602
1.705
1,576
1,461
1,542
1,381
1,594
1,435
1,442
1,441
1,457
1,621
1,723
1,660
1,657
1,707
1,698
1.699
1,704
1,594
1,723
1,592
1,712
1,727
1,723
1,655
1,578
1,598
1,656
1,539
1,665
-
FOR RECENT
22,878,800
38,228
18,859
7,523
Non-residential building
1.698
1,436
— -
DATA
849,832,600
59,035,800
39,136,800
1,688
1,468
1,483
1,437
1,650
1,633
1,643
1,928,803 1,698,178 + 13.6
1,947,771 1,701,702 + 14.5
May 16---- 1,961,694 1,700,022 + 15.4
1,954,830 1,696,051 + 15.3
May 23
1,922,108 1.628.520 + 18.0
May 30
June
6
1,945,018 1,724,491 + 12.8
June 13
1,989,798 1,742,506 + 14.2
June 20
2,005,243 1,774,654 + 13.0
June 27---. 2,029,639 1,772,138 + 14.5
1,956,230 1,655,420 + 18.2
July j 4
July 111
2,029,704 1,766,010 + 14.9
1,807,037
July 118
1.823.521
July f 25
2
9-
May
101,600
10,450
Public works and utilities
May
13,702,100
9,075,100
1,225
1936—Residential building
1934
1935
1936
8233,054,600
6,166
First Six Months—
Ch'ge
Week of-
36,883,900
Public works and,utilities.-.
Weekly Data for Previous Years
in Millions of Kilowatt-hours
P. C.
344,000
873,604,600
79,078,900
80,371,100
13,352
Total construction.
(In Thousands of
Kilowatt-hours)
20,624,200
15,915,700
1935—Residential building
Non-residential building
FOR RECENT WEEKS
DATA
8,444
3,411
1,497
Total construction.
13.0
14.5
14.9
Total United States.
1,675
1,688
1,556
1,648
1,664
1,610
1,635
1,607
1,648
1,416
1,654
1,434
1,651
1.440
1.644
Public works and utilities.
1,703
1,686
1,626
Total construction.
ROCKY
'
'
'
'
•
81,237,730,700
57,631,000
43,541,300
732,800
8208,173,600
258,844,200
229,489,000
101,905,100
8696,506,800
REPORTED—37 STATES EAST OF THE
CONTEMPLATED WORK
NEW
189,882,400
53,039
Non-residential building
1,690
1,667
1,662
1,684
1,604
1,645
1,342
64,610
29,128
17,599
6,312
Total construction..
1935—Residential building
1,615
MOUNTAINS
No. of
No. oj
April...
8,664,110
8,025,886
8,375,493
8,336,990
May...
8,532,355
Jan....
Feb
March
.
+ 13.9
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,360
7,384,922
7,160,756
7,538,337
+ 12.9
+ 13.1
—
Oct
8,078,451
7,795,422
8,388,495
Nov....
8,197,216
Dec
8,521,201
August.
Sept
--.
Total
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
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
based on about 70 %.
'
Note—The monthly figures shown
June Department
According
Federal
to
Store Sales 1% Above Those of May,
Index of Board of Governors of
8114,222,500
104,041,300
100,852,500
7,401
3,948
1,529
8107,301,700
128,513,400
185,833,000
14,110
8319,116,300
12,878
8421,648,100
48,300
21,442
8,911
8562,705,000
607,367,300
592,976,500
35,878
9,532
8602,166,400
715,543,900
1,313,035,600
78,653
Total construction
81,763,048,800
68,477
82,630,745,900
First Six Months—
Residential building
Non-residential building
Public works and utilities
Total construction
Sales
The
to Ultimate
Consumers During
15.3%—Total Revenues Rise 7.1%
electric light
released on July 13 by the Edison
following statistics covering 100% of the
and power industry were
Electric Institute:
SOURCE
DISPOSAL OF
AND
TO ULTIMATE
ENERGY AND SALES
CONSUMERS
Percent
Kilowatt-hours Generated (Net)x:
corresponding periods of 1935.
comparison with last year.
districts showed increases in
REPORTS BY FEDERAL
+22.5
+ 2.7
4,901,914,000
3,551,243,000
+ 13.3
177,693,000
64,575,000
—14.9
236,988,000
generated
7,458,480,000
151,206,000
85,782,000
By water power
4,000,670,000
3,457,810,000
8,453,157,000
By fuel
Total kilowatt-hours
10%
All Federal Reserve
and in the first half of the year
Change
1935
1936
in May to 89% in June.
Total sales in June were 15% larger
23,067
Electricity
of
Month of May Up
System
Reserve
larger than in the
9,747
3,037
1,326
Public works and utilities
Month of May
"Department store sales were maintained in June at the
relatively high level reached in May," said an announce¬
ment issued July 11 by the Board of Governors of the Federal
Reserve System, which continued:
The Board's seasonally adjusted index advanced from 88% of the 1923-25
average
Month of June—
Non-residential building
7,288,025
85,564,124 80,009,501 77,442,112 86,063,979
93,420,266
.
1931
1932
Residential building
7,131,158
+ 11.7
7,404,174
7,796,665
June...
July
+ 11.6
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
1933
1934
Ch'ge
1935
1936
Valuation
Projects
Valuation
Projects
of—
1935
1936
:
MONTHS (THOUSANDS OF KWH.)
P. C.
Month
1936
18,
STATES EAST OF THE
AWARDED—37
CONTRACTS
CONSTRUCTION
INCREASE OVER PREVIOUS YEAR
July 11, 1936
Major Geographic
Regions
July
Chronicle
242,268,000
—2.2
44,860,000
112,930,000
44,530,000
+ 0.7
111,373,000
+ 1.4
157,790 000
8,532,355,000
1,447,631,000
7,084,724,000
155,903,000
+ 1.2
7,544,845,000
1,400,065,000
6,144,780,000
+ 13.1
Additions to Supply—
Energy purchased from other sources:
Net international imports
Total
RESERVE DISTRICTS
+32.8
Deductions from
Year Ago
Number
Number
of
P. C. Change from
of
Jan. 1 to
Stores
Cities
June*
June 30
Reporting
Included
+ 13
52
30
+ 11
+ 10
+9
66
31
+ 13
+ 10
32
15
26
12
Federal Reserve districts:
Boston
New York..
—
Philadelphia
+ 17
+ 11
Richmond
+ 11
+ 10
57
+ 24
33
18
Atlanta
69
34
Cleveland—
Supply—
Energy used In electric railway departments
Energy used in electric and other depts
—.--
26
M inneapolls
+ 11
Kansas City
+ 11
+11
+11
+ 10
+ 10
+ 10
+ 29
+ 16
21
+ 15
+ 11
94
34
San Francisco
Chicago
+ 23
-----
St. Louis
+ 11
—
this year than
+ 10
+ 15
June figures
20
39
19
19
Domestic service
Commercial—Small light and power
(retail)
.
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and interurban
Electrified steam
Municipal and miscellaneous
11
Total sales to ultimate consumersTotal
revenue
from ultimate consumers
535
+ 9.8
1,164,724,000
1,266,203,000
3,975,184,000
179,907,000
353,781,000
77,016,000
67,909,000
1,060,451,000
1,098,782,000
3,345,688,000
174,998,000
7,084,724,000
8164,014,600
8153.202,700
+ 7.1
+15.2
+ 18.8
+ 2.8
—0.0
353,863,000
65.792,000
+ 17.1
45,206,000
+ 50.2
6,144,780,000
+ 15.3
-
t:
260
PerCent
month had one more business day
and in June this year there were four Saturdays as com¬
preliminary; In most cities the
last year,
pared with five a year ago.
Contracts Awarded in
By water
power
+ 12.0
86,734,777,000
2,876,524,000
1,974,431,000
87,636,870,000
14,972,907,000
72,663,963,000
$1,870,323,500
+ 11.0
97,073,214,000
Purchased energy (net)
2,990,715,000
1,947,472,000
Energy used in electric railway & other depts.
Total energy for distributloh
98,116,457,000
Energy lost in transmission, distribution, &c. 16,331,063,000
Kilowatt-hours sold to ultimate consumers— 81,785,394,000
Total revenue from ultimate consumers
81,969,077,500
Total kilowatt-hours generated
of 1936 residential
home-building operations was general throughout the
major geographic area sharing in the general advance.
Total construction of all descriptions reported in June for the 37 eastern
States amounted to $233,054,600 and compares with $216,070,700 for May
and $148,005,200 for June of last year.
The gain over the volume of the
previous month was due to improvement in residential building and in civil
engineering projects, chiefly bridges, highways and dams.
Non-residential
building reported for June, amounting to $79,078,900 was smaller than
was shown for this class of construction in May, but was materially better
than the total of $59,035,800 for June, 1935.
The total volume of construction work started in the 37 eastern States
during the first six months of 1936 amounted to $1,237,731,000 as against
only $696,507,000 for the corresponding six months of 1935.
Improvement in
country with every
+ 9.1
+ 12.6
+ 5.3
38.5%
38.0%
Avge. ann. consumption per customer (kwh.)
Average revenue per kwh. (cents)
695
646
+ 7.6
4.88
5.22
—6.5
Average monthly bill per domestic customer
$2.83
82.81
+ 0.7
31
building of all descriptions, totaling
61% over the total of $208,173,600
1935.
+4.0
—1.4
+ 12.0
Important Factors—
Basic Information as of May
$334,844,600, made a gain of about
+ 10.4
Per cent of energy generated by water power
Domestic Service (Residential Use)—
follows:
corresponding period of
Change
60,164,156,000 53,301,602,000
36,909,058,000 33,433,175,000
By fuel
June
Not since May 1931 have the building of new homes and
the modernization of old dwellings been as active as it is
today.
For June the volume of residential building, both
new
and alterations, amounted to $73,604,600 in the 37
eastern States according to F. W. Dodge Corporation.
This
was almost 5% better than the May 1936 figure of $70,253,400, the previous high point of the remaining period and was
about 48% ahefad of the total of $49,832,600 reported for
the 37 States during June, 1935.
The report continues as
For the first half
1935
1936
Kilowatt-hours Generated (Net)x:—
Valuation of Construction
for the
+ 3.4
+ 15.3
Sales to Ultimate Consumers (Kwh.)—
Twelve Months Ended May 31
Total--.
*
37
........
Energy lost in transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers
10
Dallas
Total
Total energy for distribution
1936
Generating
capacity
(kw.)—Steam.
Waterpower
Internal combustion
Total generating capacity In
kilowatts
1935
23,979,600
9,711,900
498,700
23,740,400
8,949,900
500,800
33,490,200
33,191,100
Number of Customers—
with domestic)
(Included with commercial, large)..
Farms In Western area
Commercial—Small light and power
Large light and power
Other ultimate consumers
Total ultimate
x
consumers.—
As reported to the U.
(538,786)
(220,627)
21,245,808
(212,134)
20,653,652
3,782,806
3,736,936
62,747
Domestic service
(505,253)
493,307
Farms In Eastern area (Included
499,583
71,102
25,584,668
24,961,273
S. Geological Survey, with deductions for certain plants
not considered electric light
and power enterprises.
Volume
Financial
143
Conditions
Cleveland
in
Activity
in
Most
Reserve
Federal
Lines
Highest
at
Permits
District—
Level
Six
in
Years
reporting that activity in most lines of business in the
Fourth
(Cleveland) District in May "was at the highest
issued during
were
May for the following important
projects: In Boston, Mass., for
New York
City—in the Borough of the Bronx for apartment houses to
Business Review" of June 30:
in
seasonal
erally has not been
all
industrial
the
of
labor
are
considerably
indexes
Where
.
figures
gains from last
increased
not
since
quite in
are
than
a
in
accord
cities.
some
this point,
Employment
are
the
available
the
May figures
ago.
year
gen¬
Reports from
on
*
payrolls
andi
worked
hours
man
are
considerably larger than the increase in employ¬
are
instances have been working full time, and
many
uncommon.
recently.
few lines and
a
in recent past years..
as
disturbing
higher
Plants in
is
is
confined to
.
for
year
indexes.
overtime
.
been
district
situation
available.
latest
than
pronounced
so
sections
the
though
ment
decline has
Reports
skilled
of
labor
shortages
In May most sectional employment indexes
were
have
higher
$850,000; in Peoria, 111., for school buildings to cost $681,000; in Ann Arbor,
Detroit,
sales
ture
up
the
in
first
what,
assembly
three
operations
similar
experienced
plant requirements
weeks
of
June;
continued
to
held
better than
up
although schedules
exceed
last
were
expected
reduced
some¬
by a good margin.
May
27.5% greater than in
May, 1935.
In the first five months, with over 2,009,000 cars made, a
gain
of nearly
10%
from
the
corresponding period last year
was
production
shown.
.
Tire
.
rainfall
of
for
a
is
of past
become
than
half
of
May
of
was
exceeded last year, but
in
acute
some
eerious
unfavorable weather this spring.
sections,
some
was
although
Geographic Division
No.
damage.
New England
Middle Atlantic
132
__
333
West North Central
134
.
South Atlantic.
184
East South Central..
74
West South Central..
99
Mountain.
63
142
Pacific
1,522
10% in additions, alterations, and repairs, and
new
was
a
decrease of
far ahead of
more
new non-residential
45% and the permit valuation of addi¬
tions, alterations and repairs to existing buildings increased nearly $7,000,000
or
33%.
The
increase
mately $38,000,000,
or
in
total expenditures amounted
period of 1935.
Over the same
buildings,
approxi¬
were
66%;
Cities
value
of additions,
new
and
non¬
alterations
and
repairs, 30%.
In
an
by the United States Depart¬
$53,013,193
+2.4
These figures are based on reports received by the Bureau of Labor
Statistics from 1,522 identical cities having a population of 2,500 or
(over.
The percentage change from April to May in the number and cost of build¬
ing permits issued for each of the different types of construction is indicated
1,522
following tabulation:
184
74
West South Central..
99
Mountain
63
Pacific
Total....
....
Percentage change.
Number
$8,226,678
34,331,991
26,749,427
7,545,785
14,342,418
3,269,015
7,506,349
3,226,665
16,931,988
'
$42,624,699 $119,451,167 $122,130,316
—2.2
Conditions in Boston Federal Reserve District—Moder¬
Increase
Between
Noted
Level
in
of
Business
Activity
April and May
The Federal Reserve Bank of Boston
reports that between
New England after allow¬
made, although
eral level of business activity in
for customary seasonal changes were
ances
the
the boot and shoe industry re¬
building industry and
slightly lower activity in May than in April."
flected
In
noting this in its July 1 "Monthly Review," the Bank fur¬
ther stated:
Distribution
land during
There
in
of
merchandise
May,
was
a
Labor
April
payrolls, according to the Massachusetts Department of
These
employment
May
however,
declines,
1.4%,
decreased
and
the
amount
paid
in
The Department also reported that employment in Massa¬
manufacturing establishments
in
seasonal nature,
of
were
during the 11-year period 1925-35, inclusive, between
average
1.3%.
chusetts
in
the
and
wages,
establishments in Massachusetts during
April, and a decrease of 0.9% in the amount of
manufacturing
Industries,
and
on
in the number of wage-earners employed
of 0.6%
decrease
compared with
as
represented by retail trade in New Eng¬
as
May was in larger dollar volume than in May a year ago.
representative
in
May
2.6% greater than
was
May, 1935, and that aggregate payrolls in May, 1936, were 7.6% larger
than
in
May a year ago.
daily
a
...
basis,
average
consumed by New England mills during May,
amounted
to
2,915
hales,
an
amount
5.6%
During the first five months of the current
however, the daily average consumption amounted to 3,094 bales,
was
4.4% less than the daily average consumption of 3,443 bales
-
Estimated Cost
year,
which
New residential
New non-residential
—0.8
Additions, alterations and repairs
+2.7
+2.0
:
+0.8
—13.2
in
the
Total
+ 1.6
comparison
year is shown in the table below for 792
—2.2
with the same month of last
identical cities having
a
population
five
first
months
of last
The sales volume of 805 retail
+9.6
to
in
April 1936
$8,089,692
35,354,160
23,033,545
7,227,069
14,894,128
3,163,658
6,878,058
2,795,520
18,015,337
larger than in May last year.
Type of Building
change
Estimated Cost
May 1936
—13.2
..
The amount of raw cotton
percentage
(.Including Alterations
and Repairs),
$2,212,237
11,249,726
12,073,186
2,857,793
4,152,223
1,642,906
2,767,865
732,537
4,936,226
$36,994,123
134
on
The
Total Building Construction
April 1936
142
361
333
_
West North Central.
since
ment, of Labor it was stated:
in the
2,512
$13,027
$2,635,713
12,191,109
6,825,178
2,114,200
2,472,780
1,089,107
2,647,504
779,411
6,239,121
Middle Atlantic
aggregate weekly
announcement issued
2,336
S13.341
Estimated
132
East North Central.
period, the value of new residential buildings
increased 114%; the value of
and the
419
+0.8
New England
issued for buildings
This is an increase of 71 % over the corresponding
for which permits were issued
residential
to
54%.
During the first five months of 1936 permits
valued at $466,441,000.
1,099
453
April and May "there was a moderate increase in the gen¬
the value
a year ago,
Indicated expenditures for
or
332
1,065
Cost
than
more
non-residential buildings.
permits issued for residential construction showing an increase of
79%.
893
1,926
3,265,909
1,278,198
8,768i464
Buildings,
ate
buildings increased $11,000,000,
971
1,977
374
New Non-Residential
increase of 1 % in the value of new residential buildings, an advance
or
3,355
1,826
800,979
$53,418,436
_.
Geographic Division
Reports from 1,522 cities in the country to the Bureau of Labor Statistics
May level of building activity
665
3,513
2,042
'
Percentage change.
also stated:
13% in the value of permits issued for
610
$3,472,264
14,791,258
10,158,936
3,167,101
7,310,084
$3,144,615
14,504,246
10,842,786
3,375,780
7,586,799
1,249,827
2,996,121
1,367,575
8,350,687
361
East North Central..
South Atlantic.
$20,000,000
April 1936
May 1936
April 1936
worse.
even
Although the value of permits issued for new residential
buildings and for additions, alterations and repairs to existing
structures increased in May, the aggregate value of
building
permits issued during the month was below the April level,
Secretary of Labor Frances Perkins announced June 27.
This decrease was due to a sharp decrease in the value of
permits issued for non-residential buildings.
Miss Perkins
The
New Dwellings
Cost
May 1936
East South Central..
than
Families Provided for in
Estimated
of
Cities
below the
crops was
Gained
of
1936
New Residential Buildings
scattered
'
of
BUILDINGS,
UNITED
STATES, AS SHOWN BY PERMITS ISSUED, APRIL AND MAY,
'•I
particularly fruits, the discrepancy
Rainfall in May was less
cases,
winter
normal, and June
for the
Building Operations in United States During May—
Secretary of Labor Perkins Reports Drop in Value
of
Building Permits
Issued Although
Number
an
NEW
1,522 IDENTICAL CITIES IN NINE REGIONS OF THE
May 1936
show
TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN
Total.:—
The June 1 condition of all
in
years;
because
great
plant to cost $850,000.
power
ESTIMATED COST OF BUILDING CONSTRUCTION,
...
adversely affected by
has
year
but
April,
evident.
was
rains have helped others.
average
from
production in
decline
a
have been
Crops
Lack
.
date
to
year
8%
down
was
Worth, Tex.,
$800,000 and for a school
over
$400,000; in Albuquerque, N. M., for school buildings to cost
furni¬
with
gains,
nearly $300,000; in Dallas,
building
nearly
$250,000; in Glendale; Calif., for a recreation center to cost $500,000; in
Los Angeles, Calif., for apartment houses to cost over $500,000 and for
motion picture studio buildings to cost nearly $650,000; in San Francisco,
Calif., for school buildings to cost over $300,000, and in Spokane, Wash.,
to cost
buildings to cost
35%.
over
Automobile
organizations
$1,600,000;
nearly $400,000; in
buildings to cost
Tex., for mercantile buildings to cost over $400,000; in Fort
for amusement
improved employment situation,. together with distribution of funds
through Works Progress Administration channels, &c., is reflected in retail
trade
figures.
Department store sales in this district in May were
retail
Mich., for mercantile
St. Paul, Minn., for a school building to cost
1930.
Other
and for school buildings to cost over
Mich., for buildings at the University of Michigan to cost over
This
stores.
Philadelphia, Pa., for a
cost nearly $1,200,000; in
factory buildings to
IN
|approximately 20% larger than in the corresponding month of 1935, and
the gain for the first five months of the year was over 10% at reporting
N. Y.f for
apartment houses to cost over $1,000,000; in Rochester,
factory building to cost $700,000
summer
cost
$400,000, and in the Borough of Queens
cantile buildings to cost nearly
point in six years," the Federal Reserve Bank of Cleveland
said that judging by preliminary figures, "it continued at
approximately that level in the first three weeks of June."
The following was also contained in the Bank's "Monthly
The
building
hospital building to cost $330,000; in
$500,000, for office buildings to cost over $3,500,000, and for mer¬
over
for
a
$970,000; in the Borough of Manahttan for apartment houses to
cost
In
341
Chronicle
$21,317,567
in
May,
corresponding month last
of
the
tion,
1936,
year.
year.
.
establishments in Massachusetts amounted
compared
as
This
was
an
with
increase
$20,015,623 in the
of 6.5%.
In each
principal types of trade, with the exception of
a
the fuel classifica¬
gain was reported over a year ago.
of 10,000 or over.
Change from May '35 to May '36
Number
of
Indexes
Type of Building
Reserve
Estimated Cost
Business
Activity of New York Federal
Bank—Upward Trend in Volume of Dis¬
tribution of Goods Lessened
New residential
+74.8
+20.4
+8.5
Additions, alterations and repairs
Total
+78.8
+44.5
+32.6
+ 17.9
New non-residential
+53.6
There was a gain of 65% in the number of family-dwelling units pro"
vided in these 792 cities, comparing May, 1936, with the
corresponding
month of 1935.
The
data collected
by the Bureau of Labor Statistics,
include, in addition
to private construction, the number and value of
buildings for which contracts were awarded by Federal and State govern¬
ments in the cities included in the
public buildings amounted to
For May, 1936, the value of
$3,470,000; for April, 1936 to $1,483,000;
and for May, 1935 to $4,486,000.
report.
During First Half of
June
"During the first half of June some slackening appears
have occurred in the upward movement in the volume
of distribution of goods that was evident in May," says the
to
Reserve Bank of New York in presenting in its
"Monthly Review" of July 1 its monthly indexes of busi¬
ness activity.
Continuing, the Bank said:
Federal
In
the
New
York
metropolitan
area
department
well
above
over
May, and reports to the Department of Commerce
a
year
ago,
but appear
cities throughout the United
States
store
sales
to have advanced less than
on
indicate that while
remained
seasonally
retail trade in 86
sales
continued
to
Financial
342
from
felt
were
Wholesale trade gave
of June.
Little change from the May level occurred in
country.
the
freight, either in the merchandise and miscellaneous
first half
the
bulk
railroad
of
movement
or
effects
of the
evidence of being well maintained during
than in the corresponding period' a year ago, adverse
drought and unusually warm weather in some parts
higher
run
freight groups.
general busi¬
ness
activity and the distribution of goods, the most pronounced gains
taking place in retail trade.
The accompanying diagram [thia we omit.-—
Ed.] shows the course of three important lines of retail trade—sales of
general merchandise in small towns and rural areas, department store sales
in urban localities, land variety store sales—each adjusted for the usual
Increases
predominated In May among various measures of
1929-81 base.
Since 1929 considerable dif¬
occurred in the movements of the three types of trade, but
an unseasonal
increase in May brought the index up to the
seasonal
variations, and
ferences
have
each
in
case
a
on
small
rural
and
towns
which
areas,
reflects to
considerable
a
this
of
and
goods by
of
The
contraction
in
department store sales in urban localities was greater than in variety store
sales but less than in the general merchandise stores, and not much more
half
than
of
considerably
been
at
a
1929-31 volume than the other
index of department store sales in
as in August, 1931.
The adjusted
trade.
was
have
at about the same level
•
.
.
Employment
and payroll figures reported
for May, practically all of the main groups
trend'.
In the durable goods industries
covering the manufacture of metal, automotive, stone-clay-glass, and wood
products—every group recorded higher employment and payroll volumes
the employment
increases marked
Continued
by Seventh District industries
contributing to the upward
than
amounting to nearly 2% in
the aggregate increase
month earlier,
a
Vehicles, which led
than that in the latter.
the former and slightly more
percentage gain in the current
durable goods group. . . .
the manufacturing groups as a whole, the increases totaled slightly
1%% in employment and slightly under 2%% in wage payments. , . .
expansion in April, registered a smaller
the aggregate for the
the
month than shown dn
For
over
Distribution of Automobiles
Mid-West
automobiles in May was well maintained.
Sales
exceeded those in April by about 4%, while those to users
of
Distribution
at
wholesale
larger.
greater
considerably
between
than
new
The number sold by both distributors and dealers was
than in May last year.
Stocks declined moderately
April 30 and the close of May, but were about one-third heavier
3%
were
a
increase in May and were
Used car sales continued to
ago.
year
in the same month of 1935, while salable cars on hand
numbered slightly less than a month earlier, though remaining substantially
heavier than last year.
Sales made on the deferred payment plan amounted
much
larger than
51% of total retail sales by dealers reporting the
a ratio of 49%
for April and 48% a year ago.
to
item, as compared
with
District—
Reserve
Federal
Louis
St.
in
Conditions
Improvement in Recent Months in Industry
Trade Continued During May and Early June
(AdJusted]for seasonal]varlatlons, for usual year-to-year growth, and where neces¬
for price changes)
sary
year ago
the
relative to
level
lower
May, 1936,
sales
store
department
urban
1934,
in
retail
of
types
regained; consequently, with the exception
the loss has been
of
month
one
month
fractional recession from a
a
Industrial
a
recovered.
been
has
two-thirds
over
has shown
farmers,
showed
month
the
The dollar volume sold, however, exceeded that of a
by 5%%, with all groups except groceries sharing in the increase.
extent
much wider amplitude of
movement than the other two; from the 1929 peak to the 1933 low point
there was a drop of 66%, but since that time a marked upward movement
has been in progress which has resulted in the recovery of 70% of the
loss, and the May index reached the highest point since December, 1929.
Tiie decline in variety store sales was much less severe, amounting to 35%,
purchases
during
stores
previous.
The inde* of sales of general merchandise
highest point in several years.
in
July 18, 1936
Chronicle
and
58
65
66
66
Car loadings, other
60
59
67
72
Exports
47
52
52
57 p
69
74 r
71
72 p
Department store sales, United States
Department store sales, Second District
72
78
76 r
82 p
69
75
71 r
76
Chain grocery sales
60
61
61
59
77
81
85
88
74
95
83r
90
conditions of greater or lesser
slowing down in certain manu¬
facturing lines incident to the hot weather," states the Fed¬
eral Reserve Bank of St. Louis, "industry and trade in the
Eighth (St. Louis) District during May and the first half
of June reflected a continuance of the steady improvement
which has characterized recent months."
The Bank, in its
June 30 "Monthly Review," also had the following to say:
In a number of types of productive activity operations reached approxi¬
mately the highest levels since the predepression era.
The betterment
Advertising
64
65
66
68
extended
New passenger car registrations
59
85
81p
75 p
and
Gasoline consumption.
84
87
88
65
66
66
65 p
43r
45r
41r
42 p
Velocity of demand deposits, outside N. Y. City-
65
72
71
70
Velocity of demand deposits, New York City
41
48
43
40
New life Insurance sales
54
49
49
53
Factory employment. United States.-
82
85
86
87 p
43
45
33
35
25
41
45
43 p
55
54
53
143
151
150
150p
186
189
188
189p
140
141
141
142
"Notwithstanding drought
May
Primary Distribution—
/
;
and miscellaneous
Car loadings, merchandise
Imports
March
April
May
1935
1936
1936
1936
severity and the customary
•
—
—
Distribution to Consumer—
Other chain store sales.
;
-
Mall order house sales
L
former
General Business Activity—
Bank debits, outside New York
Bank debits, New York City r
City
-
Business failures
Building contracts
New corporations formed In
Real estate transfers
New York State
Composite index of wages*
Cost of living*.
p
i
Preliminary,
Conditions
of
Chicago, in its
"Business
June
payrolls, and reported that during the month the midWest distribution
of new automobiles was "well main¬
with last year were achieved
the comparison
as
indicated by firms
in the drug and chemical,
electrical supplies and furniture classifications.
the expected decrease from April, but was
hardware,
about
showed
Retail trade
in measurably
May, 1935.
Retail sales of automobiles declined
but the May total was approximately onefourth greater than for the same month a year ago.
A noteworthy feature
in the retail trade generally,
according to the reporting interests, is the
broader diversity of merchandise being bought,
an instance being sport
volume than
from April
in
to May,
supplies,
vacation
and
goods
sales of which this
season
have been in
1930.
In agriculture during the past 30 days
the dominating influence was
dry weather, which in many localities reduced prospects for certain crops,
principally vegetables and fruits.
Taken as a whole, however, Eighth
District prospects are for average or better yields of the principal pro¬
ductions.
Winter wheat improved from May to June, and indications are
for an output slightly above a year ago and 4.5% greater than the fivevolume than in any year since
larger
20, said that the trends of
wholesale trade groups in the Seventh (Chicago) District
varied during May, while sales of department stores in¬
creased 4% over the preceding month, "the gain comparing
with one of only 1% in the 1926-35 average for the period.
The Bank noted further increases in industrial employment
of
Report"
May,
merchandise in
Bank, exceeded by a large margin the volume of the
preceding month; in all lines investigated, except boots and shoes, and
groceries, increases were recorded over May a year ago.
Outstanding gains
slightly
Store Sales Increased 4%
Federal Reserve Bank
Conditions
improvement,
other seasonal
to this
reporting
larger
Trade
While Department
The
55
wholesale
of
Distribution
Chicago
Federal
Reserve
DistrictDuring May at Mixed Trend
in
Wholesale
...
occupations.
*1913 average=100.
Revised.
r
throughout this year, was most
conditions as a whole underwent noticeable
being affected by absorption of workers in agricultural and
in
;
category.
case
Employment
—
General price level.*
the
consumption
pronounced in the
and commodities for ordinary
durable goods
both
to
has been
as
(1928-32)
year
average.
•
and
tained."
The following is
Wholesale
in
Sustained
Trade
.
.
.
Department Store Trade
4% in
the 1926-35
Among the larger cities in the district, Indianapolis
reporting department stores in the Seventh Disrtict rose
Sales of
May
April, the gain comparing with one of only 1% in
over
for the period.
average
recorded!
the' heaviest
increase
cities
over
were
a
heaviest
a
month
earlier—6%—while sales
in
little under 1%.
Sales made by stores in smaller
10% larger in the aggregate than a month earlier.
The gain
recession of
a
over
and in Detroit 3%, with Milwaukee trade show¬
Chicago expanded 3%%
ing
a
15%
for
ago
'in
of
the
year
year-to-year
the district as a whole represented the
comparison since December, 1934; daily
exceeded those of May, 1935, by 18%.
A small decline of
1%% took place in stocks during May, which totaled less than 1% above
average
sales
those held
at the close of
May last year.
Chain
While sales of
over
April,
ment chains
"Trade
during May in wholesale trade groups.
May than a month earlier or a year ago.
drug,
cigar
.
.
.
Store Trade
and men's clothing chains increased in
May
five-and-ten-cent store, grocery and musical instru¬
declined, so that aggregate sales of 12 chains operating 2,725
those by
and
—Trade
Sales by reporting
grocery firms in the Seventh. District declined 2%
from the preceding
month as against 6% expansion in the 1926-35 average for May ; the 9%
increase over April in the hardware trade and that of 12% in electrical
supplies compared with seasonal gains of but 6% and 8%, respectively,
while the recession of 2% in drug sales was slightly greater than average
for the period.
In the yearly comparison the gain shown in electrical
supply sales was the largest since last September, but the grocery trade
recorded a moderate decline following three months of increase, and the
gains in drug and hardware sales were smaller than in the two preceding
months.
Data covering the first five months of this year show that sales
in
the drug, hardware
and electrical supply groups exceeded those of
the corresponding months in 1935 by 3, 16 and 25%%, respectively, while
there was a decline in the grocery trade of 2%.
In all groups except
electrical supplies, Tatios of accounts outstanding to net sales were higher
Trends varied
Philadelphia Federal Reserve District
Industrial Activity Reported Well
in
Conditions
from the Bank's review:
in
activity
industrial
and
the
Third
(Phila¬
Federal Reserve District has continued well sus¬
tained," states the Federal Reserve Bank of Philadelphia
in its "Business Review" of July 1.
"Industrial production
increased further in May and showed little change in early
delphia)
June," the Bank said, adding:
This
Bank's
of
index
industrial
output,
adjusted for seasonal variation,
of 85% of the 1923-25 average.
The increase from
the low level of about 57 of four years ago has been steady except for some
reached
a
new
high
compared with the six-year average, 1923 to
production is still about 17% lower. Building
operations have increased seasonally, and the value of accumulated con¬
tracts for all types of construction continues much larger than last year,
though some declines occurred in May.
Agricultural conditions have improved recently through rainfall, follow¬
ing a prolonged drought.
Income of farmers from the sale of dairy and
poultry products has increased steadily, reaching this Bpring the largest
amount of cash realized in the same period for several years.
Retail trade sales during May showed exceptional gains over the previous
unusual
fluctuations;
but
1928, the current level of
maintained
Inventories
while showing little change in the month, are larger than
Industrial employment and payrolls increased from the
month
also
to
and
appears
the
current
a
year
ago,
be
true
to
middle
of
May,
levels continue
and continued well
of wholesale trade.
contrary
to
in June.
This
of merchandise,
a year ago.
.
.
.
middle of April
the usual seasonal tendency, and the
appreciably higher than a year ago.
Manufacturing
manufactured in this district has been well
maintained since early April, iand the volume of sales continues to exceed
that of
a
year
ago
in all important lines except some of the textile
branches, particularly silk and knit goods.
Fabricated metal products
and building materials
generally have been in the most active demand,
although there has been some improvement in cotton and woolen manu¬
factures, leather, paper and tobacco products.
Prices at reporting facThe
market
for
products
Volume
higher than a
change
year ago.
month
the
during
and have continued
...
manufactures in May increased further for the fourth suc¬
and apparently was well sustained in the early part of
Output of
cessive
little
shown
have
tories
month,
actually worked.
adjusted for seasonal
83% of the 1923-25 average
compared with 82 in April, 75 in March, 74 in February and 75 in
June,
indicated
as
the
by
of
index
Bank's
This
number
employee-hours
of
which is
activity,
productive
change and the number of working days, was
as
January; in May, 1935, this index was 72.
May Employment and Payrolls in Manufacturing In¬
dustry Reported Above April by National Industrial
Conference Board
manufacturing industry
according to the
regular monthly survey of the National Industrial Conference
Board, issued July 2.
Average hourly earnings in the 25
industries covered by the Conference Board's survey ad¬
vanced from 61.2 cents in April to 61.4 cents in May.
Average weekly earnings rose from $23.78 to $24.08 or 1.3%.
Employment increased 0.7%; man-hours, 1.2%; payrolls,
1.9%; and hours of work, 0.5%.
An announcement issued
by the Conference Board continued:
and
further
earnings
in
improvement
Employment
showed
in
May,
in man-hours in
electrical
manufacturing, foundries, rubber, machines and machine tools, other
foundry and machine shop products, and paint and varnish industries.
On the other hand, the silk, boot and shoe, hosiery and knit goods, northern
Improvement was Indicated by a substantial Increase
packing, lumber and millwork,
the case of the automobile, meat
compared with
in the
has increased 6.1%; hourly earnings, 2.7%;
weekly earnings, or purchasing power, 8.5%;
The improvement in the labor
weekly earnings, 10.8%; real
the
in
also showed
industries and
remaining four
slight gain in number of employees.
a
Employment
retail
in
showed but little change,
establishments
trade
establishments indicating a net decline of only
decline was confined largely to the general merchan¬
reports from nearly 54,959
of
0.1
1%.
dising
The
of
group
and
variety
employment
Easter
shopping.
which is composed of department,
establishments,
retail
stores and mail order houses, and in
risen sharply in April in response to spring and
merchandise
general
which
had
Ketail apparel stores also reported a
employment.
and
coal
bituminous
lines
the
Among
brokerage
and
mines
States
retary)
(office
Labor
of
Department
:
Manufacturing Industries
"Industrial
output in the Twelfth
27.
June
and
monthly
its
In
Bank further stated:
in the district the
in the highly seasonal
payrolls, except
employment and
Factory
Bank of San Francisco
report on conditions
the Federal Reserve
month,"
announced
(San Francisco) Dis¬
during May than in the preced¬
trict was somewhat higher
ing
District
Output During May Above April
fruit
canning industry, also increased.
District measures of the
goods declined during May, however, after seasonal adjust¬
total value of building permits issued showed little change
vegetable
of
distribution
The
ment.
the
from
April
and contracts awarded
total,
for enginering construction
declined.
District lumber
value
of
adjusted basis,
lower
production continued to expand during May, and opera¬
and cement industries remained near the high levels
prevailed in the past few months.
which have
The
steel
the
in
tions
as
in
than
department
.
.
.
declined slightly on a seasonally
store sales
did new automobile sales.
Intercoastal trade also was
and freight carloadings failed to increase by the
April,
customary seasonal amount.
conditions
Weather
during May
generally
favored the growth of crops,
early maturing fruits were damaged by
estimates, which are subject to considerable revision, indi¬
except
in certain localities where
rain.
Current
cate
deciduous
of
output
larger
slightly
a
1935, but point toward lower yields
than in
fruit in California this year
in the Northwest.
Employment and Payrolls in Manufacturing and NonManufacturing
Industries Higher During May,
According to United States Department
Further
of Labor
in employment and payrolls were shown
gains
May in the combined manufacturing and non-manufactur¬
in
by the United States
Statistics, Secretary of Labor Frances Per¬
monthly
surveyed
industries
ing
Bureau of Labor
June 22.
kins announced
"On the basis of reports received
135,000 establishments, it is estimated that
over 88,000 workers were returned to employment over the
month interval in these industries, and that total weekly
from
more
payrolls
adding:
than
were
approximately $6,700,000 greater,"
she said,
1936, with May, 1935,1
shows increases of more than 650,000 in number of workers employed and
nearly $36,000,000 in the earnings disbursed weekly to workers in these
A
comparison of employment and payrolls in May,
industries.
While
the
increase
in
employment in May was not
aggregate
as pro¬
April, there were significant
gains in the several fields of employment surveyed.
Factory employment, contrary to the seasonal movement, rose in May,
continuing the upswing which has
been reported each month since
January.
The gain of 0.6 in factory employment indicates the return of
more than
43,000 workers to jobs and raises the employment index (85.6)
nounced
to the
as
the
gains
shown
March and
in
highest level recorded since October, 1930.
industries that comprise the
durable goods group resulted in a net increase of 1.9% in employment in
this group.
The May, 1936, employment index for the durable goods
group
(79.1) exceeds the level of any month since October, 1930, and
was
10.8% above the level of May, 1935.
A decrease in employment of
0.5% was shown in the non-durable goods group and was due primarily
Widespread
seasonal
to
non-durable
level.
the
A
gains
decreases
goods
in
of
period,
during
the
the
of
the
leather
and
(92.6)
1923-25,
1923-25,
16
textile
was
employment in
goods group and 926 were
Twelve
manufacturing
index
group
comparison
index-base
smployed
in
6hows
0.9%
of
gains
workers
the May, 1935,
with employment in
every
1,000 workers
in employment from April to May.
were
industries surveyed
showed
month
any
particularly significant
are
since
gains
These increases more than offset the
October,
as
1930.
*
.
surveyed showed gains in
employment over the month interval and 65 reported increased payrolls.
The gains in employment in May brought the level of employment in a
Fifty-one of the 90 manufacturing industries
industries
of
number
maximum
the
above
in any month
recorded
during
steel works, and rolling
September, 1930, foundries and
machine shops employed more workers than in any month since Septem¬
ber,
1930, engine-turbine-tractor factories employed more workers than
in
any month
since March, 1930, and the electrical machinery, steam
fitting, sawmill, brick, and steam railroad repair shop industries had more
employees than in any month since the latter part of 1931.
Seasonal activity was a primary factor
in the employment gains of
19.2% in ice cream, 13.7% in radios and phonographs, 9.2% in bever¬
ages, 9.0%
in beet sugar, and 5.5% in butter.
Employment increased
sharply in a number of the industries manufacturing building construc¬
tion materials and supplies.
The cement industry showed a gain of 11.6%;
brick, tile, and terra cotta, 8.7%; structural and ornamental metalwork,
7.3%; lighting equipment. 5.6%; marble-elate-granite, 5.1%; sawmills,
3%, and steam fittings, millwork, paint and varnish, and plumbers' sup¬
plies, less than 3%.
The locomotive industry reported a gain of 10.7%,
and
employment in the blast furnace-steel works-rolling mill industry
rose
2.9%. Other industries of major importance reporting increases were
foundry and machine shops, 2.8%; electrical machinery, apparatus and
supplies, 2.3%; furniture, 1.2%; baking, 1.2%, and automobiles, 0.8%.
Gains ranging from 2.1% to 3.1% were shown in men's furnishings, slaugh¬
tering, rubber tires and tubes, cigars and cigarettes, and rayon and allied
products. Employment in the machine tool industry continued the upward
movement which has been shown consistently each
month since October,
recent
the
The
1934.
level
highest
furnaces,
since
in employment from April to May raised the
1.7%
gain of
blast
in
Employment
years.
reached
mills
(107.8) to the maximum recorded in any month since
May index
October,
1930.
The
pronounced declines in employment from April to May were
The fertilizer industry reported a decrease of
19.7%; cotton¬
most
seasonal.
14.8%; millinery, 6.6% ; and men's clothing, 5.1%.
seed oil-cake-meal,
in
and rayon goods industry decreased 6.6% and
4.0%. Boot and shoe factories reported a
3.4% and the shirt and collar industry showed a de¬
in the silk
Employment
dyeing and finishing textiles,
of
3.1%.
Declines
boot and shoe,
rubber
corset,
of
decrease
seasonal
the
from
ranging
2.0%
2.8%
to
in
shown
were
confectionery, explosive, flour, women's clothing,
and cotton small ware industries.
Nine industries showed declines
1% to 1.8%, and the remaining 14 industries which regis¬
from 0.1% to 0.8%.
indexes of factory employment and pay rolls are computed from
ranging from
declines ehowed losses ranging
tered
The
returns
age,
by
supplied
industries.
The
variation.
ments
employing
establishments
representative
base
taken
In May,
1923-25,
used
as
in computing
1936,
have
They
100.
reports
were
workers,
4,096,028
in
manufacturing
90
these indexes is
the 3-year aver¬
not been adjusted for seasonal
received from -24,478 establish¬
whose weekly
earnings
were
$93,-
471,507.
The
following
Bureau's
tabulation
shows
the
of
percentages
change
in
the
general indexes of factory employment and pay rolls from April to
May in each of the 18 years, 1919 to 1936, inclusive:
Payrolls
Employment
Year
crease crease
1920
-
1921
2.2
-
..
2.4
1923
..
—
1922
1932-
'
1933-
4.5
0.6
1934-
0.9
1920-
1.2
1921-
0.7
3.1
1919-
1.6
0.0
1922-
4.6
4.1
1923-
3.4
0.1
1925
—
1926
—
1.0
1935-
1927
—
0.5
1936-
—
~
0.6
De¬
crease crease
0.0
1931-
•
Year
0.1
1930-
0.3
1924
1929-
0.2
—
•
crease crease
1928—
0.6
1919
Year
In¬
De¬
In-
De¬
In¬
1936,
above
1936,
that
for
May,
The May,
employed in the durable
employed in the non-durable goods group.
791
non-manufacturing
groups.
1.7%.
employment has increased in
May in only five of the preceding 17 years and payrolls in only eight.
The May, 1936, employment index (85.6) is 5.4% above the level of the
May, 1935, index (81.2)
and marks the highest point recorded in any
month since October,
1930.
The May payroll index (79.2) in 15.6%
above the level of May, 1935 (68.5), and is also higher than the index
These
cline
-
Em¬
rise in May, 1936.
and payrolls rose
Factory employment and payrolls continued to
San Francisco Federal Reserve
of
decreases
issued by the
of the Sec¬
following is from an announcement
The
United
ployment increased 0.6% over the month interval
—Industrial
reported
firms
1.6% and 0.2%, respectively.
man-hours, 14.0%; and payrolls, 17.5%.
Conditions in
seasonal slackening
of retail trade in which additional
workers were employed in May, the largest gains were shown in lumber
and building materials, hardware, automotive, drug and furniture stores.
Wholesale trade establishments showed a decline of 1.3% in employment
in
situation in May, 1936, as
1935, is indicated by the following changes: employment
25 manufacturing industries
resulted in a net gain of
almost 45,000 workers in these combined industries.
Substantial gains were reported in
the private building construction,
anthracite
mining, quarrying, dyeing and cleaning, and metal mining
industries.
The gain
of 14.8% in the private building construction
industry is larger; than the gains ^hown in May of any of the four preced¬
ing years for which information is available. • Sharp gains in the pro¬
duction of anthracite coal resulted in an increase of 10.3% in employment.
Seasonal activity accounted for the gains of 7.5% in quarrying and 6.7%
in
dyeing and cleaning.
Metal mines showed a ^further increase in
number
of
workers
(5.7%), continuing the gains which have
been
reported each month since July, 1935.
The May, 1936, employment index
for this industry
(60.8) reached the highest point recorded since May,
1931.
Laundries reported a seasonal increase of 2.7% in employment and
crude petroleum producing firms increased their forces by 1.9%.
Hotels
continued to add workers to their payrolls, and each of the three public
utility industries surveyed (telephone and telegraph, electric light and
power and manufactured gas, and electric railroad and motor bus
opera¬
tion and maintenance) reported gains in employment
Insurance offices
declines
declines.
cotton, and wool industries showed
May,
343
Financial Chronicle
143
_
_
19241925-
1.6
-
-
-
4.2
-
-
0.8
1929-
-
De¬
crease crease
1928-
-
2.2
0.7
InYear
0.3
-
1930-
2.4
1931-
1 .3
1932-
5.5
1933- 10.1
1934-
1926-
1.2
1935-
1927—
0.5
1936-
0.3
-
—
1.7
3.2
,
344
Chronicle
Financial
July
INDEX NUMBERS OP EMPLOYMENT AND PAYROLLS IN
MANUFACTURING INDUSTRIES
The
(Three-year average 1923-1925=100)
16
non-manufacturing industries surveyed, with indexes of
ment and
Employment
The 12-month average
100, in computing the index numbers
andMay, 1935, are shown below..
1936,
for 1929 is used
Payrolls
the index base, or
as
of the
April
May
*May
April
1936
1936
1935
1936
1936
85.1
81.2
79.2
77.9
68.5
Durable goods
79.1
77.6
71.4
75.9
x73.8
92.6
X93.1
91.8
83.3
x83.3
79.2
81.0
x79:l
72.4
76.9
x73.9
PAYROLL TOTALS IN NON-MANU¬
FACTURING INDUSTRIES IN MAY, 1936, AND COMPARISON WITH
APRIL, 1936, AND MAY, 1935.
60.1
Non-durable goods.
Information for earlier years is not
INDEXES OF EMPLOYMENT AND
1935
85.6
All industries.
non-manufacturing industries.
available from the Bureau's records.
May
*May
employ¬
1936, where available, and percentage changes
payrolls for May,
from April,
Manufacturing Industries—
1936
18,
Industries
Non-Manufacturing
58.3
(Average 1929=100)
Durable Goods
not Including machinery-—.
Blast furnaces, steel works,
Payrolls
Employment
Iron and steel and their products,
and
P. C. Change From
P. C. Change From
Industry
82.0
*79.7
73.6
82.4
x79.2
61.1
87.3
86.6
80.1
81.9
82.6
65.1
58.2
56.7
49.1
40.7
37.2
27.4
May
1936*
76.5
77.9
78.3
62.5
64.8
59.6
68.7
66.9
60.0
56.1
55.2
47.5
Hardware
54.8
x55.2
53.2
53.7
52.4
42.3
General
94.8
93.9
78.3
64.9
60.3
49.0
Index
Index
Bolts, nuts, washers and rivets.
Cast-iron pipe
—
Cutlery (not incl. silver and
plated cutlery) & edge tools.
Forgings, iron and steel—...
Other than general mer¬
rolling mills—
------—
Plumbers' supplies.
Steam & hot-water heating ap¬
-
x60.1
51.4
46.3
x43.8
34.5
xl04.9
99.1
88.0
x85.5
74.2
x64.5
56.0
60.9
54.7
40.9
Tin
cans
98.6
95.8
90.4
98.6
94.3
72.7
64.3
73.9
74.7
60.8
147.5
X144.4
127.4
149.2
X146.7
Wirework——
—-
not Including trans¬
portation equipment
Agricultural implements - -:—
Cash registers, adding machines
106.9
98.9
x96.2
84.5
89.6
x86.3
67.8
138.3
140,4
97.0
168.8
172.5
water wheels
110.5
Machine tools
Radios and phonographs..
Textile machinery and parts..
Typewriters and parts
Transportation equipment
+5.9
+3.2
62.7
+0.9
+2.3
78.5
+3.3
+6.6
+ 1.0
+6.7
.87.0
+ 1.0
+9.0
—0.1
66.1
+2.5
+1.2
+37.0
56.3
+0.3
+96.5
62.2
—0.6
+3.9
+13,6
+26.7
47.7
+4.9
+ 16.7
+ 1,8
+0.3
71.6
+ 1.1
88.9
&
71.5
6.1
+6.2
.
motor-
54.9
+0.4
+ 10.3
Bituminous coal
76.2
—1.6
Metalliferous
60.8
Quarrying and nonmetalllc
Crude petroleum producing
52.0
+5,.7
+7.5
+ 1.9
72.5
+5.1
42.1
—4.6
58.0
-3.1
a67.0
+51.6
+28.6
+0.3
Services—
84.1
+ 1.2
+2.7
+6.7
-5.5
+1
b
—0.2
+27.1
+0.2
+ 14.8
+0.9
b
+23.7
b
102.7
108.2
150.0
83.2
Hotels
Laundries
85.5
X75.3
70.7
71.1
X68.6
58.2
Dyeing and cleaning
Brokerage
87.3
120.3
101.4
91.8
91.1
74.2
Insurance
86.1
83.8
73.8
78.4
75.4
57.9
105.9
83.0
101.7
97.5
70.1
214.4
188.6
168.0
141.3
118.0
70.8
63.6
63.6
62.5
95.8
97.2
95.4
*
51.6
105.7
Building construction
101.5
70.4
106.6
(year round)
Preliminary,
b
-
75.6
+7.9
+5.1
+ 1.0
+6.6
+ 12.5
b
b
119.3
77.1
107.8
Foundry & machine-shop prods.
—0.3
82.3
120.6
supplies—
Engines, turbines, tractors and
t
80.8
+3.5
+4.8
-
5.5
65.8
+0.5
+0.7
—0.1
-
Electric-railroad
Electrical machinery, apparatus
and
68.2
—1-7
121.6
and calculating machines-.
,
+2.6
95.7
bus operation and maint
Mining—Anthracite
Machinery,
—
1935
—1.3
85.1
manufactured gas
tools,
machine tools, files, & saws)
May
1936
—
-
Telephone and telegraphElectric light & power &
87.0
72.4
and other tinware.—.
Tools (not Including edge
April
1936*
Public Utilities-
Structural & ornamental metalwork.
May
1935
84.6
merchandising.
chandising
61.8
106.3
69.2
paratus and steam fittings..
Stoves
May
1936
—
Trade—Wholesale
Retail...
April
72.2
+ 13.4
+ 17.0
+36.6
+0.1
+0.2
+20.0
+4.0
+39.8
Cash payments only; value of board, room, and tips cannot
a
80.2
105.0
X104.3
102.7
111.3
110.3
531.4
392.0
433.8
407.6
317.7
115.0
114.1
116.4
122.8
121.7
105.1
Cars, electric & steam railroad.
62.2
62.2
60.3
68.6
70.0
65.8
Locomotives
34.7
31.4
30.1
17.0
15.1
b Data not available for 1929 base.
computed,
94.2
544.1
do
13.8
Aircraft
j
Automobiles
Shipbuilding.
;
Railroad repair shops
Electric railroad
—
98.4
x99.8
76.4
96.7
X95.6
59.9
53.6
61.2
60.6
65.9
66.0
65.7
62.7
x62.5
59.4
52.7
61.2
60.6
88.7
82.9
75.2
74.0
The cost of living of wage earners in
continued to rise, increasing 1.7% from
the United States
May to June, ac¬
cording to the National Industrial Conference Board.
The
rise was due entirely to a substantial increase in food prices
and an increase in rents, the Board said, adding that clothing
prices and coal prices, on the other hand, dechned, while no
change was noted in the cost of sundries.
Living costs in
June were 4.0% higher than in June, 1935, and 20.3%
higher than in April, 1933, the low point during the depres¬
sion, but 13.3% lower than in June, 1929.
Under date of
July 9 the Conference Board also announced:
52.0
89.0
63.7
60.2
84.6
84.3
78.3
78.8
78.7
68.0
87.7
86.8
80.8
73.3
70.8
61.5
recording devices
91.4
91.2
80.5
79.9
78.7
64.7
Jewelry..
Lighting equipment--
67.7
68.3
65.8
52.8
51.7
49.8
82.3
78.0
69.2
80.4
74.7
58.2
Silverware and plated ware
65.1
65.5
73.9
48.9
48.7
57.0
88.0
88.5
79.5
64.9
63.5
51.1
110.8
83.3
Aluminum manufactures
Brass, bronze & copper products
Clocks
&
Smelting
watches
&
and
time-
refining—copper,
lead and zinc.---
1.7% from May to June in Cost of Living of
in
United
States
Reported by
Earners
National Industrial Conference Board
52.5
59.7
Steam railroad
Nonferrous metals & their prods.
Wage
65.7
60.1
Increase of
112.8
106.9
97.3
101.1
56.8
55.6
50.9
48.2
46.3
34.8
Furniture
73.0
72.1
67.0
56.7
56.2
37.1
Lumber, mlllworkLumber, sawmills
49.8
X48.5
40.7
43.9
41.2
29.1
38.6
x37.5
34.0
31.4
X29.7
20.1
97.8
99.0
99.0
58.1
57.0
57.3
year they were 5.7
59.8
57.7
55.0
49.3
X46.9
40.3
in April, 1933, but 16.0% lower than in June, 1929.
Stamped and enameled ware..
Lumber and allied products
Turpentine and rosin
Stone, clay and glass products
36.7
29.6
29.5
25.8
17.7
Cement
58.4
52.3
57.0
44.0
38.3
36.8
Glass
97.3
x97.1
94.8
93.0
x92.1
Food prices went up sharply, 4.7% from May to June.
81.6
Brick, tile and terra
39.9
cotta
Marble, granite, slate and other
products
Pottery...
Rents advanced
11.0% higher than
low
29.5
28.5
27.4
23.3
21.2
70.2
71.6
71.5
52.8
56.9
50.3
lower than
94.2
x96.1
93.5
77.0
x80.0
75.5
80.7
x91.9
91.0
76.4
X78.3
74.9
80.0
79.6
79.7
68.8
69.2
73.7
X90.4
88.0
77.3
x77.1
70.7
73.8
prices
declined
0.2%.
seasonally
They
were,
however,
1935, and 8.2% higher than in June,
1933.
2.6%
Since
June," 1929, they have declined 7.0%.
The cost of sundries remained the same in June as in May, but it was
90.4
84.5
86.9
89.2
78.4
75.7
111.5
110.0
87.7
96.0
86.2
84.0
83.5
80.6
77.9
71.3
68.5
113.4
114.9
112.0
105.4
110.5
102.0
60.5
64.8
65.9
49.4
53.5
54.5
compared with 118.2 cents in May, 1936, 120.9 cents in June, 1935, and
86.7
87.8
91.1
67.2
67.3
71.2
100 cents in 1923.
97.9
101.7
95.3
73.7
—IIIII
goods!"""
"
_
...
87.6
63.2
67.8
95.0
101.1
The purchasing
4.8% higher than in April, 1933, and 4.8%
1929.
value of the dollar was
89.4
87.1
91.1
82.2
87.0
107.3
73.0
71.0
116.3 cents in June, 1936, as
Indexes of the
Relative
Importance
83.0
111.8
71.0
in
Item
'
67.4
61.6
54.3
63.0
108.4
106.5
101.9
105.9
x86.4
86.7
65.9
69.9
72.3
81.4
84.3
85.2
56.8
62.4
66.7
94.3
x94.9
95.9
June, 1936
May, 1936
33
89.0
20
77.6
62.9
77.1
—
12
73.3
...
X94.5
90.0
96.3
Baking
Housing
Clothing
x94.1
95.8
92.7
87.7
87.3
Men's
78.0
78.2
114.8
""
Food and kindred products
113.5
112.7
104.1
100.4
97.3
Women's
68.6
68.9
162.5
84.5
84.6
82.8
83.0
87.9
87.9
93.6
93 6
93.2
178.9
163.9
161.6
192.9
168.0
II.".Ill I"
74.9
71.0
73.2
61.0
56.5
57.4
Canning and preserving—"""
Confectionery
Flour.
*
68.1
68.2
74.7
85.1
78.8
83.7
Ice
82.0
Beverages
Butter
69.0
74.3
59.9
60.5
63.4_-
72.4
73.5
65.2
63.8
meat
Sugar, beet.
77.7
69.4
57.6
80.7
80.6
77.6
73.6
canemilll""
and snuff..
......
Cigars and cigarettes..—"""
Paper and printing..
..I."
44.6
39.4
36.5
42.1
81.7
81.8
83.6
74.0
73.9
75.7
56.7
55.4
56.6
46.8
42.6
43.8
65.2
66.3
67.3
64.4
55.7
54.1
55.3
44.2
39.8
96.5
91.9
91.1
84.8
84.3
84.5
80.2
78.8
75.5
110.3
109.9
97.0
96.2
86.9
89.1
86.2
83.0
81.8
78.8
90.4
98.6
99.0
85.0
r
Newspapers and periodicals!II
Chemicals and allied
products, &
petroleum refining
103.0
103.5
99.6
98.9
9&5
llOvl
xllO.7
108.0
102.9
xlOl.3
Other than petroleum
refining..
110.1
xlll.O
108.0
102.7
xlOl.2
94.1
110.3
109.0
107.1
107.0
104.9
97.8
Cottonseed—oil, cake &~meai
40.0
47.0
42.3
39.9
45.5
38.3
Druggists' preparations
96.8
98.4
96.8
95.9
98.0
93.9
Explosives
83.1
85.3
87.3
80.4
77.7
74.4
X138.0
Chemicals
94.8
....II
I.
110.7
113.9
X123.9
Paints and varnishes
114.4
111.9
112.6
106.1
xl00.7
95.1
Rayon and allied products.
Soap
341.4
331.1
326.9
259.0
254.9
237.8
97.5
96.8
98.2
95.7
93.6
93.8
1.1.1
109.7
X109.4
108.3
103.6
xlQl.7
Rubber products
Rubber boots and shoes.......
Rubber goods, other than boots,
82.9
x82.1
82.4
76.7
X74.0
66.5
58.7
59.8
53.1
50.9
X52.0
43.2
130.9
X131.0
124.8
119.1
X119.7
104.6
70.0
X68.1
73.6
68.1
x63.2
58.7
Fertilizers
....
Petroleum refining.
shoes, tires and inner tubes..
Rubber tires and inner tubes—
110.1
-'
86.0
84.6
+ 1.7
116.3
100
Weighted avge., all items-
Purchasing value of dollar*
Based
on
91.7
96.8
_
118.2
—1.6
food price Indexes of the United States Bureau of Labor Statistics,
and
average of
May 5 and May 19,1936.
Employment and Payrolls in Pennsylvania Anthracite
Collieries
Show Sharp
x
Revised.
Decrease
During June
The number of wage earners on
the rolls of Pennsylvania
anthracite companies decreased almost 7% and the amount
of their earnings fell over 25% from May to June, according
to indexes compiled by the Federal Reserve Bank of Phila¬
delphia from reports to the Anthracite Institute by 32 com¬
panies which during the first half of June employed about
71,300 workers whose wages were approximately $1,699,000
a week.
Employee-hours actually worked in the collieries
of 26 companies declined over 23% in June as compared
with May, reflecting a considerable drop in the volume of
anthracite mined during this period.
The Bank also reported:
The index of employment
May, 1936, indexes preliminary, subject to change,
Sundries
June 16,1936,
publishing—Book
and Job
30
41.2
62.2
89.8
"
.
-
Gas and'electricity
64.5
68.8
,
111.0
...III
paper
Paper and pulp
5
73.6
74.0
36.0
82.8
39.2
Tobacco manufactures.....
Chewing and smoking tobacco
Fuel and light--,Coal...------
..
62.3
64.6
—IIIIIIIII
packing—
cream
70.6
70.5
...
Slaughtering &
to June 1936
1
Leather and its manufactures
Boots and shoes
Leather
(+)
85.0
—
Food*
P. C.Inc.
or Dec. (—)
from May 1936
103.9
83.9
Cost of
1923=100
Living.
Family
Budget
48.6
105.0
I—IIIIIII—
Shirts and collars....
year ago,
a
lower than in June,
64.4
123.9
1.0% higher than,
,
72.1
93.1
136.3
84.7
Men's furnishings
Millinery
78.7
88.3
132.6
114.2
Corsets and allied garments
*
1.6%
Since the low
107.1
Clothing, men's
11 IIIII
Clothing, women's." I III 11
and
They were
1929./
——I
Woolen and worsted
goods
Wearing apparel
I
25.3% lower than in June,
year ago and
a
textiles
wares
Knit goods
Silk and rayon
Printing
declined 0.4% from May to June.
higher than in June,
.
II—
Dyeing and finishing
Hats, fur-felt
Sugar refining,
1934, the
point, but still 15.7% lower than in June, 1929.
Clothing prices
Coal
Boxes,
and 23.8% higher than in January,
point of April, 1933, however, they have increased 20.8%.
Textiles and their products..
Fabric
Cotton goods
Cotton small
This increase made them
0.6% from May to June.
a year ago
'
31.0
Noa Durable Goods
Carpets .and rugs
In June of this
% higher than in June of last year and 43.8% higher than
May to 50.3 in June,
or over
fell from 53.9% of the 1923-1925 average in
9 % below last year; the payroll index dropped
from 47.5 in May to 35.3 in June,
of more than
36%.
registering
a„
decrease from
Detailed comparisons follow:
a year ago
^
Volume
Financial
143
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average=100
345
Chronicle
Austin,
Bureau of the
Figures for
"Chronicle" of
Census, Department of Commerce.
shown below were reported in the
months prior to those
March 21, 1936, page 1897.
Employment
Payrolls
AUTOMOBILE FINANCING
1933
1934
1935
1936
1933
1934
1935
1936
January
February..
51.1
62.3
61.1
57.9
36.3
59.4
48.1
45.8
57.2
61.4
62.7
60.1
47.7
55.2
53.9
64.7
March
53.1
65.7
50.0
51.5
40.9
69.2
32.7
35.9
April
May
50.3
56.6
51.5
48,9
31.3
43.3
42.0
24.1
42.0
62.0
52.4
53.9
26.2
53.7
41.8
47.5
38.5
56.0
55.6
50.3
28.8
44.7
55.5
35.3
Retail Financing
June
......
July
August
September
42.7
52.2
35.4
48.2
37.9
39.0
33.3
55.4
45.2
50.9
39.4
32.2
October
55.3
56.9
57.7
51.6
40.4
47.1
November
69.4
59.0
45.7
40.1
42.8
23.9
53.0
59.8
56.3
37.2
43.9
46.7
50.4
58.0
52.0
38.4
46.7
39.9
December........
1
Average
32.0
48.5
Financing
Month
Report
of
Lumber
Summary for 456
April
consecutive week
orders
new
were
below
Manufacturers Association
from
regional
8% below production; shipments
Reported
184,574,506
207,575
$58,199,684
57,038,172
97,778,634
119,894,021
120,193,471
$778,331,934 1,760,612
$701,309,082
791,393
$453,103,982
159,094
187,566
270,099
59,105,614
69,873,418
100,076,895
118.663,435
68,464
82,570
..
associa¬
8% above
were
a
103,170
98,953
113,601,251
127,201
37,194,801
44,410,740
63,953,950
75,622,340
70,175 "35
$652,519,191 1,249,800 $461,320,613
532,816
$291,357,666
35,691
54,455
$96,059,710
108.656,597
149,057,165
163,235,442
135,510,277
April
May
Total (5 months).
320,855
312,186
120,103
140,478
1934—
April
$36,577,358
62,551,490
104,597,190
122,967,488
109,997
132,485
195,196
244,537
$36,533,359
47,623,890
72,520,725
91,849,963
May
125,529,739
273,320
103,794,935
125,354
$19,841,711
30,223.621
47,838,975
61,458,602
69,801,775
Total (5 months).
$452,223,265
955,535
$352,322,872
413,368
$229,164,684
Summary
Identical Org anizations
99,880
95,848
167,024
202,995
$56,283,637
January
FeDruary
March...
were
tions covering the reports of important hardwood and soft¬
wood mills.
Reported new business during the week ended
was
172,388
209,307
March
14% below, and new orders
19% below that week, according to reports to the National
output.
$93,315,211
91.671,545
150,820,930
180,926,890
February
Shipments again showed excess over output.
Reported production during the week ended July 4 of 12%
fewer mills was 21% below revised production figures of the
July 4
242,444
$123,195,888
232,106
117,133,986
158,555,634
378,230
194,323,329
446,956
185,123,097 b460,876
Identical Orga nizations
January
production.
Lumber
in Dollars
1935—
previous weeks being due to midsummer closings of many
mills, in some instances, for several days over the Fourth.
preceding week; shipments
of Care
May
July 4
the twelfth
Volume
in Dollars
March
industry during the holiday week ended
July 4, 1936, stood at 57% of the 1929 weekly average of
production and 64% of 1929 shipments, the reduction from
For
Number
1936—
lumber
The
Volume
January
February
Ended
Week
Movement,
Number
of Cars
Total (5 months).
Weekly
New cars
Total
Volume
in Dollars
23.8
55.2
Wholesale
and
31.6
46.4
Year
for 282
86,880
110,988
c
1936—
228,094
218,520
356,432
423,220
180,665,416 d436,543
$88,648,793
87.169,493
143,515,240
172,981,891
176,315,532
201,307
94,664,245
116,296,554
116,569,085
$756,996,129 1,662,809
$668,630,949
767,054
$439,045,962
149,583
176,685
254,539
302,860
$56,151,891
$35,936,838
42.779,415
61,721,726
73,058,338
67,630,632
$118,872,106
January
February
113.830.495
March
154,147,411
189,480,701
April
May
business of the previous week, ended
June 27, was 10% below production; shipments were 0.1%
Total (5 months).
above
55.232,441
1935—
output.
new
Production in
the
week ended
July 4
was
shown by
reporting softwood mills 64% above corresponding
1935, when production in the West was still largely
suspended by strikes; shipments were 84% and orders 64%
above shipments and orders of last year's week.
The Asso¬
week of
orders of
Mills,
Of
production,
231,870,000 feet.
all
hemlock
reporting
and
hardwoods
1935;
all
'
regions,
Southern
the week ended
Northern
booked
Revised figures for the preceding week
256,904,000 feet; shipments, 257,160,000
July 4.
Coast,
showed
California
orders
above
above
output.
All
520,188
$281,126,949
$34,437,380
45.377,552
34,426
52,772
84,300
107,925
122,155
$19,189,736
29,290,038
46,427,926
59,772,079
67,991,000
April
May
t
January
March
123,691,003
$444,920,456
900,628
April
production
Total (5 months).
during
mills.
feet,
reported
totaled
softwood
Shipments
Reports from
5%
or
reported
as
73
hardwood
below production.
8,788,000 feet,
feet, and
a
207,076,000
and
ago
feet
mills
give
it
and
1936,
below the
same
regions
new
week
Year
Used Cars
and
Number
soft¬
business
as
Production
in
8,333,000
feet,
week
were
feet.
siderably from
areas
showing
recent
any
131.666
Heat and Inade¬
making good progress and have benefited
ill effect from heat,
or
with only
lack of moisture.
806,548
980,230
1,051,367
11,196
$3,840,975
87,177
January
February
101.294
March.....
144,843
174,775
3,453
3,702
$1,260,431
a
$20,650,382
24.107,645,
34,267,163
1,355,033
1,855,782
5,523
2,038,731
1,962,523
$161,490,447
23,433
$8,472,500
$15,864,436
2,699
$827,212
889,816
1,406,993
1,531,685
179,462
41,002,364
41,462,893
687,551
71,607
75,283
104,369
129,281
April
May
5,153
5,602
Total (5 months)
1934—
January
...
143,073
April.
523,613
....
May...
Total (5 months).
Summary for 282 Identi
cat
2.747
16.510.453
23,274,757
28,859,676
32,156,212
$116,665,534
,
3,947
4,268
4,893
1,836,948
18,554
$6,492,654
1,494
1,487
2,319
2,883
Organize tionsc
1936—
$31,867,593
31,431,785
48,044,447
55,705,107
232,223
....
....
March
April
May
126,720
121,185
187,089
217,342
.....
58,695,080
3,013
$497,563
505,267
806,548
980,230
1,051,367
884,559
January
February..
$225,744,012
11,196
$3,840,975
79,937
93,275
133,473
161,447
165,507
$18,954,622
3,453
$1,260,431
22.284.535
3,702
1,355,033
31,606,788
37,928,936
38,227,432
5,153
5,602
5,523
1,855,782
2,038,731
1,962,523
633,639
$149,002,313
23,433
$8,472,500
64,575
$14,420,432
15.197,698
2,699
2,747
3,947
$827,212
889,816
1,406,993
1,531,685
4,893
1,836,948
18,554
$6,492,654
con"
Total (5 months)
few small
Throughout
Ontario the unprecedented sustained heatwave, with new high temperature
records, has caused considerable crop damage.
3,013
$244,364,125
February
weather and rainfall,
$497,563
605,267
958,023
Total (5 months)
March
warm
1,494
1.487
2,319
2,883
250,288
203,523
...
...
*
thunderstorms have been beneficial in some
sections and temperatures are now
moderating. A large
percentage of the wheat is headed and good general rains
are imperative to aid
filling." The report continued:
are
a
$34,617,964
34.128,106
234,766
showers and
crops
tons
May
Montreal—Crops
"Prolonged intense heat with inadequate moisture has
caused further serious deterioration to crops in the Prairie
Provinces of Canada," according to the weekly crop
report
of the Bank of
Montreal, issued July 16. Recent scattered
Quebec,
137,780
1935—
quate Moisture
In
in Dollars
April
8,762,000 feet.
identical softwood mills was 190,191,000
116,205,000 feet; shipments were, respectively,
feet, and orders receiver, 175,819,000
Prairie Provinces Affected by
of Cars
52,235,748
60,052,639
63,329,668
*
Canadian Crops by Bank of
Volume
in Dollars
...
March..
of 429
was
Number
1936—
January
February
same
was
Volume
Summary for 456 Identic al Organized
the
of
112,426,000
107,311,000
on
Unclassified
Month
211,699,000
were
reported for the
as
by 453
production
^
Report
401,578 $222,670,779
$336,606,849
Retail Financing
but
194,796,000 feet.
was
Identical Mill Reports
production
year
for the
0.3% above production.
or
Last week's
8%
or
Productionj
Shipments
;
feet
for the week ended July 4,
179,569,000 feet,
9% above production.
or
69,202,632
87,998,227
99,591,058
of Cars
orders
mills
-
and Northern
last year's week.
Lumber
124,349
183,724
231,735
259,120
Northern
reported orders above those of corresponding week of
but California redwood reported shipments above last year, and
Northern pine and Northern hemlock reported production above
same
101,700
$35,879,064
61,513,896
102,775,967
121,060,526
February
hemlock
wood
66.418,983
95,184,296
113,026,005
1934—
all
but
107,820,587
$438,601,762
145,574,233
159,930,306
132,074,003
May
redwood*
All but Western pine, Northern pine
shipments
reported
feet;
"
West
hardwoods
were:
293,693
$637,463,355 1,177,260
106.054,455
....
March
feet of
187,902,000 feet.
580;
orders,
February
Total (5 months).
ciation further reported:
During the week ended July 4, 509 mills produced 203,558,000
hardwoods and
softwoods
combined; shipped 220,487,009 feet;
66,193
79,608
115,913
135,811
122,663
$93,830,358
January
Rain is urgently required
except in certain eastern and southwestern sections.
In the Maritime Provinces, warm weather and showers have been favor¬
1935—
January..........
February
....
March..-.
April
.....
May
....
able
to growth and all crops have progressed
satisfactorily.
In British
Columbia, growth has been satisfactory and in general fair to good yields
are indicated, with the
exception of berries, the yield of which has been poor.
dollar
volume of retail financing for May, 1936,
$184,574,506, an increase of 2.0% when com¬
pared with April, 1936; an increase of 62.5% compared
with May, 1935, and 77.8% compared with May, 1934.
The $185,123,097 shown for wholesale financing for
May,
1936, is a decrease of 4.7% as against April, 1936; an in¬
crease of 36.6% compared with May, 1935, and an increase
of 47.5% compared with May, 1934.
Monthly statistics
same
on
automobile financing for January to May,
months of 1935 and
1936,
1934, are presented in two tables
below; as is indicated, the first part of each table is based on data reported
by 456 identical organizations, and the second part by 282 identical
izations.
These statistics
were
April
68,830
95,477
119,542
May
132,072
21,367,713
26,694,463
29,763,110
480,496
$107,443,416
March
amounted to
and for the
1934—
January..
February.
Automobile Financing for May, 1936
The
Total (5 months)-.
organ¬
released last week by Director William L.
Total (5 months)
4,268
Of these
organizations, 37 have discontinued automobile financing,
b Of this
45.0% were new cars, 54.3% were used cars, and 0.7% unclassified,
organizations, 24 have discontinued automobile financing,
d Of this
number, 46.1% were new cars, 53.2% used cars, and 0.7% unclassified.
a
number,
c
Of the 282
70,000 Pounds of Coffee Shipped to United States by
Puerto Rico—Represents First Shipments in Eight
Years
Marking the first entry of Puerto Rican coffee into the
American market in* more than eight years,, two shipments
Financial
346
aggregating 70,000 pounds have arrived in New York and
have been purchased by Standard Brands, Inc., it was an¬
nounced July 14. These are the first shipments of any con¬
sequence to this country since the disastrous hurricane of
1928 virtually wiped out Puerto Rico's coffee plantations.
will appreciate the
obligations the corporation was made liable under the lending policy
provide
outlet for the Island's produce.
a new
the
through
Federal
of
facilities
under the present plan such
of
the
be
economically operated will be retained by the corporation.
Farm
Board;
Purchases
of
Products in Excess of
Dairy
as
can
162,-
000,000 Pounds—$24,400,000 Expended in Program
Started in August, 1933
Rican coffee, for which Spain and
quality of Puerto
for
affiliates,
of
obligations
acquired
European countries have been paying substantial premiums, and so
other
liquidation
18, 1936
were
shipments made in the hope that the American public
trial
are
July
which
AAA
The announcement said:
These
Chronicle
162,000,000 pounds of price-depressing surplus
More than
by the Agricultural
1933, to date for
the primary purpose of improving returns to dairy farmers,
according to a summary released June 24 by the Dairy Sec¬
tion of the AAA.
These products, which included butter,
cheese, dry skim milk, and evaporated milk, were bought
dairy
products
been purchased
have
Adjustment Administration from August,
of Farmers National Grain Corp. Con¬
templated—FCA Announces Plan Providing for
Purchase of $3,000,000 of New Capital Stock by
Regional Stockholder Members
Refinancing
The
in
Credit Administration
Farm
announced
Grain Corp.,
the Farmers National
that
June 28
on
with headquarters
Chicago, will be refinanced under a plan by which the
regional stockholder members, which have as members local
farmers'
cooperative elevators and the farmer members of
such local
stock
elevators, will purchase $3,000,000 of new capital
the
in
Since
careful
the
under
attention
Federal
in
made
FCA, said:
1933, when the FCA assumed administration of the revolving fund
established
the
this announcement,
Incident to
corporation.
W. I. Myers, Governor of the
problem
Board.
Farm
Farmers
Act
Marketing
Agricultural
the
to
The adjustments in
Grain
National
Corp.
of
1929,
cooperatives
farmers'
of
it
make
it
by
now
being
in
the organization
will
given
has
established
set-up
conform
nearly to that of other successful cooperatives engaged in the market¬
more
their farmer members.
agricultural products for
ing of
Reports of the plan made public in Chicago on July 4, in¬
Federal Government
dicate that the
of the National Grain
Corp. of $14,000,000 in loans; in addi¬
tinuing
trade
of
and diverted
for distribu¬
and unemployed, the statement said, con¬
the needy
:
more than 71,949,500 pounds of butter, 19,027,500
17,955,700 pounds of dry skim milk, and 63,186,300
pounds of evaporated milk were bought.
While approximately $24,400,000
has been expended in making these purchases, the effects of carrying out
this program have been of considerable importance to the dairy industry.
The
program
of buying surplus dairy products was inaugurated in
August, 1933, largely at the request of representatives of producers and
their cooperative marketing associations.
At that time the dairy industry
the
Under
pounds
program
cheese,
of
with
confronted
was
a
serious
surplus
which
situation
had
resulted
from
The amount of butter in storage totaled 175,000,000
pounds, the largest volume on record.
Other branches of the dairy industry
were
in an equally critical condition.
The
effects
of buying
surplus dairy products during the last three
depression
years
1.
factors.
summarized by the Dairy Section as follows:
are
has removed large quantities of excess dairy products
The purchase program
from markets for distribution into those channels of consumption
which otherwise
would not have offered an outlet for these products.
it
vance
channels
normal
tion to
has cleared the books
appears that the Government is preparing to ad¬
$7,500,000 in new credit to the corporation. As to this,
tion,
from
2.
Removal of the surplus of dairy products
normal supply
a more
farmers
from markets has served to restore
situation to the dairy industry, and to improve returns to those
butter, cheese and other dairy
produce milk for manufacture into
who
Chicago advices, July 4, to the New York "Times" of July 5,
products.
stated:
has placed the farmer's price of fluid milk on a firmer basis,
since the price of this milk bears a direct relationship to the price of milk used for
';'■■■■. ■',
.
The
Its
Credit
of
The
the
will
may
will
deal
obtain
depend
into
run
several
salvage
the
on
is
an
prop¬
permitted to retain its liquid assets, such
notes
These
the
to
and
memberships
as
the
on
Government.
other
the
which
credits
Government
Of
subscribe
to
for
by
represented
tional
funds
the
as
which
required to bring
are
The Farmers National has operated at
the end of
when
the rope
loss
a
capital
of
and
The
refinancing
on
Government
will
are
The
operation,
loans.
fiscal
out its
continuance
to
consisting largely
such
concern
of
properties and
The
business.
its
equipment
will
concern
leave the Government holding the
to
of
country
give
unsalable assets,
These properties
properties.
elevator
Creditors
cents
ficial
the
of
the
on
the
to
The
credits
of
are
borrowed
it
for
its
own
the
its
$8,000,000,
which it turned over
$6,000,000,
country.
In
to
of
and
use,
stockholders, consisting of
The
years.
thie Government consisted of
to
its
well as to the cooperative.
as
10
will be paid off
The plan is highly bene¬
arrangement.
for
run
debt
the Government,
than
the
creditors,
will
old
cooperative's
which
other
under
non-government
Government
new
concern,
dollar
FCA
the
of the
the terms
liabilities
and
assets
will
corporation
accounts
and
will
to
retain
receivable,
elevators
June 28,
the
compromise which has been worked out between
the corporation will turn over its
the
government.
inventories,
grain
and other current
together
warehouses,
As
a
result of refinancing the
exchange memberships, current
operating assets, and certain
liabilities offsetting such assets.
grain
with
permit the cooperative to continue to operate under its present
corporate structure and without interruption of its operations in connection
with
the
It
new
tion
crop.
the policy
was
of the Federal Farm Board, under which the corpora¬
established
was
in
1929,
to
lend
funds
only
through
national
the
organization and not to make loans direct to regional stockholder members
or
local
all
for
and
local
which
thus holding
elevators,
funds
that
Because of
reloaned
were
Farmers National
reloaned
were
purposes.
funds
the
to
the
through
depression
the
responsible
Grain Corp.
regionals and locals
many
national
of
have
for regional
the assets
depreciated
upon
to
a
the loans advanced thereon.
Also, due to the decreased volume of business, because of drought and the
point
where
will
they
not
entirely
repay
generally unfavorable marketing factors of the past
losses
ings
have been
made
marketing.
only
a
incurred
the
during
three years,
operating
by the corporation which approximate the earn¬
years
of heavier grain production and
preceding
Since in the original set-up of Farmers National Grain Corp.
relatively small
amount
of capital
was
subscribed
and
purchased
stockholder members and the corporation has been financed
large extent on borrowed money, it has now been deemed advisable
by regional
to
a
to
reorganize the
whole financial structure of the corporation
its operating arrangements.
of
old
obligations
operations,
and
incurred
will
provide
as
well
as
The plan adopted will relieve the corporation
for
an
others
and
investment
for
assets not
interest
on
needed'
the
part
in
its
of
the
regionals.
The
6ome
corporation
facilities
Other
in the past
which
would
not
of
delivery
the
1,241,450
general direct-
designed to improve economic conditions in the dairy indus¬
parts
for
agreement
include marketing
for the national dry
programs
programs
for fluid milk
skim milk and evaporated milk industries,
the elimination
and Its
Petroleum
Seek
Texas
of
Bang's
disease and tuberculosis
in
t>een required to maintain
and operate
normally have been acquired but which
Products—Inter-State Compact to
Louisiana's
Cooperation—New
Legislation
by Legislature—Lower August Quota for
Seen
Likely—July
Allowable
Holds for
Oklahoma—Daily Average
Crude Output Rises
A meeting of
the Inter-State Compact Commission wil
be held at Dallas on July 31 at which an effort will be made
to get Louisiana to cooperate in the compact program,
though it is not a member of the Commission.
The newlydeveloped Rodessa field, half of which lies on the Louisiana
side of the area, has been the weak spot in the crude oil
production picture in the past few months.
Governor Noe, as the week closed, had not signed the
new
oil conservation law passed by both houses of the
Louisiana Legislature, but the new measure will be signed
soon, it was indicated.
The new law has had the support
of the State Administration, and is generally regarded as
Although some of the amend¬
believed to have weakened the law, it is believed
"good" by the oil industry.
ments
corporation and' the Administration,
This
plan of
new
stated:
Under
the
23 regional cooperatives in various parts
of
announcement
for
These purchases made on bids
surplus removal operations constitute one phase of a
program
markets and
the
extremely doubtful value.
100
The
aid
the
assets,
assets.
is
result
the
to
milk.
according to specifications.
remaining
foreclosure Jby
however,
.a
the
over
provide
dry skim
It reached
ended June 30,
year,
wiped
constitutes
taking
the program have been made
on
relief.
The most
persons
cattle.
Years
loss for several years.
a
effect,
in
After
back
turn
these
for
net
such
immediate
Passed
its
necessary
notes
new
and
have assisted dairy farmers' cooperatives in
products bought under
consumption to
dairy
purchases
process
surplus.
Government
as
retains
|
program
pounds of roller
awarded June 16
provide for deliveries in carload lots to be made from June 27 to Aug. 8,
recent
and
for
$1,000,000
than
more
for
try.
financially during its last
slightly
the
working capital to $6,000,000.
its
Operated at Loss
The balance will
concern.
corporation
the
of
be
addi¬
in the parent
capital
assets
the
to
grant
$3,000,000 will be lent to regional cooperatives
total,
new
the
will
Operations under the
available
amount to the $7,500,000 men¬
corporation and its regional members will
tioned above.
4.
All
Board,
program
their efforts to stabilize marketing conditions for milk and its products.
./
Chicago Board of Trade and other grain exchanges, for which it will give
new
The
manufacturing purposes.
Farm
the
other
and
the old Frederal Farm
of
agency
of
millions
which
the grain elevators
on
cooperative which it has taken over.
cooperative, which
be
;
the
on
loss
ultimate
Administration
erties
will
loss
Government's
dollars.
3.
a
are
more
effective measure than the present
law.
The major change inserted by the Louisiana
the new control measure revises the wording of
Senate in
the act in
regards to overproduction, known as Sections 3, follows:
"Whenever the full production of oil, gas and sulpher
from any commoD source of
of the reasonable market
Conservation
shall
inquire
supply in this State is in excess
demand,
into
the Commissioner of
and fix
market demand therefor and shall
the
reasonable
determine the allowable
production from such common source of supply, which shall
be the reasonable market demand which can be produced
without waste.
"The
Commissioner of
Conservation shall allocate, dis¬
apportion the allowable production from such
common source of supply among the various producers on a
reasonable basis, and shall limit the production of each
producer to the amount allocated or apportioned to such
producer. Such allowable shall afford to the producer of each
property in a common source of supply the opportunity to
produce his just and equitable share of the oil and gas as
can
be practically obtained without waste, and for this
purpose to use his just and equitable share of the reservoir
tribute
or
of energy.
"The
Commissioner
of
Conservation
is
authorized
to
productivity of all property in a common source
of supply for the purpose of fixing the allowable production
as hereinabove
provided, and in so doing shall give due
consideration to the productivity of the wells located thereon,
as
determined by open flow tests, bottom hole pressure
ascertain the
Volume
Financial
143
tests7or any other practical method of testing wells, as well
surface acreage included in such common source of supply,
as
and such other factors
be pertinent thereto."
discrimination
or ascertaining
the reasonable market demand for the whole state, the
reasonable market demand of one common source of supply
shall not be discriminated against in favor of any other
The
amended
as
may
in dealing with
among producers, orders that "in allocating
measure,
of supply; and provided further that the Commissioner
of Conservation shall ascertain the reasonable market demand
source
of each such respective common source of supply as -the
basis
determining the allottments to be assigned each such
respective common sources of supply, to the end that such
discrimination may be prevented."
for
Conditions
were
the
on
classified
Louisiana
side
the
of
Rodessa field
"most alarming" by
Charles Francis, of
Houston, who acted as attorney for the United Production
Co. and other operators
holding property on the Texas
side of the field, at the mid-month meeting of the Texas
as
Railroad Commission.
gas
pressure on
Francis contended that unless
Mr.
immediate action is taken
to
end the
the Louisiana side
recoverable oil in the
area
waste
enormous
of
will be
lo^t.
Operators attending the meeting urged the Commission
to
put an immediate order into effect setting up temporary
spacing regulations for the Texas side of the field of one well
to 20 acres,
pending the joint hearing to be held
some
time
in the next two weeks by the Texas Railroad Commission
and the Louisiana Conservation Commission.
The two
control groups will endeavor to draw up uniform spacing
rules and other regulations which would prevent the waste
of oil and gas in the Rodessa area.
Testimony at the hearing, held in Austin on July 16,
possibility of a further reduction in the Texas
despite the fact that nominations to
purchase crude in Texas during that month, as filed with the
Commission, total 1,191,314 barrels daily. Current produc¬
tion is around 1,136,000 barrels, with the East Texas field
producing 431,000 barrels.
Postponement of the hearing on the petition filed by the
British American Oil Producing Co. asking that the Okla¬
homa July allowable be lifted to the 569,800-barrel level
recommended by the United States Bureau of Mines virtually
set aside the petition inasmuch as the
hearing was deferred
until July 29.
The July allowable of 526,175 barrels set
by the Corporation Commission will remain unchanged.
The oil company had contended that the Bureau of Mines
was
the best judge of probable market demand, and had
indicated the
allowable for August,
asked that the allowable be lifted to the 569,800-barrel level.
Of the increase, approximately 125,000 barrels a
day would
field
The
at the July 29 meeting
have gone to the Wilcox zone of the Oklahoma
City
where British American Producing has
many wells.
petition, however, will be taken up
and may influence the Commission in the August allowable.
Reports that the Federal grand jury investigation of
alleged illegal marketing practices of the major oil com¬
panies now under way in Madison, Wis., had gone "on the
rocks" were denied by Attorney General Cummings in a
press conference on Wednesday.
The Attorney General said
that the Department of Justice had had no information
indicating that the investigation was not proceeding satis¬
factorily.
The grand jury investigation, which was started
early in May, followed a year's study of the industry by the
anti-trust division of the Department of Justice.
Charges
had been filed with the Department of Justice
by the Na¬
tional Oil Marketers Association that the major oil com¬
panies had been guilty of illegal trade practices.
Sharp increases in all major oil-producing States lifted
the daily average production for the nation for the week
ended July 11 by 55,400 barrels to 2,947,700 barrels, the
American Petroleum Institute reported. ' The total com¬
pared with the Bureau of Mines estimate for July demand of
2,917,200 barrels, and actual production in the like 1935
period of 2,715,100 barrels.
Oklahoma led the upturn with
a gain of
37,850 barrels, California was second with a jump
of 17,600 barrels.
Louisiana and Texas showed moderate
gains.
"There
were
no
crude oil
price changes posted.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P.I, degrees are not shown)
Brad lord, Pa
Lima (Ohio Oil Co.)
$2.45
1.25
Eldorado, Ark., 40..
Rusk, Texas, 40 and
Corning, Pa
1.42
Darst Creek
Illinois
1.23
Central Field, Mich
Western
1.23
Sunburst, Mont
Huntington, Calif., 30 and
Kentucky
Mld-Cont't., Okla., 40 and above..
Winkler, Texas
Smackover. Ark.. 24 and
REFINED
1.18
.85
over
.75-.80
PRODUCTS—RETAIL
$1.10
1.15
over
recent advances.
The local gasoline market showed little change.
Certain
continued to suffer from
cut-price competition and "sub-normal" prices ruled.
The
heavy consumption over the past two week ends has strength¬
ened the market's outlook.
Bulk gasoline is steady to
strong.
Other refined products suffer from the customary
sections of the
.97
1.15
-
over
.95
Metropolitan
area
seasonal dulness.
Standard
Oil
Co.
of New
Jersey on July 15 posted an
price of Diesel oil at Norfolk,
Va., to $1.78^2 a barrel.
One major company increased the
price of Bunker C fuel oil at local loading racks 10 cents a
barrel to $1.15 a barrel, with the price to the marine trade in
New York Harbor held unchanged at $1.05 a barrel, refinery.
Diesel fuel oil held at $1.65 a barrel at New York Harbor.
increase of 13.5 cents in the
Motor fuel
week
holdings dipped 1,121,000 barrels during the
July 11, statistics released by the American
ended
Petroleum Institute disclosed.
The total at the end of the
week of
66,646,000 barrels was 7,225,000 barrels under the
record high set early last April.
Gasoline at refineries dipped
852,000 barrels to 38,384,000 with bulk terminal holdings off
149,000 to 21,711,000 barrels.
Unfinished gasoline stocks
dipped 120,000 barrels to 6,511,000 barrels.
Refinery operations rose 0.5% during the week to 76.9%
of capacity, against the record rate of more than 80% set
late in May.
Daily average runs of crude oil to refineries
rose
15,000 barrels to 2,870,000 barrels.
Production of
cracked gasoline neared the record high, gaining 15,000
barrels over the previous week to total 675,000 barrels.
Gas
and fuel oil stocks rose 895,000 barrels to 105,790,000
barrels.
Representative price changes follow:
July 11—A general reduction of
included,
posted
was
retail
in
1
cent
gallon to
a
prices
gasoline
16.5 cents, taxes
in northern New
Jersey.
Trenton prices were lowered %-cent a gallon.
July 15—Standard Oil of New Jersey lifted the price of Diesel oil at
Norfolk, Va., 13.5 cents to $1.78%
July 16—Standard
%-cent
Oil
of
New
barrel.
a
York
prices
gasoline
retail
advanced
gallon at Bridgeport, New Haven, Hartford and adjacent Con¬
a
necticut points to 12.5 cents a gallon, taxes included.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Standard Oil N.
Refinery
$.06
Chicago
New York—
J—S.07%
.07%
Tide Water Oil Co.. .07%
Richfield Oil (Calif.) .07%
Warner-Qulnlan Co. .07%
So cony-Vacuum
-.00%
.06
-.06%
Orleans.
Colonial Beacon..$.07%
New
Texas
Los Ang., ex.
.07%
.07%
.07%
Gulf
Republic Oil
Shel
East
.....
Gulf
.05%-.04%
.06
-.06%
.06
-.06%
ports
Tulsa
.07
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
i
(Bayonne)
—$.04%
North
'
Los Angeles—
Texas.$.03%-.03% | New Orleans.$.03%-.04
.04%-.05
I Tulsa
.04%-.04%
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
Bunker C._
$1.05
Diesel 28-30 D
1.65
California 27 plus D
I New Orleans C
$1.15-1.25
$ .90
1.05
Phlla.. Bunker C
Gas OH, F.O.B. Refinery or Terminal
N. Y.
Bayonne)
27 plus-
$.02%-.02%
.Chicago,
iTulsa
32-36 G0..$.02%-.02% I
$.04-.04% I
Gasoline, Service Station. Tax Included
zNew York
$.182
Cincinnati
Minneapolis
$.184
^Brooklyn
.177
Cleveland
.175
New Orleans
.23
Newark
.168
Denver
.215
Philadelphia
Camden
.168
Detroit
.16
Pittsburgh
.195
Boston
.165
Jacksonville
.20
San Francisco
.16
Buffalo
.165
Houston..
.19
St. Louis
Chicago
.175
Los Angeles
.15
$.175
175
1?
zNot Including 2% city sales tax.
Daily
Average
Crude
Oil
Production
Higher- During
Latest Week
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
July 11, 1936, was 2,947,700 barrels.
This was a gain of
55,400 barrels from the output of the previous week. The
figure was also above the 2,917,200 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 11, 1936 is estimated at
2,943,150 barrels.
The daily average output for the week
ended July 13, 1935 totaled 2,715,100 barrels.
Further
details, as reported by the institute, follow:
current week's
1.42
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports for the week ended July II totaled 1,114,000 barrels,
daily
Kettlemen Hills, 39 and over
1.43
a
Petrolla, Canada
1.10
barrels for the
average
of 159,143 barrels, compared with
week ended July 4 and
a
daily average of 166,429
159,429 barrels daily for the four
weeks ended July 11.
GASOLINE
CUT
IN
JERSEY-
CONNECTICUT GAS ADVANCED BY SOCONY—DIESEL FUEL
ADVANCED AT NORFOLK—MOTOR FUEL STOCKS DIP 1,121,000 BARRELS—REFINERY OPERATIONS SHOW SLIGHT GAIN
Weakness in the retail gasoline
market in northern New
Jersey over last week-end brought a reduction of ^-cent a
gallon to a general level of around 16.5 cents a gallon at the
"pump," taxes included.
Sun Oil Co. initiated the cut,
effective on July 10, other major companies following im¬
mediately.
Trenton retail prices were lowered 1^-cent a
gallon.
Further slashing through secret rebates in the
northern New Jersey was reported as the past week closed.
Several sub-normal price areas throughout Connecticut
were affected
by general advance of 3^-cent a gal. posted on
July 16 by Standard Oil of New York, marketing subsidiary
of Socony-Vacuum.
Bridgeport, New Haven and Hartford
were included in the
advance, which lifted retail gasoline
prices to 12.5 cents, taxes included.
Other parts of New
England already have had "normal" price levels restored in
than 50% of the
more
347
Chronicle
Receipts of California oil at Atlantic and Gulf ports for the week ended
July 11 totaled 211,000 barrels,
with
a
a
daily average of 30,143 barrels compared
daily average of 10,826 bonds for the week ended July 4, and 18,679
barrels daily for the four weeks ended July 11.
*
Reports received from refining companies owning 89.7% of the 3,889,000
barrel
estimated
daily potential refining capacity of the
indicate that the industry as a whole ran to
stills
on
a
United
Bureau of
States,
Mines
basis, 2,870,000 barrels of crude oil days during week, and that all
com¬
panies had in storage at refineries, bulk terminals, in transit and in pipe
lines
as
of the
end
of the
week,
66,646,000 barrels of finished and
un¬
finished gasoline and 105,790,000 barrels of gas and fuel oil.
1
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking
whole,
on a
units indicates that the industry
Bureau of Mines basis, produced
daily during the week.
_
an average
k
as
a
of 675,000 barrels
_
k
Financial
348
DAILY
Chronicle
AVERAGE CRUDE OIL PRODUCTION
The yield of gasoline from
(Figures Id Barrels)
of April
of May,
Actual Production
M
Dept. of
Averaye
Week Ended
B. of
4 Weeks
{July)
Week
Ended
July 11,
July 4,
July 11,
July 13,
1936
culations
1936
1936
1935
'
(44.7%) to
1935.
crude declined from the relatively high figure
an average
of 44.1 %. This was/0.2% below the average
42,007,000 barrels being only 413,000 barrels below the Bureau's estimate,
but 7.5% higher than the
in domestic demand
domestic demand of a year ago. The "deficiency"
than made up in exports of motor fuel which
was more
total of 2,702,000 barrels. Stocks of
Reclined from 73,509,000 barrels on April 30
May 31. The latter was slightly more than 10,-
increased to the unexpectedly high
546,500
144,800
508,650
144,750
539,200
146,200
521,400
146,550
East Texas.............
Southwest Texas
58,200
59,050
25,300
182,900
54,600
425,600
84,000
Coastal Texas
247,550
61,250
59,100
25,300
181,400
53,650
424,850
83,100
246,050
62,400
59,050
25,350
181,150
54,250
432,400
84,850
250,700
57,250
59,100
25,650
156,550
50,050
460,600
58,200
187,700
1,137,200
1,134,700
1,150,150
1,055,100
79,800
150,750
77,750
146,000
77,350
147,200
22,600
119,400
186,800
230,550
223,750
224,550
142,000
31,300
107,700
33,800
38,800
13,400
4,700
69,400
29,550
109,750
31,000
36,350
17,050
4,500
74,050
30,050
110,400
38,950
37,000
17,050
5,000
73,200
29,700
110,200
34,300
36,600
16,950
4,800
73,350
30,650
105,800
41,450
39,450
11,250
4,200
53,050
2,366,400
2,361,300
2,323,500
569,800
164,200
Oklahoma
Kansas.................
finished and unfinished gasoline
to
Panhandle Texas
.....
North Texas..
West Central Texas
West Texas
......
East Central Texas
Total Texas
1,146,500
North Louisiana...
...
Coastal Louisiana...
Total Louisiana.
...
71,605,000 barrels on
000,000 barrels higher than stocks of May
31, 1935.
index for petroleum
with 57.9 for April, 1936, and
According to the Bureau of Labor Statistics, the price
products for May, 1936 was 58.2 compared
52.2 for May, 1935.
The refinery data of
this report were compiled, from refineries having an
of 3,700,000 barrels. These refineries
aggregate recorded crude-oil capacity
capacity compared with an
operating during May, 1936 at 79% of their
operating ratio of 76% in April.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of Barrels of 42 Gallons)
v
Eastern
.May,
Michigan
Wyoming
Montana
Colorado
New Mexico....
Total east of California.
California.
2,366,000
550,800
586,400
568,800
577,150
564,200
2,947,700
2,892,300
2,943,150
figures indicated above do not include
might have been surreptitiously produced.
any estimate of any
Daily average.
Natural gasoline
Benzol a
Finished and
Unfinished Gasoline
Finished
Reporting
tial
Total
Rate
C.
P.
D
Oper¬
At Re¬
age
ated
fineries
Gas
and
n
East Coast..
612
612 100.0
473
77.3
Appalachian
Ind.,Hl., Ky.
Okla., Kans.,
154
146
94.8
94
64.4
462
444
96.1
432
97.3
453
384
84.8
298
77.6
Mo
Unfin'd
in
Ttn4U,
Aver¬
Poten¬
&c.
6,592
1.167
5,902
11,123
1,066
2,792
875
785
590
153
173
267
1,920
330
160
48.5
109
68.1
658
96.8
556
84.5
La. Gulf
169
163
96.4
135
82.8
873
495
240
80
72
90.0
44
61.1
193
79
96
61.9
48
80.0
92.6
495
62.7
Reported...
3,488
89.7
2,684
76.9
Estd.unrepd.
401
3,889
3,889
3,145
9,409
474
2,959
4,943
496
620
566
98,818
3,294
90,764
2,928
6,616
2,786
485,718
3,196
3,304
2,314
cl,198
12,723
4,192
99,176
3,199
96,504
3,217
91,962
2,966
472,995
3,112
427,712
2,833
4,390
7,836
3,743
6,282
4,613
5,133
17,829
32,368
16,843
26,243
42,007
4,035
28,972
2,028
38,825
3,914
31,544
2,197
39,095
3,545
28,011
1,919
176,331
22,401
171,526
9,004
161,668
20,151
154,481
8,192
1,700
all oils..
Total demand
Daily average......
Exports:
Crude petroleum
Refined products
- -
Motor fuel d
Kerosene...
Gas, oil and fuel oil
Lubricants
1,393
1,075
'
4,215
431,904
2,860
98
186
34,466
3,918
20,440
1,271
38,384
39,236
21,711
21,860
6,551 105,790
6,671 104,895
2,641
6,113
1,335
21,255
2,697
4,688
1,195
19,655
92
593
241
478
4,818
4,366
4,411
193
203
187
939
925
1,864
2,948
2,415
10,812
10,585
86,950
2,805
86,479
2,883
82,216
2,652
422,798
2,782
384,626
2,547
315,169
5,664
233,590
315,389
5,058
230,672
338,559
5,977
223,804
315,169
5,664
233,590
338,559
5,977
223,804
554,423
551,119
568,340
554,423
568.340
173
Road oil
171
192
178
201
-—
Still gas
6,281 Z103345
270
2,445
2,870
2,855
389
531
1,531
Miscellaneous.
72,245
2*246
441
483
1,666
91
........
Coke
Asphalt
804
1,223
1.168
9,322
93
466
1,883
Wax
430
60
1,223
11,630
371
2,486
Demand—
4,625
2,219
680
789
731
410,192
2,717
102,480
3,306
Receipts in bond
Receipts for domestic use
new supply, all oils
Dally average
.
500
Inland Texas
97
970
463,463
3,049
268
Total
9,848
281
Texas Gulf..
852
145
85,690
2,764
2,781
Receipts in bond
3,390
1,690
7,622
2,191
Rocky Mtn.
California...
204
93,948
3,132
Domestic demand:
3,530
1,044
4,675
No. La.-Ark.
15,614
221
97,235
3,137
Receipts for domestic use
Oil
Distil.
393,847
2,608
445,726
2^932
16,767
Refined products :
Fuel
Terms., Nap'tha
1935
1936
Crude petroleum:
Stocks
of
District
82,454
2,660
3,091
Jan.-May Jan.-May
Imports b :
Stocks of
Stills
to
90,479
3,016
3,265
Dally average
Increase in stocks,
Crude Runs
Daily Refining
Capacity
1935
Total production
oil which
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JULY 11, 1936
1936
93,739
3,024
3,275
Domestic production:
Crude petroleum
2,715,100
Note—The
April,
New Supply—
2,150,900
2,917,200
Total United States
May,
1936
Arkansas.....
Losses- d
Total domestic demand.
Daily average
•
Stocks—
xEst.tot.U.S.
July 11 '36
July
fuel almost met expectations, the total of
The domestic demand for motor
Ended
Int. CcJr.
July 18, 1936
3,889
3,889
4'36
Crude
petroleum
.....
Natural gasoline
-
Refined products
U.S. B.ofM.
July 1935.
y30,550 yl9,922
2,739
.
y5,974 y!0832
Days' supply.
Bureau of Mines basis currently estimated,
y As of July 31, 1935.
z Stocks
of gas and fuel oil as of July 4 were revised as follows: Indianarlllinois-Kentucky,
x
4,398,000 barrels; Oklahoma-Kansas-Missouri, 3,394,600 barrels; Rocky Mountain,
788,000 barrels; total United States, 102,450,000 barrels.
All revisions occurred in
stocks of gas oil and distillates.
reported to Bureau of Mines,
imports of refined products from Bureau of Foreign and Domestic Commerce,
c Decrease,
d Beginning January, 1936, natural gasoline losses are included in
a
From
Coal
Division,
motor fuel demand.
PRODUCTION
June Anthracite Shipments
a
Year Ago
Shipments of anthracite for the month of June, 1936,
reported to the Anthracite Institute, amounted to 3,515,878 net tons.
This is a decrease, as compared with shipments
during the preceding month of May, of 758,307 net tons,
or
17.74%, and when compared with June, 1935, shows a
decrease of 1,362,860 net tons, or 27.93%.
Shipments by originating carriers (in net tons) are as
(Thousands of Barrels of 42 Gallons)
May
Huntington Beach
Kettleman Hills
Long Beach.
Santa Fe Springs
Erie RR
May
1936
1935
1935
673,378
749,544
287,135
451,865
404,656
335,687
272,336
195,656
145,621
956,304
856,235
299,770
473,526
,592,953
402,558
248,671
184,195
3,515,878
Pennsylvania RR
...
N. Y. Ontario & Western Ry._
Lehigh & New England RR...
Total California
May
1936
259,973
1,012,869
826,327
475,488
602,958
570,821
451,734
396,781
230,960
310,800
934,530
712,430
414,197
630,552
479,648
400,098
361,946
235,968
177,494
4,274,185
4,878,738
4,346,863
*
...
Average
Crude
Production
Petroleum
During
daily average production of crude petroleum in May
3,023,800 barrels, a new high record and an increase
previous record of April, according
the Monthly Petroleum Statement of' the United States
was
Bureau of Mines which further went
on
to say:
The production record for the month is notable because
maintained in the leading producing States.
of the uniformity
Texas produced an average of
barrels
against
572,700
barrels
and
barrels against 574,200 barrels, all slight increases.
224,700 barrels, all the increase
over
Oklahoma
575,600,
Production in Kansas
declined, in Louisiana and New Mexico it increased.
Louisiana's
new
1,071
2,354
2,073
1,293
10,389
17,180
35.7
5,633
12,530
10,817
6,932
54,803
90,715
5,887
9,286
9,791
5,702
43,751
74,417
78.5
67.6
43.8
351.2
576.6
78.5
69.1
43.1
346.3
572.7
4.6
159
5.3
678
658
347
11.6
1,751
1,717
2.2
66
2.2
314
307
4,823
155.6
4,908
163.6
458
14.8
459
15.3
4,400
1,911
141.9
143.8
22,530
2,197
14.690
61.7
4,312
1,506
23,025
2,201
20,810
60.2
6,764
655
21.1
655
21.8
6,966
1,002
224.7
6,473
215.8
32.3
977
32.6
515
16,6
510
17.0
3,283
30,857
5,429
2,204
10,369
1,845
1,265
Kansas
Kentucky
i
Louisiana—Gulf Coast...
Rodessa..
Rest of State...
Total Louisiana
Michigan
Montana.
"3*474
18,164
5,523
1,716
8,040
1,722
1,330
2,331
75.2
2,088
69.6
386
12.5
379
12.6
Ohio—Central & eastern.
264
8.5
274
77
2.5
75
2.5
309
386
341
11.0
349
11.6
4,652
150.1
155.1
1,716
23,988
19,344
33,130
76,462
6,660
25,623
22.691
72,469
9,137
30,529
1,188.0
4,653
4,496
8,077
17,226
1,387
7,076
5,348
14,334
1,888
6,982
35,628
New Mexico
.....
The daily
average
West Virginia.
323
10.4
336
11.2
Wyoming—Salt Creek...
507
16.3
517
17.2
594
19.2
587
19.6
1,101
35.5
1,104
36.8
21
16
3,016.0
445,726
393,847
Total
4,604
Oklahoma
Pennsylvania
...
Texas—Gulf Coast
West Texas
East Texas
PanhandleTotal Texas
Rest of State
Total
Other
Wyoming
277.0
.
575.6
45.5
240.7
176.7
468.9
61.4
240.3
__
Includes Missouri,
93,739
149.9
269.2
574.2
46.3
235.8
178.3
477.8
62.9
232.8
1,187.6
4
5
a
Total U. S.
148.5
8,586
17,842
1,409
7,461
5,478
14,535
1,905
7,448
36,827
3,023:8
90,479
160,449
1,658
2,643
2,667
5,310
Mississippi Tennessee and Utah.
for the East Texas field,
468,900 barrels, was about 9,000 below the average in April.
Daily average crude runs to stills in May were 2,924,000 barrels, or
106,000 barrels higher than in April. This increase reflects chiefly the change
in the trend of stocks, an increase of more than 2,000,000 barrels in April
decrease of several hundred thousand barrels in May.
9.1
1,574
22,397
21,386
39,124
82,307
6,721
33,806
25,203
71,266
9,231
34,062
173,568
1,571
2,532
2,948
5,480
!
Okla.—Okla. City
Seminole
a
50,200 barrels daily in April.
a
35.5
12.6
April being recorded in the
Rodessa field which produced 61,700 barrels daily in May compared with
changing to
4,585
1,099
2,435
2,096
1,358
10,888
17,876
69
Rest of State
1,188,000 barrels in May compared with 1,187,600 barrels in April, Cali¬
was
4,496
142
Rest of State.........
of 7,800 barrels over the
record
30.0
389
j
May Sets New High Mark
576,600
899
Colorado
The
fornia
May
30.1
Indiana........
Total Ohio
to
Jan.-
1935
1936
Illinois
Northwestern
1936
Daily At
New York
Total.........
Daily
Total
California:
Rest of State..-----—
June
Daily An
934
Arkansas
'
June
Jan.-
April, 1936
May, 1936
Total
follows:
Reading Co
Lehigh Valley RR
STATES AND PRINCIPAL
CRUDE PETROLEUM BY
OF
FIELDS
27.93% Below
as
Central RR. of New Jersey
Del. Lack. & Western RR
Delaware & Hudson RR. Corp.
b Imports of crude as
Production of Coal Lower During
The
Holiday Week
weekly coal report of the United States Bureau of
Mines stated that production of all coal declined in the week
ended July 4 because of the universal observance of the
Volume
Financial
143
Independence Day.
The total production of
6,480,000 net tons as against
6,900,000 tons in the preceding week. Production during the
holiday week last year, when consumers were drawing from
heavy accumulations of stock, dropped to 2,561,000 tons.
Anthracite production in Pennsylvania during the week
ended July 4 is estimated at 836,000 net tons.
This is
in comparison with 711,000 tons in the corresponding week
holiday
During the calendar year to July 4, 1936, a total of
204,142,000 tons of bituminous coal and 27,630,000 net tons
Pennsylvania anthracite
were produced.
This compares
190,165,000 tons of soft coal and 29,210,000 tons of
hard coal produced in the same period of 1935. The Bureau's
with
statement follows:
continue at a steady pace during the
market
amounted
optimistic about the prospects for a higher
are
before the end of the year. Buying during
to a little more than 6,000 tons.
the last seven-day period
The price
remains firm at 9Kc. Valley.
Consumption of copper abroad increased 7,410 tons in June above
Buying in Europe
May.
was
that of
price
fairly active last week, and the export
strengthened.
Lead Purchases Large
Producers
#
lead. Sales for
which compares with 9,150 tons
in the preceding week. A large part of the business was booked in the first
half of the seven-day period.
A feature in the market was the steady call
for prompt shipment lead, which was interpreted as signifying that many
encouraged by the continued activity in
were
consumers are
BEEHIVE
June
1936
Bltum.coal:
27,
Calendar Year to Date
the
Daily aver.
fact
that
stocks
1935
1936
1935
1929
e
may
not show significant
two is calculated to have little influence on
or
American
836,000 1,086,000
167,200
181,000
Dally aver..
142,200
27,630,000
177,700
29,210,000
187,800
36,151,000
232,500
7,700
1,540
678,000
4,264
471,300
2,964
3,479,900
21,886
711,000
Beehive coke:
Tot. for per'd
19,500
20,200
Daily aver..
3.900
3,367
Includes lignite, coal made Into coke, local sales,
and colliery fuel, b Includes
colliery fuel, and coal shipped
d Revised, e Adjusted
Sullivan County, washery and dredge coal, local sales,
by truck from authorized operations,
to make comparable
Subject to revision,
c
settling basis of the
Louis.
The St.
brands at a premium.
Buying of Prime Western zinc during the last week was at around the
level
same
ducers
now
period, amounting to about 2,700
and pro¬
in the previous seven-day
as
All the business
tons.
booked
was
the basis of 4.75c., St. Louis,
on
of the fact that the
Movement of Prime
consumption has not decreased to any great extent.
consumers totaled approximately 4,000 tons during the last
regard the price as steady, especially in view
London quotations developed no further weakness.
Western
zinc
into
Shipments to
week.
the number of working days in the three years.
ESTIMATED WEEKLY PRODUCTION OF
own
Zinc Firm at 4.75c.
Penn.anth.: b
Tot. for per'd
changes in the next
the situation.
Refining Co. and at 4.45c., St.
Smelting &
Joseph Lead Co. reported business in its
6,480,000 6,900,000 2,561,000 204,142,000 190,165,000 263,492,000
1,674,000
1,296,000 1,150,000
1,215,000
1,304,000
512,000
.
unsettled
Quotations held at 4.60c., New York, the contract
a
Tot. for per*d
Even consumers are now
Production and consumption are in balance,
period.
summer
the
month
July 6,
1936 d
c
weeks has brought out a better
Producers regard the market as firm.
quite certain that the price structure is not likely to become
and
Week Ended
70% covered.
The activity in lead in the last three
over
July 4,
July requirements of consumers are
carrying small reserves.
said to be about
undertone.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND
a
months and
summer
the week amounted to about 11,000 tons,
of 1935.
of
Producers believe consumption will
on
bituminous coal is estimated at
349
Chronicle
district was low ered $1.50
The price of zinc concentrate in the Tri-State
COAL, BY STATES
because of the recent weakness in the metal.
per ton
(IN THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
sources or of final annual returns from the operators.)
Due to shortage of hydro-electric energy,
resulting from drought con¬
ments and are
ditions, two units of the electrolytic zinc plant of Anaconda, Great
and State
have been shut down.
Consumption
Week Ended
June 27 June 20 June 29 June 30 June 29
1936 p
1935
1936 p
American
Aver.
1929
1934
r
of zinc for
world,
the
excluding the
1923 d
s
Bureau
of
This
Statistics.
Metal
compares
2
2
1
181
387
325
200
192
176
Arkansas and Oklahoma
25
22
21
20
62
average
74
65
59
47
120
consumption, which, in
part, accounts for the recent unsettlement in the European
70
Colorado
Production
of 77,058 tons for all of 1935 and 69,766 tons in 1934.
s
outside of the United States has been in excess of
2
Alaska
United States, is
the
with a monthly
averaging close to 80,248 metric tons a month this year, according to
June
Slate
Falls,
*
market.
175
Alabama
Believing that prospects for
1
1
Illinois
680
614
582
567
842
1,243
Indiana
217
223
220
189
297
416
1
Georgia and North Carolina
1
44
41
46
Iowa
s
s
88
57
50
Tin Prices Advance
an
a
sharp recovery.
89
84
97
76
101
128
advanced from
715
688
598
576
901
661
London trade
108
97
113
103
195
183
27
Kentucky—Eastern
Western
28
28
19
43
47
Maryland
3
1
4
6
11
12
46
43
36
32
50
38
Michigan..
Montana
23
24
23
New Mexico
Ohio
in volume.
14
11
10
sl3
sl4
309
307
350
446
888
1,870
1,904
1,842
1,642
2,802
3,613
Tennessee
72
66
75
65
99
13
13
13
15
16
21
24
31
24
58
171
193
176
238
240
27
24
21
20
51
44
1,628
1,567
1,480
1,461
2,045
1,380
441
735
856
59
93
5
Straits tin settled
Chinese tin, 99%, was
on
Virginia
Washington..
West Virginia—Southern a
•
417
Northern b
438
401
73
104
68
Wyoming
+
Other western States c
*
•
1
766
6,483
1,464
6,148
1,139
9,648
1,352
10,866
1,956
7,494
7,947
7,287
11,000
7.986
Pennsylvania anthracite
Grand total
6,728
Virginian; K. & M.; B. C. & G.;
counties, b Rest of State, includ
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon, d Average weekly rate for entire
month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and South
Dakota included with "other western States." * Less than 1,000 tons.
a
Includes operations on the N. & W.; C. & O.;
on the B. & O. in Kanawha, Mason, and Clay
Lead
—Platinum
"Metal
and
Mineral
Raised to $40
Markets"
in
its
issue
of July
16
stated that buying of major non-ferrous
metals, taken as a
group, was in fair volume during the last week. Consumption
is running a little ahead of expectations for the summer
period, which tends to make for firmer prices. Lead sales
again were large, with the call for prompt-sliipmnet metal
pointing to an under-bought condition on the part of many
consumers.
Domestic sales of copper showed moderate
improvement. The June copper statistics made a favorable
impression on the industry.
There were no new develop¬
ments in zinc, the price holding on the 4.75c. St. Louis
basis.
Demand for refined platinum and iridium has been
quite active, and leading sellers advanced quotations
sharply. .The publication further said:
Copper Stocks Decline
The feature in the market during
June, which showed
a
decrease
the week was the statistical report for
in total stocks of 7,321 tons.
Apparent
averaged
over
a
Apparent consumption of copper so far this year has
little more than 56,000 tons per month, a substantial increase
average
July demand for nearly all steel products has
Steel
in
The
May and June statistics of the Copper
May
June
Institute are summarized
Production (blister):
U. S. mine
U. S. scrap, &c
Foreign, mine
Foreign, scrap, «fec
41,251
a20,849
a69,377
all,369
42,935
13,274
66,341
8,554
142,846
131,104
59,374
72,186
60,562
74,407
United States
Foreign
Totals...
May
June
59,906
77,731
Shipments (apparent
Consumption) refined:
57,149
85,141
Stock at
Production, refined:
United States
Foreign
Totals-..
a
copper
131,560 134,969
Revised.
only
end, refined:
137,637 142,290
94
United States
Foreign
Totals..
4,901
230,305 228,817
235,930 230,097
a466,235 458,914
gain at Pittsburgh
The
96%
to
compared with
as
country being 69%, a
entire
one
Tube Co. plant
is from 63 to 66%, and at Wheeling
last week, the average rate for the
point drop from a week ago.
this month will not only sustain mill schedules at
approximately present rates until the end of July, by which time most of
the second-quarter bookings will have been shipped, but is building up a
business
Incoming
sharp a dip in production as had
.
'
relatively small portion of current steel
buying is actuated by fears of labor disturbances within the near future.
In
fact, apprehension in that respect seems to have been allayed to a
considerable extent by the opposition that is being shown among steel mill
employees to the unionization plan of the Committee for Industrial Organ¬
ization.
Enrollment in the outside union is said to be proceeding at a
backlog for August that will prevent as
been
It
pace
expected.
is
apparent
only
that
a
that is disappointingly slow to its sponsors.
the appearance
buying of rails, track supplies and rolling stock,
Railroad
activity in private building projects,
particularly plant extensions, are dominant in this week's market.
Upward
of
2,000 freight cars have been ordered, the Norfolk & Western has
placedi 20,000 tons of rails, the St. Louis-Southwestern 4,500 tons, and
the Chesapeake & Ohio has
bought 10,000 tons of track supplies.
The
Denver & Rio Grande Western has applied for court permission to buy
of
line
pipe
25,409
The
tons
for
and
tonnage
Oil
Co.
has
greater
1936-37 delivery.
for
of rails
tons
Sun
awarded
9,000
tons of
pipe to
a
Pittsburgh steel
and the Penn-York Natural Gas Corp. is in the market for 8,000
company,
a
northern New York State.
line in
gas
steel
Structural
lettings this week total 27,350
tons,
and there
are
new'
market amounting to about 19,000 tons, among which
7,000 tons for the Bureau of Yards and Docks, Washington, is outstanding.
in
the
Eight oil tankers awarded to two shipyards by the Standard Transportation
Co. call for 36,000 tons of plates.
total
output has eased off,
assemblies
week
was
totaling
in
3,000
a
owing to a temporary shutdown of the National
Lorain.
Automobile
U. S. exports, domestic
Totals
Wheeling, though
slight decline at Chicago and in the Ohio Valleys, while
the Cleveland-Lorain idstrict there has been a sharp drop to 42% of
capacity,
at
has gained at Pittsburgh and at
ingot output
there has been
projects
in the following table, in short tons:
exceeded the
booking
expectations of the industry in view of the heavy
in June.
The "Age" further reported:
monthly consumption of 44,000 tons during all of 1935, and
31,500 in 1934.
plants as well as in the steel mills.
consumers'
duction in
consumption in this country, totaling 57,149 tons for June, was about in
line with estimates.
69%
Age," in its issue of July 16, stated that new
business in steel shows unusual virility for midsummer in
the face of an intense heat wave that has hampered pro¬
Tlie "Iron
.
Buying Continues Active—Copper Sales Improve
week
♦
from
♦
moderate
July 9, 42.750c.; July 10,
43.625c.; July 15,
Ingot Production Declines One Point to
12,822
6,900
1,086
Total bituminous coal
*
concerned.
July 15 at 44.30c., against 43.40c. a
nominally as follows:
104
s2
Pennsylvania bituminous
Though the
in the last week was only
43.550c.
89
194
July 10, to
42.625c.; July 11, 42.750c.; July 13, 44.000c.; July 14,
21
Utah..
on
highly excited, operators here were not so
113
Texas
£186>£
was
previous.
51
46
17
15
319
North and South Dakota..
metal so
Standard tin in London
£193J^ on July 13.
Business booked in the domestic marke
Kansas and Missouri
and
agreement among producers are more
encouraging, producers of tin in the East have not offered the
freely, and prices abroad staged
the
fell
367,303
partly because of excessive heat.
Last
slightly
largest
below 100,000 cars.
The June production
sixth month in the history of the industry,
an increase of 34% over the corresponding month
for the
units,
1935.
In
scrap
keeping
with
the
markets display
a
continued
high
firmer tone.
higher at Pittsburgh, where the heat
rarily.
The
"Iron
$13.08 last week.
Age"
scrap
rate
Heavy
wave
composite
of
steel
melting
plant
steel
productivity,
is
25c.
a
ton
has curtailed the supply tempo¬
has advanced to $13.17 from
Financial
350
shortage of by-product coke has revived activity
A
in beehive coke with
While
the
makers
are
distant
index is down
goods
Age" capital
"Iron
demand is well sustained.
this week, machine tool
point to 83%
2%
Tractor and automobile
but railroad! tool buying is not
prospect.
leading in replacements,
far
a
Based on steel bars, beams,
tank plates
wire, rails, black pipe, sheets and hot
July 14, 1936, 2.159c. a Lb.
2.159c.
2.097c.
2.124c.
:
•
One year ago
rolled strips.
These products represent
85% of the United States output.
Low
High
1936
2.130c.
Jan.
7
2.084c
Mar. 10
1935
2.i3oc.
oct.
1
2.124c
Jan.
2.199c.
2.015c.
1.977c.
Apr. 24
Oct.
3
Oct.
4
Jan. 13
2.008c
Jan.
2
1.867c
Apr.
18
1.926c
Feb.
2
1934,.
_
1933
1932
8
1.945c
Jan.
Apr.
7
2
2.018c
Dec.
2.273c
Oct.
29
2.286c.
1929
Dec.
11
2.217c
July
17
Jan.
4
2.212c
Nov.
1928
1927
—
1
Pig Iron
on
of basic Iron at Valley
average
and foundry Irons at Chicago,
furnace
$18.84
18.84
17.84
i
One year ago
Buffalo,
Philadelphia,
and
Valley
Birmingham.
7
$18.84
Nov.
5
17.90
16.90
May
1
17.83
16.90
Dec.
5
13.56
18.71
May 14
1928
18.59
Nov. 27
17.04
1927
19.71
Jan.
4
17.54
Nov.
1934.
1933
14.81
—
—
5
13.56
Jan.
6
14.79
18.21
-
Jan.
15.90
1932
1931
Jan.
7
15.90
18.21
1
Steel Scrap
Based
July 14, 1936, $13.17 a Gross Ton
One month ago
One year ago
1
No.
on
melting
heavy
increase
Others
Low
High
9
-$14.75
Feb. 25
$12.67
13.42
Dec. 10
10.33
Apr. 23
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Aug.
6.75
Jan.
8.50
Jan.
6.43
July
5
8.50
Dec. 29
-
-
16.50
8
12
Jan.
6
Feb. 18
Jan. 29
Dec. 31
15.25
Jan.
11.33
1931
15.00
1930
I
1929
17.58
1928
1927
-
June
11.25
ingot production
totaled
Iron and Steel Institute.
The half-year
operated at
of 62.29% of capacity, which com¬
an average
with 46.75% in the first half of 1935.
Ingot production in the month of June aggregated 3,984,-
pares
S45
tons,
gross
The
decline from the May output of
slight
a
gross
tons, but almost 77% above June 1935, when
gross
4,046,253
2,258,664
tons were produced.
at 69.83 per
Tlie American
the
MONTHLY PRODUCTION
OF OPEN HEARTH AND
INGOTS—JANUARY,
1935 TO JUNE,
Calculated Monthly
17
June 24
July
Capacity
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
1936—
7
Oct.
14
6
Jan.
13_
20
27
May
4
May
11
49.9%
27—49.4%
3
50.0%
10
52.0%
17
51.7%
24
52.9%
2
53.5%
9
55.8%
16
60.0%
23
53.7%
20
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
64.5%
67.9%
70.4%
71.2%
70.1%
6
13—49.4% Apr.
49.7% Jan.
51.40
112,813
27
February
2,964,418
3.342,619
54.03
118,577
128,562
25
68.58
9,352,983
54.64
119,910
78
April
3,942,254
69.09
151,625
26
M ay
4,046,253
70.91
155,625
26
June
3,984,845
69.83
153,263
26
11,973,352
69.94
First six months
21,326,335
62.29
February
2,870,161
2,774,271
March
2,865,292
March
First quarter
69.1%
69.4%
18
May 25
May
June
1
June
67.9%
68.2%
69.5%
8
June 15
70.0%
70.2%
few weeks
June
30
July
6
67.2%
13
returned
71%
almost
national
rate
Although the possibility of
ing
On
in
business
new
and
a
Farm
because
expected
3%
to
points
the July 4
69%%, compared to
holiday.
situation
encouraged
has
and
time
98%
are
eight
of
At
from the
present
the areas
slightly
drought are
actually in
of
exceeding expecta¬
business
demand
Machine tool
of capacity.
with
tankers
plates
Total
The
or
the
25
Third quarter
8,008,761
46.38
102,676
78
24,051,412
46.63
103,225
233
October
3,142,759
52.58
116,398
27
November.
3,150,409
3,073,405
54.73
121,170
26
55,53
122,936
25
9,366,573
54.24
120,084
78
33,417,985
48.54
107.453
311
Fourth quarter
•Current
97,833.
*
as
projects
was
freight
20%
In
car
mainly plates, for
36,000 tons,
each
calling
around
for
and
of
rails
were
featured by
an
down
an
3,000
award of 8,900 tons for
a
ordered
were
42,902 tons.
slightly to
and
by Various Agencies Under FCA During First
Half of 1936 Reported at $343,000,000
below
some
July 1 said that these cooperative institutions loaned farm¬
$119,000,000 during the first half of 1936, or more than
the $343,000,000 loaned under the FCA during
the six months' period.
In noting this, an announcement
made available by the FCA also said:
ers
one-third of
The
for
June.
of
1935.
crops
1936
Land
Bank
placed by Norfolk & Western, while Denver &
loans
and discounts
tives,
$52,200,000;
week,
for
Last , week
indicates
July
assemblies
it was believed
output
were
additional
off
may
2,864
be
only
units
orders for steel
to
for
livestock
and
a
the
was
21%
third
since
increase
in
consecutive
organization
by the various institutions under the
Twenty
being
registered
This
business
increase
of
the
over
in
the
spring
associations
1933-34.
Loans
of
associations
of
domestic
automobiles
quarters
in
178-mile line.
a
550
half
financing
sought court permission to buy 25,409 tons.
demand
Counting the steady growth of production credit associa¬
as "one of the most significant factors in the progress
of agricultural cooperation since the depression," F. F. Hill,
Deputy Governor of the Farm Credit Administration, on
tions
with
cars
Dec. 31 of the preceding year
Dec. 31, 1935, Open-hearth and Bessemer ingots 68,475,509 gross tons.
1934, Open-hearth and Bessemer Ingots, 68,849,717 gross tons.
31,
export.
50
good
;
Calculated for each year on annual capacities, as of
Loans
tons
award of 9,000 tons of seam¬
builders experienced
2,146,
27
follows:
first
pipe market
tons
Grande
about
several
shipments.
shapes.
totaling
thousand
brisk
for
Pending business includes
and
100-mile line,
a
Railroad
awards
favorable
outlook
shape awards for the week
steel
less for
Rio
26
113,000
.
operations
reduced
have
consequences
tone is apparent in the markets for plates, shapes and reinforc¬
Connecticut.
in
87,224
107,997
51.04
encounter¬
Awards last
week
included 3,800 tons of plates
for 17 coal barges, 5,145 tons of
shapes for a school in Philadelphia, and 8,800 tons of shapes for a bridge
bars,
ing
39.40
48.78
Total
having increased steadily through the
buying is holding up well, with a slight
'bookings and inquiries.
Tin plate mills are operating between
A strong
155
2,825,004
moderate
some
booked- ahead
are
plants
prolonged.
of year,
months.
increase in
95
who
found their volume
producers have
for this
103,501
2,915,930
December
of demand has been noted particularly
serious
no
becomes
it
78
46.75
25
2,267,827
Dec.
but
96,576
September
comparatively limited.
are
three
urgency
tractor
and
season,
unless
Wire
tions
last
the
43.62
preceded
which
level
the
up
few producers
The
97,543
90,347
27
40.81
Nine months.
bars.
implement
of
distress
steel
26
44.06
69.0%
'
sheets
101,562
August
buying.
ing delivery problems.
77
45.88
general steel strike this summer is becom¬
a
labor
the
remote,
more
110,516
July
before the
in the week
points
to
was
26
49.92
16,042,651
Second quarter
-
The
24
110,204
74.0%
ago.
Operations
holiday.
27
115,595
49.78
7,532,927
June
following the
specifications
new
106,302
52.22
2,640,602
__
May
22
opening of the
third quarter, steel consumption still is relatively heavy for this season
and markets reflect a degree of strength somewhat better than expected a
in
48.02
r
of the iron and steel
"Steel" of Cleveland, in its summary
decline
156
2,633,661
2,258,664
April.
June
markets, on July 13 stated:
a
78
,
.136,707
8,509,724
First quarter
First six months
Despite
153,504
.
26
1935
January
62.0% July
Mar. 30
{Gross Tons)
Tons
3,045,946
1936—
I
46.7% Apr.
Apr.
49.2% Apr.
30
Jan.
Oct.
50.4%
Oct.
21—51.8%
8
Oct. 28
51.9%
15
Nov.
5
50.9%
22
52.6%
29
44.0% Nov. 11
53.7%
5
46.0% Nov. 18
55.4%
12
48.1% Nov. 25
2
.56.4%
19
48.8% Dec.
9
55.7%
26.—_47.9% Deo.
2
45.8% Deo. 16—54.6%
49.5%
9—49.7% Deo. 23
1
July
July
Dec.
48.3%
48.9%
50.8%
Sept. 16
Sept. 23
Sept. 30
39.5%
39.0%
38.3%
37.7%
;__32.8%
35.3%
39.9%
42.2%
June 10
June
1935—
1935—
3
of
Working
Days
Production
January
operation since June 3, 1935, follow:
1935—
June
Number
Daily
,
*Per Cent of
Second quarter
pacity for the week beginning July 13 compared with 67.2%
one week
ago, 70.0% one month ago, and 39.9% one year
ago.
This represents an increase of 1.8 points, or 2.7% from
the estimate for the week of July 6.
Weekly indicated
rates of steel
Calculated
Production
1936
an¬
which it had received indi¬
of the industry will be 69.0% of ca¬
steel capacity
the
July 13
on
BESSEMER STEEL
1936
(Reported by companies which in 1935 made 98.03% of the open hearth and 100%
of the Bessemer ingot Production)
Nov. 22
of steel companies having 98%
cated that the operating rate
of
Institute
Steel
and
Iron
of capacity in
highest operating rate achieved in any June
since 1929 when operations were at 100% of capacity. Oper¬
ations in June 1935 were 40.81% of capacity.
June,
Gross
nounced that telegraphic reports
cent
industry operated
2
13.08
produced in the first six months.
Throughout the first half of 1936 the steel industry has
3
July
output is the greatest since 1930 when 23,-
578,619 gross tons rtere
9
Dec.
13.08
11
Dec.
14.08
First Six Months 33% Above Year Ago
in the first six months of this
21,326,335 gross tons—an increase of nearly
33% over the total output in the corresponding period of
1935, according to figures released on July 8, by the Ameri¬
Steel
3
1932
1936
1935
unchanged.
were
♦
steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
—$13.08
12.75
10.83
One week ago
index and the
for any
an
Steel Output in
7
Jan.
May 14
Jan. 27
Jan.
3
Deo.
6
Dec. 15
Deo. 16
Dec. 17
July 24
1929
Buying
the manufacturers.
far.
so
"Steel's"
and
stronger,
finished steel
The
to 68.
12
Low
'
Jan.
18.84
-
1930
of
some
comparable periodi since 1930, totaling 21,326,335 gross
of nearly 33% over the 16,042,651 tons in the same
period last year.
Operations averaged 62.29%, compared with 46.75% in
the corresponding months of 1935.
The June operating rate was 69.83%,
highest of any June since 1929.
Output in June totaled 11,973,352 tons,
and was down 61,408 tons from the 4,046,250 total in May.
Operations in the Pittsburgh district were up 2 points to 64%; eastern
Pennsylvania, 3 to 49; Wheeling, 4 to 69; Cleveland, 13% to 84%;
Buffalo,
2 to
86; Youngstown,
10 to 74; Detroit, 10 to 100, and
Cincinnati, 15 to 80.
Birmingham was down 6% to 52; New England,
can
High
$18.84
1936
1935
by
soon
negligible
been
price composite is up 4c. to
iron and steel price composite
are unchanged
at $53.40 and $33.48, respectively.
Steel ingot production during the first six months of this year was the
is slightly
Scrap
year
Based
July 14, 1936, $18.84 a Gross Ton
One week ago
One month ago
placed
has
9
2.402c.
„
be
may
Deo. 29
2.273c.
__.__2.317c.
2.037c.
1931
1930
July 18, 1936
models
$12.79.
tons,
Finished Steel
One week ago
One month ago
cars
1937
largest
COMPOSITE PRICES
"IRON AGE"
THE
1936
for
purchase of about 40,000 tons by a blast furnace.
the
Chronicle
were
agricultural
000,000;
Act
approximately
Commissioner,
for
as
private
production
credit corporations,
banks
for
Revolving Fund,
FOA during the first half
Federal Land banks, $68,000,000;
Federal Intermediate Credit bank
financing institutions and farmer coopera¬
follows:
$48,000,000;
credit associations, $119,000,000; regional
$22,000,000; emergency crop loans, $12,-
cooperatives,
$4,800,000.
$17,000,000, and Agricultural Marketing
.
«
Financial
143
Volume
daily average volume of Federal Reserve bank credit
outstanding during the week ended July 15, as reported by
the Federal Reserve banks, was $2,478,000,000, an increase
of $4,000,000 compared with the preceding week and the
same amount as reported for the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reseive System proceeds as follows:
F On July 15 total Reserve bank credit amounted to $2,478,000,000,
of $58,000,000
creases
non-member deposits and other Federal Reserve accounts
of $2,000,000 in
$6,000,000 in
$2,000,000 in
and
a
decrease
Treasury and National bank currency, offset in part by a
decrease of $52,000,000 in money in
circulation and an increase of $7,000,000
Member bank reserve balances on July 15 were
in monetary gold stock.
estimated to
an
This increase ocrresponds with in¬
week.
in member bank reserve balances,
Treasury cash and deposits with Federal Reserve banks and
approximately $2,920,000,000 in excess of legal require¬
be
lead¬
total
$12,000,000 in time deposits, and increases of $185,000,000 in reserve balances
with Federal Reserve banks and $64,000,000 in deposit balances standing
The condition statement of weekly
The Week with the Federal Reserve Banks
The
increase of $6,000,000 for the
351
Chronicle
ments.
ing cities
reported in holdings of discounted and
were
United States Government se¬
Loans to brokers and dealers in New York City
York district
New
the
The statement in full for the week ended July
15, in
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 380 and 381.
Changes in the amount of Reserve bank credit outstanding
and in i elated items during the week and the year ended
July 15, 1936, were as follows:
Increase
(+)
Decrease
or
(—)
Since
July 8,
July 15, 1936
$
s
Bills discounted
U. 8. Government securities
► $24,000,000 commitm'ts—Jan. 22)
-4,000,000
-2,000,000
—1,000,000
+ 7,000,00 I
29,000,000
Other Reserve bank credit
13,000,000
New York declined
banks,
$11,000,000
+ 1,000,000
in
banks, and
(except banks) declined $11,000,000.
Hold¬
ings of acceptances and commercial paper bought declined $2,000,000,
real estate loans increased $2,000,0C0, and loans to banks declined $4,000,000.
"Other loans" declined $8,000,000 in the San Francisco district and
Chicago district and $15,000,000 at all reporting member
the
loans
on
securities to others
$22,000,000 at all reporting member banks.
declined $58,member
and $15,000,000
Holdings of obligations fully guaranteed by
declined $25,000,000 in the New York dis¬
Holdings of United States Government direct obligations
000,000 in the New York district and $17,000,000 at all reporting
banks, and increased $26,000,000 in the Chicago district
in the San Francisco district.
trict and $12,000,000 at all reporting
member banks.
securities" declined $18,000,000 in the New
Holdings of "Other
York district and $25,000,000
reporting member banks.
New York dis"
reporting
$16,000,Philadelphia district and $13,000,000 in the Richmond district,
Demand
deposits—adjusted declined $72,000,000 in the
trict, $23,000,000 in the Cleveland district and $49,000,000 at all
member banks, and increased $21,000,000
000 in the
in the Boston district,
Time deposits declined $12,000,000 in the Chicago
at all
district and a like amount
Government deposits declined
reporting member banks.
$3,000,000.
New
Deposit balances of other domestic banks declined $70,000,000 in the
York district, and increased $34,000,000 in the Chicago
Kansas City district and $73,000,000 in the
000 in the
district, $27,000,other districts, all
reporting member banks showing a net increase of $64,000,000 for the
$
including
(not
advances
July 17, 1935
-
3,000,000
3,000,000
2,430,000,000
Bills bought
Industrial
1936
;•
declined $53,000,000 in
$51,000,000 at all reporting member
and
loans to brokers and dealers outside
at ail
curities.
demand deposits—adjusted and
to the credit of domestic banks.
the United States Government
Relatively small changes
purchased bills, industrial advances and
reporting member banks in 101
July 8 shows decreases for the week of $157,000,000 in
on
loans and investments, $49,000,000 in
week.
of the principal assets and liabilities of the
reporting member banks together with changes for the week
and the year ended July 8, 1936, follows:
A summary
Increase
+ 11,000,000
(+)
or
Decrease
(—)
Since
+6,000,000
+ 7,000,000 +1,502,000,000
—2,000,000
—5,000,000
Monetary gold stock
10,629,000,000
-
Treasury & National bank currency—2,496,000,000
6,190,000,000
5,872,000,000
Member bank reserve balances
—52,000,000
+ 660,000,000
+ 58,00J,000
+ 948,000,000
3,021,000,000
Money in circulation
+ 6,000,000
—65,000,000
banks..—
eral Reserve
deposits
Non-ember
and
+ 2,000,000
-39,000,000
521,000,000
;
securities
on
others
to
Accpts. and comi paper bought—
Banks
in
New
York
and
City
Chicago—Brokers' Loans
Federal
Reserve
and
banks
also
System for the New York City member
the
for
Chicago member banks,
for
the
week, issued in advance of full statements of the
current
which latter will not be available until the
coming Monday.
member banks,
fully
1,277,000,000 "
3,335,000,000
—12,000,000
—25,000,000
+ 301,000,000
+285,000,000
+185,000,000
+10,000,000
+17,000,000
+ 621,000,000
+ 64,000,000
+ 408,000,000
Reserve with Fed. Reserve banks.
Cash in vault
Balances with domestic banks
REPORTING MEMBER BANKS
IN CENTRAL RESERVE
14,630,000,000
4,999,000,000
836,000,000
.
15
1936
1936
July 17 July 15
1935
1936
S
$
$
Assets—
July 8
$
8,884
8,906
7,805
904
74
Loans and investments—total—
Borrowings
886
74
841
59
July 8
1936
$
2,037
July 17
1935
$
1,970
1,687
In New York
City
Loans
securities
on
to
49
49
1
28
...
others
753
760
732
188
145
158
Accepts, and com'l paper bought
133
134
138
13
14
18
Loans on real estate
132
133
123
55
15
5
15
5
15
8
(except banks)
26
27
Other loans
1,257
1,256
1,182
288
292
250
U. S. Govt, direct obligations..
3,945
3,976
3,327
1,083
1,053
868
Loans to banks
....—
Obligations fully guaranteed by
519
521
Other securities
1,141
1,139
323
1,025
92
304
93
304
81
260
Reserve with F. R. Bank—
2,173
2,076
1,756
630
685
566
50
54
78
460
42
456
505
37
203
77
38
193
76
36
213
74
6,194
551
191
6,170
549
193
5,538
561
245
1,524
433
101
1,507
433
101
1,355
2,521
394
2,464
401
1,913
231
669
5
663
5
515
4
United
States
government
ment
At the monthly meeting in Basle, Switzerland, on July 13
of the Board of Governors of the Bank for International
Austro-German agreement,
the French
financial situation and concern over crop conditions in Ger¬
many and Italy seemed to mark the talks of central bankers,
according to wireless advices from Basle to the New York
"Times", in which it was also stated:
Settlements, speculation over the
uneasiness in German and Italian quarters over
Cash In vault
domestic banks
Other assets—net
81
96
Liabilities—
Demand
deposits—adjusted
Time deposits
United States govt,
deposits
414
29
Inter-bank deposits:
Domestic banks
Foreign banks.
Borrowings
25
....
Other liabilities
Capital account
364
368
238
25
26
35
1,429
1,429
1,453
227
227
224
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business July 8.
As
view but
of
best way out
the
worst
Memel.
war
.
.
a very
difficult situation.
Some bankers think it eliminates
will fight over Danzig or
danger, for they think no one
.
bankers unanimously scout the
The
idea of Italy's getting the money
credit in Britain, even through
basis.
They are less dubious about Germany's getting credit from Britain
under certain circumstances.
One banker points out that Germany is
now solving the problem of how to keep up her re-armanent rythm by
exporting arms to the Balkans in return for their raw materials.
Dr.
Hjalmar Schacht, the Minister of Economics, gave his colleagues no re¬
port on his Balkan trip, but it is known among them that arms contracts
she needs
anywhere, except for a small coal
government deal, let alone on a business
some
were
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
consider the Austro-German accord as good from the
bad from the long-term view.
They hold it is the
They seem to
short-term
Balances with
—1,000,000
Monthly Meeting of Board of Governors of Bank for
International Settlements—Montagu Norman Only
Member Absent—Views on Austro-German Agree¬
Loans to brokers and dealers:
Outside New York City
—
Chicago
New York City
July
,
+64,000,000 +1,184,000,000
+1,000,000
+178,000,000
Inter-bank deposits:
Foreign banks
(In Millions of Dollars)
—49,000,000 +1,592,000,000
—12,000,000
+147,000,000
—3,000,000
+473,000,000
6,074,000,000
436,000,000
deposits....
Domestic banks
CITIES
4,672,000,000
398,000,000
2,487,000,000
.
Demand deposits—adjusted—
United States govt, deposits
ASSETS AND LIABILITIES OF WEEKLY
iJ.
by
guaranteed
United States government
Liabilities-^-
—12,000,000
—3,000,000
—4,000,000
—27,000,000
—22,000,000
+332,000,000
—17,000,000 +1,731,000,000
58,000,000
Other securities
Time
—11,000,000
—2,000,000
+ 2,000,000
2,082,000,000
313,000,000
1,147,000,000
3,597,000,000
9,493,000,000
Other loans.
U. S. govt, direct obligations..*
Obligations
Below is the statement of the Board of Governors of the
+ 62,000,000
+63,000,000
'
Loans to banks
Member
of
—51,000,000
—15,000,000
922,000,000
238,000,000
In New York City
Loans
Loans on real estate
Returns
—157,000,000 +2,732,000,000
Loans to brokers and dealers:
(except banks)
other Fed-
eral Reserve accounts
^
22,462,000,000
Outside New York City
Treasury cash and deposits with Fed-
h
jLssftts*'***
Loans and investments—total
July 10, 1935
$
-
July 1, 1936
July 8, 1936
S
+ 6,000,000
—.2,478,000,000
Total Reserve bank credit
the main
Dr.
things he got there.
Schacht appeared to think
Some Germans
in France.
arranging some kind of
very
...
the key to the world situation was now
profess belief that the French will succeed in
stabilization by autumn, but other bankers are
pessimistic about it.
.
.
•
Labeyrie, new Governor of the Bank of France, made his first
Emil
appearance at
He pledged continuance of the French Bank's
this meeting.
policy of co-operation with the World Bank.
He declined to speak now about the reform of the Bank of France, but
they have the impression
to make it
All the
Bank of
more
that, aside from widening the board of directors
representative, the reform will not amount to much.
today except Montagu Norman of the
Governors were present
England, who is on his vacation in Maine.
He was greatly missed
for measuring better the dominating place he
these monthly meetings of Governors.
In his absence the British
and his absence gave means
holds in
were
Oct.
represented
12.
by
Sir
Otto
Niemeyer.
The Board adjourned until
352
Financial
The
previous monthly meeting
was
referred to.in
Settlements
The evidence
of
Condition
as
Bank
for, International
of June 30
presented at
Assets of the Bank for International Settlements, Basle,
Switzerland,
of June 30, amounted to 661,467,708 Swiss
as
francs, it is noted in the Bank's statement of condition for
that date, which compares with 656,243,048 Swiss francs
May 31 and with 651,976,255 Swiss francs April 30.
Cash
on
hand and
on
He is partially crippled,
intention
any
hearing in Bow Street Police Court seemed
a
tend toward indicating he
to
and denied
current account with banks totaled
377 Swiss francs June 30, against
Swiss francs at the earlier dates.
Mahon
As
desire to hurt the King.
or
of
Bank
with
by
Removed
be
to
Lodged
and
Passed
Bill
in
Deputies—Control
of
Shareholders
from
Provided
Reforms
France
Chamber
37,334,-
Represen¬
tatives of State
Under
the Bank for June 30,
compared with May 31, as contained in Associated Press
advices from Basle, July 5 (figures in Swiss francs at par):
and removed, the King continued
calmly with the procession.
32,292,052 and 9,537,666
The following is the statement of
what he desired to protest.
being overpowered
was
Mahon was rather incoherent
He said he merely
is harmless.
wanted to "protest" but did not say
•
his name as George Andrew Mahon
"journalist."
of London, and described himself as a
1936
18,
middle-aged and slightly bald.
+
of
July
At Scotland Yard, the assailant gave
our
June 13 issue, page 3940.
Statement
Chronicle
passed by the French Chamber of Deputies
a vote reported as 430 to 111) control of the
France will be removed entirely from its share¬
bill
a
July 16, (by
on
Bank
of
holders and
placed under direct representatives or appointees
of the state.
Assets
■■
June
Gold in bars
Cash
on
Paris
Prev. Month
37,334,377.48
8,562,548.69
16,866,696.49
32,292,052.06
7,764,628.95
15,307,636.67
acceptances—151,925,155.72
-—180,922,250.20
154,212,052.03
176,389,868.59
.332,847,405.92
39,955,650.44
330,601,920.62
33,993,819.75
21,229,263.44
30,813,681.62
28,944,150.55
41,481,405.28
23,163,703.41
94,777,705.96
29,365,025.66
84,963,950.37
45,943,445.37
1,767,886.90
hand and on current account with banks—
Sight funds at interest
1.
Commercial bills and bankers'
Treasury bills
In this respect
Total
—
Time funds at interest not exceeding three months..
Sundry bills and investments—
1. Maturing within three months:
(a)
2.
Treasury bills
(b)
Sundry investments
-—
Between three and six months:
(a)
(b)
3.
Sundry investments
Over six months:
-
-
Treasury bills
(b)
Sundry investments
217,695,686.70
227,908,132.08
1,351,248.14
6,854,094.56
1,330,016.11
7,044,841.35
8,205,342.70
8,374,857.46
Other assets—
1.
Guaranty of central banks on bills sold
2.
Sundry items
-661,467,708.42
656,243,047.59
125,000,000.00
125,000,000.00
3,784,029.10
6,091,706.43
12,183,412.83
,
3,784,029.10
6,091,706.43
12,183,412.83
Liabilities
.
-
favorable treatment
1.
Legal reserve fund
2.
Dividend
3.
General
reserve
reserve
fund
fund
Total
22,059,148.36
22,059,148.36
154,058,750.00
77,029,375.00
2,030,500.00
61,930,084.72
154,905,000.00
77,452,500.00
2,030,500.00
61,930,084.72
295,048,709.72
296,318,084.72
117,465,640.31
113,615,458.96
24,095,069.11
—.
Long-term deposits—
Annuity trust account
German Government deposits
3.
French Government deposit (Saar)
4.
French Government guarantee fund..
...
22 of
Central banks for their
own
Sight
22,476,443.02,,
139,942,083.33
137,710,528.07
10,615,603.09
2,993,543.31
5,434,687.48
10,605,603.09
8,428,230.79
28,154.12
257,163.97
333,231.46
119,353.95
Central banks for account of others:
(a)
Not exceeding three months
(b)
Sight.
Total..
3.
of Finance,
Not exceeding three months
(b)
Sight
Total
Sight deposits
285,318.09
25,484,044.31
(gold)
Profits allocated for distribution
Dividend
to
shareholders
on
at
452,585.41
24,110,480.59
July 1,1936—
the
rate
of
Des
of
Credit
Foncier,
Credit National,
Depots who are all appointed by the
and the two
Credit Agricole,
and
tate the same as the
The Conseil D'etat and Conseil
vice-governors.
Of eight
other members
is appointed by the Ministry of Agriculture,
one
labor, cooperative artisans and employes bankers associations.
However, permanent active control will devolve to the executive com¬
mittee, comprising the Governor, the vice-governors and eight councillors,
of whom four will be
7,500,000.00
Participation
of
7,500,000.00
493,594.98
depositors
long-term
representing the above-named associations.
bill
The
authority to
grants
Total
2.
government
in
agreement
with the
The
works, wheat and other bills embraced in the government's program and
of the reorganization of the French credit structure
market policy as part
scheduled for this Fall.
The
same
account also had the
the bill:
In
final
the
debate
opportunity again to
adherence
Finance
under
the
7,993,594.98
1,351,248.14
33,697,958.40
1,333,726.81
32,836,667.86
.35,049,206.54
34,170,394.67
.661,467,708.42
656,243.047 59
Sundry items.
the government not only took
financing methods
declared
Auriol
that
for the Treasury when
has been able to repay
he
He hopes, he
10,000,000,000 francs.
term from the bank up to
800,-
This is part of the 1,500,000,000
permitting the Treasury to borrow
June law
resort to the credit facilities of the bank.
493,594.98
7,993,594.98
commercial bills sold..
regarding
its opposition to inflation, but gave evidence
express
orthodox
to
Minister
obtained
at short
say
.
Chamber]
[in the
000,000 francs to the Bank of France.
francs
following to
*
further
...
Salaries Adjusted
Governors from
now on
Miscellaneous—
on
a
Minister, it is believed, intends to facilitate financing of public
The Bank of France bill
Guaranty
the
council, to modify by decree the texts regulating discounts and loans.
per
Article 53 (A) of the statutes
1.
Thus
of the government.
stated, to repay the balance soon and to pass the Summer without
6%
per annum
2.
Nationale Economy, Commerce and Colonies, while four will
heads
the
Caisse
governor
of its
Other depositors:
(a)
1.
Five members will be officials of the ministries
of the bank itself will elect.
involving several billions of credit and probably also will initiate an open
account:
Not exceeding three months
Total...
2.
their appointment to
government or to offices which they already hold by government ap¬
pointment, with the single exception of one representative which employes
majority in the council will be left in the hands of direct representatives
Short-term and sight deposits (various currencies)—
(a)
(b)
23 Are Government Appointees
Of 23 active members of the new Council all owe
Finance
Total—,
1.
will continue indefinitely to receive
in past years.
as
representing the farmers and seven by the Ministry of Finance, representing
Reserves—
2.
divorced from those of the shareholders it remains
are
whether the shareholders
seen
Economie Nationale contribute members who also are practical officials.
'
Capital—Paid up
1.
profits between the State and the bank will remain unchanged
Council's interests
be
of
The capital structure
theoretically shareholders' claims will be intact, but since the new
that
so
be
Total
Total assets
will be purely deliberative.
three censors whose powers
the
Total
Council, henceforth
40,000 odd shareholders will receive a vote, but only for the election
.
1
(a)
,
with the Governor and two vice-governors formed the
to
Treasury bills
Whereas in the past 130
the reform is revolutionary.
the 200 largest shareholders elected 15 regents and three censors who
years
and division of
5
17,
describing the objective of the bill, which carries out
long discussed reform of the statutes of the Bank, says:
Rediscountable bills and acceptances—
2.
"Wall Street Journal" of July
the
to
thus
41,388,273.06
1,765,327.16
-
advices
provides that salaries of the Governor and Vice-
will correspond to the substantially
higher salaries
paid the highest officials of the Conseil d'Etat, plus special allowances to
be fixed
by decree and that upon resignation from office, these officials wi 1
be entitled to three years' salary.
Total
Total liabilities
the salary of the Governor had been 60,000 francs per year
Hitherto,
and that of the Vice-Go vernors 30,000
at current
and had never been modified
Unsuccesful Attempt Made to Assassinate King Edward
VIII—Woman Knocks Revolver from Hand of Man
made
The
July 16 to assas¬
The King was
returning from a ceremony in Hyde Park, where he had
presented new colors to the Royal Guards, and was riding
horseback when a man in the crowd lining the street aimed a
revolver at the King.
A woman who witnessed the attempted
attack knocked the gun from the man's hand before a shot
on
sinate King Edward VIII of GreatTBritain.
had
been
fired^ and the would-be assailant
said:
"During the return journey of the Royal procession from the presentation
a
brigade of Guards at Hyde Park,
front of the crowd near the
Wellington Arch
a man
on
pushed his
the roadway between the
immediately
was
arrested
taken
to
Hyde
the
A
new
tenure
of these three bank
of office
or
wholly dependent
Germany
upon
spend the rest of their lives in idleness
Floats
private means, three years salary or charity.
New
Loan
of
700,000,000
Seventh Loan Offered Since
The German
Government announced on July
15 that
Park police station.
No shot
dispatch from Berlin, July 15, by the correspondent of the
New York "Times."
The wireless advices, as contained in
that paper's issue
of July 16, added:
result, says the official announcement,
This is the seventh public loan
is "quite gratifying."
loans, was
near
sprang
Buckingham
at
King Edward VIII during
Palace today,
flourishing
a
a
revolver
apparently making an attempt to assassinate the King.
Bystanders and police pounced
on
the
man
All
placed by the government since January,
Under the National Socialist regime
loaded in four of its five chambers."
middle-aged eccentric
a
government loan of 700,000,000 marks had been "over¬
subscribed" by several million, it was stated in a wireless
new
1935, bringing the total thus raised to more than 3,300,000,000
was
Is
Marks
January, 1935
subscriptions will be met in full.
man was
United Press London advices of July 16 said, in part:
A
($34,700) and 255,000 francs
commercial, or financial enterprises during
after retirement.
It is believed, however, that this
Vice-Goverors would be compelled to
This
fired.
"The revolver
procession
521,000 francs
bill, however, forbids participation by any
provision of the bill will be modified since otherwise retiring Governors or
A revolver fell in
King and the troops following him.
and
way to
Constitutional Hill.
"Exactly what followed has not yet been ascertained.
brought the total to
officers in private industrial,
arrested.
was
Although- the King saw the disturbance when the man was
arrested, he did not evidence any agitation.
An official
statement by Scotland Yard immediately after the incident
of colors to
despite the devaluation of the franc in 1928.
for this, however, the Regents voted allowances each year
($17,000) respectively, and also indemnity or annuity upon retirement.
Aiming at Monarch—No Shot is Fired
An unsuccessful attempt was
To compensate
which
francs (84,000 and $2,000 respectively
These salaries were fixed in the old statutes
exchange parity).
and overpowered him.
of it
royal
and
on
that if
a
foregone conclusion, for
the "success" of this,
as
marks.
of previous
the regime imposed 200,000,000 marks
industry in advance of the public announcement and let it be known
the rest
was
not
subscribed
willingly it would be subscribed by
compulsion.
Nevertheless the present loan
the last previous loan of
is represented as a greater success
than
500,000,000 marks issued in the form of railroad
Volume
bonds. It
Financial
143
secret that banks had to take
was an open
marks of it in order to avert outright
nearly 200,000,000
over
Chronicle
procedure,
that provided
not
failure.
followed
Associated
In
Press
advices
from
Bucharest,
Rumanian
granted credits to
for armament
and
Czechoslovakia had
that
90,000,000-krone loan at 2%
a
loans, it
would
said,
was
starting after 18 months.
Extension
for
United
for building a
,
One Year of
States
American
July 12,
Trade
Purchases
12 Months
$37,000,000
one
as
the
the trade agreement between
year of
Russia
(signed
arrangement by which Russia pledges annual purchases up
to that amount in return for the favorable rates the United
accords
other nations under the reciprocal treaty
excepting those contained in the Cuban agreement.
The signing of the agreement last year was noted in our
issue of July 20, 1935, page 361, at which time it was stated
that the agreement was designed to at least double Soviet
purchases from the United States.
At the same time it was
although the agreement did not specify the amount
goods which would be purchased by Russia,
American
that government had given assurances that it would buy at
least
$30,000,000 worth during the
Secretary Hull's
that "according to informa¬
American
for
products
the
of
than
other
involving commercial
agreements
executive
countries
into under the
entered
thoee
was
it similar to that
has
the
trade
taken
11
in
in
the
the
place
months
two
of
States
United
the
the
under
the
July
of
agreement
ending May
from
the
periods
Soviet
1935,
is
the Soviet
from
indicated
is
by
the
trade issued! monthly by
of
statistics
13,
compared to the value of
1936,
31,
months'
12
the
and
exports to and the imports
preceding
compiled
UNITED
between
Commerce:
STATES
TRADE
WITH
UNION
SOVIET
THE
Exports
For
101%
and) the
imports
in
the 12
f.
31%
of
this
of
expansion
in
greater
months'
respectively,
ending June 30, 1934.
view
'
14,127,659
period ending May 31, 1936, the exports were
47% greater,
In
$18,330,018
14,031,420
12,501,394
16,840,788
only the 11 months'
respectively,
Imports
$33,900,007
11 months to May 31, 1936
12 months to June 30, 1935
12 months to June 30, 1934
than
of
terms
value than they
they
140%
12 months'
the
in
were
were,
and
period
ending June 30,
period
1935,
'
trade under the
present commercial agree¬
ment, the extension of that agreement for another year may be expected to
contribute further to the success of the Administration's efforts to restore
foreign trade
our
The
of
as
a
whole
objectives of this
lation
of
through
of
program
the trade agreements program.
foreign trade
recovery
living
standards,
the
basic
improvement
the
of
the stimu¬
are
agriculture and! industry, the relief of unemployment,
the raising
international
debt
situation, and the facilitation of international price and currency stability.
$655,000
of
6% External Loan Gold Bonds due 1943
Called by Norway for Redemption Aug.
_
15
The
Kingdom of Norway is calling for redemption on
Aug. 15 at a price equivalent to 100% of the principal
amount, $655,000 of 20-year 6% sinking fund external loan
gold bonds due 1943. The National City Bank of New York
is fiscal agent for the loan and the bonds called have been
selected by lot.
,
year.
announcement of this week says
tion received from the Soviet authorities,
of
in
Department
program,
of
negotiation
following figures
the
July
on
reciprocal trade pact negotiated and entered into under the
provisions of the Reciprocal Tariff Act, but rather an
said that
negotiation of these agreements
the
the Trade Agreements Act, but
The value of
same
and
13, 1935)
was announced at Washington on July 11
by Secretary of
State Cordell Hull.
It was pointed out in a dispatch from
Washington, July 11, to the New York "Herald Tribune"
that the Russian agreement, strictly
speaking, is not a
States
gratifying.
of
Ending
During
Reported
and
States
Agreement Between
Russia—Soviet
Products
1936,
The extension for
United
and
in
12 years, with interest
run
+
the
which
the shortest connection between Czechoslovakia and
as
Both
today said
press
Rumania, including 200,000,000 krone at 5% interest
orders
strategic railroad
Rumania.
Union
Union
the
for in
foreign
increase
The
stated:
Reports in
with
followed
authority of that Act.
Rumania,
July 15, appearing in the New York "Times" of July 16, it
was
the
in
relations
Czechoslovakia Reported as Granting Credits to
Rumania
353
therefore,
12
entire
Portions of Two Series of Italian Public Works External
Loan
Soviet purchases
months'
ending July 12, 1936, will amount to not less than $37,000,000."
The renewal of
the
agreement
was
effected
7%
Gold
Bonds
Drawn
for
Redemption—
_$461,000 to Be Paid Sept. 1
period
J. P. Morgan
& Co.,
fiscal agents,
exchange of notes in Moscow between Loy W.
United States Charge d'Affaires, and N. N.
Ivrestinsky, the Assistant Commissar for Foreign Affairs of
notifying holders
Italy external loan
sinking fund 7% secured gold bonds, series A, due March 1,
1937, and series B, due March 1, 1947, issued under contract
dated March 18, 1927, that $296,000 principal amount of
the Soviet Government.
The notes, which were identical,
said, according to Washington advices, July 11, to the New
lot for
through
an
Henderson,
York "Times":
In
accordance
the
honor
has
been
the
to
agreement
of
with
America
the
confirm
regarding
and
the
which
conversations
behalf
on
between the
reached
of
governments of
commercial
Union
of
the
between
Socialist
the
Republics
exchange of notes between the American Ambassador and
missar
for
for
Foreign
another
The
given
United
continue
in
the
in
force
value
Department
of
from
which
However, according
the
was
the
to
annual
average
Soviet
1932 to 1934,
Union
in
reference
of
value
the
thereto
that
three
the
American
preceding
calendar
inclusive.
to information received from
the
Soviet
authorities,
Soviet
purchases of American products for the entire 12 months' period
ending July 12, 1936, will amount to not lees than $37,000,000.
In the 11
months ending May 31, 1936, the value of the American
products exported'
to
the
of
trade issued
In
12
Soviet
Union
was
$33,900,000, according
by the Department of Commerce
connection
months,
that
the
during
with
the
the
next
the present
hope that
Soviet
purchases
accordance
to
ments with
the
to
preliminary
present
with
the
goods
which
goods
has
it
provisions
period' of
products
the
of
months,
12
duties
in
the
stated
it
to
value
of
has
coming
intends
present
another
purchase
rise to the
will
year
to
As
with
is
Belgium,
at
the
Agreements Act,
length
some
the occasion
on
policy
is
to
of
this
extend
the
in
the
of
department's
proclamation
government,
the
to
which
trade
press
expressed
as
agree¬
release
of
made
in
the
under
a
Trade
trade
with one country to all other countries which do not discrimi¬
against American commerce or pursue policies or take actions which
tend
to
The
the
defeat
notes
policy
take
thereof,
exchanged today
of
actions
the
the purpose of
the
in
Soviet
extended
benefit
The
new
the
agreement
concluded
under
to
Government
of
this
in
with
the
given
continue
to
of
purpose
government's
accordance
Soviet
assurances
with
the
with
to
policy
indicate
pursue
of
that
is
generalizing
trade
most-favored-nation principle
of
July
respect
to
tariff
rates
and
13,
year
1935,
and
the
one
do not involve any
were
not
entered
on
1935
on
and Jan.
1,
1936,
each £100 Series B
1, 1936,
The announcement of July 11 also had the
following to
The holders of the Series B bonds, represented by the Council of
Bondholders of London, constituting 24%
have
already approved the plan.
of the total bonds outstanding
on
27% of the remaining bonds
operative.
Beginning with the
will be paid as
coupons maturing
follows: 5%%
July
1, 1936, intest
Per annum on the Series A,
the series B, and 3 Vi % per annum on the Series C.
that
any
coupon
say:
Foreign
This, therefore, makes it necessary to
obtain the approval of the holders of less than
to make the plan
on
C bond.
deduction will be made from the July 1,
on
4%
the
bonds
per annum
It is not anticipated
1936,
nor
any
future
Sinking Fund payments which have been entirely
payments.
are
sus¬
also to be resumed from Jan. 1,1935, on a modified
scale.
There has been remitted to New York the
sum
of
$850,000 representing
the full service of the loan for the calendar year 1935 as provided under the
new
Agreement.
of this
sum
to
The Readjustment Agreement provides for the transfer
the Paying Agent on ratification of the Agreement
by the
Congress of the Republic.
Union
July 1,
issued for the coupon of Jan. 1, 1933,
$31.50 for the two matured coupons, July 1, 1935 and Jan.
policies and
authority of the Trade Agreements Act of June 12, 1934.
it
Union.
Soviet
12s for the two matured coupons,
£3
pended since 1932,
that Act, and that, in view
today to extend that agreement another
concessions
the
and the
harmony with the
agreement concessions
are
the Trade Agreements Act.
1936,
$1,000 Series A bond.
and the scrip
is
agreement
nate
Required—
bond.
will continue
of the trade agreement
concessions
tariff
Holders
$49.50 for the two matured coupons, July 1, 1935 and Jan. 1,
each
each $1,000 Series
foreign countries, except Cuba, entered into under the authority
Agreements Act of June 12, 1934.
described
of
Committee for Republic of
bonds, of which F. J. Lisman is Chairman, is
submitting a plan to the holders of certificates of deposit
for the bonds.
The plan constitutes what is believed to be
the first instance in the foreign bond field providing for cash
payments of matured unpaid coupons in arrears as well as
for the resumption of sinking fund payments
retroactively
for 18 months, said an announcement issued in the matter
on July 11.
The plan, which is based on a Readjustment Agreement
signed with Dr. Rodrigo Samayoa, Minister of Finance of
the Republic and ratified by the El Salvador Congress,
pro¬
vides that following assent by a reasonable percentage of
the depositing bondholders, the following payments will be
promptly made:
also
purchase.
agreement
pursuant
under
of the Trade
April 1, 1935,
Than
El Salvador
least
at
purchased
this government
proclaimed
cease.
Interest—Approval of
Less
by
27%
Republic Remits $850,000
Government
intend
the
to
Government
Soviet
of American
amount
Soviet
American
the
American
organizations
statistics
for
agreement
than its obligations called for gives
more
prolonged for another
extend
that
fact
exceed the minimum
to
of
economic
months
12
The
agreement
its
extension
Soviet Government has informed the
appropriate
$30,000,000.
In
the
the drawn bonds will
The Bondholders Protective
with
assurances
on
Plan of Protective, Committee Offers Holders of El Sal¬
vador Bonds Part of Unpaid
was
the United States in that period American goods,
$30,000,000, which represents an increase of 150% over
exported
which date interest
Plan
to purchase in
$12,000,000
products
gave
by
redemption on Sept. 1, 1936, out of moneys in the
sinking fund. Payment will be made upon presentation and
surrender to the fiscal agents of the drawn bonds, with sub¬
sequent coupons attached, on and after Sept. 1, 1936, after
the
Union,
it intended
the former and $165,000 of the latter have been drawn
1937.
by the State
follows in the "Times" advices:
are
States
recorded
Government, which controls the import and export trade of
undertook in the agreement entered into on July 13,
increase substantially its purchases of American products during
to
years,
have
the People's Com¬
shall
1935,
made
succeeding 12 months and
the
I
Soviet
1935,
to
13,
that is, until July 13,
year,
Soviet
the
July
on
announcement
as
The
the
Affairs
place,
agreement which
respective countries that
our
relations
Soviet
taken
have
government
my
as
of Credit Consortium for Public Works of
holders
into
Plan.
The
in
The Government of the Republic has, however,
funds will be paid to the Paying Agent only after the
majority of the bonds have assented to the Readjustment
The funds have, therefore, been placed in a special deposit account
decided that
New
of
the
a
York
to
be
transferred
to
the
Paying Agent for distribution
to
Financial
354
depositing bondholders on receipt
the
of assents from the holders of a ma¬
jor5 ty of the outstanding bonds.
Readjustment Agreement, the Republic will remit
Under the
the sum
months of
1936, when the agreement has been ratified by the bondholders.
The
agreement further provides for a fixed annual payment of $850,000 by the
of $467,500
representing the service ot the loan for the first six
Republic.
City of Porto Alegre
(Brazil) Remits Funds for Payment
223^% of July 1 Coupons on llA% Gold Bonds,
External Loan of 1925—New York Stock Exchange
July 18, 1936
Chronicle
portionate amount of these items as accurately as may be if not
finally
determined at the date of publication.
Revenue Act of 1936
imposing a surtax on undistributed profits has been passed.
Corporations with securities listed on this Exchange which have entered
into the foregoing agreement are hereby relieved from the necessity of
including an estimate of the surtax on undistributed profits in the publica¬
tion of interim statements.
It is requested, however, that for at least the
next year reports of interim earnings should definitely state that no de¬
the
Since
foregoing agreement was drawn, the
duction is made for such tax.
of
Rules
Ladenburg, Thalmann & Co., as special agent, is notifying
of Porto Alegre, Brazil, 40-year 7M% sinking
gold bonds, external loan of 1925, that funds have been
deposited with them on behalf of the City sufficient to make
a
payment of 22
of the face amount of the coupons
due July 1, 1936 appertaining to these bonds, amounting to
$8.43% for each $37.50 coupon and $4.21
for each $18.75
coupon.
The notice states:
Pursuant to the decree of the Chief of the Provisional
Government of United States of Brazil, such payment, if
fund
accepted by holders, must be accepted in full payment of
the coupons and of claims for interest represented thereby,
the notice states. No present provision has been made for
due Jan. 1, 1932, to Jan. 1, 1934, inclusive.
Rulings on the bonds by the New York Stock Exchange
were announced as follows on July 13 by Robert L. Fisher,
the coupons
existing as of the opeifrhg of
compiled from information secured
by the New York Stock Exchange from its members, was
1,138,358 shares, the Exchange announced on July 16. This
compares with 1,117,059 shares as of May 29, and 840,537
Committee
shares
short
interest
June 30, as
of June 28, 1935.
as
following tabulation is shown the short interest
existing at the opening of the last business day of each
month since the beginning of 1935:
the
In
764,854
741,513
760,678
772,230
768,199
Oct.
May 31
June 28
840,537
Dec.
28
Mar. 29
Apr. 30.
870,813 Jan. 31
998,872 Feb. 28
913,620 Mar. 31
930,219 Apr. 30..
1,032,788 May 29..
927,028 June 30
31
July
31....
Feb.
1936—
1935—
'
1935—
Jan.
on
Aug. 30
—
Sept.30....
31
Nov. 29
31
7A%
settlement
or
July 1, 1936, from City of
Sinking Fund Gold Bonds,
issued
as
follows
bond on July 14, 1936;
continue to be dealt in "Flat" and to be a delivery
transactions made beginning July 14, 1936, must carry
with the exception of the coupons
1, 1934, to July 1, 1936, inclusive.
The
Shares
Report
526,762
9,705
4,413
(common)
Agricultural Chemical Co. (capital)
Crystal Sugar Co. (6% preferred)..
American Woolen Co. (preferred)
Armour & Co. (Delaware) (7% preferred)
American
American
Per Latest
Reported
Adams Express Co.
Shares
Previously
Name
Assumes Control of
544,262
10,505
Change
garian Land Mortgage Institute regarding the assigning
its business to the National Land Mortgage Institute:
of
in accordance with a resolution passed by the
Meeting of our Institute held on June 22, 1936, we
beg to inform you that
of Parliament XIV of the Year 1936 concluded an
force as from June 30, 1936 with the National Land
Mortgage Institute, founded on June 23 out of the merger of the Farmers
National Mortgage Institute and the National Association of Hungarian
Land Mortgage Institutes, whereby we have assigned the business, manage¬
ment and administration of our Institute to the National Land Mortgage
Institute.
Thus, by virtue of this agreement and of the said Act, all assets
of our Institute are taken over by the National Land Mortgage Institute
which assumes the responsibility with all its assets for all our liabilities.
have, by virtue of Act
agreement coming into
Debt
London on Greek
Postponed
Speyer & Co., New York,
International Printing Ink Corp. (common)..
Lehman Corp. (capital)
Lerner Stores Corp.
announced July 16 that it has
Committee (London) through
Wadsworth, the American member, the following
"
"
The Council of
Greek External Debt
4,623
5,800
14,701
5,140
3,800
Remington Rand, Inc. (5% prior preferred)..
14,501
Remington Rand, Inc. ($6 preferred)
26,800
Shell Union Oil Corp.
(5A% preferred)
Standard Oil Co. (Indiana)
(capital)
Sterling Products (inc.) (common)
Tide Water Associated Oil Co. (common)
United States Leather Co. (prior preferred)
27,400
1,183
7,757
23,166
640
Safeway Stores, Inc. (6% preferred
Schulte Retail Stores Corp. (preferred)
;
..
7,759
17,366
64,769
35,030
312,847
13,612
60,956
35,044
310,713
16,212
13,061
13,060
Utilities Power & Light Corp. (class A)
None
4,071
Vulcan Detinning Co.
(7% preferred)
Wheeling Steel Corp. (common)
14,616
14,557
Initial report.
Three
announced July
amendment to the requirements of
under the Securities Exchange Act of 1934 with
The Securities and Exchange Commission
Form
League Loans Committee
been taking place in
suspended to enable
personally with his
Government certain points which have arisen in the course of the discussions.
M. Mantzavinos leaves for Athens tomorrow and a further announcement
(London) announce that the discussions which have
with a Greek delegation are temporarily
of Finance, to discuss
10
adopted
an
respect to financial statements. The amendment extends
from July 1, 1936 to Jan. 1, 1937, the provision which, in
effect, permits certain classes of issuers to file profit and
loss statements for only one year instead of three years.
Rules and
will be made shortly.
Issuers to
Year Instead of
Provision Permitting Certain
File Profit and Loss Data for One
13 that it had
London
M. Mantzavinos, the Minister
None
(common)
Natomas Co. (capital)
.
Service
Foreign Bondholders and the
23,110
607,325
164,403
1,402
7,400
5,000
Ludlum Steel Co. (common)
SEC Extends
announcement:
123
25.110
573,989
164,399
3,402
5,200
Co. (common)
Temporarily
received from the League Loans
Mr. Eliot
523
International Harvester Co. (common)
*
in
11,504
General Motors Corp. (common)
*
82,666
9,113
84,733
Duplan Silk Corp. (common)
Wm. Filene's Sons Co. (preferred)
General Asphalt
27?$!
2,072
Florsheim Shoe Co. (common)
Exchange announced on July 16 that
it has received the following communication from the Hun¬
None
28,828
15,168
38,114
38.109
247,448
Consolidated Oil Corp. (common)
Detroit Edison Co. (capital)
The New York Stock
160
16,600
28,485
15,178
Chllds Co. (common)
Hungarian Land Mortgage Institute—New York
Stock Exchange Notified of Agreement Effecting
Discussions
of re¬
Stock List;
following companies have reported changes in the amount
Bristol-Myers Co. (common)
National Land Mortgage Institute
Extraordinary General
July 16
v
Robert L. Fisher, Secretary.
We
on
acquired stock held as heretofore reported by the Committee on
Securities rules that the bonds be quoted ex-interest
1,1932, and subsequent coupons,
due July
Reacquired by
New York Stock Exchange
The the bonds shall
the Jan.
1,132,817
1,117,059
—.1,138,358
monthly list of companies, listed on the Exchange, re¬
porting changes in the reacquired holdings of their own stock.
$8.43M Per $1,000
in
927,028
1,246,715
1,175,351
its
received that payment of $8.43^ Per $1,000 bond
Guaranteed 40-Year
External Loan of 1925, due 1966:
on
The New York Stock Exchange
Securities
made oh surrender of the coupon due
Alegre,
The Committee on
on
Companies Listed
July 13, 1936.
Notice having been
total
The
business
NEW YORK STOCK EXCHANGE
Porto
Shows
York Stock Exchange
June
Changes in Amount of Their Own Stock
Secretary of the Exchange:
is being
New
on
Increase During
holders of City
.
Interest
Short
Bonds
on
Forms
Adopted by SEC for Registration of
Over-the-Counter
Brokers and Dealers Trading on
York
New
Stock
Exchange
Reports—Estimate
of
Rules
Eases
Surtax
on
on
Interim
Undistributed
July 15, the Committee on
Stock List of the New York Stock Exchange advised pres¬
idents of corporations with securities listed on the Exchange
that they would be excused from the necessity of including
in interim reports an estimate of the surtax on undistributed
profits, imposed by the Revenue Act of 1936. This decision
was reached,
it was pointed out, inasmuch as the Stock
Exchange has an agreement with listed corporations that
they estimate depreciation, depletion, income tases and
interest in publishing statements of earnings for any period
of less than a fiscal year. The letter, sent over the signature
of J. M. B. Hoxey, Executive Assistant, reads:
a
letter sent under date of
NEW YORK
STOCK EXCHANGE
Committee
Among
the
on
Stock List
agreements executed with the
Stock Exchange by most
is one which in its latest
corporations which have securities listed thereon
form reads:
and, in the publication of reports of earnings for any period
of less than a fiscal year, to show net profits in the aggregate with the same
degree of consolidation as in the annual report and earnings per share after
depreciation, depletion, income taxes and interest, estimating the pro¬
.
.
.
Unregistered Traders Advised-of
Legislation—Those Presently
Registered Unaffected
Profits Need Not Be Shown
In
Markets—6,000
Status Under Recent
The Securities and Exchange
Commission
on
July 15
pro¬
mulgated its rules and permanent forms governing applica¬
tions for registration, under the Securities Exchange Act of
1934, of brokers and dealers transacting business on the
over-the-counter markets.
In the main, the forms require
information
concerning the business history of applicants
and persons controlling them similar to that required under
the old rules. The 5,785 brokers and dealers who were pre¬
viously registered need take no further action the Commission
poinced out, since the Act as amended preserves their reg¬
istrations.
On July 15 the SEC also made public a letter
which was sent to more than 5,000 persons in the securities
business, who had not previously registered, to apprise them
of the changes made in the requirements for registration of
brokers and dealers by the recent legislation amending Section
15 of the Securities Exchange.
The text of the legislation
amending the SEC, which provided for the continuance of
unlisted trading on exchanges, was given in
of June 6, pages 3743-3744.
The following is
to the
unregistered traders:
these columns
the letter sent
Financial
Volume 143
As you no doubt are aware
the amendment to Section 15 of the Securities
27,
materially changed the basis of the registration requirements for
Exchange Act of 1934, which was approved by the President on May
1936,
brokers
on
which become
the
Aug. 26, 1936, all brokers or dealers who use the mails or
of interstate
channels
commerce
purchase or sale of any
induce the
to
security, or to effect any transacation in any security except upon a reg¬
securities
istered
exchange,
must
Since
Commission.
with this
register
applications for registration do not take effect until 30 days after they are
filed,
to
you
file
should, in the event that
you are
mission, however, does have power in certain cases to
The
make
the
conclusion that
The
The Com¬
accelerate the effec¬
a
market or to enable another to
and sale of any security,
provisons of the new statute extend to a person who "induces" the
purchase or sale of
They also extend to one who engages solely
security.
a
in selling or solely in buying, while under the former
required only if the broker or dealer
rules registration was
engaged in making a market for
was
both the purchase and sale of securities.
entitled to the exemption
You should, however, consider whether you are
for brokers
or
commercial
notice
intrastate or who deal
dealers whose business is exclusively
in exempted
only
securities
paper,
that this
bankers'
(principally governmentals and
acceptances
municipals)
You will
commercial bills.
or
exemption for brokers
new
dealers whose business is
or
exclusively intrastate also differs from the former exemption for brokers
or
securities the market in
dealers who transacted business exclusively in
which
was
predominantly intrastate.
The test
now
business done by you and not the market for the
The decision
adopted by the SEC for the use by over-thein filing applications for registration are
Forms 3-M, 4-M, 5-M and b-M; the rules include an amend¬
ment to Rules MB1 and MB2 and the adoption of a new
rule to be known as Rule MB3. In making public the new
rules and forms the Commission said:
Form
1-M may no longer
2-M for
a
Where
broker
or
dealer, application should
Registration
However, such
files
is to be formed to take over the business of a
filing and thus
becomes
a
then become effective on the thirtieth day
may
within five
days before that time the successor
Form 5-M adopting as its own the
a
or
admission of
create
a
or
or
new
a
charge be brought against it.
Noting that the Secruities and Exchange Commission at
Washington had charged the firm with violation of the
Securities Exchange Act of 1934 and Securities Act of i933
in transactions in the stock of the Murray Ohio Manufac¬
turing Co., United Press advices from Columbus, Ohio on
July 10 stated that Director Benesch gave Otis & Co. a clean
bill of health in their activities in Ohio, the press advices
adding:
no
Mr. Benesch's formal finding stated, "on the contrary the company did
a
most
"I
of partners
dealers a special Form 4-M has
admission of
one or more
been adopted for the filing of
correcting inaccuracies
longer accurate
within
10
any
been provided
Form 6-M
days after the occurrence of the change except
employees or the manner
need only be reported
the first of the following
March, June, Sept.
Dec.
Until Aug. 1, 1936, however, the old Form
2-M may be used instead of the new Form 6-M.
of registration.
The
would cease on Dec. 31, 1936,
Registration will continue, therefore, subject to any
appropriate order of the Commission under the provisions of Section 15 (b)
established institutions," Mr. Benesch said.
Mr. Benesch's letter to Otis & Co. stated "that careful examination and
records of Otis & Co. of Denver, Colo., which examination and study were
prompted by the action of the Securities and Exchange Commission, dis¬
close
no
violation of the Ohio Securities Act.
"The charge that you
bid up the price of the shares
less of their intrinsic value is
on
the market regard¬
entirely unfounded in the light of the company's
earning statement, nor is there any evidence to substantiate the charge
that your
activities occasioned an artificial rise in the market."
Previous references to the charges appeared in our issue of
page
2247.
Holdings
of Officers, Directors and Stock¬
Compilation By SEC—Sum¬
mary
Shows 21,500 Holdings for Approximately
458,000,000 Shares of Companies Listed on Stock
Security
Presented in
holders
Exchanges
The Securities and Exchange Commission announced
on
July 17 the publication of the "Official Summary of Holdings
of Officers, Directors and Principal
Stockholders," as re¬
ported to the Commission under the requirements of the
Securities Exchange Act of 1934. According to the Commis¬
sion "the Summary constitutes a base-book of the holdings
equity securities in their own corporations reported as of
31, 1935, by officers, directors and principal
stockholders of 1755 corporations having securities registered
on
national securities exchanges."
The volume embraces
December
194
SEC
and
con¬
of
No provision is made for an automatic termination
been repealed.
our
reconstruct
restoration of
study of your records, the records of the Cleveland Stock Exchange and the
and for reporting
supplemental thereto.
old rule which provided that registration
to
a
following is from the Cleveland "Plain Dealer" of
July 11:
supplemental statements
of carrying on business
or
efforts calculated to distrub
both public and private,
The
of law
that certain changes in addresses or the number of
has
fidence in
by
information previously fur¬
on
extremely unfortunate any
as
of every agency,
strengthen, because not otherwise can we bring about
Where the withdrawal
in statements previously filed
no
nished in any application or statement
be filed
partners.
regard
purpose
in partnerships
partner in a registered firm does not as a matter
changes which render
must
hopeful and constructive piece of financing under difficult condi¬
legitimate, commercial and financial operations when it should be the sincere
partnership, it should be reported on Form 6-M.
Form 6-M has
a
that the company had.not violated Ohio laws, and recom¬
mended to State Commerce Director Alfred A. Benesch that
April 4,
'
admission
firm is formed to succeed to a registered broker or dealer
or
Ohio, Edward Carney, in
report into the operations of Otis & Co. of Cleveland found
application for registration filed
*
withdrawal
brokers
as
new
the
the withdrawal
No Evidence to
Finds
Director
Charges of SEC Against Otis & Co.
Cleveland
of
predecessor upon
by the
registration will expire on the forty-fifth day after it
a
facilitate
registered
permit an uninterrupted continuation of business.
effective unless
registered
where
made
be
by its predecessor.
To
for registration of
over-the-counter markets.
be used, but the rules allow the use of Form
brief period.
a successor
Form 3-M.
after
the form for general applications
now
dealers transacting business on the
or
formal hearing.
tions."
dealers
Form 3-M is
Commerce
State Securities Examiner of
The forms
brokers
the institution of formal pro¬
evidence required
the merits must await the outcome of the
on
State
Ohio
is the character of the
securities in which you
transact business.
counter
the
This, and this only, represents the conclusion of the Commissioni
ceedings.
the mails or the channels
market for both the purchase
create a
or
opinion, and was impelled to
The Commission disagreed with Mr. Page's
brokers and dealers
many
not included by the old test of using
of interstate commerce to make or create
But the
Commission, in accordance with its duty, likewise examined the full record.
Substantiate
requirement of registration applies to
were
It wras carefully exam¬
Commission, and discussed with Mr. Page himself.
ined by the
tiveness of an application.
who
_
the motion to dismiss the charges
required to register, endeavor
application with the Commission by July 27, 1936.
an
reported as scheduled for July 7; it was, however,
Washington by the Commission on July 14. In denying
the Commission said:
in
Mr. Page's report was in no sense "disregarded."
You should carefully note that under the new requirements,
effective
been
dealers in the over-the-counter markets.
or
355
Chronicle
be obtained from the Superintendent of
United States Government Printing Office,
Washington, D. C., at thirty-five cents per copy.
The
information embraced therein is described by the Commis¬
may
pages,
Documents,
Adopts New Rule Under Securities Act Requiring
Issuers Filing After Aug. 26 to Submit Periodic
Data
sion
Announcement of the adoption of an addition to its general
>•'
follows:
as
.
holdings of 15,277
Summary shows the
The
rules and regulations under the Securities Act of 1933 was
made by the Securities and Exchange Commission on July 13.
reports, a larger
The
persons
who made
19,959
often contain information on
new
rule—Rule 730—deals with the
requirement
con¬
those
of securities of the same
tained in the recently passed amendment to Section 15 of
Securities Exchange Act of 1934 that every registration
statement filed on or after Aug. 26,1936, under the Securities
Act of 1933 shall contain an undertaking by the issuer to
show no
shares.
Of this total, about
file
persons
reporting.
supplementary and periodic information as prescribed by
the Commission.
The present rule, the Commission said,
provides a uniform undertaking which may be used by such
issuers. The SEC indicated that it has not yet adopted rules
prescribing the nature of the supplementary and periodic in¬
formation to be filed pursuant to this undertaking.
The amendment to Section 15 of the SEC
security positions contained in
shares, to give an
which the reports
Denies Motion of White,
Proceedings
on
Weld & Co. to Dismiss
Basis of Report of Robert G. Page
The Commission of Securities and Exchange on July 14
a motion of counsel for White, Weld & Co. to dismiss
denied
the charges alleging violation of the
contained duplications estimated
were
unduplicated total of about 435,000,000 shares
apply.
or
Only 260 positions in bond issues, with
approxi¬
a
an
aggre¬
more
than
large segment of the corporate wealth of the United States
by companies having securities listed
on
as
national securities
exchanges.
Only approximately 21%
shares were
time
of total direct holdings of
reported by officers and directors who
principal stockholders in their corporation.
officers
were
408,000,000
over
not
at
3,300 shares for directors,
to
combined the functions of
at the same time were
total direct
and 6,400 shares for
officer and director.
persons
or
an
average of about
of the 344 security positions of-this type.
closed
report of this type was
The
as
were
covered by
officers, directors or trustees.
the
463
reports
of security
were
not
The average per security position
about 37,000 shares.
great majority of all reported direct holdings—about 278,700,000
68% of the total, were held by corporate principal stockholders
or
and represent
per
who
principal stockholders in their corporations reported
17,200,000 shares
connected
shares
same
Officers and directors who
holdings of about 26,000,000 shares,
75,000 shares for each
Over
the
The average holding per
2,300 shares for
position was about 3,900 shares, ranging from
positions held by persons who were principal stockholders but
held in¬
at about 25,000,000
Securities Exchange Act
of 1934, on the ground that a report made to the SEC by
Robert G. Page, trial examiner, held that the evidence dis¬
"certain considerations which militated against the
theory that White, Weld were guilty of manipulation."
The report of Mr. Page was referred to in our July 11 issue,
page 203.
The formal hearing into the charges, having to
do with trading in A. 0. Smith Corp. stock, had previously
different
shown, for approximately 458,000,000
408,000,000 shares were owned directly by the
gate principal amount of about $39,000,000, were reported.
The base-book, therefore, shows in detail the ownership of
security
SEC
27,278
of the total number of shares of the 1,755 corporations to
mately 21
represented
issue of June 6, pages 3743-3744.
are
The balance of about 50,000,000 shares
directly, but this figure
one-fifth of
our
there
About 20% of these reports
holdings of equity securities.'
contained
given in
company,
the base-book.
Thus, about 21,500 holdings are
in the bill providing for the continuation of unlisted trading
on National securities
exchanges which was signed by Presi¬
dent Roosevelt on May 27; the text of the measure was
was
of
many
reporting held securities in more than one corporation. As the reports
the reporting person's holdings in more than
class
one
number of reports resulting from the fact that
position.
932 security positions,
an
average of about 300,000 shara-
(A corporate principal stockholder is
a
corporation
10% or more of an equity security of another corporation.)
holing
Financial
356
1,907,000 shares
Of the total reported by this group,
foundations; 3,429,000 shares were reported by
Chronicle
Rate Selling
Buying
Days—
Dealers'
Dealers'
Dealers'
19,222,000 represented the shares of other management
of which
JULY 14, 1936
,
16 banks and insurance
companies and 21,274,000 shares were held by 18 management investment
trusts,
1936
CURRENT MARKET RATES ON PRIME BANKERS' ACCEPTANCES
held by seven
were
July 18,
Buying
Days—
Rate
Rate
Dealers'
Selling Rate
investment trusts.
The
remaining approximately 253,000,000 shares were reported by other
corporations and represented in the majority the holdings of subsidiary
companies by parent holding
These
aggregate, about 14% of the number of shares of these corporations was
corporation or by other corporations, while only about
6X % was owned by officers, directors, or individual principal stockholders.
differences
existed
between
-
different
industries
distribution of total reported direct stockholdings among corporate
in
the
principal
stockholders, individual principal stockholders, and officers and directors
who
were
direct
not
principal stockholders. Against an average of 68% of total
holdings reported by corporate principal stockholders, public utility
holding companies showed over 95 % of reported direct holdings owned by
corporate
principal
with 96, 93 and
Railroads,
stockholders.
investment
management
refining companies likewise showed very high ratios
trusts and mineral oil
stores
90% respectively.
and mail order-houses,
The proportion was low for department
chain stores and industrial machinery com¬
panies, with 39, 20 and 20% respectively.
♦
Reported
Bank—Total of
New York Federal Reserve
$168,700,000 June 30 Compares with $184,300,000
by
May 31
The following
announcement was issued on July 16 by
cpmmercial paper outstanding as of June 30:
Reports received by this Bank from commercial paper dealers show a
total of $168,700,000
This compares
of
open
market
paper
outstanding
on
with $184,300,000 outstanding
Mar. 31
Nov
30
$177,900,000
May 31
184,300,000
Oct.
31
187,700,000
Feb.
28
30
Sept. 30
192,000.000
Jan.
31
Aug. 31
July 31
188.100.000
168.400.000
Dec.
31
81,100,000
Feb.
29
173,700,000
180,200,000
175,600,000
Ian.
31
$71,900,000
84,200,000
84,600,000
1932—
177,721.250
June 30
151,300,000
Nov. 30
109,500,000
May 31
141,500.000
Oct.
Dec.
31
171,500,000
Apr. 30
139,400.000
Sept. 30
Nov
30
178,400,000
Mar. 31
Aug. 31
Oct.
31
July
June 30.
113,200,000
110.100.000
108,100,000
100,400,000
103,300,000
111,100,000
1935—
180,400,000
Feb.
28
132,800,000
117.300,000
Jan.
31
108.400.000
Feb.
28
183,100,000
176,800,000
163,600,000
159,300.000
173.000,000
173.000.000
181,900,000
176,700,000
Jan.
31
170,900.000
Aug
July
—
31
31
May 31
Apr.
30
Mar. 31
1934—
Deo.
31
31
May 31
j 933
166,200,000
31
Decrease of
Deo. 31
108,700,000
Apr. 30
Nov. 30
133,400,000
Mar. 31
81
129,700,000
Feb.
Sept. 30
Aug. 31
July 31
122,900,000
107,400,000
96.900.000
Jan.
June 30
72,700,000
May 31
June 30
60,100,000 i Oct.
64.000,0001
Oct.
Apr. 30
107,800,000
105,606,000
102,818,000
29
31
Ago
Nov. 30--—
173,684,384
210.000.000
31-
Than
Smaller
Recent
in
The volume of
outstanding bankers' acceptances declined
during June to $316,431,732 June 30 from
$330,531,460 on May 30, it is shown in the monthly accept¬
ance survey, which was issued July 14 by the Federal Reserve
Bank of New York for the first time since it assumed the
$14,099,728
of
compiling the data, formerly gathered by the
Council.
The Acceptance Council was
dissolved on July 1.
Continuing the steady decline in the
year-to-year comparison in evidence since October, 1935,
the total for June 30 represented a drop of only $26,854,201
from $343,285,933 June 29 1935.
The figure for May 30 this
year was about $44,000,000 below the corresponding month
of 1935, while at the end of April it was $69,000,000 less;
the year-to-yeai declines for previous months were: March,
$107,000,000; February, $116,000,000; January, $132,000,000; December, $i46,000,000; November, $174,000,000;
October, $199,000,000, and September, $211,000,000.
The following is the report for June 30, 1936 as made
available on July 14 by the "Acceptance Analysis Unit" of
American Acceptance
the New York Reserve Bank:
TOTAL
OF
BANKERS'
ENTIRE
DOLLAR
COUNTRY
BY
ACCEPTANCES
FEDERAL
OUTSTANDING
RESERVE
1.
(Philadelphia)
4.
(Cleveland)
5.
(Richmond)
(Atlanta)
7.
9.
(Chicago)
(St. Louis)
(Minneapolis)
10.
(Kansas City)
11.
(Dallas)
(San Francisco)
8.
12.
Grand total
Decrease for month,
CLASSIFIED
May 30, 1936
$32,370,693
232,668,334
10,895,629
1,540,874
622,449
781,717
16,816,002
434,418
1,825,132
19,501
583,654
17,873,329
(Boston)
(New York)
3.
30, 1936
$33,209,677
244,380,381
10,626,242
1,544,054
527,084
1,446,277
17,203,135
$14,099,728; decrease for
According to the Governors "these excess
the inflow of gold
abroad, and not from the System's policy of encouraging full
recovery through easy money conditions."
The Governors
indicate that "this easy money condition" will be con¬
have resulted almost entirely from
tinued.
Required
June
29, 1935
430,595
1,008,001
749,606
19,406,408
1,349,753
19,694,866
$330,531,460
statement issued by
elected regionally by the
Under the action just
Federal Reserve banks."
announced by the Governors the
requirements for member banks are increased as
reserve
follows:
On demand
At banks in Reserve cities, from 10%
On time deposits at all banks, from
The
$106,780,471
73,991,670
9,381,012
39,548,307
1,564,361
$110,230,217
81,394,275
9,025,878
46,312,819
1,298,584
Exports
Domestic shipments
Dollar exchange
Based on goods
countries
The statement issued July 14
82,269,687
by the Board of Governors
with reference to its action follows:
The Board of Governors of the Federal Reserve
the
reserve
System today increased
requirements for member banks as follows;
on
demand deposits
cities, from 13% to 19M%; at baaiks in reserve
at banks in central reserve
cities, from 10% to 15%; and at "country" banks, from 7% to
on
time deposits at all banks, from
3% to 4X%.
10X%
These increases, which
50% of present reserve requirements, will become effective after
amount to
the close of business
on
Aug. 15, 1936.
Action Viewed as Eliminating "Injurious
This action eliminates as
excess reserves,
a
Credit Expansion"
basis of possible injurious credit expansion a
amounting at present to approximately $3,000,-
000,000 and expected to increase to nearly three and a half billions by the
time this action takes effect.
These excess reserves have resulted almost
entirely from the inflow of gold from abroad and not from the System's
policy of encouraging full recovery through the creation and maintenance of
easy-money conditions.
This easy money policy remains unchanged and
will be continued.
The part of the excess reserves thus
or
eliminated is superfluous for all present
prospective needs of commerce, industry, and agriculture and can be
absorbed at this time without affecting money rates and without restrictive
influence upon member banks,
practically all of which now have far more
than sufficient reserves and balances
Within Scope of
with other banks to meet the increases.
Control of Open Market Committee
June
29, 1935
$101,961,774
93,761,670
9,147,270
47,652,598
1,581,360
89,181,261
time in the System's history prior to
large inflow of gold, is brought within the scope of control by the
Federal Open Market Committee
sentatives elected
which,
as
constituted by the Banking Act
of the Board of Governors and five repre¬
regionally by the Federal Reserve banks.
Will Leave Excess Reserves at $1,900,000,000
Excessive
reserves are
the funds held by member banks on deposit with
the Federal Reserve banks in excess
85,165,911
„
further encouragement to sound business recovery and con¬
fidence in the long-term investment market on the other
hand."
which will still be larger than at any
stored in or shipped
between foreign
•
action of the Governors follows repeated
warnings by the Federal Advisory Council against credit
inflation through the accumulation of excess bank reserves by
member banks, and the Council's recommendations of last
December, in which it advocated an increase in reserve
requirements as a means of reducing excess reserves, were
referred to in these columns Dec. 7, page 3621.
Further,
similar recommendations by the Advisory Council were
noted in our issue of Feb. 15, page 1045; Feb. 29, page
1378 and March 7, page 1557. Figures showing the percentage
of excess reserves above the requirements of member banks
were given in the May issue of the Federal Reserve "Bul¬
letin" extracts from which were quoted in our May 23 issue,
page 3433.
As to the course adopted this week, the Gover¬
nors of the
Reserve System state that their decision was
developed "as a measure of prevention on the one hand and of
of 1935, consists of the members
Domestic warehouse credits
to 15%.
3% to 4X%-
present
the recent
Imports
13% to
Furthermore, by this action the remaining volume of excess reserves,
$26,854,201.
ACCORDING TO NATURE OF CREDIT
May 30, 1936
banks in central Reserve cities, from
deposits at
19K%.
$343,285,933
June 30, 1936
member banks under the
of
reserves
from
FOR
$28,895,325
259,125,322
12,949,023
1,805,218
194,478
1,789,092
16,792,785
366,074
323,997
year,
part of the excess reserves amounting
takes effect."
DISTRICTS
$316,431,732
2.
6.
June
a
present to approximately $3,000,000,000, and expected
to increase to nearly $3,500,000,000 by the time this action
at
part of the
Federal Reserve District
Governors stated
possible injurious
At country banks, from 7% to 10M %.
Months
function
In making known this move, the
that their action "eliminates as a basis of
107,902,000
$14,099,728 in Outstanding Bankers'Accept-
Year
System
Reserve
Credit Expansion" by
Aug. 15.
117,714,784
31
During June—Figure June 30 Reported by
New York Federal Reserve Bank at $316,431,732—for
Federal
Board of Governors of the Federal Reserve System, effective
1931—
Dec.
ances
Decline
of
"Injurious
$2,900,000,000 to $4,350,000,000."
This, says the
the Governors, "will leave excess reserves
of approximately $1,900,000,000."
The Governors explain
that "the remaining volume of excess reserves, which will
still be larger than at any time in the System's history prior
to the recent,large inflow of gold, is brought within the scope
of control by the Federal Open Market Committee, which as
constituted by the Banking Act of 1935 consists of the mem¬
bers of the Board of Governors and five representatives
$168,700,000
Sept. 30-
S16
May 31,
on
1933
1934
1936—
Mar. 31
S16
X
120
Governors' action "will be increased by $1,450,000,000 or
by the Bank on Oct. 31, 1931:
Apr.
X
180
June 30, 1936.
1936 and with $159,300,000 on June 30, 1935.
Below we
furnish a record of the figures since they were first reported
June 30
,
Act to Check
Increasing Re¬
serve
Requirements of Member Banks 50%, Effec¬
tive Aug. 15—Action Eliminates Part of Present
Ekcess Reserves of $3,000,000,000 and Brings Re¬
maining Volume of $1,900,000,000 Within Scope
of Control by Federal Open Market Committee
An increase in the reserve requirements of member banks
of the Federal Reserve System, amounting to 50% of present
reserve requirements,
was announced on July 14 by the
Governors
reserves
the Federal Reserve Bank of New York showing the total
value of
316
150
X
316
credit expansion,
Commercial Paper Outstanding as
of
Value
X
X
X
316
316
90
a
owned by another
Considerable
60
companies.
certain extent, indicate the degree of inter-corporate
ownership existing among the 1,755 corporations. They show that on the
figures, to
30
reserve
of the amounts required by law.
Total
deposits of member banks at the present time are $5,900,000,000.
Volume
Financial
143
In his announcement of
required reserves and $3,000,000,000, excess
of which
$2,900,000,000
reserves.
According to present indications it is estimated that total reserves
are
likely to increase by as much as $400,000,000 before the increase in
are
requirements goes into effect
reserve
at that time to
of reserves
total
present action required reserves
By the
approximately $6,300,000,000.
will be increased by $1,450,000,000, or
When the investments
sound capital
Therefore,
even
after the increase in reserve
excess
of approximately
reserves
the recent large gold
$3,000,000,000,
increase to a new peak of nearly three and a
are
increase in reserve
veterans' service bonds, j
Board's action, if permitted to become the basis of a tenfold or even larger
expansion of bank credit, would create
for this
injurious credit expansion.
an
that the Board decided to lock up this part
reason
volume of member bank
reserves
as
The present is
While there is
an
now
excessive credit expansion, since the excess reserves
no
later action when
expanded their loans and investments
might involve the risk of bringing about
some
member banks may have
the Chase National Bank, $50,000,000;
sold to the RFC are
$50,000,-
the National City Bank,
000, and the Manufacturers Trust Company,
did
Among the
governmental aid.
they actually required the
$25,000,000.
Recapitulation of Activities
A recapitulation of the activities
with preferred
including loans secured
of the RFC in connection
by preferred stock, follows;
Authorized:
$859,507,839
Preferred stocks
Capital notes and debentures
435,357,780
—
and utilized their excess reserves
a severe
It is far better to sterilize
liquidation and of starting a
a
part of these superfluous
while they are still unused than to permit a credit structure to
reserves
larger institutions assumed leadership, although some of them
feel that
larger banks which have retired securities which they
stock, capital notes and debentures of the banks,
the other hand.
opportune time for the adoption of such a measure.
have not been utilized,
deflationary cycle.
on
debentures to the RFC to build up capital structure, many
of the present
hand and of further encouragement to sound business recovery and confi¬
dence in the long-term investment market
or
of prevention on the one
measure
a
It is
preferred stock,
During the campaign to induce the weaker banks to sell
not
which will be absorbed by the
excess reserves,
and divi¬
Washington advices, July 6, to the New York "Times"
July 7, it was stated:
of the
of existing
State
8%.
in number of banks are paying their interest
In
of
capital notes
The portion
66%, in non-menber
been
has
increase
an
33%.
dends currently, and 92% in amount.
which at the present time is exceptionally high owing to
ments in connection with the cashing of
$2,360,288,166,
sound value of
a
National banks
in
per cent
requirements becomes effective because of an expected
reduction in Treasury balances and a decrease in money in circulation,
the large disburse¬
6,068 banks had an aggregate
of these banks show that this
examinations
last
last investment of $584,061,615, of
increase
The
Ninety
likely to
half billions by the time the
our
July 6 Mr. Jones said:
made these
banks 63%, and in member State banks
imports.
Present
The
locally owned capital has
since
requirements has gone into effect, member banks will still have a larger
volume of excess reserves than at any time prior to
were
(including guaranties), subordinate to RFC investments, of
$1,776,226,571.
This will leave excess reserves of
fron $2,900,000,000 to $4,350,000,000.
approximately $1,900,000,000.
15, bringing the estimated
Aug.
on
357
Chronicle
be
.
$1,294,865,619
'
Canceled:
„„„
78,338,885
Preferred stock
Capital notes and debentures
32,014,500
- —
erected upon them and then to withdraw the foundation of the structure.
$110,353,385
Thorough surveys made by the Board show that the reserves are so well
distributed that practically all member banks are in a position to meet
increased requirements
Reserve banks
or
the
either by utilizing their excess balances with the
by drawing upon their
Disbursed:
'
Preferred stock
Capital notes and debentures
340,562,300
--
—
—
balances with correspondent
excess
$1,066,016,003
banks.
Not
In the
increase
a
Reversal
Retired:
of Easy Money Policy
in
requirements
that this action will not affect easy money conditions now prevailing.
not
constitute
pursued by the System since the beginning of the depression.
adjustment
to
changed
a
It
of the easy money policy which has been
reversal
a
reserve
situation
$190,6?I'qok
—
Capital notes and debentures
118,412,825
-
banks will still have
into effect member
goes
.
Preferred stock
light of recent experience and in view of the fact that after the
approximately $1,900,000,000 of excess reserves, the Board is convinced
does
$725,453,703
—
brought
$309,100,436
Outstanding:
Preferred stock
$534,766,091
—
Capital notes and debentures
222,149,475
— - —
Rather it is an
about
through
$756,915,566
the
extraordinary inflow of gold from abroad.
Liquidation
No Diminution in Volume of Funds for Investment
The
prevailing
level
of long-time interest
rates,
which
has
been
of
an
Announcement
important factor in the revival of the capital market, has been due prin¬
Banks
16 Receiverships of National
Completed During June
was
made
on
July 7 by William Prentiss
cipally to the large accumulations of idle funds in the hands of individual
Jr., Acting Comptroller of the Currency, of the completion
and institutional investors.
the liquidation of 16 receiverships of National banks
during June, 1936, making a total of 405 receiverships finally
closed or restored to solvency since the so-called banking
holiday of March, 1933.
Total disbursements, including
offsets allowed, to depositors and other creditors of these
405 institutions, exclusive of the 42 receiverships restored
to solvency, aggregated $112,064,736, or an average return
of 74.36% of total liabilities, while unsecured depositors
received dividends amounting to an average of 58.94%
of their claims, Mr. Prentiss said, adding:
of the demand.
The supply of investment funds is in excess
The increase in reserve requirements of member banks wil
not diminish the volume of
deposits held by these banks for their customers
and will, therefore, not diminish the volume
The maintenance of
ment.
an
of funds available for invest¬
adequate supply of funds at favorable rates
for capital purposes, including mortgages, is an important factor in bringing
about and sustaining a lasting recovery.
The reduction of
excess
reserves
to an estimated level of
$1,900,000,000 brings them within the
open-market portfolio which
scope
approximately
of control through the System's
consists of $2,430,000,000 of United States
Government securities. Frequent changes in reserve requirements of member
banks should be avoided because they affect all banks regardless of
reserve
At this time
position.
reserves are
widely distributed.
through gold imports
occur
in reserve requriements is
For
an
or
increase
can
Unless large additional increases in
otherwise,
no
their
be made equitably because
reserves
occasion for further adjustments
likely to arise in the near future.
to
changes in the credit situation the Reserve System should continue to rely
on
the traditional
methods of credit control through discount policy and
particularly through open-market operations.
reserves
By the present action excess
will be reduced to within the amount that could be absorbed through
open-market operations, should such action become desirable.
should conditions
Dividend
National
Conversely,
to
during June,
the
creditors
of
1936, by all receivers
active
all
of insolvent
receiverships
aggregated
$5,019,543.
the
payments
to
the
creditors of all active receiverships since
banking holiday of March,
1933, aggregated $730,763,345.
banks whose receiverships
The following are the National
were terminated during June:
INSOLVENT
NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH
OF JUNE, 1936
develop requiring expansion of reserves, they could be
increased through open-market
Per Cent
Per Cent
Disburse¬
Total
Dividends
ments Incl.
Returns
Paid
Total
operations.
The Board of Governors believes that the action taken at this time will
give
payments
banks
Dividend
adjustments of the reserve position of member banks
current
of
Receiverships
for the continued encouragement of full recovery.
Date of
Failure
The following table gives estimates as of Aug. 15 of the
of member banks by classes before and after the
increase in reserve requirements.
reserves
ESTIMATED RESERVE POSITION OF MEMBER BANKS ON AUG. 15, 1936
(In Millions of Dollars)
Before Increase
Total
■
in Requirements
After Increase
in Requirements
Reserves
'
Required
Central Reserve city banks
Reserve city banks
Required
Excess
Reserves
Reserves
Reserves
1,500
1,250
2,250
1,400
750
950
450
650
700
400
3,000
2,200
1,100
-
1,500
6,300
"Country" banks
All member banks
Excess
Reserves
2,900
3,400
4,350
800
1,950
First National Bank,
Pomeroy, Iowa May
Fla_. May
Bank,
First National Bank, Sebrlng,
Bozeman
Waters
Receiver
to All
Unsecured
Creditors
Claimants
$104,799
284,824
63.58
51.9
62.66
30.7
60,503
145,700
240,435
304,466
243,227
78,581
443,807
126.938
37,600
61,127
24,066
441,786
187,856
127.939
89.33
National
Poseyvllle, Ind.x
First National Bank, Lehigh, IowaFirst Nat. Bank, Rock Rapids, Iowa
First National Bank, Glasgow, Ky,
First Nat. Bank, Macedon, N. Y—
First Nat. Bank, Bancroft, Ida
First Nat. Bank, New Windsor, Md.
First Nat. Bank, Warren, Ind
First Nat. Bank, Rock Lake, N.Dak
First Nat. Bank, Pollock, S. DakFirst National Bank, Dillwyn, Va.x
First Nat. Bank, Newport, Tenn—
First Nat. Bank. Greene, N. Y_x—
Granville Nat. Bk., Granville, N.Y.r
x
5, 1931
4, 1929
Offsets
Allowed
assurance
Feb.
13, 1933
Aug. 17, 1931
Dec.
20, 1930
Apr. 15, 1932
Apr.
10, 1931
Aug. 20, 1931
Oct.
19, 1931
Dec.
7, 1928
Dec.
8, 1933
Oct.
13,
Nov. 21,
Dec.
4,
Oct. 20,
Nov. 21,
1931
1932
1930
1934
1932
30.6461
59.22
57.64
77.86
69.4
82.58
77.23
74.49
70.07
99.64
111.65
92.89
92.46
62.15
58
64.12
29.5
37.1
8.22
92
92.0129
90.5
88.95
69.1
72.02
15.2114
19.54914
appointed to levy and collect stock assessment covering deficiency in
complete unfinished liquidation.
value of assets sold, or to
Investments
of
Chairman
in
6,068
RFC
Reduced
About
25% by Banks—
Jones
Reports Corporation's Interests
Institutions Lowered from $1,066,016,003
A report as to receiverships of National banks terminated
during May was given in our issue of June 13, page 3944.
+.
~
to
In announcing on July 6 the completion of the retirement
by the First National Bank of Chicago of the $25,000,000
of preferred stock it had sold in Jan. 1934 to the Reconstruc¬
tion Finance Corp., Jesse H. Jones, Chairman, said that the
Corporation's holdings of preferred stock, capital notes and
debentures of 6,068 banks and loans secured by preferred
stock, have been reduced approximately 25% by the banks
from a peak of $1,066,016,003 to $756,915,566.
Exclusive
of the loans, the Corporation during the four years of its
existence had purchased $1,044,937,053 of stocks, notes and
debentures
the
was
in
the
banks.
Reference
to
the retirement
of
preferred stock by the First National Bgjik of Chicago
made in our issue of July 4, page 50.
$101,430,556 Authorized by Export-Import
Banks Since 1934—$41,264,348 Canceled, $30,842,067
Disbursed
and $13,950,159
Repaid—Dissolu¬
tion of Second Bank Completed
Loans
$756,915,566
of
The
Export-Import Banks, organized in 1934, have au¬
it,was announced
on July 9 by Jesse H. Jones, Chairman of the Advisory Com¬
mittee, who is also Chairman of the Resonstruction Finance
Corp.
Of these authorizations, Mr. Jones said, $41,264,348
has lapsed or been canceled, $28,756,000 is awaiting accep¬
tance by the borrowers, $30,842,067 has been disbursed,
and $13,950,159 repaid.
The First Export-Import Bank has assisted in Financing
sales of tobacco to Spain; cotton to Czechslovakia, Germany,
thorized loans aggregating $101,430,556,
Financial Chronicle
358
Latvia, Poland and China; and rail equipment and machinery
to Canada, Costa Rica, Brazil, British India, China and
Mexico. To simplify operations and curtail expenses, the
Second Export-Import Bank, organized to finance the pur¬
chase and minting of silver for Cuba, has been dissolved.
The $2,500,000 preferred stock owned in it by the RFC has
been repaid and the $250,000 common stock originally pro¬
vided by the National Industrial Recovery Act has been
returned to the Treasury of the United States.
Operating expenses of the Banks for the fiscal year ending
June 30, 1936 were $122,000 and for the fiscal year ending
June 30,
July 18, 1936
Oct.r31, 1920. Just before the outbreak
is, on June 30, 1914, the total was
only $3,459,434,174. The following is the full statement:
$5,698,214,612
on
of the World War, that
ggg§gg
C,,
Farm
i
e
I
I
Banks,
Loan Bonds to
I £ CO*
N
5% bonds of its
In the case of the Greensboro
offering
273-day Treasury
of
An issue of simi¬
$50,030,000 will mature on
payable "without interest.
offering
Federal
week
this
announced
Reserve
banks,
the
or
will be
branches
Eastern Standard Time, Monday,
July 20. Tenders, however, will not be received at the
Treasury Department, Washington. Acting Secretary Tay¬
lor also had the following to say in his announcement of
July 16:
thereof,
2
to
up
denominations
tender
tender
be
must
pressed
$1,000,
$100,000,
$10,000,
Tenders
will
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amount
an
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99.125.
CD
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July. 22.
the
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made
on July 16 by
Wayne C. Taylor, Acting Secretary of the
Treasury. The bills will be sold on a discount basis to the
highest bidders. They will'-be dated July 22, 1936, and will
mature on April 21, 1937, and on the maturity date the face
at
CO
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bills to the amount of $50,000,000, or thereabouts, was
Tenders
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Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—To Be Dated July 22, 1936
of
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In the case of the Atlantic Bank the
Bank, the retirement represents all of the remaining outstanding 5% bonds
new
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issues dated Feb. 1, 1925 and Feb. 1, 1926.
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retirement represents all of the remaining outstanding
Announcement
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will be used, in both cases, to
The proceeds of the sale of these bonds
of its issue dated
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Davenport; Nichols, Terry & Dickinson, |nc., Chicago and Ames, Emerich
retire an equal amount of 5% bonds.
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Priester-Quail & Co., Davenport, Iowa; Nichols, Terry & Dickinson,
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An announcement in the matter added:
included in the syndicates: Priester-Quail & Co.,
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loo
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Included with Robinson & Co., Inc. in the offering of the Atlantic bonds
In the offering of the Greensboro bonds, the
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Atlantic Joint Stock Land Bank and $460,000 Greensboro
Stock Land Bank of Greensboro, both of Raleigh,
are
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July 15 of Joint Stock Land
syndicates headed by Robinson & Co., Inc.,
Chicago.
In both cases the issues were five-year 3% Farm
Loan bonds due Aug. 1, 1941 and were priced at par and
interest, to yield 3%.
The issues comprised $1,070,000
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1937 will be approximately $50,000.
Atlantic
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be accepted
without cash deposit from (incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment
of
Tenders
securities.
others
from
accompanied by
are
bank
trust
or
guaranty of payment
express
an
all
tenders
to
up
received
the closing
the
the
leSs than
reject
to
the
final.
any
amount
Those
follow
all
at the Federal
on
July
22,
The Treasury bills will
gain from the sale
taxation,
except
to
Treasury
Decision
Treasury bills
tax.)
as
tenders
parts
or
Treasury
its
of
4550,
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Revised figures.
a
Does not Include gold other
the
acceptance
or
Reserve
banks in cash
other
or
immediately
and
and
inheritance taxes.
ruling
loss
from
allowed
as
that
the
a
sale
or
deduction,
other
or
is
invited
not
exempt
(Attention
Treasury bills
are
any
from
disposition
of
the
otherwise recognized,
imposed by the United States
Circular
total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold,
c
standard silver dollars, and silver bullion, respectively.
This total includes credits with the Treasurer of the United States payable In
gold certificates In (1) the Gold Certificate Fund-Board of Governors, Federal
Reserve System, in the amount of $5,008,578,912, and (2) the redemption fund for
Federal Reserve notes In the amount of $13,059,878.
d Includes
Includes
$1,800,000,000 Exchange Stabilization Fund,
$60,800,000 lawful money deposited
418,
prescribe the terms of the Treasury bills and
as
amended,
govern
and
this
notice
the conditions of their
issue.
as a reserve for Postal
Savings
deposits.
f The amount of
gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.
g Includes money
No.
than that held by the Treasury,
b These amounts are not Included In the
e
possessions.
Department
>.
©
W
a
"3
%
such respect shall
tenders,
any
1936.
for the purposes of any tax now or hereafter
of
a
3*
possible thereafter, probably
be exempt, as to principal and interest,
estate
shall be
§1
and. public announcement
opened
soon
«
§1
a s
o
a
branches
or
other disposition thereof will also be exempt,
or
all
any
o
incorporated
Payment at the price offered for Treasury bills allotted
made
funds
gift
as
banks
Reserve
applied for, and his action in
availabl
the
an
The Secretary of the Treasury expressly reserves
or
must be
from
by
submitting tenders will be advised of
rejection thereof.
or
deposit
a
for receipts of tenders on July 20,
Federal
will be
hour
following morning.
right
the
at
the acceptable prices will
on
be
by
accompanied
company.
Immediately after the closing hour
1936,
thereof
of
be
must
10% of the face amount of Treasury bills applied for, unless the tenders
held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
h The money
in circulation Includes any paper currency held outside the
con¬
tinental limits of the United States.
Note—There Is maintained in the Treasury—(1) as a reserve for United States
of 1890—$166,039,431 in gold bullion; (ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
notes and Treasury notes
Stock of Money in the
The
Country
Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States
Treasury and by
Federal Reserve banks and agents.
The figures this time
are for May 31,
1936 and show that the money in circu¬
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$5,952,598,759, as against $5,885,516,595 on April 30, 1936
and $5,539,536,286 on May 31, 1935, find comparing with
notes are being canceled and retired on receipt); (ill) as security for outstanding
silver certificates—silver In bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (iv)
as
security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
Buch gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve
notes are secured by
the deposit with Federal Reserve agents of a like amount of
or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until Maroh 3, 1937, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, Including the redemption fund
gold certificates
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve bank notes and National batik notes
are In process
of retirement.
Volume
Financial
143
$1,048,000 of 5% Bonds of Virginia-Carolina Joint Stock
Land
Bank Called for
Redemption—Announce¬
ment Made of Offering of $550,000 of 3lA% Securi¬
ties of Institution
Virginia-Carolina Joint Stock Land Bank of Norfolk,
total of $1,048,000
principal amount of 5% coupon and registered bonds due
Aug. 1, 1954, Feb. 1, 1955, Aug. 1, 1955, and Feb. 1, 1956.
The bonds are redeemable at par upon presentation at the
National City Bank of New York, on or after the redemption
date Aug. 1,1936. Simultaneoulsy with this announcement,
Webster, Kennedy & Co., Inc.,'New York announced the
offering of $550,000 of 3^% bonds of the institution, due
Aug. 1, 1941 optional 1938, at a price to yield 2.97%. It
The
Va. announced July 16 the calling of a
also stated:
was
The bank is
359
Chronicle
bills, dated July 15, 1936 and maturing April 14, 1937, it was
announced on July 13 by Acting Secretary of the Treasury
Taylor.
Of this amount, Mr. Taylor said, $50,052,000 was
accepted.
The tenders to the offering, which was referred
to in our issue of July 11, page 200, were received at the
Federal Reserve banks and the branches thereof up to 2 p. m.,
In his announcement, the
Eastern Standard Time, July 13.
Acting Secretary said:
accepted bids ranged in price from 99.955,
The
about 0.059% per annum, to 99.939,
the latter
price
was
accepted.
equivalent to a rate of
0.080%
for at
price of Treasury bills to be
equivalent to a rate of about
Only part of the amount bid
bank discount basis.
per annum, on a
The average
issued is 99.946 and the average rate is about
0.071%
bank discount basis.
annum on a
per
.
The average rate
of 0.071% compares with rates on pre¬
273-day bills of 0.067% (bills dated July 8),
0.191 % (bills dated July 1), and 0.240% (bills dated June 24).
vious issues of
retiring $222,660 of other bonds, making, with the redemption
total retirements of. $1,270,660, With the
of the issues above referred to,
offering of $550,000 3M's and
a
$300,000 obligation held by the Reconstruc¬
tion Finance Corporation, the bank is making a
tions
net reduction in its
obliga¬
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,285,042.79 Fine Ounces During Week Ended July 10
Receipts
$137,614 of Hoarded Gold Received During Week Ended
July 8—$6,064 Coin and $131,550 Certificates
Announcement
made
by the Treasury Department
on July 13 of the
receipt of $137,614.12 of gold coin and
certificates by the Federal Reserve banks and the Treas¬
urer's office during the week ended July 8 under the order
of Dec. 28, 1933, requiring all gold to be returned to the
Treasury.
The Treasury revealed that $6,064.12 of this
amount was gold coin and $131,550 gold certificates.
Total
receipts since the order was issued, and up to July 8, it was
made known, amounted to $143,679,157.96.
The following
is from the Treasury's announcement of July 13:
was
of
Offices
outstanding of $420,660.
GOLD RECEIVED BY FEDERAL RESERVE
BANKS AND
THE
TREASURER'S OFFICE
(Under Secretary's Order of Dec. 28, 1933)
A
1,285,042.79 fine ounces of silver, it was an¬
total of
nounced by the Treasury on
July 13, was turned over by
Treasury Department to the various mints and assay
offices during the week ended July 10 in accordance with the
President's proclamation of Dec. 21, 1933.
The proclama¬
tion, which was given in out issue of Dec. 31, 1933, page
4441, authorized the Treasury to absorb at least 24,421,410
fine ounces of newly-mined silver annually.
Total receipts
since the issuance of the proclamation, and up to July 10,
were in amount of 90,935,900.14 fine ounces, according to
the Treasury, which made known that the figure included
a minus adjustment of 217,636.57 fine ounces from the figure
reported for July 3 of 89,868,493.92 fine ounces.
The re¬
ceipts for the week ended July 3 were given in these columns
of July 11, page 200.
The Treasury made available the
following data on July 13:
the
Gold Certificates
Gold Coin
from
RECEIPTS OF SILVER BY
THE MINTS AND ASSAY
(Under Executive Proclamation of Dec. 21,
Received by Federal Reserve banks:
Week ended July 8
$126,350.00
109,175,200.00
$6,064.12
31,623,567.84
Received previously
Week Ended July
OFFICES
1933) as Amended
10, 1936—
Philadelphia
----
Total to
July 8
$31,629,631.96
$109,301,550.00
Denver
r
-
Fine Ounces
562,250.13
705,217.64
17,575.02
San Francisco
Received by Treasurer's office:
Week ended July 8.
$268",256"00
Total
to
$268,256.00
July 8
Note—Gold bars
$5,200.00
2,474,520.00
$2,479,720.00
"
Received previously
1,285,042.79
.->*90,935,900.14
1936
July 10, 1936
Total for week ended July 10,
Total receipts through
*
217,636.57 adjustment.
Minus
deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
of
gold coin by the Federal Reserve banks during the week
ended July 1 were given as $8,194.38 and the total receipts
July 1 as $31,623,566.84; whereas the figures should have
been $8,195.38 and $31,623,567.84, respectively.
States Under Nationali¬
Transferred to United
Silver
Previous reference to the receipts of hoarded gold was made
in our issue of July 11, page 200.
In that item the receipts
During Week Ended July 10 Totaled
zation Order
773.62 Fine Ounces
Under the Executive Order of Aug. 9, 1934,
metal
providing for
silver, 773.62 fine ounces of the
transferred to the United States during the week
of
nationalization
the
were
July 10, the Treasury announced July 13. Since the
given in our issue of Aug. 11,
1934, page 858) 112,958,943.88 fine ounces of the metal
have been transferred to the United States Government.
In the Treasury Department's announcement for the
week ended July 3, given in our July 11 issue, page 200, it
was stated that since the issuance of the order of Aug. 9,
1934, 112,972,966.29 ounces of the metal had been trans¬
ferred to the Government up to July 3.
In reporting the
latest figure the Treasury Department indicates that the
difference results from a minus adjustment of 14,796.03
ended
issuance of the order (which was
Gold
Receipts by Mints and Assay Offices During Week
Ended July 10—Imports Totaled $6,804,114
During the week ended July 10 a total of $11,026,625.60
gold was received by the various mints and assay offices.
Of
this
amount, the Treasury Department
announced
July 13, $6,804,114.21 was imported gold, $429,346.38
According to
secondary and $3,793,165.01 new domestic.
the Treasury, the gold was received by the various mints
and assay offices during the week ended July 10 as follows:
of
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES
fine
ounces.
The Treasury
Imports
Secondary
New Domestic
on
SILVER TRANSFERRED
Philadelphia
$15,216.88 $101,545.26
New York
■
$747.42
6,704,700.00
31,647.57
52,483.24
43,300.00
2,488,642.71
547,807.00
21.435.62
327.43
12,959.99
Denver
227,600.00
43,675.59
22,129.92
66.52
San Francisco
712,340.45
New Orleans
Seattle
tabulation
Department issued the following
July 13:
TO UNITED STATES
(Under Executive Proclamation of Aug.
9, 1934)
Fine Ounces
Week Ended July 10, 1936—
Philadelphia
New York
—
—
-
-
—
—
62.00
636.75
74.87
San Francisco
Denver.
-----
-
New Orleans.
Total for week ended July 10,
1936
$6,804,114.21 $429,346.38 $3,793,165.01
Seattle
-
Total for week ended July
Treasury Purchases of Government Securities Totaled
$30,465,400 During June
Net
market
purchases of Government securities for
Treasury investment accounts for the calendar month of
June amounted to $30,465,400, Acting Secretary of the
Treasury Taylor announced July 14. During May, as noted
in these columns of June 20, page 4101, the Treasury pur¬
chased $15,794,000 of the securities.
The following tabulation shows the Treasury's transactions
in Government securities by months since the beginning of
1935:
*
Minus
1935—
January
February
March
April
May
June...
—
$5,420,800 purchased November
1,300,000 purchased December..
1936—
41,049,000 purchased
January
21,990,000 sold
23,326,525 purchased February
8,765,500 purchased March
July
33,426,000 purchased
April
August.
35,439,100 purchased
60,085,000 purchased
17,385,000 purchased
June
September
October
May
$18,419,000 sold
5,275,200 purchased
total of
Principal Speaker at Dedication
City's Triborough Bridge—Declares
of
Government Are
Constantly Ex¬
York
Functions
panding—Other Speakers Are Governor Lehman,
Mayor La Guardia,
Secretary Ickes, and Com¬
missioner Moses
Government must recognize change
reasonable and
declared
on
and must "give to new
President Roosevelt
constant help,"
July 11 in an address dedicating the
Triborough
Bridge in New York City, a $44,000,000 project which was
constructed with the aid of the Public Works Administra¬
tion.
19,025,000 purchased
15,794,000 purchased
30,465,400 purchased
terior
$167,814,000 in tenders were received to the
offering of $50,000,000, or thereabouts, of 273-day Treasury
New
of
18,546,850 purchased
4,500,600 purchased
32,702,150 purchased
$167,814,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated July 15—$50,052,000
Accepted at Average Rate of About 0.71%
,..*112,958,943.88
through July 10, 1936
14,796.03 adjustment.
President Roosevelt Is
needs
1935—
A
Total receipts
773.62
10, 1936
Other
the bridge
speakers
at
the ceremonies formally
opening
included Mayor LaGuardia, Secretary of the In¬
Ickes,
Governor Lehman
of New York, and Robert
Secretary and Chief Executive Officer of the Tri¬
borough Bridge Authority.
The bridge connects the bor¬
oughs of Manhattan, Queens and the Bronx.
President Roosevelt pointed out that the bridge possesses
an inter-State
as well as an inter-city value.
In part, he
Moses,
also
said:
Most of
constant
us
help.
are
willing to recognize change and to give it reasonable and
Financial
360
Government
State
change and
itself
soil,
ferries,
ancient
and
that of
or
schools
Government
.
demanding
are
up-to-date
the place
in
of
than
formerly
of
"because
who
you
Queens
years
ago
cultivated
were
my
the
more
older
land.
was
tion
had
built
needed
Some
it,
human
for
great structure
a
and
ingenuity
and
who
us
charged
are
going
to change
with
the
by
labels
we
of
For
and
needs
as
garbage
In
into
days
who
There
in
are
and
modern
itself
thought
of
us
of
the
of
slum
its
of
days
time
hitherto
knowledge
did
we
dumping
used
for
the
in
not
the
be that of
the
sewage
one
in
crowded
provide
had
to
areas;
nor
to
least
at
unconsciously, live
of
processes
city
a
is
meeting
This
in
its
needs
of
it
of
the
of
sovereign
recognize
Government
the
to
Seth Low in
people
the
is,
1901
in the
days
demanding
are
government,
in
to the
itself
just
they
as
place of
ancient
the
those
New
.
Long
Island,
New
and
living in
York
of
of
up-State
Jersey
all
and
;
the other
matters
on
a0 time
At
its
in
conception
of
New
it will
York,
States
Federal
business
and
of
in
foreign
with
and
buildings
personal
Lehman,
public
the site
strong
given
in
all
of
me
this
I
of
the United
the
you,
workers,
willing hands and clear
Triborough
Bridge,
visualized
its
deep
your
progress
in
States.
skilled
there
in
the
to
years
York
speakers
"Times"
other
of
July
than
unskilled,
would
be
here
12
quoted
Emergency
Administration
Finlev
Mr.
and
Gustavus
there
for
Nation.
the
T.
pointed
formerly
was
York;
Kirby,
from
speeches
Roosevelt,
Commissioner
Treasurer
that
out
the
on
of
site
the
on
in
part,
by
as
Moses,
the
Hopkins
"It
to
of
praised
an
the
Mayor
bridge
Commissioner Moses
and
a
symbol
of
the
the unemployed,
all
the
and
it
itself,
way
determination
will stand
for
years
Triborough
in
the
police
estimated
issued
that
ingenuity
result
Bridge
Back
of
from
project
non-Federal
hectic
the
in
set
all
in
of
summer
the
of
the Public
the
when
1933
in Washington, New York
up
man
the
do.
can
only
gressive Mayor
came
witness
mute
a
what
to
to
the
and
steel
government
the
genius
and
that
can
good
and State and municipality.
of the greatest PWA projects in all the nation, it is
one
in
has helped New
Federal government
the
to
and
been
persuasive
recognition
his
of
of
powers
willingness
York City
and
energetic
your
for his
government, not
Federal
made
by
have
These
possible.
$210,055,170
financing of
all
at
pro¬
to
times
co¬
aggrandizement but
own
represented
loans and
of
way
projects have been financed here at
The
of
is
of
structure
the Federal
of
tribute
a
good of his city, 88 non-Federal PWA projects, including two housing
have
ones,
is
It
It
that the
one
Thanks
operate with the Federal
for the
impressive
an
symbol of the faith
a
America.
partnership between nation
a
finance.
to
than
more
is
in
Although this is
not
is
It
and
Federal
total
a
In
grants.
addition,
99
cost of $38,569,706.
a
following is from the New York
Tribune"
"Herald
July 12:
Postmaster
but
did
velt
not
the
as
General
James
speak, told
pleased
was
the
was
Lehman
bridge.
home.
and
LaGuardia
Mayor
the
was
auspices
and
borough
Third
and
him
on
yester¬
where
him
escort
to
unnamed number
an
guard at the station and at
on
New
York
an
were
held,
one
of
escort
Levy and
36
motor¬
under the
in Manhattan under
Chamber
Uptown
sponsorship of
Along
125th
past
reviewing
Avenues,
flags
a
hung
were
Street,
in
Com¬
of
Queens
the
parade filed
Manhattan
Lexington
the
Committee.
Celebration
the
in
President
of
other in Queens
the
Bridge
marchers
PWA.
m.
provided for him.
was
Preceding the dedication, two parades
joint
inasmuch
the
a.
East 65th Street,
49
called
were
in
by
approved
Station at 9 :32
of uniformed men and
President
platform
the bridge,
of
be
to
official
the
on
day that President Roose¬
dedication
project
Pennsylvania
plainclothes patrolmen
While
cycle police
sat
the
to his home at
A large force
of detectives and
who
earlier in
second
the
at
He went by automobile
the
Farley,
to be present at the
Triborough
Governor
to
A.
reporters
The President arrived
Describing the
11
said in
Tri¬
where
the
between
stand
conceivable
every
Triborough
completed
bridges,
in
with
either
as
a
but there
Brooklyn
chance
a
executing
dignified
from
tower
tension
in
priceless
The
4,000
dedicating the
managed
to
4
separate
of the kind
of the latter being
none
largest
$60,300,000.
that exceed the 4 in¬
course,
long
as
are
Hell
which
Gate,
first
take
Bronx
of
in
Kills
which is
four
and
over-
Harlem
inches
provides
It
of
is
Randalls
two
13,500
Island,
four-lane
of 704 feet
four-lane
George Washington Bridge.
the
exceeded
pounds.
only
.
8 inches
roadways
and
by the 106-foot dis¬
The maximum
Between the tops of the towers
concrete
and the center of the main
viaduct
spans
two
the
is 22,700,000
were
side
for
apart,
tall from
14
the Bronx and Queens.
feet
98
as
The longest of. the Tri¬
divisions, the
approaches,
Little
Manhattan,
the cables
it
has
the
is
of
includes
the largest structure
bridge is 1,380 feet with
5,500 tons of steel
posses¬
cost
a
miles,
bridge.
and
Gate,
anchorages.
cables
each cable
(270 feet 8
of July
The second comprises the connections, which consist of
to
between
19
bridges, of
in two main
viaduct
Hell
highways in
two-wire
of
It i6
to-day,
opened
representing
total
George Washington Bridge.
or
its
crossings,
tance
many
is considered
it
with
The suspension
its
are
being
is
East,
a
is the suspension
spans
general
bridge
water
the
Triborough bridges in length,
the
borough
the
which
in
covering
connecting viaducts.
the world,
dividual
Bridge,
project
structure,
Crossing.'
give
to
PWA
whole
New York "Sun"
bridge the
new
part:
of
for
the exercises
about
quote :
we
second
financed by the Federal government through
stone.
York
Island,
for
near
piers to
span,
the base
the cables
sag
of
138
the
saddle
feet.
About
Queens,
Wards
required for the two towers.
feet
in
length,
Manhattan
and
passing
the
through
Bronx.
Like
the
suspension
roadways.
talk
through the police lines and' get there.
President
Opens the Ceremonies
Roderick
Triborough
and
New
River
people."
were
bridges
sky-highway t
castings)
government's
The great
public works.
the two
to us
suggestion that this structure, on which work had been suspended,
qualifed under the Federal program.
Just 15 days later the President
approved an allotment of some' $44,000,000.
And 24 hours after that,
money was actually available with which to proceed with this magnificent
miles
they were born, we will use it In the
opportunity to become strong in mind and body
Although only 3,000 tickets
their
Administration.
was
efficiently and said:
is
wrork
sion
place to give children
as a
Mr.
the plan
Works
John H.
stadium
"Instead of using this Island for caring for little children who didn't have
because of something that happended before
future
similar
many
Catskill,
the
machinery of recovery was
Committee.
Dr.
Olympic
which
hospital for feeble-minded children, and he said:
a
co¬
co¬
with the
The
were
New
wholehearted
Without that
...
of
at
was
States to be
The
efforts
Mayor LaGuardia, Harry L. Hopkins,
Administrator; Victor Ridder, Works Progress
Relief
Director
LaGuardia
built
the stadium
the
through
governments.
Ickes' speech
Bridge
United
In
at
come.
alongside
From Secretary
Triborough
-
our
follows:
The speakers
only
city
and
development
at
celebration
no
justify
come,
the State and
President
possible
cannot
of our city.
influences
the
cranny.
and
many miles distant, without whose
heads
social
to
Jersey
not possibly have obtained this great additional
Hudson
the
across
merce,
to
of
Long
and
possibly be
New
England,
New
Grand
public
repairs
years to
place
with
and
State
outstanding
event of
an
It will not only link these
Buffalo at
Island, Jones Beach Causeway, the great tunnels under our rivers,
the Saratoga Reservation.
These and numberless other projects, the con¬
struction of which has given employment to countless thousands of people,
will not only be self-supporting, but actually self-liquidating.
They are
projects which will be a real asset to the people of this city and the State.
bridge
the
Because
its
is
recreational and home facilities of
much
mean
made
was
many
takes
school
Reference to plans incident to the dedication of the bridge
in the "Chronicle" of July 11, page 203.
The
Federal
It
of the
appeared
New
wonder of the world,"
for the city.
and the Bronx—but it will bring into
State,
economic
Federal,
of
facility for
of the
grateful to both of you for the cooperation
am
President of
as
have
you
hopes by serving truly the city,
our
bridge
You know
and
kind.
personally
1
May the
with
part
are
programs,
additions
every
work,
the
operation New York could
his
here today.
and
in
LaGuardia,
disposal
the
and^those in the mills and shops
arms,'
was
projects launched
financed
improvements.
sewage
enterprises
grateful to
am
public
of the
construction, of
of
will
Bridge
Triborough
of the entire State.
commercial,
rest
Its
day.
and
Mayor
you,
great array of
interest
I
and
bridges,
and
have
And
municipalities
and
hospital
part of the Nation.
every
you
and
this
tunnels
houses
thousands
of
•
Governor
familiar
other
counties
the
the
It
countries who visit
great human suffering the construction of this bridge
and
of
pleasure.
funds.
You,
with
The
its
neighbors
our
the hundreds
serve
States and
and
undertaken among the very first of the tens of thousands of
by
in
nor
purely local concern.
Nation, State and city, each
has contributed to the gigantic undertaking.
It will serve
all the boroughs of this largest of cities; it will serve the
in
of
Connecticut
of
neither
was
this
of
Pennsylvania.
way,
people
people
Bridge
matter of
a
advertisement
priceless
a
the people
overestimated.
of
The machinery
people of the city
bridges
erosion
Government
complex.
more
antiquated
triborough
a
close its eyes
can
bridges.
of
help.
waters,
People require and
place
demanding
Triborough
own
completion
connection
close
give it
survive,
to
constant
than
and
that
or
if it
pollution
schools
1936.
in
engineering
and
architectural
would be
great boroughs—Manhattan, Queens
that,
ferries.
building
great
importance to
used
factory smoke.
or
entitled
or
daily
must,
any more
and
in
government
of
protest
No
helping
were
consciously
against
States,
to
eyes
essential
LaGuardia
to
children
the cost of government under Mayor
requiring and
are
The
cement
of
chief
Bridge and
Washington
George
"a
he said,
as
vacation.
complex because all life is
more
not serve
Mayor
as
by
human
recreational
needs reasonable and
clearance
of government and
up-to-date
come
help.
new
close
necessity,
would
government
to
willing to recognize change and to
are
Union
to
the
one
that they
who still,
soil, to the slashing of forests,
for
of
badly lighted.
and
annual
an
us
No
interested
pools
protest
constant
give
cannot
need
in
olden
against
and
not
was
and
the
of
of
terms
as
not
needs and human
protest against firetraps
itself, whether it
that
or
the
in
playgrounds
no
to
the
among
Most
and
Government
State
could
created
growth
harbors.
swimming
constant
needs.
change and
were
seven
few
of
reasonable
because
protest
and
used
one
in
a
state
a
there
conceived
toil
to
government
beaches
day of rest
one
skill
It is not alone that
needs—needs
new
also
badly ventilated
were
No
areas.
used
rivers
our
because
those
those
connecting
the generations
in
things which
many
one
no
houses
protest
bathing
to
needs.
as
tenement
with
is
conditions—it
instance,
school
to
confronted
are
of
now
think
100
close
vast popula¬
a
responsibilities
greatly
as
builder
Triborough, told of the magnitude of the construction job
material and
men,
and
Comptroller Taylor described the
operation
are
undreamed
our
if
even
engineering
they have in the generation that has passed.
goes
than
Harlem
it.
of
invention
Ammann,
which,
were
you
more t
in
from time to time to ask ourselves whether human
pause
Othmar
Queens,
of
Harvey
Presidents
Lyons of the Bronx, each of whom spoke
particular section.
own
engineer of the
Island
Long Island and Manhattan and the mainland;
have
Borough
and
project,
of his
-
need
no
when
much
farm
a
this bridge.
there
days
Not
owned
that
the Boroughs of the Bronx
are now
farm
as
remember
can
great-grandfather
own
the Manhattan approach to
In
the merits
of
bridge
complex
complex."
The
the Authority,
of
Governor Lehman in his address said, in part:
here today
are
boys and girls the greater part of what
and
is
life
all
the
introduced; successively George V.
who disclaimed credit for
Moses then
Chairman, Mr.
Vice-Chairman
of
success
Levy of Manhattan and James J.
address follows:
President's
Many
Serving as
McLaughlin,
the
in
•.<
The President said that government is now more
July 18, 1936
plans, but in the past sometimes lacked "elbow grease" to carry them out.
just
government,
demanding triborough bridges
and
sovereign
a
if it is to survive, recognize
any
and
people
requiring
are
city
a
pollution of waters, to the erosion of
more than it can close its eyes to
and bridges.
the
forests,
clearance
slum
that of
States, must,
to
eyes
slashing of
require
they
of
needs reasonable and constant help.
new
its
close
for
People
as
give to
the
to
need
the
the Union
of
cannot
be
itself, whether it
that
or
Chronicle
Stephens,
Bridge,
Chairman
opened
Moses,
expressing
regret
Bridge
Authority,
had
that the city
the
that
not
of
the
exercises
Nathan
lived
to
Bronx
by
the
Committee
introducing
Burkan,
see
the
late
completed
with its "unparalleled natural advantages"
Roosevelt
In
Talk
Before
Roosevelt
Home
Club in
Joint
Mr.
Moses.
Chairman
structure,
never
on
of
the
Mr.
the
declared
had lacked
Hyde Park, N. Y., Commends Increasing
Interest In Local Understanding of Government
Spea1 ing on July 11 at the seventh anniversary of the
organization of the Roosevelt Home Club, at Hyde Park,
N. Y., expressing appreciation of the revival of community
,
Volume
Financial
143
interest in government, was quoted in a dispatch
Park to the New York "Times" as saying:
The
ultimate
responsibility
back
comes
to just where
from Hyde
standing of government and its problems.
it was in
three years of revival which have
I think
have increased
we
The development of this interest
function of the
understanding heart in
From the dispatch we
•
two
President
drove
the
to
Roosevelt for re-election,
He hurried from it to
his family church to attend the wedding of
to
go
Captain Boerge Rohde
Owen, minister to Denmark, to
Ruth Bryan
of Denmark.
Roosevelt remarked
laughingly at the conclusion of his talk, in excusing his haste in leaving
the reception.
He had fought a time schedule all day long, despite the
"Time, tides and bridges wait for no man," Mr.
beginning of a "vacation."
fact that he counted this the
Hyde Park House the President and his party drove over a country
From
road
W. Smith, organizer of
heavy with dust to the farm home of Moses
Roosevelt
President
of Five of
Historical
Relics—Opposition Voiced By New England States
Suggests Berthing
Ships Along Potomac
Naval
Nation's
historical relics" has brought
as
two New England states.
The President's
contained in a letter to Representative John
J. Cochran (Democrat) of Missouri, made public at Wash¬
ington on July 10.
The President recommended that the
Consitution, Constellation, Hartford, Olympia and America
—vessels with "historical and patriotic tradition"—be re¬
stored as far as possible to their original condition and
moored in the Potomac.
In his letter President Roosevelt
protests
from
proposal
was
said:
Several
bills
have been introduced which
proposed the restoration and
preservation of old naval vessels at different localities.
I have
given
conclusion
this
that
matter considerable thought
the
Constitution,
the
and have come to
the
Hartford,
the
Olympia and the America should be restored, in
their
original
maintained
condition
berthed
and
historical relics for the
as
the
together
far as practical, to
so
Potomac
the
along
the
of
of
nature
and
that
decision
of
cation
the ships
The
was planned to restore the
period according to Associated Press
Washington, July 11, which also said:
four year
from
Congressional
sources
the
Minister
of
Constitution
ships of the Navy.
launched at
Constellation
and
two
were
earliest
of the
The Constitution, 1,607 tons and 175 feet long, was
Boston in
1797, and its 44
made it famous in the War
guns
of 1812 by quick victories over the Guerriere and Java.
The
Constellation,
launched the
naval
same
war with
1,278 tons,
long,
and carrying
21
;
the
in deep-sea racing.
yacht which first won the International Cup
the
on
respective
by the
upon
July 6 last, which
countries will com¬
Sept. 30 next.
hasten the peaceful adjudi¬
republics to
will
do
much
by
all
the
republics at
the
:.-v A"/'';-. '*■';; 4"
in
made
was
of
lovers
insure
to
American
peace
the
on
American
deliberations
the
of
success
Inter-American
approaching
of
Peace
'"■'y'."'; A-
these
Feb.
columns,
17,
'
1934,
boundary dispute.
President Roosevelt Begins
with
Confer
Fortnight's Vacation Cruise
End of Holiday He Will
Atlantic—At
North
in
Officials
Canadian
in
Quebec—To
Visit Flood-Ravaged Areas.
President Roosevelt on July 13 left Hyde Park, N. Y.., to
begin a fortnight's vacation cruise in North Atlantic waters.
Navigating the schooner Sewanna, the President started his
cruise July 14 from Rockland, Me.
It will end at Campobello, N. B., where he has a Summer home. On July 31 the
President plans to visit Lord Tweed&muir, Governor General
of Canada, at Quebec, and will also confer with the Canadian
Prime Minister, Mackenzie King.
These visits were de¬
scribed as of purely a social nature.
Before leaving Hyde Park on July 13, the President
planned a tour through the regions of the East which
suffered
disastrous floods
from
last
March.
It
con¬
"was
might visit the flood regions on his
way back from Canada.
His vacation schedule, and plans
for inspecting stricken areas, were noted as follows in a.Hyde
Park dispatch of July 13 to the New York "Times":
From Campobello he will go to Quebec to pay a brief visit to Lord
Governor
of Canada,
Geneva
New York, Pennsylvania and possibly Ohio en route to
in August
Tweeds-
and if he so desires he can change
trip southward through New England,
a
Washington early
^
.
Eight Associations Represen ed
No details had been worked out, however, when the President left here
The announcement of the tour of the flood areas, which would
tonight.
necessarily have considerable political signif (ance. despite probable state¬
ments
the contrary by the
to
White House,
flood-control
prepared by eight
memorandum
>.
;J
embodying preliminary
Many must await appropriations by Congress, hut some
plans.
can go
forward under the direction of the Chief of Engineers of the
the
with
army,
a
*
'
"
The memorandum included three specific requests
control
after
came
associations had been presented to Mr,
assistance
of the
Corps,
Conservation
Civilian
Works
Progress Administration laborers and similar government services.
After it the "America's Cup" is named.
torpedoes."
was
been agreed
in which he made known that he had consented to arbitrate
Hartford, Admiral Farragut's flagship during the war between the
Olympia
who have officially advised
now
1145, to the President's announcement of Feb. 6, 1934,
page
of them
states, carried the admiral into Mobile Pay as he proclaimed: "Damn the
The
of
delegations
and'gratitude
It
Reference
36 guns,
at Baltimore, had a brilliant record in the brief
year
hag
Roosevelt.
France.
The America is the famous
The
feet
161
should be ^submitted to
agree
United States.
Ecuador,
arbitration
the
these two great
of
Conference.
Act authorizing the establishment of
an
shrine might be introduced in Congress next session.
a naval
as
frigates
intimated
not
long-continuing controversy will be regarded as a motive for
this
continent.
muir,
The President added that it
accounts
1924,
definitive line through direct negotia¬
they could!
from train to automobile to make
over a
in
a
fingl negotiations in Washington on
encouragement
inspection and inspiration of all the
people of the United States who wish to visit such vessels.
vessels
the Republic of Peru in
Oyanguren protocol con¬
which provided that if the
and
sidered possible that he
'
Constellation,
unable to fix
which
boundary
in the
arbitrator
as
particularly glad to receive today the visit of the Ambassa¬
and
the
their
This
as
Nation's most famous naval vessels be berthed along the
Potomac "and maintained
Peru
The
Ponce-Castro
decision of the President of the
provides
that five of the
President Roosevelt
by
suggestion
serve
Ecuador
the
countries
two
upon
to
of
of
governments through a further protocol signed
the
the Roosevelt Home Club.
A
zone
consented
terms
were
continent."
the American
on
follows:
Republic
those
have been
mence
helped dedicate the Triborough Bridge.
New York City, where at noon he
I
the
the
also
-
celebration soon after arriving here from
1934,
between
of
peace
the
that
National
he had nominated him first in 1932.
as
Mrs.
dor
by John E. Mack, who at the Democratic
one
Convention in Philadelphia nominated President
The
6,
with
governments
tion,
me
of
statement
between
cluded
I
also quote:
extemporaneously after half an hour of welcoming
Roosevelt spoke
speeches, including
just
Feb.
accordance
the arbitral
this country.
Mr.
lovers
dispute
two
followed.
the
On
the
been the greatest gain in the depression and the
and understanding has
by all
President's
meetings in New England in 1650, local interest in and local under¬
town
361
Chronicle
Admiral Dewey's flagship at Manila Bay.
While the last Congress authorized the expenditure of more than
$300,-
pending the winnowing
by the administration of needed projects from those of the pork-barrel
appropriated
000,000 op flood control, it
no money,
variety.
The protests against the President's proposals came from
Rhode Island and Massachusetts; from Boston press July 11
advices said:
- :
'
.
..
City officials and historical societies in Boston, where the Constitution
Another deterrent to immediate work lies in the fact that only New York
State
Ohio
and
cooperative
control.
have
endeavors
completed
the
by
Pennsylvania,
In
Legislature is
now
the
bill
a
is
legislation
necessary
Federal
and
Government
pending in the
for
providing
States in flood
State
The
Senate.
in special session.
(Old Ironsides) is docked, and in Newport, R. I., where the Constellation
is moored, announced that they
Requests Made to President
would fight any such plan.
The memorandum laid before Mr. Roosevelt
Will
"1.
President
Roosevelt
Arbitrate
Boundary Dispute
Between Ecuador and Peru—Negotiations to Begin
in
The
Washington Sept. 30
protocol
the arbitration
for
Ecuador and Peru
line
to
the dispute between
the location of their joint boundary
over
signed at Peru
was
on
of
July 6.
to serve as arbitrator of the dispute.
ciated
the
Press advices from
protocol provides:
1.
Arbitration
2.
Peru
and
Washington,
3.
Peru
until
Sept,
and
to
each
Roosevelt
decides
same
press
The delegates will
Salazar
and
by the 1936 Flood Control Law, and con¬
forming with these requirements:
"That hazard to life and property exists.
"That industry and gainful employment actually be threatened, as
by recent flood history and present inimical cumulative factors.
in the opinion of the
"That economic justification be fully established
three
delegates
the
status
exact
the
who
will
meet
in
chief of engineers.
"That the projects he those
have provided or will at once
along
the
boundary
in which State governments and [or localities
provide legislation necessary for cooperation
with the Federal Government, as prescribed in the 1936 Flood Control Law.
line.
quo
"3.
Will
advices said:
be:
the
President
his
at
earliest
to
President
Assistant
Freyre
Colon
y
of
the
Mr.
on
July
Secretary of State,
9
when
Sunmer
Welles,
accompanied Don Manuel de
Santander, the Ambassador of Peru, and Captain
Eloy Alfaro, the Minister of Ecuador, to the White
House for the purpose.
In a statement issued on July 9, the
President said that the decision "of these two great Repub¬
lics
to
versy
hasten
adjudication
will be regarded
as a
of
a
personal
^
„
Roosevelt replied that he already had undertaken the work asked
in the first request,
Belaunde.
signing of the protocol was conveyed
Roosevelt
make
...
First Request Already Met
to
Notification
convenience
•
For Ecuador—Homero Viteri Lafronte, Alejandro
Victor Andres
to
August 1st, in conference with a special committee to be designated by the
United States Flood Control' Federation, a list of approved emergency
Ponce-Bojar and Jose Vicente Trujillo; for Peru—Francisco Tudela, Arturo
Garcia
chief of engineers
the
flood control works authorized
inspection of the emergency flood areas?"
The
requested:
time direct
ing available departmental funds for such preparatory purposes?
"2.
Will the President direct the chief of engineers and the Chairman
of the National Resources Board
(Secretary lckes), to prepare before
shown
name
maintain
to
this
President at
proceed with borings and the preparation of specifications on emergency
flood control projects contained within the 1936 Flood Control Law, where
States are ready to enter into compact with the Federal Government, and
on which preliminary and divisional reports have been completed, employ¬
law.
to
1936.
30,
Ecuador
President
Guayaquil, Ecuador, July 8, that
,
according
Ecuador
President Roosevelt is
It was stated in Asso¬
the
this
long-continued
contro¬
motive for encouragement
...
of
the second,
association
August
as
and that it would go forward
as
fast as possible.
As
the administration would be glad to have the cooperation
committees
in
studying
various
projects.
Finally,
he set
gri
the tentative time for visiting these regions.
The memorandum
was
presented by
a
delegation representing the United
States Flood Control Federation, which
organizations.
The spokesman
was
embraces
a
large number of local
Tom R. Hutton of Binghamton,
s
.
Y.,
vice-president of the association.
Mr. Hutton pointed out to the President that additional funds for pre¬
liminary work,
necessary
before the flood
season
in the
Fall,
might
be
obtained by diverting some of the $128,000,000 of relief funds ear-marked
for flood-control
and conservation work.
„
,
Financial
362
Reporting the arrival of the President at Rockland, Maine,
by special train, and his departure from there for Pulpit
Rock to board the Sewanna, Associated Press accounts from
Rockland,
Joseph Emmerz.
■
of Wagner Labor Re¬
Brought Before United States Supreme
lations Act
By Bradley Lumber Co. of Arkansas—Chal¬
Court
NLRB
lenges Validity of Orders of
test
the
Labor Relations Act
was
action
An
to
,
Court by the lumber company from a decision of the
United States Circuit Court of Appeals for the Fifth Circuit
the
refusing to sustain a suit filed in the New Orleans District
Court against the regional offices of the Labor Board re¬
straining the Board from holding hearings under provisions
of the law. From the same advices we quote:
dismissed by the District Court as far as Wash¬
ington members of the Board were concerned for lack of equity which
decision
upheld by the Appeals Court.
was
and the Carter Coal Co. case which led to
law is
Announcement
charged,
destructive of property
is
Schechter NBA
less than
employes of the com¬
engaged in manufacturing which is not regarded as commerce
are
intrastate in character.
and that all of its operations are
The'suit
instituted by the lumber company
was
issued two complaints against the company, one
when the Labor Board
of which sought to force
to bargain with employes collectively, and the other
the company to agree
ought reinstatement, with back pay, of about 200 ex-employes.
Challenging validity of the orders of the Board, the brief said that the
Act upon wrhich the orders were
based
was
invalid because:
Contract Rights Destroyed
It
impairs and
destryos freedom of contract
Circuit
employers
and
By regulating the relationship between employers and employes engaged
producing
manufacturing processes within the State of Arkansas,
or
including wages, collective bargaining, hours of labor, and other conditions
of employment,
the Act
Ninth
and
Tenth
jurisdiction
Amendments,
pass
to vest the fact
violation
of
Act
can
by the
have
of the Constitution and the
and 2 of Article III
Seventh
Amendment
by purporting to
vest
an
discharged employes to work
determine disputes between them and their employers.
by the court, saying:
"The parallel language in the NLRA: 'Representatives designated or
by the majority of the employes in a unit' differs
slightly but not materially from that in the Railway Labor Act and requires
selected
.
.
same
.
construction."
United States Court of Appeals in New York
upheld the National Labor Relations Board in calling upon
The Associated Press to reinstate, with back pay, Morris
Watson, a reporter, who was dismissed for alleged activity
in the American Newspaper Guild.
With regard to the decision the New York "Herald Tri¬
bune" of July 14 said:
' - ,
_
in
decision, written by Judge Martin T. Manton and
by Judge Thomas W.
the National
Associated Press
Labor
was
Relation
Swan and Augustus
act
was
engaged in interstate
The Associated Press's only appeal
N. Hand, held
constitutional, and that The
commerce
of news, therefore coming under the provisions of
to the United States
1935
National
$53,000,000,000, Gain of $4,600,000,000
Expenditures Increased Only
$3,400,000,000—Secretary Roper Predicts 1936 In¬
come of $60,000,000,000
Income
at
1934—-Finds
Over
The "national income
produced" in 1935
was
$53,000,000,-
increase of $4,600,000,000 over the preceding year,
while "national income paid out" rose only $3,400,000,000 to
000.
an
$53,600,000,000,- according to a survey published on July 12
by the Bureau of Foreign and Domestic Commerce of the
Department of Commerce. The analysis showed an increase
in the per capita income of employed persons from an average
of $1,143 in 1934 to $1,201 in 1935, with wage earners gaining
more than salaried employees.
The Bureau's estimates were
based on statistics assembled from
12 major industrial
divisions into which the Nation's industries were classified.
showed a continued expansion of
compared with 1934.
The following table, given in the Bureau's report, shows
national income produced and paid out from 1929 to 1935
inclusive.
When items related to savings are preceded by a
minus sign, this signifies what the study terms "negative
savings," or disbursements from capital or surplus.
these
of
groups
income in 1935
as
PRODUCED AND PAID OUT
NATIONAL INCOME
Income produced-
savings
.
in the dissemination
the act.
of
1933
,
1935
1934
in¬
979 —1,106 —2,243 —2,451
dividuals
—402
563
815
48,362
44,940
50,174
53,587
78,632
follows for
some
72,932
paid out,
61,704
was
given by types of payment
of the years:
NATIONAL INCOME PAID OUT BY TYPES OF PAYMENT
;
/'A
(In Millions of Dollars)
1929
Item
Total income paid
Salaries and wages (all other
i
.
_
973
899
7,980
6,969
2,208
4,592
7,306
7,211
19,417
44,940
29,420
3,048
7,189
17,591
619
Dividends.
-
1~099
11,218
5,964
5,104
12,503
industries)
-.-.—.v.—
Total dividends and interest
-
—;
1934
48,362
30,920
3,387
7,017
_
Other labor income
Interest
1933
"937
Salaries (selected industries) a
Wages (selected industries) a
Work-relief wages b
.
1932
78,632
51,487
5,663
17,197
27,690
out-4-
Total compensation of employees
------ ----- -—
Entrepreneurial withdrawals-Net rents and royalties
a
from the Circuit Court's decision is
1932
67,917
53,584
39,545
41,742 48,397 52,959
—628
2,402 —5,015 —8,120 —8,817 —3,198 —1,776
1,423 —3,909 —5,877 —6,366 —2,796 —2,340 —1,443
-
Income paid out
as
1931
81,034
Total savings
Business
1930
1929
Item
On July 13 the
The Circuit Court's
Estimates
Commerce
of
Department
National income
Upheld By United States Circuit Court of
Appeals 'In Calling Upon Associated Press For
Re-instatement of Morris Watson, a Reporter
that
majority
of those voting, though less than a ma¬
jority of those eligible, determined the representative."
The Board added it was in "entire accord" with the reasons set forth
Corporate savings
NLRB
concurred
■
(In Millions of Dollars)
administrative agency with power to restore
with back pay, and to
established by the
Circuit in Virginian Railway
said the Board, the court decided that "where a
of the eligibles voted, a majority
no
the Fifth Amendment.
the
violates
Fourth
the
deny to the courts of the United States the right
1
due process clause of
The
and the Board, therefore,
finding power exclusively in an administrative agency, in
Sections
for
System Federation No. 40."
vs.
In that case,
the facts in controversies arising under the Constitution and
on
of Appeals
Court
petitioners.
over
The Act purports to
to
exceeds the power of Congress under the com¬
clause and infringes upon the powers reserved to the States
merce
majority of those
a
Company
Each
between
employes, in violation of the due process clause of the Fifth Amendment.
in
election was conducted
25 and May 29.
though
eligible, voted for the American Newspaper
an
eligible voted; a majority of those voting,
certifying the Guild, we are following the rule
"In
The arbitrary and
petition contended that the Act is not enforceable against Bradley
Lumber Co., whether constitutional or not because
pany
July 5 by the National
had certified the American
on
Guild," the Board added.
that the Wagner
oppressive penal provisions of the Act also violate the Fifth Amendment."
The
Employes
the employes by secret ballot between May
"A majority of those
and liberty of contract," it was
violates the Fifth Amendment.
"and thus
made
was
By order of the Board's regional director,
among
invalidation of the original
the brief of the lumber company asseted
Act
Collective
Newspaper Guild as the "exclusive representative" of edi¬
torial employes of The Associated Press in New York City
for collective bargaining with the management.
The Asso¬
ciated Press advices in the matter from Washington July 5
substantial re-enactment of the collective bargaining guarantee
a
as
of Associated Press
provisions of the two laws which the Court had condemned.
"The
Guild
Bargaining Representative of New York
Rulings
Cite Schechter, Carter
Guffey act,
appeared in these colums
1915, and May 2, page 2929.
NLRB Names American Newspaper
the
Calling attention of the Court to its deci ions in the
case
March 21, page
said:
Constitutionality of the Wagner
brought before the United States
Supreme Court on July 1,-when the Bradley Lumber Co. of
Arkansas filed a brief seeking a review of findings of the
lower Courts.
According to Washington advices July 1 to
the New York "Journal of Commerce" appeal was taken to
Suit for injunction was
legislation."
been contravened by this
Labor Relations Board that it
Action to Test Constitutionality
Fifth Amendment has not
Due process under the
Previous reference to the action
Marvin H.
secretary,
1936
18,
Board concerns protection of the right
"The order promulgated by the
of self-organization.
July 11 said:
on
Mclntyre; Miss Marguerite Lehand
personal stenographer; newspaper men and secret service operatives were
on his train, which was routed through Albany,
Worcester, Mass., and
Portland, M*e.
The Sewanna was specially chartered for the President and three of his
sons—James, Franklin, Jr., and John—who were to be his sailing com¬
panions, along with Capt. Elden Colbeth and the vessel's lone "hand,"
his
Only
July
Chronicle
3,424
—
.
2,754
4,975
7,992
1,470
1,245
50,173
33,528
3,250
8,944
19,046
1,389
2,549
4,569
8,052
1,382
1935
53,587
36,057
3,417
10,549
20,173
1,313
1,005
7,303
2,830
4,422
8,701
1,526
Includes mining,
way express
manufacturing, construction, steam railroads, pullman, rail¬
and water transportation.
b Includes payrolls and maintenance of Civilian Conservation Corps enrolled a,nd
payrolls of Civil Works Administration, Federal Emergency Relief Administration
Works Progress Administration no work projects plus administrative payrolls
Supreme Court.
and
Denies Employer Is Restricted
outside of Washington,
The
not
decision, in upholding the validity of the NLRA holds that it does
restrict
an
employer in the control of his business.
"This Act does
may
to
not
hamper the legitimate rights of the employer who
discharge his employees for inefficiency
or any
c
Includes also net balance of international flow of property incomes.
_
other cause agreeable
him provided he does not use the power of discharge as a weapon for
Extracts from the report
follow, as given in a Washington
dispatch of July 12 to the New York "Herald Tribune":
In attempting to find a more exact term than "business
interfering with the right of employes to organize and bargain collectively,"
previous annual
the decision states.
Income
"The
over
employer retains full control and
can
bargain with his employes
the wage he shall pay and the working conditions
he shall furnish.
He remains the master of the operation of his business.
"We''think the order
was
news
constitutes interstate com¬
"Congress, recognizing this," the decision continued,
"had power under
(of the Constitution) to enact suitable legislation to
and burden inter¬
deal with practices which ha,ve been shown to obstruct
"The
'
explained
that
the
entirely satisfactory,
term
"negative
had been adopted
savings,"
business
as
less
misleading
phrase to describe the effect of the intricate processes involved
substantially larger rise in income produced than in income paid
.
,
a
reduction in negative business savings from $1,800,000,000 in
1934 to $600,000,000 in 1935," he said.
The
merce.
.
not
than the old
out led to
According to the decision, the flow of
state commerce.
although
losses," used in
report.^on the study, Robert R. Nathan, Chief of the
between "income produced" and "income paid out."
validly made by the Board and must be en¬
forced."
the commerce clause
Section,
income
analysis, which went at length into the effect of price changes on
fluctuations, the fluctuations in types of payments and the em¬
ployees' share of total income, which was shown to be at
scribed the approach to a balance
paid out"
as
follows:
a new
peak
de¬
between "income produced "and "income
.
.*•_
.
Volume
H "In
Financial
143
1935, for the third consecutive
recorded
substantial gain.
a
increased from $48,800,000,000 in 1934 to $53,000,000,000 in 1935, a
of
The 1935 estimate,
10%.
as
or
34%
5%,
The gain of
2%%,
from
1935 is equal to approximately
1932 to
Despite this gain,
1932.
the 1935 total is still more than one-third below the 1929 level, although
real income is much higher relative to 1929 because
the
of the decline in prices
which will be discussed later.
"The $3,400,000,000 rise in the National income
68% of the 1929 total.
From
a
paid out in 1935 brought
peak of $78,600,000,000 in
1929, aggregate income payments declined to
Thus,
than one-fourth of the decline from
more
1933 has been
1929 to
If work-relief wages are eliminated
from the estimates, the increase from 1933 to 1935 has been
approximately
"Of particular significance is the marked decline
1932 in negative
which income
1929 was the last in
The year
In each year
larger than income paid out.
The estimated negative savings
billion dollars in 1935
than 8%
T
was
are
of approximately two-thirds of a
about one-third
large as in 1934; they are less
as
large as in 1932, and they are the lowest of any year of the
as
activity in June was at the highest level since
March, 1933, and there is a good prospect that national
income
in
1930
may
approximate $60,000,000,000, as
compared with a low of $39,500,000,000 in 1932, Secretary
of Commerce Roper said on July 8 in a summary of the
I
agricultural
semi-annual
statement
which
conditions
business
on
was
his
In
We
it
associations
to
borrow,
2^4%,
Our
these
will
be
These
•made.
debts
their
which
to
is
"The trend of employment
are
the
as
6%
to
be
will
in
and
fixed
1934
from
to
will
to
reduced
also
applies
of
time
to
receivers
operations.
and
request
debtors,
our
institution
banks
of
entitled
are
the
to
and
same
5V2%
and
to
This rate
cover
the
charge
our
approximately 1%, which
a
reserve
was
of
borrowers,
the
reduced in 1933 to 3%,
we
to the Treasury
money
for
loans.
our
to us and
other
most
to this Corporation have been
cost
the beginning
money
1932, our interest rates
in February,
set up
to
we
and provide
the
their
the lending
as
to
these
period necessary to liquidate
the rates
with
along
well
as
The Treasury rates
be noted that in
to
passed
debtors
was
between the cost of
of operation
cramping their
creditors.
railroads
2%%.
time
the estimated
reductions,
interest
to
as
made
are
debt
in
man
This
their
Corporation
at
long,
bo
institutions
indebted.
as
the
fixed
Secretary's statement were:
had
better than
spread of
a
bur rates.
By these successive
borrowers, this spread; has now been
we
think
is sufficient to
cover
cost
for losses.
CCC Offers
$150,000,000 Collateral Trust Notes Matur¬
34 °f 1% Interst—
Notes Secured by Negotiable Warehouse Receipts
Representing $281,000,000 of Commodites
has been upward each month of this year
with approximately 6,000,000 more employed than at the
ing Jan. 15, 1937 and Bearing
depression low of
Auto Output Up 79%
-
;
The
"Production of 2,450,000 automobiles in the first half of 1936
was
79%
greater than the entire year's production of 1932, amounting to 1,370,678,
and compared with 2,218,255 in the first half of 1935.
six months
nearly three times
large
as
as
for the
the same period of 1932 and one-
third greater than in the first six months of 1935.
"Electric power production set an all-time record in the first half of the
year, due to an increase in both domestic and industrial
consumption.
"Compared with the first half of 1935, industrial production has ad¬
vanced 11%, retail sales 10%,
freight traffic 9%, cash farm income 11%."
Improvement in farm purchasing
only in the
is reflected not
pow er
marked expansion of farm income but in the more favorable price situation,
Secretary said.
The downward trend of the wholesale price level, which extended from
January to the middle of May, has been checked and prices have moved
moderately higher in recent weeks, he added.
Heavy Construction Gains
Construction
contracts
159,000 in 1932
1936 the total
to
in
awarded
37
States
,
increased from
$1,351,-
$1,844,545,000 in 1935, while in the first five months of
$996,523,000,
was
a
Commodity Credit Corporation
on
July 13 announced
offering of $150,000,000 of series A collateral trust notes,
an
dated July
1, 1936, and maturing Jan. 15, 1937, bearing
34 of 1% per annum, the subscriptions to be
received at the offices of the Corporation in Washington.*
The notes, offered in denominations of $5,000, or multiples
thereof, are secured by the pledge of certain collateral notes,
which in turn are secured by negotiable warehouse receipts
or certificates representing commodities having an approxi¬
mate market value, on July 1, of $281,000,000, or over 140%
of the offered issue.
Under terms of a trust agreement be¬
tween the CCC and the Reconstruction Finance Corporation,
dated July 1, payment of the notes at maturity is guaranteed
by the RFC.
In Associated Press advices from Washington, July 13, it
was stated
that the offering was being made in order to
bring about a reduction in the rate of interest being paid by
interest at
"Steel production reached a six-year high in June, with production
the CCC
its securities.
on
An interest rate of 2M%
gain of 81%, over the comparable 1935
now
The advices said:
is being paid by the Corporation to the
RFC, from which it has been borrowing in the past.
period.
Freight traffic continued
gain slowly,
to
half of the year 9% above the 1935
higher than
were
.
165, or 65%
vras
18,235,000,000 board feet, a gain of
20,000,000,000 feet, Mr. Roper said.
,
of the notes by the
"Stock prices based on 421 leading stocks rose
from
an
"The bond-price index rose from 81.1 in 1932 to
107.6 in the first quarter of 1936.
index of 48.4 in
102.3 in 1935 and to
Earnings of 921 corporations, reported by
'Standard Trade and Securities,' rose from $348,301,000 in 1932 to $1,785,advance of more than
a
380%."
an
RFC debt,
major part of the
saving.
the formal announcement of the offering
CCC:
CCC will receive subscriptions at its office,
1825 H Street Northwest, Washington, for the purchase
of
issue of series A collateral trust
notes,
of all or any part
in denominations of $5,000
dated July 1,
of K of 1%
per annum from July 1, 1936, computed for the actual number of days
on the basis of 365 days a year, payable at maturity.
Subscribers will be
required to pay only principal if payment is made on or before July 15,
1936.
If payment is made after July 15, 1936, accrued interest must be
added from July 15, 1936, to the day payment is made in funds available
or
1932 to 78.5 in 1935 and to 105.7 in the first quarter of 1936," the statement
an
offered to refinance
Notice is hereby given that
1935
1933, and at the present rate of consumption the 1936 figure will
532,000 in 1935,
were
The following is
the largest since 1930, excepting
1931, and the index stood at
notes
officials explained, and effect the inteterest
a year ago.
Lumber consumption in
over
The
with loadings for the first
period,
Foundry equipment orders in May
the unusual month of March,
said.
a
relating
Corporation without unduly
Treasury charging the RFC 3*£%.
early 1933.
reach
(except
year," the Secretary said.
Other points of recovery outlined in the
20%
3.6%,
lower.
All reductions
borrower in receivership)
his payments are promptly
conditions should enable our borrowers to liquidate
lending
institutions,
When
were
since January and now stands at the highest point of the recovery period
I»
than 10 years,
still
average
conditions
long, but only
reductions
is
"I have been encouraged by the continuing factor of broad improvement
the
the
borrower
a
being to help the
purpose
It
point to sustained momentum through¬
bring
existing
so
the
that
expectation
2%
out the
upon
other
to
reductions in
to
will
rates and
to
Reductions
In 1929, Mr. Roper announced, the national income was $81,000,000,000.
seems
reducedi
above
still substantially
is
rate
maturities of less
be liquidated.
on
meeting his interest and principal payments promptly as they mature, and
"Times":
situation that at this time
to cover
Corporation has been
this
to
which
loans should
reductions
consideration
during the recovery period and particularly in the first six months of 1936,
directors,
interest rate for the past year has been approximately
conditioned
lending
a
rate
1936,
the Treasury
our
time
average
and
1,
our
sufficient
reserve
low rates at which the Treasury is now
very
Treasury
operating
an
to
money
which
within
the
effective July
of
cost
higher.
July 13 Mr. Jones said:
have accumulated
we
will
'
of agricultural commodities, and .building
able to make these rates because, in the opinion of
are
contingencies, and due to the
the
credit
joint stock land banks,
except where the Home Boan Bank rate is
announcement of
appears
to
reduced from
be
companies,
loan
corporations,
carrying and orderly marketing
made
public July 13. Mr. Roper said that national income
probably advance 10% during the present year.
He
said that retail sales during the first half of the year were
10% above the same 1935 period, and attributed the rise
to an increase in consumer income and a willingness to spend
more freely.
Other portions of the statement were given as
follows in a Washington dispatch of July 8 to the New York
mortgage
credit
and will be allowed
Business
4%
heretofore
rate
borrowers.
its
to
following borrowers will
companies,
complying with
depression."
reduction
a
the
to
and loan
1929 the income disbursed has exceeded the income pro¬
subsequent to
duced.
business savings.
produced
which has taken place
The
the loan.
of
character
4% to 3%%:
unions, livestock
State funds
for insurance of deposits of public moneys, loans for repair of property
damaged by flood, earthquake, or other catastrophe, loans to finance the
and
able
$8,000,000,000.
since
the
upon
Commodity .Credit Corporation will be reduced from 3% to
enabling
insurance
F^om 1933 to 1935 income paid out increased by $8,600,000,000, or 19%.
regained through the subsequent rise.
by the RFC Mortgage Co. the rate will range from
5%.
rate to
Rates
1933.
$44,900,000,000 in
estate
depending,
been
has
The
one-third of the drop which occurred from 1929 to
the total to
to
shown in Table 1, compares with $39,500,-
000,000 in the low year of 1932 and $81,000,000,000 in 1929.
$13,400,000,000,
gain
real
On
the National income produced
year,
The net value of goods and services produced
363
Chronicle
multiples thereof, in
aggregate sum of $150,000,000,
an
1936, maturing Jan. 15, 1937, and bearing interest at the rate
for immediate credit.
Lowers
RFC
Interest
Ranging
from
Various
borrowers,
34% to
1% Effective
as
ranging
to
from
be done without
can
operating at a loss, and
believing it to be in the interest of continued recovery that
the most favorable
ers
who
still
catastrophe
culty."
have
treatment
frozen
borrowers who
as
are
having the/ greatest diffi¬
follows:
industry the rate will
character
heretofore
To the
of
the
has
loan
been
and
based
or
range
the
from
4% to
circumstances
of
4% to 3%.
5%, depending
upon
the
The
borrower.
5%.
mining industry the rate will be reduced from 6% to 5%,
the
rate
on
values
secured
by the
pledge
as
a
of July 1,
the
11,755,732 bushels of corn, 62,-
5,409,367 gallons of turpentine and
existing
on
July 1, 1936, was approximately $281,000,000,
CCC, dated
1936, the original of wrhich may be examined at the-office of
1825 H Street Northwest, Washington, and conformed
Federal Reserve bank
any
or
branch thereof
or any
loan agency
Conformed copies will be furnished upon request.
Under the provisions of said trust agreement the holder of any
trust
note
150,877
(the aggregate market value of which commodities
certain trust agreement between the RFC and
Corporation,
copies at
of the RFC.
of certain collateral notes,
by negotiable warehouse receipts or certificates
140% of the authorized issue of notes), in accordance with
than
more
the terms of
may
declare
the
same
immediately
due
and
collateral
payable if the
market value of the collateral commodities, as determined by RFC,
be less than
should
120% of the aggregate face amount of such notes then out¬
standing, after deducting from such aggregate face amount of such notes,
an
Our rate to banks and receivers of banks will be reduced from
To
round barrels of rosin
possible be given our borrow¬
assets, and those industrial and
The changes, which are effective as of July 1, were
announced
will be
notes
representing 3,461,793 bales of cotton,
977,260 pounds of tobacco,
the Reconstruction Finance
on its loans to various classes
1%, Jesse H. Jones,
Chairman of the 'Corporation, said on July 13 that the action
was taken "in keeping with our policy of reducing interest
rates when it
Such
Loans—Re¬
July 1
Announcing reductions by
Corporation in interest rates
of
on
which in turn are secured
ductions
of
Rates
amount
equal to all cash received by RFC from collections, payments
and recoveries
said
trust
pledged
as
on
account of the
agreement,
and
from
pledged collateral listed and described in
any
additional
collateral
that
may
be
additional security for the indebtedness evidenced by such notes,
and from any cash that may be deposited
for such indebtedness.
by CCC
as
additional security
Financial
364
The
Comptroller of the Currency has advised that, in his opinion, these
collateral
trust
notes
secured
notes
are
by
warehouse
covering
receipts
readily marketable non-perishable staples, within the meaning of the pro¬
visions
of
5200, United States revised statutes
6 of Section
Paragraph
(title 12, U. S. C.f Sec. 84).
As
stated
CCC
loan to
said
in
agreement to
an
(which is
exceeding $160,500,000
amount up to but not
an
principal and interest on said collateral trust notes and
of the
in excess
RFC has made
agreement,
trust
the $10,000,000 for care
and preservation of collateral
hereinafter pro¬
to the holders of such
vided) under the terms of which RFC agrees to pay
as
accrued
notes the face amount thereof plus accrued interest thereof plus
for the account of CCC, upon presentation
interest thereon to maturity,
of
same at or
after the stated or accelerated maturity thereof, at the
York, St. Louis
Reserve Bank at Chicago, Dallas, New
the 'terms
Under
funds
the
for
necessary
commodities in
RFC also
of said agreement
Federal
San Francisco.
or
to advance any
agrees
and preservation of, the pledged collateral
care
Chronicle
employment has been 1400
New
Prescribes
System of
Utility AccountingSays
Public Will Benefit
President Roosevelt
to
July 1 made public a
on
prescribed for public utility
companies and licensees, subject t > provisions of the Federal
Power Act.
The new system, which will become effective
Jan. 1, will supersede the one which was adopted Nov. 20,
accounts
of
system
The Commission said that the new system was formu¬
1922.
lated in
cooperation with the National Association of Rail¬
road and Utilities Commissions and other State and Federal
agencies, after obtaining the views and recommendations of
electric utilities, and added that it marks a
in
read, in part:
The
and
licensees
currently and
and
lay
for
the
/
is /to require public
Commission's
the
to
Commission
foundation
a
be useful
will
the
subject
maintain uniformly accounts
to
aid
will
which
"
general purpose of the new system of accounts
utilities
which
distinct advance
Commission's announcement
The
accounting.
utility
of
purpqse
for
securing
of
the
of
information
its
and
Federal
and
Act
appropriate
for
recommending, legislation.
As
compared
an
York
announcement said in part:
definite and
more
provisions and
positive in its
substance
accounts
to
of
It
records.
and
It
provides
which should
procedure
bodies,
that has not
tion
investors,
and
the
for
result
interested
keeping
the
between
uniform
charges,
associated
among
practice
in
companies,
accounting -for
and
lays
replacements
respect to which the practice in the
in
vital
informa¬
every
groundwork
the
maintenance
and
past has been particularly
other things,
Among
electrical
stated
in
utility
the
the proposed
and
system requires
or
acquired
classified,
first,
under
be
distribution,
transmission,
further, classified under each group by
priate titles descriptive of the property.
shown
by the accounts
that the
constructed
property
accounts
production,
as
general
utilization
specific
and
be
reclassified
original, cost
(actual
under
the
as
and
plant accounts
or
of
original
service, and
cost
as
The purpose of
of
to
having
all
a
basis
first
person'
for
or
accounts
the
amounts
the effective
of
on
and,
appro¬
in
the
electric
basis
between
difference
of
the
the book cost, be carried to
an
this provision is to have the property
each utility stated
the
that
be
such
groups
It is required that
prescribed
estimated),
or
original cost and the cost to the utility,
adjustment account.
Expenditures
on
uniform
a
dedicating
the
basis,
namely, that
property
to
we
Gov¬
thing but the integrity he has put into it and his ability
have got one
of the best WPA programs in the country.
This program here is going to be, as it always has been,
spective of politics.
Our
one
administered irre¬
for the
determination is to do a good job
unemployed and develop adequate projects.
"Mayor La Guardia, Col. Somervell and I have had a conference an
the
Mayor knows and
President
of the appointmenty
approves
Roosevelt
_
in
accepting under date of July 8
tlie resignation of Mr. Ridder, praised bis services and
predicted that tlie work of the WPA would be carried on
successfully in New York "because of the sound foundations
which you have laid for it."
Mr. Ridder
was
named in October last
Works Progress
as
Administrator in New York City succeeding in that capacity
Gen. Hugh 8. Johnson; the appointment was noted in these
2529.
By Dun & Bradstreet of FTC Decision In
Goodyear-Sears Case In Relation to Robinson-
Analysis
Patman Anti-Price Discrimination Act
Recognizing the significance of the Federal Trade Commis¬
sion's recent decision in the Goodyear case as a possible pre¬
view of many of the problems which business will have to
face under the Robinson-Patman Act, Dun & Bradstreet,
Inc., have prepared a comprehensive analysis
of that decision
The decision of the Commission
accounting for
depreciation and retirements.
$204,544,865
of
By
WPA
in
referred to in these
was
columns Jan.
11, last page 300 and April 11, page 2500.
The text of the Robinson-Patman Anti-Price Discrimination
or
"Chain Store" Bill
appeared in our issue of July 4, page 16.
Bradstreet state:
As to the analysis Dun &
The
study is
Economist
a
consolidation of three articles by Edwin B.
of the
Dun
&
Bradstreet
Mr. George reviews the events leading up to the
ordered the Goodyear company to cease and
1926 under
a
decision by which the FTC
to
and
series of long term contracts.. A
new
the wide
desist from according
had enjoyed since
foreword by Dr. YVillard L.
Thorp, Director of Economic Research, Dun & Bradstreet
the old
George, Staff
Statistical Division.
and
Research
price differentials to Sears, Roebuck & Co. that the latter
case
Inc., compares
,
Clayton Acts and discusses the relation of the
Goodyear
the Robinson-Patman Act.
,
New
City From Aug. 1, 1935 to June 30, 1936
According to Report By Victor F. Ridder—Mr.
Ridder
to
Resign Aug. 1—Lieut. Col. Somervell
as
and in the
our
this tremendous organization without friction.
"We think
public
York
Named
major concern,
which is
...
city, and I know it is true as far as the Federal
concerned, is indebted to Mr. Ridder not only for the devotion
It may be
Total
the interest
unemployed themselves,
he has given to this
cost
future
general,
accounts
of public utilities and licensees
actual
the
in
date of the proposed system, purporting to show the investment
property,
WPA
I think he has done it admirably both in
"I think that the
to manage
...
Ridder took this job right out of
and I consider it to be the most difficult
career
interest of good projects.
ernment is
of August 1, and the President
in its relation to the Act.
lacking in uniformity.
of
of the
of
always been readily obtainable heretofore.
or
add this—that Mr.
would like to
active business
making, available
in
public,
requfres systematic and complete accounting for transactions of
nature
for
accounts
according to
regulatory
"I
an
leaves less opportunity to
th^ management for the exercise of judgment and discretion in the matter
of
as
Col. Brehon B. Somervell will take
it is
effect,
in
now
resigned
to state that Lieut.
me
Mr. Ridder's place on the first of August.
columns October 19, page
with most systems of utility accounts
effective August 1.
Army engineer, as WPA administrator for
City. Succeeding Mr. Ridder. Mr. Hopkin's
Somervell,
New
data
other
Power
and
necessary
transactions
of
regulatory functions
statistical
of
administration
jurisdiction to keep
and records
exercise
the
compilation
the
the
in
in
his resignation
On July 3 Federal.Relief Administrator Harry L. Hopkins
made known the appointment of Lieut. Col. Brehon Burke
job in the nation.
The Federal Power Commission
uniform
of July 1 the total
of whom 182,552
Ridder said that
as
.
"As you know, Mr. Ridder has
Will Become Effective Jan. 1—Announcement
week
there is now in preparation a report of engineering project
accomplishments during the last 1} months. This will show
in mileage, square and cubic measure, the work done on
highway, sewer, public building and other projects.
It was announced on June 29 that Mr. Ridder had tendered
has authorized
FPC
a
1936
number of persons assigned was 207,574,
were men and 25,022 were women.
Mr.
aggregate amount up to $10,000,000.
an
July IS,
year
noted that the contract under which the Good¬
Tire & Rubber Co. has manufactured special
The contract, under which
Successor
Goodyear has made tires for the Chicago
order house, was dropped because of the enactment
Victor F.
Ridder, Works Progress Administrator in New
York City, made public on July 7 a statistical summary of
WPA expenditures from Aug. 1, 1935 to June 30, 1936,
showing a total expenditures of $204,544,865.54 of which
amount $162,259,357.76 was for payroll,
the remainder,
$42,285,507.78, classified as other than payroll, covering
cost of materials and office supplies, rentals, and hire of
equipment. The statistical summary follows:
brand
Sears, Roebuck & Co., has been terminated, accord¬
ing to an announcement by Paul W. Litchfield .• From Asso¬
ciated Press accounts from Akron, Ohio on July 16 we quote:
tires for
tract has been in effect since
"The terms of the law
are
mail
of the Robinson-Patman
law, which became effective June 19, Mr. Litchfield
explained.
1926 and would have run to
such that Goodyear was
The con¬
1942.
unable to fulfill the
requ'rements of the contract," Mr. Litchfield said.
Government's
Further Plans
Farmers—President
to
WPA
to
to
Aid
Roosevelt
Continuing
Soil
Drought Stricken
$3,000,000
Allocates
Erosion
Program—
Resettle¬
Cattle Buying to Start July 20—Action by
Other Than
Total
Service Division
$29,963,375.84
174,581,489.70
68,344,683.02
Engineering Division
Parks
City-wide
44,753,884.18
Five-borough.
61,482,922.50
Highways
Sewers
$32,822,605.18
13,326,343.87
15,333,973.45
_
Public buildings and offices..
Grand total
Mr.
Payroll
,
$27,545,938.24
134,713,419.52
48,982,830.62
38,848,635.56
46,881,953.34
$2,417,437.60
39,868,070.18
$23,186,647.09
10,760,585.05
12,934,721.20
$9,635,958.09
19,361,852.40
5,905,248.62
14,600,969.16
2,565,758.82
2,399,252.25
$204,544,865.54 $162,259,357.76 $42,285,507.78
Ridder
said that he estimated that
during the 11
during which the Works Progress Administration
has been in operation about
290,000 different persons had
received WPA checks in
payment of wages and salaries. On
months
Aug. 1, 1935, there were 98,489 persons on the payroll. The
largest number assigned at any time was 248,474, which
was the figure for Feb. 19, 1936.
From August 1 to June 29
separations from the payroll for all reasons totalled 81,219.
It is estimated that of these
35,407 left the WPA to return
to
normal
average
employment.
number of
During the last three months the
leaving the WPA to enter private
persons
ment
Administrator
Payroll
Enlarging upon the
Government measures previously
inaugurated, an emergency program in behalf of farmers in
the drought stricken areas of the country was announced on
July 16 by Rexford G. Tugwell, Resettlement Administrator,
at the conclusion of a five-State conference, held July 15 and
16 in Bismarck, N. D.
The program, designed to meet prob¬
lems in North and South Dakota, Montana, Minnesota and
Wyoming, in designated "emergency drought counties," and
in such other States as may be designated by the-United
States Department of Agriculture, is expected to be in opera¬
tion on Monday, July 20.
Mr. Tugwell, according to Asso¬
ciated Press advices from Bismarck, July 16, said that the
following steps will be taken by the Government:
(1)
Immediate relief will be extended to the needy in the drought area,
with those receiving aid permitted to work on
WPA projects after receiving
subsistence grants.
(2)
Feed will be provided livestock, with loans or grants to be
for maintaining foundation herds; limited loans will be made
advanced
for transporting
livestock to other pastures.
(3)
and
a
Emergency seed loans will be made to needy farmers for fall planting
program
prepared
now
for seed loans for next spring's planting.
,
Volume
(4)
A long-time
will be carried on,
program
submarginal land by government purchase
families
residing
now
"We wish to
the farmers in the drought area that every
assure
Secretary
featured by retirement of
otherwise, and relocation of
or
the command of the Federal government
The full
facility at
will be extended to provide aid
In
the area, Tugwell told the conferees.
advices
"Times"
of
from
July
following to
say
Bismarck, July
16,
York
the New
to
regarding the
program:
..Wm
..
,
The program calls for a comprehensive system of loans and grants through
the Resettlement Administration to enable farmers to carry on through
winter and for
or
other employable members
work.
as
is
a
are
able to take
'
:
<.
A feature of the plan
designated
the
large-scale employment on Works Progress Administration
projects where family heads
such
President of the American Federation of Labor, estimated
that the net gain in all lines of industrial activity was only
that paper's correspondent had the
17,
.
provision directing that loans made in
submarginal should be conditioned
on
an
agreement
areas
by the
f
4,400,000.
they might evolve.
IS
such condition would be
o
applied to outright grants.
as
a
use
thousands of farm families
on
fertile soils of the Dakotas, Montana,
more
Wyoming and western Minnesota.
Mr.
State relief and farm officials,
with
which he wrote into the
expendit
on
ures
a
prepared in cooperation
end of
at the
came
plan several important
for drought-relief
Not
purposes.
a
meeting during
limitations and reservations
.
.
employment on projects recognized
as
drought
programs.
This
will be improved by
area
To this
the
today that the relief
so construed as to take care of all
was
bona fide cases, he
not to be any
"grab-bag
end, he demanded that, if prices of feed
drought
more
easily that maintained through it, loans for such feed
case,
Loans would be made for moving stock out of the county, but not
for maintaining it where the effect would be to "bail out" holders of mort¬
gages
It
for which the stock had been pledged
also made known
was
on
by J.
W.
Tapp,
as
pared to begin
Administrator
that it
was
rado) officially designated drought States; Colorado was not
designated as being in the emergency drought area until
July 15, but nevertheless was one of the 29 other States
receiving an allotment on July 14. Regarding the appropria¬
tion, Washington advices, July 14, to the New York "Times"
July 15, stated:
and
program
that
The
and
was
made to New York.
by
She observed that
New York newspaper.
a
variance" from figures
compiled by the
compilation of this newspaper
shrinkage of employment caused by disappearance of concerns
out of business
gone
merged with other firms since
or
WPA
the
was
interested
in
long-range and
1929.
destroying livestock and reducing
so
many
families
to
"The WPA has gone out of the emergency relief business.
temporary palliatives.
thousands of families in these
Yet it is coming to the
drought-stricken
areas
It isn't inter¬
rescue
of many
in what is admittedly
announced
in
Washington,
July 15, that the
Resettlement Administration had allotted $624,000 as an
initial fund for emergency subsistence needs in seven
drought
stricken southern States namely: Alabama,
Kentucky, Okla¬
homa, South Carolina, Tennessee and Virginia.
The RA
had previously allotted $393,000 to six northwestern
drought
States.
Announcement was made by the RA on July 13
that it planned to distribute $3,000,000 in direct grants to
aid stricken farmers, chiefly in the Dakotas, Montana and
Wyoming.
Of this sum, it is stated, $3,000,000 is an allot¬
ment from the $1,425,000,000 relief fund contained in the
Deficiency Appropriation bill for the fiscal year 1936.
K
small
and
worsted
and
woolen
wares;
goods;
dyeing
and
She estimated total employment, other than in agriculture
Federal emergency work, as numbering 30,948,000 in May,
NRA
1936,
Invalidation
Cost
839,123 Jobs, According to
Green—^Report to President Roosevelt
Says 4,576,501 Workers Were Affected by Supreme
William
Court Decision
Invalidation
the
United
of tlie National
States
Industrial
Act by
Recovery
Supreme Court resulted in the
"break¬
down"
of labor standards affecting 4,576,501 workers, Wil¬
Green, President of the American Federation of Labor,
said on July 8 in a report to President Roosevelt.
A Fed¬
eration survey showed that 839,123 workers had been de¬
prived of possible reemployment because of general length¬
ening of industrial work hours since the NIRA decision,
liam
while hours of
labor had been increased to the extent that
"35,247,473 man-hours
maximum
were
working hours
added weekly in excess of the
prescribed
Administration codes."
covery
by
National
the
A Washington
Re¬
dispatch
of
"Times" quoted further from Mr.
July 8 to the New York
Green's report as follows;
"As
direct
a
stated,
report
result
this
of
"839,123
wage
lengthening of
ties
The report
work
"widespread
industries,
line
The
fested
the
had
been
pressure
made
the
possible
re¬
of competition.
factual study.
a
to
conference
survey
with
Mr.
on
begin
plans to
added
but
department
and bureau
increasing the
heads
of
public
by
President
Mr.
mani¬
and advised him that he would
the cruise in North Atlantic waters
President
represented
Roosevelt's
a
only
large number
preparatory to
departing, from Washing¬
delegations, including a large number
some
who thanked him
area
any
next week.
Green
Friday night, and received
said
was
that the
important engagement of the day, although he talked with
cattle ranchers
jobs in
*
He
•
study in detail
Roosevelt
are
rates had been lowered,
pay
recommendations
"very great interest" in the
with him
job opportuni¬
employed,
specific
no
represent
Mr.
The
work,"
of
and that other evils, including a
of child labor" had reappeared in industries.
Many
added, resisted these tendencies, but were forced
report
by the
to
it
of
more
in addition to the lengthening of hours of
had been cut, overtime
wages
recurrence
report
Green
hours
deprived
other words,
States."
also charged that,
week,
per
"stretch-out"
into
In
lost owing to the lengthening of hours than there
were
single industry in the United
the
the
have been
earners
employment in" the current'recovery.
for
approving
recent Act of Congress
a
land.
grazing
Summary of A. F. of L. Report
An
official
submitted
"At
"The
the
of
to this
breakdown
of
June,
1935,
NIRA.
Federation
and
affected
labor
lengthening
hours
full-time
"As
a
work
report
March,
by
the breakdown
1936,
as
the
labor
of
result
of
of
departures
immediately
from
after
the
the
NRA
minimum
the
Schechter
labor
decision
had
following the decision.
of the total 4,576,501 workers affected by the
standards, 4,073,901 workers alone have suffered from
hours.
load
were
by
the
of
the
As
result
added weekly
NRA
codes.
1,762,373,650
in
of
such
excess
This
lengthening
of the
meant
man-hours
of
maximum
an
above
added
hours
work¬
annual
those
already
work,
839,123
«
direct
wage-earners
recovery.
Labor's
survey,
of
prescribed
employed.
of
4
survey
35,247,473 man-hours
ing
American
were
handed down, and carried on through 10 months
According
the
workers
undertaken
was
tiie
Green follows:
Nation-wide
standards
been
Mr.
4,576,501
between
invalidation
of
summary
by
least
standards
emergency.
within approximately
1929.
ton
destitution in the Great Plains and many southern
States, that we are con¬
fronted with a chronic, or a recurrent, tragedy," he said.
goods
and on
of
withering crops,
Secretary listed the following industries as
publishing.
which
drought relief.
was
in 1929.
compared with 26,312,000 for May, 1933, and 35,978,000 for the same month
of
It
industries, she continued, are operating at approxi¬
as
rolling mills: automobiles and parts; tin cans and other tinware; fertilizers;
"We should realize by now, in dealing with the
drought that has been
an
clocks,
ware,
including beer."
finishing textiles; flour, slaughtering and meat packing; newspaper printing
not
mere
enameled
stamped) and
10% of their May, 1929, employment level; blast furnaces, steel works and
take
largest allotments, $239,998,
Harry L. Hopkins, WPA Administrator, asserted in a statement that
drought and flood-control work were connected in a nation-wide conserva¬
ested in
have
pre¬
mained from the 1935 relief appropriation.
The allocations
made to 29 States besides the
12) not including Colo¬
emergency
work,
Its estimate is based solely upon employment in those firms which operated
Monday, July 20, cattle purchasing in
on
were
tion
overlooks the
that
the
of
Chicago, St. Paul and Sioux City, "if market conditions
required." The committee said that it has accepted packers'
bids for the processing of the meat which will be turned over
to the Federal Surplus Commodities Corporation for distri¬
bution to needy families by State agencies.
Previous reference to the drought, which is
unofficially
estimated to have inflicted damage thus far to the amount of
about $600,000,000, was made in our issue of July 11,
page
206.
Up to July 16, 452 counties in Colorado, Georgia, Ken¬
tucky, Minnesota, Missouri, Montana, North Dakota,
Oklahoma, South Carolina, South Dakota, Tennessee, Vir¬
ginia and Wyoming had been designated as "emergency
drought counties"; all of North Dakota is in the emergency
drought area.
On July 14 President Roosevelt allocated
$3,000,000 to the Works Progress Administration to continue
its program for curbing soil erosion, forestation, flood control
and recreational developments.
Offocials of the WPA ex¬
plained that the allotment was made from funds that re¬
One of the
important of these industries are: rayon yarns,
"shows considerable
report
Department of Agriculture,
Assistant
Agricultural Adjustment Administration,
of
more
Bureau of Labor Statistics, declaring:
of
security.
July 16 by the special drought
committee of the United States
headed
wire
level
a
1,570,000
employing more workers now than they did
are
chemicals,
same
situation from
unemployment
ago," she declared, "an appreciable number of
years
more
ment survey undertaken
this
cotton
he said, would loans, however well secured, be in excess of
S900 and the average of all loans for a single county could be no more than
$500.
the
watches, &c., leather, soap, beverages,
went so high that cattle
should be discontinued.
no
viewed
"While manufacturing employment is about
was seven
Among the
industrial
May," the labor
still without normal
were
women
in both 1929 and 1935 and in firms that have come into existence since 1929."
"eating their heads off," and where such stock could be replaced after
In
1929.
and
men
agriculture."
or
"It should be further emphasized that the
proposition."
wrere
in
having economic value."
repeatedly drove home to his listeners that it
a
Secretary Perkins devoted appreciable comment to a recent unemploy¬
While Mr. Tugwell emphasized to the conference
be
Perkins
optimistic angle.
mately the
"Grab-bag Proposition"
is because "the morale of farmers in the
program was to
Secretary
below normal in
activity only 5.7%
"11,259,068
industry, trade
A number of related
WPA road and water conservation
on
declared,
less than it
.
Wherever possible, it is the purpose of the new program to provide relief
through employment
"With business
leader
manufacturing industries
Tugwell's announcement of the program,
numbered 11,259,068,
"Journal of Commerce":
of the emergency drought
lever in carrying out the longer-time scheme of relocating
Mr. Green said that gain¬
slight decrease below April but sharply above the 1,864,000
listed in 1929.
A summary of the two reports follows, as
contained in a Washington dispatch of July 2 to the New York
work in
The Federal Government would thus make
program
Miss Perkin's report did not state the number of
workers idle at present, but that of
ful workers unemployed in May
borrower to cooperate with Federal and State agencies in the carrying out
of any remedial program
Has
Employment
Says
5,370,000
Secretary of Labor Perkins said on July 2 that employment
excluding agricultural and Federal emergency employment,
had increased about 5,300,000 since the low point of the
depression in March, 1933.
On the same day William Green,
will supplement and expand measures already under
program
Perkins
Since March, 1933—William
Green Estimates Gain at Only 4,400,000, and Says
11,259,068 Are Still Idle
immediately," Dr. Tugwell said.
way in
Labor
of
Increased
such lands.
on
365
Chronicle
Financial
143
result
have
In other
been
of
this
lengthening of the hours
deprived
words,
more
of
of possible reemployment in the current
job opportunities were lost owing to the
Financial
366
servative
of work among the workers affected by
in weekly hours
increase
in
the
weekly
which have
that the conditions it
and
Edmund
payments
more
are
word 'control'
had
best to
clearly
moting
In
basis,
so
that
shall know what
we
low
a
on
cases
contributory
is
for
our
currency
annuities
on
"I have only to add that
is,
pension
it pays
on
the
one
hand,
too
ments and in
of the total adult population.
will be too much
current
that
be very
Excess
v
cost
basis,
to
eliminate
both dire
poverty
afford,
it.
and dependency
is over 65 andi I am in favor of
In this connection, I may say that it will
much easier for us to afford to take care of our aged! properly
existing appalling wastes of government.
if
that
may
our
wage-earning
citizens,
when
well resent a system of surveillance in
insurance
companies
or
to make
savings in
other ways.
Reserves
Wall Street voiced publicly
Governors of the
Federal Reserve System iD increasing to the amount of 50%
the reserve requirements of member banks, it would appear
that not all are in favor of the move.
One of those who has
indorsed the action is J. Herbert Case, formerly Chairman
of the Federal Reserve Bank of New York, and now a partner
in the firm of R. W. Pressprich & Co.
In a statement issued
their views
on
the action of the Board of
July 15, Mr. Case refers to the action as wise,
His statement follows:
on
Increase
The dollar is at present
undervalued, and
a
moderate in¬
gold content would probably avert widespread
credit inflation, Edmund Piatt, Vice-President of the Marine
Midland Group and a former member of the Federal Reserve
Board, said on July 8 in an address before the Institute of
Public Affairs of the University of Virginia.
He suggested
crease
in its
the price of gold be reduced below $35 an ounce, and
said that although an increase in reserve requirements would
that
ar> barrier against inflation, that action would not be
effective as a reduction in the gold price.
The Gold Act
as
of 1934,
he declared, was "idiotic," and he predicted that
gold price is lowered inflation is inevitable.
unless the
George V. McLaughlin, President of the Brooklyn Trust
Company, who spoke at the same session of the Institute,
policy of credit expansion is actually an in¬
crease of the national
debt.
He questioned whether it is
said that the
possible to control credit effectively.
A dispatch of July 8
Va., to the New York "Herald Trib-
The action of the
Board of Governors of the
quoted him as follows:
/
Federal Reserve System in
of member banks 50%, effective
Aug. 15, in my judgment is both wise and sound, constructive and timely.
It is wise and sound, since it constitutes the proverbial "ounce of pre¬
vention," by substantially reducing the potential danger arising from the
present accumulation of approximately three billions of excess reserves with
their estimated capcaity for expanding credit by 10 times that amount.
It is constructive, since it brings down the volume of excess reserves
increasing
the
reserve
requirements
into a more manageable area.
■
of the present excess reserves and of the
by another half billion by Aug. 15. In
and a broader sense, it is timely in that;it also affords the country
favorable opportunity for testing the value of the new banking
timely in view of the size
It is
possibility of their being increased
another
most
Donald
H.
Banking Act of 1935;
Campbell, President of the Chase National
Bank of New York, was
quoted
as
follows:
reduction of excess reserves, the action of
the Board of Governors represents a constructive policy.
The increase will
impound to that extent a part of the gold inflow which has taken place since
the devaluation of the American dollar.
Potential credit expansion Will be
correspondingly reduced. Comenndable as is this action, the credit situation
will not become clarified until the Federal budget is balanced.
Constituting a first step in the
In the New York
"Journal of Commerce" of July 16 it was
stated:
One banker said that he
to action over the
expected
a
country in the next
firming up again on governments
would have much effect on
little further selling off in bonds, due
few days, but that then he expected a
and others.
He did not believe the action
banks might
bank portfolios, except that some
done if no action had been taken. As no
large Government financing is expected for several months, the Reserve
action, it is thought, will have no important effect in that direction, With
the policy of the Reserve Board definitely stated, an uncertainty that has
been hanging over the bond market is regarded as removed for some time.
In some quarters the Reserve action was regarded as another experiment
by the Government, the outcome of which remains wholly uncertain at
present.
The uncertainty, it was said, caused timidity in bidding on new
not
buy
issues
as
much as they would have
yesterday.
The Governor's action
from Charlottesville,
bune"
sound,
constructive and timely.
machinery provided by the
McLaughlin Terms Credit Expansion Form of Debt
Bank Sees Move to Reduce
Representing a Constructive
Policy
a
Reduction of Gold Price as
Inflation
Barrier—Former
Member
of
Reserve
Board
Declares 1934 Gold Act
"Idistic"—G. V.
as
While few of the bankers in
Edmund Piatt Advocates
as
.
Regards Action of Board of Governors
National
Chase
of
by the
they realize what is
which every individual
among them is kept under the eye of the Federal Government and either
required to account for all of his time or else lose the benefit of pension
for parts of the time not accounted for.
Our people have been accustomed
to privacy and freedom of movement.
I doubt very much if, when the plan
is really in operation, they are going to welcome forcedi participation in
an
old-age insurance scheme which takes 3% of their wages directly and
another
3% indirectly, and which makes them account for their time
to agents of the Federal Government for a benefit to be received 20, 30
or
40 years later.
I think it far more likely, when they understand the
issue, that they will prefer to join everybody else in the population in
contributing a much smaller percentage of their incomes (above $500) to
taking care of all the needy aged of- the whole population, reserving the
right to use their own discretion as to whether they wish to buy annuities
act
.
Increasing Reserve Requirements of Member
Banks as Sound and Timely—President Campbell
curtail radically the
planned,
from
.
us."
in
part of our population which
think
I
require¬
reservoir to overflow so long that its foundations
weakened for repair and the flood •will be upon
J. Herbert Case
The minimum
I think that experience will show that we can
aged relatives.
can
addition to vigorous efforts to
shall have allowed the
we
inclusive, because
low and may have to be supplemented
are very
making the attempt to do
we
exports, in addition to raising reserve
balance our budget
ports and promoting some
of need, and raise
in my opinion unless we do add a few more
stopping its undervaluation, stopping gold im¬
grains to the gold dollar,
testing need we should ignore the question of whether sons and daugh¬
other kinsmen are well enough off so that they can take care of
a
for
business.
Credit Control Doubted
or
their
valuation at any
prices except as it would tend to give
fully redeemable at its present tentative
everybody more confidence and stimulate
know whether we
old-age assistance plan in any case.
In
question whatever, however, about our ability to make
It would have no effect on
time.
he prefers to have some gold on hand,
it.
"There can be no
widely distributed tax on all classes of the
ployed, and about two-thirds
ters
"Post" quoted Mr. Piatt as
Washington
the
Mr. Piatt, added that "it only
cannot get
pays
it
rise in prices here."
hedge against inflation or because
annuities to people who will not need them. On the other hand,
too exclusive, because it leaves out nearly half of the gainfully em¬
it
a
dollars.
hundred
The
tax
costs and shall
the Stock Exchange has
stock market, and said further that a
standard now for all practical pur¬
remains to make it a little more cer¬
tain, barring further devaluation and making our currency definitely re¬
deemable in gold, in coin as well as in gold bars."
"At the present time we are on a gold standard for the rich only," he
said.
"The small man who wants to get a gew gold coins, whether for a
popula¬
all incomes, including corporate incomes, above five
the funds for them by a
tion,
it
applied to credit is in large measure deceptive.
Contending that we are on the gold
of false claims and wasteful
limit the old-age pensions to
us
Marine Midland group, former
"The
Bank of New York, said
requirements "seems possible within the next
part
poses,
Let us
Let
afford it.
Char¬
follows:
drop the contributory old-age pensions based on
payroll taxes and taxes on wages for special classes of workers, and let
us
concentrate
on
the system
of grants-in-aid to the States for the
assistance of all the needy aged in such a way and on such a scale that
we shall
do this thing adequately in our own time and generation to the
extent that we can afford to do it.
And let us do it on a current cost
can
a
predicted "a very great increase of prices is likely to
He
adequate, the employees have
the system, and they
to use a different tax from the payroll tax
me
follows in
few months."
take place
within the next year, beginning in the United States, based upon our tre¬
mendous credit possibilities."
He said he did not approve of it; that
lower prices would be more generally beneficial, while admitting "there is
a considerable body of opinion in the United States still in favor of pro¬
stipulates for acceptable
In proposing a solution of the old-age pension
problem, Mr. Aldrich said, in part:
Assuming the correctness of this view that labor will pay the bill, it
seems
as
Reserve
Federal
of the
effect in slowing down the
an
rise in reserve
expenditures.
old-age pensions.
as
He said the rise in marginal requirements on
;
administration of
cooperate more in the reduction
summarized
was
Vice-President of the
Piatt,
Vice-Governor
so
are
voice in the
more
ripened into debts."
dispatch of July 8 to the New York "Times":
lottesville
general that a large variety of such
plans are possible. As to this he cited the New York pro¬
posal, in which he said two undesirable features are that
the workers contribute nothing t> their own insurance and
the fact that it provides for a flat rate
of tax on all
employers, regardless of their employment record. In ex¬
empting workers from payment, he said, the New York law
differs from that of every European country except Soviet
Russia. Mr. Aldrich declared that when workers contribute
plans
benefit
how
some
Mr. Piatt's address
1935 endangers col¬
lective security in seeking to assure individual security,
Wintlirop W. Aldricli, Chairman of the Chase National
Bank, said on July 10 in an address before the Institute
of Public Affairs of the University of Virginia.
Mr. Al¬
drich said that the law fails to create any unemployment
State
control many things formerly
promises after the bubble has burst credits
duty to liquidate the frozen
Security Act of
Social
Federal
bring under
learned to
has
influence," he said, "if intelligent control
could be exercised over credit expansion when the business tide is rising
no one would be more thankful than the banker, for it is his unpleasant
sions
plan,
and every effort to
not necessarily
credit, but concluded that it is
thought to be beyond human
Unsound by W. W.
Aldrich of Chase National Bank—Before Public
Affairs Institute Contends Worker
Should
Pay
Share—Offers Plan for Solution of Old-Age Pen¬
The
control over
any
"Mankind
♦
Social Security Act Held
Federal
instead of by legislative or governmental control.
imposible.
employed.
60
Credit expansion, to an ex¬
It creates debts difficult or impossible to pay
will never be created and we
McLaughlin discussed the difficulties facing any
Mr.
exert
effective control.
no
harmful.
live within our means such debts
we
will live by self-control
longer, depriving the unemployed of jobs, but the
without compensation meant a clearer wage loss to those
hours
If
off.
ployees forced to work
additional
basis either.
cessive degree, is
Whenever this occurred the effect of the departure
was doubly
destructive, for not only were the em¬
pay.
standards
NRA
But the
real estate, and not on a con¬
Unless these other forms of debt expansion are
controlled, there will .be
changes in hour schedules averaged 8.7 hours per week.
In a great number
of cases the hours of work were lengthened without a proportionate increase
from
little of the available credit now.
country is being encouraged to borrow on
States.
"The
July 18, 1936
The stock market is taking
there are jobs in any single industry in the
than
hours
lengthening of
United
Chronicle
of
our
paper.
is referred to elsewhere in this issue
Volume
Financial
143
Arthur A. Ballantine Says Ordinary
Federal Expendi¬
Increasing—Ex-Treasury Aide Disputes
Figures of Secretary Morganthau—Urges Balanced
Budget
Are
tures
The
Treasury financial policy has demonstrated that the
balanced budget is "always just around the corner," Arthur
A. Balantine, former Under Secretary of the Treasury, said
in an address on July 10 before the Institute of Public Af¬
fairs of the University of Virginia.
Mr. Ballantine, who
criticized figures recently presented by
Secretary of the
Treasury Morganthau, said that "the only moral commit¬
ment of the Treasury now is to balance the budget when
possible."
He declared that instead of declining, as as¬
sented by Mr. Morganthau, ordinary Federal expenditures
(including debt retirement) have grown from $3,444,000,000
in 1934 to a prospective total of $5,649,000,000 in 1937, an
increase of 64%.
He urged a campaign to stop expendi¬
tures for which the Government cannot pay while there is
yet time.
A dispatch of July 10 from Charlottesville, Va.,
to the New York "Herald Tribune" quoted from his speech
follows:
as
The average man
and
woman
and opportunity,
ment
securities
"must be protected, not only from the in¬
which excessive and esperimantal taxes impose,
but from the danger of what must
inevitably follow the full
of erosion
course
"The
since
a
is
a
differenet story.
The purchase of securites
may
jeopardize true saving,
.
.
fail to be impressed with
.
have
had
occasion
to study this problem intensively in recent
months, especially in connection with our study of the segregation of the
functions
of
brokers
and
dealers;
submitted a
recently we
report on that subject to Congress.
preliminary
In that report we recognized the grave
risk of fundamental conflict oMnterest
existing when one person acts both
broker and dealer, i. e., when he acts as as an agent or fiduciary for
as
others
the
on
hand and
one
as
a
trader for his
the other.
own account on
"We do not leave the problem with these admittedly partial solutions.
We
committed to
are
continuing and increasingly intensive study of the
a
whole problem with a view of
moving
progressively forward toward the
objective of high standards of conduct in
our
security markets.
"Furthermore, what is this thing called 'liquidity' and how important
national economy is it?
our
Liquidity means not only convertibility
into money but also conversion into money within a reasonable period of
time and at a price not out of line with that deemed
appropriate for the
particular commodity.
The fact that
modity does not necessarily
the market price
to
provide
are
may
of line
out
so
ready market may exist for a com¬
that the commodity possesses liquidity,
mean
be
a
with current conceptions
price within the limits which
a
apt to think of the
are
1929 stock market
as
deemed appropriate.
as
being the form for
liquidity.
series of direct quotations taken from the
Democratic platform of 1932 and from
money
As to Brokers and Dealers
"We
But what degree of liquidity was there, for example, in October,
1929, when New York Stock Exchange listed stocks lost over $15,000,-
President Roosevelt knows what is right was submitted
a
credit
more
take greater risks.
necessity for examination of the hypotheses upon which margin trading
Some
know to be right."
borrowed
on
an
outright over-saving which
price decline forces liquidation.
is based.
We shall get back on the right road only by a return to those policies which
person must
is
"A thoughtful student of the subject cannot
the
not
thinking
difficult to rationalize a
It is
purchase of securities
credit
for
Evidence that
82% in excess of the funds
value about
a
Money placed in securities represents savings.
on
by deficits—inflation of the currency and the destruction of all savings
by the speaker in the form of
$10,000,
extension—to find reason why stock buyers should
and security, the interruption of all usual ways of life, here as in Germany.
every
valued at
available for the speculation.
to
sidious and mounting burden of taxes, not only from clogs upon employ¬
367
Chronicle
speeches made by the
numerous
000,000 of value.
At that time it would
seem
that instead of
have evaporation."
liquidity
we
'
v
President.
"Well did
on
President
Roosevelt declare when first
paid in the sweat of
are
production and
candidate:
a
every man who labors because
be paid only by
can
they
'Taxes
Governor
Landon Maps Farm Policies—Confers with
George N. Peek and Former Governor Lowden
burden
a
are
production/ " Mr. Ballantine said.
"In full perception of the abiding interest of all
our people we must act
the deserted declaration made by the President at Pittsburgh, when
upon
candidate in
a
1932:
'Upon the financial stability of the United States
depends the stability of trade and employment and of the
entire banking, saving and insurance system of the country,'
government
"Again, when the President
was
contemplating the deficits of 1931 and
1832, since vastly exceeded and the then prospective deficit for 1933 of
a billion dollars, the President (then
Governor) declared: 'for three
about
long
years
the
Federal government has
been
on
the road toward bank¬
ruptcy.' "
Mr.
added
that
the
President
went
zealously to
the promised effort of budget balancing, but that at
without regard
deficits
cannot
to
the
be
of
amount
regarded
efforts to balance the
new
as
was put
revenue.
the
some
aside for
"The
a
work
on
later date the
policy of spending
continuance
frustration of sincere
budget," the speaker continued.
and
of
huge
continued
"They represent
attitude toward Federal finance, an attitude in which
outgo comes
first and paying the bills must take its chances.
"If this deficit
policy is to be called
an emergency policy, it is now clear
danger of having the Government operate on the basis
that
we
of
permanent emergency.
a
on
Republican Presi¬
July 13 with George N. Peek,
former Administrator of the
Agricultural Adjustment Act,
regard to the Republican program for restoring foreign
with
trade and for farm relief. Frank O. Lowden, former Governor
of Illinois, described on July 9 the broad principles of a farm
program upon which he said that he and Governor Landon
in entire agreement.
This program emphasized per¬
manent
benefits to farmers for soil conservation
work,
were
Ballentine
accepted principle of budget balancing
a
Governor Alf M. Landon of Kansas,
dential nominee, conferred
stand in
To
that the budget is balanced, except
say
for relief and recovery expenditures, does
not lessen the load
or
the re¬
sulting debt."
additional
benefits
to family-size farms to conserve the
population and keep it from being drawn off
by the cities, and administration of the conservation program
by the States, through the State agricultural colleges, with
the Federal Government supplying funds in the same manner
that it now allocates grants for highway
purposes.
Governor Landon will be formerly notified of his nomina¬
tion at Topeka, Kan., on July 23, and Colonel Frank
Knox,
Vice-Presidential nominee, will be notified one week latter at
Chicago.
A Topeka dispatch of July 9 to the New York
Nation's farm
"Times" outlined the tentative farm program as follows:
W. O. Douglas Views Recovery Cost "Surprisingly Low"
—SEC Commissioner Urges Higher Standards of
Fiduciary Relationships—Says Liquidity
Primary Motive in Security Dealings
Is
Not
The cost of business recovery has been
"surprisingly low,"
William O. Douglas, member of the Securities and
Exchange
Commission, told the Institute of Public Affairs of the Uni¬
versity of Virginia on July 11. Mr. Douglas also replied to
the defense of speculation made on
July 7 by Charles R.
Gay, President of the New York Stock Exchange, and to
which reference
made in
was
our
July 11 issue, pages 203
present margin requirements are
liberal, and he contested the argument of Mr. Gay and other
and
204.
He
said
that
speakers before the Institute that liquidity was all-important.
He also disagreed with the contention that considerable
speculative activity is desirable in order to maintain liquidity.
Mr. Douglas said that the
primary concern of the SEC
is to protect investors and to curb
"speculative excesses
which
are
so
dangerous to
national economy and with
the injection into these market places of
higher standards of
fiduciary relationships." A dispatch of July 11 from Char¬
lottesville, Va., to the New York "Times" quoted from Mr.
Douglas as follows:
"Until
of
our
we
our
approach the problem in that
total national
economy,
manner
and from the viewpoint
rather than from the viewpoint of brokers
and dealers bent on increasing their income, we will never reach a
satis¬
factory solution of the problem of attuning the security exchange markets
to the public interest."
Defends Federal Financing
Mr.
Douglas also took occasion
to
,
defend Federal financing, which had
He produced figures to show that
been much attacked during the week.
"we have obtained recovery at a
surprisingly low cost."
He said the gross Increase of
$15,000,000,000 in the public debt under
as
those held
by the Reconstruction Finance Corporation, bringing the net increase in
down to
"These simple facts," he said,
spent surprisingly little for what
"demonstrate very clearly that
we
we
have
As to the problems more directly affecting the Exchanges, Mr.
fairly be said that present margin regulations do
upon
security
buyers.
With
$5,500
one
not
may
were
Senator Arthur Capper of Kansas, former Senator
and R. J. Laubengayer, publisher of The
Salina, Kan., Journal and a farm
leader; former Senator Henry Allen of Kansas, Republican Frank Carlson
of Kansas and Representative Edith Nourse
Rogers of Massachusetts.
The note of nonpartisanship did not hold throughout the
Lowden pictured Thomas Jefferson
Mr.
arising from his
President
Roosevelt's
Fourth of July speech at
interview,
grave
to
as
hear
Monticello, and praising
the speech for its eloquence but wishing that the President
had eulogized
his memory less and followed his
philosophies
more,
Mr. Lowden and Senator Glenn arrived this morning, Were met at the
train by Senator
Capper and, after
a
short stay
luncheon conference at the Executive Mansion.
at a hotel, went to the
The interview took place
afterward at the State House.
Mr. Lowden, looking very hale and hearty despite his
seventy-odd years,
started right into it.
"We had
a very delightful
luncheon,'* he declared, "and we discussed
problems, farm problems, and other problems involved.
Ap¬
parently Governor Landon and I are in complete accord on the
general
all
sorts of
principles of
a
farm program.
"It is completely apparent that if Governor
insist
Landon is elected he will
carrying out that program in all respects, and the other pledges
of the platform as well, because, as far as I can
learn, he has been in the
on
habit of carrying out his promises, even to
balancing the
supreme
you
a
test
course,
budget, which is the
of reliability these days.
we
discussed other
gentlemen know, I have been
a
things,
particularly soil erosion.
As
pioneer in erosion control, and, having
farm of my own, I first discovered the
menace
of soil erosion
a
number of
years ago.
•
"Most people think
causes
erosion is a matter of gullies.
Of course, erosion
gullies, but that is the least important part of the damage
happening
to the farms of America.
What
all the
we
call sheet erosion is going on
time, and it can go on for years, and
the top soil all gone and the land ruined."
finally
insidiously
you wake up
and find
Quotes Figures on Erosion
Then he quoted figures on erosion from the articles
by Mr. Kaempffert
a hundred million acres ruined
by
Douglas
_
burden
Lowden,
F. Glenn of Illinois, who is a candidate for re-election; Clifford
R.
Hope, ranking Republican member of the House Committee on Agriculture,
which, he said, showed
said:
can
The participants in the conference today, in addition to
Governor Landon
and Mr.
Otis
got in return."
Margin Trading Discussed
"It
In
outlining the ravages of soil erosion, Mr. Lowden quoted an article
written by Waldemar Kaempffert, science writer of the New York
"Times",
which was based on the booklet, "Little Waters," issued
jointly by the Soil
Conservation Service, the Resettlement Administration
and the Rural
Electrification Administration of the present Federal administration.
about
$7,500,000,000.
In return for the expenditure, he
said, the national income had increased $20,000,000,000 in the same time.
Further, he said, the carrying cost of the total debt was $6.50 per
capita,
whereas it wras $7.75 in 1924.
undue
farm program, and take it our of politics.
"Of
the present administration should be offset
by assest such
debt
Governor Lowden, in telling the press of the accomplishments of the
conference, stressed the hope that both parties would agree on a permanent
impose
an
purchase
hundred million hurt and
erosion, another
an
equal number threatened.
"From those figures," he said, "you can realize what it
means if speedy
and heroic measures are ot taken to combat
the erosion that is going on at
a
progressive rate."
Financial Chronicle
368
Convene in Cleveland—Attack
and Governor Landon—Father
Adherents
Townsend
President Roosevelt
Coughlin, Rev. Gerald L. K. Smith and Dr. Townsend
Act
to
Support Representative Lemke as
Presidential Candidate—Chairman Rules Against
Move
./
1Q,000 delegates from all parts of the United
assembled in Cleveland on July 15 for the second
annual convention of the Old Age Revolving Pension, Ltd.,
More than
States
(
organization founded in 1934 by Dr. Francis E. TownsPrincipal figures at the convention were Dr. Townsend,
the Rev. L. K. Smith, leader of the Share-Our-Wealth Clubs
which were founded by the late Senator Huey Long, and the
Rev. Charles E. Coughlin of Detroit.
Dr. Coughlin and the
Rev. Mr. Smith announced their allegiance to the Townsend
cause of old-age pensions of $200 a month for all citizens
above the age of 60, and on July 16 Dr. Coughlin, Rev. Mr.
Smith and Dr. Townsend agreed to support Representative
the
end.
third party during the
Lemke's
William
July 16 it was indicated that the delegates
omission of such an endorsement, and instead urged
Even
ciates
favored
permanent chairman of the
having to do with indorsement of a
order at all times."
resolution
have acted as mediators
Mr. Green said that it
be possible to "prevent
Mr.
and the "persecution" of Dr. Townsend
Congressional committee seeking light on
pensions movement, called for
He
was
pany
posed to
office.
over
join forces with Dr.
The formal charges
"absorbing" Dr. Townsend,
of the labor leaders insisting on immediate suspension.
Grouped under five heads, the allegations
the Lewis group
credited with inspiring Dr. Townthat it would appeal to youth as well as
contract with the
his movement so
and change its name from the cumbersome Old Age Revolving
Townsend Recovery Plan.
the pian of the hierarchy guiding the movement to avoid
commitment
to
any
Presidential candidate or party, strong
to place the Townsendites
the camp of Representative William Lemke and the Rev.
Charles
Coughlin's National Union for Social Justice.
in
is being exerted
some quarters
in
E.
Associated Press Cleveland advices
quote from
July 16:
The
Rev.
Charles E.
Coughlin joined political forces
Townsend and the Rev.
E.
the Townsend
with Dr. Francis
Gerald L. K. Smith today in
an
address at
national convention.
Justice said before his
address that he and the leader of the Townsend old age pension plan and
Mr, Smith, head of the share-the-wealth movement, would stand together.
When he addressed the Townsend delegates at Public Auditorium, he
declared that Dr. Townsend had approved the principles of the Union
partly, which Father Coughlin previously had indorsed.
The
founder
of the
National Union for Social
In its advices from
Dr.
Francis E.
Cleveland
on
Gerald L. K. Smith, agreed
trail for Representative William Lemke, Union
party candidate for President, and then hastened to scotch an incipient
rebellion of the faithful seekers of the millennium and $200 a month.
today to hit the sawdust
Regardless of the feelings of the delegates to the Townsend convention
here, who want their pensions no matter who is President, Dr. Townsend
and the Rev. Mr. Smith definitely decided to cast their lot with the Rev.
Charles E, Coughlin
send announced that
Mr. Lemke and the
j
why their charters should not
and communistic" trend.
No Merger
country did not
suspend
a
day and show cause
be suspended or revoked.
that the A. F. of L. Council lacks the power
charter, that only the A. F. of L. convention pos¬
Green was equally insistent that the constitution
labor body was ample warrant for suspension.
of the parent
assertions that 3,000 company union members
Chicago plant of the Carnegie-Illinois Steel
Corporation had gone over in a mass movement to the new
industrial union sponsored by Mr. Lewis were denied by
officials of the company, who said only a small group had
at
On July 16
the South
done
so.
According to Pittsburgh advices July 16 to the New York
"Times," from which the foregoing is quoted, a Carnegie
official in
denying The report said:
"The Associated Employees
Organization, a small independent union of
about 300 members, not affiliated
or
with either the employees' representatives
Amalgamated Association of Iron,
the
"At
a
Steel and Tin Workers, has not
amalgamated association.
Tuesday night meeting of about 300 men,
siders, the Associated Employees Union
including 30
or
40 out¬
voted to transfer allegiance to the
When the chairman of the meeting called for
amalgamated association.
signers only 75 men walked up to become
amalgamated association mem¬
bers."
Seven-Week
Strike
at
Portsmouth,
Ohio,
Plant
of
Wheeling Steel Corp. Ended—Union Wins Recog¬
nition—5,500
Workers
Had
Been
Affected
by
Walkout
Following the reaching of an agreement on July 11 termi¬
nating a seven-week strike at the Portsmouth, Ohio, plant
of the Wheeling Steel Corp., production at the plant was
gradually on July 13 as 800 of the 5,500 workers
reported for work. It was stated in United Press advices
from Portsmouth, July 13, that the plant was expected to
be operating on full schedule by the close of the week.
The
strike was called on May 22 by the Amalgamated Association
resumed
Planned
explained that the coalition of the share
wealthers, the Town¬
of saving the
their strength or a
Coughlmites for the immediate emergency
sendites and the
to revoke or
sessed that power, but Mr.
Detroit radio priest.
speaking tour to Philadelphia,
New Deal and its "alien
He also
It is Mr. Lewis's contention
unions allied with
before the A. F. of L. Executive Council
F. of L. headquarters here on the appointed
at the A.
and his third party candidate; and tonight Dr. Townboth he and Mr. Smith would take the hustings with
Chicago, St. Louis, New Orleans
and San Francisco was being worked out, Dr. Townsend said.
Wherever
the four went, he made it clear, they would attack President Roosevelt, the
A joint
A. F. of L., as set forth in their charters.
agreement is reached in the meantime the
switched its activities to the
July 16:
Townsend, and the Rev.
in the labor movement and had violated their
Lewis will be expected to appear
Pensions, Ltd., to the
While it is
an
boiled down to the charge that
A. F. of L.,
has set up a dual union in competition with the
had fomented insurrection
Smith also is generally
send to broaden
of
that will be served on the rebel unions were drafted
Council by John P. Frey, head of the metal trades divi¬
Unless
also
He said he might make a statement
vAAU';>•
''
sion and the leader
Smith disclaimed any idea of
The Rev. Mr.
We
-
and laid before the
movement..
definite
comment.
Townsend to make
Roosevelt, but he declared he was op¬
their becoming the tail of the kite of any one seeking national
is that it was he who planted in the elderly
physician's mind the idea of creating the Citizens Maximi, those elected
dignitaries who next year are to take over control of the Townsend
a
to
Formal Charges Drafted
against President
The Rev. Mr.
pressure
body to the Committee for
smilingly refused
...
age,
a
tomorrow.''
although the best information
old
jovial mood, having just
union of the Carnegie
in
bulletin of the
by the
the financing of the old-age
"action."
ready, he declared, to
cause
common
confirmed a report that a com¬
Steel Company numbering 3,000 men had come
Industrial Organization, read a press
A. F. of L.'s action in the C. I. O. controversy and then
Mr. Lewis, in a
perspiration and holding a Bible in his left hand,
Smith declared that the assassination of Senator Huey P.
3 efforts would be made to
He hoped, he said, that it would
C. I. O.
further division in the American Federation of Labor
present solidarity."
and to preserve its
Coatless, dripping with
of the
basis of agreement might be found."
between now and August
added that
He
negotiate a settlement with the
follows:
Rev.
had been reported to the Executive Council that
last night's conference "strengthened the hopes
Council that ultimately, perhaps, a
dispatch of July 15 to the New York "Times"
described the opening session of the convention in part as
Mr. McGrady and Mr. Harrison
break.
between the warring factions during the last week
days.
ten
the developments at
A Cleveland
was
who were reported to be exerting pressure
for the Administration to avert a
Speakers before the convention attacked both President
Roosevelt and Governor Landon of Kansas.
Delegates
decided to change the name of their organization to Townsend Recovery Plan.
:
It
"developments" were Mr. Green refused to say.
Just what the
or
Long, his political mentor,
the rallying point for mass
these same conferees, however,
liberal discussions concerning
the national political situation," and to "re-emphasize the fact that this
convention is non-partisan in its political activities."
the
announcing plans for perfecting a permanent
were
McGrady, Assistant Secretary of Labor.
national political party shall be out of
ruled because "we have had
He said he so
Re-election of President
organization
participation in political
campaigns, a radical departure from A. F. of L. policy.
The A. F. of L. executive council was influenced in its decision, according
to Mr. Green, by reports of "developments" at a conference late last night
attended by Mr. Lewis, George M. Harrison, President of the Railway
Clerks' Union and a labor spokesman for the President, and Edward F.
Townsend National Con¬
delegates today that "any motion or
announced to
desicion, Mr. Lewis and his asso¬
Non-Partisan League for the
Labor's
of the labor league as
.
Frank Arbuckle,
made by William
the Council was coming to a
as
on
Roosevelt
that the
Townsendites concentrate upon the election of Congressman
favorable to their cause.
Regarding the developments on
July 17 Associated Press advices from Cleveland said:
vention,
was
within the A. F. of L. as follows:
coming election;
on
July is, 1936
Green, Federation President, and
opponent of Mr. Lewis in his campaign for industrial union¬
ism.
Mr. Lewis declined to comment.
Mr. Green said that
the Council considered the CIO a dual organization competing
with the Federation.
All 12 CIO unions are expected to be
represented at the hearings on Aug. 3.
Meanwhile, members of Mr. Lewis's organization have
continued their drive to unionize the steel industry, and on
July 15 Van A. Bittner, western regional director of the
organizing body, announced that "3,000 members of the
employees' representation plan" at the Cargegie-Illinois Steel
Company plant in Chicago "came over in a body to the
Amalgamated Association of Iron, Steel and Tin Workers."
He said all 13,000 men employed in the j/)lant would soou
join his organization.
. .,
A Washington dispatch of July 15 to the New York "Her¬
ald Tribune" described plans for discussing the controversy
ment
imply any permanent amalgamation of
combination of their panaceas for recovery.
Steel and Tin Workers, after demands for wage in¬
ranging up to 50% and abolition of 17 departmental
councils, which the union declared were actually company
unions, had been refused.
The terms of the agreement
reached on July 11 were summarized in the following advices
(Associated Press) from Portsmouth, July 12, to the New
York "Times" of July 13:
of Iron,
A.
Council to Hear Charges Against
Committee for Industrial Organization Aug. 3.—
Lewis
Adherents
Accused
of
Fostering "Dual
Unionism"—Drive
to
Enlist
Support
of Steel
F. of L. Executive
Workers
Continues
organized labor will be brought
Aug. 3, when John L. Lewis and members
of his Committee for Industrial Organization will appear
before the Executive Council of the American Federation of
Labor to answer formal charges of "dual unionism."
The
Council decided on that action July 15, and the announceConflict within the ranks of
creases
Richard Evans,
into the open on
a
Chairman of the joint strike committee which negotiated
settlement with representatives
in Pittsburgh,
of the Steel Corp. and Federal conciliators
said the terms were:
of the union by the company.
by the company to enter into negotiations
days on wages, hours and conditions.
Full recognition
Agreement
within 14
-with the union
Volume
Financial
143
P*Denial by the company of an
erroneous statement that the company
considered certain members of the union guilty of planning the killing of
a
company guard in a gun battle June 23.
-Re-employment of all employess on the payroll of the company at the
time the strike
called.
was
Chronicle
Gold
A
Verbal promises by both sides that each
ish and maintain friendly relations.
would continue to
The
grand jury investigation of the slaying of a company guard and
other acts of violence will
Three union pickets are held by Sheriff
proceed.
Earlier Associated Press advices from
—had the following to say
ment that
John
L.
from the killing.
first degree murder charges resulting
on
Portsmouth—July 11
regarding the reaching of the
agree¬
day:
Committee
Lewis's
of
members
Industrial
on
Organization
Amalgamated Association
the
of Iron,
Workers.
v:
participated
four
Tin
'Governors of the Federal Reserve System, Mr. Norman ac¬
cording to the New York "Journal of Commerce," said he
thought the
move must have been the right thing to do or
the Reserve Board would not have done
it, but he indicated
his
a
The Amalga¬
similar number
was
claimed
by officers of department councils.
Fourth
feeling that the step taken in the direction of credit
was "highly experimental."
"Times" of July 16 he was quoted as
.
In the New York
follows:
Mr. Morman said he would
spend two days in Mew York and then go
to
Fifty-five hundred workers were left idle by the strike.
membership of 3,500 and
July 11 issue,
our
page 209, arrived in New York on
on the North German Lloyd liner Bremen.
Advised
his arrival of the increase of 50% in the reserve re¬
quirements of member banks, announced by the Board of
nu¬
...
a
in
July 15
was
wounding of
fight at the plant and several bombings and
gun
a
assaults.
mated claimed
Montagu Norman, Governor of the Bank of England,
departure from Southampton on July 10, was noted
control
23 by the killing of a Company guard and the
during
men
merous
Steel and
•
about settlement of the dispute, which
Federal mediators brought
marked June
States—Com¬
upon
actively in negotiations leading to an agreement between company officials
and
United
to
on
whose
lective bargaining.
Arthur Oakes
Come
Has
New Reserve Requirements of Governors
Federal Reserve System—Plans to Visit Maine
of
dealt with by the company in col¬
be
Which
ments
will earnestly endeavor to estab-
P Earl Kalb, Chairman of the Works Council, declared that the depart¬
mental councils
369
Arrival in New York of Montagu Norman, Governor of
Bank of England—Says England Doesn't Want
Bar Harbor, Me.,
London.
He
was
for
of eight
rest
a
or
ten days before returning to
told about newspaper reports that he would confer with
President Roosevelt, but he
only to
see
shrugged his shoulders and said he had plans
George L. Harrison, President of the Federal Reserve Bank here.
Proposal Accepted
Says We Can Keep Gold
One of the issues
The
was
recognition of the department councils.
company
Amalgamated, seeking to act
charged the corporation
Relations
with
Board instructing
sole bargaining agent for employees,
as
violating an order of the
the
company
National Labor
to abandon recognition of the
councils.
case
is
pending before the Circuit Court of Appeals.
Mr. Evans said that the settlement
the
was
based
on
president.
the fourth
Acceptance
observers
of a
proposal
peace
been
have
to
by
You
Funeral
by some
steel-industry
talk to
never
improved, although not
A
in
New
U. S.
York
of
Charles
Gen.
H. Sherrill,
Who Died in
Ambassador to Turkey
Paris
about
military
improvements
English
arms
the
on
Avenue
Charles H. Sherrill who died in
building
Presbyterian Church
on
City, at the Madison
July 15.
as
brought
year
can
can
keep
keep
your
you
you can
would
keep it.
the question
of stabilization,
important things."
in
the
United
from
States, he said.
in
England
Mr.
Norman
on
armaments
the
statement
beloW normal.
was
Not Worried Over Armament
"Financial circles
I
know," he said.
are
not
worried
"In fact there is
no
about
expenditures
arms
as
far
as
undue spending and our armaments
The supplementary votes necessary to authorize
expenditures have not been taken and it may be from
before there
can
and then
June 25, were held in New York
a year
to 18 months
have to catch up."
Gen. Sherrill, who
United States Ambassador to Turkey in 1932-33, died
was
here, but
being spent
money
program is below normal.
Funeral services for Gen.
Paris
on
about
me
much
as
question
and
industry before starting the drive to unionize all workers.
Former
rich over
Government officials
or
adding that "they
that
peace to the
are too
You
but
He said he did not
expect that he would have any talks with American
desire of labor leaders to bring
a
tide, he replied: "I hope not.
digging it out of the ground,
The building program in England
continues, and heavy industries have
believed
was
motivated
stabilization,
asked if he anticipated that
tha;t flowed to the United States in the last
on an ebb
trouble
financial leaders
!v
;
-
the
We don't want it.
proposal sub¬
Wilson, assistant
The striking employes had voted by secret ballot last
night.
haven't any idea," and when
Europe
all
any movement abroad toward currency
gold."
mitted by the company with the approval of Parker F.
to
return to
it.
"I
was
of the gold
some
We had
Company officials attacked the board's authority to enforce its order.
The
Asked if there
he replied:
He
we
be any such spending.
We must take
said, however, that the question of
arms
money was
up
the slack first
not hampering the
program.
*
of heart disease.
body
He
69 years
was
brought to this country
was
left Havre July 7.
of
on
Gen. Sherrill's
age.
the Normandie, which
Two special committees of the Chamber
of Commerce of the State of New York of which Gen. Sher¬
rill
was
member, represented the Chamber at the funeral
a
services held in New York.
1930 and
was
also active
in the work of the National Defense Committee.
served
the American member
as
of
the
He had
armed
Germany?" he
J.
Col.
McFadden, Retired Cotton
of Philadelphia
Col. J. Franklin McFadden, a retired cotton merchant of
Philadelphia, died at his
home at Nantucket, Mass.
summer
From the Philadelphia "Record" of July 16
July 15.
we
quote:
■
Col. McFadden
old
was
born in Philadelphia 73 years ago, a
Philadelphia family.
member of
an
He was graduated from the University of Penn¬
sylvania and entered the cotton business.
He
was
a
member of the cotton firm of
with offices here
Sands.
and
in
New York,
He retired from active
George H. McFadden & Brother,
and later of the firm of McFadden &
business in
1926.
As head of the Red Cross Chapter for nearly ^
was
active in membership drives and in
the
organization.
During recent
on
years
on
he also
was
honorary consul for
board the Manhattan of the United
States Lines for
a vacation.
Tbe Secretary will meet Mrs.
Roper in London; Mrs. Roper sailed for England last week
with William Alexander Julian, Treasurer of the United
States and h's wife.
As noted in
our
issue of
July 11,
page
209, the party, upon the arrival of Secretary Roper, will be
presented to King Edwasd. Prior to his departure on July
15, the Secretary said that "although it is a holiday, I shall
make a study of air, railroad and bus transpor¬
tation in England, especially air."
Also sailing for Europe this week was United States Senator
Robert F. Wagner, of New York, who sailed on July 11 on
the French liner Champlain.
The Senator plans to remain
abroad a month, and although really on a vacation trip he
manage to
will
make
a
survey of
England.;
of
an
extensively
asked.
ship."
Governor Norman visited Governor Harrison at the New
York Reserve Bank on July 15.
\ ~
Third Annual Convention of National
Security Traders
Association to Be Held in Los
Angeles, Aug. 4 to
—David
Saperstein, of SEC, to Speak
housing problems in Ireland and
.
of
the
to
third
head
the
annual
program
eonvetion
for
of
the
the
business
National
sessions
Security
Traders
Association, to be held at the Biltmore, in Los
Angeles, Calif., Aug. 4,5 and 6. The theme of the discussions
will be the problems of the over-the-counter securities
trading
business, which is now the subject of pending Federal
legislation.
The trading and exchange division of the
S. E. C., which Saperstein heads, has the
general responsi¬
bility for such problems.
Nearly 1,000 members of the
National Security Traders Association are expected to attend
the convention.
Delegates will represent the most active
over-the-counter trading houses from 27
major financial
directing relief and other work of
Roper, Secretary of Commerce, departed for
July 15
'menace'
centers of the United States.
•
Secretary of Commerce Roper and Senator Wagner
Depart for Vacations in Europe—Study of Trans¬
portation
in
England Planned
by Secretary—
Latter to Make Study of Housing
Daniel C.
so-called
decade, Col. McFadden
Japan here.
England
was
the
David Saperstein, director of the
Trading and Exchange
Division of the Securities and Exchange
Commission, is
♦
Franklin
Merchant
on
about
.
scheduled
Death of
worried
"Not where I am," he replied, explaining that he meant financial
circles.
"After all," he added with a smile, "I'm traveling on a German
International
Olympic Committee.
.
England
Gen. Sherrill had been chairman
of the Aviation Committee since
also
"Is
•«
Report of Operations of RFC Feb. 2, 1932 to June 30,
1936—$11,052,028,161 of Loans Authorized During
Period—$1,112,853,571 Canceled—Expenditures for
Activities of Corporation Totaled $6,230,175,750
A report issued on July 9 by Jesse H. Jones, Chairman of
the Reconstruction Finance
Corporation, shows that author¬
izations and commitments of the Corporation in the
recovery
program
to June 30, including disbursements of $760,-
156,827 to other governmental agencies and $1,799,980,169 for
relief, have been $11,052,028,161.
Of this sum, the report
states, $1,112,853,571 has been canceled and $939,394,639
remains available to the borrowers and to banks in the
pur¬
chase of preferred stock and capital notes.
The relief dis¬
bursements include $299,984,999 advanced directly to
States
by the Corporation, $499,995,170 to the States upon certifica¬
tion of the Federal Emergency Relief
Administrator, $500,Emergency Relief Administrator
provisions of the Emergency Appropriation Act, 1935,
$500,000,000 under the provisions of the Emergency Re¬
Appropriation Act, 1935.
Of the total disbursements,
000,000
to
the
Federal
under
and
lief
according
to
the
report,
$6,230,175,750
was
expended
for
activities of the Corporation other than advances to
govern¬
mental
815,759,
agencies
or
and for relief, and of this sum $3,873,approximately 62%, has been repaid.
The fol¬
lowing is from the report:
Financial
370
July
Chronicle
Loans authorized
668,672.
withdrawn or canceled, $74,available to the borrowers, and $1,955,624,204 was dis¬
787,778 remains
bursed.
was
$1,695,861,093, or 87%, has been repaid.
purchase of preferred stock, capital
6,729 banks and trust companies aggregating
of
debentures
and
for the
made
were
for
$119,261,230 remains available to the
have been
for distribution to depositors of 2,683
$901,630,165 was disbursed and $759,999,194 has been repaid.
Loans have been authorized to refinance 596 drainage, levee and
districts
tion
drawn
purchase of capital stock (including
500,000 held in revolving fund)
720,440
Under
struction
this
able
governmental
to
$760,156,827.06
-
--
To States directly by
a
loans,
withdrawn
was
or
canceled, $5,626,835 was dis¬
Section 5(d), which was added to the Recon¬
Corporation Act, June 19, 1934, the Corporation has
industry aggregating $111,624,023 ; $27,257,753
withdrawn or canceled and $31,102,263 remains avail¬
1,717 loans to
499,995,170.46
-
500,000,000.00
Appropratlon Act—1935
Relief Appropriation
Emergency
Act—1935
500,000,000.00
-
Total for relief
—
......
Grand total.
$18,922,041.42
..... r
- - -
-
...
withdrawn for each railroad,
authorizations canceled or
together with the amount dis¬
(as of June 30, 1936) contained in the report:
Authorizations
Canceled or
Authorized Withdrawn
to, purchases of participations aggregating $17,121,680 of 324
businesses, $4,539,297 of which was withdrawn or canceled and $7,275,237
Aberdeen & Rockfish RR. Co
127,000
remains available.
Ala., Tenn. & Northern RR. Corp.
agreed
Corporation has purchased
The
Public Works
of
tion
sold
were
at
premium
a
from the Federal Emergency Administra¬
issues of securities having par value of $419,-
securities having par value of $258,031,259
of $8,738,509, but $434,000 were not actually
amount
this
Of
295,434.
1,360
June 30, 1936.
Securities
having par value of $27,528>175 purchased from the PWA were subse¬
quently collected at a premium of $25,556.25.
Securities having par
value of $133,736,000 are still
held.
In addition, the Corporation has
agreed to purchase at par, to be held and collected or sold at a later date,
such part of securities having an aggregate par value of $65,050,900 as
paid for and delivered at the close of business
the PWA
in
is
The
position to deliver from time to time.
a
report listed
follows disbursements and repay¬
from Feb. 2, 1932, to June 30, 1936:
Disbursements
Repayments
receivers)--$1,943,414,750.48 81,685,127,968.84
497,880,572.11
109,448,518.13
387,236,000.00
353,697,840.40
Banks and trust companies (Incl.
Railroads (including
receivers).
Federal Land banks.
323,141,871.95
173,243,640.72
15,809,372.29
Building and loan associations (incl. receivers)
Insurance companies
Joint Stock Land banks
Livestock Credit corporations
—
112,496,775.69
84,404,830.36
14,297,406.33
13,101,598.69
Regional Agricultural Credit corporations—
199,966,622.41
173,243,640.72
116,523,180.02
89,519,494.76
Mortgage loan companies.
12,167,003.86
13,064,631.18
9,250,000.00
5,562,890.94
613,000.00
600,095.79
lic moneys
Federal Intermediate Credit banks
Agricultural Credit corporations
----
Fishing industry
Credit unions
Processors
distributors for payment of pro¬
or
14,718.06
14,718.06
Loans to Secretary of Agriculture to
3,300,000.00
3,300,000.00
56,308,115.22
i
194,107.41
22,300,000.00
22,300,000.00
Central of Georgia Ry. Co
535*800
14,153
230,028
464,298
464,298
Chicago & North Western RR. Co. 46,589,133
1,000
1,289,000
......
5,916,500
46,588,133
1,289,000
155,632
4,338,000
Chicago Gt. Western RR. Co......
Chic. Milw. St. P. & Pac. RR. Co..
15,840,000
1,150,000
500,000
12,020,000
53S
5,916,500
Chicago & Eastern Illinois RR. Co.
Cincinnati Union Terminal Co
10,398,925 2,098,925
Colorado & Southern Ry. Co
28,978,900
60,000
53,500
Columbus & Greenville Ry. Co
Denver & Rio Gr. Western RR. Co.
Denver & Salt Lake West. RR. Co.
Erie RR. Co
Smith
&
Western
surpluses in foreign markets
20,224,586.66
58,571,153.13
-
Loans to industrial and commercial businesses.
1,161,000.00
12,209,453.31
Loans to mining businesses (Section 14).
on assets of
closed banks (Section 5e)
52,938,787.86
20,177,690.67
5,920,520.76
470,000.00
10,733,124.18
the
and
carrying
Loans
on
Loans
on
corn
Loans
on
turpentine
Loans
on
tobacco
453,619,804.44
133,753,133.06
6,925,985.16
7,435,262.08
18,403,564.14
cotton............
!
«.
—
-r
—
Total loans,
...
304,072,495.24
128,456,056.99
6,925,985.16
Lehigh Valley RR. Co....
Maine Central RR. Co
227,434
15,000
10,539
......
200,000
Mo.-Kan.-Tex. RR.
Co
1,729,252
6,843,082
100,000
2,300,000
23,134,800
Purchase of preferred stock,
.
7,915
520,000
90,000
8,500,000
800,000
2,550,000
194,000
sbo'ooo
2,550,000
......
New York Central RR. Co....
1,070,599
25,000
27,499,000
Pennsylvania RR. Co....
7,700,000
29,500,000
Pere Marquette Ry. Co...
Pioneer & Fayette RR
Salt Lake & Utah RR. Co. (rec'r)..
Sand Springs Ry. Co
3,000,000
17,000
4,475,207
300,000
7,995,175
200,000
162,600
597,211
62,500
2,300,000
99,200
""260
785,000
.785,000
1,070,599
18,200,000
N. Y. N. H. & Hartford RR. Co...
985,000
6,843,082
100,000
2,300,000
23,134,800
193,000
25,000
_ _
27,499,000
18,200,000
15,600,000
7,330,431
7,699,779
28,900,000
28,900,000
3,000,000
221
600,000
3,000,000
34,200
10,000
3,000
4,475,207
750,000
145,897
2,805,175
...
300,000
Southern Pacific Co
23,200,000
1,200,000
Southern Ry. Co
19,610,000
100,000
147,700
108,740
7,995,175
200,000
162,600
22,000,000
19,610,000
100,000
147,700
5,000,000
264,336
60,000
108,740
Tennessee Central Ry. Co
:. .
Texas Okla. & Eastern RR. Co....
700* 000
700,000
Texas South-Eastern RR. Co
30,000
45,000
6,000
117,750
700,000
30,000
'30,000
39,000
39,000
790,000
18,672,250
St. Louis-Southwestern Ry. Co
,
18,790,000
15,731,583
15,731,583
4,366,000
4,366,000
400,000
400,000
50,000
22,525
22,525
22,525
.....615,053,795 6,968,156 497,880,572
109,448,518
(receivers)
Western Pacific RR.
cluding $20,048,730.00 disbursed and $4,166,828.15 repaid on loans secured by preferred
.........
6,000,000
520,000
17,840,333
Wabash Ry. Co.
capital notes and
debentures of banks and trust companies (in¬
stock)....
744,252
99,200
785,000
...
Tuckerton RR. Co
$4,606,395,178.48 $3,342,989,819.24
—
1.061,000
354,721
6,000,000
13,915
Bigbee River Ry. Co.
Minn. St. P. S.S.M.Ry. Co......
Texas & Pacific Ry. Co
exclusive of loans secured
by preferred stock
627",075
15,000
10,539
•
2,550,000
Sumpter Valley Ry. Co
16^951,538.48
71,300
4,690
227,434
25,312,667
22,667
9,500,000 1,000,000
800,000
Co
St. Louis-San Francisco Ry. Co
livestock:
500,000
16,582,000
1,061,000
RR. Co
Puget Sound & Cascade Ry. Co
Commodity Credit Corporation for:
53" 500
8,081,000
5
Henderson
Pitts. & W. Va. RR. Co..
orderly
marketing of agricultural commodities and
finance
3,000
90,000
Georgia & Florida RR. Co. (recs.)..
354,721
Great Northern Ry. Co
105,422,400
Greene County RR. Co
13,915
Gulf Mobile & Northern RR. Co...
520,000
Meridian &
1,481,000
3^ 500
3,182,150
3,000
717,075
.
&
S,300,000
Co.
Ry.
(receivers)
Fredericksburg & Northern Ry. Co
Gainesville Midland Ry. Co. (recs.)
Houston
13,718,700
8,300,000
28,925,300
......
219,000
Florida East Coast Ry. Co. (recTs).
Fort
53,600
60,000
8,300,000
3,182,150
16,582,000
Eureka-Nevada Ry. Co....
838
1,150,000
13,718,700
Chicago R. I. & Pac. Ry. Co
N. Y. Chic. & St. L RR. Co
223,207,304.29
53,960
13,200
3,124,319
Mobile & Ohio RR. Co. (receivers).
Murfreesboro-Nashville Ry. Co
agricultural
41,300
134,757
75,000
12,150,477
15,050
35,702
500,000
Mobile & Ohio RR. Co
tornado)..;—
Loans to aid in financing the sale of
82,110,400
7,569,437
3,124,319
Central RR. Co. of N. J
Missouri Southern RR. Co
(Including disbursements
of $10,373,562 13 and repayments of $828,832.51 on loans for repair and reconstruction
of property damaged by earthquake, fire and
proiects
Other....
Carlton & Coast RR. Co
7,569,437
53,960
549,000
Boston & Maine RR
Buffalo Union-Carolina RR
Missouri Pacific RR. Co
Loans to aid in financing self-liquidating con¬
14,600
41,300
Birmingham & Southeast. RR. Co.
Mississippi Export RR. Co...
authorities for payment
of teachers' salaries
to
Ashley Drew & Northern Ry. Co—
40,000
Baltimore & Ohio RR. Co. (note).. 82,125,000
(trust)
and irri¬
gation districts
Loans to public school
Loans
605*367
400,000
(receivers)
Maryland & Pennsylvania RR. Co.
purchase
Loans for refinancing drainage, levee
Loans
2,500,000
634,757
Ann Arbor RR. Co.
Litchfield & Madison Ry. Co
S3 ,588,975,816.99 $2,770,549,512.49
Total loans under Section 5
struction
2,500,000
634,757
Alton RR. Co
Illinois Central RR.
cessing tax
cotton
11,243,117.82
9,250,000.00
4,881,590.92
10,083.32
299,395.63
$
20,500
275,000
Galveston
State funds for insurance of deposits of pub¬
Repaid
$
127,000
275,000
Copper Range RR. Co.
Loans under Section 5:
Disbursed
$
$
Chic. North Shore & Milw. RR. Co.
as
ments for all purposes
—
repaid by each, are shown in the following
bursed to and
table
t
-$8,809,234,787.66 $3,877,386,287.46
and
authorized
loans
$3,570,528.00
$1,799,980,169.46
allocations
and relief advances
Corporation has authorized, or has
In addition, the
the borrowers.
Federal
Relief Administrator—
The
$3,570,528.00
$299,984,999.00
Corporation
To States on certification of the
Interest on notes issued for funds for
sixty-two
amount was
to
3,108.397.63
11,106,429.43
For Relief:
of which $6,195,769 was with¬
available to the borrowers.
provisions of
Finance
authorized
allocations
agencies
Under
$1,272,405 has been repaid.
the
Total
mortgage loan companies to
this amount
of
Since
1933
May 26, 1933
Under Emergency
aggregating $16,347,275, have been
assist business and industry
cooperation with the National Recovery Administration program; $10,-
bursed and
44,500,000.00
Prior to May 27,
$65,381,481 remains
and
and
hundred
One
—
—
$19,-
Expenses:
irriga¬
disbursed.
was
authorized through
of
$127,885,365,
aggregating
canceled
or
$56,308,115
in
closed
$1,224,911,048; $252,903,411 of this amount was can¬
withdrawn and $70,377,472 remains available to the borrowers;
or
...
40,500,000.00
Production Credit corporations
banks when conditions of authoriza¬
aggregating
celed
115,000,000.00
met.
have been authorized
Loans
banks
loans to
crop
Administration
revolving fund to provide capital for
Regional Agricultural Credit corporations for:
1,121 loans were authorized in the amount of $25,222,755 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 6,853 banks and trust companies
of $1,295,280,619.
$110,003,386 of this was canceled or withdrawn and
tions
for
(net)
farmers
Governor of the Farm Credit
and
$1,270,057,864
of Agriculture
Secretary
this latter amount
Of
Authorizations
notes
trust companies aggregate $2,463,-
7,466 banks and
to
this amount $433,256,690
Of
1936
18,
Repayments
Disbursements
Co
Wichita Falls & Southern RR. Co..
$1,066,016,003.23
$244,311,987.40
Wrightsville & Tennille RR
......
.
i,403~66O
Purchase of stock of:
Commodity Credit Corporation.
The RFC Mortgage Company
Loans secured
companies
for the
—
(including $100,000.00
30,375,000.00
$1,203,391,003.23
Emergency
294,384.81
addition
tion has
337,000
$244,606,372.21
Administration of Public
$420,389,568.01
Works security transactions
$286,219,568.01
to
the
above loans authorized,
the Corpora¬
approved; in principle, loans in the amount of $36,-
upon
the performance of specified conditions.
Note—Loans to the Baltimore & Ohio RR. Co. outstanding, amounting to $69,-
959,923, are evidenced by collateral notes of the railroad in the total face amount of
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4>£% secured note due Aug. 1, 1939, in the amount of $13,490,000 at a discount of 1% equivalent to $134,900.
...$6,230,175,749.72 $3,873,815,759.46
Total
Allocations
In
disbursed
purchase of preferred stock)
Total
Federal
Total.
97,000,000.00
10,000,000.00
by preferred stock of insurance
Governmental
to
Agencies
under
ITEMS
provisions of existing statutes:
Secretary of the Treasury to Purchase:
Capital stock of Home Owners' Loan Corp.
Capital stock of Federal Home Loan banks
Farm Loan
$200,000,000.00
99,342,000.00
(now Land Bank) Commissioner
145,000,000.00
2,600,000.00
Farmers-Joint Stock Land banks.
Federal Farm Mortgage
Corporation for loans
55,000,000.00
to farmers-
Federal Housing Administrator:
To create Mutual Mortgage
For other purposes..
Insur'ce Fund
-—-
10,000,000.00
34,000,000.00
BANKS,
TRUST
COMPANIES,
Exchange memberships
were
&c.
posted
for transfer
last
for loans to:
ABOUT
Two New York Stock
July 16, both at $125,000, unchanged from the
previous sale on June 29.
Arrangements were made July
York Curb Exchange membership
the previous transaction.
16 for the sale of
a
New
at $30,000, up $4,000 from
Volume
Financial
143
A
membership on the Chicago Board of Trade sold July 11
$4,300, up $400 from the last previous sale.
at
4
Arrangements were completed July 8 for the sale of a mem¬
bership in the Chicago Stock Exchange at $4,000, off $300
from the last previous sale.
Chronicle
Hollidays Cove, W. Va., recently.
He succeeds the
Williams, Vice-President of the National Steel
Corp. and Manager of the Weirton Steel Works, who had
John C.
late
been
head of the institution for
some time.
In noting Mr.
appointment, "Money and Commerce" of July 4 went
Weir's
to say:
on
The
new
President,
♦
National
At
recent
meeting of the board of J. Henry Schroder
Banking Corp., New York City, John L. Simpson was elected
Executive Vice-President: Norbert A. Bogdan, Harold A.
Sutphen and Ernest H. Meili were elected Vice-Presidents;
a
and William A. Tucker
W.
Steel
who
Corp.
Va., has been
steel
a
is
graduate
a
The
People's
Bank
of
York
City,
been
to
at
close
the
which stockholders
on
of
had
in
of
The
Reconstruction
portion
service in the
their
with
The
Finance
issue
but
matter,
which had agreed to take
Corporation,
subscribed
not
for,
thereby
rendered
stock will be tendered to them
no
in
up
connection
is
W.
waiting
bank will
many
companies,
friends,
new
including
endowment
universities
many
funds,
banks,
savings
foundations.
Previous
offer
and
colleges,
investment
the
which this
the
to
issue
of
plan of
preferred
made
was
13,
page
Trust Co.
of
as
June
to
latest
the
$2,483,488,
United
State securities
States
and
New
of
of
Executive
the
Morris,
Assistant
an
of
the
appointed
was
1
also said:
Northwestern
Preferred
been
claims
met.
Two
State,
of
$35,960
cent,
per
being paid to 12,000
is
bringing
the
total
bills
and
the
of
paid
payable
of
payment
latest
to
from
money
bills
payable of
depositors
liability
1%%
suit
Finance
:
:
$58,333
represents
and
6%
have been
funds
represents
$74,031,
or
Preferred
paid.
from
the
funds
Of
the
receiver of
borrowed
from
Corporation.
7
,
'
4—~
Brumder, John
S.
Vice-Presidents
of
as
of
vancement
Philip J. Dreis
Owen and Joseph W.
the
institution,
as an
and
Simp¬
the
ad¬
Assistant Cashier, it is
learned from the "Commercial West" of July
11, which also
said:
7:7
Mr.
City
Brumder
joined
with
the
the staff
Merchants'
Vice-President
in
March
4,
1930,
Farmers'
&
State
January, 1935.
with
Assistant
in
Vice-President.
the
1930
First
and
Wisconsin, Jan.
advanced
to
5,
having
been
previously
Bank.
He
elected
was
Mr. Owen,
formerly purchasing
Co., Medford, Wis., became associated
agent for the Owen-Oregon Lumber
New York City, held July 13, J. E.
Secretary,
Marquette Park State
by Edward J. Barrett,
The Chicago "News" of July 1,
Jr.
Assistant
Committee
the
July
is learned,
and
to
Reconstruction
associated
meeting
and
on
William G.
of
Bank Farmers Trust Co.
Bank
Second
$68,842
,
a
Deposits
matters.
Marquette Park State is paying 7,000 depositors 7%%,
the total paid back to depositors so far to 30%.
payment
son
York
$909,340, and commercial discounts and
other loans of $1,252,826.
Deposits on June 30 amounted
to $5,203,000 and surplus and undivided profits
totaled
$206,695.
777
.77,77:/
At
formal
some
5%, amounting to $95,031,
45%.
also have
.
Government
and that officials
Walter Kasten, President of the First Wisconsin National
Bank of Milwaukee, Wis., has announced the
promotion of
of $6,402,983, including cash on hand and in banks
$1,502,097, demand loans secured by marketable collateral
of
away
all details of the
ago
■
sources
of
the
to
stockholders'
the
New York, in its state¬
1936, reports total re¬
30,
that
bringing
our
.
of North America,
condition
of
The
and
3961.
«
The
in
and
the receiver of the stockholders' liability
suit and 3% represents funds acquired in the
ordinary course of liquidation.
insur¬
the trust company
issues of June 20, page 4116, and June
ment
$595,000
,v.'7 7.
stock
of
far
so
claims
reference
new
Commissioner, said
Illinois.
of
disbursement of
depositors
our
trusts
-
"Money
in
by the Federal Deposit Insurance Corporation.
announced
depositors represents
bank
unrestricted basis, according
an
advices appearing
only for clearing
the
ance
Va., which had
W.
completed1 about two weeks
be insured
up
This offering has therefore brought to
'■.
■,
11, which added:
were
gratifying to note the character of the purchasers.
Among the subscribers to the new issue are many important institutions
and individuals who were not
previous stockholders and who purchased
market.
7
..
of $169,063 to approximately 19,000 de¬
closed Chicago, 111., banks—the
Second
A
particularly
open
approximately
total payment
from
7
rights in the
of
resources
Gassaway,
on
Va.,
State Banking
State Auditor
of Manufacturers Trust Co. that are now held; by the
paid for in full frctn the proceeds of the sale of the preferred
:;y.
.
July 6
on
Bank—was
capital notes
stock.
has
:
restricted basis since the banking holi¬
a
positors of two
Northwestern State
great
a
courses
4
A
underwriting.
RFC will be
It
the
of
the
Assistant Treasurer of the
-V' .77 ,77.,• ;;.
Gassaway,
on
reorganization
been
the
Gibson added:
any
operated'
George Ward,
bank
the trust
could exercise their rights to subscribe to the new
$25,000,000 convertible preferred stock recently
authorized, that the entire issue had found ready purchasers.
Mr.
of
Commerce" of July
company
issue
Cove
7.
Charleston,
business
of
Bank
day, opened
.
announced
16, the last day
of
Weirton,
Weirton,
(
The
Harvey D. Gibson, President of the Manufacturers Trust
Co.« New
of
Yale and took post-graduate
-4
4
July
Chairman
Weir,
i.■ V:7"..-.'7 7
Hollidays
7 7.,
T.
Bank
and is
bank
of
J.
.
the
of
.
$1,250,000.
Henry Schroder Trust Co. made Thomas A. Shields
Vice-President and Trust Officer; Harold A. Sutphen, VicePresident; WTilliam A. Tucker, Treasurer; and Henry Bauer,
Secretary.
.■ -7::
E.
of
son
President
director of the
a
He
company.
is
and
Harvard.
at
elected Treasurer.
was
371
Bank of
1929.
Assistant
He
was
Vice-President
named Assistant Cashier
in
1935.
National
Bank
Mr.
Simpson
Mr. Morris came to the trust company from
the Bank of America at the time of the consolidation in 1931.
His business experience started with the Franklin Trust
1928.
In
October, 1929, he became Assistant Cashier of the First Wisconsin and
was
Co.
head
in
1919,
after
he
graduated
was
from
joined
elected!
Polytechnic
of
Institute.
certain
Me.
of
1 assumed the deposit liabilities of
assets of the Lubec Trust &
The office
the
Bar
of the latter
will
Harbor institution.
the
June
29, the
operated
as
as a
1933.
credit
department
Prior to
1929
he
More
Mr.
at the
was
recently
Dreis
.
Second
associated
Bank of
.
in
he
Ward
with
was
is
.
the
a
office
old
made
member
of
the
American
Commerce.
Co.
of
Newark,
and
dividend
State
the
Bank
ready
was
.
-
for
on
of
Sheboygan
distribution
Falls, that a 5%
depositors of the
to
respective institutions.
Sheboygan advices on July 2 to the
Milwaukee "Sentinel," from which this is learned, added:
Payment of this
dividend raises the total paidi to
depositors to 70%, and
to
♦
made
was
-
branch of the Columbus
Trust Co.
;77';7'
♦
July 2 by Basil I. Peterson,
Deputy Commissioner of Banking for Wisconsin, in charge
of the liquidation of the People's Savings Bank of Sheboy¬
branch
a
N. J., assumed the deposit liabilities of and acquired certain
assets of the Central Bank & Trust Co. of Newark.
The
acquired bank will be operated
and
Announcement
gan
Trust
discount
in
department.
.
.
Columbus
Vice-President
bank's credit
Wisconsin.
Mechanics'
acquired
4
Effective
the
former
the
Harbor, Me.,
and
Banking Co. of Lubec,
be
of
National Bank and the former National
The Bar Harbor Banking & Trust Co., Bar
July
staff
Assistant
of
First
on
the
to the
People's Saving Bank
depositors of the Bank of Sheboygan Falls
55%.
4
In indicating that the Cumberland National Bank of
Fayetteville, N. C., was distributing a fourth dividend to its
depositors, advices from that place on July 2, printed in
the Raleigh "News and Observer," contained the
following:
Robert
out
to
J.-Powell, receiver of the Cumberland
depositors
$70,000.
This
dividend
The
and
cost
of
offsets
a
National Bank, is paying
12%, amounting to approximately
the total of dividends to 75%.
The last
dividend
year
of
ago.
the
liquidation of the bank to date is about 5%.
Dividends
depositors, including the present payment, have totaled
to
A statement of condition of the Farmers' National
the
John
G.
Myers,
Cashier
and
Bank
wTho
"Money
&
learned, went
Mr.
Callender
September,
of
Pottsville,
heretofore
Bar
Henry
National
Co.
of
Officer of
the
the
succeeding
Pa.,
held
President
as
Cashier.
Commerce"
on
has
1935,
as
of
office
July 11,
associated!
Assistant
with
Trust
the
from
Miners
Officer.
He
a
which
National
is
this
is
a
member
Bank
graduate
of
the
of
since
the
Schuylkill
Association.
Kline
Steel
Weir,
of
was
the
a
Pittsburgh
director of
elected
offices
the
President
combined
The paper
Manthey,
20
years,
Assistant
who
of
the
Fidelity Trust
of
the
People's
Bank at
revealed
deposits of over
surplus and undivided
capital,
of $100,000.
the
30
C. W. Spaulding Jr. continues
enlarged bank and H. R.
Hamlin
as
added:
has
recently
been
as
identified
Cashier
of
with
the
banking in
Security
Waseca
State,
has
for
been
Cashier.
4
The Boatmen's National Bank of St.
at
the
close
$50,231,001
of
as
business
June 30
Louis, St. Louis, Mo.,
shows
total
resources
of
compared with total assets of $52,524,346 at
4, of which the chief items are:
the close of business March
Cash and due from banks, $13,238,856
(as against $15,323,495 at the close of business March 4) ; bonds and stocks*
$25,253,805 (as against $25,375,357), and loans and dis¬
counts, $11,238,248
debit
Corp. and
Pittsburgh,
elected
of
to say:
been
C.
past
of
June
M.
dual
Officer, and will hereafter devote his
Cashiersliip. Pottsville advices, appearing
University of Pennsylvania Law School and is
County
Trufet
Trust
entire time to the
business
and
the
Callender has been elected
Miners. National
of
excess
W.
Monroe
in
close
$1,000,000
$708,027.30,
4
July 4 it is learned that
effective June 30 the Security State Bank of Waseca,
Minn.,
was merged with the Farmers' National Bank of that
place.
profits in
brings
payment
paid
was
fourth
a
From the "Commercial West" of
side
of
(as compared with $11,276,686).
On the
the
statement, total deposits are shown as
$45,938,610 as against $48,292,194 on March 4.
The bank's
capital
($500,000 preferred stock and $2,000,000 common
stock)
remains unchanged,
but
surplus
and
undivided
profits
now
stand
at
$1,050,000 and $380,534, respectively,
Financial
372
Bank of Denver, Colo., in its
The First National
payable on
condition
clared
June 30, shows total
the close of business
of
on
ago.
the earlier date.
the
Evans,
John
$870,145
to
Hughes
Gerald
4.
$879,233
from
is Chairman
President.
of
the
Board
on
of
former.
the
heretofore a Vice-President of the First
National Bank of Great Falls, Mont., has been elected Presi¬
dent of the institution to succeed W. H. Hoover, resigned,
and took over his new office on July 1.
Mr. Hoover, the
Jenkins,
O.
E.
President,
retiring
appointed
been
has
the
bank
The
observed
fiftieth
its
of
elevation
the
bining
Mr.
general
Western
In noting this,
Mining Co.
"Commercial West" of July 4 said:
counsel for the Anaconda Copper
(July 1), com¬
anniversary in a
held for the community.
Mr. Jenkins
but has been in the banking
Montana since 1918, having been Vice-President from 1926 to
Midland National at Billings..
celebration in which open house was
with
been
has
in
business
1932
of
the
of America
Bank
two years,
National Trust & Savings Association,
Calif.,
Francisco,
San
about
bank
the
on
July
Comptroller of the Currency to
Town
of Fallbrook, Calif.
10 was authorized by the
maintain a branch in the
'♦
The
Bank
shows
;■
v,.
■
■N-vv'
Security-First National
Calif., as of June 30,
total deposits of $541,396,525, as compared with total
statement of condition of the
Los
of
Angeles,
utility
Los Angeles,
4, and total resources of
$610,630,17S, as compared with $586,856,629 on the earlier
date. Assets in the current statement include cash and due
from
banks
of $111,595,532
(as against $88,737,715 on
March 4); U. S. securities, State and municipal securities,
stock in Fed. Res. Bank, and other bonds and securities,
aggregating $218,191,514 (as against a total of $221,093,362
for the same items on March 4) and loans and discounts of
$243,389,310 (against $241,237,318). On the debit side of
the statement, the capital structure of the institution at
$48,000,000 (consisting of $11,500,000 preferred stock, $24,000,000 common stock, $10,500,000 surplus and $2,000,000
undivided profits)
remains unchanged, but reserves for
interest, taxes, dividends, contingencies, etc., have fallen to
$15,704,995 from $15,926,091. J. F. Sartori is Chairman of
the Managing Committee; Henry M. Robinson, Chairman
the
Board, and G. M. Wallace,
President.
♦——
The statement
of condition of the Westminster Bank, Ltd.
(head office London), as of June 30 shows total resources
of 1398,774,861, of which the principal items are:
Advances
to customers and other accounts, £126,511,021; investments,
'
' •
,
EXCHANGE
the outstanding feature of the curb market
There have been a number of new tops
the more active of trading favorites,
occasional setbacks due to
recorded by some of
and while there have also been
profit taking, the trend of the market has
generally pointed
Specialties have been in good demand at
higher prices and smaller gains were recorded by the mining
to
higher levels.
and metal stocks and oils.
session
market
on
prices
were
fairly firm during the short
number of new tops were recorded
utilities attracted tfye most of the
Saturday and
Public
close.
the
at
a
but substantial buying was also
miscellaneous specialties and oil stocks.
Mining and metal shares were quiet and the alcohol issues
attention,
speculative
apparent among the
Niagara Hudson Power reached its
showed little change.
Outstanding
highest level in years but lost part of its gain.
the advances registered at the close were Babcock &
among
Wilcox which climbed
upward 7 points to 90, Carolina Power
Light $7 pref., 5 points to 101; American Superpower, 2
&
pref., 2% points to 50; Commonwealth Edison, 1 point to
109%, and General Tire & Rubber, 2 points to 77.
Profit taking
deposits of $519,710,919 on March
of
v
the preferred stocks of the public
activity in
group was
Curb
anniversary Wednesday
Jenkins and the fiftieth
CURB
THE
Renewed
.
'
1 ■'
■
trading this week.
♦"
July 9
on
under the name of
Mezzogiorno, were merged on that day
on
decreased
have
March
Directors and
Italy,
that two of the strongest banks in South Italy,
Banco di Napoli and Banca Agricola Commercial del
March 4. The bank's capital and
surplus, at $1,500,000 each, remain unchanged, but undivided
profits
Rome.
from
advices
Press
reported
United States bonds and
pared with $46,922,316
The same rate of dividend was de¬
July 15.
year
Associated
Resources in the current report
United States certificates
indebtedness, due from Federal Reserve Bank and cash
hand and due from banks totaling $48,147,876 as com¬
on
include
a
4
deposits of $58,645,689 as compared with $55,724,018 on
March 4, and total assets of $63,159,434 as against $60,-
058,492
(head office Lon¬
Ltd.
Bank,
Midland
of
don), announce an interim dividend for the half-year ended
June 30 at the rate of 16% per annum less income tax,
Tom
statement as at
directors
The
respectively, on March 4.
against $1,000,000 and $3G8,693,
K. Smith is President.
as
July IS, 1936
Chronicle
developed during early trading
and halted the advance of
the recent market leaders
the
irregularity, but
utilities also
prices to
some
slipped off
a
Monday
on
Some of
extent.
point
or more
back later in the day.
came
during
Public
dropped but in view of the substantial gains
during the preceding week, the declines made little impres¬
sion
on
Technicolor
the list.
improved
over a
was
pref. reached its top for the year.
was
particularly active and
point to 28 %, and United Light & Power
the weak spot
Aluminum Co. of America
and closed at 128 with
Among the gains were
a
loss of 3 % points.
Brill Corp. pref., 3 points to 38;
Derby Oil & Refining pref., 1% points to 62, and Mangel
Stores
pref., 7 points to 57.
•*
Increased activity in the
the
dealings
groups
tops and a
as
on
the
strengthened
so
Curb Exchange
as
on
Tuesday.
the day progressed and
number of substantial advances
the session ended.
and
public utility section featured
were
were
Mining and metal shares
the oil issues.
Other
some
new
registered
were
stronger
Specialties attracted consider¬
bills discounted, £55,615,569; coin* Bank of
and balances with the Bank of England,
£37,669,043 ; money at call and short notice, £29,006,577, and
liabilities of customers for acceptances, endorsements, &c.,
able
contra, £23,704,847.
On the liabilities side of the
statement, current, deposit, and other accounts are given
Margay Oil, 2% points to 17%; Quaker Oats, 2% points to
£106,358,592;
England notes,
as
per
at
£356,416,370,
ments, &c., as
and liabilities for acceptances, endorse¬
per contra, at £23,704,847.
The bank's paid-up
capital is £9,320,157 and its reserve fund of like amount.
The directors of the institution have declared an interim
dividend of 9% for the half-year ended June 30 on the £4
for the
be
same
payable
on
6%%
the £1 shares
The dividends (less income tax) will
shares, and the maximum dividend of
period.
on
Aug. 1.
*
The statement of accounts of Barclays
Bank, Ltd., of Lon¬
don, as of June 30, shows total deposits of £414,236,680 as
attention
2
124;
balances with other
British banks and checks in course of
collection to £12,721,852; money
at call and short notice to
£23,593,250, and bills discounted to £54,622,408, the last men¬
tioned item representing an increase of more than £10,000,000 over last year's figures.
The bank's investment account figures are also higher by
about
£5,000,000, consisting almost exclusively of securities
guaranteed by, the British Government amounting to
£100,473,299 of an aggregate of £110,050,959.
Total ad¬
vances are reported as £175,548,442 as compared with £163,266,305 on June 30 last year, acceptances and endorsements
being £7,731,780 as against £6,942,814 twelve months ago.
Barclay's Bank, Ltd., one of the "big five" English banks,
recently declared dividends for the half-year at the rate
of 10% per annum on the A shares and 14% per annum on
the B and C shares, these rates of dividend being the same
of,
or
as
those
maintained
for
many
years
past.
Prominent
among
the
American Superpower pref.,
Buying of the preferred stocks of the public utility
was
the feature of the
wealth Edison
was
trading
on
Wednesday.
especially active and broke into
group
Common¬
new
high
ground at 117 with a gain of 4% points.
Good advances
were also registered in other sections of the list during the
early trading but considerable irregularity developed as the
day progressed and some of the early gains were canceled
the close.
The advances included among others,
Singer Manufacturing Co., 3 points to 350; Sherwin-Williams,
before
1
increase
prices.
were
Newmont Mining, 2 points to 85%, and American
Ainsworth
an
higher
Manufacturing Co., 2% points to 30.
of over £32,000,000.
Gash on
hand and with the Bank of England amount to £49,130,401;
£448,076,677,
•
the upside
points to 49%; Commonwealth Edison, 2% points to 112 %;
against £382,795,860 twelve months ago, and total resources
of
at
stocks closing on
% points to 138; Pittsburgh Plate Glass, 1 % points to 122%;
Manufacturing Corp., 2 points to 54; Castle &
Co., 2% points to 54, and American Superpower pref.,
2 points to 51%.
Prices continued to work higher on Thursday, the most
important advances concentrating in the public utility
stocks.
There was some buying in the industrial specialties
and the oil shares were somewhat more active, though both
specialties and oils moved within a comparatively narrow
range.
There were occasional periods of irregularity during
the morning trading, but the market steadied as the day
progressed. New York Telephone pref. was unusually active
and moved- up 3 points to 124 a new top for 1936, Gulf Oil
of Pennsylvania gained 2 points and Babcock & Wilcox
moved ahead 1% points to 91% at its top for the day. Flintkote forged ahead 1% points to 34%, Chesebrough Manu¬
facturing Co. was up 2 points' to 121 and Ford Motors of
Canada B surged forward 2% points to 25.
Trading continued fairly active on Friday, and while the
gains were not particularly noteworthy, they were fairly
well scattered through the list.
Specialties were in demand
Volume
Financial
143
utilities, but the oil shares, mining and
were quiet.
Carrier Corp. was quite
active and moved up 134 points to 14%, St. Regis Paper
pref. gained 534 points at 8834 and Aluminum Co. of Am¬
erica moved ahead 1 point to 13134As compared with
Friday of last week prices were higher, American Cyanamid
B closing last night at 36% against 33% on Friday a week
ago; American Gas & Electric at 4434 against 41%; Atlas
Corp. at 13% against 12%; Carrier Corp. at 1434 against
11 %; Commonwealth Edison at 115 against 108%; Fisk
Rubber Corp. at 7 against 5; Ford of Canada A at 20 against
19%; Humble Oil (New) at 67% against 64%; New Jersey
Zinc at 79 against 77, Newmont Mining Corp. at 8634
against 83%; New York Telephone pref . (634) at 122 against
121; Sherwin Williams Co. at 137 against 13634 and Stand¬
ard Oil of Kentucky at 18% against 17%.
and
metals and industrials
CURB EXCHANGE
DAILY TRANSACTIONS AT THE NEW YORK
PARIS BOURSE
THE
the
were
so
373
Chronicle
Quotations of representative stocks as received by cable
each day of the past
week:
July 11
July 13
Francs
Francs
July 14 July 15 July 16 July 17
Francs
Francs
Francs Francs
6,100
Bank of France
Banque de 1'Unlon Parisienne..
196
202
205
19,700
698
Canadian Pacific
19,700
19,700
690
....
960
-
Canal de Suez cap
Cle Dlstr. d'Electrlcltle
960
940
v
347
347
Comptolr Nationale d'Escompte
Coty S A
734
120
730
Courrleres..
152
143
390
1,200
393
1,200
1,040
270
502
910
255
505
Cle Generale
d'Electrlcltle
Cle Generale
Transatlantique..
Citroen B
.
Credit Commercial de France...
Credit Lyonnalse
Eaux Lyonnalse
cap._l_
Energie Electrlque du Nord
Energle Electrlque du Littoral..
-
476
475
day
658
358
20
1,059
770
677
670
352
18
1,046
790
day
68.70
68.60
67.50
67.70
67.10+ 67.20
69.25
68.30
68.00
Rentes 41932 A
73.30
71.40*
72.30
Rentes 41932 B
72.25
73.20
73.30
Rentes
90.70
2,670
90.90
91.40
2,750
1,153
2,740
1,155
935
902
Closed
Nord Ry
Foreign
Foreign
Government
Domestic
Total
Corporate
Orleans Ry 6%
Pathe Capital.....
Pechlney
Tuesday
230,500
305,505
377,905
Wednesday
401,505
Saturday
Monday
——..
Thursday
333,635
Friday
359,285
$1,286,000
2,252,000
2,949,000
2,843,000
2,447,000
2,162,000
$19,000
21,000
$49,000
$1,218,000
2,096,000
2,882,000
2,767,000
2,332,000
2,109,000
135,000
36,000
50,000
64,000
33,000
31,000
26,000
51,000
20,000
...
Rentes, Perpetual 3%
Rentes 4%, 1917
4%, 1918
....
Rentes
5%, 1920
Royal Dutch
Total
$168,000 $13,939,000
$367,000
2,008,335 $13,404,000
Saint Gobaln C & C..
.
Schneider & Cle
Stocks—No. of shares
1935
1936
1935
2,008,335
1,098,930
79,255,484
27,979,678
$13,404,000
367,000
$20,225,000
299,000
$496,339,000
-
Bonds
168,000
.
.
271,000
7,470,000
$674,991,000
9,541,000
7,038,000
$13,939,000
Domestic
Foreign government
$20,795,000
$514,814,000
518
66
67
344
328
41
40
Wagon-Li ts
S691,570,000
Foreign corporate
Total
518
Tublze Artificial Silk, pref
Union d'Eelectrlcltle
11,005,000
352
37
Soclete Marseillaise
•
1936
101
1,000
Soclete Generale Fonclere...
Soclete Lyonnalse
New York Curb
Exchange
38
100
1,038
Soclete Francalse Ford
Jan. 1 to July 17
Week Ended July 17
Sales at
1,010
780
692
Lyon (PLM)
Week Ended
1,220
Holi-
I.I
L'Alr Llquide
July 17 1936
120
120
Holi-
Kuhlmann
{Number
of
Shares)
710
278
740
279
Banque de Paris et Des Pays Bas
*
37
—.
....
Ex-dividend.
THE BERLIN
STOCKIEXCHANGE
_
Closing prices of representative stocks as received by cable
each
day of the past week:
July
act
July
July
July
13
14
15
16
New York correspondent for
as
of the world.
MANUFACTURERS TRUST COMPANY
55 BROAD STREET,
DEPARTMENT:
123
123
123
121
156
"156
157
158
156
95
95
96
96
98
"100
.122
(7%)
Deutsche Bank und Dlsconto-Gesellschaft.
Deutsche Erdoel (4%)
121
120
120
119
-
Member Federal Reserve System
97
97
98
100
100
130
133
135
135
134
123
123
123
98
98
98
100
100
169
172
171
171
170
144
145
144
143
144
145
145
146
145
145
14
14
14
14
14
.110
110
111
110
109
107
15
14
15
16
16
16
197
198
197
196
197
.144
Mannesmann Roehren......
Norddeutscher Lloyd
Reichsbank
.
(8%)
Rhelnlsche Braunkohle (8%)
Pursuant to the requirements of Section 522 of the Tariff
«.
-
-
-
-
-
-
-
-
«.
»
225
«...
-
..182
182
182
182
183
185
.202
Salzdetfurth (714%)—
Siemens & Halske (7%)
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
123
123
.168
(7%)
(6%)
Hamburg Ele ktrizitaetswerke
Hapag
EXCHANGE RATES
119
97
Gesfuerel
Association
Federal Deposit Insurance Corporation
Member New York Clearing House
122
.129
.
Dreedner Bank
Farbenlndustrie IG
FOREIGN
17
38
.122
.
Deutsche Reichsbahn (German Rys) pf 7% .123
NEW YORK
37
.156
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
Dessauer Gas
37
37
37
37
.
Commerz'und Privat-Bank A. G
HEAD OFFICE AND FOREIGN
July
-Per Cent of Par
Allgemelne Elektrizltaets-Gesellschaft
commercial banks in all parts
Member
July
11
We
202
203
203
205
204
Act of
give below
FOREIGN
a
COURSE OF
record for the week just passed:
RATES
EXCHANGE
BANKS TO TREASURY
JULY
11,
CERTIFIED
BY
Bank clearings this
FEDERAL
RESERVE
bank
it is
Unit
July 11
July 14
July 13
$
Austria, schilling
Belgium, belga
Bulgaria, lev
$
$
July 16
$
.188366*
.188400*
Czecjoslo'kia,
.
July 15
.188480*
.188500*
July 17
%
.188500*
.169169
.169175
.169226
.169234
.169103
.169101
.012960*
.012825'
.012875*
.012875*
.012825*
.041512
.041526
.041564
.041555
.041550
today (Saturday, July 18),
exchanges for all cities of the United States from which
possible to obtain weekly returns will be 4.0% below
those for the
total~stands
the
decrease compared
corresponding weekjast^year.
at
Our preliminary
$5,973,100,700, against
week in 1935.
At this center
$6,224,643,912J.or
there is a loss for "the
.012825*
.041510
a
Preliminary figures compiled by us, based
year ago.
indicate that for the week ended
Cable Transfers in New York
CLEARINGS
telegraphic advices from the chief cities of the country,
upon
1936, INCLUSIVE
Value in United States M oney
Country and Monetary
koruna
a
UNDER TARIFF ACT OF 1922
1936, TO JULY 17,
Noon Buying Rate for
Europe—
with
BANK
week will show
Denmark, krone
.224433
.224383
.224372
.224362
.224383
.224375
England, pound sterl'g
Finland, markka
France,frano
.028166
5.027458
5.026291
5.026125
5.027041
5.027166
.022125
.022115
.022125
.022100
.066160
.066246
.066302
.066310
.403253
.403269
.403400
.403650
.403707
.403607
.009393
.009381
.009400
.009412
.009387
Our comparative
summary
.009400
Poland, zloty
Friday of 15.8%.
.022106
.066104
Germany, relchsmark.
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira...
Norway, krone
same
week ended
.022112
.066292
.681010
.681864
.295050*
.295000*
.294900*
.294950*
.295050*
.295100*
.078800
.078858
.078891
.078908
.078933
.078950
.252575
.252583
.252558
.252513
.252591
.252562
.189325*
.189250*
.188925*
.188800*
.189125*
.189250*
.680821
.681900
.681535
for the week follows:
.681414
Portugal, escudo
Rumania, leu
Spain, peseta
.045700
.045655
.045477
.045643
.045656
.045515
.007300
.007266
.007266
.007266
.007266'
.007266
.137028
.137075
.137217
.137325
.137380
.137371
Sweden, krona
.259204
.259195
.259120
.259131
.259179
.259162
Clearings—Returns by Telegraph
Week Ending July 18
Per
Chicago
Philadelphia..
.
$3,313,121,792
213,191,873
277,000,000
309,000,000
200,117,000
Boston
Kansas City
1935
$2,787,242,574
257,223,284
New York
1936
213,000,000
84,032,439
109,659,636
_
71,700,000
Cent
—15.8
+20.7
+ 11.6
—6.0
+30.5
+18.3
.327085
.327192
.327475
.327542
.327585
.327482
.023037
.023006
.023050
.023000
.023000
.023000
Asia—
113,423,000
82,189,009
+ 11.7
67,777,820
62,174,635
51,586,239
+32.1
Baltimore
89,511,576
78,509,572
55,986,223
New Orleans..
Switzerland, frano
Yugoslavia, dinar
84,800,000
126,644,000
110,255,612
30,942,000
23,033,000
+34.3
,$4,239,891,477
737,692,440
$4,572,229,807
626,393,220
+ 17.8
$4,977,583,917
$5,198,623,027
-4.3
995,516,783
1,026,020,886
-3.0
$5,973,100,700
$6,224,643,912
St. Louis
San Francisco.
Pittsburgh
Detroit
...
Cleveland
+ 34.1
+26.3
+8.5
China—
Chefoo
.299416
.299416
.299416
.299583
.299583
.299583
.299583
.299583
.299583
.299583
.299583
.299583
.299583
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar._
India, rupee.._r
Japan, yen
-i
.299416
.299416
.299583
.299583
Singapore (S. S.) dol'r
.299416
.299583
.299583
.299583
.299583
.323625
.323833
.323833
.323833
.323833
.323625
.378955
.379145
.379265
.379265
.379015
.379285
.293550
.293572
.293532
.293350
.293432
.293392
.588875
.588875
.589187
.588875
.589437
Twelve cities, 5 days.
Other cities, 5 days
—7.3
.589187
.299583
.299583
Total all
cities, 5 days.
AU cities, 1
day
Total all cities for week.
Australasia—
Canada, dollar
Cuba, peso
.998997
.999036
.998736
.998735
.998750
.998945
.999000
.999000
.999000
.999000
.999000
.999000
Complete and exact details for the week covered by the
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
Mexico, peso
.277750
.277625
.277750
.277625
.277625
.277625
of the week in all
.996437
.996700
.996187
.996125
.996250
.996437
Australia, pound
.005187*4. 005187* 4.006000
New
.036125*4. 036625* 4.036875
Zealand, pound-
4.004500* 4.006500* 4.006500*
4.035500* 4.037500*4.037250*
Africa—
South Africa, pound.. 4.976666*4.973125* 4.975208* 4.973958* 4.974479* 4.975104*
North America—
Newfoundland,
dollar
foregoing will appear in our issue of next week.
cases
however, which we
able to give final and complete
the week previous—the week ended July 11;
Argentina, peso
.335225*
.335260=
.335125*
.335080*
.335160*
.335160*
.086300*
.086390=
.086300*
present further below
Brazil, milrels
Chile, peso
Colombia, peso
.086300*
.086300*
.085000*
.050950*
.050950=
.050950*
.050950*
.050750*
.050950*
results
.569000*
.569000=
.569000*
.569000*
.569000*
.569000*
For that week there
Uruguay, peso
.800000*
.796875*
.796875*
.800000*
.796875*
of
*
Nominal rates; firm rates not available.
has to be estimated.
In the elaborate detailed statement,
South America—
for
we are
increase of
9.7%, the aggregate
having amounted to
$6,104,502,302, against $5,564,246,197 in the same week
clearings for
the
was an
whole
country
Financial
374
Outside
1935.
in
city there
this
of
was
an
increase
of
22.5%, the bank clearings at this center having recorded
gain of only
a
Federal
1.9%.
Week Ended July 11
Clearings alInc.
We group the cities according to the
they
districts in which
Reserve
that in the New York Reserve District
(including this city) the totals show an improvement of
2.2%, in the Boston Reserve District of 21.9%, and in the
Philadelphia Reserve District of 17.5%.
The Cleveland
Reserve District totals record an expansion of 33.4%, the
Richmond Reserve District totals of 23.9%, and the Atlanta
Reserve District totals of 32.2%.
In the Chicago Reserve
District the totals tire larger by 27.6%, in the St. ,Louis
Reserve District by 21.2%, and in the Minneapolis Reserve
District by 9.1 %."
In the Kansas City Reserve District
the totals register again of 25.7%, in the Dallas Reserve
District of 20.2%, and in the San Francisco Reserve District
of 15.8%.
In the following we furnish a summary by Federal Reserve
from this it appears
SUMMARY
OF BANK CLEARINGS
lnc.or
Dec.
1935
1936
Week Ended July 11 1936
1934
1933
12 cities
1st
Boston
2nd
New York..12
S
S
Dists.
Reserve
S
235,224,314
+21.9
205,904,511
3,560,305,143
+2.2
+ 17.5
3,322,356,982
309,204,202
3,638,650,110
1
294,636
545,562
65,997,481
1,834,272
1,260,829
260,736
897,102
+ 66.5
1,467,023
45,919,801
1,011,160
470,651
532,710
11,791,000
474,561
3,718,551
15,783,436
211,164
4,716,581
2,389,347
289,993
236,784,826
589,177
2,575,779
636,998
892,271
383,365,903
+27.6
360,107,810
329,333,568
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
+ 16.9
72,900,000
85,200,000
+ 22.0
26,683,747
32,546,415
71,000,000
24,512,072
67,600,000
21,994,968
+ 47.9
10,933,737
11,395,489
Detroit
Grand Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend
97,830,950
2,663,813
1,238,189
1,178,823
20,495,000
1,442,727
Terre Haute...
5,28iv126
Wis.—Milwaukee
Springfield...:
21,687,177
1,126,913
9,085,677
3,860,249
365,463
313,472,302
880,423
5,347,101
1,305,573
1,494,106
489,021,348
Iowa—Ce<J. Rap.
Des
Moines..
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford.....
+ 21.5
80,547,775
2,030,149
883,521
764,611
16,526,000
1,818,833
4,368,636
18,315,965
+ 31.2
+40.1
+ 54.2
931,996
+24.0
15,668,000
769,594
4,212,932
14,861,474
592,879
5,823,895
2,593,289
509,083
239,435,448
580,688
2,532,186
—20.7
+ 21.0
941,296
+ 18.4
+ 19.7
7,664,691
2,879,816
+ 34.0
316,465
+ 15.5
+ 18.5
+ 30.1
240,980,422
+ 33.0
661,864
2,453,425 + 117.9
+ 51.4
862,480
Mo.—St. Louis..
Tenn.—Memphis
15,831,621
10,705,715
742,105
b
b
b
b
608,000
111.— Jacksonville
438,000
+ 38.8
307,000
324,000
134,186,036
110,727,462
+21.2
106,842,809
101,314,457
+ 22.6
2,441,200T
+ 12.2
56,878,338
20,711,810
b
257,198,349
286,711,019
"
S
%
1933
$
Seventh Feder al Reserve D istrict—Chic ago—
—42.4
452,852
Mich—Ann Arbor
Ky.—Louisville..
Federal
1934
%
$
Total (18 cities)
districts:
or
Dec.
1935
1936
located, and
are
July 18, 1936
Chronicle
264,346,933
3,935,733,716
Quincy
"
••
393,587,054
334,958,562
5
"
299,185,540
224,302,959
194,649,036
"
137,213,784
110,769,800
100,734,933
84,516,426
"
141,552,587
107,072,081
+33.4
+23.9
+32.2
221,182,483
Richmond .6
99,551,350
87,234,547
Chicago ...18
"
489,021,348
383,365,903
+27.6
360,107,810
329,333,568
Ninth Federal
St. Louis...
4
"
134,186,036
110,727,462
106,842,809
101,314,457
Minn.—Duluth..
Minneapolis 7
"
110,030,852
100,811,215
84,738,446
89,641,693
Minneapolis...
10th KansasCity 10
11th Dallas
5
"
163,099,769
129,730,702
+21.2
+9.1
+25.7
+20.2
+15.8
120,104,184
107,067,307
3rd
Philadelphia 9
4th
Cleveland..
5th
6th
Atlanta
10
7th
8th
9th
12th San
"
51,988,632
45,763,914
256,275,571
Fran. .12
221,214,142
44,769,522
38,034,125
179,915,840
176,026,893
Total (4 cities)
St. Paul
N. Dak.—Fargo.
S. D.—Aberdeen
Mont.—Billings
110 cities
Total
6,101,502,302
2,106,378,560
454,017,708
330,023,512
..32 cities
Canada.
+9.7I
5,564,246,197
2,580,547,317
Outside N. Y. City
5,155,413,072
5,665,097,050
+22.5] 1,923,999,426
.
.
Helena
+37.61
328,657,689
Total (7 cities).
Tenth Federal
Inc.
_
1934
N.H.—Manches'r
Total (12 cities)
286,711,019
235,224,314
+ 21.9
Feder al Reserve D istrict—New
1933
$
%
+ 25.0
691,494
1,877,386 + 17.1
202,356,403 +22.0
—5.5
756,649
306,696 + 24.3
749,206 —13.4
3,182,166 + 24.5
1,708,129 + 23.3
9,815,746 + 25.1
3,708,840 + 20.9
9,572,400 + 12.2
490,199 + 196.2
York-
864,057
Mass.—Boston..
Fall River
Lowell.
New
Bedford,,.
.Springfield
Worcester-
Conn.—Hartford
New
Haven...
R.I.—Providence
Second
N. Y.—Albany..
Binghamton...
Buffflo
Elmira
Jamestown
6,828,935
1,068,190
32,200,000
842,221
627,905
7,257,577
806,611
28,100,000
569,322
722,702
New York
3,523,954,985 3,457,867,637
6,409,680
8,718,073
Syracuse..
4,145,523
3,845,384
Conn.— Stamford
4,138,036
2,298,860
Rochester
N.
+ 14.6
+47.9
—13.1
+ 1.9
+ 36.0
+ 7.8
+80.0
375,000
+40.7
19,849,789
35,748,795
Newark
Northern N. J
Total (12 cities)
Third Federal
Pa.—Altoona
15,625,510
36,426,860
+ 27.0
3,638,650,110 3,560,305,143
Chester
Lancaster
Philadelphia
Reading
Scranton
Wllkes-Barre.
_
....
N. J.—Trenton..
Total (9 cities).
—1.9
564,212
504,765
1,728,676
177,542,311
698,402
259,796
2,014,155
231,982,485
554,904
2,548,771
616,990
276,013
689,956
507,031
3,312,632
1,638,191
9,615,569
3,975,184
9,937,000
683,453
205,904,511
537,063
a285,338
6,947,663
8,284,665
877,445
849,267
27,951,028
27,244,494
403,936
559,569
527,858
357,076
,231,413,646 3,840,514,962
5,973,697
6,766,461
3,608,116
3,450,936
2,740,246
2,722,497
257,000
443,258
16,076,790
17,223,686
25,579,557
27,316,845
+2.2 3,322,356,982 3,935,733,716
+ 27.8
+40.2
316,702
b
374,9.34
b
258,222
882,524
299,000,000
1,076,114
2,017,125
1,082,821
1,311,694
3,259,000
230,641
996,980
247,000,000
1,269,401
1,956,989
1,565,334
1,352,070
2,452,000
393,587,054
334,958,562
+ 17.5
309,204,202
257,198,349
Feder al Reserve D istrict—Clev eland
Cincinnati.
b
b
Mansfield
47,479,116
67,873,022
+23.6
13,996,800
1,443,474
Columbus
13,060,200
+ 7.2
42,002,157
66,542,986
8,761,000
1,445,413
—0.1
1,104,537
Youngstown.
b
Pa.—Pittsburgh-
137,757,941
b
94,445,208
Fifth Federal
299,185,540
+ 28.7
b
+ 45.9
b
102,771,803
b
41,515,000
58,134,641
9,435,900
1,079,068
b
84,484,427
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
311,354
2,893,000
37,465,587
1,183,403
69,615,075
25,745,365
Fla.—Jacksonville
Ala.—Birm'ham.
Augusta
Macon
Mobile
...
Miss.—Jackson.
N
221,182,483
194,649,036
2,463,000
24,450,828
726,435
43,307,608
13,479,335
100,734,933
84,516,426
89,220
2,582,857
+ 42.4
11,748,407
+45.6
3,434,675
9,176,225
36,200,000
+42.3
35,000,000
31,800,000
863,195
876,312
+63.2
835,037
+36.9
754,905
1,073,476
548,732
14,489,000
14,931,000
—3.0
10,348,000
17,599,177
15,753,672
+ 11.7
11,521,000
14,759,434
1,524,277
1,243,063
+ 22.6
948,910
1,023,827
b
Vlcksburg
161,710
b
b
b
9,856,765
b
32,888,867
120,084
22,753,491
+ 34.7
La.—New Orleans
+ 44.5
130,051
22,547,975
93,058
19,879,789
Total (10 cities)
141,552,587
107,072,081
+32.2
99,551,350
163,099,769
129,730,702
+25.7
120,104,184
107,067,307
829,380
33,915,951
6,179,966
1,965,000
693,756
27,611,520
5,486,050
1,808,000
100,070
+32.0
115,807
2,399,436
30,127,192
+5.7
Eleventh Fede ral ReserveD istrict—Dall
Tex.—Austin
1,354,776
Dallas
42,504,017
1,048,061
34,823,732
+ 59.8
+ 22.9
+69.2
+ 26.5
.
+7.7
b
as—
Fort Worth
Galveston.....
Wichita Falls..
6,341,373
1,583,000
La.—Shreveport.
a877,200
3,205,466
Total (5 cities).
54,988,632
5,985,717
1,418,000
a720,041
2,488,404
+ 29.3
+ 22.1
+ 5.9
+ 11.6
b
+ 21.8
b
+ 28.8
1,879,225
2,434,799
45,763,914
+ 20.2
44,769,522
38,034,125
Franci
33,135,482
28,370,105
+ 16.8
23,523,632
20,717,172
9,837,000
1,028,051
28,049,663
15,195,920
4,790,187
3,674,169
8,711,000
+ 12.9
677,445
+ 51.8
26,173,806
12,330,743
3,754,351
3,245,337
7,688,929
+ 7.2
7,560,000
478,704
20,272,230
10,028,734
2,650,996
2,511,522
4,206,336
4,849,000
379,484
19,164,473
9,186,107
3,131,305
3,290,253
4,080,400
107,248,513
1,530,902
1,127,252
1,322,032
176,026,893
Wash.—Seattle..
Spokane
Yakima
Ore.—Portland..
Utah—S. L. City
Calif—L.
Beach.
Pasadena
Sacramento...
7,450,176
San Francisco.
145,984,022
3,206,859
San Jose......
Santa Barbara.
Stockton
Total (12
cities)
total
■
+ 23.2
+ 27.6
+ 13.2
—3.1
SCO—•
+ 16.4
1,573,933
2,350,109
125,375,105
2,220,599
1,256,541
1,410,181
+ 66.7
104,128,660
2,066,577
1,106,955
1,381,494
256,275,571
221,214,142
+15.8
179,915,840
+ 44.4
+ 25.3
(110
6,104,502,302 5,564,246,197
cities)
Outside New York 2,580,547,317
2,106,378,560
+9.7 5,155,413,072 5,665,097,050
+22.5 1,923,999,426 1,824,582,088
Week Ended July 9
Clearings at—
Inc.
1935
1936
Canada—
%
S
138,911,280
108,101,282
98,988,324
Winnipeg
Vancouver.
20,898,132
Ottawa
32,646,529
5,552,739
3,065,452
5,823,583
6,426,077
Quebec
Halifax..
...
Hamilton
Calgary
2i032,833
Victoria
2,094,023
3,893,414
4,788,440
4,225,655
Regina
:.
Brandon
456,559
Lethbridge
or
Dec.
105,083,795
84,035,934
52,378,821
14,565,982
30,360,387
4,315,789
2,514,148
3,900,054
5,822,896
1,734,850
1,705,965
2,823,562
3,771,641
4,024,951
+ 32.2
353,825
441,573
+ 29.0
+ 28.6
+89.0
+ 43.5
+ 7.5
+ 28.7
+ 21.9
+ 49.3
+ 10.4
+ 17.2
+ 22.7
+ 37.9
+ 27.0
+ 5.0
+ 10.0
1934
1933
S
103,520,513
92,751,218
69,647,780
16,030,985
5,622,839
4,613,795
2,671,499
3,909,148
4,816,267
2,073,171
1,619,908
2,487,375
3,670,506
2,644,789
347,305
353,631
1,262,094
458,084
955,487
678,328
548,702
195,868
116,622,954
103,399,542
57,621,832
12,168,639
3,950,581
4,032,335
2,402,058
3,786,705
6,294,668
793,417
599,752
1,099,195
2,094,768
272,171
647,928
589,769
1,544,232
1,481,982
2,239,315
3,235,642
3,625,161
325,254
357,615
1,207,150
417,731
902,242
516,959
451,684
485,641
1,696,688
655,577
1,504,471
923,895
1,082,208
'597,788
+ 39.0
722,411
330,746
496,796
259,208
+45.4
Peterborough
870,890
781,343
+ 11.5
695,831
895,461
+4.5
+40.3
2,033,512
+42.3
350,342
+ 16.6
Kingston
727,430
1,256,733
2,893,439
408,351
764,685
767,207
713,109
627,180
+ 22.3
Chatham
565,194
453,290
+24.5
432,089
741,080
517,786
908,689
2,452,755
246,46
588,131
578,309
478,008
Sarnia
571,903
968,125
504,992
755,149
+ 13.2
+28.2
421,419
828,089
450,754
554,266
454,017,708
330,023,512
+37.6
328,657,889
334,302,740
Saskatoon
Moose Jaw
Brantford
New Westminster
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Sudbury
1,473,610
469,520
+ 15.1
+ 39.6
+ 54.6
+27.6
+ 7.2
87,234,547
70,652
Total (10 cities)
132,058
238,216
3,834,481
37,011,284
Medicine Hat
+ 23.9
2,204,008
10,850,030
_
City
+36.1
Edmonton.
164,808
2,264,000
27,404,171
625,541
54,966,873
15,309,540
Reserve Dlst rict—Atlant
1,408,478
*1,200,000
Ga.—Atlanta
144,573 + 115.4
2,249,000 + 28.6
30,476,839 + 22.9
988,590 + 19.7
57,588,972 + 20.9
19,321,826 + 33.2
110,769,800
1,915,161
23,078,407
1,990,766
2,951,411
72,620,567
3,380,246
545,102
514,995
as
+ 25.6
Fort William
137,213,784
89,641,693
630,866
London
3,678,025
17,108,053
51,500,000
Nashville..
+ 33.4
Reserve Dist rict—Richm ond
W.Va.—Hunt'ton
Va.—Norfolk
224,302,959
84,738,446
Reserve Dis trict—Kans
St. John
Total (5 cities).
+9.1
Pueblo
Colo.—Colo. Spgs.
Montreal
b
58,662,654
87,324,671
_.
Cleveland...
100,811,215
617,000
Mo.—Kan. City.
St. Joseph
Grand
220,859 + 67.4
1,002,952 + 42.8
323,000,000 + 14.2
1,048,460 + 31.7
2,002,922 + 29.0
1,114,985 + 21.0
—0.6
1,630,321
4,401,000 +244.6
b
110,030,852
—23.9
Toronto
Fourth
484,782
1,973,371
Twelfth Feder al Reserve D istrict—San
„
369,718
1,432,237
369,000,000
1,380,442
2,584,747
1,349,041
1,620,277
15,164,000
Ohio—Canton
+ 18.3
1,775,109
473,836
264,346,393
1,562,457
8,286,311
3,190,440
8,461,200
Reserve Dis trict—Phila delphl
686,592
a*400,000
Bethlehem
York
—5.9
+ 32.4
527,658
J.—Montclalr
2,860,672
+8.3
+ 55.7
3,157,102
3,108,823
86,508,339
2,966,067
Kan.—Topeka...
or
2,198,428
246,850,985
714,915
381,128
648,843
3,960,450
2,105,760
12,280,139
4,483,650
10,744,000
1,478,664
Me.—Bangor
N Portland
+ 25.4
—1.8
2,402,950
5,260,729
109,391,597
3,195,441
774,647
858,366
Hastings
Wichita
Dec.
S
Reserve Dlst rict—Boston
612,057
578,179
3,261,893
63,232,510
18,466,192
1,561,152
473,389
322,489
2,324,068
2,542,232
65,271,794
26,893,411
2,052,870
119,254
77,998
2,479,610
27,852,841
2,164,048
4,125,693
78,868,879
3,305,286
560,552
550,023
Neb.—Fremont..
Omaha
Week Ended July 11
Clearings at—
First Federal
26,410,040
2,223,592
952,894
725,294
3,382,802
334,302,740
Lincoln
1935
3,116,205
73,220,025
1,824,582,088
We now add our detailed statement showing last week's
figures for each city separately for the four years:
1936
Reserve Dis trict—Minne apolis-
Total (32
a
cities)
Not included in totals,
b No clearings available.
* Estimated.
202,220
Volume
THE
Financial
143
ENGLISH
GOLD
Shares
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 1 1936:
GOLD
The Bank of
June 24,
on
England gold
gold
announced by the Bank, the
were
total acquired during the week being £4,785,723.
In the open market about
parity, that
3 Farr
the sterling price of gold being fixed on fran
parity for the first time since the end of August 1935.
V
Ounce
June 26-^ —------------------June 27-.-
139s.
138s.
138s.
139s.
138s.
12s.2.90d.
9Hd.
8Hd.
8d.
%d.
16 Bulkley Building Co., 7%
Zealand
44 Massachusetts Utilities Associates,
Netherlands
4 34
Switzerland---..
______
£847,085
Bombay
fine
for
ounces
June 27 carries gold
on
£353,000.
May, 1936 amounted to 68,331
compared with 68,694 fine ounces for April, 1936 and 62,009
as
10
Bankers
19%d. for two
Indian
Bazaars,
but
The Indian Bazaars were rather inclined to resell and
to lack of support.
also reselling
been only on a small
by speculators, but sales
China account have
on
10 Zenda Gold Mines
British India...
£5,334
'.
i
Egypt
Norway.
Hungary.
348
_
£180,495
17,800
United States of America._
9,400
6,169
Other countries
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
Bank of Lake Park, Iowa
Liq. Agent, Ernest McDowell, Lake
Succeeded by Security State Bank, Lake Park,
juiy e—The First National
Effective June 23, 1936.
BRANCH
£21,251
Quotations during the week:
£206,832
IN
Cash
2 Mos.
25--.--.19^d.
19%d.
,
June 27
19 ll-16d.
June 29
I9%d.
June
30
19 7-16d.
July
l
19 7-16d.
19.573d.
June 24
-_._--.45 cents
June 25
45 cents
June 26
June 29
June
was
45 cents
:
.45 cents
2 Alos.
20 1-16d.
19Md.
___19.7700d.
ENGLISH
Bar Gold
Std.—
Cash
Lowest price
FINANCIAL
Thompson & Co.
Per Oz. Fine
139s. 4d.
138s. 3d.
138s. 8.32d.
19.7950d.
MARKET—PER
the effects of the Revenue
surance
companies.
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
we
show the
dividends previously announced, but which
have not yet been paid.
The dividends announced
Mon.,
Gold, p. fine oz. 138s.8d.
British
2%%
Wed.,
July 14
July 15
19Hd.
19%d.
138s.8Hd. 138s.l0d.
.
84 H
Holiday
84%
139s.
Thurs.,
Frl.,
July 16
July 17
19 ll-16d.
138s.lid.
84 %
84 13-16
19%d.
138s. lOd.
84%
106 %
Holiday
106 %
106H
106 K
106%
1960-90
U7%
Holiday
117%
117%
The
price of silver per ounce (in cents)
States on the same days has been:
Bar N. Y.
117%
in
the
117%
United
Preferred
eign)
Closed
44%
44%
44%
44%
44%
U.
S.
Treasury
50.01
50.01
50.01
50.01
50.01
50.01
U.
S.
Treasury
77.57
77.57
77.57
77.57
77.57
77.57
American
Clas B
Oct.
25c
5c
50c
40c
(quarterly)
Co
Co. (quar.)
American Sugar Refining
Preferred (quarterly)
$1%
—
49c
Teleg. Co., 7% 1st pref
42c
1st $6 preferred
-
Atlantic Macaroni Co., Inc..
Baker (J. T.) Chemical,
Best & Co. (quarterly).
1st pref. (quar.)
Bon-Ami, class B (quarterly)..
Brookmire Investors, Inc. (quar.)
Buckskin National Mining.
California Packing Corp.
(quarterly)
(quar.)
Canadian Eagle Oil Co., Ltd. ord. coupon 3
Carolina Insurance Co. (s-a)
Castle (A. M.) (quarterly)_
SALES
The following securities were sold at auction
50c
Investment Co. of 111., cl. A (quar.) —
Participating preference, coupon 4
of the current week:
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Aug.
87 He
$1
U%
50c
on
Wednesday
Chartered Investors, Inc.
Chemical Paper Mfg. Co.,
Cherry-Burrell (quarterly
Preferred (quarterly)
(quar.)
7% 1st pref. (qu.)
50c
6c
2c
37 He
50c
r9d.
r23.88c
60c
75c
$1 %
n%
50c
%i%
Holders
When
Payable of Record
75c
(quar.)
-------Allentown Bethlehem Gas Co. 7% pref, (qu.)__
American Equitable Assur. Co. of N.. Y—-----
Canadian Converters, Ltd.
AUCTION
25c
-
(quarterly)
Alaska Packers Assoc.
Biddeford & Saco Water Co. (quar.)
(for¬
(newly mined)
Adams-MillisCorp. (quar.)__
Associated Telep. &
4%—
are:
Share
of Company
American Re-Insurance
3%%—
W. L
British
Tues.,
July 13
19 ll-16d.
this week
Per
Name
Sat.,
In the
grouped in two separate tables.
are
CABLE
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
19 9-16d.
St., New York, has prepared an analysis of
Act of 1936 on the earnings of banks and in¬
Hare's, Ltd., 19 Rector
The daily closing
July 11
been appointed manager of the trading depart¬
DIVIDENDS
20 1-16d.
19 7-16d.
Average..
ment of Hill,
.first
Silver per Oz.
of Herrick, Heinzelmann & Ripley and more
—David Wilson, formerly
Dividends
•
Statistics for the month of June:
Highest price
Company, Inc.
transferred to the Philadelphia office where
of the trading department.
recorded during the period
$5.03 and the lowest $5.01%
—Bar
who has been associated with Blyth &
recently of Elder & Co., has
.45 cents
30-
NOTICES
number of years, has been
a
45 cents
—
June 27
The highest rate of exchange on New York
July 1
—John R. Hunt,
he will be in charge
(Per Ounce .999 Fine)
19 13-16d.
19%d.
19 11-16d.
19 9-16d.
19Hd.
19^d.
19.615d.
June 26.
NEW YORK
Oz. Std.-,
AUTHORIZED
CURRENT
for
LONDON
-Bar Silver per
County, Calif.
$35,000
America National Trust & Savings Association, San
Location of branch:
Town of Fallbrook, San Diego
Certificate No. 1250A.
2,700
1,784
1,750
2,303
,
Other countries
Consols,
8 per Share
—$0.07
The
July io—Bank of
Francisco, Calif.
Exports
—
per oz..
PeT Cent
--—
the United Kingdom imports and exports of silver
were
Japan
Silver,
3%
3%
6% gen'l mtge, due Oct. 1, 1942..$1 lot
Stocks
Shares
Park, Iowa.
British South Africa
as
—830 lot
15
Amount
Imports
from June 25 to
.
—
•>
registered from mid-day on June 22 to mid-day on June 29:
Average
$20-——.--
Bonds—
$300 B. P. O. E. Philadelphia Lodge No. 2,
from the Indian Bazaars.
June
.
lot
lot
lot
lot
VOLUNTARY LIQUIDATION
the present level may not encourage
sellers, any improvement would seem to depend upon a revival of demand
IN
—51
82
---$2
-81
Corp., preferred, no par; 30 Wilkes-Barre & Hazleton Ry. Corp., common,
no par, and 3 Wilkes-Barre & Hazleton RR. Co., 6% preferred, par $100.—$2 lot
Fidelity-Philadelphia Trust Co., par $100—
390
5 Whitemarsh Memorial Park Cemeteries Co., preferred, par $100
6
scale.
The tone is uncertain and although
-
Philadelphia, Pa_.
demand from the latter has been less in
evidence, the decline seen during the week under review being largely due
Canada
32
56 lot
$20 lot
——
Del., par $50
National Bank, par $100
buying
The lower prices attracted some speculative enquiry and also some
following
$150 lot
quoted yesterday and to-day.
months' delivery,
The
par
Pa., par $50
$50; 20 Manayunk Trust Co.,
By A. J. Wright & Co., Buffalo:
maintained and after
small fluctuations prices receded to 19 7-16d. for cash and
was
of Philadelphia,
Trust Co.
.
--
2
SILVER
there
.
;
Manayunk, Pz., par $25
54 Norris Market, Ice Mfg. & Cold Storage Co.,
25 Allied Drug Products Co., Del., par S5.
10 Gibson Oil Corp. of Delaware, no par
I
May, 1935.
The recovery seen at the end of last week was not
from the
common
Co., capital, par $5—————
—
3 1-3 Integrity Trust Co., common, par $10
—
10 Frankford, Tacony & Holmesburg Street Ry. Co., par $50; 6 65-100 WilkesBarre & Hazleton Corp., common, no par; 6 65-100 Wilkes-Barre & Hazleton
The Southern Rhodesian gold output for
fine ounces
200
..$4,000 lot y
—...$750 lot
— ...
90 preferred and 100 common
15 S. S. White Dental Mfg Co., capital, par
4,652
to the value of about
—;•«
50 Land Title Bank & Trust
Ranpura which sailed from
SS.
$ per Share
.
70 Lackawanna Ice Co..
£3,238,902
The
.
300 Pottstown Pipe Products Co., Pottstown,
3 Overbrook
23,854
-
Other countries.-.
Slocks
1,390 H. Belfield Co. as follows:
500 preferred and 500 common
200 Bay State Gas Co.,
499,915
21,996
83,296
5,02.6
———-
Belgium-
Venezuela
Italy.
Other countries.__...
18,167
_.
Austria------
Switzerland
33%
preferred, par $50
By Barnes & Loflana, Philadelphia:
Shares
France
8,814
6,243
Trinidad and Tobago.
preferred, par $100
12s.2.96d.
22,400
32,520
62,941
118,137
2,787
3%
81 *
35%
-10 lot
15%
18
25%
—
Association, Inc
6 Massachusetts & Light Associates, preferred
Germany
498,914
37,314
16,166
Co., par $100
12s. 2.64d.
8.92d.
78%
50c
—
10 Springfield Gas Light Co., par $25
Netherlands.
2,374
British Guiana---------
120
—
fa
5 Eastern Racing
United States of America. .£607,194
British India
672
,130,101
'
8,251
Australia.
6%
-
12s. 3.04d.
Exports
British India.----
France
$50
par
12s.2.99d.
Kingdom imports and exports of gold
£1,873,819
British West Africa-
New
Co.,
3 Columbian National Life Insurance
Imports
Tanganyika Territory—
Kenya
$ per Share
100 Amoskeag Manufacturing, common
2 Nashawena Mills
registered from mid-day on June 22 to mid-day on June 29:
British South Africa
v
'
'
.
RR., preferred (stamped), par $100..
Chicago Junction Rys. & Union Stock Yards, preferred, par $100----
40 Western Massachusetts Companies
...
following were the United
The
Stocks
105 Boston & Maine
12s. 3.04d.
—-------
—
4% flat
'
By Crockett & Co., Boston:
Shares
12s. 3.12d.
June 29
July * 1
Average
Percent
-138s. 8d.
—
.055
--—
Bonds—
..138s. 7d.
June 25I
June-30--
Equivalent Value
of £ Sterling
13%
34%,
$1,000 South Park Building 1st mtge. 6%s, April, 1932 (Chicago)
22 Goodall Worsted
Per Fine
47%
-
preferred, par $100---15,000 Gold Circle Consolidated Mines, par $1-
2
Quotations during the week:
$ per Share
■
Bank, Boston, par $12H
Alpaca Co., par $50
100 Berkshire Fine Spinning Associates,
Yesterday, gold was secured in the open market
France,
Stocks
Shares
2 First National
franc parity tended to decrease with the recovery shown
over
by the latter exchange.
for
shipment to
——_.__.$50 lot
$500 lot
$5 lot
Works, Inc. (N. Y.), common..
Agencies, Inc. (Md.)_.
200 Union Securities Co. (Wash.), stamped
-
£l ,80o,000 of bar gold was disposed of at the
Although prices were maintained at a premium over dollar
daily fixing:
$ per Share
Slocks
Wilson Marine
3 The American General
By R. L. Day & Co., Boston:
compared with £211,858,583 on the previous Wednesday.
as
225
•
against notes amounted to £216,325,661
reserve
Further large purchases of bar
•
By Adrian H. Muller & Son, New York:
AND SILVER MARKETS
We
375
Chronicle
Oct.
Aug.
Aug.
Aug.
July
Aug.
July
Oct.
July
Sept.
Sept.
Aug.
July
July
Aug.
Aug.
Sept.
Aug
Aug.
Aug.
1
1
10
10
25
25
1
1
15
2
2
July
July
July
July
July
July
July
Aug.
July
Sept.
Sept.
July
July
July
24
24
31
31
15
15
20
1
31
5
5
15
15
10
10
25
1
1 June 30
15 July 25
20 July 10
1 Sept. 18
15 July 15
1
15 Aug. 31
15 July 31
21
21
1
10
1
1
1
1
July
July
Aug.
July
July
July
16
30
1
28
20
20
Financial
376
Per
Name
UShare
of Company
75c
23c
Aug.
*2 3*%
25c
Aug.
Aug.
Aug.
July
(quar.)
Columbia Pictures Corp., common
Community Public Service Co. (quar.)
Compressed Industrial Gases
Connecticut Amer. Life Insurance
edO%
(
30c
July
July
July
Aug.
July
17
23
20
1
14
Connecticut Light & Power—
uk
uk
Sept.
Sept.
Aug.
uk
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
Aug.
July
Aug. 29 Aug.
Aug.
July
Sept.
Aug.
Emporia Telep. (Kansas) 7 % pref
$1 k
June
June
26
Erie & Kalamazoo RR
$23*
*1*4
Aug.
25c
Aug.
July
July
July
Aug.
July
July
25
21
20
17
15
15
53* % preferred (quarterly
6 3* % preferred
(quarterly)
20c
Crown Cork & Seal, Ltd. (quar.)
Delaware & Bound Brook RR. Co.
De Mets, Inc., $2.20 preferred
Domestic Finance Corp., $2 pref.
(quar.)
Gas, preferred.
$2
(quar.)
5oc
50c
(quar.)
40c
El Dorado Oil Works
El Paso Natural
74263*
_.
Preferred (quarterly
Fair, (The).
Fidelity Fund
*13*
Franklin
Aug.
Sept.
50c
eK%
Aug.
40c
Securities; preferred (mo.)
Monthly
Aug.
Aug.
Gas
15
15
31
18
24
20
15
22
22
German Credit & Investment—
1st preferred A certificates
General Development Co
50c
(quar.)
preferred (quar.)
General Shoe, A & B (quarterly)
Globe & Republic Insurance Co___
Great Lakes Dredge & Dock Co. (quar.)
Great W estern Electro-Chemical Co
Greenfield Gas Light
6% preferred (quarterly)
...
rd (Chas.) & Co., pref. (quar.)__.
Gur
July
45C
Aug.
uk
General Foods Corp.
General Hosiery, 7%
Aug.
June 30
July
July 20
Aug.
4
Aug.
5
75C
*13*
Bridge (quarterly)
Hollander (A.) & Son, (quarterly)
•
Hannibal
$2
Aug.
Aug.
July
Aug.
Aug.
-
Signode Steel Strapping (quar.)
Preferred (quar.)
Simpsons, Ltd_
Smith Agricultural Chemical Co
6% preferred (quarterly
Stein (A.) & Co. (quar.)
Sterling, Inc. (initial)
Preferred (quarterly)
Strawbridge& Clothier Co., 6%
Sun Oil Co. (quarterly)
50c
—
15c
Shawinigan Water & Power Co. (quar.)
Sierra Pacific Electric Co., pref. (quar.)/
$13*
123*c
621f
123*c
$13*
25c
5c
—
373*c
pref. (quar.)
25c
$13*
Preferred
(quarterly)
Superior Water, Light & Power, 7 % pref. (quar.)
Syracuse, Binghamton & New York (quar.) —
Tampa Gas Co., 8% pref. (quar.) —
7% preferred (quarterly)
Telephone Bond & Share Co., 7% 1st pref
1st $3 preferred
Telephone Investment Co. (monthly)
Texas Gulf Sulphur Co
.— - —
Trusteed American Bank Shares, series A
Union Oil Co. of Calif, (quarterly)
United Corp., $3 preferred (quar.)
United N. J. RR. & Canal Co
~
3/
$2
$13*
49c
21c
273*c
50c
—
3.4c
25c
75c
—
$23*
$13*
$13*
$13*
Walton (Chas.) & Co., 8% pref. (quar.)
Washington Ry. & Electric Co
5% preferred (quar.)
5% preferred (quar.)
5% preferred (semi-ann.)
—
Western Grocer Co. (Iowa) 7 % pref. (s.-a.)
Westland Oil Royalty Co., Inc. (mthly.)
July
20C
Dillon Co
Scotten
Co. (Kansas) (quar.)
7% preferred (quarterly)
----Utica Gas & Electric Co., 7% pref. (quar.)
Utilities Stock & Bond Corp., vot. tr. ctfs
oOc
50c
Share
Name of Company
July 25
July 16
July 24
July 20
123*c
80c
July 18, 1936
Per
Payable of Record
Sept.
Aug. 20
1
July 15 July
Aug.
July 15
$13*
6% pref. (qu.)
City of New York Insurance Co. (s.-a.)
Chronicle
Holders
60c
Chestnut Hill RR. Co. (quar.)__
Cincinnati Milling Machine Co.,
Coast Breweries, Ltd.
When
June
15
July
15
Aug.
1
July
J
my
United Telep.
40c
$13*
$13*
$23*
$3 3*
10c
When
Holders
Payable of Record
Aug. 15 Aug.
Aug. 15 July
Aug.
1 July
Aug.
3 July
Aug.
3 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 14 July
Aug.
3 July
Aug.
1 Tuly
Sept. 1 Aug.
Sept. 15 Aug.
Sept* 1 Aug.
July
1 June
Aug.
1 July
Sept. 1 Aug.
Sept. 1 Aug.
Aug. 10 July
Aug. 10 Jtily
Aug.
1 July
Sept. 15 Sept.
July 31
Aug. 10 July
Oct.
1 Sept.
6
24
20
25
25
22
21
21 i
31
25
25
15
25
10
15
22
20
20
15
15
20
1
20~
4
Oct.
10 Sept. 21
July 15 June 30
July 15 June 30
Aug. 15 Aug.
1
Aug.
1 July 18
Aug.
1 Tuly 15
Sept. 1 Aug. 15
Sept.
1 Aug. 15
Dec.
1 Nov. 16
Dec.
1
Nov. 16
July 25 July
10
Sent. 15 Autr. 31
10
123*c
Aug.
J my
30
Extra
12)^jC
Aug.
J
my
30
Quarterly.
12 3* C
Nov.
Oct.
10
12)^C
Nov.
Oct.
10
Homestead Fire Insurance Co. (s.-a.)
5UC
Aug.
J
my
25C
Aug.
July
July
we
give the dividends
announced in previous weeks
paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
20
Home Insurance Co.
Below
and not yet
15
Extra
Extra
;
(quarterly)
Horne (Joseph) Co., pref.
Aug.
Aug.
1
Aug.
1
Aug.
July 24
Aug.
J my
15
Adams
Aug.
Aug.
J my
16
Administered Fund Second,
50C
J my
15
25c
Aug.
July
5C
Aug.
July
1
31
uk
—
Aug.
*13*
Light & Power, 7% pref. (quar.)—
$6 preferred (quarterly)
Humberstone Shoe, Ltd. (quar.)
Hydro-Electric Security Corp.—
5% preferred B (semi-annual)
Idaho-Maryland Mines Corp
Idaho Power, 7 % pref. (quar.)
$6 preferred (quarterly)
Aug.
$1*3
uk
UK
(quarterly)
Houston
Aug.
July
July
15
15
15
$1*2
10C
Aug.
Oct.
July
Sept. 30
July 13
July 21
July 10
uk
Sept.
Aug.
5
lit) 0c
Aug.
July
15
$5
'
$1
Inter-City Baking Co., Ltd
International Equities Corp., A
International Harvester, pref. (quar.)
lronrite lroner, 8% preferred
Kings County Trust (quar.)
;
Klein (D. Emil) (quar.)
Preferred (quar.)__
50c
$20
25C
July
Aug.
Aug.
July
25
July
J my
15
July
20
Aug.
J my
20
$1*2
Aug.
Aug.
July
July
18
2*3%
28
3c
Louisville & Nashville RR
J
Aug.
Louisiana & Missouri RR. pref. (s-a)
Louisiana Power & Light, $6 pref. (quar.)
Sept. 21
Aug.
123*C
Knickerbocker Fire Insurance Co. of N. Y. (quar.)
Lawbeck Corp., 6% pref. (quar.)
—
oct.
$13*
20
my
20
50c
-
July
Sept.
Aug.
Aug.
7
July 20
25c
:
July
50c
Lucky Tiger Combination Gold Mining
Macy (R. H.) & Co., Inc. (quar.)
McGraw Electric Co. (quar.)
Aug.
July
Mclntyre Porcupine Mines (quar.)
50c
Sept.
20
Aug.
1
Merchants & Mfrs. Fire Insurance (N. J.)_
10c
J
J
Extra
my
my
20
Mexican Eagle Oil Co., Ltd—
zlOd.
Ordinary shs. coupon No. 24
Partic. preference coup. No. 32
Michigan Seamless Tube
Mine Hill & Schuylkill Haven RR. (s.-a.) —
Minneapolis-Honeywell Regulator
July
25c
July
uk
373*c
123*c
uk
Extra
Mississippi Power & Light, $6 pref. (quar.)——
Modine Mfg. Co
Moody's Investors Service, partic.
50C
pref.(quar.)
75c
Mortgage Corp. of Nova Scotia (quar.)
Muskegon Motor, class A (special)
Muskogee Co., 6% cum. pref. (quar.).
National Power & Light
National Steel (quar.)
Nation Wide Securities Co., tr. ctfs. B
Newark Telephone Co. (Ohio), 6% pref.(quar.)
Newberry (J. J.), 5% pref. A (quar.).
New York Air Brake (resumed)
New York Fire Insurance Co. (quar.)..
$13*
50c
$13*
15c
-
373*c
Aug.
Aug.
Aug.
Aug.
Aug.
July 20
1
Aug. 15 Aug.
1 July 24
Aug.
30 July 24
Sept. 1 Aug. 15
July
Sept.
July
27
July
20
15
Aug.
July
June 30
$134
Sept.
Sept.
July
July
Aug.
Aug.
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
July
50c
15c
5c
25c
July
60c
Extra
July
Aug.
Aug.
25c
Nipissing Mines Co., Ltd
$33*
North Carolina RR. Co., 7% gtd. stk. (s-a)
35c
Aug.
Aug.
20c
J my
45C
Noyes (Chas. F.) Co., 6% pref. (quar.)
Old Dominion Co. (Me.)
Onomea Sugar (monthly)
Oswego & Syracuse RR. (s.-a.)
Overseas Securities Co., Inc
$23*
Aug.
15
12
20
20
21
21
31
20
20
31
10
7
24
15c
40C
July
J
my
1
July
July
July
14
14
21
50c
Aug.
Aug.
Aug.
July
Aug.
13*c
Pacific Power & Light Co., 7% pref.
Sept.
$13*
373*c
343*c
$13*
$13*
(quar.)
$6 preferred (quarterly).
Parker Pen Co
—
Pennsylvania Gas Co
_■
e20%
Peoples National Bank (Brooklyn)
Resumed
50c
Peoria & Bureau Valley RR. (s.-a.)
^
7oc
Piedmont & Northern Ry. Co__
JuJy
30
31
31
18
July 18
Aug. 15
June 30
Oct.
Aug.
July
20
$13*
Aug.
July
20
$13*
sept.
$1*8
Extra
1
Aug.
Aug. 15
Sept. 15
$13*
Pittsburgh Brewing Co., $33* pref
Plymouth Found. A (quar.)
Sept.
Aug. 15
Aug. 15
lc
Potomac Edison Co., 7% pref. (quar.)
_
Potomac Electric Power Co., 6% pref. (quar.)__
53*.% preferred (quar.)
Prentice (G. E.) Mfg. Co. (quar.)
Princeton Water Co. (quar.)
75c
July
Aug.
37 Kc
37 *jc
Aug.
Aug.
373*c
373*c
Oct.
50c
;
Procter & Gamble (quar.)
Extra
Public National Bank & Trust Co. (quar.)
Quarterly..
Pullman, Inc. (quar.)
Quebec Power Co., (quarterly)
Quincy Market Cold Storage & Warehouse Co—
373*c
25c
Saguenay Power, 53*% preferred.
1
1
July
20
July 24
July 24
Sept. 21
Jan.
Dec.
21
July
July
24
24
Aug.
15c
Aug.
25c
(quar.)
Royal Dutch Petroleum Co. (N. Y. shares)
July
Aug.
Aug.
75c
Russell Motor Car Co., Ltd., 7% pref
Inc., preferred (quarterly).
Sept.
Oct.
*
$2,379
7423*
$13*
July
Aug.
Aug.
July
July
July
Aug.
Sept.
July
July
July
July
~~i~K
16
15
11
21
17
22
15
13
15c
•
(J. D.) Mfg. Co.
Extra
(quarterly)-.
10c
(quarterly)
5c
—- —
—-—
20c
(semi-annual)
20c
Extra
Preferred (quar.)
$13*
3%
$13*
—---—
RR., preferred
pref. (quar.)
Alaska Juneau Gold Mining (quarterly)
Alabama Great Southern
Alabama Power Co., $5
Extra
15c
15c
—--
Allied Chemical & Dye Corp., common
Allied Mills
$13*
(quar.) —
50c
-
25c
Alpha Portland Cement
15c
Co. capital stock
50c
Aluminum Manufacturing, Inc. (quarterly)
50c
Quarterly
$13*
7 % preferred (quarterly)
$13*
7 % preferred (quarterly) _ 50c
Amerada Corp. (quar.).
50c
Amerex Holding Corp. (initial)
$1
American Can Co., common (quar.)
American Cities Power & Light class A (quar.)— (/) 75c
$13*
American Envelope Co., 7% pref. A (quar.)—..
$13*
7% preferred (quar.)
-$13*
American Gas & Electric Co., preferred (quar.).
25c
American Hardware Corp. (quar.)
Aluminum Goods Mfg.
When
Holders
Payable of Record
Aug.
1 July
Aug.
1 July
July 20 June
July 20 June
Sept.
Sept.
15
15
30
30
1 Aug. 15
1 Aug. 15
Oct.
1 Sept. 15
Aug. 15 July 13
Aug.
1 July
15
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug 20 July
July 25 July
Oct.
1 Sept.
Sept. 30 Sept.
Dec.
31
Dec.
10
10
10
20
1
20
15
15
Sept. 30 Sept. 15
Dec.
31
Dec.
July 31 July
Aug.
1 July
Aug. 15 July
15
15
15
24a
Dec.
1 fJuly 11
1 Aug. 25
1 Nov. 25
Aug.
1
Aug.
Sept.
Oct.
1
July
8
Sept. 12
25c
Jan.
1
Dec.
American Home Products Corp
20c
C., N. J.) preferred
American Light & Traction (quar.)
Preferred (quarterly)
American Machine & Foundry Co. common
American Mfg. Co. preferred (quar.)
Preferred (quar.)
American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
50c
Aug.
1 July
July 25 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Quarterly
American Ice Co. (J.
30c
373*c
20c
$13*
$13*
$13*
$13*
—
American Reserve Insurance
50c
American Ship Building (quar.)
American Smelting & Refining
50c
First
50c
$13*
preferred (quarterly)
preferred (quarterly)
$13*
Second
American Thermos Bottle
25c
Mining Co—
—
Anglo-American Corp. of South Africa, pref——
Anglo- Iranian Oil Co. Amer. dep. rec. ord. reg_.
Anheuser Bush, Inc. (quarterly)
Quarterly
Appleton Co. preferred
<
Preferred (quar.)
—
Archer-Daniels-Midland Co. preferred (quar.)
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Associated Telephone Co., Ltd., $13* pref. (qu.)
Atchison Topeka & Santa Fe
25c
Anaconda Copper
Preferred
(semi-annually)
Atlantic & Charlotte Air Line Ry. (s.-a.)
xw
Extra
;
Barnsdall Oil
Preferred series A
Birtman Electric Co.
Extra
Preferred
—
1 July
20
Nov.
2 Oct.
20
Feb.
1 Jan.
20
Aug.
)
35c
35c
313*c
$2
$23*
$4 3*
Ridge Corp. $3 preferred (quar.)
(quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros., pref. (quar.)
Bon Ami, class A (quar.)
Boss Manufacturing Co. common
Bloch Bros. Tobacco
Bower Roller Bearing (quarterly)
Briggs Manufacturing Co. (quar.)
25c
25c
n75c
37 3*c
373*c
$13*
$13*
$13*
preferred (quar.)_.
Broadway Dept. Stores, Inc., 7% 1st pref
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred
(quar.)
—
Preferred (quar.)
Brooklyn Union Gas Co. (quarterly)
Buffalo Ankerite Gold Mines. Ltd. (quar.)
Power, 1st pf. (qu.)
30 Dec. 20
Sept.
Aug.
July 15
1 July 31
1 June 26
Sept.
1
Aug. 20
Aug.
1 July
Aug.
1 July
July 20 July
Aug. 15 Aug.
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1
Oct.
1 Sept.
Oct.
1 Sept.
July 31 July
July 30
July 30
.
Aug.
Aug.
6
20
15
1
1
10
10
15
15
3
1
1
Aug.
1
July 30
Sept.
1 Aug.
5
Aug. 14 Aug. 11
Nov. 15 Nov. 11
Sept. 30 Sept. 25
Dec.
31 Dec. 24
25c
Aug.
1
July 31
Aug. 15
July 25
50c
July
$1
$13*
50c
Extra
Buffalo Niagara & Eastern
Bullock Fund. Inc. (quar.)
20c
10c
Blue
10
Aug.
35c
$13*
Blaw-Knox Co
31 July
20
20
373*c
873*c
(quar.)
July
Aug.
1 July 20
July 20 June 13
July 30 June 30
21
25c
—
5
1 July
1 July
$13*
$1
$13*
;
5
Aug.
1 July 15
Aug.
1 July 15
Aug. 31 Aug.
7
July 31 July 10
1 July
20c
(quarterly)
(quar.)
15
Aug.
..
(quarterly)
Dec.
16 Dec.
Dec.
5c
Beatty Bros.. Ltd., 1st preferred (quar.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Belding-Heminway (quar.)
Beneficial Industrial Loan Corp. (quar.)
31
Dec.
Dec.
Aug.
Aug.
10c
*
Oct
Sept. 16 Sept.
50c
$13*
$13*
-
Bangor Hydro-Electric
14«
6
15
15
18
1. Sept. 15
743 3*
$13*
123*c
Baldwin Rubber Co. (initial)
Baltimore American Insurance Co
12
3%
7 June 11
10% Aug.
50c Sept. 30 Sept. 20
$1
Atlantic Refining, 4% preferred (initial)
Atlas Powder Co., preferred (quar.)
British Columbia Telep., 6%
$5 preferred
Republic Investment Fund, A&B pref.
Reynolds Metals Co. (quar.)
53* % preferred (quar.)
Abraham & Straus,
—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
25c
Qwens-Illinois Glass (quar.)_
Pacific Gas & Elec. Co., 6% pref. (quar.)
53* % preferred (quar.)
Stanford Mills (semi-ann.)
July
July
4c
Extra
6% preferred (quar.)
July 10
July 15
4
Aug.
4
Aug.
July 15
$13*
New York & Honduras Rosario Mining
July
xlOd.
Share
Name o f Company
Agnew Surpass Shoe Stores
Insurance Certificates, inc
Insurance Co. of the State of Penna. (s.-a.)
_
Per
5c
25c
;
Hormel (G. A.) Co. (quarterly)
Preferred A (quarterly)
$13*
$13*
$13*
$13*
$13*
75c
5c
$13*
30
July 30
Aug.
1
Aug.
1 July
17
Oct.
15 Oct.
1
Jan.
15
2
Apr.
15 Apr.
Oct.
1
Aug. 15
Aug.
1
Aug.
1
1
.
,
1
1
Volume
143
Financial
Per
Share
Name of Company
Bullocks, Inc., 5% pref. (initial)
7% preferred.-Byron Jackson (quarterly)
.
Extra
Oct.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
July
Aug.
Calgary Power, preferred (quar.)
Calif. Water Service, preferred (quar.)
Canada Northern Power Corp., com. (quar.)
Canada Southern By.
(semi-annual)
Canadian Bronze Co., Ltd., common (quar.)-—
Preferred (quarterly)
Canadian Dredge & Dock Co. (semi ann.)
Canadian Industries, Ltd., class A & B (quar.)_
Class A & B (extra)
Canadian Investors Corp., Ltd. (quar.)
Capital City Products Co
-—
Capital Management Corp
Carnation Co., 5% preferred (quarterly)
■—
7% preferred (quarterly)
7 % preferred (quarterly)
Carolina Clinchfield & Ohio By. Co, (quar.)—
Oct.
Oct.
Jan.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Stamped certificates (quarterly)
Cedar Bapids Manufacturing & Power (quar.) —
Central Arizona Eight & Power $6 pref. (quar.).
$7 preferred (quar.)
Central Cold Storage (quar.)
Central Hudson Gas & Elec., vot. trust. ctfs_.—
Central Illinois Securities, preferred
Central Mississippi Valley Elec. Properties—
1
Sent. 15
June 30
June 26
July
July
July
20
20
16
June 30
June 30
17
10
24
1 Sept. 19
1 Sept. 20
Tuly
July
July
2 Dec.
20
20 July
10
20 July 10
15 Tuly 31
1 July 15
1 July 15
15 Aug.
5
1 June 30
1 July 20
-
Aug. 15
July 15
July 15
Aug.
5
Nov. 16 Nov.
Century Bibbon Mills preferred (quar.)
Century Shares Trust partic. pref. (semi-ann.)—
Cerro de Pasco Copper Corp
;
Champion Paper & Fibre Co
6% preferred (quarterly)
Sept. 1
Aug.
1
Aug.
1
Aug. 15
5
20
9
16
31
15
18a
Aug.
Aug.
July
July
July
1 Sept.
1 July
Sept.
1
Aug.
1 July
20
Aug.
1 July
July 31 July
20
21
Oct.
—
common
Chicago District Electric Generating, $6 pref
Cincinnati Advertising Products (extra)
Aug. 15
Cincinnati Inter-Terminal BB—
1st guaranteed preferred (s.-a.)
Cincinnati Northern BB. (semi-ann.)
Cincinnati Union Terminal Co.-—
Common (semi-ann.)
Pittsburgh By.
reg.
gtd. (quar.)...
Registered guaranteed (quar.)
Cluett, Peabody & Co., Inc., com. (quar.)
Columbia Broadcasting A & B (quarterly)
Aug.
1 July 21
Sept. 28 Sept. 14
$1**
$1**
$1X
(quar.)
4c
Concord Gas Co., 7% preferred
hS
(quar.)
7*|c
SI
Quarterly
Connecticut & Passumpsic Rivers RR
Consolidated Chemical Industries, class B
Class A
(quarterly)
Consolidated Cigar Corp., 6>*% pref. (quar.)
7% preferred (quarterly)
Consolidated Edison. $5 pref. (quar.)
Consolidated Oil Corp. (quarterly)
Consolidated Royalty Oil (quar.)
Consumers Power Co. $5 preferred (quar.)
6% preferred (quar.)_
6.6% preferred (quar.)-—
7% preferred (quar.)—
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)-6.6% preferred (monthly)-6.6% preferred (monthly)
6.6% preferred (monthly)
Container Corp. of America-Continental Can Co., Inc., common (quar.)
—
S3
12**c
37**c
%1H
$1**
$IX
15c
5c
SI X
$1**
SI.65
$1**
50c
-
50c
50c
55c
-
Corn Products Refining Co. (quarterly)
Courtaulds, Ltd. (interim)--
*75c
-
Crandall-McKenzie & Henderson, Inc
Cresson Consol. Gold Mining & Mill Co. (qu.)„
Crum & Forster, preferred (quar.)
Cuneo Press, Inc. (quarterly)
Preferred (quarterly)
2**%
12 He
$2
SI**
%\H
-
h$l
31
25
1
15
15
15
15
July
July
Sept.
Sept.
Sept.
Sept.
July;
Aug.
Oct.
Oct.
Oct.
Aug.
Sept.
Oct.
15
15
15
15
15
15
15
15
Sept. 15
July 15
1
15
15
31
31
Aug.
Sept.
July
July
July
Aug.
15
15
25
25a
6
15
Nov.
Nov. 15
Aug.
July
July
July
July
July
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
23
6
14
15
inly 31
Sept. 21
July 20
Aug. 31
luly
20
July 15
July 20
Sept. 19
Dec.
Dec.
$1**
SI H
6^c
Class B
6Xc
Detroit Gasket & Manufacturing Co. (quar.)..
Detroit Hillsdale & South Western RR
Diamond Match
t,
25c
$2
11
Sept.
Dec.
Sept.
Aug.
Aug.
July
Aug. 20
July
1
Tuly
1
July
6
Tan.
Dec.
50c
Sept.
Aug. 15
Quarterly
25c
Dec.
Nov. 14
Preferred (semi-ann.)
75c
Aug.
Aug.
Aug.
July
July
35c
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
35c
Dec.
50c
$2
60c
July
July
Aug.
Aug.
Aug.
July
Aug.
July
Aug.
Aug.
$1
$2
-
Ltd. (final)--
12**%
2**c
Dividend Shares, Inc. (quar.)
Doctor Pepper Co. (quar.)
Quarterly
_
Dome Mines, Ltd. (quarterly)
Extra
—
Dow Chemical Co
7% preferred (quar.)
$1**
L
Dow Drug Co
Driver Harris Co
15c
25c
Duplan Silk Corp. (semi-annual)
Du Pont de Nemours (E. I.), debenture (quar.).
Duquesne Brewing Co. (quar.)
Extra
Eastern Gas & Fuel Association, 4**% pref
6% preferred (quarterly)
Eastern Theatres Ltd., 7% pref. (semi-ann.)
East Penn RR., 6% guaranteed (semi-ann.)
Eaton Mfg. Co. (quarterly)
Edison Electric Illuminating Co. of Boston..
Electric Bond & Share $5 pref. (quar.)
$6 preferred (quar.)
Electric Household Utilities
k
$m
50c
$2
SI**
SI**
;
25c
Elizabeth & Trenton RR. Co. (semi-ann.)
.
5% preferred (semi-ann.)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
50c
$1**
12**c
2Hc
$1,125
SI**
83
-
$5 preferred (quar.)
Farmers & Traders Life Insurance (quar.)
51
M
$1
Oct.
Oct.
July
July
19
15
14
14
7
15
June 30
June 30
Aug.
1
1
Aug.
4
Aug.
July 10
3
Aug.
July 10
June 22
June 22
Sept. 15
Sept. 15
June 30
Sept.
July
Aug.
July
July
July
July
Sept.
Sept.
Aug.
Dec.
Nov. 21
Aug.
Aug.
Aug.
Aug.
July
Oct.
Oct.
11
1
10
6
6
10
20
20
21
Dec.
$1
Aug.
1 July
Oct.
3 Sept. 14
6c
6**c
118
62 J*c
Fidelity & Deposit (quar.)
50c
Extra
First Boston Corp
Foreign Bond Assoc
Fourth National Investors Corp., common
Franklin Fire Insurance (quarterly)
$1**
-
20c
____
Preferred
5c
General Mills. Inc.,
30c
$1**
50c
50c
15c
$1
$1**
$1*|
-
15
1 Sept.
1 July
1 July
10
15
16
13
13
10
20
Aug.
July
July
JulyJuly
Aug.
Aug.
Aug.
Aug.
Aug.
25 July
25 July
23 July
21 July
1 July
1 July
1 July
1 July
1 July
Oct.
1 Sept.
July 20 July
July 20 July
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Dec.
Mar.
June
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
10%
5%
-
75c
$1**
50c
-
$1**
$1**
;
_•
Knitting Works, 7% pref. (semi-ann.)
—
25c
35c
1 Feb.
19
24
24
1
1
1
1
1
21
25
June 24
June 24
July
July
July
July
July
July
10a
6
15
15
1
6
June 30
Oct.
1 Sept. 20
Jan.
1 Dec. 20
15c
Gold Dust Corp
Aug.
1 July
July 30 June
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
8 Aug.
Aug.
1 July
July 31 July
July 31 July
Sept. 1 Aug.
July 20 July
Goodman Manufacturing (quarterly)
50c
h$ 1
Grace National Bank of N. Y. (semi-ann.)
Great Lakes Engineering Works (quar.)
qpO
10c
5c
Extra
25c
Green (H. L.) Co. Inc. (quar.)--Preferred (quar.)
-
—
$1**
h$
1*|
20c
(quarterly)
Hamilton Watch, 6% preferred_ - Harbison-Walker Refractories Co.. pref. (quar.)
Hartford & Connecticut Western RR.—
2% preferred (semi-annual)
Hartford Electric Light (quarterly)
Hat Corp. of Amer.,
6**% cumul. pref
6**% cumulative preferred (quarterly)
Hawaiian Agricultural Co
(monthly)
Hawaiian Commercial & Sugar Co
Hawaiian Electric Co. (monthly)
Hawaiian Pineapple Co., Ltd. (quar.)
—
-
—
Extra
Hershey Chocolate Corp. (quarterly)
Convertible preferred (quarterly)
Hercules Powder Co., preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
—
Extra
Monthly
Monthly
,
Hinde-Dauch Paper, 6% preferred A (quar.)—
Holly Sugar Corp. (quarterly)
Preferred (quarterly)
Homestake Mining Co. (monthly)
Extra
—
—
Honolulu Gas Co. (monthly)
Horders. Inc. (quarterly)Horn & Hardart (New York) (quar.)
Extra
%\%
$3**
$1**
Aug.
Aug.
Aug.
Aug.
luly
Aug.
Tuly
July
July
;
Preferred (quarterly)
Howey Gold Mines. Ltd
llussinan-Ligonier (resumed)
Illinois Northern Utilities, 6% pref. (qu.)
$7 jr. preferred (quarterly)
Imperial Life Assurance of Canada (quar.)
Quarterly
International Business Machines Corp. (quar.)_
International Nickel Co., preferred (quar.)
International Printing Ink (quarterly)
Preferred (quarterly)
International Cigar Machinery Co.r
------International Utilities Corp., $7 prior pref—
$3** prior preferred (series 1931)
Interstate Dept. Stores, 7% pref. (quar.)
Interstate Hosiery Mills (quar.)
Intertype Corp., common
1st preferred (quar.)
—
Iowa Electric Light & Power Co., 7% pref. A_-_
6**% preferred B
6% preferred C
Iron Fireman Mfg. (quar.)--—
—-
(quar.)..
1
July
15
16
31 July
25
15 Aug.
16
4
20 July
15
31 July
31 July
21
21
25
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Aug.
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
$6 pref.
Kekaha Sugar Co. (raonthlv)
Kellogg Switchboard Supplies (quar.)
Preferred (quarterly)
Keokuk Electric Co.. 6% pref. (quar.)
Keystone Steel & Wire (quarterly)
Kokomo Water Works Co., 6% pref. (quar.)
Koloa Sugar Co
(monthly)
Kress (S. H.) (quarterly)
—
—
------
Special preferred (quarterly)
preferred (quar.)
—
15
15 July 25
4
15 Aug.
31 July
31 July
21
21
28 Aug. 18
25 Sept. 15
1
July
15
15
15
July 20
July 20
July 15
July 20
July 11
July 11
Aug, 12
8
July
July 20
July 15
July 15
Sept. 30
1 July
1 July
25
25
20
1
1
1
1
8
1
1
1
Oct.
1
Jan.
2 Dec. 31
Oct.
22
2
10 Sept.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
Aug. 15 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
July 20 June
July 20 June
July 20 June
Sept. 1 Aug.
1 Nov.
Aug.
1 July
13
13
18
20a
20a
18
1
1
15
30
30
30
6
1
5
15
1 July "20"
Aug.
Sept. 30 Sept. 20
Dec.
Quarterly
Kroger Grocery & Baking, 7% pref. (quar.)
Landers, Frary & Clark (quarterly)
Quarterly
Lane Bryant, Inc., 7% preL (quar.)
Lansing Co. (quarterly)
Lanston Monotype Co. (quarterly)
5
15
24
24
8
6
1 July
1 July
Sept.
Quarterly
Jantzen Knitting Mills (quar.)
7 % preferi eu
Kalamozoo Stove
Kansas City St. Louis & Chicago RR.,
Kaufmann Dept. Stores (quar.)
13
13
26
24
24
15
15
31 Aug. 20
Dec.
Kalamazoo Vegetable Parchment Co.
10
30
Aug. 15 July
15 July
-
Hecla Mining Co. (quarterly)
Estra
1 Nov. 22
1 May 22
22 June 26
50c
-
Gotham Silk Hosiery Co., 7% cumul. pref
7 % cumulative preferred (quarterly)
Kroehler Mfg. Co., class A
Class A preferred (quar.)
21
20
20
15
15
25
10
10
18
17
22
50c
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
Preferred
Dec. 31 Dec.
Aug.
25c
(quar.)
General Motors Corp., pref. (quar.)
General Stockyards Corp. (quar.)
15a
Oct.
$19*
common
1 Nov. 30
Aug. 15 Aug.
1
Aug.
1 July 28
Oct.
1 Sept. 19
Sept. 30 Sept. 15
$1*2
General Electric
General Electric of Gt. Britain, Ltd
Extra
Globe
70c
25c
Freeport Texas, preferred (quar.)
Froedtert Grain & Malting, partic. pref. (qu.)_
Fuller Brush Co. 7% pref. (quar.)__
Gardner-Denver Co., common (quarterly)
Common (extra)
General Baking Co., common
General Cigar, Inc. (quar.)
Preferred (quar.)
Preferred
1 Aug. 31
Sept.
$2**
Federal Knitting Mills Co. (quar.)
----Fibreboard Products, preferred (quarterly)
Halle Bros. Co
50c
Deposited Insurance Shares, class A
Distillers Co.
(quarterly)
Metallurgical Corp. $5 pref. (quar.)-.
Greenwich Water & Gas System, 6% pref
Gude Winmill Trading Corp. vot. trust ctfe
Aug.
Aug.
Sept.
$2
pref. (quar.)—
Dictaphone Corp
Preferred (quar.)
Common class A
14
50c
—
.
Denver Union Stockyards, 5**%
—
(quar.)
(quar.)
(quar.)
15
17
17
26
15
15
15
25
31
80c
Eureka Pipe Line Co_
European & North American By. (semi-ann.)—
Ex-cell-Q Aircraft & Tool Corp
Famise Corp., common
Preferred
July
July
July
80c
Guaranteed betterment (quar.)Guaranteed betterment (quar.)
15
15
June 26
Oct.
Aug.
50c
Davenport Water Co.. 6% pref. (quar.)
Dayton Rubber Co. class A
Dennison Mfg. Co. debenture stock
Dentist's Supply Co: of New York (quar.)
Quarterly
!
7% preferred (quar.)
7% preferred (quar.)
July
July
July
July
Aug.
Aug.
Aug.
July
Aug.
75c
20
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
July
Oct.
20c
20c
-
-
July
July
July
July
July
Sept.
Dec. 25
25c
Quarterly
20
Dec.
55c
25c
20
July
Aug.
Sept.
75c
Corn Exchange Bank Trust (quar.)
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
55c
Continental Oil
Copperweld Steel (quar.)
$2
87**c
87**c
$6 preferred (quarterly)
Gillette Safety Razor Co., $5 pref. (quar.)
1 Nov. 10
10 Nov. 30
h$4.40
ft$4.80
$5 Vx preferred
$6 preferred
Eppens Smith Co. fsemi-ann.)
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)
7% guaranteed (quar.)—
Glen Alden Coal Co. (quarterly)
Dec.
—
6% cumul. preferred series A (quar.)
5% cumul. preferred (quarterly)
5% conv. cumul. preference (quar.)
—
.Columbus By. Power & Light 6>*% pref. (qu.)
Confederation Life Association
Engineers Dublic Service Oo., $5 preferred
1 July 25
1 July 20
Columbia Gas & Electric Corp.—
Commonwealth Edison (quar.)
Commonwealth Investment Co.
Emporium Oapwell (semi-ann.)
1 Sept. 19
1 Dec. 19
July 31 July 21
July 31 July 21
Sept. 1 Aug. 10
5% preferred (quar.)
Cleveland &
Dec.
10c
Tan.
Oct.
Aug.
Aug.
Aug.
Aug.
Sept.
15c
Aug.
Aug.
5% preferred (quar.)
5% preferred (quar.)
City Baking Co., 7% preferred (quarterly)
City Water Co. of Chattanooga. 6% pref. (qu.).
Cleveland Cinn. Chicago & St. Louis BB.—
Oct.
h$4
25 July
31 July
31 July
5 Sept.
1 July
1 July
1 July
1 July
10 Aug.
20c
;
Extra---
Fansteel
Holders
When
Payable of Record
25c
Electric Products
Employers Group Assoc. (Boston) (quar.)
30
30
1 July 15
15 July 31
25
1
1
1
1
31
31
I
22
1
Sept. 1
Aug.
1
Aug.
1
Aug. 15
6% preferred (quar.)
Chase National Bank of New York
11
Share
Name of Company
Extra
Central Power & Light Co. (Mass.) 7% pref
6% preferred
Centrifugal Pipe Corp. (quar.)
Quarterly
Per
Holders
When
Payable of Record
Aug.
1 July
Aug.
1
Aug. 15 July
Aug. 15 July
Calamba Sugar Estates (quarterly)
377
Chronicle
31 Dec. 21
I Tuly 20
Aug.
July 28 July 10
I July 25
Aug.
July 31 June 20
July 31 June 20
Aug. 15 Aug. 10
1 July 15
Aug.
1 July 20
Aug.
Tuly 31 Tuly 25
1 July 20
Aug.
1 July 20
Aug.
1 July 20
Aug.
Sept,,30 Sept. 24
Dec. 31 Dec. 23
—
July
31 July
Oct.
7
1
Jan.
1
1 July 15
Aug.
Aug. 10 Aug. 10
Aug. 31 Aug. 21
Financial
378
Per
Share
Name of Company
Lincoln National Life Insurance (quar.)
SiH
30c
30c
—
Quarterly
Lincoln
87Mc
Printing Co., preferred (quar.)
Lincoln Service
25c
(Wash., D. C.) (quar.)
Preferred (quarterly)
Lincoln Telep. & Teleg., 6%
Link Belt (quar.).
87 He
preferred A (quar .)
81H
30c
15c
Extra..
5
16 Dec.
Aug.
1 July 15
Aug.
1 July 14
July 22 July 11
Aug.
July 21
Aug.
July 25
Nov.
Oct.
27
Aug.
July 20
June 30
Aug.
June 30
Aug.
Aug. 10 July 31
Sept. 1 Aug. 15
Sept. 1 Aug.* 15
Oct.
Preferred
(quar.)
Liquid Carbonic Corp. (quar.)
Little Miami RR.t spec. gtd. (quar.).
Special guaranteed (quarterly)....
Original capital
Original capital
Lock-Joint Pipe Co. 8% preferred (quar,)8% preferred (quar.)
Loew's Boston Theatres Co. (quar.)
Loew's, Inc., 86H cum. preferred (quar.)
6
Dec.
Preferred (quarterly).
Rubber & Tire Co.
5
Sept. 15 Sept.
Lehigh Portland Cement Co. common
Lehigh & Wilkes-Barre Corp. (quarterly)-Lerner Stores Corp., 6H % preferred (quar.)—
5
Nov. 16 Nov.
Quarterly..
Preferred (quarterly).
1
Sept. 15
Aug.
1 July 16
Sept. 10 Aug. 25
Dec. 10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
...
Oct.
Jan.
Lone Star Gas
1 Oct.
1
2 Dec. 31
Aug. 15 July
Aug. 15 July
Aug. 15 July
Aug.
1 July
Aug.
1 July
Oct.
1 Sept.
Aug.
1 July
Aug. 15 July
....
—
6 H% preferred (quarterly)
Loose-Wiles Biscuit Co., common
5% preferred (quarterly)
Lord & Taylor Co. 2d pref. (quar.)
Los Angeles Gas & Electric Corp., 6% pref
24
30
15
15
l7a
18a
17
31
Louisiana & Missouri River RR—
1 July 17
Aug. 15 Aug.
4a
Oct.
1 Sept. 21
Aug.
Guaranteed preferred (s.-a.)
Ludlum Steel Co
Lunkenheimer
Co., preferred (quar.)
Preferred (quar.)
Luzerne County Gas & Electric $7 1st pf. (qu.) _
$6 1st preferred (quarterly)
Magnin (I.) & Co., $6 preferred (quar.)—
So preferred (guar.)
Mahoning Coal RR. (quar.)
Manhattan Shirt (quarterly)
Maryland Fund, Inc
Massawippi Valley RR. (s.-a.)
May Department Stores (quar.)
Maytag Co. $6 first preferred (quar.)
$3 cumulative preferred (quar.)-.
McCall Corp. common (quar.)
-•
...
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly).
McCrory Stores Corp., preferred (quar.)-.
McKales, Inc. (semi-ann.)
McLeilan Stores Co., 6% preferred (quar.)
Melville Shoe Corp. (quar.
2d preferred (quar.)
Jan.
Nov. 16
Nov. 1
1 July 15
Aug.
Sept. 1 Aug. 10
July 20 July 15
Aug.
Midco Oil Corp. (quar.)
$li
Series A
40c
$1M
50c
50c
SIM
10c
10c
-
National Power & Light Co., $6 pref. (quar.)
National Tea Co. preferred (quar.)
Neisner Bros. cum. pref. (quar.)
_.
Nevada-California Electric, preferred (quar.)
Newberry (J. J.) Realty Co., 6H % pref. A (qu.)
6% preferred B (quarterly).
New Brunswick Fire Insurance (s.-a.)
Extra
New Jersey Zinc (quar.)
$1M
81M
50c
50c
Nineteen Hundred Corp., class A (quar.)
Class A
8
e20%
Quarterly
50c
50c
(quar.)
Norfolk & Western Ry. (quar.)
SIM
13Mc
75c
25c
New York Merchandise Co
_
82
4
Adjustable preferred (quar.)
North American Edison, preferred (quar.)
Northern Insurance Co. of N. Y. (s.-a.)
Extra
Northern New York Utilities, pref. (quar.)
Northern Ontario Power Co. (quarterly)-.
50c
75c
6% preferred (quarterly)
Northern RR. of New Hampshire (quar.)
Nortnern RR. Oo. of N. J., 4% gtd. iquar.)—
.
_
SIM
SIM
SI
4% guaranteed (quarterly)
SI
■,
Northern States Power Co. (Del.) 7% pref. (qu.)
im%
6% preferred (quar.)
1M%
North Oklahoma Gas Co., 6% pref. (quar.)
SIM
6% preferred (quar.)
Si M
Northwest Engineering (resumed)
25c
Northwestern Bell Telep. 6H% pref. (quar.)
Ohio Brass Co., A & B
25c
(quarterly)
Ohio Public Service Co., 7% pref.
58 l-3c
(monthly)
6% preferred (monthly)
50c
5 % preferred (monthly)
412-3c
Ohio Water Service Co. A
SI
—
Oliver United Filters, Inc., series A
Onomea Sugar Co (monthly)
50c
20c
Orange & Rockland Electric Co. (quar.)
Outlet Co. (Providence, R.I.) (quar.)
10c
50c
Extra
25c
First preferred (quar.)
Second preferred (quar.)
sim
SIM
Plantation Co. (monthly)
Pacific American Fisheries, Inc.. pref. (quar.)
Paauhau Sugar
Pacific Finance Corp. of Calif. (Del.)—
Preferred A (quar.)
-
Preferred C (quar.)
Preferred D (quar.)
Pacific Lighting Corp., common (quae.)
10c
SI M
20c
-
1 July
20
20 June 30
1
1
1
1
15
1
July 10
July 17
July 17
July 17
July 31
15 Aug.
1 July
1 July
31 July
1 July
1 July
1
20
21
21
15
15
1
15 Aug.
31 July 15
1 Aug.
1 Aug.
1 July
15 Aug.
1 July
15 July
31 June
1 Oct.
2 Jan.
31
31
15
1
10
31
30
1
2
of Record
Company
Pacific Investors Corp
Extra
Jc
Pacific Public Service 1st preferred
Pacific Southern Investors, Inc
Pacific Tin, special stock
J2lic
50c
(quarterly)
Package Machinery Co., 1st pref. (quar.)
Pan American Airways.—-———Parker Pen (quar.)
—-
7% preferred (quar.)
Peninsular Telegraph Co.,
7% preferred (quar.)
7% preferred (quar.)
Pennsylvania Power Oo., $6.60 pref.
$6.60 preferred (monthly)
$6 preferred (quarterly)
Penn Traffic Oo.
-----
(monthly) -
16Mc
17Mc
60c
26c
I1M
55c
5c
Preferred (quarterly)
Pioneer Mill Co. (monthly)
—
---
Pittsburgh Bessemer He Lake Erie (semi-ann.)—
Pittsburgh Cincinnati Chicago & St Louis ....
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
■
----7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh & Lake Erie RR. (semi-ann.)—
Pittsburgh Youngstown & Ashtabula Ry. Oo.—
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Cordage Go. (quarterly)
Plymouth Cordage employees'stock (quar.) — —
Plymouth Oil Co
Properties (A. P. W.), Inc., class B—___—-Public Service Co. of Colorado, 7% pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Public Service Oorp. of N. J. (quarterly)
8% cumulative preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
—.6% preferred (monthly)
$5 preferred (quar.)
Public Service of Northern Illinois (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
Quaker Oats, preferred (quarterly)
Quarterly Income Shares, Inc
Railroad Employees Corp. A & B (quar.)
A & B (extra)
8% preferred (quar.)
Railway & Light Securities Co. 6% pref. (qu.) —
Randall Co. class A (quar.)
B
25c
SIM
(semi-annually)---
PeterDorough RR. Co. (semi-annually)
Philadelphia Co. common (quar.)
—
Philadelphia Electric Co.
$5 preferred (quar.)
Philadelphia Insulated Wire Co. (s.-an.)_
Philadelphia Suburban Water Co., pref. (quar.)Phillips-Jones Corp., preferred (guar.)
Phoenix Finance Corp., preferred (quarterly) —
Class
SIM
55c
SIM
20c
45c
SIM
50c
M
50c
1
Aug. 15 Aug.
1
Aug. 15 Aug.
1 June 29
Aug.
1 July 13
Aug.
1 July 15
Aug.
1 June 30a
Aug.
1 July 16
Aug.
1 July 16
Aug.
1 July 24
Aug.
1 July 24
Aug.
Aug. 10 July 20
9
July 24 July
1 July
9
Aug.
Aug. 15 July 31
Nov. 14 Oct.
Sept.
Aug.
Sept.
July
July
Aug.
July
July
July
Sept
Dec.
31
19 Aug. 31
19 July 31
1 Aug. 15
30 July
30 July
1
July
20
20
10
25 June 30
25 June 30
31 July
13
1 Aug. 22
1 Nov 21
July 20 June 30
July 20 June 30
Sept. 1 Aug. 15
Jan.
S2M
15
15
15
20
12a
20
30
10 Dec. 31
SIM
SIM
1 July 15
1 Sept.15
July 20 JulyJ 10
Oct.
1 Sept. 10
Jan.
Oct.
2 Dec.
10
SIM
6
lO
IlM
Jan.
5 Dec.
SIM
Aug.
1 June 26
Sept.
1 Aug. 20
Dec.
1 Nov. 20
Sept.
10
July 20 June 30
July 20 June 30
Sept. 30 Sept. 10
Oct.
1 Mar. 31
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Sept. 30 Sept. 1
Sept. 30 Sept. 1
Sept. 30 Sept. 1
July 31 July
1
Aug. 31 Aug.
1
Sept. 30 Sept. 1
Sept. 30 Sept. 1
Aug.
1 July 15
Aug.
1 July 15
Aug.
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
1
31
1
20
July 15
Aug.
1
July 15
20
June
30
20 June
1 July
1 July
1 July
30
June 30
22
25
25
Reybarn Co., Inc
—
Rhode Island Public Service, pref. (quar.)-;—Class A (quarterly)
Rich's Inc. (quar.)
Richmond Insurance Co. of N. Y. (quar.)
Extra
-
-
Rickel
(H. W.) & Co. (s.-a.)
-
RoosBros.. Inc., Del., $6M pref. (quar.)
(initial).-.
St. Lawrence Flour Mills, (quar.)
Preferred (quarterly)
St. Louis, Rocky Mt. &
Preferred.
—
Pacific Co., preferred—
San Francisco Remedial Loan Assoc. (quar.)
Quarterly
Savannah Sugar Refining Corp. (quar.)
Preferred (quarterly)
Schwitzer-Cummrns Co. (initial)
Second National Investors Corp., preferred
Securities Corp. General $6 pref. (quar.)
•87 preferred (quar.)
Seeman Bros., Inc., common (quar.)
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
Sharp & Dohme, cumul. pref. cl. A (qu.)
Sheaffer (W. A.) Pen Co., 88 pref. (quar.)
Shell Transport & Traders Amer. shares
Simms Petroleum (liquidating)
Skelly Oil Co., 6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Solvay American Investors Corp., 5M% pef
81M
81M
Dec. 31 Dec.
Oct.
1 July
1 July
1 July
1 July
1 July
1 Tuly
1 July
1 Sept.
Jan.
2
Aug.
Aug.
Aug.
Aug.
Aug.
.SIM
...
SIM
SIM
871C2
81M
SIM
M
SI
South American Gold & Platinum Co
Southern Calif. Edison Co. (quar.)
10c
Southern Canada Power Co., Ltd., com. (quar.)
Southern Fire Insurance Co. (N. Y.) (s.-a.)
Spencer Chain Stores (initial)
Spiegel May Stern Co. (quar.)
37 He
20c
60c
15c
75c
Preferred
SIM
SIM
86M preferred (quar.)
Squibo (E. R.) & Sons $6 1st pref. (quar.)
Standard Cap & Seal Corp. (quar.):
HP
60c
Extra
20c
Standard Fire Insurance of N. J. (quar.)
Standard Silver Lead Mining
Standard Utilities, Inc
75c
lc
^c
Stanly Works, 5% preferred (quar.)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
31
43 Mc
43 Mc
—
-
h56Mc
56 Mc
SI H
82
SIM
SIM
SiM
SI H
15c
27 He
25c
(quar.)-
SIM
$1H
86 preferred (quar.)
Thatcher Mfg. Co (quar.)
Third National Investors Corp., common
Tobacco & Allied Stocks. Inc..
Toburn Gold Mines, Ltd. (quar.)
Toledo Edison Co.,
90c
55c
Si
7% pref. (monthly).
6% preferred (quar.)
5% preferred (monthly)
Tom Moore Distillery (quar.)
Sept. 30 Sept.15
Aug.
Aug.
25c
62 Mc
...
58 l-3c
50c
41l-3c
12^c
Sept. 17
Dec. 31
81M
—
8
Aug.
1 July 21
Aug.
1 July 21
July 20 July
3
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 20
Aug.
1 July 11
Aug.
1 July 11
July 25 July 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 10
Aug.
1 July 20
Aug.
1 July 20
Sept. 30
h$l.35
-
Extra.—
SIM
SIM
75c
75c
—
Texas Pacific Coal & Oil Co
Texas Power & Light, 7% pref.
1
1
15 Dec.
Aug.
1 July 20
Aug. 13 July 16
Sept. 10 Aug. 20
Oct.
Quarterlv
Suburban Electric Securities Co., 1st pref. (qu.)Syracuse Lighting Co., Inc., 8% pref. (quar.)—
6M% preferred (quarterly).
6% preferred (quarterly)
Tacony-Palmyra Bridge, 7M% pref. (quar.)
7M% preferred
Telautograph Corp. (quar.)
Telephone Investment Corp
July
July
July
July
1
10
10
15
Oct.
Extra
Stouffer Corp
1
1
1
Aug. 15
Sept. 25
Aug.
—
1 Nov. 15
Aug.
Aug.
Aug.
1
Sept. 15 Sept.
1 July
July
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
1
Aug. 15 Aug.
Aug.
1 July 30
July 20 July 10
Aug.
1 July 25
Aug.
1 July 21
Aug.
1 July 21
Aug.
1 July 21
Aug.
1 July 21
Aug.
5 July 31
Aug.
1 July 15
Oct.
July 25 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Aug.
1 July
Oct. 10 Sept.
75c
—
Dec.
25 June 30
5
July
Aug.
Aug.
July
Dec.
Rapid Electrotype (quarterly)
Quarterly
Raymond Concrete Pile Co. S3 preferred
Reading Co. (quarterly)
1st preferred (quarterly)
—
2nd preferred (quarterly)
Reliance Mfg. of 111. (quar.)
Aug.
15
5
20
20
20
15
1
1
1
1
Rand Mines (interim)
Root Petroleum
17
Nov. 16 Nov.
Feb. 15 Feb.
Aug.
Sept.
Sept.
Aug.
15c
Riverside Cement Co., $6 1st pref. (quar.)
Rockland Light & Power (quar.)
July 20 July 10
1 July 18
Aug.
1 July 10
Aug.
1 July 10
Aug.
Sept. 1 Aug. 20
1 July 20
Aug.
Oct. 15 Sept. 11
Aug. 31 Aug. 14
1 July 11
Aug.
1 July 15a
Aug.
1 July 17
Aug.
July 20 July 11
July 20 July 11
Aug.
1 July 15
Aug. 10 July 31
Aug.
1 July 17
Aug.
1 July 20
Aug.
1 July 20
Sept.
1 Aug.15
Aug. 15 Aug.
5
50c
:
Dec. 28 Dec.
National Automotive .Fibres A (quar.)
National Liberty Insurance Co. of America
Extra
Holders
Name of
Sept. 1 Aug. 27
1 Nov. 26
Dec,
Sept. 28 Sept. 17
Motors
Preferred (quarterly)-National City Bank of N. Y. (semi-ann.)
National Distillers Products (quar.)
National Lead, preferred B (quarterly)
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
July
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Oct.
Jan.
____
(extra)
National Bearing Metals Corp.7% preferred (quarterly)
National Biscuit Co. (quarterly)
1
Aug. 15
15
15
15
31
July
July
July
Aiig.
Nov. 30 Nov. 30
Aug.
Milwaukee Electric Ry. & Light Co., 6% pf.(qu.)
Nash
1 July
Sept. 1
1
Aug.
1
Aug.
1
Aug.
Aug. 31
4H% preferred (quar.)_
$1,
Mercantile Stores vo.,.7% pref. (quar.)
Merchants Refrigerating
>. of N.uf., 7% pref.
Mergenthaler Linotype-.
Metal & Thermit Corp., jfeommon (quar.)
Metropolitan Industries preferred (quar.)
Michigan Central RR. (semi-annual)
Michigan Public Service Co., 6% preferred-—
7% preferred
-
Minneapolis Gas Light (Del.), 7% pref
6% preferred (quarterly)Mohawk Hudson Power, $7 preferred.
Monmouth Consol. Water Co., 7% pref
Montana Power Co., $6 preferred (quar.)
Montreal Light Heat & Power Co. (quar.)
Montreal Light, Heat & Power Consol. (quar.).
Moore (Wm. R.) Dry Goods (quar.)
QuarterlyMorris Plan Insurance Society (quar.)
Quarterly.
Mutual Chemical Co. of Am. 6% pref. (quar.)—
6% preferred (quar.)
Mutual Telephone (Hawaii) (monthly)
2 Dec. 21
Aug. 16 July 31
Aug. 15 July 31
Aug. 15 Aug.
1
_
July 18, 1936
Holders
When
Payable of Record
Aug. 15 Aug.
Landis Machine Oo. (quar.)-
Chronicle
Dec.
Aug.
1 July
July 20 June
July 22 July
July 20 July
Aug.
1 July
Aug.
1 Aug.
Nov.
Aug.
July
Aug.
Aug.
Sept.
July
Aug.
Aug.
Nov.
1
Nov.
15
15
15
20
21
17
17
15
19
19,
17
30
15
13
1
1
1
15 July 15
29 July 15
15 July 20
15 July
1 Aug.
31 July
1 July
1 July
2 Oct.
31
15
8
15
15
15
Aug.
1 July 15
Aug.
1 July
3
Aug.
1 July
3
July 23 July 16
July 25 June 30
July 20 June 20
1
Aug.
1 July
7
Aug.
1 July
7
July 30 July 18
July 30 Tuly 18
Aug.
1 July 15
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Aug.
1
Sept. 1
Aug.
1 July 15
Aug.
1 July 20
Aug.
1 July 11
Aug.
1 July 11
Aug.
1 July 11
Aug. 15 July 31
Aug.
1 July 21
Aug.
3 Tuly 20a
Aug. 21 July 21
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 Tuly 15
July 20 July 10
July 20 July 10
Aug. 15 Aug.
Volume
Financial
143
Per
Tung-Sol Lamp Works
conv.
Aug.
1 July 15
July 31 July 15
July 31 July 15
Aug.
1 July 20
Aug.
5 July 31
20c
5c
Extra
20c
pref. (quar.)....
$2
Twin Bell Oil
Syndicate (monthly)
208 S. La Salle Street Bldg. Corp. (Chicago)
50c
;
Oct.
50c
Quarterly
Quarterly
Jan.
4 Dec.
Sept.
Aug.
5
1 Aug.
1 July 15
Union Stockyards Co. (Omaha) (quar.)
United Biscuit Co. of Amer., com
Preferred (quarterly)
Preferred (quarterly)
=
United Dyewood, preferred
"
$1§
(quarterly),
Common
(quar.)
Oct.
Oct.
Aug.
1 July
26
Nov.
MX
MX
SIX
SIX
tlx
1 Oct.
1 Jan.
26
Feb.
10 Dec.
Dec.
1
Oct.
20 Oct.
20 July
1 July
1 Sept.
1 July
1 July
3 July
31 Aug.
1 July
30 June
15
15
Aug.
Oct.
25c
Aug.
90c
Aug.
5c
Aug.
Aug.
Aug.
July
tlX
30c
25c
week
statement
issued
New
the
by
MEMBERS
OF
OF
THE
NEW
*
15
15
15
15
15
Bank
Co
e78,407,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Chase National Bank...
103,964,300
Chemical Bk. & Tr. Co..
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. & Tr
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
Public N. B. & Tr. Co..
Total
*As
517,081,300
National,
official reports:
per
HOUSE
1936
Net Demand
Monthly
25c
Monthly
25c
Oct.
15c
Oct.
Aug.
July
Aug.
July
July
Average
Yale & Towne Mfg. Co. (quar.)
Ymir Yankee Girl Gold Mines
of
returns
are
not
a
number of
members of the
following
are
Zellers, Ltd., 6% preferred
BUSINESS
The following corrections have been made:
e
FOR
THE
Payable in stock.
/ Payable in common stock,
g
mulated dividends.
) Payable in
480,000
3,020,000
25,539,000
1,231,000
43,585,000
1936; State, June 30,
of Allied Mills
I American Cities Power & Light, 1-32 of 1 sh. of
share of class A stock or at the option of the holder,
class B stock for each
75c. in cash.
Pacific Investors Corp., X share of Pacific So.
stock for each share held.
Investors, Inc., com¬
m
mon
Blue Ridge Corp.
n
stock,
a
$3
conv.
pref., ser. 1929, 1-32 of one share
of com.
the option of the holder 75c. cash.
or at
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
r
reduction of
u
Payable in U. S. funds,
x
Less tax.
w
Less depositary expenses
A deduction has been made for expenses,
y
z
Per 100 shares.
New
The following shows
the condition of the Federal
Reserve
business July 15,1936,
comparison with the previous week
in
Bank of
York
and the corresponding
date last year:
A S86tS'~m~m
"
'"
hand and due from
Total reserves
Total bills
$239,493,000; 6 $78,804,000;
ENDED
WITH
FRIDAY,
THE
JULY
1,198,000
72,958,000
3,161,726,000 3.097,027,000 2,457,160,000
United States Government
1,101,000
1,302,000
2,329,000
2,403,000
4,451,000
1,103,000
1,793,000
7,331,000
6,901,000
406,144,000
168,614,000
market.
Industrial advances
85,803,000
406,144,000
168,614,000
473,259,000
660,561,000
660.561,000
744,318,000
671,398,000
757,463,000
718,000
securities:
85,803,000
Bonds.
Treasury notes -
2,122,000
1,378,000
1,102,000
7,327,000
discounted.
Bills bought in open
-
Treasury bills
Total U. S.
833,000
71,262,000
2,096,000
direct and
Other bills
i
3,085,698,000 3,022,871,000 2,385,065,000
■
U. S. Govt, obligations
(or) fully guaranteed
discounted
-
by
Secured
-
------
Bills discounte d:
1936 July 17, 1935
$
1,198,000
74,830,000
Redemption fund—F. R. not s
Other cash f
Government securities..
Other securities
a
July 8,
S
99,496.000
171,563,000
1936; trust
publishes regularly each week
WEEK
h On account of accu¬
Payable in scrip,
preferred stock.
k Corn Products Refining Co., stock div. of l-25s sh.
Inc., for each sh. of Corn Products Refining Co. held.
535,131,000
41,253*000
banks and trust companies which
New York Clearing House.
The
STATE
21
28
Transfer books not closed for this dividend.
c
United States Treasury_x
9,766,215,000
813,864,500
IN THE CLEARING HOUSE
NATIONAL AND
SIX
-
Foreign loans on
.
gold
Gold held abroad
Due from
671,086,000
securities.
foreign banks
Federal Reserve notes
,
-
of other banks.
Bank premises...
83,000
6,984,000
166,956,000
10,854,000
Uncollected items
-
32,594,00
All other assets..
OF
Sept.
62 Xc
York Rys. Co. 6% preferred (quar.)
Gold certificates on
$
the figures for the week ended July 9:
INSTITUTIONS NOT
Aug.
3c
July 15, 1936
5,648,000
34,859,000
159,896,000
10,806,000
37,900,000
86,820,000
13,098,000
22,353,000
3,543,000
422,000
1,972,000
42,706,000
June 30,
"Times"
Aug.
t IX
25c
Wrigley (Wm.) Jr. Co. (monthly)
Total bills and
York
20
July 20
July
Aug. 10
Aug.
5
July 20
Aug. 19
Sept. 19
Sept.10
60c
Wool worth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)..
C$87,995,000; d $28,326,000.
New
Nov.
Nov.
July
July
Sept.
Deposits,
Average
companies, June 30, 1936.
e As of July 1, 1936.
Includes deposits In foreign branches as follows:
The
Aug.
Aug.
50c
Time
Devosits,
and
10,955,200
140,863,000
25,431,700
416,813,000
c53.305.400 al,427,580,000
467,030,000
52,685,400
177,649.400 61,414,381,000
472,505,000
14,007,300
63,661,200
775,574,000
16,662,900
253,671,000
500,890,000
90,750,600
59,102,000
531,213,000
3,871,500
47,269,000
122,927,400 cl,862,453,000
3,440,500
47,888,000
d818,159,000'
69,091,300
2,724,200
'16,538,000
87,892,000
8,385,100
22,744,400
329,374,000
7,873,900
77,323,000
8,595,100
78,799,000
6,000,000,
20,000,000
Bank of Manhattan Co..
National City
Sept.
Aug.
six
37Xc
Extra
Wisconsin Tele p., 7% pref. (quar.)
W J R Goodwill Station, Inc.
(quar.)
City
JULY 11,
$
Bank of N. Y. & Tr. Co.
45c
SIX
Six
50c
,
Undivided
Surplus
Capital
SIX
12 He
30
Profits
•
Members
Aug.
Aug.
Aug.
Aug.
94
Condition of the Federal Reserve
York
CLEARING
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
Clearing House
30
16
20
20
20
3
3
31
1
15
15
Aug.
SI
SIX
Bank of New York at the close of
YORK
July
Sept.
July
July
July
July
July
July
Aug.
Aug.
July
Aug.
Aug.
Extra
9
Clearing House is given in full below:
STATEMENT
15
Aug.
Oct.
Quarterly
Weekly Return of the New York City
Clearing House
The
Dec.
10
July
20c
50c
tlX
Westinghouse Air Brake Corp
1
Sept.
1 Aug. 21
Aug.
1 July 17
July 20 July 10
25c
tlX
SIX
SIX
Waukesha Motor Co., extra
Welch Grape Juice Co., preferred (quar.)
Went worth Mfg. Co. (quar.)
26
Sept. 10 Sept.
July
July
Jan.
87Xc
_
a
25c
31
31
Aug.
Aug.
$1
Westinghouse Electric & Mfg
Preferred (quarterly
West Jersey & Seashore 6% spec. gtd. (s.-a.)_...
Westland Oil Royalty Co.. class A (monthly).
Westmoreland, Inc. (quar.)
Weston (Geo.) Ltd., 5% pref. (quar.)
West Penn Elec. Co., 7% pref. (quar.)
6% nreferred (quar.)
West Penn Power, 6% pref. (quar.)
7% preferred (quar.)
Wheeling & Lake Erie Power & Light 7% pref.
Wilcox-liich Corp., B (quar.)
Wilson & Co. (quarterly)
86 preferred (quarterly)
•
Wlnstead Hosiery Co. (quarterly)
21 Nov. 30
Aug. 15 July 15a
Aug.
1 June 15
Aug.
1 July 21
Aug.
1 July 21
75c
Wailuku Sugar Co. (monthly)
Walgreen Co. (quar.).
Waltham Watch Co.. prior preferred (quar.)
Warren Foundry & Pipe Corp
Washington Gas Light Co. (quar.)j
1
Dec.
tlX
.....
1
31
31
15
15
15
15
15
15
15
15
15
24
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
July
Aug.
1 July 24
July 20 June 30
Oct. 20 Sept. 30
85
Preferred (quarterly)
Virginia Coal & Iron Co. (quar.)
Virginian Ry.. 6% preferred (quarterly)..
Vulcan Detinning, preferred (quarterly)
1
Aug.
37Hc
37Mc
Upper Michigan Power & Light Co.—
6% preferred (quar.)
*
6% preferred (quar.)
6% preferred (quar.)..
Vapor Car Heating Co., preferred (quarterly)...
1
Oct.
75c
Universal Leaf Tobacco Co., Inc. (quar.)
Common (extra)
Preferred (quar.)
Sept.30
Sept.30
Aug.
1
Aug.
1
Aug.
1
Sept. 1
Sept. 1
Sept.
1
37Hc
United States Sugar Corp.—
Preferred divs. Nos. 5, 6, 7 and 8._
United Verde Extension Mining Co. (quar.)
1 Sept. 11
1 Dec. 11
Jan.
(quarterly)
25c
United Gas Improvement (quar.)
Preferred (quarterly)
$\X
United Light & Ry. Co., 7% pref. (monthly) — 58 l-3c
54c
6.3% preferred (monthly)
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
54c
6.3% preferred (monthly)
50c
6% preferred (monthly).
58 l-3c
7% preferred (monthly)
54c
6.3% preferred (monthly)
50c
6% preferred (monthly)
United States & Foreign Securities, 1st pref...
MX
United States & International Securities—
15
1 Oct.
Nov.
Oct.
Preferred
1st preferred
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
1 Sept. 19
19
Payable of Record
Name of Company
Payable of Record
3c
Tonopah Mining Co. (resumed)
Transamerica Corp. (semi-ann.)
Holders
When
Holders
When
Share
Name of Company
379
Chronicle
j
262,000
83,000
4,159,000
7,286,000
138,714,000
133,869,000
10,854,000
31,814,000
32,722,000
11,937,000
CLOSING
10,
1936
4,050,283,000 3,954,049,000 3,400,699,000
Total assets.
BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Other Cash,
Disc, and
Including
Investments
Bank
Notes
Res. Dep.,
Dep. Other
Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
S
N.
702,451,000
822,232,000
819,654,000
F. R. notes in actual circulation—....
2,470,928,000 2,066,860,000
Deposits—Member bank reserve acc't— 2,553,777,000
132,811,000
222,539,000
212,030,000
U. S. Treasurer—General account...
21,671,000
Foreign bank
Manhattan—
$
Grace National-
25,277,400
Sterling National
21,954,000
Trade Bank of N. Y.
Brooklyn—
People's National
5,110,308
S
83,900
621,000
202,628
5,472,100
4,062,000
957,699
$
2,476,300
1,130,000
104,652
'
Other deposits
29,593,700
24,740,000
5,260,700
TRUST
102,000
1,185,000
COMPANIES—AVERAGE
635,000
5,245,000
FIGURES
Reserve for
Loans
Disc, and
Res. Dep.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers—
United States
Y. and
$
$
57,284,800
8,996,211
13,114,160
19,430,100
29,238,600
72,183,735
*5,771,300
152,065
*1,307,651
*3,824,900
*8,669,800
16,824,704
Banks and
Trust Cos.
Deposits
$
$
N.
$
8,442,300
1,039,132
1,453,645
2,174,400
1,783,113
807.300
77 L 300
3,351,700
18,685,847
63,346,700
10,089,245
13,912,198
20,320,500
39,248,900
78,749.704
F.
Brooklyn.
92,084,000
34,373,965
3,137,000
2,394,987
34,444,000
9,045,919
187,000 122,535,000
40,344,983
*
Includes amount with Federal Reserve as follows:
Empire,
duciary, $957,468; Fulton, $3,619,800; Lawyers, $7,819,300.
$4,375,400; Fi¬
59.432,000
50,825,000
7.744,000
8,849,000
5,378,000
49,964.000
6,578,000
7,500,000
5,295,000
deposit and
liabilities combined
to make industrial ad¬
total reserves to
of
R.
50,976,000
4,050,283,000 3,954,049,000 3,400,699,000
Total liabilities
Ratio
vances
t "Other cash" does not
83.9%
83.8%
78.2%
9,424,000
note
Commitments
9,412,000
8.060,000
Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
Brooklyn—
Kings County
contingencies
Gross
Elsewhere
Cash
Invest.
129,956,000
135,382,000
49,874.000
50,825,000
7,744,000
8,849,000
5,550,000
—
All other liabilities
Dep. Other
8,250,000
231,602.000
159,352,000
availability items
Capital paid in
Surplus (SectioD 7)
Surplus (Section 13b)
21,893,000
157,303,000
2,948,435,000 2,872,663,000 2,439,523,000
Total deposits.
Deferred
3.839,000
160,957,000
—
x
These are certificates given by the United States Treasury
over
for the gold taken
banks when the dollar was on Jan. 31. 1934, devalued from
59.06 cents, these certificates being worth less to the extent of the
from the Reserve
100 cents
to
difference, the difference Itself having been appropriated ep profit by the
nder the provisions of the Gold Reserve Act of 1934.
Treasury
Chronicle
Financial
380
July is, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
Thursday afternoon, July 16,
The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
The following
is issued by the Board of Governors of the Federal Reserve System on
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
Reserve Agents and the
returns
The comments of the Board of Governors of the Federal Reserve
Federal Reserve banks.
System upon the
for the latest week appear in our department of "Current Events and Discussions
COMBINED RESOURCES AND
LIABILITIES
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
July 15, 1936 July
8,
$
ASSETS
1936 July
1,
$
1936
June
BUSINESS JULY 15, 1936
1936 May 27, 1936 July 17, 1935
24, 1936 June 17, 1936 June 10, 1936 June 3,
$
$
$
$
$
$
6,226,200,000
U.S.Treas.x 8,186,524,000 3,106,569,000 8,106,541,000 7,958,042,000 7,938,539,000 7,939,040,000 7.840,037,000 7,824,035,000
21,546,000
13,062,000
13,261,000
13,261,000
12,518,000
12,364,000
12,542,000
12,542,000
12,949,000
Redemption fund (F. R. notes).
251,848,000
310,451,000
290.695,000
295,572,000
276,269,000
272,844,000
287,652,000
271,008,000
266,238,000
Other cash •
Gold ctfs. on hand & due from
Total reserves
6,499,594,000
8,486,718,000 8,390,119,000 8,385,728,000 8,243,250,000 8,227,326,000 8,247,873.000 8,143,993,000 8,147,548,000
•—
Bills discounted:
'
Secured
by
U.
S.
■>
obligations,
guaranteed
Govt,
3,608,000
Other bills discounted——
1,052,000
1,847,000
1,438,000
1,858,000
2,006,000
2,215,000
3,985,000
2,204,000
4,177,000
2,362,000
3,244,000
2,159,000
3,611,000
2,240,000
2,646,000
2,182,000
Total bills discounted
2,899,000
3,296,000
4,221,000
6,189,000
6,539,000
\ 5,403,000
5,851,000
4,828,000
6,665,000
V,076,000
3,076,000
4,679,000
30,064 000
30,166,000
4,299,000
30,462,000
direct and (or) fully
Bills bought in open
3,084,000
29,457,000
market—
Industrial advances
U. S. Government
3,076,000
30,058,000
28,268.000
292,222,000
265,699,000
265,680,000
265,686,000
315,697,000
315,678,000
315,673,000
315,673,000
1,494,218,000 1,494,218,000 1,494,218,000 1,494,199,000 1,494,219,000 1,541,224,000 1,536,227,000 1,545,908,000 1,543,136,000
594,889,000
618,648,000
628,337,000
623,337,000
620,337,000
620,357,000
620,337,000
620,337,000
620,337,000
——
Treasury bills
3,077,000
29,936,000
3,077,000
29,785,000
315,672,000
securities—Bonds
Treasury notes
3,085,000
29,500,000
3,057.000
—
Total U. 8. Government securities.. 2,430,227,000 2,430,228,000 2,430,228,000
181,000
181,000
2,430,234,000 2,430,253,000 2,430,247,000 2,430.244,000 2,430,255,000 2,430,247,000
181,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
Total bills and securities
.....
2,465,848,000 2,466,290,000 2,467,492,000 2,469,617,000 2,470.107.000 2,468,971,000 2,469,518,000 2,470.025,000 2,469,859,000
Gold held abroad
"""
""229",666
Federal Reserve notes of other
banks
Uncollected items
Bank
premises
All other assets
...
■""229:666
"""237"000
237*666
""'238:665
""2*38*666
"""237:666
"""237*666
"*643,660
25,884,000
681,238,000
48,055,000
43,499,000
Due from foreign banks
18,821,000
598,237,000
48,054,000
42,533,000
20,020,000
15,392,000
551,560,000
48,052,000
38,813,000
24,037,000
696,106,000
48,052,000
38,196,000
21,916,000
531,098,000
48,051,000
44,685,000
20,243,000
613,591,000
48,052,000
42,689,000
19,002.000
518,009.000
543,628,000
48,051,000
49,904,000
41,126.000
45,325,000
678,636,000
48,051,000
42,331,000
22,075,000
11,751,471,000 11,564,283,000 11,642,495,000 11,366,921,000 11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 9,631,028,000
Total assets..
LIABILITIES
F. R. notes In actual
4,006,015,000 4,040,332,000 4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3,793,959.000 3.758,973.000 3,258,418,000
circulation...
4,924,402,000
Deposits—Member banks* reserve account 5,871,746,000 5,814,251,000 5,589,134,000 5,307,954,000 4,893,667,000 5,833,391,000 5.713,315,000 5,747,228.000
250,869,000
544,183,000
504.733,000
516,404,000
929,072,000 1,421,457,000
731,016,000
U. 8. Treasurer—General account
592,501,000
506,644,000
24,656,000
54,493,000
53,607,000
61,675,000
60,378,000
56,258,000
55,192,000
60,100,000
60,321,000
Foreign banks
...
277,405,000
271.122.000
295,406,000
243,947,000
221,584,000
195,677,000
201,277,000
Other deposits
202,795,000
205,713,000
6,730,060,000 6,584,011,000 6,576,619,000 6,488,961,000 6,597,086,000 6,655,417,000 6,567,061,000 6,617,026,000 5,477,332,000
1 '
Total deposits
Deferred availability items
669,018,000
593,077,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
129,822,000
130,988,000
145,501,000
26,513,000
34,111,000
10,431,000
Reserve for contingencies
All other liabilities
total
of
34,117,000
8,953,000
t549,671,000
130,879,000
145,501,000
26,513,000
t34,116,000
11,262,000
686,625,000
130,813,000
145,501,000
26,513,000
34,111,000
10,429,000
529,204,000
130,871,000
145,501,000
26,513,000
34,118,000
55,228,000
594,315,000
130,796,000
145,501,000
26,513,000
34,114,000
46,064.000
522,081,000
542,264,000
130,795,000
146,608,000
145,501,000
26,513,000
34,111,000
8,998,000
144,893,000
21,288.000
30,780,000
9,445,000
11,751,471,000 U,564,283,000 11.642,495,000 11,366,921,000 11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 9,631,028,000
Total liabilities
Ratio
145,501,000
26,513,000
34,117,000
9,744,000
673,759,000
130,947,000
145,501,000
26,513,000
reserves
to
deposits and
79.0%
F. R. note liabilities combined
Commitments to make industrial advances
Maturity Distribution of Bills and
79.0%
78.9%
78.7%
.78.6%
79.0%
78.6%
78.5%
74.4%
23,839,000
23,844,000
23,870,000
24,452,000
24,679,000
24,798,000
24,878,000
25,095,000
21,696.000
$
$
$
$
,
S
$
$
$
$
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted.
31-60 days bills discounted
2,500,000
4,411,000
124,000
591,000
1,959,000
17,000
61,000
725,000
137,000
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
...
—
1-15 days bills bought In open market
16-30 days bills bought In open market.—
31-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought In open market.
Total bills bought In open market
1,681,000
658,000
425,000
2,899,000
3,296,000
4,221,000
6,189,000
234,000
664,000
92,000
270,000
763,000
16,000
2,095,000
1,625,000
352,000
837,000
270,000
3,084,000
1-15 days Industrial advances
1,502,000
288,000
670,000
840,000
16-30 days industrial advances
31-60 days industrial advances—
61-90 days Industrial advances
48,000
650,000
52,000
4,501,000
2,956,000
684,000
120,000
715,000
166,000
761,000
718,000
226,000
594,000
68,000
588,000
971,000
586,000
77,000
4,796,000
98,000
340,000
355,000
340,000
206,000
6,539,000
5,403,000
5,851,000
4,828,000
6,665,000
170,000
270,000
599,000
1,966,000
1,935,000
16,000
469,000
2,356,000
172,000
2,028,000
2,038,000
668,000
3,085,000
3,077,000
3,077,000
1,429,000
1,482,000
261,000
1,631,000
561,000
26,771,000
29,936,000
•
411,000
623,000
757,000
660,000
359,000 •v
26,280,000
647,000
26,834,000
29,457,000
Total industrial advances
4,159,000
47,000
362,000
715,000
194,000
26,157,000
Over 90 days industrial advances—
4.852,000
29,500,000
29,785,000
638,000
50,000
561,000
'2,145,000
656,000
1,934,000
482,000
610,000
3,076,000
3,076,000
1,671,000
1,491,000
272,000
228,000
360,000
403,000
224,000
663,000
681,000
593,000
629.000
492,000
599,000
620,000
634,000
675.000
1,609,000
26,858,000
770,000
458,000
26,985,000
27,023,000
27,408,000
24,775,000
30,058,000
30,064,000
30,166,000
30,462,000
28,268,000
270,000
633,000
986,000
638,000
607,000
1,052,000
3,076,000
4,299,000
4,679,000
1,513,000
1,526,000
1,288,000
104,000
20,080,000
44,853,000
44,307,000
33,514,000
48,541,000
41,541,000
28,225,000
26,341,000
28,827,000
71,497,000
50,419,000
33,514,000
36,241,000
41,541,000
16-30 days U.S. Government securities-34,975,000
28,827,000
27,979,000
28,459,000
67,882,000
57,190,000
107,780,000
53,559,000
98,298,000
31-60 days U. S. Government securities..
57,286,000
60,415,000
65,536,000
69,886,000
133,070,000
105,834,000
54,415,000
66,661,000
114,972,000
123,242,000
61-90 days U. S. Government securities.
123,716,000
129,459,000
130,275,000
Over 90 days U. S. Government securities 2,172,780,000 2,180,913,000 2,189,045,000 2,193,821,000 2,181,236,000 2,175,206,000 2,190,228,000 2,137,726,000 2,171,951,000
1-15 days U. S. Government securities..
.
Total U. 8. Government securities
2,430,227,000 2,430,228,000 2,430,228,000 2,430,234,000 2,430,253,000 2,430,247,000 2,430,244,000 2,430,255,000 2,430,247,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
""
"~"
18 MOO
Total other securities
181,000
"*1*81*666
"*1*81*666
"*181*666
""1*81*666
18*l",000
181" 000
181,000
"""i8i~666
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
-
Federal Reserve Notes— 1
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
4,331,177,000 4,345,447,000 4,304,059,000 4,243,935,000 4,132,931,000 4,074,896,000 4,049,745,000 4,036,457,000 3,548,339,000
277,484,000
255,786,000
289,921,000
263,917,000
288,916,000
257,973,000
259,947,000
305,115,000
325,162,000
4,006,015,000 4,040,332,000 4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3,793,959,000 3,758,973,000 3,258,418,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. 8. Treas. 4,348.023,000
By eligible paper
1,647,000
39,000,000
U. 8. Government securities
Total
*
x
4,342,023,000 4,271,523,000 4,260,523,000 4,125,523,000 4,087,023,000 4.049,523,000 4.038,523,000 3,420,339,000
4,485,000
3,488,000
5,174,000
4,880,000
4,113,000
2,744,000
5,109,000
2,043,000
55,000,000
49,000,000
175,000,000
42,000,000
37,000,000
67,000,000
43,000,000
47,000,000
4,388,670,000 4,391,066,000 4,341,267,000 4,307,403,000 4,173,632,000 4,128,136,000 4,103.008.000 4,097.011,000 3,600,513,000
collateral
"Other cash" does not include Federal Reserve notes,
These
are
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over
Jan. 31,1934, these certificates being worth less to the extent of the difference, the
of
the
Gold
Reserve
Act of
1934.
from the Reserve bank3 when the dollar was devalued from 100 oents to 59.06 cents on
difference Itself having been appropriated as profits by the Treasury under the provisions
Volume
381
Chronicle
Financial
143
'
-
'
■»
.
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
OP THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 15 1934
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH
Two Ciphers (00) Omitted
Federal Reserve Bank of—
RESOURCES
Gold certificates
on
New York
Boston
Total
$
%
Cleveland Richmond
Phila.
$
%
%
Atlanta
%
*
St.
Chicago
Louis Minneap. Kan. Citv
%
%
Dallas
San Front
$
$
%
hand and due
8,186,524,0 512,636,0 3,085,698,0 415,147,0 589,298,0 265,796,0 218,285,0 1,757,.418,0 247,630,0 176,286,0 229,494,0 166,543,0 522,293,0
413,0
2,025,0
994,0
228,0
656,0
451,0
1,683,0
912,0
1,088,0
797,0
2,097,0
1,198,0
12,542,0
Redemption fund—F. R. notes..
6,299,0
14,639,0
8,422,0 13,317,0
15,784,0 10,555,0
Other cash *
37,740,0 27,352,0
35,284,0 12,595,0
74,830,0
287,652,0 30,835,0
from U. S. Treasury
8,486,718,0 545,568,0 3,161,726,0 453,975,0 617,306,0 282,031,0 230,523,0 1,793,499,0 261,137,0 184,936,0 243,805,0 173,255,0 538,957,0
Total reserves.....
Bills discounted:
Sec. by U. S. Govt, obligations,
direct & (or) fully guaranteed
17,0
49,0
5,0
21,0
718,0
1,378,0
2,899,0
26,0
2,096,0
160,0
3,084,0
224,0
1,102,0
.7,327,0
316,0
293,0
5,149,0
1,052,0
1,847,0
Other bills discounted
Total bills discounted
Bills bought In open marketIndustrial advances
160,0
57,0
85,0
66,0
108,0
1,599,0
85,802,0 27,431,0 30,629,0
406,145,0 129,844,0 144,977,0
53,905,0 60,189,0
168,614,0
16,627,0
78,707,0
32,676,0
;; 379,0
10,0
86,0
61,0
87,0
384,0
322,0
56,0
85,0
21,0
120,0
3,556,0
10,0
56~0
~~21~0
86,0
217,0
1,685,0
1,622,0
41,278,0
2,097,0
554,0
1,303,0
984,0
16,876,0
79,886,0
11,249,0
53,244,0
15,968,0
25,106,0
37,553,0
177,757,0
73,797,0
33,165,0
22,105,0
98,356,0
289,107,0 129,927,0
86,598,0 122,927,0
181,0
93,570,0 212,483,0
671,086,0 216,805,0 237,687,0 131,752,0
99,429,0
620,337,0
723,0
99,208,0
291,588,0 130,653,0
87,962,0 124,234,0
95,657,0 214,395,0
2,858,0
21,006,0
12,776,0
660,561,0 211,180,0 235,795,0 128,010,0
29,457,0
315,672,0
1,494,218,0
U. 8. Government securities:
Bonds
Treasury notes
„
Treasury bills
Total U. 8. Govt, securities. 2,430,227,0 161,713,0
Other securities
181,0
_
Total bills and securities
Due from foreign
2,465,848,0 164,821,0
18,0
229,0
25,884,0
681,238,0
Uncollected items
391,0
22,0
1,636,0
69,049,0
737,0
49,299,0
5,080,0
32,594,0
3,113,0
332,0
Bank premises
All other resources
-
23,0
83,0
6,984,0
166,956,0
10,854,0
70,847,0
48,055,0
43,499,0
banks
Fed. Res. notes of other banks
Total
60,474,0
3,528,0
8,0
1,528,0
22,164,0
10,0
6,525,0
1,785,0
2,284,0
1,454,0
1,567,0
54,001,0
2,919,0
736,0
1,137,0
75,580,0
31,379,0
1,908,0
7,0
2,088,0
7,0
414,0
20,132,0
42,381,0
1,531,0
369,0
3,360,0
25,907,0
1,526,0
458,0
307,0
3,0
4,0
2,253,0
29,102,0
2,453,0
258,0
28,0
3,864,0
96,907,0
4,830,0
12,155,0 27,600,0
57,530,0 130,645,0
23,885,0 54,238,0
16,0
2,514,0
34,493,0
3,580,0
541,0
11751471,0 785,090,0 4,050,283,0 729,447,0 934,010,0 473,417,0 357,169,0 2,191,452,0 425,860,0 296,841,0 416,333,0 297,073,0 794,496,0
resources.
LIABILITIES
F. R. notes In actual circulation.
85,602,0 318,592,0
920,327,0 173,044,0 122,510,0 151,766,0
819,654,0 300,161,0 388,461,0 188;577,0 176,915,0
4,006,015,0 360,406,0
Deposits:
978,552,0 174,765,0 115,676,0 187,321,0 138,662,0 377,294,0
143,059,0 26,257,0 24,910,0 23,607,0 29,546,0 24,998,0
1,755,0
1,750,0
4,176,0
1,453,0
1,816,0
7,021,0
2,265,0
273,0
11,504,0
4,572,0
8,277,0
1,899,0
Member bank reserve account. 5,871,746,0 299,045,0 2,553,777,0 324,774,0 416,247,0 188,135,0 117,498,0
U. 8. Treasurer—Gen'l acc't—
17,621,0
19,520,0
23,994,0 22,464,0
212,030,0
592,501,0 24,495,0
Foreign bank..
Other deposits.
21,671,0
5,629,0
160,957,0
4,479,0
2,877,0
60,100,0
205,713,0
1,808,0
5,568,0
5,187,0
,
2,663,0
2,622,0
~
2,119,0
3,472,0
6,730,060,0 330,896,0 2,948,435,0 349,832,0 446,522,0 217,414,0 145,553,0 1,130,531,0 211,115,0 146,611,0 212,951,0 172,228,0 417,972,0
Total deposits
Deferred availability Items
669,018,0
Capital paid In
Surplus (Section 7)
129,822,0
Burplus (Section 13-B)
Reserve for contingencies
All other liabilities.
159,352,0
70,114,0
9,435,0
9,902,0
2,874,0
1,413,0
50,0
145,501,0
26,513,0
34,111,0
10,431,0
49,874,0
50,825,0
7,744,0
8,849,0
5,550,0
46,381,0
12,223,0
13,406,0
4,231,0
67,708,0
12,562,0
14,371,0
1,007,0
52,737,0
3,000,0
3,111,0
213,0
268,0
21,422,0
4,243,0
5,616,0
754,0
2,519,0
147,0
1,279,0
68,0
4,708,0
5,186,0
3,448,0
96,450,0
12,077,0
21,350,0
1,391,0
31,626,0
3,757,0
4,655,0
546,0
894,0
7,573,0
1,753,0
223,0
41,787,0
3,963,0
3,613,0
1,142,0
27,928,0
3,815,0
3,783,0
1,252,0
35,004,0
840,0
18,509,0
2,975,0
3,149,0
1,003,0
1,456,0
628,0
1,328,0
1,137,0
1,849,0
123,0
271,0
10,190,0
9,645,0
1,121,0
11751471,0 785,090,0 4,050,283,0 729,447,0 934,010,0 473,417,0 357,169,0 2,191,452,0 425,860,0 296,841,0 416,333,0 297,073,0 794,496,0
Total liabilities-.
Commitments to make industrial
advances
•
"Other cash" does
not
1,448,0
338,0
9,424,0
2,762,0
23,839,0
404,0
Louis Minneap
Kan. Citv
Dallas
$
%
4,427,0
Include Federal Reserve notes.
FEDERAL RESERVE
Two Ciphers
538,0
91,0
1,717,0
77,0
287,0
2,326,0
STATEMENT
NOTE
(00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Phila.
New York
Boston
Atlanta
Cleveland Richmond
t
$
%
$
$
St.
Chicago
S
S
-
S
$
S
San Fran
$
In actual circulation
927,471,0 315,662,0 406,854,0 200,645,0 198,269,0
15,501,0
18,393,0
12,068,0 21,354,0
107,817,0
958,565,0 182,960,0 129,084,0 165,925,0
14,159,0
9,916,0
6,574,0
38,238,0
96,290,0 367,014,0
819,654,0 300,161,0 388,461,0 188,577,0 176,915,0
920,327,0 173,044,0 122,510,0 151,766,0
85,602,0 318,592,0
26,0
945,706,0 318,000,0 410,000,0 202,000,0 172,685,0
21,0
66,0
160,0
901,0
30,000,0
966,000,0 179,632,0 130,000,0 161,000,0
49,0
85,0
5,000,0
4,000,0
98,000,0 369,000,0
10,0
329,0
4,388,670,0 396,026,0
Held by Fed'l Reserve Bank..
4,331,177,0 382,438,0
325,162,0
22,032,0
4,006,015,0 360,406,0
Issued to F.R. Bk. by F.R. Agt
946,607,0 318,160,0 410,000.0 202,066,0 202,706,0
966,000,0 183,717,0 130,000,0 166,049,0
98,329,0 369,010,0
10,688,0
48,422,0
Collateral
held by Agent as se¬
curity for notes Issued to bks.
CP
Gold certificates
on hand and
due from U. S. Treasury
Eligible
4,348,023,0 396,000,0
1,647,0
paper
U. 8. Government securities..
Total collateral
39,000,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions "
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6,
also been revised further
In "Other loans."
so as to
1935, covers reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
show additional Items.
credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &o., minus the amount of cash Items reported as on hand or In process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed In two respects in accordance with provisions of the Banking Act of 1935:
First, it Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required 'under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs In that It formerly Included a relatively small amount of time deposits of other banks,
which are now Included In "Inter-bank deposits."
The Item "Due to banks" shown heretofore Included only demand balances of domestic banks.
The item "Borrowings"
The item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from
Figures are shown also for "Capital account," "Other
other sources.
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less oash Items reported as on hand or In prooesa
assets—net," and "Other liabilities."
of collection which have been deducted from demand
deposits.
-
,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN 101 LEADING CITIES. BY DISTRICTS, ON JULY 8 1936 (In Millions of
Atlanta
St.
Chicago
$
S
Federal Reserve District—
Total
Boston
New York
Phila.
ASSETS
$
$
$
$
$
1,250
9,793
1,191
1,822
617
546
2,947
922
11
892
9
238
31
76
23
14
3
7
2,082
153
148
214
Loans to
»i
22,462
...
In New York City
on
$
.
$
$
$
621
373
673
6
2
Dallas
San Fran.
$
467
2,162
4
3
14
41
okers and dealers:
Outside New York City
Loans
Cleveland Richmond
$
Louis Minneap. Kan. Citv
55
Loans aod Investments—total
'
Dollars)
securities to others
2
5
3
(except
53
204
61
30
45
313
42
140
21
6
6
5
30
8
8
23
2
22
1,147
83
247
63
183
24
23
68
42
7
17
22
369
58
3
27
2
4
1
1
9
7
3
mrnrnm-~
320
1,399
4,228
184
212
102
129
434
103
99
134
126
355
426
322
864
302
211
1,573
225
168
264
195
715
Obligations fully guar, by U. 8. Govt.
3,597
9,493
1,277
18
552
106
67
42
38
148
57
14
48
29
158
Other securities
3,335
163
1,329
313
258
72
79
421
112
46
133
49
360
Reserve with Federal Reserve Bank..
4,672
230
2,198
221
290
126
72
879
123
95
239
398
125
70
16
35
18
11
63
12
6
12
10
20
2,487
1,302
124
187
156
255
170
155
432
136
122
302
184
264
77
531
86
111
38
40
109
24
16
24
27
219
banks)
Acceptances and com'l paper bought.
Loans
on
.
-
real estate
Loans to banks...
Other loans
U. 8. Govt, direct obligations
Cash In vault
Balance with domestic banks
Other assets—net.
903
t
65
75
124
165
1
LIABILITIES
14,630
4,999
971
6,727
760
1,000
389
304
2,214
382
270
459
352
802
292
945
273
721
197
177
800
178
120
147
120
1,029
836
20
233
71
77
43
52
148
11
3
23
38
117
6,074
Demand deposits—adjusted.
Time deposits
258
2,533
321
366
223
199
887
253
138
415
192
289
United States Government deposits..
Inter-bank deposits:
Domestic banks.
Other liabilities
Capital account
9
.
1
402
3
1
857
24
380
21
14
27
6
32
9
3
2
4
335
3,489
232
1,559
221
334
90
85
342
83
57
89
77
320
436
Foreign banks
Borrowings
.
„
_
mm
_
-
M
•»
-
.
-
—
1
7
mmt — — ••
-
-
•
mm.
mmmmm—
m
mmmmm
12
-
July 18, 1936
382
/
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the
of sucti sales in computing
the range for the
Transactions at the New York
United States Government Securities on the New
Below
furnish
we
a
bonds
daily record of the transactions in
New York Stock
Exchange.
a
Number of
•
1,659,580
1,978,044
1,481,150
1,555,360
Wednesday
Thursday
Friday.
13 July 14 July
Daily Record of U. S. Bond Prices July 11 July
-
-
-
117.27
117.28
117.24
117.18
117.22
117.24
117.18
117.23
-
Close
Total sales in $1,000 units...
-
Low.
—
108.1
Close
3X8, 1943-45
108.1
108.1
(High
! Low.
107.25
107.25
107.23
277
10
113.3
25
18
113.4
113.5
113.4
113.5
113
-
-
111.7
111.17
111.11
111.6
111.7
111.17
111.11
111.6
9
29
108.15
Stock and Bond Averages
108.2
108.6
108.6
108.15
108.13
108.6
108.4
108.2
108.17
107.6
108.4
108.2
108.17
Below
1
3
1
26
1
104.18
104.19
104.22
104.21
104.16
104.11
Low.
104.18
104.16
104.18
104.20
104.12
104.8
Close
104.18
104.19
104.22
104.21
104.12
104.8
1
41
13
6
15
...
-
-
sales in $1,000 units
High
105.10
$1,000 units...
Low-
-
108.13
Total sales in $1,000 units...
-
108.13
Close
-
105.3
105.6
104.31
3VB8, 1940-43
210
463
_
.
108.7
108.7
108.7
108.7
108.7
(High
35
108.31
108.20
108.26
108.20
108.26
108.20
26
108.31
_
108.31
High
i
1
'J..
Total sales in $1,000 units...
■,
_
108.31
Close
106.8
106.6
106.9
Low.
....
—
1
105.30
105.27
J
106.6
106.5
106.6
106.5
-
-
-
.
105.28
106.5
Close
3X8. 1946-49.
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Orade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
108.3
70
50
1
Low.
20
Rail¬
trials
108.3
108.13
10
30
Indus¬
Date
108.3
108.7
Bonds
10
July 17.
106.9
----
52.91
34.81
60.34
106.59
111.08
89.00
106.16
103.21
163.64
52.71
34.86
60.32
106.80
111.40
88.94
106.33
103.37
July 15.
163.24
52.46
34.87
60.16
106.70
111.36
88.93
106.39
July 14.
162.80
52.67
35:16
60.21
106.73
111.40
89.04
106.59
103.44
July
13.
161.35
51.01
34.55
59.25
106.54
111.43
88.78
106.55
103.33
July 11-
105.24
105.28
163.55
July 16-
'
3^8, 1941-43
of representative
compiled by Dow, Jones & Co.:
Stocks
620
108.13
108.1.3
_
averages
the New York Stock Exchange
104.23
105.11
2
_
_
on
104.23
104.31
4
n
daily closing
stocks and bonds listed
as
105.6
105.15
-
-
108.13
-
11
High
-
the
295
105.13
105.10
-
are
104.28
105.13
105.12
Low.
Close
Total sales
♦Correction:—900 shares have been added to the volume of Friday July 10th.
20
179
108.15
High
3s, 1946-48
$1,825,171,000
111.7
489
Low.
Total sales in $1,000 units...
Tota
$1,948,005,000
$50,859,000
$435,379,000
216,698,000
1,173,094,000
8,472,000
37,021,000
$80,306,000
$173,960,000
187,528,000
1,586,517,000
$5,366,000
5,531,000
54,396,000
141,042,882
111.7
•
High
3s. 1951-55
1935
*278,456,204
6,295,273
$20,379,000
State and foreign
Total
111.11
Close
3X8, 1943-47
Jan. 1 to July 17
1936
121
111.17
208
111.15
-
$80,306,000
Bonds
Government
113
77
111.12
Low.
Close
S20,379,000
14,458,000
15,534,000
112.31
113.1
2
111.15
Total sales in $1,000 units—
$5,531,000
8,976,304
Railroad and industrial
2
High
872,000
1935
1936
Stocks—No. of shares_
113
113.2
113.5
113.4
2
113.5
113.2
113.6
1,211,000
9,170,000
4,117,000
5.027,000
York Stock
Exchange
107.23
108.2
5
113.3
[Close
108.2
108.8
108.5
.700,000
1,035,000
1,029,000
1,276,000
Week Ended July 17
Sales at
New
107.25
108
$54,396,000
Sales
$5,612,000
10,460,000
13,559,000
20,683,000
S154,000
4
37
108.2
108.6
108.2
113.3
117.23
108.8
2
Total sales in $1,000 units...
3Xa, 1946-56
-
108.5
Total sales in $1,000 units...
4s, 1944-54
-
117.18
16
6
'
High
Total—
1£ July 17
117.28
Low.
4>*s, 1947-52
July
117.30
High
Treasury
If
Bond
Bonds
$331,000
988,000
$5,127,000
8,772,000
11,313,000
10,484,000
9,065,000
9,635,000
8,976,304
Tuesday.
Total
States
Mis cell. Municipal &
For'n Bonds
Bonds
867,180
1,434,990
Monday
point.
and
Shares
Saturday
Quotations after decimal 'point represent one or more 32ds
of
Week Ended
July 17 1936
United
State,
Railroad
Stocks,
Federal Farm Mortgage Corporation's
Treasury certificates on the
and
Stock Exchange,
Daily, Weekly and Yearly
York Stock Exchange
Home Owners' Loan,
only transactions of the day. No account is taken
year.
160.72
50.34
34.71
58.97
106.48
111.50
88.70
106.31
103.25
»
103.35
105.24
'
2
18
Total sales in $1,000 units...
108
30
30
----
'
106
-
....
ICllse
Total sales in $1,000 units...
-
105.26
105.24
105.28
105.26
105.24
106
High
Low.
3Xb. 1949-52
105.26
105.24
35
60
102
-
High
108.28
109
108.26
108.28
109
108.23
are
Close
108.28
----
108.23
109
10
172
Bid
108.20
185
„
July
22 1936
July
29 1936
107.24
107.26
107.27
107.23
107.20
-■ Low.
107.21
107.24
107.25
107.20
107.15
107.12
Close
107.22
107.26
107.25
107.20
107.15
107.13
Total sales in $1,000 units...
11
19
19
583
257
16
0.20%
0.20%
0.20%
0.20%
Aug. 12 1936
High
Aug.
5 1936
1Q2.13
102.15
102.17
102.10
102.8
101.31
Aug. 19 1936
Low.
102.10
102.12
102.15
102.4
101.30
101.28
Aug. 26 1936
Close
102.13
102.13
102.17
102.6
102
101.31
Sept.
21936
Sept.
9 1936-.
High
2X8. 1955-60.
.........
7
19
101
1,170
694
410
High
103.24
103.31
103.27
103.23
103.20
103.15
• Low.
103.24
103.25
103.23
103.17
103.15
103.10
Close
103.24
103.25
103.24
103.20
103.15
103.10
Sept. 23 1936
Sept. 30 1936
Total sales in $1,000 units...
10
26
105
254
29
189
Oct.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Sept. 16 1936
Total sales in $1,000 units
25*8, 1945-47.---
7 1936
v.
■
25*8, 1948-51
102.3
102.3
102.8
102.4
101.25
Oct.
14 1936
Low.
-
■■
High
102.3
102.3
102.7
101.31 : 101.22
101.20
Oct.
21 1936
Close
••••'•
102.3
102.3
102.7
102
101.22
101.21
oct.
28 1936
101.30
Nov.
4 1936
Total sales in $1,000 units...
3
2
8
High
101.10
101.11
101.15
101.8
101
100.28
Nov. 10 1936
Low.
101.9
101.10
101.13
100.31
100.26
100.23
Nov. 18 1936
Close
101.10
101.10
101.14
101.2
100.26
100.25
Nov. 25 1936
36
13
2'As, 1951-54
Total sales in $1,000 units
Federal Farm Mortgage
'
,
Federal Farm Mortgage
3s, 1942-47
1
....
-
.
-
.
102.18
103.4
102.30
102.16
102.20
102.16
176
3
13
3s, series A, 1944-52
103.30
103.24
103.29
103.24
103.17
6 1936
13 1936
Jan.
1936
Jan.
Jan.
27
1937
Feb.
3
1937
Feb.10
-----
20
1937
Feb. 17
.
1937
Feb. 24
1937
Mar.
3 1937
Mar. 10 1937
Mar. 17
Apr.
7 1937
Apr.
14 1937
103.24
103.21
30
■-•n- -•
Figures after decimal point represent
point.
•"
14
.
one
or
Im.
Maturity
...
Rate
more
Ira.
Bid
Asked
101.4
Sept. 15 1938.
Rate
Maturity
Dec. 15 1939...
1H%
101.2
15 1941...
IX %
ix %
100.10
100.13
Feb.
1 1938.
101.12
101.15
Dec.
15 1936.
100.26
100 29
June
15 1938.
101
101.3
Feb.
15 1937.
100.27
100.30
Apr.
15 1937.
100.29
101
Mar. 15 1938.
101.19
101.22
Aug.
103.1
103.4
Sept. 15 1937.
June
High
102.28
102.30
103.1
102.27
102.21
102.15
Mar. 15 1941...
\
Low.
102.25
102.28
102.30
102.23
102.13
102.12
June 15 1940...
Close
102.28
102.30
103.1
102.23
102.16
102.15
Sept. 15 1936...
-
6
25
3
239
101.17
101.17
101.20
101.14
101.8
101.3
Low.
101.14
101.15
101.16
101.8
101.1
Bid
Close
101.17
101.17
101.20
101.8
101.2
12
12
525
804
f High
101.18
101.18
101.20
101.11
101.8
101.15
101.16
101.19
101.11
101
101
1 Close
101.16
101.18
101.201
101.11
101.3
6
10
%
%
%
%
%
104.3
103.16
103.19
104.17
104.20
3%
3%
3%
101.2
Low.
ix
ix
IX
IX
IX
104
101.28
101.31
102.10
102.13
101.26
101.2
Total sales in $1,000 units...
25*8. series B,
( High
1939-49..1
84
Dec.
15 1940...
173
June
15 1939...
2X%
1 1936.
3X%
3X%
2>*s, 1942-44
Total sales in $1,000 units
149
•
"
26
8
*
101.2
404
Bid and asked prices; no sales on this day.
X Companies reported in receivership.
a
Note—The
above
table
includes
only
Transactions in registered bonds
No sales.
sales
were:
of
coupon
Deferred delivery
n
bonds.
104.12
New stock,
r Cash
sale.
x
Ex-dividend.
V
Ex-rights.
"
101.29
104.15
100.3
103.23
418
FOOTNOTES FOR NEW YORK STOCK
Home Owners' Loan
Asked
2X%
2X%
2H%
2X%
101
112
Mar. 15 1940...
Home Owners' Loan
32ds of
........
I
Total sales in $1,000 units...
Jan.
Indebtedness, &c.—Friday, July 17
a
1
1
30 1936
Quotations for United States Treasury Certificates of
Mar. 15 1939...
Home Owners' Loan
0.35%
0.35%
0.35%
23 1936
}•
15
16
102.20
Total sales in $1,000 units
0.35 %
Mar. 31 1937
16 1936
Dec.
102.28
102.20
Close
25*s, 1942-47.
I High
Low.
1937
Mar. 24 1937
Dec.
Dec.
,
102.28
75
.-m-m
Close
102.28
102.30
15
----
Total sales in $1,000 units...
Federal Farm Mortgage
100
102.30
103.2
103.30
12
1 High
Low.
1
103.11
103.10
103.30
........
Asked
103.27
-
103.8
Total sales in $1,000 units...
103.27
0.25%
9 1936
0.25%
0.25%
0.25%
0.25%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.35%
0.35%
.
103.23
103.10
-
103.8
Bid
Deo
0.25%
0.25%
0.25%
2 1936...
Dec.
593
103.27
103.27
'
103.8
1 Close
293
103.31
103.10
■
| High
- Low.
3s, 1944-49
:
-
Total sales in $1,000 units
Federal Farm Mortgage
4,322
104.11
104.11
----
Low.
Close
1,156
104.11
23
High
3)*8, 1944-64
919
1,121
Asked
330
107.13
3>*s, 1944-46
for discount at purchase.
108.20
Total sales in $1,000 units
'
quoted
108.21
Low.
3X8. 1941
United States Treasury Bills—Friday, July 17
Rates
PAGES
103.26
Proctor
Abbott,
York Stock
and other
Exchange
Volume
in
INDIANAPOLIS
CLEVELAND
MONTREAL
CHICAGO
for institutions and individuals
& COMPANY
LIVINGSTON
July 11
*50
*112
July
*47
Friday
July 17
$ per share
$ per share
$ per share
Shares
50%
*110
6334
6334
*49
52%
114
*50%
52%
*110
6334
*110
114
6334
64
6234
150
Abraham & Straus
Acme Steel Co
No par
Preferred
•
6234
100-share Lots
..100
25
$
$
share
per
per
llli2Mar 18
69
Apr 28
32
1
110
Jan
74«4 Feb 10
51
June
118
Feb
No par
958 Apr
100
1003s Jan
No par
100% Jan 10
3534 Feb 14
Affiliated Products Inc.ATo par
1778June
2218 Jan
ills Jan
738 Jan
Air Reduction Inc new.JVo par
58
3,600 Air Way El Appliance-No par
Ala & Vicksburg RR Co.. 100
2
91
Mar 25
91
Alaska Juneau Gold Mln___10
13
July 17
July
17%
3
195
Mar 25
12
12%
12%
12%
12%
1234
1234
12%
13
127g
13%
21,600
Adams
19%
20
1978
20
20
20
20
20
20
20
20
20
1,600
Adams
27
27
27
27
27
27
26%
26%
27
26%
26%
1,700 Address Multlgr Corp
2%
267g
2%
*23g
2%
2%
2%
600
73%
7434
77%
76%
77%
12,800
4%
4%
438
13%
Express
Preferred
*2%
2%
2%
2%
2%
7034
7078
7034
7178
71%
4%
458
4%
4%
*
1334
3%
*
434
*
*94
94
"13%
13%
*3
3%
4%
*3
*
190
137g
3lo
190
~~4~
438
35%
.
4%
4%
13%
*3%
41*>
75%
4%
13%
13%
97
"13%
3%
*
190
Y334
2%
74
♦
*
190
""4"
"~4%
3%
190
*
11,500
190
"4%
4%
'm '«•"!»
35%
42
43%
43
4378
417g
43
41%
43
43
45%
44%
4578
28%
28%
2734
2734
28
28%
28%
29
28%
29
28%
29
35
204'g 20478
26
26%
33
34%
33%
3738
37
38
33
33
33
3634
363g
37%
38%
3634
39%
35
35
33
33
32%
36%
36%
36%
37
37
205
204
43g
207
20434 207%
211
207% 211%
209
-
-
-
4% 109,000
*34%
3584
3434
27,700
37
3,800
3„300
11,000
2,000
21234
12,000
26
26%
26
26%
26
263g
25
26
25%
253g
4,000
1178
12
123g
12%
12%
12
12%
117g
12%
11%
12%
96,300
82
82
83
84
82%
83
8234
8234
8334
2,800
4534
46%
46
4678
47%
47
47
4734
46%
477g
14,600
2234
23
22%
23
8234
4678
22%
23%
23%
23%
24%
1,600
1138
*81
3%
*3%
*46
3%
3%
50
50
99
98
51%
51%
39
40
70
*69%
6934
*98
98%
51%
40%
97%
51%
40%
*3%
50%
50%
697g
*5034
38
*69
*82
3%
*2%
50%
50%
48%
23%
3%
50%
98
98
98
9734
5034
38%
51%
5034
387g
38
70
69
69
2234
23%
51 s4
3834
*69
70
*27g
3%
3%
3%
400
*46%
50%
46%
46%
500
98
5034
98% 106%
49
50%
3,700
4,100
38%
39
41
70
70
128
*9334
95
94
*28
29
128
*122
*28
*122
95
95
29
*28
29
29
29
9%
22%
26
26
25%
25%
25%
2534
25%
987g
97%
97%
97%
973g
*97%
987g
97%
4
4
4
4%
4%
4%
14%
778
14%
14%
8%
14%
*13%
14%
8
41
42
8%
4138
98%
*97%
*13%
8
14%
8%
42
8%
4
4%
.
*13%
14%
8%
8%
8%
4178
40%
4034
7% preferred
Jan
168
Mar
100
11434 Jan 14
No par
Coal of N. J (Alleg Co)-25
87%May 11
29
July 3
-
7% preferred
American Chicle
Am
Amer
10
Colortype Co
20
20
19%
21
20%
5%
2034
20%
21
5%
5%
34%
3334
35%
No par
6,800
12%
11%
11%
Amer Hawaiian
Amer Hide &
32%
32%
43%
43%
334
334
21%
11%
2134
5%
3334
x43%
3%
21%
11%
11%
25%
26
2534
26%
26
27%
27%
2734
267g
117g
27%
7734
23%
78%
23%
*1134
7834
23%
79
80
80
80 %
80%
81
23%
24
7934
X22%
80%
23%
2234
22%
23%
5,400
12%
117g
117g
1134
1178
1134
12
29
29%
29
30
30%
30%
30%
31
135
100
78%
12%
12%
2834
28%
*129
*50
*131
*129
*4712
22%
23%
11%
30%
'
31,
2,000
5,900
7,900
Amer Metal Co
11,500
2,700
*50
50
50
50%
50%
13%
14
13%
1334
73,200
200
137g
1334
1334
76%
77%
78
76
77
76
76%
75%
76%
5,000
6834
7734
69%
77
68%
68%
69%
66%
6834
67
68
67%
68
7,800
20%
2078
203g
21
2034
21
21
2184
21%
21%
21%
21%
13%
*160
•
13%
*
163
2534
26%
109%
24% 25%
*2734 29%
78
7734
*148% 152
*106
1077s 1077g
62%
63
*143%
108
25
29%
*122% 123%
26% 26%
79%
143% *143
29%
'29% 29%
140
*138
24%
99%
101% 101%
*141
10
24%
*104
8%
6538
145,
1038
25
105%
87g
243s
99
*99
99
10%
145
103g
834
9
6634
247g
66%
*34
434
*46
25
25
*24
3638
3678
41%
16%
*99
100
*9
25%
2434
28%
28%
28%
83
84%
83%
84%
55
140
99%
23,600
400
25
,
25%
28%
84%
29
200
85
16,200
153
*150
151
150
108
*106% 108
*106
108
63%
63
63
31%
*143
30
30%
55%
*139
553g
24%
17034 17234
99%
55%
139
140
24
55
99%
139
2378
99
24
26
%
434
3%
378
67%
%
5
4%
50
50
27
50
25%
25%
26
106
106
106
834
66%
67%
4%
*48
884
64%
66%
34
34
%
5
257g
106
8%
9
%
-
-
300
30
-
3134
122% 122%
27
55%
23%
99%
-
1,700
30%
140
169% 171%
300
63%
63%
*143
2934
5,100
150
*143
29%
27%
109% 109%
25
28%
10534 10534
9
834
67%
%
4%
378
378
25
46,600
163
"26%
2634
109%
5
5%
4%
52%
*50
4%
52%
*50
*26%
28
*263g
4
1,500
55%
23%
2,700
300
10%
4
52%
1,500
800
16,000
17%
17%
17%
18
18%
20%
99%
99%
10
*10
11
10%
*9%
10%
42
41
4034
41%
41%
4178
4134
41%
*41%
4134
4078
4134
*11834 121% *11834 121% *11834 121% *11834 121% *11834 121% *11834 121%
108
10734 10734
10738 107% *107% 108
108
*107% 108
*107% 108
55
5
5
5
47g
47g
5%
47g
47g
47g
4%
73
73
*72
74
73%
73% *73%
73% *72
73%
7234
73%
♦
*
*
*
108
108
*90
108
108
108
107% 107%
"54"
54
"54%
12
12
12%
5434
12%
For footnotes see page
"54%
5434
5434
5534
55
12%
12%
12%
12%
12
382
11
55%
12
Amer
Sugar Refining
100
---100
Preferred
Am Sumatra
Telep & Teleg
Tobacco
Common class B—
Amer
American
No par
Preferred
Amer
Zinc Lead &
Smelt—1
30
Mar
Jan
1334 Feb 13
32% Mar 6
28%June 29
43% July 11
18% Apr
13
Jan 20
21
Jan
2
27gJune 11
x35% Jan 3
7% Feb 20
200
2,700
"""300
17,600
900
100
"55%
56%
4,700
1134
1134
3,800
Preferred
$5 prior
pref
Anaconda Copper
Andes Copper
Mining..—-.20
8% Apr
6
3
Oct
JaD 27
28
Oct
/29% Apr
178 Oct
14% Oot
4% Mar
133s April
36% Feb 28
9
Mar
95% Feb 27
32
Mar
297S Jan 14
18% Mar
4% Apr
Feb 13
13% Mar
357g Mar 20
July 16
72
Jan
503s July 17
14% July 15
x24
Jan
Feb 20
78% July 10
6934 July 10
273s Jan 4
10% Mar
Jan
7
2334 July
7
157
893s Jan 21
18
Apr 30
25% Jan 2
5634 Jan 7
136% Jan 3
Jan
9
57% Mar
1333s Jan
6
7
104
20% Apr 30
10734 Jan 4
26 May 29
48% Apr 30
129
Jan
6
165
34
Apr
27
83s Mar
134% Mar
1584 Mar
6
Feb 19
116% Mar
Mar
5
5
33% Apr 8
91% Mar 20
15234 Mar 11
Mar
66
4% Mar
20
Mar
31% Apr
Aug
Aug
17
38% Aug
Oct
15%
67g Nov
40
Nov
38% Nov
47g
Jan
3734
Feb
113g Nov
2734 Nov
75% Dec
33% NOV
12% Dec
32% Deo
130%
36%
9%
49%
Nov
Nov
Nov
Aug
41% Aug
25% Dec
159
Sept
323g Nov
9584 July
217g
26%
64%
Deo
Jan
Deo
May
121
Feb
144
Dec
117% Aug
108%May 28
73% Jan 22
101%
63
Jan
76
June
143%May 28
33% Feb 19
125
Feb
143
July
12
Mar
125
June 10
88
Feb
113
36
Jan 29
32% Dec
50% Dec
43
Jan
70 %
Feb
3
14178 Jan 29
26% Jan 28
60% Mar
124
Dec
25% Nov
Deo
140% May
277g Nov
Feb 14
18% Jan
9878 Mar
102% Feb
6
72% Apr
160% Nov
104% Nov
88% Mar 13
104
6
7434 Mar
107
Nov
2
150
141
Nov
20% Mar 21
149% Apr 30
Mar 13
87
136
Jan
87gJune 30
20
May 13
19% Apr 28
3
9234 Jan
734 Apr 28
5434 Apr 30
178
35
Jan 10
26
July 14
107%June 11
11% Feb 1
7034 Feb
1
Feb
5
34May 19
2
4% Apr 30
10
3% July
Feb
Mar 17
Jan
Jan 10
3
784 Mar
2
73% Mar
2
2
Apr
9
2
May 13
June
9
31
26'4 Mar
Jan 30
15
Feb 17
9"
Mar
7% Mar
48
Mar
47a Mar
35% Mar
% Mar
38% Deo
2234 Deo
94% Nov
IO24 Sept
6834 Nov
2% Deo
3
Mar
1134
57g
31
Mar
49
Deo
Aug
8
2% Mar
Jan
Mar
30
Deo
16% Apr
107g Sept
37
Dec
96% Oct
3% Mar
109
17%
Deo
52
Aug
7
36
Jan
117
Aug
122% July
97
Apr
109
50
May 11
122
Apr
6%
2
84
Jan 28
55% May
70%
107% July 15
125
Jan 28
85
4%June10
Jan
47% Feb 24
7% Jan 9
Jan
Apr
12%
Jan 13
Apr 30
118
66%
Dec
110% Jan 20
7% Jan 25
37
100
3
5
111
Mid'ld.No par
105% Jan
Jan
2
15% Jan
97
129%
ll%May 25
7% preferred
Armstrong Cork Co
No par
Arnold Constable Corp
5
Mar
558 Jan 14
Jan 14
Archer Daniels
Armour&Co(Del)pf 7% gtdlOO
Armour of Illinois new
5
$6 conv pref
No par
Preferred
100
42
Apr
36% Feb 20
1834 Apr 30
Deo
Mar
1% Mar
10% Mar
43
Deo
19%
Mar
4438 July 15
15
9%
3534 Nov
2
234
12
24
134
34% Aug
9284 Deo
37g Deo
9% Deo
9% Aug
84 May
378 Mar
7
June 30
8% Mar
46
2% Mar
22% Mar
6% Feb
72
Aug
14
99%June 17
5
May 2
14% Feb 17
934 Mar 26
4778 July 17
17
*10
-No par
American Stores
3
34
3934 Apr 16
477g
10
Preferred.
June
8
95,000
45%
20%
10
—
96
Jan
38%
46%
10
preferred
preferred
Feb
Jan 20
3734
46
100
$5
66
May 18
3734
46
100
$6
96% July 17
35
300
367g
45%
100
Light--No par
No par
—No par
Am Rad & Stand San'y .No par
Preferred
100
American Rolling Mill
25
Amer Safety Razor
No par
American Seating Co_ -No par
Amer Shipbuilding Co-No par
Amer Smelting & Refg-No par
Preferred
100
2d preferred 6% cum—100
American Snuff-----25
Preferred
100
Amer Steel Foundries.-No par
Amer Power &
Nov
37% July 11
17% Apr 23
958 Apr 30
23% Apr 28
66
Apr 28
21 May
9
10
Apr 28
27
Apr 30
124
Apr 2
Deo
115
Apr 30
3258 July 11
33%
Jan
Apr 30
37
Deo
65
Jan
12
7
Deo
8
25
5% July
Oct
May
337s
38
28
27%
37%
45
100
Ltd—No par
6% conv preferred..
100
Amer News, N Y Corp .No par
6% Apr 30
2934 Jan 2
25% Mar
Deo
June 12
24
26
37%
43
100
Amer Internat
3% Apr 30
934 Jan 2
76% July 15
6884 Apr 16
130
25
27%
37%
4234
*99
100
pref
non-cum
Apr
89
Feb 21
Mining. _50
3,500 Anaconda W & Cable.-No par
7,200 Anchor Cap
..No par
80
$6.50 conv preferred-No par
26%
3634
26
367g
100
7% July 10
41
44
4234
1634
*99
3
5078 Mar 28
25
500
3638
21%
6%
Tobacco.-No par
100
25
4,300
25
Preferred
—100
"3", 100 Am Type Founders Inc
10
Preferred
100
83,500 Am Water Wks & Elec.No par
800
1st preferred
No par
4,000 American Woolen.----No par
5,900
Preferred
100
1,200 fAm Writing Paper.---- —1
4,600
23.900
'
145
25%
25%
10534 106
8%
834
63%
6434
34
%
*5
5%
4
20
140
99%
9934
101% 102
53g
21,600
273g
170% 171%
10034 101%
101
102
101% 1017g
*141
*14234 145
*14234 145
*14234 145
10
10%
10%
10%
10%
10%
10%
25%
24%
105% 105%
%
5
*
163
"26%
*107
82%
24%
24%
169% 173%
243g
101% 10134
*141
50
16
*139
169% 16934
*46
41%
*547g
55%
140
6734
*34
*4%
334
27%
108
123% 123% *122% 123% *122% 123% *122% 123%
2634
2634
27
26%
26%
26% 26%
26%
*139
16934
*
163
"26%
108
28
6
55
24%
79%
♦
152
152
*150
15134 15134
108
*107
107% 107% *107
63
*62
*62%
63%
63%
55
*99
*28
28
78
54
169
163
"26% 27%
27%
108% *106% 108
25%
24%
25%
28
143
287«
*
163
~26%
14%
1
No par
2,800
277g
68
-
50
pref
Amer Home Products
Corp...No par
American Locomotive--No par
Preferred
100
Amer Mach & Fdy Co-No par
Amer Mach & Metals.-No par
51%
14%
•
1
7,700
*47%
1338
7634
-
conv
Leather
American Ice
134
*132
6%
No par
No par
S S Co
10
2,100
1,500
134
*132
54%
117g
27
preferred
preferred
7,800
11%
Jan
9
8
American Crystal Sugar
20%
12
5758 Apr 27
31
16% Jan
Am Comm'l
20
12
Feb
Nov
10
*
5%
1238
70
5734
473g Nov
151'4
«.
10
130
6% 1st pref
100
6,100 Amer Encaustic Tiling New.l
400 Amer European Sees—No par
23,200 Amer & For'n Power—No par
2138
T134
Jan
166% Jan 14
«.
5%
21
4
Dec
162%May 29
30
Apr 30
»
$6
20'g
Feb
Deo
42 %
2d
*20%
Deo
40
80
26
149%
4,500
3%
4%
June
48% Jan
41%June
13% Jan
Jan
40
124
1
44%
11
29
11
15
72
2% Mar
Oct
Oct
43
53%June
125% Mar
63% Feb
55% Apr
Mar
1,400
21
6
21
6,900
21%
Jan
110
4,400
3%
Nov
137% July 17
18
43%
Deo
9
135% July 17
35%
3%
24%
Apr 28
May 2
100
17%
437g
75
June 17
11534 Feb 24
Fdy-No par
5Ji % conv pref
American Can
35%
3%
22% Dec
3% Mar
/49
June
1258 July 14
—25
Preferred
100
12,600 American Car & Fdy—No par
Preferred
..100
4,600
..No par
4,500 American Chain
Am Brake Shoe &
17%
3%
84
Jan 31
7
3534
343g
283s Mar 26
69
3
Preferred
17
443g
1
50
Amerada Corp
*34%
3%
2034
23i2Mar 12
684 Jan 7
Alpha Portland Cem..No par
Amalgam Leather Co...
1734
43%
Deo
Sept
2234 Nov
36
3%
Deo
Mar
17%
34%
Deo
Mar
35
44
Dec
14
17%
*3%
21%
5
4578 Feb
12
36%
43%
Deo
184 Mar
6% Apr
6
16%
334
21%
Deo
14%
14%
1438
33%
Mar
50% Apr
36
34%
33$
2
28% Mar, 11
5% Jan 24
17%
43%
84 Mar
2% Mar
173
20% July
,
4% Jan 31
39% July 17
37% July 17
37
July 12
Mar
Alcohol Corp—20
6
Apr
1934May 13
27gMay
1
34
Apr 20
3684
34%
43%
Jan
Deo
187
353$ Jan 21
17
5%
Sept
4
Alli8-Cbalmers Mfg.—No par
36
5%
34'%
74
x20%
75%
377g
100
5% pref
17%
534
Deo
125
Jan
37%
203s
5%
34%
2%
21234 July 17
157
17%
5%
Feb
Nov
7
Allied Chemical & Dye-No par
3634
20%
40%
Deo
883
8
Feb
No par
Apr
186
Mar 25
20%
173
32
98
.No par
Sept
13% Oct
1% June
Jan 23
100% Dec
37% Nov
243g Dec
Jan
7
Allied Mills Co Inc
74
Mar 25
53s Jan 27
195
Apr
84
1
Oct
7434 Nov
117g Deo
21
2678 July
Allied Stores Corp
4% Mar
6% Sept
104% Mar
2
77% July 16
6% Apr
Jan
52% Nov
116
39% Feb 11
103
Feb 14
No par
Alleg & West Ry 6% gtd-100
Allegheny Steel Co
Preferred
40%
Apr 28
Jan
2,200
1,800
22%
40%
27
2
July
800
97%
4
26
13*8
-
26%
26%
4
'
'
10%
9%
*22
prior conv pf__No par
12i2 Jan
July 17
10
87g
2134
2
100
warr
370
29
*28
9
22
25%
8%
43%
29
9
22
Pref A without
2% Apr 28
12% Jan 2
12% Jan 2
37
7,100
96%
9%
Pref A with $40 warr___100
_
49
100
22%
22%
8%
96
95%
.No par
Pref A with $30 warr._.100
3,100
128
87g
9
22
13%
*28
*122
22%
2534
9
8%
42
125
95%
95
2278
4
125
128
*94%
8%
4
*122
947g
22%
*97
128
tAllegheny Corp
2
June
8
8
Mar
9
65
133% 134
13434 135
*122
.No par
Albany & Susque RR Co..100
Jan
28
Feb 28
21% Jan
Apr 28
50
100
49
49
49
49%
49%
49%
49%
49%
49%
49%
133
134
134% 134%
135% 135%
133% 135
135
136%
13584 137%
13434 137
134% 135%
13534 136%
165% *164
165%
*163% 16534 *163% 165% *163% 165% *163% 165% *164
37
37
35
37
3634
37%
35%
35%
34% 353s
36% 37%
72
72
76%
75%
7534
76%
737«
73%
75%
72%
75%
76%
51
52
51%
51%
5034
52%
5134
51%
51%
5034
51%
52%
133%
No par
28
—No par
Am Agric Chem (Del) -No par
—10
5,700 American Bank Note
49%
49%
133
Advance Rumely
10
A P W Paper Co
3%
*3%
4%
3434
34%
34%
4%
35
4%
*3%
3%
13%
13
Millls
Apr
4% Mar
8484 Jan
1378 Feb 21
13
Highest
$ per share $ per share
share
53% July 17
Mar31
42
Lowest
Highest
Lowest
Par
700
52%
53%
52%
113% *110
113%
64
6334
Range for Previous
Year 1935
Range Since Jan. 1
On Basis of
Week
$ per share
52
383
EXCHANGE
July 14
114
6334
STOCKS
NEW YORK STOCK
the
Thursday
July 16
13
*112
63
Sales
NOT PER CENT
SHARE,
Wednesday
July 15
Tuesday
$ "or share
52%
114
6234
SALE PRICES—PER
LOW
Monday
S per share
NORFOLK,VA.
RICHMOND, VA.
New York Stock Record—Continued—Page 2
143
AND
Stocks, Bonds, Commodities
and
for
HIGH
Saturday
orders executed
Commission
ABBOTT, PROCTOR & PAINE
leading exchanges
NEW YORK
Paine
consolidation of
Members
Neiv
&
62% Mar 23
15
Mar
4
3%
Jan
25% July
4
Mar
110
Deo
Jan
Jan
Jan
50»4
Dec
9%
Dec
New York Stock Record—Continued—Page 3
384
HIGH
LOW SALE PRICES—PER
AND
SHARE,
NOT PER
CENT
Monday
July 13
Tuesday
$ per share
i
11
July
$ per share
Thursday
July 14
Wednesday
July 15
$ per share
S per share
$ per share
NEW YORK
14i2
15
14%
14%
1478
15
15%
15%
*14%
*100
105
*100% 150
*100% 105
105
*100% 105
17
18
17
1634
1634
1738
17%
18
17%
*10438 107
*104% 108
*105
*104% 107
*10438 108
107
*10478 115
*10478 115
*10478 115
*10478 115
115
*10478
*38
*38
*38
41
40%
39%
39i2 39%
30%
3834
78
81%
80%
7934
82
82%
78%
81%
83
82%
104
104
103i2 103% *103% 105
103% 10358
103i_
*103%
29
27%
28%
27% 28%
26% 28
27%
29%
26%
*104%
*29%
78
103%
25%
24%
32
5i4
512
2434
22
30%
28
29
33
5%
3
33
33
5%
5%
3%
2%
2%
2%
2%
3%
*2%
2%
2%
*37%
38%
39%
39%
39%
41%
2%
41%
*37%
39
39%
40%
2%
2%
2%
*38
19
19%
19%
20
40%
19%
27%
28%
28%
30
29%
*41%
42%
*42%
42%
42%
*111%
*111% 117
*111% 117
15
*15
16%
15%
15%
94
93
*92
94%
94%
16%
16%
16%
16%
16%
19
19%
18%
19%
17%
113
*110
*110% 113
*110%
24% 24%
23%
24%
24%
111%
111% 111% *111% 111%
39
39%
*37%
*37%
*37%
*94
94%
94% 94%
94%
14
13%
*13%
13%
*13%
84%
85%
*84%
85%
*84%
26
26%
26%
26% 27
*21%
21%
21% 21%
21%
56
56
55%
55%
55%
51
51%
51%
17
17
*87
30%
75%
*6
*1%
14%
716
54%
*49%
47%
*7%
*36%
48
101
33
15%
*845S
27%
21%
*55%
52%
56
17
17%
17
110% 110%
33%
33%
33%
16
84%
27%
21%
52%
111
17
*108% 111
33%
16
15%
*32
5%
3%
3%
338
42%
42%
33%
157g
16%
25,100
60
*122
101
101
101% *101% 101%
51%
50% 50%
50%
50%
6
*32
33
80
6
56
*55
2778
2078
29%
Prior A....
21
'
100
100
50
100
No par
Bayuk Cigars Inc
100
6
No par
...100
1st preferred
18
35
Aviation
5
—
20
Jan 18
48
Jan
new
(Del) .No par
...20
preferred
No par
Blaw-Knox Co
100
Blumenthal & Co pref
..100
5
5
Bohn Aluminum & Br
15
10
100
51
51%
51
51
10%
10%
10%
10%
10%
11%
16%
*11
11%
11
11
16%
16%
11%
16%
11%
17
11%
16%
16%
51
16%
10%
10
26%
24%
26%
26%
27
28%
28%
24%
26%
*24%
28%
25%
23%
24
28%
24%
26
26%
25%
*5%
26
26
5
5
5%
*12
13
*15%
17
14%
18%
4%
18%
4%
18%
*56%
57%
28%
28%
35
5%
14%
*13
20%
18
4%
18%
4%
5%
5%
15%
*13%
1134
12
1,600
Bucyrus-Erie
*16%
17
1,500
—
-
...»
18
4%
4%
20
26%
26%
yl2%July
2
2
5
5
600
200
18%
18%
13%
18%
4%
438
4%
11,100
5,700
360
4
44%May 11
May 19
250
85
9%
2
Burroughs Add Mach..No par
JBush Term
No par
Debenture
100
Bush Term Bldg gu pf ctfs.100
Butte Copper & Zinc
5
1
July 15
8% Apr 30
11% Jan 10
20% Apr 28
25
Apr 27
2% Jan
10%
10%
11%
24,700
Calumet & Hecla Cons Cop.25
6
Jan
6
36
36
35%
36
6,000
30
Jan
6
14
Campbell W & C Fdy. .No par
Canada Dry Ginger Ale
5
54
41
15
*14%
16
40%
15%
*40%
15
40%
15%
16
16
51%
*50
51%
*50
51%
51%
51%
52
*
99
*166"
101%
7%
167
*
99
*I6o~
7%
7%
167
*50
*
101%
99
*99% 101%
7%
7%
7%
170
14%
6,200
50
Canada Southern
100
13%
61,800
Canadian Pacific
..25
41
40%
40%
500
*
99
*166"
101%
7%
7%
16
2,200
52
70
*io6~
101%
1578
*
7%
141
170%
142%
72
72%
24
24%
23%
24%
24%
25%
24%
25%
24
71
71%
*69%
70%
73
71%
71%
71
30%
30%
31
31%
31%
31%
31%
31%
31%
31%
40
40
40
*41%
42%
43
8
*7%
8%
44%
778
43
*7
42%
77g.
103
*100
103
54
54
*39
7%
*100
53%
7%
24
71
167%
16634 168% 160
*139% 142% 0141% 141%
76%
74%
75%
75%
24
23%
2378
23%
23%
25
25%
25% 26%
25%
168% 172%
74
,
23%
24%
*100
143
74%
103
54%
2:53%
54%
10%
10%
86%
86%
10%
*86%
88%
*100
52%
103
53%
7%
*100
53
71
7%
No par
Capital Adminis cl A
1
Preferred A
10
Stamped
6,400
10,300
220
6,400
11,500
5,100
660
100
Carriers & General Corp.
Case (J I) Co
...
100
Preferred certificates
Caterpillar Tractor-
1
100
NO par
Celanese Corp of Am..No par
tCelotex Co
No par
5%
preferred
..100
600
Central Aguirre Assoc.No par
Central RR of New Jersey .100
300
Century Ribbon Mills.No
1,000
103
53%
Cannon Mills
Carolina Clinch & Ohio Ry.100
99
7%
72%
143
100
13%
71
142% 142%
73
74%
23%
24%
No par
Preferred
13%
*50
May
36% Mar
90
Apr
56% Jan 31
65% Jan 15
Jan
43
Mar
53
Mar
Preferred....
July 17
8% Mar
6234 Mar
3% Mar
23
Mar
Oct
42
Deo
5%
38
Deo
Dec
46% Aug
.100
Aug
71% Aug
6334 Aug
11%
8%
Deo
Dec
17%
Deo
100
Deo
9% Nov
97%
Deo
1% July 15
14
Mar
30% July 17
31% Feb
33% Feb 13
24% Mar 23
2% Mar
3% May
8% Mar
14% Nov
14% Nov
24% Nov
13% Mar
1
Apr
5% Apr
28
10
22% Jan
3% Nov
20% Jan
Mar
1% Mar
113,} Mar
3%
10%
Nov
Jan
Jan
Jan
10%
37
*40%
14
Apr
Oct
55
Feb
10%
41
1%
553s
1%
1038
13%
Feb
Jan
3038 May
% July
36
*56%
104
24%
23%
1% Feb 10
14
Apr 13
40% Apr 2
16% Jan 2
57% Mar 24
Callahan Zinc-Lead
1234
Dec
8% Apr
2% Deo
17% Nov
2
21,300
13%
Dec
8%
% Jan
1%
*56%
70%
% June
Dec
1%
14%
Jan
334 Mar
66
1%
13
Mar
July
47% July
27% Nov
42%
1%
56%
21
28%
100
30% Aug
1%
1334
Deo
37% Jan 13
1%
56%
12%
Jan
38
25% Feb 13
74
Jan 10
1%
14%
90
Dec
16% Apr 29
54%June 15
Apr 30
30% Apr 30
No par
12%
Nov
6% Mar 20
California Packing
58
17
23% Aug
114
2
3,700
14
5
Mar 24
34%
*55%
12%
5
Mar 23
34
12%
12% Mar
9
14% Apr 29
27% Sept
9J6Julyi4
19
33%
58
338 Feb 14
18% Feb 13
2
34%
12%
*40%
14%
83% Mar 4
11% Jan 30
2
Jan
35%
*50
13%
"
31
Jan 15
JhlylO
8%
1%
*_
45
2% Jan
No par
36%
14% Nov
117% Mar
24% Oct
2234 Deo
57% Nov
Jan
100% Apr 13
114
Jan
Byron Jackson Co
10%
Dec
May
Deo
15% May
Apr
3%May
Jan
350
Byers Co (A M)
14%
Nov
Dec
122
Mar
1% July
Bullard Co
Dec
15% Nov
88
59%
7
4% Mar
No par
No par
Dec
39% July
63% Mar
14% Feb 14
20% Feb 14
Bulova Watch..
J16
22%
8% Jan
8,700
35%
14% Mar
9% Mar
13%May
...
Sept
90
4
4% Jan
Jan
8%May 19
No par
18
25%
49% Aug
6% Mar
6
6
100
Second paid rights
Deo
Feb 28
99
Jan
Apr
30
34%
11% Mar
3% July
Budd Wheel
Jan
40
26% Jan 29
113
48% Mar 11
Jan 17
100
preferred1st paid rights
Jan
16% June
103% Jan
28% Mar
41
63
19
23% July 16
69
20
19
20%
20% Feb 19
64% Mar
No par
100
preferred
Budd (E G) Mfg
6%
Jan
Deo
Feb 28
47% june 30
19%
19%
19
120% Mar 26
48
Apr 6
43% Apr 30
29%
35%
14%
53%
9
*56%
10%
103
1% Jan
63%
10
8%
Apr 27
29%
34%
35%
72
Jan 21
6
63
10%
40
2
64
29%
35%
31
25% Jan
63
10%
163
164%
*139% 141
June 30
29%
34%
14%
*55%
12%
*40%
14%
7%
8,200
8,700
1,300
II,600
4%
4%
June 27
62
1%
10%
99
10,600
13%
5%
44
29%
33%
1%
101%
lb", 100
16
*
7%
11% Mar
Sept
79
6
7%
3%
.18%
*5%
5%
14% July 8
18%May 8
109% Jan 24
77% July 11
16% Apr 30
59%
1%
41
26
8
3
29%
35%
12%
28%
25%
Jan
57%
57%
28%
14%
30%
29%
25%
23
28%
34%
18%
*56%
28%
34%
58
10%
26%
19
18
10%
60
25,900
5%
20% Nov
108% June
33% Sept
95
Sept
Jan
10
Co
14
63
Oct
14
100%
Mar 23
Preferred
May
115
13
3,500
16%
25
16
No par
9%
10%
29%
16% Apr 28
107% July
4
Bruns-Balke-Coliender.No par
28
48% Nov
115
Sept
19% Dec
45% Oct
Jan
15% Mar
97% Feb
No par
5% Mar
107%
34
$6 preferred series A.No par
Brown Shoe Co..
June
5
51% Mar
Brooklyn Union Gas
Jan
17% Deo
19% Deo
8
50% Mar 25
600
32
Feb
2
3,000
106% Mar
3% Feb
72
4
7
No par
7% Mar
9% Mar
36% Mar
June 10
33% Jan
40% Jan
10
28%
24%
26%
Preferred-
Feb
Nov
Bklyn Manh Transit.-No par
10%
11%
10
10%
28%
100
96
1%
7% Apr
33
5,200
50%
«...
10
No par
5
Brooklyn & Queens Tr.No par
50
----
-
Manufacturing .No par
2,800
1,500
52
Rights
Briggs
Briggs & Stratton.
Bristol-Myers Co...
101%
*51
No par
1,300
101
51
Bridgeport Brass Co
Mar
2
316July
JBotany Cons Mills class A.50
Mar
63% Apr
39
Corp...
4
15
24% Mar
57% Apr
80%June 12
Boston & Maine
500
Oct
7
No par
Borden Co (The)
Borg-Warner
20%
32% Apr
106% Jan
4534 Apr 30
No par
;
1,400
67,100
21% Jan 20
No par
Best & Co
9,700
22,100
June
Beneficial Indus Loan..No par
Class B
Mar
Mar
1
16% Mar
Bon Ami class A__
15,400
Mar 11
38% July
89%May 5
31% Apr 15
150
100
26
lll%May 29
5
Boeing Airplane Co
12,600
20% Mar 19
April
i20
Apr 8
19% July 13
114% Jan 15
102
2
28,200
3,600
130
85
Feb 28
July 2
8
Preferred
50
8
Feb 19
Feb
Bloomlngdale Brothers-No par
16%
2
Jan
July 15
Feb 21
13% Jan
460
16
Jan
Feb 28
118
Feb 28
83
Co—-.20
7% preferred
100
Bigelow-Sanf Carp Ino.iVo par
16
3
6
Dec
Apr 22
Belgian Nat Rys part pref
Beech-Nut Packing
5%
19% Apr
6% Feb 24
3%
54%
4134
24%
34%
49%
Belding Heminway Co.No par
I,800
1,300
1,100
6,200
33%
16% June 26
May 8
110
107
17%
114
13% Jan 6
82% Jan 10
14% Jan 6
50
600
17%
33% July 8
15% Apr 30
21
Apr 30
41% Jan 3
112% Apr 3
25
39,800
33%
2%July 9
2% July 8
29% Apr 30
100
Creamery
Preferred
Beech Creek RR Co
56 /
113
Dec
234 July
53%
17
92%
37%
7% Mar 18
Ohio
Barker Brothers
Beth Steel
Dec
66% Mar
46% Jan 24
Bangor & Aroostook
Bendix
60
29%June 30
3
Apr 9
Works..No par
Dec
44
No par
56
34
Feb 18
100
Feb
June 12
73
Mar
35% Mar
29%
5% May
35% May
52%
112
115
Oct
Nov
48
10% Jan 15
56
17
2
June 19
51% Feb 10
86% Apr 13
10634June 11
35% Feb 21
25
July 13
31
July 13
35% Apr 10
9%
90
18% Nov
109
Sept
538June 30
Preferred
Beatrice
112
Apr
7% Mar
80% Apr
No par
assented
Pref
109% Apr
3% Mar
70
126% Apr 18
30% Feb 14
54% Mar 5
100
Baltimore &
June 16
5
53%
*333g
15%
51%
10%
10%
53%
Austin Nichols
17,700
34,500
5,400
2
Jan
48
Jan 17
18,400
100
21% Apr 24
11
Apr 22
13% Apr 24
26%June 4
112%May 22
June 26
6 H % conv preferred
Barnsdall Oil Co
1,300
1,200
2
14
Preferred
30
90% Jan
26%June
*39
600
2
-100 xl 12
Assented
1,500
Jan
No par
Preferred
10
June 19
No par
Baldwin Loco
270
18
Atlas Tack Corp
Auburn Automobile
5,900
112
17%
33%
16%
No par
Preferred
4,300
277g
21%
52%
111
4% conv pref ser A_.--.100
27,700
*85
21
53%
100
25
Atlantio Refining
41
27
par
;
,
Atlas Powder
3%
3%
~~5~, 166
108
59
..100
22% Feb 27
May 13
Jan 20
Fe-_100
At G & W I SS Lines.
4338
400
3
8% Jan
12% Apr 30
95
Feb 21
23,200
300
$ per share
May 21
Aviat Corp of Del (The) new .3
41
$ per share
98
Atlantic Coast Line RR...100
*3
3%
$ per share
36
Preferred
42
3%
Highest
$ per share
103
6%
578
*85
10
10
*100
600
17,100
*51
10%
71%
*29%
*38%
*7%
10
9,300
1,800
66,600
9%
-
„
1,100
6
101% 101% *101% 102
50
51%
50%
50%
10
7%
1,100
3338
120
120
122
122
*120% 120%
120% 120% *120% 122
120% 120%
13
13
13
12%
12%
123s
12%
12%
13%
1278 ,13%
12%
*106% 111
*106% 111
*106% 110% *106% 110
*106% 110% *106% 110%
2
2
2
2%
2%
2%
2%
2%
2%
2%
1
1%
1%
1%
1%
,1%
*166"
8,300
».
Lowest
25
Atch Topeka & Santa
Preferred
Highest
100
100
OIL
'
16%
*
500
31%
51%
1%
1,580
123%
17%
:
9%
11%
18%
22,900
32%
23
23
23
21% 21%
21% 22%
23%
23%
23%
*111% 114
*111% 113% *111% 113% *111% 113% *111% 113%
114
78
78
*76%
77%
77%
78%
77%
*76%
78%
84%
*76%
22
22% 23
22%
22% 23%
22%
22%
23%
23% 24%
47
47%
46%
46% 47
47%
47%
47%
47%
473g 48
*86
*87
*86
87%
87%
87%
87%
*86%
8778
86% 88
41
40
40
40
41
41
41
40%
40
*40%
40%
30%
31
30%
30%
30%
30%
30%
30%
30%
30%
30%
76
78
79
79
75%
75% 75%
77%
78%
78%
79%
7
7
7%
6%
7%
7%
7%
7%
7%
7%
7%
1%
*1%
1%
*%
1%
*1%
1%
*1%
1%
1%
1%
14
14
15
15
15
14%
15
14%
14%
1434
1478
1332 1S32
isJ2
,332
916
1732
916
%
916
%
916
54
53
54%
55%
54%
54% 54%
54%
2:53%
53%
53%
52
52
52
55
*53
*52
52%
52%
55%
54%
54%
46% 46%
47%
47%
47%
47%
47%
47%
47%
47% 47%
8
7%
7%
8%
8%
8%
8%
8%
*734
8%
8%
*37
39
39
39
*38
39
*38
39%
40% *37% 39%
48
48
49
49
48%
48%
48%
48%
48%
49%
48%
50%
.
800
29
60
1
Dry Goods
6% 1st preferred
7% 2d preferred
*16%
3%
*39
100
Associated
29%
30%
112% 112%
No par
Preferred
30
115
20%
85%
27%
21%
Artloom Corp.-
3834
108
21%
*51
*4
110
43
3%
41%
1,700
Associated
*26
33
5%
Par
14,400
17%
21
20%
21%
21%
30%
31%
31%
31%
43
43
43
*42
42%
42%
42%
117
*111% 116
*111% 116
*111% 116
14
16%
15x
15
15%
15%
14%
*92
94
92
92
94%
*92
94
16%
16%
16%
16%
1678
17%
16%
19%
19%
19%
18%
19%
18%
19%
*111
113
111
111
113
*111
113
24
24
23%
23%
23% -23%
24%
111%
111% 111%
111% 111%
111% 111%
39%
*38% 39%
39%
39%
*38% 40
94%
95
94%
94%
94%
94%
94%
13%
13%
13%
1334
13%
13%
13%
30%
51%
51%
16%
*108% 112
41%
20%
30%
20%
33
15
107
Year 1935
Lowest
83%
105
30%
22% 23
23%
30%
5%
5%
-
24
31
29%
30
29% 30%
29%
30%
112% 112% 112% 112%
112% 112%
60
*58
6034
6034
61%
60%
122% 122% *122% 123% *122% 123%
16
17%
*163S
17%
1638
16%
31
30%
30%
32%
3134
32%
6
*6
6%
6%
6%
6%
33
33
32%
2438
31
24% 25
2478
31
31
30%
30
2934 30%
30%
112% H2i2 *112% 113
60% 6034
58%
60%
*121% 124% *12112 124%
17i2
17%
17% 17i2
30
30*4
30% 30%
6
6
6%
6%
24%
*29%
*40
Shares
1658
*104%
21%
46%
July 17
Week
105
1638
*111%
77%
the
$ per share
16
Range for Previous
On Basis of IQQ-share Lots
STOCK
EXCHANGE
Friday
1538
15%
105
*32%
15%
21%
July
Range Since Jan. 1
STOCKS
Sales
for
Saturday
July 18, 1936
par
100
22
10% Apr 30
Jan
6
30
10% Jan 20
16
37
43% Jan 11
18% Feb 24
52% Apr 18
97%June10
Apr 30
12%May
Jan
8
8
87
Jan
4
91
Jan
4
45%
92% Jan
Jan
Feb 19
2% Mar
7% Mar
8% Sept
50
Apr
8%
30
Oct
June
634 Oct
33% Nov
17% Dec
56%
13%
40%
Oct
Jan
Oct
43s Mar
32% Feb
14
Nov
48
Nov
82%
Feb
88
Aug
85
Mar
95
July
7
Dec
6
186
June 22
143
July 15
45%
83%
36%
19%
16%
Mar
7
55
Nov
Jan 16
78% Apr 15
21%May 22
19
Apr 30
54
May 1
25% Jan 6
35
Apr 28
6% Apr 29
97%May 2
47% Jan 21
32% Jan 6
31% Feb 19
5434
Mar
101% July 7
934 Feb 19
6%May 22
116
32
July 17
73
July 15
35% Mar 13
22%
57
34
Feb 21
934 Jan 17
107
Mar
"(L500
Cerro de Pasco Copper.No par
5,200
Certain-Teed Products.No par
8%June
4
40
7%
preferred
100
Champ Pap & Fib Co 6% pflOO
80% Feb
4
102%June
Mar 13
7
,■
Apr
Jan
Apr
Nov
Feb
Mar
6% July
96% Mar
8% Deo
111% Nov
126% Nov
60
Nov
35% Jan
21% Nov
6234 Nov
29
May
62% Aug
12% Jan
109% Jan
104% Mar
58
Apr 14
38%
Jan
65%
Dec
15%
Deo
88%
Deo
'
9%
88
*103
*19%
*48
10
10
10%
88
*86
88%
103% *102% 103%
20
20
20
57
*48
56
*78%
79%
66%
*1%
66%
*3%
*1%
3%
3%
3%
1%
2
7%
103%
19%
19%
*53%
56%
79%
79%
66%
67%
2
*1%
*3%
3%
2
7
103
*8
*27%
1%
1%
10
27%
1%
3%
3%
2%
2%
8%
16%
54%
1%
8%
16%
54%
1%
5
5%
5%
5%
28%
79%
66%
*1%
29%
.
79%
67
2
7%
7%
8
8
7%
103
103
103
*19
20
*19
59
*51
55
1078
88%
103
1078
*86%
103
1978
19%
11
88%
103
19%
120
400
800
57
56%
79%
82
82
83%
83
85%
10,600
67%
69%
68%
C87g
•77g
68%
25,000
2
*1%
*134
2
3%
4%
4%
4%
2
2%
2
2%
7%
8%
8
8%
*l%i
*4%
2
8%
57%
2
4%
"2", 000
2
2,300
8%
4,600
*8
10
*8
10
*8%
10
*8
10
10
28%
28%
28
28
26%
27%
*26%
27
1,800
1%
1%
3%
1%
1%
1%
3,000
1%
3%
2%
8%
17%
54%
*1%
5%
5%
For footnotes
7%
2
1078
*86%
28%
27
29
2
10%
3%
2%
8%
2%
8%
17%
17
54%
54%
2
1%
1U
1%
3%
1%
3%
4
37g
4
378
3%
6,400
3
2%
3
27g
3
3
6,300
8%
9
*8%
*16%
2%
8%
8%
1,000
8%
17%
56%
17
17%
55%
1%
57
2
2
5%
5%
5%
5%
5%
5%
29%
5%
31%
5%
29%
29%
see page
382
55%
878
17
16%
16%
2,200
57%
55%
l55%
4,500
Common
Checker
Preferred
Preferred
Chicago & North
100
Western. 100
Preferred
Chicago
Conv
2%
2%
2%
5,000
JChic
6%
7%
6%
6%
7,500
6%
7%
6%
6%
9,700
7%
6%
30%
6.300
Chicago
100
Pneumat Tool.No par
preferred
2%
30
100
fChic Ind & Louisv pref. .100
Chicago Mail Order Co
6
tChlc Milw St P & Pao.No par
7%
30%
5
No par
25
JChic & East 111 Ry Co
100
6%
preferred
100
Chicago Great Western...100
8
30
Cab
Chesapeake Corp
Chesapeake & Ohio
2%
30%
No par
No par
Rock Isl & Pacific.. 100
preferred
..100
preferred
100
Yellow Cab
No var
101
19% Mar 24
59
Jan
2
51
Jan
2
693s July 15
l%May 19
2% Jan 4
3% Jan 13
6% Jan 15
2% Feb 5
1% Apr 28
4
6
Jan
2
May 12
25%May 13
1% Apr 30
2% Apr 27
2% Apr 29
6%May 1
12% Apr 30
40%May 4
1% Apr 23
3% Apr 24
3% Apr 28
19%
Jan
2
Mar
x2l
Apr 29
69% Apr 17
85% July 17
19%May 14
22% Jan 2
3% Mar
23
8%June 27
12
4% Mar
36
Mar
37% Mar
1
Apr
"2l"
Dec
61% Nov
53%
Dec
% June
2%
3%
Deo
%
2%
Jan
1%
1
Feb
Feb
55g
Jan
Deo
Mar
9
Deo
6
19% June
r35
Nov
2% Feb 11
% Mar
3
Jan
5% Feb 11
% Mar
1% June
4%
Jan
3% July
4% Mar
10%
Jan
20%
Deo
54%
Deo
Jan 31
3138 Jan
4% Feb 21
12% Feb 21
20% Jan
2
57% July 16
3
Feb
20
Mar
5%
Jau
8
% July
2%
Jan
8
Jan 11
Dec
July 15
1% Mar
1% July
4%
8
4
Jan
9% July
19%
31% Apr
Dec
I
Volume
HIGH
New York Stock Record—Continued—Page 4
143
AND
LOW
SALE PRICES—PER
STOCKS
Sales
NOT PER CENT
SHARE,
NEW
for
Saturday
July
Monday
July 13
11
July
$ per share
$ per share
25
*2434
87g
87g
3114
*28i2
11412 1155g
173s
17i2
79
Tuesday
2434
31l4
11414 11714
18
1734
18
80
80i2
658
65g
32i2
6i2
33i8
3414
50
106i2 108
2738
514
2738
514
277g
5
277g
49
5
26
26
*26
"*30
31
31
26
24
*20i8
*4612
48i4
21 lg
24
108
*105
97
*96U
66l«
653S
20r'8
40
21
97
97
76l2
75g
3434
337S
20
20
*20
20l2
13
1314
13
133S
*23l2
25i2
23
24
87g
934
7634
76*4
*7i2
70
34
75i2
7^8
81
81
*75
5I4
23
95g
7078
7078
z81
81
*7338 100
514
53g
1734
18
18i8
18
1818
4B4
40i2
41i4
40
413g
10834 10834
10834 109
*5*8
512
514
514
5
514
1314
1312
1314
13i2
*13
1338
*106
*106
8
*73g
-
*734
38
*2
l2
*2i2
25g
2%
-
-
.
*106
8
IO6I4
7i2
h
2h
8
*2
:2
3's
*71
52
53
47i2
Equipment
No par
Clev El Ilium Co pref.. No
par
Clev Graph Bronze Co
Class A
6%
28
1,350
26
20
2,900
37
38
*46i2
48
20i2
21
160
•
32i2
37
100
Beacon
Preferred
280
2634
3912 Apr 30
..100
Colorado & Southern
360
100
4% 1st preferred
4% 2d preferred
Columbian Carbon
100
16
15
4778
150
312
3&{
787s
77g
76'4
778
3414
34i2
858
.
No par
May 20
109
Dec
684
12 Mar
Jan 11
5
Mar
1034
Feb
7
Feb
Mar
4
April
Dec
44
Jan
9
Oct
110
Jan
8
110
100
lOOUJuly
7
68I2 July 17
12314 July 17
10358 July 17
58
100
Jan
9
8234May
8
5614
Feb
72
Aug
1105s Jan
9
116i2June
11634 July
2458 Feb
5i2 Feb
26
110U
Dec
1151?
Jan
97
214 Apr 30
5914 Apr 28
preferred
pref..
55
Jan 10
14i4June 26
99
3912
17
Feb 17
5,500
Oct
July
3
12i4 Feb 27
2918 Jan
578 Mar
71
Conde Nast Pub Inc...No par
11
Deo
5,300
3258June
5
4412 Jan
8
27
Mar
4534 Nov
16
Jan
2
2534 Mar
4
Feb
2U2 Nov
100
10
May
5
20
100
19
May 19
No par
8
Connecticut Ry & Ltg
2278
*22i4
834
25
*22
25
90
9
3,400
*7H2
72
72
72
130
Consolidated Cigar
Preferred
81
81
81
81
210
Prior preferred
8lft
Preferred....
2,100
17&8
3,600
1714
40 58
4Hft
4014
10734 108
*10534
5
538
*47g
13
1338
13i8
300
8i4
l2
J2
338
33g
17
49
Nov
581a Sept
7
Mar
78
Jan 15
62
Mar
85
Mar 24
69
Nov
Feb 13
Apr 30
85
Mar 25
7212
100
5
Preferred
No par
Consol RR of Cuba pref
3,900
12
334
June
24
Jan 27
No par
3,800
6,200
87g
■'
.
Consol Coal Co
100
fConsolidated Textile..No par
(Del) v t c_25
5% preferred v t c
.100
102
Apr 30
Apr 30
Jan
378 Apr 28
lli2 Apr 30
101
Jan
6
7ig Feb 13
2018 Feb 13
4178 July 15
109
July 14
6ia Feb 10
15^ Mar 6
1061s June 30
678 Jan
IH2 Feb 5
1&8 Jan 16
38May
14
1534
16
16
16
17
1912
1914
1934
20
2038
2018
205g
20
2OI4
11,100
1358
1414
15i8
15
145g
1534
1534
157g
11,100
15g
1®4
131ft
1^8
2018
1414
134
2058
1358
I34
7678
2
4,700
77is
2,800
7914
2014
795g
8,100
7,600
Continental Can Inc
205g
Continental Diamond Fibre. _5
17i2June 30
40
2.50
35i? Apr 30
46
Feb 11
1
2is Apr 30
28i8June 6
4
7434
76'4
76i2
76ift
78
7834
7484
7834
76
777g
793g
79
79i2
79
79i2
19
19
19
1914
18-r>8
19
185g
19
I878
1934
39l2
3934
395s
3934
3934
40
40
40
3934
40
214
32i4
23g
214
23g
23g
325g
3212
3314
23g
3258
28
29
29i2
29i2
29i2
*66
67
2812
6634
32i2
29i2
2l2
3338
73
*160
74
7434
*161
16234
7314
163
6614
6634
66i2
7434
73i2
16234 16234
414
4i2
4i8
4U
438
4i2
363g
363g
363g
363g
3638
363g
27
2712
27
2734
27
61
6134
45i2
623g
5912
*45ig
*10212
9
3634
*103
*13g
*lll4
934
*93
38*8
w
-
27l2
6II4
2714
*4518
914
9
107i2
834
3634
37
37
♦103
105
9'8
*36
105
105
13g
97g
38ig
*138
13
94
96
38*4
*38l4
38l2
18'8
6*8
18's
16i2
I6I4
1634
8I4
*4ig
13s
112
lift
134
1112
lli2
1214
1384
IOI4
1014
103g
10
95
97
*92i2
9534
*92
3814
16-»g
7218
58
*57
58
58
5814
10U
1012
77
78
*29i2
30
23
2234
4284
437g
177s
17i2
5i2
534
145
145
*478
884
2234
443g
177g
5i2
145
834
10l2
773g
638
Deo
1214
10U8
814
Deo
1001?
Dec
212
Jan
38 Aug
30
22
22
1,200
47
31,200
1734
1838
18
451ft
1878
1934
43,400
534
6i2
1457g 148
147
*4l4
3414
42
41
2134
2212
2134
83g
313,6
*3334
*1558
677s
47g
337g
3434
*8i4
69i4
414
49j6
83s
6684
858
68
4916
14
*1414
114
*1312
6
169
*
115
"34"
8I4
*114
*13l2
6
6
34
9i8
*11314 115
115
*114
20
*1312
6
*
160
"3434
9
3578
3512
"351*8
93g
9
3534
113L 11314 *113
137g
578
14
578
14
57g
173g
1758
1714
8234
76*4
83
83
76l2
76
143g
57g
175g
8312
76i2
No par
5
;
No par
20
Deisel-Wemmer-Gllb
Corp. 10
Preferred
Delaware & Hudson
.100
Delaware Lack & Western. .50
pref .100
35
1,500
42
42
800
Participating preferred...25
2234
23
13,400
Distil Corp-Seagr's Ltd No par
5
*35
35
16
16i2
55,6 118,500
36
3534
36
16
*1534
1
34
1
1
1?8
178
2
*2
238
*134
5i2
5I4
514
*514
5i2
5U
1434
115
*14l8
115
*34
*14
1478
115
*115
*14
1434
117
*115
115
18
357g
114
7U
*114
18
8
*13l2
738
159
3514
93g
93g
36i4
114
159
357g
912
37
114
115
*
_
2
300
514
800
1478
117
*113
11334
1414
131ft
1334
534
5i2
584
173g
1734
1714
1784
17i8
17&S
83
85
84i4
85
84i4
85
76
7758
77i4
77i2
7Gi2
77i2
10,800
176
5,400
10
36
9>8
5*8
I684
*82
76i8
35
90
Duplan Silk
27
Jan
2
31
-Feb
7
19i2 Apr 28
3634 Jan 20
1478 Apr 30
26
Mar
6
43s Jan
4
52
40
26,400
Feb 20
23i8 Feb 20
93g Feb 7
Feb 17
Jan
3
213s Jan 31
101? Deo
5884 Nov
19
Jan
28
1878
Dec
2312 Mar
11
Mar
Feb
5
Deo
Mar
130
Dec
2
Aug
6
Jan
19
Deo
U2
518
Oct
58
Apr
3312 July 14
8
4012 Jan 25
41
42
Mar
6
2612
343s
Jan
38
Jan
I8I4 Apr 30
345g Jan
2
33
Dec
4112 May
381ft Deo
21
61i2June 4
1178 Jan 23
?4i8
6
7534 Jan 30
I7i2 Mar
5838 Deo
278 July 10
57,6 July 14
32
Jan
8
4H2 Jan
29
Jan
6
3512 Aug
37
Jan
684 May
Mar 26
1312 Mar
6®8 Mar
3
l4 June
i4 June
478 July 10
8'4Mar
100
13i2July
114
Feb
7
8
Du P de Nemours(E
No par
(The).
6
Preferred
100
Electric Boat
3
5«4 Apr 28
3034 Apr 27
IIOI4 Jan 23
10
Apr 30
Elec & Mus Ind Am shares
5i2 July 16
Electric Power & Light-No par
638 Jan
3234 Jan
2912 Jan
534
6,200
173g
62,800
8312
767g
5,000
$7
preferred
No par
3,900
$6
preferred
No par
I8I4
115i2
16314
133i8
11584
25
503g
Jan
Nov
June 19
134 Jan 15
No par
Sept
24ift Deo
4312 Jan
19i8 Jan
65
1
Preferred
Deo
2234 Mar
100
Preferred
Dunhill International
Deo
Dec
6
187g Mar 26
100
45g
1214
47
Mar
1058 July 15
58May 20
li8 Jan 6
Convertible class B_.No par
Duluth S S & Atlantic
Auto-Lite
6I4 Mar
512 Jan 10
Dre8ser(SR)Mfg conv ANo par
Elec
9
Mar
Ettingon Schild
"3434
363g
2118 Mar
Mar
June
9,100
20
18
778
2434 Nov
10514 June
2
6
8,400
3538
9U
5&s
—
Deo
16
17,000
115
800
160
9
131ft
30
Rights..
14
8ift May
8034 May
471ft Jan
914 Mar 11
6
Diamond
No par
Deo
10514 Dec
2i8 Deo
Dec
8914 Apr
Jan 10
No par
Deo
Deo
Mar
65
June 12
Dixie-Vortex Co
38
Nov
15
7
13
Dome Mines Ltd...
Jan
Jan
9i8
89i2 Mar
Jan
42
No par
Jan
4012
4314 Jan 6
758 Apr 27
preferred. .100
Match
1
5
5i8 July
52
93g
174
*
355s
"345S
300
12.100
Mar
48
100
Nov
3714
11334 11334
135s
14lg
*13l2
734
7h
300
Mar
75
I)&Co.20 133
Apr 30
Feb
7
6% non-voting deb
100 129
Duquesne Light 1st pref.-.100 xlllUJune 12
Durham Hosiery Mills pf.100
18
Mar 11
Eastern Rolling Mills
5
5i2 July 1
Eastman Kodak (N J) .No par
156
Apr 28
158
Jan 27
6% cum preferred
100
Eaton Mfg Co
No par
2812 Jan 6
*114
18
160
200
34
16078 163l4
1293g 129l2
172i2 174i8
170i2 17214
363g
115
114
*1312
300
17
Jan
Mar
June
505s Jan
5',6
Mar
61
Dominion Stores Ltd..No par
49,6
Sept
May
75g Deo
397g Mar
193g Deo
487g Nov
70i2 Jan 27
Douglas Aircr Co Inc..No par
47g
Jan
783g July
165
36i8May 17
300
47,6
Oct
Nov
69,800
57,6
14
Oct
Mar
r95
Devoe & Raynolds A ..No par
non-cum
234 Nov
Mar
8U
7134
8I4
7018
60
148U
4i8
3578
1184
23i2
43i2
7412
312
4712 Apr
Mar
10
3478
7038
Jan
37
Apr 29
42
*814
677g
®4
44i2 Jan 14
2414 Apr 13
10434 July 3
4
3434
8i4
102
Det & Mackinac Ry Co...100
*4H2
69i2
Mar
153
34i2
41i4
8I4
4
Feb 18
115
May 12
543g
67i4
287g Mar
Deo
Dec
73
884
914
70
41
128
5438
*19
10'4 Ma'
100
18
1414
534
For footnotes see page 382,
Co
54i2
558
14
Inc
Davega Stores Corp
5%
412 Mar
Jan 21
19i2June 27
2
734 Apr 28
160
363s
Cutler-Hammer
6
May 28
100
6I4
718
169U 17014
*
No par
*54
159
I6OI4
158l4 15978
15834 I6OI4
12934 *12914 12984
12934 12934 *129
16938 16984
16912
36 I4
36
*114
158l4
12958 130
20
160
1434
1478
115
preferred
IOI2 Jan
60
3,100
35
157
l
Jan 15
1912
*157g
*114
Class A...
4
53r'8
1
1414
1
53!2
17
115
Curtiss-Wright
4
19i2
35
15612 15714
12934 12934
167sJuue
99i2 Mar 13
53 5g
*34
*5
6312 Jan 7
35i2May 26
53
*3438
*15s
Apr 30
9512 Apr 29
*19
*I57g
1*2
4
5334
1
5i4
50
*13
2234
7UMay
No par
18
22
Jan 27
6334 Apr 15
4778 Apr 28
108
July 15
27s Feb
Detroit Edison
300
Deo
99U Nov
20i2 Dec
4478 DeO
29U July 17
7
4
No par
Denv & Rio Gr West
18
69
Jan
Jan
1812 Feb
1414 Mar
5414
3412
*13
Jan
7
5
1558Mar 16
435s Jan
45i4June
138 July 13
Packing
Preferred..
1,600
834
46i4
6234
13
3734 June 19
2214
19i2
17
1'2
*478
11
82i2June 18
I68i2 Apr 15
1018 Apr 28
6'8 Jan 7
10
100
1,100
6i2
148
Dec
Mar 27
19i2
337g
5
834
1,000
2318
1178
178
73s Mar
53i2
*34
Ha
6ift
147
3
Jan 14
July
54U
*157g
53s
*4"8
834
634
Z68I2 Jan
-100
Curtis Pub Co (The)
Deere &
Dec
Apr
Jan 14
No par
Sugar
Preferred
8%
22
58
3
Deo
20
1
*47g
*114
*13
17
*34
*13g
3,200
13,800
*29
3312
*83g
103g
771ft
4678
42
64
IOI4
73
2214
42
53
101ft
78i2
30
34i2
*19l2
800
57i2
7634
2214
*3312
4134
54
60
5712
10U
1914
(The)
pref
Cuba RR 6%
Cuban-American
Cudahy
9
21
'
Cushman's Sons 7% pref. .100
■
443g
42
23
93,700
2934
34
2014
1,200
29i2
2234
34
22i2
900
1,900
4434
*41
_5378
400
29i2
22i2
54U
343g
*
730
43
18'
53&8
1,700
8,400
100
Dec
1®8 Nov
18
17
Deo
July
28
Preferred
Dec
6934
Crucible Steel of America.. 100
Cuba Co
105i8 Nov
H2 Mar
612 Mar
41®4 Mar
2,800
,
Jan
Feb
69
5,900
400
7ift
22i8
3434 Nov
5514 Apr 30
102
1058
147
No par
Mar
35
$2.70 preferred
No par
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c.No par
78l2
6i2
Crown Cork & Seal
Feb
80
15is Mar
35
44,600
58
25
Jan
82
38i2 Feb 11
Apr
4
Coty Inc
IH4 Nov
74
-
46
162
20
18
103g
5412
20*4
17i2
7634
*13
23
17i2
58
*52
22l2
1634
40
18
*5
17i8
Corn Products Refining
Preferred
Feb
Jul
9
27
100
10,000
96
40
5434
"531"4
38
I8I4
I8I4
1037g 104
6i2
6i4
-.5
No par
_
103s
40
*52
*
.
Continental Oil of Del
Continental Steel Corp.No par
Corn Exch Bank Trust Co .20
1,600 Cream of Wheat ctfs-_.No par
12,000 Crosley Radio Corp
No par
39
3834
1778
17»8
104's 104l8
634
6i2
5438
18
37i2
10378
300
5,500
-
10
543g
*12
834
-
*3658
29i2
*43g
--
40
29i2
2234
42i2
*514
59i2
45i2
40
30
17*8
285g
40
10
*144
36i2
11,000
438
414
3638
363s
2914
2812
5914
6014
*45i8
453g
*100i2
87g
9ig
3714
37i2
1037g 104
134
134
1334
1314
40
75
6
*103
438
4778
10i8
145
105
7538
721ft
74i2
163 I2
16334 *160
69
7434
6
414
36i2
36i2
2714
2734
60
5834
45l2
*45i8
108
*100i2
9
884
38i8
37i2
*61
58*4
17
*161
438
65
934
7414
*143
7478
7512
*61
58
423g
17i2
160
69
*40
2234
67
*61
4018
41l2
32,200
1,700
67
69
40*8
573g
17i8
29
67
*61
69
2234
*104
3312
2878
333g
38i2 38i2
18
I8I4
I8I4
1043g *10334 I043g
6i8
6;%
6i2
6I4
6*4
*61
*29
37U
Continental Motors
2834
18
6ig
165s
58
Continental Insurance
3234
163
67i4 Jan
67i2May
20
7,500
33i2
29i2
*6684
100
6
1&8 Jan
Preferred
2,800
'3934
23s
12i4June 18
15s4May 14
1038 Jan
No par
23g
214
66I2
Class B
23g
325g
2812
2U
104
69
*61
H2
1212
97«
9434
38i4
103 78 1037g
18*8
9i8
*IH2
934
1*2
1018
94
95
104lg
I6I4
105
*1114
934
112
13
6
4i4
363g
*45is
45i2
*102i2 10714 *102i2 108i2
3634
18
163
4512
6F4
*45ig
9ig
104
66i2
743g
Container Corp of America.20
Continental Bak CI A..No par
June 18
Oct
314 May
14i4 May
157g Feb
Mar 20
75
7712
590
2
Nov
33i2 Jan 3
133s Jan 22
72i4
73i2
438
1514
2714
No par
Consol Laundries Corp
Consol Oil Corp
2,600
9
3
145s Nov
6534June 24
1
Preferred.
36,100
10534 10534
_
Consol Film Indus
700
5
1338
Jan 10
100
Consol Ed Co of N Y..No par
$5 preferred
No par
41ig 101,100
82
100
Prior pref ex-warrants
*7338 100
478
434
7
13*2
*74*4
Oct
Jan
4,500
120
178
2358
7814
300
134
Oct
Sift
3414
13
178
763g
105
84 Mar
I6I2
Oct
11912 Aug
Oct
9778 July
19
17S
Jan
/
Deo
Commonw'lth & Sou...No par
$6 preferred series...No par
358 221,500
2018
134
7434
50
Mar
17
21
43g Apr
2012 Apr
26UMar
1918 Mar
234 Feb
7734 Jan
87I4 Jan
243g Mar
14
Deo
Dec
9012 Jan
3i2
I6I4
15
21
Dec
2
234
14l2
*1314
Dec
17i2 Deo
IOII4 Nov
497s Deo
Jan
4014
Dec
2212
658 Mar
7
Jan
29
83
*12i4
3'8
512
31
Jan
14
$4.25conv pf ser of '35No par
Commercial Solvents..No par
106'8 *10534
8
*7i2
7i2
%
38
h
314
978 Nov
Jan
June 16
42i2M ay 26
Comm'l Invest Trust..No par
Conv preferred
No par
26,200
Dec
6934 Mar
Feb 20
3778 Mar 11
1918 Jan
2,200
-
50
36 U
16,800
1,800
-
Mar
8034 Jan
100
...
conv
Deo
9
49
May
31
IO714
938 Feb 19
2H2 Jan
78i4
8U
83g
24
Jan
..10
preferred
Commercial Credit.
1934
106
358 Mar 16
101
1584
SOI2
12ift
1784
July 16
Dec
3512 Mar
19
1734
28
15i8 June
Dec
IO714 July 13
12'2
*733g 100
478
47g
6
5284
2
6
12i2
73
Jan
48ig
48^2 Dec
33g Mar
19i2
81
*8034
*7334100
5
5i8
18
17l2
41
4178
*107i2 109
514
5i8
133g
1338
Dec
275s July
z45i2 Jan 22
5114 Jan 23
21&8 Apr 8
Congoleum-Nalrn Inc..No par
Congress Cigar
No par
9is
Dec
21
36
3334
*18l2
958
8I4
4Y\%
312
78i4
77i2
5858
Jan 15
5)4%
-
Dec
112
1,000
-
93
3
6,000
116i2 *115i2
11612
116i2 11634
15
1534
1538
358
5%
15,000
107i4 Jan
10358
7734
72l2 Nov
533s Apr
134
500
115
May
Jan
$2.75 conv pref
No par
Columbia Gas & Elec..No par
Preferred series A
100
114
126
Jan
Col Pict Corp v t c
114
Aug
16
11,000
103
July
110
94
83,000
10258 103
7734
7614
20
6
100
106
107U 107i4 a:106
99i2
*97i2
*96U
9912
683s
6778
68I4
68i2
12314 12314
12314 12314
97
7
No par
v t c
207g
39
*46ift
205S
June 30
13
No par
Oil...No par
tColorado Fuel & Iron .No par
2,200
5558 Jan 16
10238May 19
Preferred
Colonial
par
7
100
Collins & Aikman
11,200
28
No par
preierred
12i4 May
70i2 Feb
July
IO8I2 July 13
577sJune 5
2012 Jan 6
106i2 Feb 28
5158 Feb 3
Colgate-Palmolive-Peet No
May
6*2 Nov
275s Deo
2
Jan 31
200
Dec
247g May
100
Mar
84
200
*23
46
128
28
2378
4618 Mar 24
11034 Feb 14
Jan 15
180
2634
12
Dec
Nov
9378
6984 Sept
3i4 Apr
5,100
47Ss
26i2
32ift
*25l2
1978 Feb 14
86i2 Feb 19
73s Mar 5
2
2
Jan 7
Jan 21
Jan 4
Dec
9
26
Oct
Jan
Jan
Apr 28
13,600
3134
Mar
48
110
32
31
124
1478
Sept
3i2 Mar
U738 July 15
Cluett Peabody & Co..No par
Preferred
100
par
Highest
$ per share
Feb
Coca-Cola Co
(The)...No
25
9
July
110
27
Jan 21
share
per
Mar 25
33
110
538
8512
1514
72?s
434
2334
IO714
3014
1,300
104
4634
No par
20
(The).l
5714
14i2
5
5
54
*5634
Jan 6
II34 Jan 24
35
Clark
2,400
13334
10612 107
104
3
8
City Stores
-
13334 *129
1434
Jan
Jan
700
-
June 12
$
7
Corp
City Ice & Fuel
3,600
$ per share
25
100
34i2
,
10
$ per share
.25
Preferred
-
Year 1935
Lowest
Highest
No par
740
112
23
2138
22i2
9&S
13i2
34
Chrysler
6,200
26i2
34i2
21
35
Cotton Oil
Co
Chile Copper Co
78,300
53g
39i2
778
1734
108
33g
*110
Chtlds
20
131l4 132i2 *13012 132
48
34i8
*18i2
*1214
40&8
108
15i2
77
77
9i2
514
514
3i2
114
500
53g
24
77g
23
100
*5l8
*4634
20 78
6l2
35l4
112
Par
Chickasha
.
Range for Previous
On Basis of 100-share Lots
Lowest
800
87g
35
115i8 117
17&8
171ft
80
79i2
638
*6i4
34i2 35i2
80
Range Since Jan. 1
STOCK
Shares
2378
87g
35
26i2
3H2
26i2
13H4 132l8
341ft
*1812
*12l2
82
100
514
778
70
81
*75
514
3378
912
70
70
38g
3i2
76i4
9lft
2758
97
*113
114
11334 114
16
1638
157g
16'g
34
110
67
677g
683g
67i2
120*4 122
*12134 124
102lg 10234
10212 10338
75
76
75i2 76&S
115
11434 11434
11534
119
314
7514
71ft
110
10714 10714 *10678 107l4
11534 11534
3i2
4634
48's
2734
38
48l4
*11334 115
314
1458
2712
518
*20i4
834
35
*10358 104
27
24
*11434 11534
16
47i2
110
104
27
26
13H2
1017g 10238
1534
104
*23
23i2
YORK
EXCHANGE
Week
17
$ per share
10714 10734
*5634
57I4
3212
10U2 10134
76
76*4
76
10734 108
*5634
5714
1478
1434
27
39is
67
66*8
119
122
*118
51
32
*46i2
97
97
50
13334 *129
26i2
128
IO6I4 10714
6i2
34i2
*110
345g
3H2
48i2
2F4
20 58
7934
35
27
4014
39*2
mm.
3H2
2511
*2018
26
*46
2058
514
-
July
1145g ii6l8
1734
17i2
35
-
*2612
128
125
27i2
5>8
26i2
3134
26
*25l2
*20*8
*122l2 125
39l2
385g
27i2
*29
638
638
35
*129
*5634
5634
5634
5714
5714
*5634
15
15
15
14»8
147g
1434
*10358 104
*10314 104
*1035g 104
49
4778
48i2
4778
48i2
48*2
110
110
*109i2 110
*109i2 110
834
8j8
36U
115l2 11738
1734
1778
80
7934
35
35ig
23i2
23l2
8is
*29
the
Friday
$ per share
$ per share
*110
*110
35
3412
48
48
49
*48i2
*128l4 134i2 *12814 134
108
108
107i2 108i2
*128*4 134
15
23i2
8I4
80
6ift
6l2
33
3H2
*110
*110i4 112
35
35
3434
*45
24
8I4
3U4
83g
17i2
7914
6i2
*32i2
79
July
24
2434
83g
14
$ per share
*28i2
3114
114I4 11534
Thursday
July 16
Wednesday
385
Jan 15
9
2
Jan 17
Jan 31
July 17
103
Apr
1
June
1234 May
Mar
865s Mar
1267g
Deo
12&8
Jan
Nov
171ft Deo
1
Dec
138 Deo
8I4 Deo
19
Aug
116
Nov
1461ft Nov
Feb
132
115
Feb 14
104
Feb
Jan 13
12
Nov
978 Feb 11
445g
384 Mar
Oct
Aug
27i2 Dec
8
Jan
176
July 17
IIOI2
Jan
172U Nov
166
Mar 13
141
Jan
164
37
Apr
6
912 July 15
4458 Feb 19
114
1658
Jan
3U Mar
19®8 June
107
Feb
6
173g Feb
4
378 Mar
734 Feb 21
55g Sept
Jan
2
1734 July 14
Us Mar
2
85
3
2
77 58 July 14
July
9
Mar
21? Mar
305s
Juiy
Oct
83s Nov
38*4 Oct
113ift Sept
14«4
83ft
Deo
Feb
71ft Aug
345g Deo
3134 Deo
New York Stock Record—Continued—Page 5
386
HIGH
AND
PRICES—PER SHARE,
SALE
LOW
NEW
for
July 13
July 14
July 17
$ per share
$ per share
Shares
July 15
$ per share
43
43
$ per share
$ per share
$ per share
*1%
*6958
*112
134
1414
80
*79%
8458
945S
*85
6
6
13i2
2238
1412
14
2378
2534
73s
5034
845s
9458
6I4
14
24%
278
13
7%
278
*1134
5034
150*2 150*2
50l2
152
152
5034
] *150
40%
23%
95*2
95
95
95
38
38
*39
43
*27
23%
*82
89
9%
*3*2
9%
4
*42%
*27
32
32%
43
*27
47%
47
28*2
6%
28*2
51
51
51%
51
36*4
3478
37
*66
72%
24% 24%
*112% 119%
*60
*42
4*2
*13*4
10*4
*102
*60
*42
44*2
42%
43
4*2
*4%
*13*4
5
15
10%
13%
15%
11
11
*103
25%
11%
11%
1497g
8%
8%
*148
11
26%
92
59*4
39%
41
41%
2%
2*8
96
500
23%
14
92
'
34
*35
40
*35
40
*35
*62~
9%
50
*36
50
*36
—
-
Jan 10
12
Jan
7
5
23{8 July
438 Jan
2
3
2%June
3
Exchange Buffet Corp.No par
30
*28
8
-
-
3478
2,700
43
1,400
*28
30
*66
72%
24%
23%
♦
64%
43*4
23%
2378
*
-
-
11,900
11,100
1,600
17,200
5
43^%
460
5
800
Preferred
100
16,800
9,300
Gen Amer Trans
15,800
General Baking
1,600
41
$8 preferred
40
40
*4134
50
50
50
*50
'
49%
*41%
49%
Wo par
5
General Cable
No par
...Wo par
Class A.
100
7% cum preferred
General Cigar Inc..
Wo par
100
7% preferred
Wo par
65
65
65*4
119% 119%
69%
70*4
*121% 122%
39
39
*37%
8
7%
7%
*53
*53
53*2
*107% 108% *107
5
65%
119% 119%
69*2 70%
121% 121%
39
64
64
11978 11978
70%
120% 121%
69%
39
39
8
900
65
64*2 6412
*64% 65
64%
100
1197g 1197g *119% 11978 *119% 120
70*8 175,300
69*4
6978
69%
69% 70%
1,700
12178 12178
120% 120*2 120*8 121
1,700
38%
38*s
38*2 39
39*2 39%
2,800
778
7%
77«
778
77g
*7%
500
53
53
53
53*4
53
*52%
*107
108*2 *106*2 108% *106*2 108*2
5
434
2,500
5
434
*434
5%
38
37
9,800
37%
37*4
37% 39
8
7%
53*2
53*4
53%
108% *107
108%
*5
5
5
5
5*8
34%
34%
347S
35*2 38
*117
125
125
125
*117
*117
125
*117*4 125
*117*4 125
2%
2%
2%
2%
2%
*2%
2%
2%
2%
2*2
2%
32
*30
*31
29
32%
32*4
31*4
31*4
28*2 28%
28%
36
36
37
36*2 36%
37%
36%
36% 36%
36%
36*2
48
45
37
38
38*2 43%
357g
35% 38%
34% 35
2134
21*8
20
20*2 21
19*4
19*4
20*2
20*2
20*4 20%
32
31
31
31
31%
31*4
3078
31%
30%
3034 31%
15
15*4
15
15
15*4
1478
14%
14*8
147g
15*4
15%
80%
79
80*4
79
80*4
80%
797g
79*2
80*4
80*2 80*2
14
14*8
15
15
14%
15%
14*8
15*4
14*4
147g
1478
•
34%
*117*4
*2%
28*2
36%
*3578
19
30%
14
79
1478
96%
95
95
95
95
45%
457g
46
46*2
46
46*2
53
53
53
53%
*95
5*8
8*8
13%
5*4
5*8
8*4
13%
8*4
13%
5*4
8%
14
53%
4%
734
137g
*9478
53%
46*2
53%
47g
53%
5*4
7*2
13%
Wo par
Preferred
100
Glidden Co (The)
4
No par
)4% conv preferred-....60
7%
7%
13%
3,700
3,000
12,200
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold Dust Corp v t c...No par
Gold & Stock Tel'ph Co...100
14,100
Goodrich Co (B F)
47g
434
19%
19
19%
19*4
1934
19*4
19%
98
98*8
98*8
98*2
99
23%
23%
23%
2234
23%
97%
22%
23,%
23*4
24*8
23*2
237g
91
91
92
92
92
92
92
93
92
92
*92%
2*4
9*2
94%
2%
92%
9%
92
*9*8
93
93
y238
2%
1*2
1%
1%
1%
3%
3%
3%
*17*4
3%
10*4
93
1
*92%
9%
9*4
97g
9%
4,600
40
93
93
93
19,000
1,000
2*8
2%
2*8
2*4
2*4
23g
1%
1%
1*2
1%
1%
1%
3%
*3*2
3%
3*2
3%
3%
4*4
*17*4
17%
17*4
17*4
20,500
1,800
17
18*2
3,900
1,400
1,600
27
27%
*27*4
27*2
27%
27*2
267g
27%
2634
27
26*2
26%
35
35
35
35
36
36%
36*2
36*4
37
6,200
177g
17*8
17*2
17%
17%
17%
17%
1734
1734
2,000
37
37%
34%
37%
34%
38%
3438
39
38%
34%
36%
17%
39%
36
17%
35%
17%
39%
34%
383A
39*8
38*2
39
3478
3438
347g
3478
35*4
No par
Preferred....
1,500
2%
1%
18
Wo par
13%
98
18
Glmbel Brothers..
Conv preferred
7%
47g
19
18
100
Goodyear Tire & Rubb.No par
1st preferred
...No par
Gotham Silk Hose..
Preferred
No par
146%
*52%
59"
26%
26%
*66
71%
59*4
58%
*178
2*4
26*4
*67
59
2%
26%
75*2
60*2
2*4
26
59° ~
*5234
26%
26%
76
7178
717g
60%
2*4
59%
60*2
2*4
2678
*69
60
2
25
25
*2
15*4
15%
16
*15*4
1578
27%
*15*4
46
47*4
*46
47
*46
43*2
43%
44
*42*2
_
145
*146*4
*52%
26*4
59"
3:26*4
47%
15%
*46
*113
146% 146% *146*4
59
*52*4
*52%
25
25
25
34%
-
-
-
*32%
34%
*35*2
36
*113
*32%
36
*42%
*113
45%
-
-
-
-
60*2
'142
145*2
5,200
170
59
*5284
59
31,600
26%
26
26*2
6,100
7334
62*4
*68
73%
10
64*4
2*4
10,700
27*2
90
*2
62&8
2*4
*25
27*2
*2*8
*25
400
27%
16
-
15*4
15*4
15*4
15%
900
47%
45%
*42%
*113
*68
146*4
46
46
46
46
400
45*2
46
1,400
-
—
34%
*32
34%
*32
34%
36
*35*2
36
*35*4
36
43*2
*113
*32
46
M
-
-
»
34*2
35*4
*35*4
36
Grand Union Co tr ctfs
Conv pref series
50
Granite City Steel
Part paid rets
.No
Grant (W T)
No
Gt Not Iron Ore Prop.Wo
Great Northern pref—
Preferred..:
-
_
-
.
For footnotes see page
382
-
-
-
July
63
3
30
2,600
10
1,200
20
3,600
12*4 Mar
578 Mar
2
4912 Feb
25% July
11378 Apr
33% Feb
105% July
48S4June
30*4 July
1134 Mar
47*2 Mar
14
1
22
11
17
23
13
2
5
87
Feb 4
Apr 14
77*2 Feb
Feb 20
29
23
27
19
Apr 21
Feb
Jan
Jan
Feb
2
2
70*2 Jan
2
5
5378May
Jan 21
140
78 Jan
2
Jan
3
14
-
7
Mar
Mar
Nov
55
Dec
4
•>
Dec
5% Nov
13*4
Dec
10% Nov
18% Nov
Feb 13
19
Mar
76
95
59%June 20
146*2 July 11
4178 Feb 17
43%June 22
4% Feb 5
48
Feb
115
Jan
Mar
Mar
Mar
46*2 Nov
127*2
20*2
Jan
30
Jan
Sept
*4 Feb
6
8
Oct
11
Mar
6% Nov
6
Nov
% July
145*2
Oct
4078 Nov
3778 July
1% Aug
15% Aug
18
Aug
Apr
50
Feb
50
Feb
15%
Jan
18
5
47% Mar 21
32
Oct
61*4
5934 Mar 17
70% Jan
121*2May 13
71
Apr
597g
Feb
72*2
Oct
116
Jan zl20%
Deo
Mar
117»2 Jan 13
5378 Jan 6
118
Jan 27
18% Jan
534 Jan
2
3
Jan
120
Nov
10
Mar
21
Dec
3
Aug
105
Jan 17
110
3*2 Apr 28
32*2 Apr 28
50
Jan 10
2
Apr 28
z74
June 30
634 Jan
69
Jan
June 20
2
678June 30
7
Feb 10
1*8 Mar
4
15% Mar
118% Mar 14
378 Jan 21
43
Feb 21
44% Apr 8
60*2 Feb 7
2134July 17
32
Jan 24
10
14
16
28
10*4 Feb 17
2138 Jan 6
116
Feb 10
237g Apr 15
6
99
21% July
8
3178 Apr 15
87
2
99% Feb 17
8i2 Apr 28
12% Mar 11
Jan
6
June 30
138July
6
3*8 Apr 30
16
Apr 29
25
Apr 30
96
June 25
July
3
July 17
20% Feb 19
Feb 21
Mar
9
146*4 July 13
95
Jan 23
4834May 11
l%July 7
80% Jan 27
3% Feb 7
24
July
7
39
9*4 Jan
2
2
7
1934 Mar
55
Mar
48
Mar
Jan 24
118
Mar
100
0
2
30*8 Jan
120
12
Jan
3
3
Jan 20
104*8 Feb 17
4% Apr 30
Jan
2% Mar
18
19*2 Aug;
Aug
93
8%
Dec
Mar
7534
Dec
23% "Feb
49*2
Deo
1*8 Apr
14% May
104
Dec
7*2 Mar
40
Mar
15% Mar
' Apr
70
2% Apr
20
Apr
434
22
105
Jan
Nov
Dec
14% Dec
82
Dec
267g
Jan
92
Jan
10% Dec
85
Dec
26
t>
Jan
70*2
37
Jan
Jan
Dec
Nov
Jan
44
May 19
June 22
51
Jan
39
6
Dec
2934
7
14
Mar
Dec
1438 May
18*s Mar
2234 Oct
6
109
12
Oct
3%
39*8
33*2
23% Jan 15
35% Apr 2
33% Mar 25
Jan
June 10
Apr
109
5
32*4 Jan
4
Jan
14
Oct
4% Nov
41% Dec
4%
31
Jan
16%
109
1*4 June
5*4 Mar
2% Mar
2
30*2 Jan
283g Jan
Jan
% Apr
14% Mar
Dec
42% Nov
4*2 Feb 19
11*4 Mar 20
6% Jan 15
Jan
136
80
6*4
July 17
18% Jan 16
90
1358 Jan 21
Jan
Jan
5
78
Jan
93*2
Feb
95*4 July
55*4 Jan
53% July
7*2 Feb
37g Jan
Feb
6% Feb
6
6
116
17%
53*4 July
15% July 13
52i2July
1234 July
zl07%
6
3934June 11
59% Nov
July
40
Feb 17
106
26% Mar
Feb
8% Mar
122% July
38
33
100
2
30% Nov
125
7g May
5%
8434
32%
11%
7%
Nov
3
25
10
6H% preferred
Hayes Body Corp
434 Mar
Dec
70
3
30
Hat Corp of Amerloa cl A....1
Mar
15
Deo
36% Nov
Jan
105
—100
30*4 Apr
17*4 Mar
112% June
Dec
19i2 Jan
19
25
Preferred
Dec
39
100
Hanna (M A) Co $5 pf.Wo par
Harbison-Walk Refrac.No par
Jan
934
Mar
May 21
No par
100
63s
4
65
Preferred
30%
19
15% Feb 11
3334 Feb 10
Greene Cananea
No par
Feb
2*4 Mar
20*4 Jan
Jan
Mar 10
9
Gulf States Steel
Dec
Mar
150/
2
100
25*2
1027« Dec
5878 Aug
2
6
Jan
July
6*4 Mar
5
6
534 Jan
114
1134 Jan 11
Feb
14% Jan
17
Dec
Sept
10*8 Dec
100% Sept
48*2 Dec
22*2 Nov
xl3% Oct
146
Aug
3434 Feb
2
Aug
25
30
63
7%July
443g NOV
25
45%
111
1084 Apr 28
Jan 23
28% Mar
16
Apr
106*4 Mar
13% May
84*2 Apr
8% Dec
4% Jan
3% Aug
9% Mar
42*4 Apr 30
21
July 2
141
July
78 Feb
16is Mar
1934 Mar
Feb
Preferred
Deo
21% Nov
60% Mar
55
Gulf Mobile & Northern... 100
125
Feb 17
28% Mar
100
Dec
38% July 15
127
9
Apr 28
Preferred
Dec
Dec
39%
111% Apr 21
3834 Feb 17
22
Copper... 100
Greyhound Corp (The)
.5
Guantanamo Sugar
No par
Dec
538 Mar
334 Mar
5*8 July 15
3534 July 14
35%
23*2 July 15
ll8i2June 3 zl35
75
4738 Jan 17
53*2
31*2 Apr 30
334 Jan 6
6*2
18%
lU2May 11
12*2
8i2May 20
97
Jan 3
104%
16
100
3
<50*2 Mar
Hamilton Watch Co
-
108*8 July 15
24*8 Apr 30
par
100
130
•
6
June 26
30U Jan 29
28*2 Jan 16
par
115
Apr
Green Bay & West RR Co. 100
Green (H L) Co Inc
1,500
8%
4ig Jan
32
par
Great Western Sugar.-W0 par
2,100
9
9
9
884
8%
*8*4
8*4
8%
9*4
9*8
*15
16
16
*15
19%
18*2
15%
15%
18*2
15%
116
117
118
♦115*4 116
*115*4 116
116*4 *116% 117
103
103
102
102
*101% 103
*101*2 102% *101*2 102%
*101% 102
34
34
33%
33% 33%
3578
33%
33%
33% 34
34*8
33*2
126
126
*124%
*124%
*124%
*124%
*124%
15
15
15
15
*147s
1478
14%
147g
14%
1478
14%
147g
112
*110
112
112
110
*110
111% *10678 110% 110
*10478 111
6
5%
534
5%
6*8
6*8
5%
578
578
5%
57g
5%
8
1
No par
No par
16
•
Apr 30
25% Mar 21
2
*115*4 116
*15
4 »
77
7% preferred class A
Hall Printing
i
35*4
2
100i2 Feb 26
100
Preferred
*32
z247g Jan
Hackensack Water
*113
34*2
4
1
Gr'by Con M S & P 2d stpd 100
Graham-Paige Motors
■
34
1
13%
9634
*17*4
Wo par
Gen Railway Signal—.Wo par
Preferred
...100
7%
19%
1%
3%
*17*4
Gen Public Service
13%
96%
2378
*92%
2%
No par
16,300
6,800
2,700
193g
93
$6 preferred
Gillette Safety Razor..No par
53*2
96*4
93
3,100
46*2
19%
9*4
General Printing Ink ..No par
16,500
1,800
53*4
478
Jan
32i2 Apr 30
17
July 6
30*8 July 7
13%June25
4534
8
110
Gen Steel Castings pf.-Wo par
Gen Theatres EqulpCrpWo par
Gen Time Instru C01 p No par
1,300
2,690
8,000
53*2
96
*9*8
par
Wo par
Jan
Aug
Apr
26%May 25
33U Apr 30
53*4
19%
9*8
No
preferred
Common
17
Nov
3%
15
May
86 preferred
No par
General Refractories...No par
46*4
95%
9
85
;.10
Gen Outdoor Adv A...No par
300
14%
14%
General Motors Corp
Mar
72
Gen Realty & Utilities
9434
46%
..Wo par
100
6
Apr
% Mar
4
95
1,400
*92*2
947g
8
Preferred
2
8534 Nov
1478 Aug
40% Dec
*85
3,900
9478
46*2
95
5
General Mills.
May
Jan
No par
Wo par
Mar
Mar
18*8 Mar
5378 Apr
15
Apr
Apr
Gen'l Gas & Eleo A
$7 pref class A
8
19
25
25
8
Dec
48
34*2 Apr 30
$8 pref class A
4
Jan
Dec
54
333S Feb 18
Gen Ital Edison Elec Corp...
69*2 Feb
10% Mar
Mar
Jan
19%
40
Wo par
10
Jan 15
69
16*2
4078
8*4
584
14
13*2
Feb
...No par
Conv pref series A...No par
684 Mar
Nov
5512 Nov
7*2 Dec
Mar
General Foods
General Electric
10
*50
5
10
5
General Bronze
320
45
45
45
Corp
General Asphalt
30
12
5,300
12*4
11%
*11*2
1178
26
26
1,300
27*4
26%
26*2
94
93
92
1,600
9212 93
92%
300
57
*58
58*2
*57*4
59*4 X57
30
*146
14638
146% *146
146% *146
40
40
40% 107,200
40*2
3978 40*2
40
14,200
40*2
4078
41*8
41%
41%
2*4
21,700
2%
2%
2%
2*4
2%
40
—No par
_
Feb 15
,,
Mar
1
Gen Amer Investors...No par
39
1758 Feb 21
2734 Feb 21
19
55
Feb
Nov
97
5
270
70
14*2
16*2 Mar
4i2 Aug
7*8 Mar
8i2 Mar
7% Feb 21
Deo
8*4 Nov
50
Mar
92
3
9534 July
7%pfl00
10
89%June 30
97 June 30
134
Us Mar
14
101
Jan
30%June
Freeport Texas Co
June 30
Jan
178 Aug
Sept
66
July 13
1
w w
9,400
61
11%
40
No par
Fourth Nat Invest
84
Apr
—No par
Preferred
25%
35*2
conv
Foster-Wheeler
Preferred
...100
Fuller (G A) prior pref. Wo par
$6 2d pref
No par
Gabriel Co (The) cl A.-Wo par
Game well Co (The).—Wo par
20
478
14%
No par
Corp new..10
pref
100
t Follansbee Bros
F'kln Simon & Co Inc
9,400
38
3934
5
Florshelm Shoe class A.No par
Food Machinery
140
4,900
.100
Preferred series A
First National Stores ..No par
100
72%
24*4
Firestone Tire & Rubber...10
600
2,100
100
6preferred...
12534
115
7s
*4 Mar
July 17
20*4 Jan 27
-
135
62
38%
5
-
*59"
135
~60"
*66
72%
-
1,000
7%
7*4
-
July 17
15*8 Apr 17
Jan
Jan
25
(Wm) Sons Co.No par
I ilene's
5234
5
47
Federated Dept Stores.No par
Fidel Phen Fire Ins NY
50
Federal Water Serv A ..No par
Apr
7
Feb
155
697g Mar 30
738 Jan 9
3
Apr 28
2i2 Jan 2
20% Jan 9
38
Apr 30
Federal Screw Works ..No par
%
69
7
38
100
6
I884 Apr 30
84
j
7
Highest
( per share ( per share
39
Mar
5834 Nov
55*4 Jan
1% Feb
378 Feb
31% Feb 24
No par
Preferred
Federal Motor Truck-.No par
43
8
8% Apr 29
Federal Mln & Smelt Co—100
300
-
30
7%
100
Preferred
5,000
3478
43
-
25
Fairbanks Co
15,100
3%
5
35
34%
42*2
-
18,000
2,900
10
3%
478
14*2
13%
14% *13% 14*2
11
11
10%
11*8
107g
11*4
*101% 104
103% 103% *101*2 104
52%
53*4
52% 5278
50% 52*4
25
25%
25*2 25%
25% 26*4
12
12*4
12*4
12%
12% 112*8
149% 149*2
*149% 14978 *149*2 14978
*8*8
8*2
8*2
8*2
8%
8%
40
*36
34%
-
478
11*8
68
5
Preferred
5%
478
7
11
Apr 30
16
Apr 29
1134 Jan 3
Eureka Vacuum Cleaner
88
4
*3%
34%
43%
*84
9%
9*2
9%
378
5*8
123
40
106
34
34%
87
4
Evans Products Co
100
41
*66
5
91%
59*2 *58%
59*2
146% *146
146%
40
39% 4038
40%
41
41%
41%
41%
2%
2%
2*4
2*8
34
2334
*39
*82
,100
100
50
6
Jan
5% Apr
122i2 Jan
*94
*
43
Flrt preferred
Second preferred
Erie & Pittsburgh
Jan
55
6% conv preferred
100
Fajardo Sug Co of
o Rlco.20
Federal Light & Trac
15
96
89
.100
Erie
48
400
23%
.
64%
$5}4 preferred
.No par
$6 preferred
No par
Equipable Office Bldg. No par
7
40
778
72%
24%
135
% Jan
1% Jan 4
6% part preferred
50
58
July 14
Endloott-Johnson Corp
60
5% Pref
100 zll278June 17
7% Jan 3
Engineers Public Serv.
1
$5 conv preferred
45i2 Jan 14
No par
3434 Jan
40
38
36%
35% 35*2 / 35% 36
10778
108% 108% *105
10778 *105
30*4
29% 30%
29%
28*2 30
100
100
100% 100%
*99% 100
38
37*2
37*4
37% 38*2
37*4
37%
4238July 13
Fairbanks Morse & Co .No par
153%
47
$ per share
3,900
96
*28
30
146% 146*2 *146
39%
50l2
$ per share
Eleo Storage Battery. .No par
80
*27%
*2734
*110% 114
*110% 114
*110% 114
114
287S
28%
28% 29
2878
2978
287g
105% 105%
105%
1063g 105%
105% 105*2
47
46
46*4
46% 47*2
46*2 4634
49%
49%
50%
2578
247g 25*2
11%
1178
1134
12%
14978 14978 *145
1497fi
83g
8%
8%
8%
12
11
11*4
11*4
26%
*25%
26% 26%
*88%
59%
200
23*4
*27
25*4
92
278
1212
51i4
41
34*2
43%
28
48
48
758
7,900
5,800
73g
*234
12%
"4" 500
96
*84
89
*47g
106
10*2
*103
106
47%
11
24*4
*110
64%
*60
64
25
*24%
*88%
*58*2
120
734
234
1214
5H4
143g
277g
40
43%
*66
72%
247g
24%
119
4,000
15
14U
27U
96
95*2
9%
36
37
12,200
12,200
24U
*23
47g
*29
i~66o
24
3%
4634
200
~
153% *148
46
45%
40
6%
34%
*66
20
*70
2778
7%
42%
9%
105%
47%
30*4
36%
300
43*4
40%
23%
634
8%
6*2
35% 35*2
34%
*105
108% *105
108%
108% *105
27
28%
29%
28*2
26% 27*4
9778 100
99%
9934
97%
*95%
6%
*337g
21S
""506
57
2334
1478
1434
2%
152*2 152%i '150
152*2
4078
237g
478
35%
*110%
28%
29
28%
28*2
28%
105%
*105% 105% *105
47%
1214
4
*27
*110% 114
*110% 114
1212
43
4%
35
1212
734
278
9%
*3%
4%
3278
9*2
'3%
4%
4%
31%
43%
13
712
40
9
*178
...
1412
275s
*234
*12
41*4
*82
34
*53
2418
15
1412
*70
1484
28i2
778
278
2734
*38
*3%
4%
31%
15i8
1418
2712
734
*234
2714
*95
89
2i8
Par
Highest
t Elk Horn Coal Corp.Wo par
3,800
43U
*5g
5734
2334
*70
1414
40*2
23%
*84
*H4
24l2
1512
2312
1512
1334
41%
23%
40%
23%
2434
*70
13i2
2738
734
278
13
51
2634
43
34
*51
58
*51
4234
800
15
15
13%
178
134
134
5958
42i2
*58
900
2438
*70
13%
27*8
73fi
34
*75
84%
13U
233s
4278
*58
Year 1935
Lowest
Lowest
*13
1412
81
*85
4284
42i2
115
*113
115
115
115
11334 11334 *112
13l2
1334
1334
1384
1438
13l2
13%
79
*73
80
7834
78i2
7812
80*8
x83
83
*75i8 82
*75l8 8O84 *75i8 81
*83
*80
*80
9314
,91
93is
,»*80
91
*6
6I4
614
6i8
6I4
6i8
6*4
6i8
14
14
14i8
135g
1418
1384
14U
14U
11384
*13l2
1434
15
*234
*12
58
60
6*4
*70
13*4
134
134
80
*77
42%
*58
*15g
34
*58
60
61
11334 *112
14i4
43
4238
34
*58
Range fqr Previous
On Basis of 100-sftare Lots
YORK STOCK
Week
Thursday
1936
EXCHANGE
the
July 16
Monday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
Friday
Wednesday
Tuesday
Saturday
July 11
July 18,
Feb
9
Dac
34
95
Dec
Feb
6% July
4
Mar
6
Apr
6
12
Mar
6
48
Mar
5
Deo
28%
3
Mar
Deo
34?g May
60
4
9
16
35%
140
Feb
Jan
33*4 Nov
38*4 Sept
Jan
21
Feb
8
35% Nov
Apr
25% Nov
119
1
105% Mar 18
41% Apr 1
126
Apr 23
16% Mar 25
115
9% Mar
26% Jan
19
Mar 19
34% July 3
36% Jan 16
11*2 Apr 6
21% Feb 4
119
Mar
9*4 Mar
Oot
3% Nov
May
Die
74% Nov
2% May
43*4
11%
34%
33*2
108
May
Dec
Dec
Nov
Deo
21*4
Jan
30% Dec
30
Jan
35
4
Mar
6*2 Apr
63
Jan
100% Sept
16
Mar
8
Deo
Oot
14% Nov
112
Dec
105
Nov
30% Deo
9934
5*2
Jan
121
Dec
Feb
81
Feb
14*8
113%
Dec
Dec
1% Mar
6*2
Oot
Volume
HIGH
143
AND
New York Stock
LOW
SALE
PRICES—PER
SHARE,
Record—Continued—Page
NOT PER CENT
July
Monday
11
Tuesday
July 13
July
Wednesday
July 15
$ per share
14
Thursday
$ per share
July
Range Since Jan. 1
YORK STOCK
EXCHANGE
the
Friday
July 17
Shares
*107ft 109
*107ft 109
109
109
108i2 110
600
Hazel-Atlaa Glass Co._
125
*123
125
*123
125
*123
125
*123
125
123
123
100
Helme (G W)
*155
160
160
160
*160
163
*160
163
*160
163
*160
163
70
109*2 110
Par
25
28
28
*2734 2834
11378 11378
114ft 114ft
131
130
72
72
*70
130
72ft
*116i4 lMft f116ft 118ft
*36
37ft
37ft i *37
*110
Ill
111ft
HI
1658
1678
1634
1734
3458
3434
34ft
34ft
..
*112
113U
*410
430
*40
2414
*75
*5634
978
4934
28
28
27ft
28*4
2734
2712
28*4 29*4
114ft 115
115
115*8 115ft *113
11534 *112
*13014 132ft *131
132ft *131
132i2 *131
132i2
*71
*71
73
73
*71
72
<*71ft
72*4
*117*2 118ft
117ft 117ft *117*8 118
1^17*8 118
37
37
37ft
37ft
37ft
37*2
37*2 37ft
112
111
11134 112
111
11134 11134 *111
17
18
1634
17ft
16ft
17*4
17ft
18ft
2:34ft
107ft July
117
114
*1101J
114
*400
40ft
24ft
75ft
58ft
10ft
114
440
*400
440
40
40
40>4
40*4
40
40
24ft
23ft
24*8
24
24ft
75ft
2334
75ft
*57ft
75ft
75*2
7534
7534
58
1612
2
2234
38
39
39
40ft
41
42ft
64*4
64ft
64
64
6334
64
13ft
13ft
11
10ft
13ft
10ft
29ft
*13
13ft
*1034
29*4
29ft
1078
*128*4 130I2
91ft
10 ft
13ft
*10ft
29ft
129
2934
130
6*4
10ft
10
6
14*4
8ft
734
6ft
6ft
6
3934
*39
39*4
3934
39
4
4ft
1058
4
49
80
10ft
25
49ft
83
3ft
5ft
5ft
50 ft
5ft
*128
5058
129
50 ft
*128
129
8334
5*4
5
*5
50*8
50ft
*128
*128
3ft
*3
3*s
2ft
38ft
39ft
26*4
26ft
*2534
*49ft
*15I2
49ft
4834
1634
16ft
62
62
1434
193s
15
18ft
9834
98
*62
2ft
37ft
*3834
99
*19
80
106
123
80ft
*40
*11612
2034
26 ft
*121ft
80
107ft
123
123
*78ft
50*2
50*8
129
*128
5*2
534
6*8
3*8
3
3
3
3
*2*.i
36ft
3934
2ft
2*4
2*4
38
37
39ft
111
26*4
49*4
15ft
16
100
15ft
62
*62
14l2
2034
40
*110
111
26*4
*49
*2*4
37*4
*38*2
3734
*38*2
111
49
62
27ft
49*2
1534
63
14ft
21*4
2ft
40
39ft
111
22
27*4
*91*2
2234
*1912
20
*9414
3934
2034
2634
*334
34
2334
10314
6 >8
-
-
-
im
No par
Preferred..
21ft
31,100
9934
98
19ft
20*2
26*2
20ft
99ft
20ft
1,000
26
26ft
900
640
*12U2
79
79
108
109
111
108ft 110ft
109*2 111
113ft
*122ft 123
*122ft 123
*122i2 123
*122i2 123
80
80ft
80ft
80
80*4
79ft
79ft
79*2
79*2 80
41
41
*40
39
*38ft
39*2 42
*4114
41l2 a;41ft 41ft
119
*116ft 119
118ft 118*2 *116*2 119
*116*2 118*2 *116*2 118*2
21
21
21ft
2134
21ft
22ft
21ft
2214
2234
22ft
2214
37
37
3834
38*2
38*2
38ft 38ft
38ft
38ft
3834 40
22
22
23
23
21ft
22*8
23 ft
22ft
22ft 22ft
23ft
27ft
27
27
26>34
2634
27ft
27*4
*26*2
26ft
2634 2634
95
95
95
92
92
*91ft 95
*91ft
*91ft 95
♦91ft
2234
2234
24
22ft 22ft
2234
22ft 23ft
23*2 24i2
23ft
21
20
19ft 20
19*2
19*2
1934
19*4
20ft
20ft 20ft
20 ft
20
20
20ft
20*8
20ft
20ft
19ft
20ft
19ft 20*4
*94
96ft
96ft
*94*2
96*4
*94ft 96
*94*2 96
*94i2 96
40 ft
40 ft
41
40ft
40ft
41*4
41i2
40S4
41ft
41ft 42ft
21
21ft
20
20
21ft 21ft 2:20*4
20
20*4
1934
20ft
27
28
29
29
29
29
29
2834
2834
*2734 23ft
4
4
4
3ft
4*8
*4ft
4ft
*4*4
4ft
*4*4
4ft
34
*32 ft
33
*31
33
*31
33
*32*4 34
33
33
24
24
24 ft
24
24ft
24ft
24i2
24ft
24*4 24ft
24ft
10314
103ft 103ft 103ft 103ft 103
104
104
10312
103ft 104
6
6
6
6ft
6
6
6
*534
6
*534
*534
123
*79i2
90
90
90
*90
95
*80
95
*85
95
*85
95
75
*70
76
*70
76
*70
77
*70
76
*70
20
6,000
60
900
1,000
10
9,000
5,600
2,600
700
20
3,500
3,000
12,600
3134
32
31
31
30 ft
48
30ft
20ft
49
50
49
50ft
20ft
lll8
2034
2034
2034
lift
11
11
13l2
1938
*96ft
1034
13ft
19ft
97ft
13ft
*18ft
214
2ft
10
*102
11
400
40
230
400
10ft
103
10s4
10 ft
10*2
102
1578
15ft
16ft
16*4
55
54
60ft
55ft
60ft
60 ft
834
27ft
110
110
*161
165
8ft
53*2
834
834
28
28
*109
11
2*4
60ft
109
11*4
9734
1534
5434
834
2758
4,400
5,100
101
13
1214
12ft
20ft
2034 20ft
102
101*2 *101
2*4
60
109
12i2
20ft
9734
lift
27ft
*109
10934
165
102*4 104ft
27ft
10934
*27ft
13*4
2ft
2*2
13*4
2*2
24.600
2,900
lift
11
11*2
8,200
103 ft 104*4
104
16
1634
16
16ft
16
16*4
8,300
53ft
5434
5434
5434
54
5434
6,000
60
6034
60ft
6134
62
834
109
8ft
28
8*2
27*2
8ft
28
*107
109*2
300
110
109
10934
4,300
38i2
38*4
37
37ft
51ft
52
*110
114
*110
2312
23ft
23ft 23ft
al43
143
*142'4 145
36
37
36
37
25ft
2578
78
25ft
79ft
24ft
26*4
77
2414
*38*4
24ft
39
*38
For footnotes
80
2434
39
128*4 128i4 *128ft
34
3414
34ft
45
4414
4458
*10i4
lift
*10ft
4334
4334
4334
178
*lft
1ft
12
*12
*1114
see
20*4
20*4
23 ft
143
35*4
25ft
82*2
24*4
*38ft
*128*4
34 ft
4534
lift
*10ft
34ft
46'4
4334
2ft
13
page
43
2*8
11*4
333
114
23ft
143
3734
26
83*2
2434
111
23ft
143
36ft
2534
84
24ft
38ft
*128*4
34ft
34ft
46*2
46*2
39
11
11
43*2
2*8
11*4
43ft
2ft
12
111
23ft
143
38
*110
23*2
114
23ft
*143*2 145
........
84
200
20*4
600
31*2 32ft
40*2 41ft
37*4 37*4
51*2
52ft
108ft 108ft
2ft
2ft
5
5ft
4234 4234
4,500
2,800
2,700
14,400
*110
114
23ft 23ft
*143*2 145
3534
37*4
37
35*2
25*2 2534
25ft 25ft
85
83*4
85*2 87*4
25
24ft 24ft
24ft 25*4
38*2
38ft
38ft
36*2 38
*128*4 130
*128*4 130
34ft
33*2 34ft
34ft 35ft
47ft
46*2 46ft
46*2 46ft
11*2
lift
lift
lift
lift
44'
4334
44ft
4434 46*2
2ft
*lft
2i2
*134
2ft
13
12 ft
13ft
12ft
12ft
25ft
100
No par
5
Lehigh Portland Cement
4% conv preferred
Lehigh Valley RR
100
25
100
50
Lehigh Valley Coal....No par
Preferred
Lehman
50
Corp (The)..-No
80
July 11
129
Feb 21
126*4 Feb 24
90*2 Feb 21
42ft July 2
75ftMay 27
39ft July 15
116ft June 29
Jan
2
26
2
9
40
July 17
23ft July 17
33*4 Feb 25
7
92
Jan 27
4
2
25ft Mar 20
93*2 Fune 10
Feb 28
7
Mar 16
June 10
19ft Apr 29
12
2
6
9ft Apr 29
89
May 11
110
49
16
Jan
Mar
37
Aug
99ft Nov
126*2 Dec
93
Apr
m
34
22
30
Jan
Mar
96
1334 Mar
30ft
10
21
43
Jan
25*4 Jan
8
23
2
1984 Mar
103ft Apr
6ft Mar
90
Mar
Oct
July
Dec
Nov
6*8 Dec
41
Mar
Dec
2784 Nov
113
Apr
3
2
May
July 13
42
Jan
80
Oct
56ft Apr
22*4 May
80
Nov
32 *8
Aug
77ft Jan
3
28
Jan
8
33ft
Jan 31
50*4 July 13
26s4 Feb
6
lift July 10
16*4 Mar 17
23
Oct
90*8 Oct
,31*4 Nov
28*4 Nov
18*4 Jan
3*4 Mar
10*4 Aug
2ft
Dec
20*4 Nov
Mar
6
120*4 Deo
14ft Dec
110ft Feb 10
:
Nov
—
115*4 Mar
384 Mar
6ft Mar
7*2 Feb
1534 Jan
84
Nov
36
120*2 Apr
38*2 Mar
117ft Mar
50
Jan
Jan
29ft Apr 24
7ft Jan 8
4
18ft Jan 7
3ft May 11
74ft Feb 26
70ft June
6ft Mar
Oct
24*2
42ft July 17
22ftJune 22
1734June
30
Apr 28
20ft Apr 28
10134 July 1
4ft Apr 29
2
July 17
283g Jan 2
24ft Jan 2
May 20
Mar 24
102ft Apr
6
12
6ft Nov
Mar
27ft Dec
Aug
46
19*4 Mar
2138 Oct
5
May
8*2 Mar
10ft Mar
28*2
9
Jan
Jan
14ft Dec
1738 Jan
9
14ft Mar
4
5
Mar
Feb
6
1*2 Mar
16ft Feb
6
5*2 May
67ft Mar
105
2
63ft July 17
11*8 Jan 6
31ft Jan 29
7
25
Liggett & Myers Tobacco—.25
Series B
Preferred
97
May 19
May
7
Marl6
25
Lily Tulip Cup Corp
9734 Mar 13
100
;
xlOOftJune 9
19
Apr 29
No par
Lima Locomot Works--No par
Link Belt Co
No par
Liquid Carbonic
No par
Loew's Inc
No par
Preferred
No par
Loose-Wiles Biscuit
5% preferred
.—''.100
Lorillard (P) Co
7% preferred
10
6% preferred
2
36
3
July
32ftJune 3
43
Apr 21
104ft Feb 28
2
Apr 23
3ft Jan 2
40*2 Mar 13
107
21 ft
May 19
Apr 28
142
13
Jan
3
20
May
4
57ft Jan
22*4 July
2
8
Ludlum Steel
MacAndrews & Forbes
2578 Jan
100
7,600
100
1
10
100
16,900
Mack Trucks Inc
11,800
Macy (R H) Co Ino
No par
Madison Sq Gar v t c..No par
Magma Copper
10
t Manatl Sugar
100
Preferred
47*4 Jan
5
1 Louisiana Oil pref
100
Louisville Gas & El A ..No par
4901
6
19*4 Jan
par
Louisville & Nashville
400
Apr
Apr
July 17
1634 July 15
1,710
4,900
600
121
28
'
11*2 Jan
3*4 Aug
1584 Nov
55*4 July 14
4,000
5,000
Feb 24
4
No par
25
10
123
2
No par
600
101*2 July 15
2234 Apr 2
2934 Feb 19
Jan
Long Bell Lumber A
100
16ft Sept
90
Aug
12
Loft Inc
9,900
8ft May
38ftMay
par
5
Stores Corp
No par
Llbbey Owens Ford Gl.No par
ier
4,500
20
Dec
Lehn & Fink Prod Corp
4,300
800
Oct
14
5
June
Dec
36*4 May
49ft Nov
78
7
1434 Jan
110
Dec
5ft Mar
May
18
Dec
21ft July 17
58*2 Jan 18
Jan
5
3ft Deo
2ft Dec
28ft Dec
4234 Dec
Jaii 30
12134 Feb
8ft Jan
2
July
Jan
1*8 Mar
25
Dec
434 Aug
6*2 Oct
47*4 Dec
130 2 Nov
42*4 Mar
16
July
56ft Dec
Ler
Libby MoNeill «& Llbby No
109
19ft
Stores...No par
Preferred
Life Savers Corp
165ft 165ft *160
20ft
20*8
20*4
31*2
31ft
32ft
31*8
31*8
*37*2
38*2
38*2 40*2
40*2 41
38
37
38*4 2:37ft 38ft
37*2
52
52*4
5234
52ft
51*2
52ft
*108ft 109
*108*2 109
*108*2 109
2*8
2*8
2i2
2*8
2*4
2*2
5
5*4
5ft
5*4
5*2
5*8
42*4
42ft
4234
4234 *42i2 4234
..100
1,100
109
19ft
7% preferred
3,400
109
30
10
19,200
165ft
30
No par
Co
8*2
109
20
No par
Preferred
63*2
109*2
29ft
Kinney Co
2S34
109
20
No par
8*2
*160
29ft
38ft
3834
No par
28ft
164
20ft
110
2,900
110
29
110
105
110
*1978
38ft
38ft
5234
51ft
*108
109
*108ft 109
2>s
2ft
2ft
2ft
5
434
5ft
5ft
43
*42i2
*42ft 43
300
1234
2*2
al64
110ft 110ft
*160
102ft
16ft
55*4
6034
8ft
12ft
1
Kelvlnator Corp
154
19*4 Feb 17
2
20
Jan
36ft Nov
65ft Nov
Jan
22*4
53*2 Feb 21
2
Jan
80
Class B
22ft Mar
34ft Mar
135
29*4 Feb 27
24ft July 7
113
Apr 29
7ft Jan 2
July 15
15*2 Apr 30
94ft Apr 30
12ft
20*2
99*2
13*4
2*2
2ft
Jan
15
Jan
190*2 Deo
4ft Mar
21ft Jan
98ft Jan
8
26*8 July
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl AI
5
Jan
40ft July 10
82
Kayser (J) & Co
13'8 Dec
June
149ft
Jan
4284
2ft July
26
Jan
3
38 July
67
13
5
20ft Dec
38 May
23ft Jan 30
17
Oct
Mar 18
12ft Apr 30
10ft Apr 30
88
Oct
I84
123ft July
50
Kaufmann Dept Stores $12.50
5
Mar
4
Lane Bryant
!
Lee Rubber & Tire
700
97ft
100
838 Oct
7ft Dec
23ft Sept
438 Jan
834 Mar
3*8 Feb 10
32
10*2
,11ft
Preferred
4
2
6
20*2 Apr 27
*934
12
City P & L pf ser B No par
Kansas City Southern..... 100
Nov
Nov
8
47*8 Jan 2
15
Apr 29
Dec
Oct
121
Feb
9
30
Dec
5*4
36ft
1*4 Mar
1ft June
7ft Feb
Dec
15
•
Lacel(Je Gas Lt Co St Louis 100
10*2
20*4
9834
12 ft
2*8
10ft
6
Deo
108
2ft
54ft Feb 19
129*2 Mar 2
8
5% preferred..
100
Lambert Co (The)...—No par
10*2
3
8
Jan
Dec
23*2 May
60ft Mar
Feb 21
30
420
11*2
Apr
5*2 Jan
8
2
220
2,700
13
Kan
Kresge Dept
July 17
90*2 June 12
160
30
1938 June 30
20*8
46
100
Jones & Laugh Steel pref.. 100
Kalamazoo Stove Co
10
Kresge (S S)
51
8
No par
19*2
25*4
23
Kroger Groc & Bak
9~200
45
20
*10134 102ft
27
.148*2 Jan
234 Apr
4ft Jan
43*4May
125*4 Feb
334 Apr
2*4 Jan
1ft Jan
20*2 Apr
185*4 Apr 11
2
66
21
,
35*2 Jan
56ft Jan
Mar 23
3ft
22*4
38*4
5914
46*4 Mar
5ft Mar 11
41
Apr28|
Kress (S H) & Co ......No par
45
18ft
12
27
10
20*2
30
No par
Preferred—
Mar
4ft Mar
2ft Mar
1
Kimberly-Clark
4634
4634
20ft
21ft
No par
Johns-Manvllle...
84 Apr
Oft Mar
Apr
9 ft July
2ft July 10
2234 July 10
1,500
*10ft
•
13ft
1034
2ft
10ft
21*8
Jewel Tea Inc
Dec
5ft Jan
1334 Dec
17*2 Oct
1*2 May
4ft Mar
28*4 Jan
21
*26
49
18ft
97
20ft
1
6038
Feb
234
5*4 Feb 14
1534 Mar 4
23
1
Jan
43
2
Feb 10
100
July
Nov
9*4 May
Mar 26
No par
Deo
42
31ft Dec
Nov
41*4 June 25
44
Preferred..
Intertype Corp
Jan
22ft Dec
7
9
Kennecott Copper
No par
Keystone Steel & W Co No par
11,500
Feb 14
114ft Feb 20
1334 Apr 13
7ft Jan 18
111
Island Creek Coal
Dec
73
9
5,500
21ft
25*4
44i2
1934
11,
2:12ft
11
20ft
7
June
11
Jan
Jan
87
41,800
147
May 12
Apr 27
Apr 28
100
July
3034
1ft Mar
40
Kendall Co pt pf ser A .No par
__
76
20
600
49
Feb 18
18*4 Feb 24
13ft Apr 17
34ft Apr 7
May 22
7% preferred..
100
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
Jan
495
6ft Mar
70
37
Preferred
80 ft
20 ft
International Shoe
Feb
30ft Mar
6
..No par
No par
International Salt
110
338
Jan
May 12
107
International Silver
Dec
15
100
1,700
59,400
19 ft
Feb 19
par
Corp..No
1,000
1,800
26*2
2034
100
Int Printing Ink
170
399*2
79
Preferred
600
20ft
26ft
79
par
...No par
101ft
80
100
Pap & Pow cl A..No
Class C
101
*121*2
Preferred..
Inter
1,400
29,200
*2634
*121ft
20*2
100
Class B
*19
20ft
Preferred..
Int Hydro-El Sys cl A
25
Int Mercantile Marlne.No par
Int Nickel of Canada..No par
300
1434
6ft Mar
Jan
160
8134
118
Jan
534 Mar
2*2 Jan
100
36*2 Dec
•••••.
3
No par
International Cement—No par
Internat Harvester
No par
27
62
104
19*4
Int Business Machines-No par\
49ft
1534
Dec
Apr
73*4
18ft Jan 11
8ftJune 26
6ft Feb 14
...No par
27
*70
1978
Interlake Iron
m.
2,800
26 ft
80
1
No par
Internat Agricul
Prior preferred
49*2
15*2
61*2
1412
20*2
'
*36
+
20*4
80
Inc
Intercont'l Rubber
100
50ft
129
5*2
26*4
Insuranshar.is Ctfs
t Interboro Rap Tr v t c__100
Internal Rys of Cent Am. .100
'
*128
*3
*121*4
80
*78ft
106ft 109
13,000
534
20*2
99
83ft
156
3,800
34,300
15ft
20
15,300
6,900
21
26ft
*155
155
51
534
1434
*26ft
49*2
81ft
800
3ft
20 ft
*19
168
167
5*4
15*8
98ft
20ft
1,400
3*2
62
27
2,600
5*4
1434
*26
15,600
3
3*2
62
18ft
10ft
24ft
3
5ft
4934
2534
49ft
16*4
*19i8
*120ft
83ft
10ft
23
3*2
15ft
*4834
1034
49*2
84ft
155
129
111
2534
49*4
2,100
Oct
131
45
6*8 Jan 6
5*sJune 10
lift Apr 30
334 Jan 7
100
3ft
5*2
*110
-
26ft
49ft
16ft
64ft
15ft
1934
1478
19ft
—
-
Preferred..
5*8
50ft
50*4
129
*234
2ft
37ft
38ft
410
3ft
90
Feb
5
88ft July
No par
39
168
*165
156
3ft
3ft
*110
Certificates
39
3ft
Jan
Mar
June
106
20
300
4
8434
*155
3*2
3*4
2i2
v
83ft
156
3ft
__
6
4
49ft
Inspiration Cons Copper.
*5
168
49
No par
No par
7,700
2
Jan
4*8 Jan 2
25ftMay 21
No par
280
170*4 170*4 *162
49
Industrial Rayon
2,500
4
11
71
122
6ft Mar
11
6*4
;
June
6*4 Mar
58
10
8ft
3912
Deo
June
6
100
13ft
38*2
17ft Feb
100
Refining
*534
6
120
141
162
5ft Jan 23
RR Sec ctfs series A
13l2
6
12*4 Jan 15
57ft Feb 19
Jan
Jan
Jan
6ift July 16
18ft Apr 30
Ingersoll Rand
600
7534 July 15
4
7
30
Inland Steel
\
85
142ft
4
100
_100
6% pref series A
Indian
3,900
1034
Mar
Highest
127
1934 Mar 6
3*4 Feb 19
28ft Feb 19
1
10
*7ft
3
48
No par
Hupp Motor Car Corp
Illinois Central
4,900
900
Jan 14
Jan
3ftJune 10
8ft Apr 27
13ftMay 4
100
13*2
8*4
24*4
6*8
111
6
29ft
638
100
Hu ison Motor Car
540
400
1,35
'98
33
3
5434June
5
Manhattan
Preferred.
8
Feb
44ft Feb 20
2
4834 Jan 21
Hudson &
'
5
22*4 July
No par
6
8
3
6
38ft
6
13*2
8*4
10*2
6ft
111
10*4
24*4
6
*39
10*4
10ft
3*8
6ft
2ft
3834
38ft
95*2
39*2
10ft
28*2
135
95
10
10*4
15 ft
544
July
39ftJune
_
Leased lines
.
10ft
15*4
*10
92*2
25
6*s
258
39ft
3978
14
1034
Feb 17
65*4
190
3
3ft
5I2
50i4
65
25
*155
3ft
44
65
3
82ft
156
3l2
43
6334
*334
1034
23*2
43*2
2
25
3
24ft
170ft 170ft
*155
10ft
3
81ft
156
4
17ft
25,100
8,000
32,800
6,200
6*4
39
1634
18ft July 17
36ft July 17
114;;( July 9
llowe Sound Co..
2*8
24ft
23*4
42ft
534
39 ft
17*4
2
414
1,500
64i2
15
13*2
11
*9ft
29
2834
132ft 135
23ft
14*4
6
11
2
64
5ft
3ft
1034
24
43ft
13ft
734
14ft
8*4
4
10ft
278
49
81ft
*155
4
25
49ft
6
*534
14ft
9ft
934
11
2
29*4
132ft 132ft
92ft
9334
10*4
3ft
3ft
29
132
8ft
6ft
17034 17034
29ft
132
49
4*8
23ft
4134
*6334
13*4
10ft
92ft
6
3
2*8
2334
90
14
25
16ft
2
9034
90ft
934
1378
8ft
3
2,200
16ft
16ft
2ft
23ft
24!%
3*2
2
17ft
2ft
103s
49ft
11
16 ft
*6
49ft
12*4
22ft
13
4938
1,300
19,200
3,800
3ft
11*4
16*8
17ft
*6iS
61*8
49ft
2ft
2234
*734
61ft
9*2
5
Feb
No par
1001
35
Jan
7
May 14
127ft Jan
9
27ft Jan 30
40ft
8ft
34*2
1ft
Apr 30
•
share $ per share
per
44ft Feb 19
Household Fin partic pf
50
Class A
No par
Houston Oil of Tex v t c new 25
500
119
112*4 June 30
Jan
108
$
Jan 13
2
Jan
19*4 Jan 13
100
Class B
80
7
Apr 29
9
par
115ft July 15
Apr 17
June 13
30ft
5
Jan 27
135
n30
July
108
No
141
163ft Mar 24
3534 Jan 2
Jan 23
J
113
No par
_
61*8
9ft
934
No par
.No par
pref
Homestake Mining,
.100
Houdaille-Hershey cl A No pat
200
77
3ft
1034
10*8
50*4
conv
27,000 .Hollander & Sons (A)
7,400 Holly Sugar Corp
30
7% pref.
*7534
5734
934
2
$5
7534
58
17
Conv preferred
Holland Furnace
140
7534
10*8
22
100
1,900
58*2
.
50
9ft
70
400
9ft
49ft
3ft
No par
31,000
*57ft
9ft
Hershey Chocolate
4H4
10ft
3ft
200
27*4
58ft
3ft
9ft
128
*4038
25ft
50
958
84
100
cum
7
8
25ft Apr 30
.No par
preferred
$7
$ per share
133
Mar
6
May 14
150*4 July
No par
Hercules Po ^er
40
26*8
10
3ft
*9
lOli
41*2
Hercules Motors
800
24ft
49ft
50
*318
91
*40
__100
2,600
35
34*4
3434
34l2
34i2
36ft
*112*4 114
*11214 114
*112*4 114
419ft 419ft
420
419ft 419ft *380
34ft
Preferred
Lowest
Highest
$ per share
25
*
131
Year 1935
Lowest
*121
$ per share
Range for Previous
Week
$ per share
16
5 per share
*108
109
$ per share
387
On Basis of 100-share Lots
NEW
for
Saturday
6
STOCKS
Sales
115
Jan 16
116ft Jan 15
165ft July 16
23*4 Feb bV
39*4 Feb 21]
50ft Feb 19
44ft Apr
54ft Jan
6
8
108ft July 17
3ft Feb 11
8ft Mar 24
45
Jan 17
112ft April
26ft Jan 27
151
Jan 30
10ft
Oct
21ft Mar
6ft Sept
21
Mar
94*4
9384
Apr
Apr
151ft
Jan
15ft
Oct
13ft Mar
17ft Mar
24ft Mar
31*4 Feb
102
Feb
1
Mar
1*4 Mar
33
Apr
IO784 Nov
18ft Mar
124
9584 Nov
17*4 Jan
49*4 Oct
10ft Nov
29ft Nov
120
Aug
122
Aug
167*2 May
2834 Nov
27ft Nov
43
Oct
37*2 Dec
55*8 Nov
10834 Oct
2ft Oct
4ft
Dec
41ft July
112
Dec
26*2 Nov
Apr zl49ft Dec
51ftMay 25
26*4 July 13
4ft June
15
Deo
10ft Mar
23
Aug
87*4 July 17
34
64
Dec
Mar
35
Feb 19
1234 Mar
26
Sept
42
Jan 21
37ft Nov
46
Feb
130ft Mar 16
37
Apr 6
49ft Mar
113
Feb
18ft June
4
30*2 Apr
Jan
2
14ft Apr 18
Jan
Jan
6
2
46ft July 17
3ft Feb 7
5ft Jan
18ft Jan
ft Feb
7*4 Jan
2
17ft Feb
7
4
Jan
130
May
3034 Dec
67*4 Nov
11*4 Dec
3784 Dec
2*4 May
10
May
New York Stock Record—Continued—Page 7
388
AND
HIGH
SALE PRICES—PER
LOW
SHARE,
NOT PER
CENT
July 11
July
*7i2
*3212
8i2
*32i2
1538
1914
312
95g
*ll2
*6is
2314
*2i2
*4178
9i4
3512
15
15
1834
19
358
358
9l2
*H2
2
*6i8
712
.
23
23
*214
314
4312
*41
15
15
9
9
3014
July
13
$ per share
% per share
1434
9
Wednesday
8i2
36
1512
1914
358
934
2
77S
2314
314
4312
1514
$ per share
July 16
$ per share
14
Thursday
July 15
Tuesday
Monday
NEW
$ per share
938
93s
938
934
978
*32i2
36
1534
*32i2
15U
35
15i2
19i2
19i2
3i2
1978
312
1014
*32I2
1514
19i2
358
15i4
1912
3i2
934
*H2
*618
3i2
10
2
77g
23
24
*2l2
*41
978
*H2
43i2
15
15
*4818
110
100
*1538
19i2
3r>8
20
10
*6i8
4312
1438
9
914
1,300
Ids
2,000
21,200
1*2
20
24i2
*2i2
778
24i2
314
"""320
44
778
24I2
314
4418
I5i8
2,300
20
44
"I"200
3i2
2
24I2
*2l2
1*2
*6lg
334
'
Mandel Bros...
.No par
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
Manhattan Shirt
-25
Maracaibo Oil Explor
1
(Del) .5
100
Marine Midland Corp
Market Street Ry
100
Prior preferred
100
100
2d preferred
1434
14U
15
*8*4
9
3034
3034
31l2
160
*15714 160
56
54%
55i8
1534
I6I4
16i4
4878
*4778
48i2
50
*48i8
50
10934 *10834 10934
Par
Preferred
5,400
9
*15314 160
55i8
*1514
4878
2,400
*158
30,r»8
3018
31
3018
30ls
30l4
*15314 160
*157l4
*15714 160
*15314 160
56
5638
5512
56i4
5418
54l2
5534
55'S
16
1514
1678
1578
15i2
1514
1514
1534
*48
49
*48i2 49
4778
*4834
49
4878
*48i8
50
*48i8
50
*48is
*48lS
50
50
110
110
110
*10834 10934 *10834 10934 *10834
30l2
IOI4
3514
16
778
2458
314
4312
9
914
3038
9i2
10
35
1538
Lovoesl
Shares
1034
10i8
10
17
S per share
2,400
4,800
No par
Marlin-Rockwell
Marshall Field & Co...No par
Martin-Parry Corp
No par
Mathleson Alkali Wks..No par
,..100
Preferred
~
5~200
May Department Stores.-.10
3,400
Maytag Co
32
1412
14i2
*99
100
*1712
41
*■
3178
14i2
99i2
*175S
20l8
41
32
x3H2
15
1478
*99
9912
60
1978
*18i8
41i2
4158
413s
10112 10H2
938
9i8
IOOI4 101
938
9i8
32
3H2
317g
3178
32
32
32 I2
2,000
1538
15
1558
1434
15U
15
15l2
16,500
100
102
*99
18i2
18i8
18ig
42
4158
10258 10234
415g
103
*
105
*
105
*77i~2
78i2
"78i"2
*8i4
8i2
8i4
7834
83g
5712
*3258
48i4
48J2
58
58
3558
3558
48
48
9h
938
2178
21i2
3814
38i2
11714 118
*98i2 104
*71
9i2
2134
3738
78i4
78i4
87S
8i2
5934
58i2
6012
8i2
59i2
36
36
4838
4834
938
2214
3734
2258
914
22
2178
958
2238
38i2
3734
38i4
*6412
*i2
118
120
120
*100
73i2
7312
*108i4
838
73
IO8I4
812
134
312
3 is
*278
19i4
812
25&8
*64i2
66
*i2
*234
*18
66
a66
858
834
26
58
*1,
58
6534
*12
1*2
*234
3i8
*18is
834
26i8
1*2
312
3i8
1812
834
2634
212
518
2238
138
138
H2
*214
212
*2i4
*5
5is
5
*3i4
3i4
18
312
3i4
18i8
8i2
2534
*2i4
514
834
2212
i *100
7358
104
*72
7312
*108i4
8i4
6534
64i2
5j
*i2
lh
*13g
"s¥
3l2
3x8
7,700
100
2,100
3i2
314
18
1834
8i2
2534
238
2678
5ig
6ig
834
22
26i2
2i2
514
2214
22
2318
238
3i2
314
*183g
8I4
26's
2i2
578
*23-
3I2
35g
1834
9
28
212
6
*
170
10
1,400
745g
McCall Corp
No par
$3
conv
No par
pref
1
McLellan Stores
100
6% conv pref..
Mead Corp.
No par
No par
86 pref series A
3I2
3&S
1
9i4
285g
15,100
34,200
234
700
9512
96
95i2
9558
4,700
4478
4478
43
44i2
40,400
*45
47
46
46
4338
*4538
67
67
66
66
6634
6634
66i8
1
Hg
38
1
38i4
19i2
16i2
3734
38
2014
2018
18
18
80
80
*75
29l4
2914
3838
1934
1634
38
38
375s
1978
2018
20
16&8
1634
1658
Us
37i2
38M
2018
167«
20
2012
165g
167g
78i2
3038
*50
78
78
*76
78
78
79i2
3038
3034
31
31
31i4
29l2
30i2
51
*75
50
50U
5078
51
51
52
*10178
1838
*48
"i¥I2
10i2
49i2
17i2
23i2
15i8
1012
33i8
3334
1738
23i2
14i2
*10178
*10178
18l4
Ts%
*48
4912
17i2
1778
*48
1634
"I8I4
49i2
1738
*10278
1758
*48
*51
"183s
17
17l8
2312
1538
24
23
1512
25i2
155g
2514
15i2
25i2
15i2
10i2
10i2
1058
12
1158
12
3338
3334
16i8
3t6
28
3334
33i8
*161i4
235g
2334
24_l2
28
*161i4
23i2
28i8
16H4
24i2
2778
2758
*110i2
112
*109
11058 *110
12i2
27i2
*30i2
2712
112
1234
2778
33
•
13
27i2
*30i2
2734
2778
112
*4
3312
337g
177s
48i4
2:1618
25l2
1512
1134
S32
3338
253g
2758
"26I4
28
Miami Copper..
...5
10
Mid-Continent Petrol
No par
Midland Steel Prod
No par
Preferred..
Mission Corp
100
100
No par
Mo-Kan-Texas RR
No par
7% preferred
4% leased line ctfs
10
2534
2658
27i2
28
27i4
2778
2812
*165
150
*14H2 150
50
8
49
4938
11234 11234
*1034
4138
11
1078
1078
1078
1078
11
11
4138
4H4
42
41
4H2
40i2
50i2
40i2
5034
5034 '5034
*106
*25
112
30
*50
50
5034
5058
*107i8 112
*107l4 112
30
13 lg
31
113
30
*26
30
8ig
108
„
*26
8h
28
H2
66i2
67i4
49
4834
11314 11314
8I4
83S
11
1078
32,700
18,300
6,300
20,800
10,800
6634
7,900
5,900
40
5H2
115
8
49
115
8*2
9612
96i2
98
98
*98
58
8
8i8
*100
2534
*52
58
8lS
105
58
8l4
105
2634
2634
273g
53
52
52
*2l4
22i2
133s
22i2
13i2
133s
4314
4314
4312
234
*2i2
*22
234
23
135s
445s
26i4
*51
*2i4
*22
133S
44
No par
National Lead
.....10
National Pow & Lt
4% pf.100
100
National Steel Corp
25
National Supply of Del
25
400
100
Preferred
National Tea Co
.No par
No par
5012
900
Newberry Co (J J)
100
5% preferred series A
J New Orl Tex & Mex
5012
*107
112
30
30
30
*26
30
20
56,200
3,300
4058 134,200
8,200
3534
7,000
220
610
Bros
No par
100
100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
'N
Y Chic & St Louis Co.—100
Preferred series A
100
New York Dock
100
Preferred
100
N Y & Harlem
"¥200
Conv preferred
1034
1014
...
57
8
8I4
*100
63i2
430
*98
9934
140
108
IO8I4
560
17g
2,100
t Norfolk Southern
100
29018
800
Norfolk & Western
100
210
Adjust 4% pref
100
North American Co.—No par
105
178
33
5678
8ig
812
10534 10534
23
23
1334
45I4
133g
135g
4314
.tlk
*158
*280
20
3212
¥3"
5578
56
83
8I4
10534 106
77,700
1,300
19,800
900
27ig
52
23g
26
*5134
23g
*20
1312
42
i
preferred
N Y Steam 86 pref
$7 1st preferred
Preferred
July
27
40,800
53
180
25g
23
14ig
4214
9
2i2 Jan 7
2:25s Jan 17
912 Apr 27
May 21
100
57
No par
No par
83
100
Jan
75
July 13
59i4 Jan
3
Jan
162i2 May
Jan
140i2 July
478 Mar
143g Aug
4&8
Dec
Aug
Jan
*
i2 July
i4 Mar
Nov
Nov
Nov
9
Mar
36
Mar
li2
a4
8384
2078
773g
z814 Mar
11 Bs
Jan
Jan
13i8
Deo
21i4 June
43i2 Jan
4134
Oct
61i4
Dec
4038 Mar
7i2
1334 Feb
35s July
6
43s Mar
46U July 15
18i2 Mar
12i4 Mar
42i4 Apr 13
6
Aug
Aug
July 17
June 27
2i4 Feb
98
Mar
19
Dec
Dec
4
Mar
112
Mar
7
24
24
24
13
5
96
4
Feb
Feb
Feb
Feb
Mar
73i2 Feb
i4 May
6
14i2
7i2
538
5i2
1558
Dec
39
Mar
5
558 Feb
1078
Mar
2
6i2Mar 4
17U Feb 17
139
lli2 Dec
36i2 Nov
2934 Dec
978 Mar
3534 July 17
Nov
6U
167s
139
li4
99
Dec
Dec
June
Dec
May
25s
Oct
55s
Oct
165a Aug
258 Mar
i8 Mar
6i2 Nov
334 Dec
2i8 Nov
i4 May
1
6i8 Mar
51
Oct
8*2
Jan
1618
Jan
87
Jan
9312 Apr 23
114 Apr 21
IO8I4 July 17
278 Jan 14
79
May
10218 Dec
2i2 Dec
Jan
2
May 12
2318 Apr 30
5234 Feb
6
6
Jan
2
4i4 Jan 17
300
July 14
3378 July 15
59
June
9
1034 Mar 19
106
July 17
12i2 Feb 21
101
Mar
3
Jan
June
28
Nov
35i2 Mar
2
Mar
57
Jan
3i4 Nov
3578
Oliver Farm
24ig
Dec
108
86i2 Mar
1318 Mar
Mar 24
5.000
Jan
218
Jan
Mar
57
17i2 Jan 15
5458May 5
2
Mar
9
3634 Feb 20
30
50i2July
34 Aug
158
99
109i2 July
12i2 Apr 30
new..No par
150
1215s
3
22i8May
Eq
32i2 July
1178 Jan 17
Ohio Oil Co
No par
May
July 13
50
11634 July
22,600
30
34i2 Nov
21
2
Northwestern Telegraph
50
Norwalk Tire & Rub..No par
Preferred
50
400
23i8 May
108
92i2 July
97ig Apr
237g July
..50
113U Nov
June
98
Central
Dec
Dec
2218
69
No Amer Edison pref--No par
No German Lloyd Amer shs_.
Northern Pacific
363s Nov
23i2
9934 July 15
65s Jan
50
North Amer Aviation
Apr
Mar 17
North
*100
..
2612
43
73g Apr 28
5938
290
15
4
5938
*22
13ig
4434
47i2
15818
13i4 Jan 24
100
N Y Shlpbldg Corp part stk..
53
1334
44i2
26i2 Dec
1312 Mar
127g Mar
108
Sept
xl06
Sept
U2 Mar
li2 Feb 11
78
N Y Railways pref
Preferred stamped
7%
22i4
Feb 11
3
36i2 Jan
3i8 July
10*4May 16
1,600
263g
23
8134 Nov
14H2 Mar
Apr 14
7,700
*52i2
23g
238
434 Mar
1478 Feb 17
42
100
No par
5
43
3
52
234
Sept
13U Mar
July 15
117g
10834 10834 *1083g
26i8
*5134
238
62
Dec
Dec
313sMay 26
108
1034
27
2714
4
June
7
4
30
32i2 Jan 8
2734 Jan
1734 Jan
10 s8
10734 108
*100
..
112
29
Jan 10
103g
9934
6
Apr 24
1034
57
11234 Mar
7
2
10
18
3
N Y Ontario & Western
105i2 105i2
74i8 Jan
778 July
lOUJune
3234 Apr
41
Apr
104i2 Apr
10i4 Feb
9
Apr
90
3,500
838
5714 Apr 29
1978 Jan 2
100
11,700
278
8
i2 Jan 10
100
478
5778
v8 Jan
t N Y N H & Hartford
10 lg
3
June
N Y Lacka & Western
"4466
434
32i2
5678
2638June 30
158
2
97g
134
28i4 July
3778 Apr 14
2
Jan
47g
285
Feb 11
30
15U Mar 11
333s Mar 6
Jan
1
1014
9934
3834 Jan 9
162i4 Jan 24
2834
{NY Investors Inc... No par
434
9934
6
17i2 Feb 19
1558Mar 9
i4 July 15
255gJune 11
6
97g
9934
108i2 Jan 4
107i2 Jan 6
10
Apr 28
Jan
434
3i8
*57
21
119
978
5938
9
50
434
3ig
*55
Jan
Apr 30
Apr 30
2d. preferred
9i2
For footnotes see page 382.
Nat Distil Prod.
Nat Enam & Stamplng.No par
934
458
3i2
*10434 105i2
*100
*100
..
57U
8i8
7% pref class A
100
7% pref class B
100
t Nat Depart Stores...No par
No par
112
10734 108
10734 10734
10734 10734
*13s
H2
*138
ll2
H2
H2
U2
15g
*282
293
*287
300
29278 293
29U2 29H2
*10834 IIOI4 *10878 110l8 *1087S llOig *10878 11018
32
32
3H2
3358
3134
32
3278
3378
10434 10434
21
Nelsner
*107
*10612 10734
58
No par
No par
Nat Cash Register
Nat Dairy Prod...
1,900
■
59
3U8 Apr 30
153
Natomas Co.
108
3
10
100
1,400
72
587S
-
1,800
34
*5712
316 July 15
Biscuit
107g
71i2
5878
9i2 Apr 30
4014
33
*50
12i2 Apr 30
1078
3958
4038
3934
3812
40i4
34l4
3434
3412
337g
3414
3314
72
74
75
78
741.4
76i2
73l4
74i2
7534
77i2
4
4
4i8
3i2
*378
438
312
378
4
*3l2
13
12
12
*11
11
11
1314
1134
1234
12i2
*132
136
*113
136
*133
136
*132is 136
*132i8 136
138
13g
1*4
1*4
138
H4
13g
U2
1*4
1*4
*
*
*
*.
9734
9734
.9734
9734
9734
"~3%
3&8
3i2
358
334
"358
334
3">8
334
"338
1034
5878
1
40
39
1078
100
No par
Nat Rys of Mex 1st
2:60i2
48i2
38i8
3334
lOSg
1534 Nov
Jan
"l"506
3812
312
153g
Dec
*2
3758
11
3318
Dec
1*2
1314
338
Dec
7i8 Mar
9i2 Aug
1458
45
1034
3134
14i4
*2
1218
4I4
*3i8
Apr
27i2
*ll4
45
9
Feb
i4
65i2 May
Us May
6
95gMay 11
13l2
9i8
4i2
312
66
Dec
Mar
2234Mar
No par
45l2
834
414
*3i8
Dec
Dec
60
4i2 Mar
634 Feb
74,000
1278
878
438
4078
4178
14
10218 July 3
14
Apr 30
1234
4478
39i8
33l4
438
4
Mar 17
1234
834
Jan
31i4 July 14
52
July 15
103 May
5
Mar
46i4
3i2
84
13
12
9734
Feb
2134 Mar
18i2 July 17
168
4534
3914
3338
~~3l2
Feb 25
143
1212
*
943g NOV
2
46
1*4
55
Mar
Nov
May 29
13734 Jan 21
1158
1*4
6
3
.100
44
1134
Jan
103
...100
1178
136
Dec
4l2 Dec
23
Preferred A
44
*1138
3
1034 Mar
Preferred B
5,
58
283g
1138
*132
638 Nov
16i4
8
150
44
314
li2 Mar
July
x283s Apr
167
1134
*3i8
July
4
4i2 Dec
1734 Dec
3012 Apr
300
44
1U2
*43
1
734 Feb 11
*141i2
1278
*114
*4978
2i2 July
578 May
7
*165
167
40
Mar
Nov
34 Nov
25s Dec,
4
Nashv Chatt & St Louis
7% cum pref
1314
26i2
8
Feb
68
20*2May
Rights
26
49l2
1
1
Apr
H4 Mar
103s Apr
285s July 17
4
Mar
i8 Mar
34
213s Nov
Oct
19i2 Jan
National
31
113
Feb 7
Feb 10
Feb 8
Apr 14
958 Feb 21
Jan
15,900
1312
2678
8
31
234
5i4
6i2
26's
Apr
45,200
31
50
76i8 Mar 24
138 Feb 10
758 Nov
11
732
26
115
Dec
Jan xllli4 June
378 Mar
30
3358
31
8
150
58
105
2178 Feb 19
S32
167
4834
Jan
Apr 13
51U Mar 11
333g
316
3334
1334
*113
7
4
National Acme
31
778
75
10978 Mar 16
123s Mar 23
Oct
7
Nat Aviation Corp
*165
4878
Nov
2
1,200
*143
115
85
116is
Jan
10,800
2738
778
Jan
Oct
Nov
8i4 Mar
1558 July
12,300
150
*113
May
4478May
Dec
634
20i2 Dec
2478 Sept
43
14i2
1314
67i2
70
21.
No par
16
2658
66
15ig Jan 2
Apr 30
6034 Oct
33i2 Dec
4258
Nash Motors Co
20
6534
79
Nov
Myers F & E Bros.....No par
27
31
64
7
May 19
Dec
Nov
300
15,600
14
33
63i4
20i2 Jan
No par
Inc
1512
167
63
3
Dec
13400
~1834
130
1*2
58
Jan
Jan.
Dec
No par
5% preferred
.100
Murray Corp of Amer......10
110
58
1
Murphy Co (G C)
26
*143
6314
Munsingwear
111
*li4
378
No par
Preferred
900
1434
*165
*6234
4878
390
1,100
111
58
2
44
30i2
*109
H2
Jan
Dec
1538
85
11
110
58
234
40
11558
1434
97i2
65i4
83s
6018 Mar
283s Apr 30
111
*118
234 Mar 27
l634Jnue 10
5i2 Jan 6
14i2 Jan 2
2igMay 5
1034 Dec
July 14
Mullins Mfg Co
1358
2738
*l2
7
7
16
150
*H8
Jan
178May 19
27
167
58
3g
134 July 14
Dec
Nov
'
*143
1»8
6
57U Jan 17
6i2 Jan
Jan
1934
4518 Sept
131
298
Motor Products Corp..No par
Motor Wheel
.5
1634
*165
*i2
Apr 8
l06i4June 19
Apr
3512 June
9i2 Mar
15,800
48lg
170
*li8
9
3534 Jan
class B
Oct
2i2 Mar
8,400
12,200
2578
1234
Feb 21
Mar
Mont Ward & Co Inc. No par
No par
Nov
Apr 6
47i2 Apr 6
13H2Mar 30
21
111
13
9
z65
6% pref series A
No par
Impl No par
Minn Moline Pow
5734 Nov
12i4 Apr 13
178 Feb 10
3978June 30
22i2Mar 3
*109
1234
2158 Jan
22
23
2
110
1278
Jan
Mar
84 Jan
*31
1258
97i2 Dec
3
Mother Lode Coalition.No par
1314
2:2718
1234
H2
534 Jan 3
xl7U Apr 30
Minn-Honeywell Regu.No par
5212
18ig
Dec
41
3,100
163g
150
1212
2
71
48
*165
1258
Apr
11
795g July 1?
1058 Mar 5
6
16r>8
*143
1238
Mar 24
4
2512
27i2
108
19
Jan
111
28i4
97i2 Jan 10
46
60*2 Jan
111
2712
8i2 Apr
85l2 Mar
3
50
110
283g
578 May
38i2 Dec
88
Morris & Essex.
4814
Jan
Feb 17
110
Morrel (J) & Co
80
90i2
15i4 Mai*26
108
AprY3
a—100
%cum 1st pref
190
112
2778
7i4 Mar
3334 Nov
lli2 Apr 29
973g Jan 7
1238 Jan 2
3734 Jan
pref. 100
8
Milw El Ry & Lt 6%
100
2778
28
Jan 31
4938 Jan 24
24i8
*162
1314
8&S Apr 30
24
118i2 Jan 3
1134 Feb 14
2034 Mar
66i8
33
1358
2
18i2
30i2
Mar
5134Juue 13
46
11058
*111
11058 *110
July
4578June 12
5934 Feb 7
*1027«
Ys'sg
June 16
28
6834 Mar 17
3734 Apr 3
1*8
*51
*162
*161
2534
28i4
53
*1027g
49
1634
3734
20 ig
167g
Dec
Nov
99i2 July 13
6
Monsanto Chem Co
15,900
96i2
1
June 19
9
4,500
6
44i2
n8
3838
92
3D2 Jan
100
100
20
96
*453g
11
337s Nov
156
4
32i2 July 17
1558 July 15
4058 Jan
100
4478
1
110i2June
9
5
100
7% preferred
Preferred series A
97
1
2
Feb 24
12'4May
678May 22
30
May 13
t Missouri Pacific
Conv preferred...
Mohawk Carpet Mills
4414
1
May
29
55i4 Jan 31
Mesta Machine Co
790
2334
46
110i4June 15
512
Merch & Min Trans Co.No par
500
800
965s
47:
66I4
2
t Minneapolis & St Louis..100
97
*4514
66I4
Jan
1
Minn St Paul & SS Marie. 100
18i2
50i2 Apr
103
No par
800
45
67
lis
Jan
Oct
Feb 13
45
Feb 28
109
No par
400
43
47
2334 Mar
June
400
4338
*66i4
136
45i4 Deo
14i4 Nov
103
*2
2U2
*45is
3612 Feb 19
8
160 <8 July
June
Jan
Rights
4238
4
5
84i2
Prior preferred
134
2158
*96
6S4 Mar
5
Mar
55
62i4
2338
Mar
5
12
Dec
54
10
9,300
97
2138
20
5034 Mar
1918 Mar
10
2334 Dec
378 Dec
20
Melville Shoe
8,400
5i2
227s
Mar
Jan
13g
358
18i2
878
2734
234
1
32i8
Mengel Co (The)
17,400
6,100
104
*258
2i2 Oct
334 Mar
6
4i2Mar 18
May
97s Dec
178 Dec
8
730
10
6014
3034 Apr
3
ex-warrs.-No par
*2
,
318 Mar 19
10i2Mar 18
Jan
7,000
9i2
8i4
L
134
19i2 Nov
Feb
Jan
20
109i4 10914
65
Mar
1
5*4 Apr
38 June
3578 Mar
1,100
793g
734
10
634 Mar 17
1034 Jan 14
33
2,800
2212
7338
Mar 17
23
Dec
Oct
Sept
30
55
16
80
"¥i2
12i4
6618
5638 July 15
2112 Feb 28
96
3,000
*100
3
Apr
Apr
13i4 Mar
4
13i2 Apr 30
3958Mar 25
6214
93g
29
1034 July 16
4778 July 16
McKeesport Tin Plate.No par
McKesson & Robbing
5
3734
22
57i4 Jan 10
2314 Feb
43i4May
Mclntyre Porcupine Mines..5
4934
912
Highest
$ per share $ per share
No par
McGraw-Hill Pub Co.-No par
13,000
38
39
3734
377g
120U 12234 *120i4 12234
104
72
3734
3
200
*36i4
49i2
5958
Jan
8 per share
No par
JMcCrory Stores Corp new-.l
6% conv preferred
100
834
5934
49i2
22
120
98
812
65i2
*li2
59
7
1834 Jan 10
2U July 7
41
May 5
lltg Jan 22
6i2 Apr 28
27i2 Apr 27
15378 Jan 17
1,900
4218
105
7838
834
32i2May 27
14i4 Apr 30
17i2May 4
2i4 Jan 3
8i2 Apr 30
Hg Jan 7
4,500
20
100
*103
783s
48l2
9l2
39
a:98
7134
4134
*3258
934
11778 118
"¥14
*1812
8 per share
7
June 30
Preferred
200
100
100
105
*77i2
85g
36
4878
-48i4
1812
42
101
*103
105
78l2
8i2
*108i4
Si8
*102
105
~78i"2
*98l2 104
7178
*108
958
18i2
417g
101
*99
43
36
5812
36
100
9
9
9
93S
878
9*4
43
43
4338
*42l2
4314
1438
1334
1334
137S
1334
1334
102l8 102i8 *10H2 105
*10112 105
1514
1434
1412
1514
15.
1514
938
9i4
43
43U 4338
4312
43i8
14
1438
14l4
1334
1358
1334
*10U2 104
*10H2 105
*10U2 105
15
14
15i4
1412
1414
1334
43
*
*99
100
Year 1935
Lowest
Highest
Preferred
500
1st pref called
32
Range for Previous
On Basis of 100-share Lots
STOCK
Week
35
2
*6i8
2412
*2i4
*4318
1478
314
July
YORK
EXCHANGE
the
Friday
Range Since Jan. 1
STOCKS
Sales
for
Saturday
July 18, 1936
9
6
6
4i2Mar
6
Jan 22
Jan
Us July
x20
Mar
9i4 Mar
16U Oct
55
73s
102
Dec
Deo
Nov
1018 Nov
99
Aug
25U Dec
52i2 Deo
2i4
Jan
32i2 Jan
14i4 Dec
27U Dec
Volume
HIGH
New York Stock Record—Continued—Page 8
143
AND
LOW
SALE
PRICES—PER
NOT PER
SHARE,
STOCKS
Sales
CENT
NEW
Saturday
Monday
July 11
July
$ per share
1
26%
136
136
14%
14%
*75
78
*51
53
*51
*115%
53
*115%
159%
2,516 2",61334
1334
434
434
5
53
*51
53
14%
*13%
434
434
11%
11
39
5%
39%
3934
56
56%
19%
1934
19
19%
122% 122%
124
124%
*150
13%
11%
*13%
13%
11
11%
13%
11
5
*13
2%
*2%
2%
13%
2%
Oppenheim Coll & Co ..No
6,900
Otis Elevator
*4%
30
5%
5
*434
5%
3934
40
3934
40%
57
56%
56%
57
16,200
5,300
18
2,400
124
19
18
18%
124% 124% *125
19%
124%
*151%
13%
11%
*13%
10%
1334
11%
*13
14
2%
*2%
*13%
13%
10%
11
56,000
13
*13%
14
200
2%
2%
2%
50
52
52
52
52
75
76%
76%
76
76
*74%
76
74%
75%
9%
9%
8%
9
838
8%
6934
73
66%
238
69%
*49
2'
is June
13
July
16
8
2
8
3
3084 Jan 11
47% Apr 30
14i4May 15
8%
No par
100
100
Corp..No
100
Paraffine Co Inc
1,100
9%
75
75
74%
978
10
75%
10
24
*22
*22
10%
25
9%
73%
9%
*22
9%
75
10%
9%
22
23
9%
934
22
22
9
5,800
First preferred
9%
68
9%
9,700
Second preferred
Park-Tilford Inc
23
22
22
34,500
70%
8%
800
3%
41%
3%
3%
3%
41%
41%
41%
41%
3%
41%
*41%
41%
41%
3%
41%
8,000
4134
1,500
Parke Davis & Co
24%
24%
24%
24
24
2334
24%
23%
24%
24%
25
4,000
Parker Rust Proof
3%
534
6
6%
6
738
7%
7%
7%
11%
*238
11%
11%
2%
12%
2%
*66%
67
2%
*66%
8634
87
86%
6%
63s
20%
21
*40
4034
11634
*115
44
4414
*4%
,
534
39
39
96%
98%
78
78
22%
22%
14
6%
7%
12%
3
7%
12%
2%
2%
67
67%
67
87
87%
3%
6%
36
6%
37
3%
6%
3%
6%
37
37
14
82
79%
*22
*80
81
22%
22%
1334
69
1,300
2,600
Penney (J C)
4%
8,600
Penn Coal & Coke
7
5,500
Penn-Dlxie
38%
1,000
238
2%
2%
2,500
4
4»8
6%
6%
37%
37%
23
*21%
14
13%
1334
13%
81
81
23
*21%
18,100
Penn G1 Sand
14
1334
14
13%
1334
12%
13%
12%
35%
36%
3534
36%
3534
36%
37
52
52
*51%
52
52
52
53
53
5234
5234
5234
*94
95
9434
95
*96
99
98
98
98
98
97
10%
1%
85
10%
*9
44%
*6%
7%
1%
1%
1%
86%
87%
90%
8834
9%
9%
86%
934
*7434
44%
9%
*74%
44%
44%
43%
6%
*6%
83
6%
75
70
70
70
12
12%
12%
*1134
12%
2
*1%
2
*31%
*55%
1%
*31%
2
32
*7%
*38%
31%
3134
70%
*55%
70%
8%
*7%
*38%
39
40
182
*178
9%
65
*178
9%
*1%
1%
17%
7%
78
78
33
3434
1%
.
65
*1%
*1334
1%
15
22%
16%
7
*179
9
65%
7%
1%
7%
34%
1%
1%
15
*22
23
16%
16%
7
7
2%
*2
8
8%
3
3
7
*77%
33
1%
1434
*22%
16%
*634
2%
8%
46%
*118
3
46%
120
46%
3
27
27%
46
46%
*118
46%
*111
120
46%
47%
*111
*126% 130
126% 126%
144
*141
164
*160
9%
70%
17%
80
3334
*141
144
7%
96
96
12%
12%
11%
1134
19%
108
10%
*9%
*7434
4334
*6%
7
*
...
*11%
11%
2
1%
31%
*57
*38
39%
9%
*1%
14%
7%
*8
7%
181
38%
*178
9%
934
70
70%
43%
44%
*7%
7%
70
12
2
31
70%
9%
38%
181
934
70
1%
1%
1%
1434
*1334
17%
7%
7%
7%
80%
34%
*79%
80%
34
35%
500
*
_
"ir
1%
31
*57
*7%
*38
*178
16,100
7%
400
20
11%
3,000
9%
82
24
2
18
No par
400
10
*1%
134
100
*1334
17%
20
7%
2,800
82
120
35%
7834
78%
31%
31%
3934
14
Feb
3
Jan
23
*22%
Pond Creek Pocahon..No par
5,200
Poor & Co class B
12
7
8%
3
634
2%
7%
3
26%
17
23
17%
634
*6%
6%
684
634
2%
*2%
2%
2%
2%
8%
8
8%
8
8
3,400
2%
2,000
3
2%
2%
2%
27
2534
2534
25%
4634
47%
45%
46%
46%
46%
119
*118
119%
119% 119% *118
47
47%
4734
4634
47%
4734
113
113
11234 11234
111% 112%
47
118
47%
113
600
500
600
147
*142
147
167
*162
167
*162
167
19%
10834
48%
19%
109
4838
19%
49%
1934
49
19%
108% 108%
109
*110% 114
48%
19%
108
50%
300
mi a
-
«.
«.
19%
34,100
48,300
10834
790
96%
96%
97
96%
96%
96%
96%
700
12%
12%
12%
13
12%
12%
12%
1234
3,900
12
1134
12
11%
11% 101,500
12%
11%
12%
Pullman
108% 109% *106% 109% *10634 108
78%
7934
79
6%
3134
6%
6
32%
3934
41%
46%
*46%
40
*38
80
78%
79%
*10534 108
78
200
79
8,200
June 25
5
Jan 17
Jan
8
9i2 April
91% Apr
4D4 Apr
8
4
49%
*39
40
10S4
*77
1034
79%
*178
2
*38
10%
10%
78
*77
2
2%
*1434
15%
15%
17%
18%
1834
18%
19
10%
*77
2%
*17
1834
*83
55%
59%
*
55%
59%
14
28%
*26
*37%_
38%
*37%
5538
16%
24% Apr
62
Nov
6% June
25
Nov
2% Aug
334 Feb
'
6
16t2 Apr
2
6% Mar
13
6% Mar
1% Mar
1284 Nov
% Feb
4% June
% May
2% Nov
16% Jan
6% May
42% Jan
26% Dec
26% Mar 3
1934 Feb 19
934 Mar 4
33a Jan 11
1214 Feb 6
538 Jan 16
36
Jan 16
49
Jan
Mar
3% Sept
Dec
57g Nov
4%
Dec
July 15
100
100
100
11318 Apr 3
128
Apr 4
146
Apr 14
130
July 14
73
144l2 July 14
164
July 14
114
Apr 1
100
Mar
148
Dec
99
Jan
113
July
No
Inc
Pure Oil (The)
par
No par
8% conv preferred
6% preferred
Purity Bakeries...
Radio Corp of Amer
.100
100
No par
No par
50
Preferred B.
No par
112
Jan
7
367s Jan
2
16UJune
6
1
103
May
4
9
934May 12
91i4May
9%May
2
50% July 17
2478 Mar 20
13334 Apr 17
117i2Mar27
1738 Jan 6
14l4 Jan 17
9
5618 Mar
54i2 Feb 3
83i2 Jan 2
6812 Apr 28
l03%June 18
Jan
2
9U Feb 19
80
115
Jan
5334 Jul.
121
Nov
2038 Mar
4634 Nov
Feb
104% D6C
623s
Mar
117
85% Mar
132
Dec
Dec
Oct
5% Mar
5278
Jan
17
Dec
49% Mar
11978
Dec
65
103
Dec
29%
834
June
Feb
4
Mar
50
Mar
1734
Oct
13% Dec
62% Jan
35% Mar
92
1% Mar
6
Oct
16% Mar
30%
Dec
29% Mar
43% Jan
43% Nov
Dec
July 15
33%
40%
32
3234
32%
32%
3,200
28% Jan
6
38i4 Apr 14
40
41%
41%
42
5,300
Reading
50
35i2 Jan
3
483s Feb 24
49%
*46%
49%
*46%
49%
*46%
49%
1st
50
39
Jan
7
*38
40
*38'
40
*38
40
50
37
Jan
4
4758 June 17
41
May 5
36
40
38
Dec
978 Jan
2
1634 Jan 30
3% Apr
11
Aug
4
88
Feb 17
20% Apr
72
Nov
12%May
17« Apr 28
7
22
18i8June 30
85i2 Jan 3
32%
10%
11'
12
78
77
78
11%
*77
1134
79%
10%
*77
2%
*2
2%
*2
18%
17%
17%
*15
17%
*15
19%
19%
1934
2%
*2
*83
19%
19%
19%
100
■
11
1,800
79%
40
2%
1,100
17
800
20%
16,100
°
8734
5534
55%
87%
87
87
5534
55%
5534
62
60
*59%
62
*59%
14
*12%
14
*1234
13%
28%
*26
28%
*26
28%
38%
*37%
38%
*37%
38%
*37%
38%
Oct
Dec
10% Apr
1% Mar
2:40
*26
For footnotes see nave 382
Dec
2% Nov
$3.50 conv 1st pref.No par
t Radio-Keith-Orph
No par
Raybestos Manhattan.No par
*12%
60
10
55
24,900
14
,
Mar
6%
28%
60
*12%
*26"
.
55%
55%
59%
1
5%
8734
600
8734
Feb
5% Mar
22% Mar
6%
200
*84
172
6
.
8734
88
127g Aug
4484 Aug
180
Aug
7
6%
22
*21
2134
2134
2134
2134
21%
21%
21%
*21%
22%
21%
*100% 105
*100% 105
*100% 105
*100% 105
*100% 10434 *100% 105
5
5
5
5
5
434
4%
5%
4%
5%
478
4%
20
20%
1934
20%
21%
19%
1934
20%
19%
1934
19%
19%
87
84
84
85
84
84
85%
8684
8734
85%
*823S 84%
84
86
86
83
84
82
84%
82%
8134
82%
*80% 8234
*12
13
13
13
11
11
11
11
13%
12%
12%
*10%
31
31
*31
33
30
30
32
30
32%
*31%
*28%
*28%
*11034 114% *11034 114% *11034 114% *11034 11412
*110% 113
*110% 113
26
26
25
25%
23
2534
26%
24%
24%
23%
23%
2434
*10634 109% *106% 109% *106% 109% *106-% 109% *106% 109%
*106% 109
29
30
26
28
29%
28%
28%
2534
25%
25%
25%
27%
*84
Jan
Mar
26% June
1
5
"
*46%
Dec
113
Pub Ser El & Gas pf S5-No par
-
5
76%
Nov
Nov
10312 Feb 21
5% pf (ser of Feb 1 *29). 100
Pub Ser Corp of N J
300
5
1»4
No par
par
6% preferred
7% preferred
8% preferred
128% 128%
128%
*142
Feb
Apr
65% Aug
8
38
122% Feb 26
4834 Jan 15
No
$5 preferred
*125
2i4 Apr 29
18
% July
No par
100
Gamble
113
146
*110% 114
Procter &
7,600
Jan
234 July
31
Apr 30
40i4May 12
11734 Apr 7
39
Apr 29
Preferred
100
128
*110% 114
2
13,900
*125
*162
2
li4
48
144% *142
128% 130
4i8 Jan
634May 21
118
2l
1138 Jan 31
2
t Postal Tel & Cable 7% pf 100
t Pressed Steel Car...No par
1,400
4734
Jan
Porto-Ric-Am Tob cl A.No par
Class B
No par
300
26
No par
Feb
85i2 Mar
li2 Apr 24
1178 Jan 6
20 May 18
*22%
Jan 15
181
2
Jan
Dec
78% Nov
12
7
3
Dec
Dec
40
10% Dec
40% Feb
2
21
1484
85
July
21
58% Jan
Nov
Mar
4
100
10
4% Jan
z68% Dec
3
June 20
100
I84 Mar
50
3
li4May
3% July
35% Mar
5% Mar
53% Apr
Feb 21
61
2
Plymouth Oil Co
1634
Dec
1334 Mar
5
37U Jan .6
7% Apr 30
Jan
Mar
Feb
38% Mar
1% July
2t2 Feb
4
1,200
31%
46%
Jan
9,000
23
Deo
Dec
45% July
85% Nov
4% Nov
17
2
1%
1634
14
84
3
15%
41%
40
50
July 17
2
978 Jan 10
July 13
Jan
2
1%
*22%
Mar 13
5
14%
17%
Dec
193s May
493s Apr
6
1%
23
11
7
3818 Jan
5i2 July
14%
17
4
1512 Feb
1%
6%
31%
3934
19*8 Mar
88
14%
17%
13% Oct
7% Mar
784 Apr 29
May 29
49
5
5
35s Jan 13
1%
79%
6
54
Mar
Feb
1678 Mar 13
14%
12%
78%
13
Mar 28
12
1%
*96%
108% 108%
6
534
July 13
68
176
Preferred
*105% 108
34% Nov
6434 Dec
7%June 8
35i2 Apr 28
No par
Nov
16i2 Mar
96
U2 Jan
25
4
10234 July 14
Mar 13
66
8
Preferred
43% Aug
45i2 Jan
par
Pittsburgh & West Va
11634 Mar
2% Feb
9% Mar
30i2 July
1,330
32% Dec
39% Apr
Oct
23
100
100
6% Aug
5% Aug
3034 Nov
53% July 17
98
July 15
6% preferred
Pittsburgh United
580
8484 Sept
19%
Pitts Steel 7% cum pref.:. 100
Pitts Term Coal Corp
1
16,700
I84 Nov
July
81
28%
Pitts Ft Wayne & Chic pf.100
Pittsb Screw & Bolt. .No par
181
May
Oct
70
100
8% Dec
1234 Mar
100
100
Dec
438
15
July 17
42
3i4 Jan
818 Jan
li2July
Preferred
Sept
10134 Sept
14% Sept
21% Nov
6
Apr
Feb
1714 Mar
30
108%
11684June 9
4912 Feb 17
7% Feb 19
8118 Jan
No
Dec
12
40% Apr 11
10i8June 30
7
No par
No par
8078
255s Jan
Pittsburgh Coal of Pa
200
40%
12%
11%
6
Jan 13
1238June
2
Flour Mills
25
Pirelli Co of Italy Am shares!
96%
*96%
12%
Jan
16
_
72
7%
56
Pillsbury
70%
9%
34%
3
Pierce Oil Corp pref
Pierce Petroleum
700
70%
*80
64i2 Jan
5
Apr 27
Jan
Dec
Nov
1734 Mar
Feb 21
Mar 27
100
Preferred.
800
1%
31
39
4
Deo
178
2734 July 17
2518 Apr 28
Phillip Morris & Co Ltd
10
Phillips Jones Corp...No par
7% preferred
100
Phillips Petroleum
No par
Phoenix Hosiery.
...5
400
............
70
Mar
38
Phila & Read C «fc I
2,300
44%
Mar
100
$6 preferred
13,300
10%
83
3
43
t Phila Rapid Tran Co....50
7% preferred
.50
430
34 July
Feb 21
Feb 19
1434
1%
27
19%
*7434
June 30
Mar
Oct
Feb
18
110
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
1,300
s4 Apr
47g
814
64i2 Feb
5714 Apr
2t4 Mar
100
Pfeiffer Brewing Co
12,400
2% Mar
10% Mar 24
48*4 Mar 24
15
3
107
*9%
10%
83
17
May
88*4 July 3
678 Jan 28
Mar 13
30
5,100
200
134
27g Mar
73
Nov
9% Aug
11
28f4 Apr 29
50
Preferred
100
Pet Milk..........
No par
Petroleum Corp. of Am..
5
1,000
7%
96
91
67
3
1
23
10
12
1
2
24
17
Apr
17U Jan
PIttston Co (The)
27
142
1%
1%
par
3,200
10
10
9034
70%
70
11
89%
90%
934
86%
44%
*684
7%
*134
1%
31%
*55%
7%
33%
*160% 162%
162% 164
*110% 114
*110% 114
47
49
46%
47%
46%
19%
11
31
80
.
107
1%
80
*111% 114
46%
1938
19%
10734 10734
"11%
*684
7%
70
33%
2%
8
6%
*
180% *178
*1%
8
6%
7%
39
*1334
*134
*26%
70%
1%
1434
*16
38%
3134
17%
*77
*20
6%
9
65
*1334
14%
182
8%
65
7%
8%
*55%
7%
1%
7
70
1%
12
11
43%
10%
*70
*634
1%
83
44
10%
7%
11
84%
9%
*74%
1%
85
*76
10%
*10%
*634
7
Pere Marquette
Prior preferred
1,500
97
7%
*634
Aug
People's G L & C (Chic)... 100
Peopria & Eastern
100
100
1,100
53%
Dec
8
par
Preferred..
13,300
12%
3534
1234
36%
12
35
Corp vtc No
Peoples Drug Stores..Noo
10
1334
7Us
6
10
Apr
1178Apr
2
3i8June 23
4i2 Jan 2
2834 Jan 2
10
par
100
Pennsylvania
1,900
23
35%
Corp
Cement...No
Preferred series A
45,100
81
81
13%
No par
20
1234 Jan
6%June 20
10i8May 20
1*8 Jan 2
64% Mar 13
4% Jan
Jan
8734 Feb
3
Parmelee Transporta'n.No par
1334
7%
June
Dec
7%1 Oct
i2 June
6t2 Mar
Feb
12
14
21
1034
9
4% Apr 6
74i2 Apr 4
97% Feb 13
732June 12
2058 Jan
7
9,800
34%
*678
Jan
6,500
68
81
3i2 Mar
10,200
80%
14
684 July
Feb 19
7%
*21%
22%
14
14
Feb 10
13
12%
87%
6%
18
26%June
87%
*35
Apr 30
Jan 2
July 16
5% Jan
47U Mar
68
4
4
634
37
Jan
Deo
7
4
8734
Nov
142% Dec
Apr 28
69%
2%
56
Jan
23
87
Mar
11U2
7%
"
Dec
19
July 16
234 July
40s4May
69
88
Dec
5%
31% Dec
8
11%
7%
10
13% Mar
21
7%
7
17»4 Nov
378 Dec
123
12%
7
Nov
Jan
28
__i
Dec
129
June
85s Apr 20
No par
Dec
55
12
17i2 Jan 13
Co...2.50
Mar
92
115% Mar
70
l
Pathe Film Corp
No par
Patino Mines & Enterpr No par
Peerless Motor Car
3
Penick & Ford..
No par
7%
12
69
8634
3%
6%
3
3%
23
27
21%
2734
20% 21%
23%
26%
24%
24%
34%
34%
3634
33%
34%
35%
3434
35%
3534
35%
41
40%
40
40
40%
40%
40%
40%
40% 40%
11634 *115
11634
116% 116% *115
11634 *115
11634 *115
44
44
4234
44%
43%
47%
4634
45%
46%
48%
5
5
*5
5
*4%
534
534 \ *4%
*4%
534
40
40
40
42
40
40
39%
39%
40%
41%
100
100
100
99
10134 10234
100
99%
10134 102
33%
f 3334
6%
7%
8634
36
37
2%
6%
12%
2%
67
3%
6%
334
*338
*36 J
6%
7%
12%
3
1
July
17% Sept
Feb 27
10
Park Utah C M
3%
41%
24%
'Mar
Dec
125
1984 July 11
Jan
59
100
„
Aug
1
3t2 Apr
984 Feb 10
18% Jan 3
Apr 28
1
i28June 25
7% Apr 20
1
14
40i2 July 15
57
July 15
67
No par
Paramount Pictures Inc
8%
Mar
Nov
11% Nov
26%
152
Jan
11%
6%
13i4
1%
par
No par
80
2034 Deo
107
130
140
&
preferred
conv
Mar
per share
3
118
Rights
9
38
8
Feb 11
17
8% July
4% Jan
No par
Petr
Jan
414 Mar
2234 Jan
164i2Mar 4
31,6 July 15
1778 Mar 25
934 Feb 11
3i2 Jan
Trans...5
Panhandle Prod & Ref.JVo par
90
74%
2
Pan-Amer
106
20'4Mar
Feb
Apr
11%
114% Mar
Jan
Packard Motor Car
700
2%
53
74
53
128
Pac Western Oil
700
13%
11
50
7
6% preferred
13
5334
7
Jan
Pacific Telep & Teleg
1034
52
July
Jan
434 Apr
June 12
70
Co...25
Glass
Pacific Mills
50
*13%
2
47
Pacific Gas & Electrio.... 25
Pacific Ltg Corp
No par
180
125%
*150
151% 152
2
100
2d preferred
470
40%
£56%
136
Jan
1212 July
Rights
■v; 40b
11%
*9
11%
123
75
Mar 25
3284 Feb 24
24i4 Apr 27
Highest
3iz July
25i8 Mar 30
115i2 Feb 24
14
Pacific Amer Fisheries Inc...5
Pacific Coast
io
1st preferred
No par
700
5%
2
100
Ow^ns-llllnols
30,400
14
2
2
95% Feb 19
Preferred
"3,800
7
Jan
Jan
No par
Outlet Co
140
July
8
No par
Prior preferred..
500
I per share
17
ioo
Otis Steel.
Lowest
$ per share
107
par
No par
Preferred
220
12,700
5%
14
10%
1,400
3934
56%
18%
5%
40%
5634
19%
1934
124% 125
*13
14
*13%
5
5
100
51
14
*9
Omnibus Corp (The) vtcNo par
Preferred A
100
18,100
Highest
$ per share
Par
-
-
4%
4%
11%
*9%
-
On Basis of 100-s/iare Lots
Week
Shares
51
51
5534
75
per
Range for Previous
Year 1935
Range Since Jan. 1
STOCK
Lowest
17
share
July
$
*1334
14
4%
434
150% 150% *151%
13%
*2%
*52%
51
53
14
14
56
5
55
11
16
$ per share
-
434
11%
5%
3934
56%
*13%
July
July 15
$ per share
........
14%
11%
39%
14
$ per share
YORK
EXCHANGE
the
Friday
1
*115%
*115%
*115%
*115%
160
160%
160% 161
159% 159%
160% 161
159% 160%
3
3
2%
2'5,6
215,6
2'5,6
2,S,6
31,6
2'5,6
3',6
159
*10%
July
Thursday
Wednesday
1834
18%
19%
19%
18%
19%
19%
20%
1934
20%
112% 112% *103
113% *103
113% *103
113%
113% *103
11
11
11
11
11
11%
11%
11%
11%
11%
27
27
27
27
26% 27%
26%
26%
26%
26%
136
136
136
136
133% 136
*135% 136
*135% 139
15
15
15
14%
14%
14%
14%
1434
15%
15%
*75
78
*75
*75
78
78
78
78
78
77%
112%
11%
*11%
26%
13
$ per share
18%
18%
*111
Tuesday
389
(Robt) & Co
1st preferred
Remington-Rand
$6 preferred.
Prior
.-.
preferred
Reo Motor Car
Republic Steel Corp
2,000
1,800
4,000
1,000
100
No par
100
1
25
25
"9",000
...........
5,900
60%
100
13%
100
5
No par
100
6% conv prior pref ser A.100
Revere Copper & Brass
5
6% conv preferred
Class A
Preferred
60%
10
100
Reynolds Metals Co...No par
5H% conv pref
Reynolds Spring new
..100
70
"IOO
June
9934 Apr 15
69
2434 Jan 23
Apr 15
4% July 8
167s Apr 30
8I4 Mar 25
2634 Feb 19
2% Mar
77
4
99
Feb 19
78i4May 4
10
Apr 20
95
Jan 13
28% Mar
78% Oct
24% June
9
36
Jan 10
13
Apr
Apr 28
22i2May 25
105
Apr 27
120
Jan 23
75
Apr
115
Nov
17% Apr
32
Dec
113%
Dec
21
July
9
June 22
May
90
July
3
114
16t2. Feb 17
34
Feb
5
117
Jan 13
30
2084
Dec
Aug
88
Nov
21% Oct
98%June
110
9
Mar
5% Apr
101
25% Nov
5%
Mar
Dec
2034 Nov.
97
Nov
95% Nov
16
37%
Dec
Dec
July 17
June
Apr 29
585s Feb 28
4318 Mar
58% Nov
5912 July 10
65% Feb 10
55% Apr
67
9
11% Dec
5% Mar
2178 Feb
20% Dec
1358 Jan
Rhine Westphalia El & Pow..
1034 Jan
19i2 Feb
3
2
35
32
3
39
Antelope Copper Mines
Oct
Nov
Mar
7
50
Roan
3
8
103
Mar
18
1
Jan 14
Reynolds (R J) Tob class B.10
..10
Apr
Apr
334 Jan 14
25
No par
33
2334 Jan 15
1
Class A
Jan
Ritter Dental Mfg
28%
37%
10
....
Reis
14.400
16,600
37%
Silk Hosiery
Preferred.
63,700
5534
13%
Real
Rensselaer & Sar'ga RR Co 100
55%
*26
preferred
2d preferred
Jan
MarlO
June
3
Nov
13% Mar
33
Dec
New York Stock Record—Continued—Page 9
390
HIGH
SALE PRICES—PER
LOW
AND
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW YORK
for
Saturday
Monday
Tuesday
July
July
11
$ per share
*7378
the
July 16
July 17
$ per share
$ per share
$ per share
$ per share
Shares
80ig
638
80is
*6i8
80 i8
6
23
2314
23i2
24
2
2318
2i8
4
4
4
9
9
*834
*17
20
20
*17
414
*834
1012
*17
20
80
638
23
2i8
*4
414
10
80
6i2
*2
2>8
218
.
2i8
438
10i2
*17
612
2334
214
5'g
10i2
20
32
3034
30l4
3014
30'4
3I84
3034
3134
5111
*109
110
*109
110
109i2 109i2 *109
*111
111
UU2
11212
11134 11134
11112 U134
12
13
1214
117S
*1134
123g
*1234
127g
40
40*8
3934
3914
3914
40*8
3778
39i2
*100
100
100
IOOI4
IOOI4 IOOI4
9978 100
I84
184
134
1*8
D2
134
1*8
134
10
*10
10
978
1012
10i8
1012
IOI4
61
61
61
61
61
*6018
6012
6012
1
1
1
1
1
1
78
78
2*8
214
2i2
2*8
*2i2
2*8
2*8
2*8
34
3334
3434
3434
3334
3434
33*8
3414
4
414
41.8
*334
*37g
414
*37g
414
75i2
314
*68is
23
7534
7514
78i4
314
338
33g
67*8
2278
69
2314
22l2
13*8
137g
14
14i4
24i2
9134
69
77i2
78i4
78is
7938
338
33g
6912
6934
23
2234
143s
7012
2318
14*8
2438
25
3
'
67*8
3
*1334
2314
1378
24
2414
24
2414
2378
*90
9U2
*90
9U2
60
32
7l2
*5714
*3U2
1778
121
934
3D2
*3i2
2614
778
5712
57t2
59
9134
814
59l2
32
3D2
3U2
3U2
77g
18
1778
121
8I4
121i8 1211s
978
934
934
32
313s
32i2
3*8
334
3*8
26i4
26i2
2534
123*8
123*8 *120
60
60
*5518
61i2
*120
*81
24
83g
59
92%
87g
5978
*75
80
634
*6
7
22
2334
22
2212
2*8
4i2
1012
10l2
*17
2i8
110
61
34
9934
11 lH 11134
*12
10ig
99
110
134
1012
62l4
78
*2%
347g
1
*3i2
*3i2
79t2
334
7034
3i2
7034
80ig
358
23*8
1434
2478
92i2
2338
2378
14t2
15
*3i8
*70
23
14*8
2412
*9114
8I4
*57%
3U2
1734
8*s
59
24i8
*91i4
8i4
57
29,000
,700
71
2434
92i2
5,100
8*8
52,400
100
2,000
*57
60
57
55
87
*81
84
81
81
*81
48
47
51
4834
25
50l2
24*8
1438
57
,
90
10,900
2,500
3,100
39,600
Skelly Oil Co
Preferred
"""690
55
20
48U
2434
6,000
Smith
1,800
14is
63,000
Snider Packing Corp
Socony Vacuum Oil Co Inc.. 15
Solvay Am Invt Tr pref
100
10,000
South Am Gold & Platinum.. 1
*24
1334
*11214 113
10
1034
"
200
40
120
11,500
1138
7714
*48
122
30
*1034
28
100
1838
1918
19
193g
1812
19*8
1834
19
19i2
20
20L
20
20*8
1978
2034
1834
197g
2038
1934
1U2
11*8
113S
11*8
1138
11*8
11%
113s
11
20ig
ID2
12,000
33,200
78
78
78
78i2
79i2
80*4
80
80
*121
122
122
122
121
31
31
32
30*8
31
438
11
4*8
32
4i2
412
IDs
HI4
III4
11
28
281.1
28iS
28
*8
11
28
21
*3012
31
31
3U2
31
3U4
30i2
1*8
*1*8
lh
1034
1012
1034
3II4
13.4
1034
31
1*8
*1012
7
7
*8
714
734
8L
7*8
*8
812
*U2
1012
x7
77g
7
7
8
8
3914
3834
3412
1178
10%
37*8
38
37u4
38i4
3434
35is
ID2
978
3434
35U
lli2
97g
1134
77g
38ig
3478
1U2
978
9*8
•
«
•.
*43
45
45
36
37
*35
6D2
934
*61
90
-
*85
*9
29i8
5*8
291S
914
2912
5*8
912
293g
16
1678
6Us
1378
19l8
1178
9
*104
934
90
834
1
2934
714
2934
*9
714
30
9lg
2934
9%
9i2
31
2934
5*8
31
30
30
31
30
31
16'8
16
1618
16i8
I6I4
5*8
6I4
57g
*104
*48
6D2
61*8
62i4
14
6134
213*8
137g
14
1934
19*8
20
1214
1134
87g
1214
*7
8
27i2
3512
3534
3514
IOI4
3614
4334
90
878
50
10i2
90
938
*934
*75%
878
1034
90
1,800
100
6i8
10i2
79
9*8
31
*29
9U
Swift Internet Ltd
Class A
Telautograph Corp
S3.60
conv
pref
The Fair
31
2934
900
400
5
25
No par
No par
No par
Thompson (J R)
3D4
11,100
6
13,000
16
16L
16
16%
1,100
10,200
1
;
105i2 *104l2 1051s *10458 105l8
55
183g
6134
62i4
*48
1734
6134
55
5478
55
I8I4
18
18is
62i4
62
100
120
33,400
62*8
8,700
100
cum
pref
Tidewater Assoc Oil
Jan
68
Nov
4
Dec
10
Deo
50
Dec
1S78
ISig
Dec
,48
May 18
16i2 Apr 30
145S Jan 2
6
14*8 Mar
Jan
2
91
Jan
2
12434May 15
Jan 11
40i2 Mar 18
2
9^8 July
8
14*8 Feb 19
3014 July 17
23
Jan
3
658 Jan
4
2878 Jan
6
33
6
Jan
884 June 16
89
June
4
8i2May 23
Jan
24*8 Jan
478
26
1434 Jan
100*8 Jan
6
3
126
43i2
382.
Ids
10l2
79
4
4
July
8
797g
126
44
4t2
79
81
126
126
43l4
4378
4%
78is
*126
43
43g
79
4314
9i2 Feb 18
30
July 14
1918 Feb
106i2 Mar
4
3
11
1,600
Twin
1478 Jan
7i8 Jan
2
3
Jan
6
478 Jan
6
414
10,300
80*8
15,200
Under Elliott Fisher Co No par
1263g
4234
280
1,500
Preferred
100
Union Bag & Pap Corp.No par
125i2 Apr 23
38i2May 21
4212
5
7212 Feb 18
4U
12638 *126
5
Feb 28
12*8 Mar
56
5,600
10
1414 Mar
110
Tlmken Roller Bearing.No par
7914
10*8
79
8
1838 July 15
6
Apr 27
Apr 30
Ulen & Co
I0U
July 17
12's Jan
718 Apr 30
22i2June 1
313s Apr 27
834May 20
65U Jan 22
278June 30
74*8June 29
*75
6
Feb 18
51
93
79
Feb
Feb 29
Mar
321? Mar 6
8i2Mar 23
31
July 14
314
Tri-Continental Corp ..No par
6% preferred
No par
IOI4
7
Jan 15
19,000
79i2
Apr
62
934
10U
984
10i8
934
1043g *104l4 I06ig *104i2 105i2
6
6
6
6
6i8
*57g
8
8
8
*7l2
838
83g
25
2534
2514
25i2
2512
2618
3434
35is
35U
35ig
35i2
35i2
IOI4
Mar 11
Mar 25
59
1038May 19
*75U
10U
39i2
3834
1514
1438
Jan
Transcont & West'n Air Inc.. 5
Transue & Williams St'l No par
1012
93s Jan
44
Transamerica Corp
79l2
234 Feb 11
1134 Feb 19
2
Jan 21
Apr 30
No par
City Rap Trans..No
Preferred
par
..100
No par
....
Mar
6*8 Mar
2i2 Mar
214 Apr
60i2 Mar
115i2 Jan
xll
Apr
60
1*8
,
Jan
5
Mar
1778 Oct
314 Mar
Sept
32i2 Dec
15
3378 Apr 27
1,700
3534
958 Feb 14
No par
..10
Truax Traer Coal
36
6*4 Mar 12
11,100
1012
Mar 12
Jan
16,700
353g
5312 Jan 28
24l2 Apr 16
2U4 Apr
Dec
*
9i8 Jan
127g
*73
30
1214 Feb 14
Truscon Steel
..10
20th Cen Fox Film CorpNo par
Preferred
No par
Dec
Mar
1334
500
33*8
1 ls
20*8
1,300
Oct
3i8 Mar
12
6,500
20
5834
13%
8
6
4'8 Jan 28
12-*4 Jan 8
20%
6
Feb
72i2 July 15
8
13*8
2612
Mar
7
Jan
8i8May
2012
127g
8
23
3
No par
Jan
2734 Mar
5
8I4 Jan
100
111
40i8 Feb
238May 21
13i2
*57g
113i2 Jan 24
47*8 Feb 8
Deo
Dec
2i2 Nov
116
Apr
4078. Dpc
65
1278
26
2618
2878
Mar
78 July
Feb
19i2
600
6
Deo'
914 Aug
32l2 Nov
1334
9l2
434 Mar
Jan 17
2334June
No par
Jan
Ap
9
July
1
No par
19i8
12i2 Mar
13
104
Oct
3334 Feb 10
20i2
914
130
84
9
1234
10438
10518 Nov
Oct
Nov
9
334
25
Preferred
Tide Water Oil....
Timken Detroit Axle
Dec
12i2 Sept
122*8 June
15i2
55
2
5
Thompson Prods Inc
No par
Thompson-Starrett Co.No par
$3.50
18 i8
48
50!2July
Jan 30
Third Nat Investors
914
30
558
7h Mar
8i2 Mar
3314 Feb
4378 Mar
10134 July
11*8 Aug
3578
100
73g
Oct
36»4 May
12i2
28i2 Apr 28
1 »8 Jan
3
57g Jan 2
634May 14
5*8 Apr 27
Third Avenue
Co
Nov
1*4 Mar
.No par
.No par
6
No par
400
28
6
31
2i2 Mar
U2 Mar
Jan
Preferred
Thermoid
Dec
8i2
1334 Mar 17
978 Feb 17
198a July 9
10
712 Jan 6
Texas Pacific Land Trust....1
9i4June 30
Old
100 1000
July 15 1375
Texas &
Pacific Ry Co. 100
48
28
Jan
2
Mfg
Dec
8U
2434May
Texas Pacific Coal & Oil
Thatcher
70i2 Nov
107
June 26
25
Corp (The)
Texas Gulf Sulphur
3,200
30i2
534
80
20<4 Apr 2S
X Symington Co.......No par
93g
*28
3334 Dec
834 Nov
Apr
59i2 Apr
3i8 Mar
314 June
Deo
13l2
193g
79U
30i4
30
21*8
32
1234
79'8
437g
*934
*634
July
52*8
20*8
3t2
126
6I4
30
714
Nov
28-'% May
3534 Mar
Mar 27
20
3i2
For footnotes see page
14
1714
317g
*634
Dec
27
2
..25
11,500
100
2
*12i8
9lg
938
104i2 *104
*6
126
9
714
2934
714
1714
6214
1263g
43i2
90
10
Sweets Co of Amer (The)
Swift & Co
'
27
*4314
9
Sutherland Paper Co
25,200
9,600
1,100
2,100
152
Mar 19
72
100
10% I
6U8
Oct
70
3
12ig
6D8
9*8
Preferred
35hi
6U2
112
6
No par
10
*61ig
IOI4
90
Oil
1178
6U2
1034
9*8
Sun
343g
*611S
9
5
Stone & Webster.
No par
t Studebaker Corp (The)
1
Ids
6U2
90
Stewart-Warner
1238
*61
91.1
Convertible preferred.,..50
347g
1100
10
par
No par
Texas
38
90
Preferred
67,900
1100 *975
Dec
Nov
1534 May
Jan
25
Sterling Products Inc
Sterling Securities cl A .No
39U
48
8
*126
1000 *975
3
Apr 28
Apr 30
Jan
3234 Jan
5U8
38i2
4
Apr 27
Apr 30
3538June 10
Standard Oil of New Jersey .25
Starrett Co (The) L S..No par
Tennessee Corp
377g
55
79
10
No par
Superior Steel
600
10
$7 cum prior pref
No par
Stand Investing Corp..No par
2
Feb 26
Standard Oil Export pref. .100 il0978June
8
12,300
477g
27
78i2
103g
No par
518
9i2
2434
2634
4,600
6,200
700
38
105
3i8
7914
39ig
$6 cum prior pref
10
27
714
47i2
17
3
734
No par
8
38
55
*73i2
314
8ig
*7
1
No par
Preferred
118
3,400
46i2
105
1034
714
35is
12i2
7ig
7*8
3834
34%
117g
2
X Stand Gas & El Co
......100
1138
38*8
17U
79i2
7
113s
Stand Comm Tobacco
12078 Jan
Superheater Co (The)..No par
100
1218 Apr
133jj Jan
Superior Oil
17,600
1,300
46
6i8
*7*8
2678
1012
2
1U2
3914
150
8i2
3714
55
*76
3034
IDs
Dec
Nov
Jan
3634 Jan 25
237S Jan 29
5,700
.
30
Jan
Dec
Dec
Feb
6
2984May
1
1578 Apr 30
2,100
2U8
3034
4534
1678
6is
30U
*8i4
21
3738
*10434 105
914
1047g *104
2
28i4
4534
17i8
*48
1*8
834
2H8
307g
*3514
5i2
16
1000
-
28
.
11
8%
1,700
1234
*44"
914
1578
*104l2 105
55
*3714
-
*8
1138
37i2
6U2
9i2
9U
*26i2
12i2
10U
134
82
45
7.I8
29U
30
3514
----
9'4
*6*8
2914
*27i8
134
107g
*80
20,400
12134
12U2 12U2 *120
32
34
3478
35i2
4*3g
412
4%
43g
4*8
IDs
11
*27
12134
; 438
28i4
*28l2
1,100
5014
812
21%
*6*8
1,200
5014
2118
9U
678
2,800
3*8
1114
5014
22
914
72i2
*48i2
2U2
*914
7214
5014
22i8
*80
400
3*8
2134
*61
2734
1034
8
934
2734
3*8
2134
1U2
28
1034
8
734
44,600
72i8
213.!
*7'
100
6434
*48i2
11
2818
2634
63*8
3*8
68i2
Deo
7
Feb 24
Standard Oil of Indiana..-.25
Standard Oil of Kansas
10
72
Jan
Apr
10*8 Mar
July 10
934 Mar
129
Standard Oil of Calif
50i4
4*8
Preferred
17,900
*1012
Mar
1938
20i2
1834
20i2
II6I4
65i2
70i2
20
Feb 24
20,900
63i2
Feb
18
3738
3*8
Mar
Nov
3138 Apr 13
39
1034
Jan
Dec
111
132
Feb 20
12
3678
1,700
49
Mar
38*8
7212
Oct
Jan
1071?
20*8 Feb 21
1438 Apr 19
37i2
2634
3*8
1
2134 Apr 27
387S
1034
July
7t2 Feb 29
3434 Mar 3
99
100
3634
334
Apr 27
114
No par
No par
38i4
1034
4
24
4
No par
37%
72
Mar
June
Feb
6H% preferred
Square DCo
Standard Brands
3878
900
10,000
*48
30
412
60
5014
18i4
20i2
11*8
77i2
*121
100
1,900
43,600
37%
3i2
10i8
4
6
17
16i2 Dec
46*8 Nov
15U Apr
10*8 Aug
7734 Apr 13
107
July 16
38l2
72
110
28i2 Jan
13
37i8
334
June 20
12i2May 20
Mar
387g
72
22
Mar
Mar
Feb
13
Jan 31
July
34U
24
Apr 17
72
63
36i2
IOI4
20
5,200
383g
10i8
95
5334 Mar 20
3634
*2714
2
534 Nov
50
Dec
60
26»4 July 17
3834
2734
July 15
40U June 30
2
52
2734
72i4
Mar
434
6i2
3D4 Mar 30
132
Apr. 11
75
Apr 17
22
4634
29
iuly 15
684 Jan 15
Jan
3ig
*2812
14i2 Jan 25
3334
44
51i4
2834
Mar
19U Feb 20
121i8 July 13
No par
Spiegel-May-Stern Co_.No par
Conv preferred A
4634
*27i2
7134
*3*8^
18is
270
$5.50 preferred..
338
*25
6
2
110
5234
6234
2
Jan
10U2Mar 18
534 Apr 30
678 Jan
4
73*8 June 10
47
*25
Mar
Nov
July 14
34
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
3is
63i4
_
Mar
5D2
2634
314
40i2
29*8
5i2
63i8
838
60
Jan
July
4612
62i4
2534 Nov
5
3
*25
Mar
15
53
6234
9
42
48%
2634
Dec
3
Mar
6
3
617g
1278
6
51
*25
Jan
1934 Jan
x3i2June
1912 Jan
112
714 Mar
97i8May 29
878 July 15
Apr
Apr 30
Jan
884 July
4
II84 Feb
*47i2
6234
434
4318
30U
1434
IIOI2
Dec
1684 Apr
78
3
26
89
Nov
17
32
Jan
July
70
7*8 Mar
Jan 16
8
4912
5334
61*8
2034
4ig Nov
U8 May
Apr
2438June 25
3
3
26
40
Mar
Jan
53
6234
277g
7134
334
1012
5014
73
Jan 17
634 July
3i8
27
31
7
63!4June 12
par
54U
36i2
Jan
S0i8 July 17
4*8 Feb 5
Dec
34
1st preferred
4912
383g
478
6978 Nov
59*g Jan 21
234May 25
6U4May 13
155s Jan 7
1118 Jan
100
Spalding (A G) & Bros.No
600
38*8
36i4
Dec
Dec
Jan
14,500
12,500
38
.
4,100
3ig
3678
43*8 Mar 12
Nov
Deo
8ig
*3
Dec
20*4 Mar
278 Oct
4
9
3034June
334 Jan
1U
3414 July 17
I8I4
4912
52*8
3
7
21
1038
3ig
91
i4 June
*8 Aug
7
Jan
778
54l2
134 Feb
4t2 Feb
19
1734
50
2
Jan
100
Southern Railway
Preferred
8i4
*3
4i8 Nov
20i8 Jan
55
100
33,000
69,400
I8I4
54
7
Mar 31
76
25l2
16i2
1734
49
20i2 Feb
6
2
Apr 23
1234 Mar
5i2 July
18*8
1038
4
56U Nov
1*4 Apr
8
Apr
7
Oct
7
414 Feb
Jan
Mar
3878 Feb 19
100
177g
10%
6
109
23i2 Jan
2
1234 Apr 27
Southern Pacific Co
18*8
8
10134 Mar
Jan
46
Jap
II314 June
114i2 June
13*8 Dec
10434 Mar
Feb 29
9712 Feb
1
13sMay 26
Nov
22
Jan 20
114l2Marll
1638 Jan 13
52
Jan
3
Mar 26
1034
1012
113
Mar
31*8 Dec
2
14
July 17
8is
18is
49i2
8i2
23i2 Nov
4
4
31
IO84
11
12
3*8 Mar
638 Mar
1234 Feb 11
22i2 Feb 6
35t2 Jan 8
160
8*8
8
Dec
7
1034
*9i2
2534
20
Sperry Corp (The) v t c.....1
Spicer Mfg Co
No par
8i2
Dec
10i4 Mar
34 June
1
Apr
6
Apr
2934 Feb 28
Jan
65,500
16,500
1834
377s July 15
Dec
10
Feb
500
81S
8
102
Apr
25
33
18
2
Nov
3
26
*32
19
June
share
82
10i2 Feb 19
150
32
8I4
1878
11
per
117*8 Feb 19
25
32
20 ig
2034
20*8 2U8
2D8
21*8
23
23
2278
243g
2434 253g
25i2 2634
4914
49i2
49l2
49l2
*4934
49% 50
517g
74
75
7134
74i2
7534
X7334
7414
7318
7D2
7U2 73%
72i2
*10688 10738 *107
10738 *105i2 1073g *107
107
107
107*8
*105i2 IO8I4
26
26
*25i2
2578
2578
25
2514
2514
2534
251g
25i4
2514
16
16
16
16
I6I4
1534
16
157g
I6I4
16%
16i8
I6I4
*125
127
*125
127
127
127
126
127
*125
127
1267S *125
Jan
IIOI2 June 30
Highest
per share $
...100
3278
20*8
2014
109
$
Sugar...No par
Preferred
69,600
49l2
*48
So Porto Rico
Southern Calif Edison
*32
23
Jan 24
18
2934 July 10
Lowest
Mobile & Ohio stk tr ctfs 100
3,700
12,700
32
20i2
2
57
No par
Spencer Kellogg & Sons-No par
49i2
U2 Jan
657g Jan
130
23
2
2
77g Jan
100
No pa
No par
80
49io
238 Jan
100
preferred
(A O) Corp..
*74
23
*97g
7%
80
1912
*3*8
Sloss-Sheff Steel & Iron
*74
23
2734
7134
100
80%
32
6214
25
*75
3214
*21
10
80
20
36i8
Petroleum
80
32i4
8i2
Silver King Coalition Mines.5
Simmons Co....
No par
81
3214
197g
1034
No par
•
Simms
1
*1038
Sharpe & Dohme
Conv preferred ser A-No par
Sheaffer (W A) Pen Co-No par
Shell Union Oil
No par
Conv preferred
100
3,200
----
*49*8
...iVopar
Sharon Steel Corp.....No par
$5 conv pref
No par
80U
'•
32l4
(F G)
55
25
24*8
243«
*2378
IU4
137g
14
1378
143g
1334
11212 11312 *11214 113*8 *11214 113
*11214 113
*80
1
80%
47U
4
4i8
414
4
x4is
438
418
414
4is
414
4i8
29
28*8
2914
2834
28i4
28l4
28i4
2834
28i2 2834
2814 2884
159
*153
158
15314 15314 *153
*153
158
*153
15712 *153
158
30
2934
30i8
2934
3014
30*8
3014
3034
31
30i8 30l2 a;30%
35
3414
3478
36i8
3512 36i8
35l2
3678
36ig
3714
3634 3734
1612
1634
1634
1734
18
1714
1734
18
17*8
1778
17is
1812
29*8
3078
3238
3034
3134
3278
31i4
32i2
33U
31i4
3338
34U
*45
*45
*46
4978
4978
4978
*4534
4978
*45i2 497g
*45i2 497g
*7
*634
7l2
7*2
7i2
7i2
*734
778
77g
*7i2
734
734
64
64
*63l4
64
65
*6314
*65
*65
*65i4
67i2
67i2
6712
*108
110
*107l2
110
110
110
110
110
110
no
7
714
73g
718
73g
7
7
714
714
7U
7U
7i2
*8
8U
8i2
878
9ig
9*8
934
103g
1034
10l2
1012
10%
81
1
2,500
4
*80
...1
Preferred
Servel Inc
55
49U
24l2
7434 Apr 28
53sJune 1
22
July 7
7*sJune
85
49
$ per share
5312 Jan
7s Jan
Second Natl Investors
Shattuck
$ per share
100
Sears, Roebuck & Co..No par
230
17,600
4,500
58
Year 1935
Highest
No par
No par
6,900 t Seaboard Air Line
Preferred
100
1,500
3,400 Seaboard Oil Co of Del-No par
200 Seagrave Corp
No pax
414
80
100
350 Scott Paper Co
2*8
35U
7812
preferred
Preferred.
1,300
62l4
234
6%
No par
7% preferred
100
2,000 Savage Arms Corp
No par
21,900 Schenley Distillers Corp
__5
900
5preferred
100
2,900 Scbulte Retail Stores
1
99U
1*8
100
Safeway Stores
v~5j'170
.
39l2
*10
Ruber'dCo(The)cap stkiVo par
7% pre!
100
Preferred
"5,166
12*8
387g
134
Par
20
3434
414
14
14is
*11212 113i2
2l4
1
1
24*8
1378
*17
Lowest
10
9,000 St Joseph Lead
1,900 J St Louis-San Francisco..100
1st preferred
100
9,000
110 t St Louis South western.. .100
434
61*4
*2U
300
10l2
Ranoe for Previous
EXCHANGE
900 Rutland RR
323«
31*8 32
111*2 *109
111%
11134 U134
1238
12l2
3734
38i4
*99i4
1%
10%
2i8
4i2
IOI4
5
20
3U2
47
4778
2434
79
6i2
*81
87
47l2
834
*9114
79
32
32
*3D2
32
3U2
18
18
1734
18i8
18
18is
177g
120'8 121
120
120
*11912 121
120
121
9^4
934
9*8
9
934
9l2
9*8
914
323g
3338
33ig
3334
32*8 333g
325s 3314
4
4
*4
334
4
4
4%
4i8
2534
2534
2534
26
26i8
2534
2534
26i2
*120
123*8 *12014 123
*120
123*8 *120
123*8
18is
Ranoe Since Jan. 1
On Basis of 100-sftare Lots
STOCK
Week
*76
6
23
Friday
13
$ per share
80'4
6
Thursday
July 14
Wednesday
July 15
July 18, 1936
Mar 11
1434 Feb 25
27*8 Apr 4
16i2 Jan 2
14 Apr
II4 Apr
6i4 Sept
4
Mar
16i2 Mar
28*4 Apr
314 Jan
8i2 Jan
1050
7
Feb 29
Mar
2
1234 Jan 31
83
Mar
6
8*8 Jan 20
Mar
30*8
Dec
3t2
Uec
1234 Aug
25
Dec
9
Sept
2234 Dec
33i2 Dec
U2 Nov
6>4
Dec
30U
36*4
Dec
Feb
514 Apr
61 is
Jan
2i2 Mar
Jan
914 Oct
12i2 May
61
May
Dec
978
834
50
44*8
12*8
100
10i2
Dec
Deo
Deo
Nov
Oct
Oct
Dec
2
June
5
Jan
16
Mar
29
Nov
5i8
Jan
1338 Mar
1*8 Mar
17
Apr
7*8 Mar
84
2634
458
28-38
478
Jan
2634
5
Nov
Deo
28
Dec
1578
Dec
I04i2 Nov
48
Dec
13i8
Dec
Mar
72i2 Nov
Mar
14
Mar
7U Mar
Oct
2i2 June
18
S78 Nov
Mar
24*8
4
121
281?
41
Feb
Nov
14
Apr
13i8 May
1078 Feb 18
3238 Mar 2
12
77
Dec 1075
518 Mar
178 Mar
69
Apr
3*8 Oct
3t2 Mar
13
Aug
107i8 Mar 11
10*4 Nov
Mar
Us June
99
Jan 13
133
Jan 17
125
Dec
5234 Feb 19
29
May
5334 Mar
Deo
15U Nov
16
Deo
8I4 Nov
97'8 Nov
678 May
8i4 Nov
2478 Deo
3312 Deo
12*8 Nov
73
Deo
5i8 Nov
87U Deo
133
Apr
50i2
Jan
Volume
HIGH
New York Stock Record—Concluded—Page 10
143
AND
LOW
SALE PRICES—PER
SHARE.
NOT PER
STOCKS
Sales
CENT
NEW YORK
for
Fsnlnrrlmi
Lilly
Out 66/
lYL
1
OTlUu]/
July 11
July 13
$ per share
$ per share
94
94i2
23is
23i2
12534 12578
9834
9834
*26
2312
18
*18
27
w eanesaay
uesaay
July 14
94i8
95i8
2314
233g
12578 129
9834
9834
2634
2678
24ig
18%
24
18
2458
185s
20
20
20
$
per
9434
96%
233S
2334
129
129%
9878
9878
27
2678
2458
2558
19%
1834
*18
2134
S per share
9434
9578
2334
24
129
TpmA /f ff/t |
94is
95%
2334
94%
19,100
9,500
23%
131
6,300
1,300
1,600
134%
9778
98%
97
97%
97
97
27i8
2712
2512
27l2
28%
26%
27%
27%
2434
I8I4
25
18%
18%
*19%
27%
75
9934
1%
*14
4458
*214
9934
1%
15
453g
3i2
*12l2
13
*27
2834
I6I4
*93
965s
164
1338
17
975g
97%
164
1414
-
mm
3514
35i2
355g
3434
3478
7
1114
11%
958
83%
934
293s
29%
335s
65s
63g
634
m2
1178
11
113g
113s
34%
634
11%
83i2
*83
83%
10%
29%
7312
813g
*83
9i2
2834
638
293s
9i2
28%
934
73l2
74
7314
74
7219
80
8034
81
81%
81
7034
*70
70%
61%
'8
65s
*658
*83
34%
*116
70ig
62%
7034
l62
61
71
1%
3,300
14%
46%
47%
3%
18,100
14%
800
2734
18
1734
3,300
96
97%
2,800
15%
17,100
%
%
34%
,364
34%
35%
6,800
*6%
634
6%
7
1,000
11%
11%
1134
12%
83
83
83
83
83
83
10%
9%
9%
19,000
28%
28
29%
28%
29%
22,100
72%
73%
73%
75%
74
7434
8134
72%
78
81
78%
80
5,100
62%
63%
9%
*71
61%
71
63%
79,400
*140
141
*140
141
141
141
*140
142
168
*160
168
*160
168
*160
168
514
5
5i8
5
53g
4%
5%
434
0
1%
1%
1%
1%
1%
1%
1%
1%
1%
-
1%
-
-
_
4,400
31
33
33
18
18i2
18
19%
19%
19%
19%
20%
11,200
41
4H2
191.1
41%
1934
4H2
4H2
41
41%
41%
41%
3,500
33
111
113
46i8
46%
31
*114
mmmm
47%
4734
*114
m
48
33
*30
m
48
33
*30
*114
*114
4734
24%
734
4534
1334
20%
Nov
Nov
Dec
Dec
No par
100
48
1,500
No par
100
No par
No par
100
20
preferred.
100
5
22% Jan
6
5% Apr 30
40% Apr 29
10% Apr 27
9
15
Jan
93
Jan 15
4
July 10
32%June 18
66% Jan
2
1438 Apr 30
109
Jan
7
6% Apr 30
5
Apr 30
6734May 1
57% Apr 29
153
50
1
Mar 23
Jan
2
7
June 27
13% Apr
21% Jan
Jan
7
6
9
10
Apr 29
24%June 4
13
Apr 30
91
Jan
4
80%May
8
6
2
160
May
8% Jan
%4 July 14
t c
No par
Prior preferred v t o
100
U S Realty & Impt
U S Rubber
No par
No par
1st preferred
33%Jun
11
63g Ap 30
10% July1" 2
Preferred
29% Apr 13
9% Feb 17
47% Feb 17
17% Oct
1% Feb
2034 Mar
8% June
4% Mar
16% Feb 4
28% July 14
105
June
2
65
7% Apr • 1
35%May 5
81% July 17
60%
19%
Jan 8
9
12% Feb 7
7% Mar 26
81
July 14
75
Jul? 10
161% July 15
9% Mar
51
29
47
50
78
6
168
2
1
July
9
30
June
9
50
16% July
8
100 £110% Feb 17
40
5
Apr 30
7% 1st pref
Vick Chemical Inc
Nov
Nov
Nov
165
Dec
Jan
Feb
35% Mar
3% Mar
7% Mar
9% Mar
24% Mar
Deo
Apr
165
19% Apr
11% Apr
11% Feb
2
91
34
May
63
Dec
.
Feb
Jan
48
Jan
% Mar
Sept
11% Deo
17%
Feb
July 15
Mar
73
Mar
Jan
Nov
9% Sept
16% Sept
1
Jan 21
July 10
Jan 18
48
"50%
119%
14934
Dec
27% Mar
73% Mar
6% Mar 2
2% Jan 18
114
10% Nov
124%
7334
50%
119%
14034
9134
62%
41% July 11
100
15
87
5
27% Feb 19
2834 Jan 16
Preferred
Jan
96
143
Apr 9
Apr 9
Apr 11
3% Jan
2%
4% Mar
96% Jan 24
16034 Feb
Vanadium Corp of Am .No par
Van Raalte Co Inc
5
Mar
Jan
100
No par
Preferred
Nov
3% Oct
2038 Oct
39% Dec
July
Mar
Utilities Pow & Light A_____l
Vadsco Sales
No par
U S Tobacco
73
22% Dec
3
75%
72%
13234
143%
100
Oct
73% Nov
Dec
1938 Mar
53
68% Jan 3
46% Jan 21
115% Jan 7
131
Apr 27
50
100
Preferred
78
Oct
4
2
Nov
11% Dec
7% Jan
4% Mar
65% Mar
5
July 16
18% Nov
110
Oct
Mar 12
Jan
Jan
9234 May
% June
Apr 15
8034 Apr 9
Jan
Aug
5
35
13
Dec
Feb £159%
11
Feb 17
85
7%
1434 Mar
110% Feb 15
169% Feb 18
15% July 17
% July 17
59
Apr 2
9% Jan 27
1838 Jan 28
8
Jan
96
7g
Jan 23
Mar
-
Dec
9%
19% Jan 23
39% Jan 2
99
Mar
133%
Apr 7
3% Mar 24
22% Mar 23
47% July 15
20
Oct
87% Mar
2% Jan
3% Apr
46
Apr
115
5
Mar
3% July
113% July
7% Apr 30
163g Jan 2
71
100
Smelting Ref & Mln
U S Steel Corp
110
_
...20
U 8 Industrial Alcohol.No par
U S Leather v t c
No par
20
47%
47%
1
100
Rights
-
18,800
41l4
*31
1105s 1105s
4534
4534
100
-
5
Jan
Aug
U 8 Hoffman Mach Corp
3,600
*160
12434 12434
Nov
Nov
Preferred
400
71
62%
125% 126%
72%
62%
141
12434 12538
20
26%
78
U S Gypsum
U S
Mar
Jan
Preferred
600
7
46
No par
U S Freight
U S & Foreign Secur
9,700
81
10%
4% Mar
July 17
J.No par
U S Pipe <fc Foundry
U S Distrib Corp
v
20% May
6
83
Paperboard
Class A
28% Jan
Jan
Jan 21
Preferred
5,100
20% Oct
9% Mar
68
t Universal Pipe & Rad
7%
31% Feb 7
32% Feb 18
21% Apr 4
2834Mar 6
Dec
90% July
26% July
3038 Dec
1334 Dec
118
United Electric Coal._.No par
United Eng & Fdy
1
United Fruit
No par
18,800
15
2
24
111%
Feb
Oct
__.5
United Dyewood Corp.___.10
Preferred
100
360
16134 162
Jan
14%
82% Mar
79% Mar
June 10
111
United Drug Inc
100
98
*93
168
1834
4178
Preferred
530
28%
*2%
*13
13
16% Apr 27
24% Mar 18
100
Jan 11
United-Carr Fast Corp.No par
United Corp
No par
60
*140
33
90% Jan 2
225g Jan 2
20% Apr 30
96% July 14
28% Feb 7
138% Mar 6
117
Universal Pictures 1st pref.100
1%
*1334
*160
41%
3
Jan 18
320
700
168
*18%
71% Jan
20% Apr 30
108% Jan 7
Highest
$ per share $ per share
44
Jan
7534 Nov
113
70
35,000
1,800
141
*31
$ per share
No par
United Carbon
t United
78
*160
1%
I per share
100
Preferred
United Gas Improve
Preferred
75
*140
5%
1%
No par
200
75
124
5
United Biscuit
200
73,600
634
124
1243g 124%
5
v t c___5
No par
m
m
95S
2778
*70
61
6212
124l2 12512
132
33%
m
78
.
'64
Corp
Transp
United Amer Bosch
160% 160%
*97 '
99%
—
'64
No par
United Stores class A..No par
Preferred class A
No par
Universal Leaf Tob___.No par
Preferred
100
6%
634
■
-
Union Tank Car
Un Air Lines
200
17
173g
17%
17%
17%
17%
112%
112% 11219 *111% 11234 *112
8
8
8
*7U
734
*7%
634
6%
7i8
*78
8018
80%
8018
■'
75
75
75
75
7412
74%
74%
74%
*160
*160
160
161i2
16U2 *160% 161%
100
100
*97
99% 100l2
9978 100
99%
1
Us
Us
1*8
1%
1%
1%
1%
*14%
14i2
14%
14%
1458
1434
*1334
14%
44
44l2
4514
4612
46%
46ig
4714
45%
*2l2
312
*2l2
3%
*2l2
*2%
3%
3i2
13
13
14
1434
1334
1314
133g
13%
28
*27
28
28
27i2
27i2 27i2 *27%
17
17%
1734
1734
1734
1734
1734
1734
*93
*94
*93
96
96
9758
9758
96%
98
97
98
9714
97l4
9734
965s
*96%
164
164
16312 16312 *163% 164
164%
164%
14
*1358
1334
1378
13i2
13%
1334
15%
-
100
98,600
m
75
Preferred
20,200
2134
27
2614
2634 27%
26%
26l4
2778
2,200
27i2 28
27%
114
114
*110
114
*110
*110
*110
114
*11212 1143, *112% 115
82
81
80
83
81%
82%
7914
79%
7934
8034
81%
2,900
80i2
25
25
26
26
26
800
26%
2478
25%
26%
2478
*26% 27%
8
8
8
8
8
734
734
8%
734
8%
205,700
734
734
45
47
4514
46% 47%
455g
45l2
4634
45%
45%
45%
47% 21,000
1338
1318
133s
13l2
13%
13%
133s
13%
13-ig
13%
13%
13%
10,800
2758
283g
2714
26% 26%
26%
2778
2758 28i4
27l2
277s
27%
7,800
102
102
20
*10034 102
*10034 102
*10034 102
*10034 102
*10034 102
458
4%
438
4i2
4I2
412
412
4%
434
4%
434
4%
1,700
347s
3434
*3334
*3334 34i2 *34
*3334 3478
*3334 3434
*3334 3434
7734
7838
7734
783g
79%
7734
7734
78i2
79%
79%
79%
81% "5",300
*160
25
100
19
18%
2134
*19
19
Year 1935
Lowest
Highest
'
1878
19
26%
17
17
16%
1678
1634
1658
*11214 11314 *11214 114% *11214 113%
8
*7i8
7%
*714
7%
*714
57s
578
678
578
7iS
6i2
78
80
81
77%
79%
77%
Union Carbide <fe Carb.No par
Union Oil California
Union Pacific
United Aircraft
Range for Previous
100-share Lots
Lowest
Par
27%
26%
On Basis of
"
Shares
95%
£23%
12834 130i4
Range Since Jan. 1
STOCK
Mp.p
"■
Week
17
$ per share
$ per share
23i4
1303g
July
rvPir A
■f "ho
IrlG
rTXddy
July 16
July 15
share
0 Urti t
J fltlTblLiiy
T* ~h 1 it
391
July
Nov
Nov
May
Aug
4% Aug
2
Nov
56% Nov
2134 Jan
33
Nov
114
Nov
44%
Dec
'
*75
5
34%
-
"&m
mm
m
-
*75
^
m
*75
*5
5
5
5
35
35
35
—
-
-
-
*75
«.
•
-
5%
5%
35%
*34%
5
35
35%
*75
*75
"5
5
34-2
4%
m
m
m
m
m
~5
5", 900.
34
Vicks Shr & Pac Ry Co comlOO
Va-Carolina Chem
No par
2,500
32
35
m
6%
7%
mm
*114
rnmmm
*114i8 115
114% 114%
*414
534
*4%
534
*4i2
*14i2
*125i2
22%
*14%
22%
*14%
*71
76"
*125io
*128% 137
3
678
3
7
*71
534
30
114% 114%
*4%
5%
*1412
*14%
23%
*14%
74"
*71
1257b
1257B
74"
*72
74
*130
137
7i2
714
7i2
114% 114%
*4%
5%
*124
"74"
*71
*12819 137
*130
137
*12812 137
3
278
278
278
2%
278
7
120
23%
23%
*12519
*125%
76"
"
114% 114%
*45g
578
7%
734
*72
*130
137
•3
3
734
2%
734
8%
7%
.5% preferred
Virginia Ry Co pref
100
7
*434
7
*434
6
*434
6
*434
6
50
143g
14i2
1458
1434
1419
1478
14%
1434
1434
15
4.700
Waldorf System
2,000
Walgreen
*80
1
1%
3984
*803g
*80
~~1%
40%
8034
1%
3834
*S012
*102
105
*103
107
107
107
98
734
*80
"l%
1%
3978
8034
3834
103i2
107
98
98
98
*120
121
121
121
*113
113% *113ig
9%
91S
9
*16%
*2
5%
_
.
9%
7%
73g
*803g
7i2
*80
"
1%
39
8034
103% 103i2
10714 107U
98
9812
*120
712
121
"1%
38U
S134
103
103
107
107l4
98
98
120l2 121
113% 11312 *113% 11319
938
912
978
9%
*17
1734
1734
1734
2i8
2>S
2%
2i8
578
6
*2i8
57s
2%
5%
6
618
2%
6i2
*17
18
18
*80
1,200
Preferred
Ward Baking
Class B
89%
87'8
8912
40
4012
40
405g
40%
42l2
4114
427g
41%
*3712
22
38
22
*37%
22
38
22%
24
24
24
*84
86
85%
2284
233g
15
15%
22i2
15%
4*8
414
2258
414
2314
4
4
8%
8%
*22
*334
8
25
2514
*87
22%
1538
15%
4%
4I4
22i2
334
2234
4
8i8
8
3:77
2334
*70
*99
2512
88l2
233g
15%
4%
22i2
60
10
12,100
135
146
120
25
1,900
Weston Eleo Instrum't.No par
2419
75
....
24%
*70
25
,75
*99
24%
25%
*70
4,300
""16
2619
*263g
27%
88%
*87
90
22%
143.J
4U
23
22%
23
22%
23%
20,600
15
15
15
15
15%
2,600
.414
4%
4%
22%
27
27
1,300
*87
90
300
4
4
22%
22%
22%
*21%
334
334
334
*&34
4
3%
8%
7%
8
7%
700
334
778
8
1,700
79%
78
78
77%
77%
2,200
53
53i2
53%
53%
53%
53%
16,700
28
30%
30%
31%
4,200
66%
65%
55i2
85%
6678
6634
28%
67%
53%
28%
53%
2734
67%
70%
71
72
1,760
55%
8714
56%
57%
58
60
2,600
8634
83l2
8834
60%
90%
60%
82%
903g
750
5612
*68
6878
6878
6878
*39
40
3938
393g
18%
1778
18%
1778
*127% 128
128
128
*68
39l2
18%
132
6812
68i2
68%
6884
68%
1,200
39%
40
39
39
68%
39%
68%
40
39%
1,300
1834
18
1834
18%
18%
18%
19%
68,600
134
*130
134
133
132
45
45
45
4512
45l2
46
46
46%
46%
46%
6434
6512
6478
66
65
66I4
66%
68
67%
69%
116
*114
*114
30
*6i8
117
*112
303g
2934
3012
6I4
6i8
6%
*112
115
115
1161s *112
29
2984
29%
285g 29%
287s
6%
6%
63g
6i8
6%
6i8
134
4634
6734
114
134
80
48%
2,500
68%
34,600
115
29%
6'«>
200
31%
6%
86
Feb 19
10% Mar
White
Motor
50
14,100
•
3,000
S6
preferred
Woolworth (F W) Co
118
Jan 16
10
Feb 28
19
Feb 25
22
100
10
100
79
14%
57%
2%
10%
94% Jan 6
123% Jan 7
22%June 8
36% Jan 14
19% June 29
21% July
1
July
8
84
18% Feb 3
13% July 7
3% Apr 28
16
Apr 28
2% Jan 7
6%June 19
70
June 20
Dec
Dec
8
14% Mar
52
Feb
Feb 29
% Mar
1%
Mar 31
2% Mar
6%
17
Aug
20% Aug
25% Dec
32
Sept
6
4
Mar
June 23
85
Apr
1
Jan
30%
Jan
11% Feb
85
2% Jan 13
46% Jan 2
82% Feb 7
72
99
116
4
36
104%
Mar 23
Feb
95
95
-
Feb 13
18
48% Mar
Dec
338
Jan
7%
Jan
Mar
32% Mar
Feb
10
Mar
39
29
Jan
1634 Mar
June 24
18
Jan
1
25
Mar
17
Mar
14% Mar
46% Jan
6% Mar
6
12% Oct
1% Mar
5% Jan 13
24% Jan 10
5% Mar 30
11
87
6
Mar
58
Apr
Apr
51
Jan 15
Jan
1
3%
Jan 14
Jan
25% Mar
20
Apr
35% Mar
7334 Mar
1734 Apr
5
75
Mar 23
66
Mar 23
Mar 11
Wrtgley (Wm) Jr (Del).No par
.25
66
May 15
79
Feb 10
33% Apr 28
8% Jan 3
45
Jan 23
.1
1934
"0
106
No par
Dec
Dec
July 17
37% Jan 10
109% Feb 19
28% Mar 4
-
20% Mar 26
Nov
10%
3334 Jan 25
June
Feb
3
55% Nov
84% Oct
91% Dec
99% Nov
92
146
28% Jan 10
90
120%
11434
135
3
2%June
126
33%
38%
50
19% Dec
24% Jan
434 Dec
20% Dec
3% Dec
9% Nov
79
Nov
65% June
25% Nov
61
Nov
51% Nov
68
Dec
8234
Apr
35% Nov
9% Deo
138
May
5
31% May
96
55
Apr
6
18
Mar
69% July 16
13
Mar
53%
46%
6
118% June 25
31%July 17
\
Nov
32% Nov
1
2% June
Dec
102% Nov
6
4
Dec
Dec
25% Nov
35% Sept
6
938 Jan
Dec
3534 Dec
9834 Nov
83% Jan
42% July
38% Apr
1% May
Nov
77% Nov
41% Jan
11% Jan 28
5% July 7
Dec
734 Nov
Jan
Jan
3
July 16
Jan
30%
Mar
5% Mar
7% Mar
1% July
2-% Feb
20% Mar
7
7
Mar
39% Mar
July 16
9% Feb
Jan
34
105%June 4
Apr 21
110
6
Zonite Products Corp..
Jan
7% Mar
28% Feb 19
29% Jan 2
1134 Mar
Jan
Dec
Dec
25% April
56% Feb
105
Dec
Dec
4
Zenith Radio Corp
11
10%
Jan
100
mmmmmmmmmm
Feb 19
62% Jan
preferred
Apr
6% Nov
3
35% Mar 23
47
5Vi%
9% Nov
33% Dec
120
28% Jan
2% Mar
1%
4434 Apr 23
100
100
Mar
5
12% Feb 21
20% Feb 24
100
Preferred
May
47
8% Apr 27
15
Apr 30
2
Apr 25
5% Jan 2
72%May 4
3434 Jan 13
Preferred B
Young Spring & Wire..No par
Youngstown S & T
No par
Feb
mrnmm-mm
mmmm
June 25
For footnotes see page 382.
1%
122%June 30
Preferred A
Yellow Truck & Coach cl B.10
Jan
83
11734 Dec
3% Nov
534 Dec
4% Dec
Feb
Wright Aeronautical—No par
Yale & Towne Mfg Co
May
114
July 17
6
6
23% Apr 30
56
Apr 30
Worthington P & M
1
4% Mar
26% June
34%June 24
80
White Rk Min Rpr ctf..No par
White Sewing Mach
No par
Conv preferred
No par
3
734Mar 6
15% Feb 11
100
100
63% Mar
109% Feb
1
Apr
134 Mar
137%June 10
4% Feb 5
4
5
27
87
33' Nov
126
Jan
No par
78%
56i2
112% Dec
734 Nov
Jan 14
No par
Jan
Feb
50
Preferred
120%, jOct
June
34
Wheeling Steel Corp
Deo,
Jan
2
6% non-cum pref erred.. 100
Wilcox Oil & Gas
5414
66i2
Westvaco Chlor Prod..No par
Wilson & Co Inc
28
85
No par
1,400
77
5678
A
12,600
5312
2758
67
Class
Dec
Dec
15
Wheeling & L Erie Ry Co.. 100
75
*99
77%
89
1Q0
25
5378
89
100
146
2778
*55
J. 100
100
134
30
Feb 25
116% Jan
25%
5312
*66
preferred
Preferred
78
11134 Jan
135
88I4
*78
2d
Western Pacific
1% July 11
100
145%
8%
78
Maryland
37
7
May 29
3% July 17
100
145
27i2
77i2
Western
lOOf
132
257s
*21
preferred
47s
8
9% Feb
2% Apr 29
47% Jan 2
9% Apr 30
44
Apr 29
%June 18
458 Jan 2
15% Jan 7
21
Apr 30
19% Apr 28
Feb 20
6%
63
34% Feb 21
87
6% preferred
West Penn Power pref
145
38%
3
2
13378
*37%
5% Jan
2% Mar
17% June
30% Feb
26% Apr 17
17% Apr 17
10% Jan 4
7
Westingh'se Air Brake.No par
Westinghouse El & Mfg....50
1st preferred
50
33,100
Apr 30
115% Apr 2
Jan
11,000
900
6,900
30
96
100
42%
200
7
2
7
9134 Jan
Preferred
41%
SO
23
60
Jan
9% Jan
Conv preferred......No par
West Penn El class A ..No par
42
38
*70
310
7
3 3% June 30
Western Union Telegraph .100
38
*99
50
6
100
28,800
38
80
100
340
Apr
28g Jan
wells Fargo & Co
.1
Wesson Oil & Snowdrift No par
90%
38
100
81
103
72%
4
6%June 9
83 May 26
No par
89%
38
*70
Webster Eisenlohr
Preferred
81
No par
90%
*3712
22%
100
pref
2%
25%
80
Convertible
17%
25U
105
No par
Warren Fdy & Pipe
No par
Waukesha Motor Co...
5
"
103
No par
No par
2%
684
7
25
*99
pref
Quinlan
5
17%
2%
24%
*70
.87
23%
131
18
conv
100
1,900
113% 113% *113%
2%
_'
3,300
106% 10834 £10734 10734
99
99
98%
*9634
121
120% 120% *120
87%
*143
mm.
2,100
5,200
89
131%
mm'mm
""376
*17%
..i
'
1%
934
$3.85
t Warner
39%
9%
.No par
Warren Bros
.1%
9%
No par
class A ...No par
Warner Bros Pictures
1,800
38%
8714
2419
300
Preferred.
3,700
1%
89
138% 139
96,700
38%
87
130
400
"
8134
*81%
*103% 104
No par
'
7
*6%
100
Walk(H)Good & W Ltd No par
*llo
38
6%
88%
127% 128%
128% 131%
*138% 145
*139% 145
25
26
2534
2534
7%
*80
*138
37f-s
*8038
*638
Co
2,200
114%May 15
Apr 27
5
11,400
11,800
Mar 24
May
4%June 29
No par
No par
preferred
t Walworth Co
'
73g
Preferred B
23,200
.
130
4
85
6
100
*434
mmmmmm
4
14
June
Jan 23
Jan
100
Preferred A
45g
14%
7%
109
100
45s
7
105
75
8% Mar 16
48% Mar 19
133%May 27
100 £114% Jan 16
70%June 24
100
Detinning
141.1
34
33
*33%
337g
33%
33i2
3-3334
3334
33lg
33%
*32%
32%
*11714 118
*11714 us
*11714 118
*11714 118
*117% 118
*117% 118
7
7
67s
67s
73g
634
634
7%
734
7%
7%
7
33
34
32 %
3319
3414
331"
323g
32%
33%
3234
323g
32%
18
18
18
18
18 "
18
18
18
18%
17%
17%
*17%
18
22
1838
1834
*1734
19%
18%
19%
20U
20%
20%
*19%
*3
3%
314
3%
3%
3%
3i2
3%
3%
3%
3%
3%
*7119
74
74
*72
75
75
73%
75
*71%
73%
73%
73%
IOI4
1078
11%
1134
Ills
11%
11%
11%
1034
11%
11%
11%
*45
53
54
54
*53
53
55
53
53
52%
54*8
*52%
1
%
%
34
%
34
34
34
34
*84
8
8
00
8
8
8
778
8%
83g
83g
8%
8%
23
22
23
*19
*20
23
*185s
*18%
22%
*18%
22%
*18%
*26
26
x26
26
261,1
26>4
26%
2612
2678
26%
*2534
26%
*22
*22
a:22i 2
23
22i2
2334
23%
23%
22%
2334
23%
24%
7
32
100
t Wabash
5,200
4% Jan
No par
*
Preferred
1,600
2%
6
100
Va El & Pow 86 pref
Vulcan
May
100
preferred
preferred
Virginia Iron Coal & Coke.100
"166
72
105
Nov
Deo
Dec
Deo
1434 Nov
734 Deo
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Members New
York
Stock
Members
York
Curb
New
Exchange
Exchange
NEW YORK
15 BROAD STREET,
tJ
A.
9-4600
Telephone BOwling-Green
New York Stock Exchange- Bond Record, Friday,
392
On Jan. 1, 1909
the Exchange method of quoting bonds
are
N. Y. 1-1793
Weekly and Yearly
changed and prices are now "and interest"—except for income and defaulted bonds
was
NOTICE—Cash anddeferred delivery sales are disregarded in the week's range, unless they are the
regular weekly range
TWX,
& T. Teletype
transactions of the week, and when selling outside of the
only
No account Is taken of such sales in computing the range for the year.
shown In a footnote In the week In which they occur.
Friday
Week's
Friday
Week's
Last
Range or
Range
BONDS
Last
Sale
Friday's
Bid
&
Asked
IS
Since
N. Y. STOCK EXCHANGE
Sale
Range or
Friday's
§3
Jan. 1
Week Ended July 17
Price
Low
No.
BONDS
N.
Y.
STOCK
EXCHANGE
Week Ended July 17
U.
S.
&
8
Price
NA,
Government
High
Low
117.23 117.18
117.30
A
O
107.23 107.23
108.8
337
105.24108.11
J
D
113
112.36
113.6
412
111
113.10
726
109
111.19
15 1943-1945
Treasury 4s
Dec 15 1944-1954
Treasury 3*s
Mar 15 1946-1956
Treasury 3*s...June 15 1943-1947
15 1951-1955
115.3
111.7
111.6
111.17
J
D
108.2
108.2
108.17
32
104.8
104.8
104.22
371
102.20104.30
105.15 1306
102.29105.20
Sept
June 15 1946-1948 J
104.23 104.23
D
15 1940-1943 J D 108.3
15 1941-1943 M S 108.20
15 1946-1949 J D 105.24
15 1949-1952 J D 105.24
106.17108.20
108.3
108.13
108.20
108.31
105.24
106.9
188
103.24106.13
105.24
106
197
103.19106.15
160
108
697
11941 F A 108.20 108.20 109
Treasury 3*s.__Apr
15 1944-1946 A O 107.13 107.12 107.27 905
Treasury 2*s
Mar 15 1955-1960 M S 101.31 101.28 102.17 2311
613
Treasury 2*s.-_Sept 15 1945-1947 M S 103.10 103.10 1C3.25
Treasury 2* s—-Sept 15 1948-1951 M S 101.21 101.20 102.8 3209
Treasury 2*s_
1951-1954 J D 100.25 100.23 101.8 5280
Federal Farm Mortgage Corp—
117
3*s
Mar 15 1944-1964 M S 109.27 103.23 104.11
221
3s
May 15 1944-1949 M N 102.28 102.28 103,11
J
103.17
103.30
119
Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
.May
1 1944-1952 IVI N
102.16
102.20
14
15 1942-1947 J
2*s
1 1939-1949 F
1942-1944
2*s series B_.Aug
2*s series G_.
....
102.15 102.12
103.1
469
109.9
108.5
109.12
105.12 108
102.17
100
100.31103.26
101.7
102.13
100.23101.11
102.20104.20
100.26103.14
101.20104.1
100.15102.20
100.17103.7
101.2
101
101.20 1944
101
101 20
99.17101.29
603
♦Sink fund 6s Feb coupon on. 1947 F
19m
Akershus (Dept) ext 5s
♦External
s
f 7s series C_
1945
s
f 7s series D
1945
J
♦External
s
f 7s 1st series—1957
O
♦External
sec s
f 7s 2d series.1957
O
♦External
sec s
f 7s 3d series. 1957
o
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks 6s._.1960
Argentine 6s of June 1925
1959
D
D
O
r
J
♦External
External
s
f 6s of Oct 1925.. 1959
External
s
f 6s series A
O
Extl s f 6s of May 1926
s
f 6s (State Ry)
—
Extl 6s Sanitary Works..
Extl 6s pub wks May 1927..
Public Works extl. 5*8
Australia 30-year 5s
External 5s of 1927
9
5
6
100 M
100 M
4
101
5
8
10
7M
10
♦7s Nov 1 1936 coupon
50
22
101
35
37
97 M 101
1961 F A
1961 M N
A
1962
J
1055
100 M
100M
100M
101
1952
1942
1955
External g
Apr 15 1962
Deutsche Bk Am part ctf 6S--.1932
§*StanSped extd to Sept 1 1935—
Dominican Rep Cust Ad 5Ms.. 1942
1st ser 5 Ms of 1926
1940
2d series sink fund 5 Ms
1940
♦Dresden (City) external 7s.-.1945
26
97 * 101
7
"Ioom
99M
50
94 * 100 M
106*
106 M
107 M
30
104 M 107*
106 M
107*
69
104 M
101M
101*
98
98* 101*
96M
61
90 M
97
22 M
32
"loi*
96
J
97* 101*
M S
24 M
6
17
105 M 110
43
101M 109*
109
118M
105M 109M
J
105 M
107M
105M
D
115M
115M
107M
107M
116M
106*
106M
*101*
106 M
102
5
22 M
23 M
22 M
"l
23 M
2
32 M
27 *
68
27
35
22
26 M
18
21*
32 M
s
f 6
A
O
27*
♦External
s
f 6 Ms of 1927—.1957 A
O
27
25M
F
26 M
D
104*
Budapest (City of)—
♦6s July 1 1935 coupon on...1962
C-3
1960
6s.-.1961
f 6s
ser
1961
.1961
♦6 Ms stamped
,
1961
Extl s f 4M-4MS-U
....1977
Refunding s f 4*-4*s
1976
Extl re-adj 4*-4*s
1976
Extl s f 4*-4*S——1975
3% external s f $ bonds:
1984
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off..1967
♦Sink fund 7 Ms May coup off 1968
Canada (Dom of) 30-yr 4s.....I960
5s..;
..1952
30 M
6
95
102
101
4
95
101M
104
104M
2
27m
1
6
98
97 M
S3
68*
69M
101* 104 M
27 M
95
93
"2
92 M
38 M
99 *
100M
99
1
70
17
55
69 M
71
84
71
66 M
66
"48"
J
M.N
70
65M
65M
65M
41
55 M
58
33
57M
67M
66
66 M
67
3
59M
69 *
47 M
70 M
6
61M
48 M
14
39 M
68M
71M
48 M
*14M
65M
98
69
j
15M
13
16 *
13
17m
"18
66
16
16
2
O
109M
109
110
64
105* 110
114M
114
114 J*
31
111M 115
102 M
45
Aug 15 1945 F
A
J
19
99M
"I6i"
101
"35
*30 M
22 M
35 M
35
96 M
94 M 102 M
45
32 M
♦Farm Loan
s
f 6s__Jul>
.1961 J
1954 J
1950 M
15 1960 J
29*
29M
29*
7
27 M
37 M
36
♦Farm Loan
s
f 6s. .Oct
15 1960 A
o
29
28M
29
4
27
34 M
15 1938 A
o
34
32 M
34
25
28
37
♦Carlsbad (City) sf8s—
♦Cent Agric Bank (Ger) 7s
♦Farm Loan 6s
ser
A Apr
J
S
J
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s
1960 A O
♦Extl sinking fund 6s
Feb 1961 F A
M
15
104 M 106 M
102*
19
100 M 102 M
99*
69
*37 M
39*
93M
99 H
37
48 M
21M
71M
68
68 M
30 M
41M
70 M
O
*64
M N
*23
"24"
1967
1945
1956
♦Frankfort (City of) s f 6*8—1953
French Republic 7 Ms stamped. 1941
7 Ms unstamped
1941
J
J
J
*95
107
107
101*
102*
M S
♦5 Ms of 1930 stamped
1965
♦5Ms unstamped
..
1965
♦German Rep extl 7s stamped. 1949
♦7s unstamped
1949
AO
1958
♦(Cons Agric Loan) 6 Ms
a
f
J
D
167
190
170
182 M
82
22H
29 M
24*
24
25
24
20
29
32 *
31*
33*
27
29 M
39 M
28
3
36
37
18
37
25
34
27M
27 M
28
26
45M
34 M
37 M
31M
26 M
26 M
26 M
23 M
28M
98m
98M
98*
20 M
20 M
*30
♦6s part paid
1968
O
Haiti (Republic) s f 6s ser
A—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 7Ms '50
Helsingfors (City) ext 6 Ms—-1960
O
J
O
28 M
"36"
8
2
20
*16
105 *
25M
105M
*18
29
1945
♦7s unmatured coupon on
1946
♦Hungarian Land M lnst 7MS-1961
♦Sinking fund 7Ms ser B
.1961
♦Hungary (Kingdom of) 7 Ms.-1944
♦7Ms unmatured
16M
105*
Irish Free State extl
s
'
IVI N
F
Italian Cred Consortium 7s A.. 1937 IVI
S
Italian Public Utility extl 7s... 1952
Japanese Govt 30-yr s f 6 Ms.-1954 F
sec s
f 7s ser B
Extl sinking fund 5*8--
1965
20
17 H
16 H
"27"
M
23
130
60*
"a
83 M 100
53
83
116
84M
98
*96
83
J
71
73
16
A
99M
97M
83*
99M
84*
67
84*
45
78
89 M
31K
32 M
4
25
32 M
23*
23*
4
23
♦7s with all unmat coup
1957
♦Leipzig (Germany) s f 7s
1947
Lower Austria (Province of)—
D
♦7Ms June 1 1935 coup on ..1950
D
♦Medellin (Colombia) 6 Ms. —1954
♦Mexican Irrlg assenting 4 Ms. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 5s large
♦Assenting 5s small
♦4s of 1904
100 M
*99
1954
♦Assenting 4s of-1910 large
♦Assenting 4s of 1910 small.
♦§Treas 6s of '13 assent (large) '33
♦§ Small
Milan (City, Italy) extl 6 Ms—1952
98
9M
9M
6*
7*
4
6M
6
*9*
10*
9M
9M
10*
10
5
....1954
6
6M
73
6
5M
6M
39
5*
...
Minas Geraes (State)—
Sec extl s f 6 Ms
-
-
5M
6
222
8
8
10
7*
A
8
30
Sec extl s f 6*8
New So Wales (State) extl 5s_.1957 F
External sf5s
Apr 1958
Norway 20-year extl 6s
20-year external 6s
9
17M
104
103
104
103
106 *
1943
..1944 F
106
103M
106 %
*
8
19
7
3
102
101M
106 M
102
1956
IVI
101*
101*
101H
60
1965
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6s
1953
Extl deb 5Ms--....1958
Oslo (City) 30-year s f 6s
1955
Slnksng fund 4 Ms
1955
Panama (Rep) extl 5 Ms
1953
A
96*
96 *
96 M
106
*103M
20M
"20 M
*91
106M
External sink fund 5s—1...1963 IVI
External sink fund 4 Ms
External s f 4Ms
J
F
IVI
80 M
79
M N
75 *
74
18
12 M
12 M
13M
8
M S
♦Peru (Rep of) external 7s
D
♦Nat Loan extl s f 6s 1st ser.. 1960 J
"l3M
12M
12M
-3*
54
12
13M
13
7
12
13*
"l2
12
12
13
11M
40 M
12 M
52
19M
27 *
25 M
25 M
67
17M
17M
12 *
19
74 X
1C3
A
13M
19
74 M
73
17 M
O
1958 IVI
1959 M
♦Extl
8
A
O
J
D
♦Nat Loan extl
80 M
11
753^
12
!01M
97
*105
s
IVI
63M
f 6s 2d ser.1961
HM
Poland (Rep of) gold 6s
1940
Stabilization loan s f 7s___._1947
External sink fund g 8s.
Porto Alegre (City of)—
♦8s June coupon off..
48
"43M
J
J
MN
11
53
42 M
63 M
48
20
20
*16M
*99M
-
17M
101
5
7M
7*
50
7M
9M
9
77
19*
15M
14*
19*
100* 104
101
103*
104* 107*
105* 108
100 M 104*
99* 102*
96*
97*
102* 102*
18 M
27
78*
86*
72*
82*
101* 104
96* 97*
106
90*
58
81
28
37
17*
19
16*
16*
80*
185
44
111*
105
40
96
16
22
15
19*
13*
73
48
12*
12*
143^
.-11M
11X
60...
1950
1961
♦7 Ms July coupon off-—-—1966
Prague (Greater City) 7 Ms
1952
HM
7 U.
10*
12M
67
37
15M
15M
14M
10*
4*
4*
4*
6*
5*
104
70
70
s
9
27
105M
63*
-1947
1959
19
J
96 *
1963 IVI N
f 5s ser A
♦Stamped
.5
101N
IVI N
7*
7*
31*
101
4
6M
♦Assenting 4s of 1904
12 M
23M
77
51M
91M 100
Jugoslavia State Mtge Bank—
13
23 M
87 M
IVI N
14
22 *
38
45*
112M 115
82*
16
22 M
32*
25*
26
82 M
73
14 M
22 M
30
86 *
45
45
*112*
86
S
1947 IVI
External
17
20 M
*20 M
*18M
A
f 5s_ .....I960 MN
1951 J D
Italy (Kingdom of) extl 7s
20
20 M
J
M N
Pernambuco (State of)—
♦78 Sept coupon off
22 M
19 M
19
J
coup on...
15M
15*
13 M
98M
26 M
24M
104M 110
93M
Hungarian Cons Municipal Loan
13 *
41
27
149 M 183
151
172 M
26
A
3
20 M
18
104 H
25*
*34
1968 F
14 M
14 M
20M
13
101
25*
7s.. 1964 MN
7s part paid
♦Sink fund secured 6s
15M
*39 M
"16
189
176M
1964
ser
♦
15M
D
5
8
189"
•
—
14
♦Cologne (City) Germany 6 Ms. 1950 M S
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961 A O
♦6s July 1 1935 coup on. Jan 1961 j
J
21M
164*
176
176
D
13M
1962 M N
20 M
164
97 M
105 M 108 M
28
J
10
13
54
165
22
D
93
"l
163*
20 *
D
J
14M
14M
101*
IVI N
14M
*~H*
67 M
1949 JD
1949
7s unstamped
German Govt International—
17
96
M S
(Republic of) 7s
External 7s stamped
69*
J
14 *
60 M
105M
105 M
106
A
14 *
For footnotes see page 397.
.96 M
101M
98 *
67
J
(Hukuang Ry) 5s.--.1951 J
101
101*
61M
61M
♦Extl sinking fund 6s_ .Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External sinking fund 6s
1963 M N
♦Chinese
34 H
103
105M
64
15M
O
89
69
16
1961 A
14
64
15*
1960 M S
90M
67
14
f 6s
37 H
90
s
13*
s
93
10
100
O
14
♦Guar
41
A
21
♦Chilean Cons Munlc 7s..
T4
92
4
49*
IVI
32
D
26
101M
90
S
44
1957 J
1961 J
96 M
99 H
99m
15
♦Chile Mtge Bank 6 Ms
♦Sink fund 6*s of 1926
♦Guar s f 6s..
"41
101*
14M
14M
14*
14*
Jan 1961 J
100
106"
14M
14M
f 6s
23
28*
101
89
14M
s
18
28
100
loo"
90
14 *
♦Ry ref extl
81M
'
M N
A
97
70M
96M
1948
El Salvador 8s ctfs of dep
83
*80
J
88 M
47
5 Ms
4 Ms
29 *
102
83
f 6 Ms.
10-year 2 Ms
25-year 3*s
105
98* 102 M
19
28*
19
27 M
35 *
27 M
22 M
30
101
27M
98M
*£7M
97M
Buenos Aires (City) 6 Ms B-2..1955
External s f 6s ser C-2
1960
♦Buenos Aires (Prov) extl
♦6s stamped
26
18
101
101
A
..1950 J
107*
24 M
A
S
57
26
101
Sinking fund 8s ser B
97*
97 M 101
97 M 101
100*
100*
♦External
Sinking fund gold 5s
20-year s f 6s
A
36
96
81
*100
S
F
19M
20
20 M
99 M
17 M
92 M
94*
28
IVI
External gold
101
M
49
D
99M
Denmark 20-year extl 6s
97 M 101
101
100M
M
98 *
3
High
80 M
99M
Sinking fund 5Ms
Jan 15 1953
♦Public wks 5 Ms
June 30 1945
Czechoslovakia (Rep of) 8s
1951
♦Greek Government
100
101
1952
1957
1958
19M
...1949
External loan 4Ms.
97 M 101
100 M
31M
25M
♦7s (Central Ry)
17M
1949
44
lOOM
100M
100M
..1956 M N
Brisbane (City) s f 5s..
17
21M
19M
1944
63
100 M
100 M
100 M
1957
Low
20 M
*19
German Prov & Communal Bks
Too*
s
His of 1926
No.
*19
on...1951
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
95 M 101*
97 M 101
100*
f 5s
1960 M S
♦Berlin (Germany) s f 6*8
1950 A O
D
♦External sinking fund 6s...1958
D
♦Brazil (U S of) external 8s
1941
s
.
1955
Stabilization loan 7s
Bergen (Norway) ext
♦External
7
1955
f 6s.
s
1
8M
8M
99*
1957 M S
External 30-year s f 7s
External
10
7
2
21M
100*
11M
7M
8
11M
11M
8M
7M
11M
10
7M
100 M
.1957
♦Bavaria (Free State) 6M8._-.1945
Belgium 25-yr extl 6 His
1949
.
9M
9M
9M
8M
8M
21
17M
98
9
8*
8*
17M
1
3
S
D
External g 4*s of 1928.-—1956 MN
s
4
19*
99
1960lM
Austrian (Govt) s f 7s
External
19M
1960IIVI N
1958 J
External 6s series B
External
19M
ISM
98M
9M
9M
9M
9M
100M
100M
100M
1957 M S
High
O
A
Finland (Republic) ext 6s
External sink fund 6 Ms
A
1948 A O
1963 IVI N
♦Antioqula (Dept) coll 7s A___1945 J J
J
♦External s f 7s series B
1945
Since
Jan. 1
M N
6Ms~-1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947 F A
J
D
Copenhagen (City) 5s
..1952
25-year gold 4 Ms
*953 M N
J
J
Cordoba (Prov) Argentina 7s. .1942
Costa Rica (Republic of)—
Estonia
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Apr coup on
Range
Asked
99.16 101.29
101.2
A
<k
Low
Foreign Govt. & Mun. (Concl.)
♦Colombia Mtge Bank
107.19 109
28
Aug
Jan
118.8
M S
Treasury 3s
Treasury 3*s._.June
Treasury 3*s
Mar
Treasury 3*s
June
Treasury 3*s
Dec
Treasury 3*8
63
MS
Treasury 3s
3s..
High
15 1947-1952 A O
Treasury 4*s.--Oct
Treasury 3*s.._Oct
Bid
16
10
10
99* 101*
Volume
New York Bond Record—Continued—Page 2
143
<»•«
BONDS
Price
Queensland (State) exti
25-year external 6s
f 7s. .1941 A
s
...1946 A
1953 F
off
♦7s May coupon off
1966 M
♦7s June coupon off
1967 J
Rome (City) extl 6%s
19521 A
Rotterdam (City) extl 6s
1964 M
Roumanla (Kingdom of Monopolies)
♦7s August coupon off
Week Ended July 17
*24%
18
18
8
109
28%
112)4
7
109
111%
24%
18
17%
A
15%
15%
1959 F
16
24
—
24
8
16
-
17
17
18%
N
D
18
78%
79%
111%
80
____
103
111%
A
111%
2
25%
N
26%
31
21
13%
19%
Atlantic Refining deb 5s
30
17%
17%
18
2
17%
1
25%
♦Exter .al 6s July coupon off. 1968 J
17
25%
22%
17%
17%
23
14
9
17%
28
17
22
110
Ref & gen 6s series C
P L E & W Va
Sys ref 4s
Southwest Div 1st 3 %-5s
Tol & Cin Div 1st ref 4s A...
28%
27
23
17%
14%
22%
81%
25%
32
25%
23%
23%
29
24
25%
7
23%
24%
23%
10
41%
33
33%
1
38%
33%
*155%
14
33
"104%
J
78
77%
--
-
105
9
78
11
*70%
76%
101%
------
O
1
93
104%
77%
75
77%
102%
20
3
A
57%
58%
1960 M N
55%
54%
52%
13
59%
192
55%
54%
58
*73%
90
Yokohama (City) extl 6s
-
*105
106
86%
88%
112
111%
98
99%
D
33
75%
41
104%
4
AND
------
92%
3
"37"
36
39%
49
81%
103
103%
104
78
103%
104%
68
96%
96%
88%
78%
203
176
88%
86%
78%
75%
1996 M
S
1943 J
J
------
J
-
86%
51%
93%
83
------
J
112
------
1955 A
80
81%
9
111%
*73
D
warr
assented..
55%
Coll &
conv
♦Coll &
5s
100%
J
100%
100%
*77
A
conv 5s
57
111
*106%
J
-
-
-
-
....
1
*103%
24%
24%
O
104%
104%
J
*109%
74%
75%
77%
77%.
S
....
"
-
—
-
-
-
-
70
2
104
104
4
97%
96%
97%
239
92
F
92
93%
144
86
1950 A
83%
62%
1950
O
------
61%
101
101
86%
65% 1136
1
101
110%
110
100%
100%
101%
133
132
136
110%
9
27
435
Am &
Foreign Pow deb 5s
96%
A
------
77%
2030 IV
75
American Ice
s f deb 5s
...1953 J D
Amer I G Chem conv 5%s
1949 M N
Am Internat Corp conv 5%s._1949 J
J
Am Rolling Mill conv deb
96%
96
100%
77%
73%
1
100%
7
250
78
75%
96
112%
105%
112%
113%
106%
46
101
114
133
108%
108%
46
112%
113%
78
J
112%
105%
113%
108%
113%
20-year sinking fund 5%s.-_1943 M N
113%
113%
114
52
Convertible debenture 4 %s.
Debenture 5s
112
111%
112%
112%
113%
53
112%
111
110%
113
63
110%
16
36%
44
4%s_1945
Am
Telep & Teleg coll tr 5s. —1946 J
35-year s f deb 5s
....I960 J
1939 J
J
1965 F
_
A
Am Type Founders conv deb.. 1950 J
Amer Water Works & Electrlc-1-
Deb g 6s series A
Certificates
of
J
g
6s. .1947 J
109%
36%
J
deposit
s
105
37
101
4
30
30
2
67%
70
52
102%
103
6
103%
97%
105%
104
31
I14
114
115
1995 Nov "111
111
111
1995 M N
110%
110%
1955 F
(Del)
Armstrong Cork deb 4s
Atch Top & S Fe—Gen g
1950 J
4s... 1995
Adjustment gold 4s
Stamped 4s.
30
A
J
------
"l02%
S
104
D
97%
A
105%
J
O
1
1955 j
D
Conv 4s of 1905
1955 J
D
109%
1960
D
107%
1948
D
111
111
Rocky Mtn Div 1st 4s
1965
J
Trans-Con Short L 1st 4s
1958
Cal-Arlz 1st & ref 4 %s A
1962 M
Conv gold 4s of 1909
4%s
-
-
-
-
-
-
-
-
-
-
112%
D
------
Atl & Charl A L 1st 4%s A—..1944 J
1st 30-year 5s series B
.1944 J
J
J
7
'
2
94%
71%
89
24%
2
23%
24%
2
24
2
-----
143
4
112%
1
------
*106
"111%
101
111%
5
73
94
A
O
18%
19%
45
89%
31%
26%
18%
19
5s
*15
"99%
99
101%
101
-
18%
17%
78%
*90%
7
26%
88
100%
136
101
101%
101%
1
78%
1941 J
J
1950 F
A
113%
112%
1945 IVI N
120%
120%
113%
120%
1947 M N
1950 J
69
75
-----
14
109
85
95%
115
6
119% 122
2
124% 128%
128
128
105
104%
105%
24
108%
1
108
110
106%
108%
106%
106%
3
105
106%
103
103%
108%
111
------
D
1957 M N
1950 F
25
166" "41
stamped
A
78
...
65%
1957 M N
60
57%
deb 5s
1940 J
cons gu
66%
83%
66
79
113%
US-
118
119%
119%
112% 115
104
105%
112
114%
107% 117
1st &
A
120%
1955 J
D
118%
118
1956 F
A
115%
115%
128%
97
96%
29
90
68%
24
....
6
1
30
9
40
118%
116%
1951 M S
J
1946 J
115%
115%
128%
18
80%
48%
55%
121
------
-
1
4
16
9
11
17
116
60
129
18
206
97%
106
40
67
92% 101%
05% 107%
03% 105%
9%
17%
11% 118%
08% 114%
13% 118%
15
120%
15% 121
12% 118%
10% 116%
10% 116%
22% 129
87%
97%
115%
D
108%
108
108%
13
05% 108%
1960 J
J
104%
105
50
1949 J
J
00% 105%
49%
54%
....1938 J
D
6s ser A..Dec 15 1952 J
D
104%
*48%
107%
110%
105
105%
guar g
4s
105%
-
-
-
-
-
-
------
111%
5
115%
54%
----
3
107%
111%
,7
02% 106
13% 116%
06% 108%
08% 111%
49
48%
cons g
-
45
Dec 1 1954 J
{♦Car Cent 1st
111
-
104%
65%
84%
19%
30%
103
105%
115%
Coll trust gold 5s
Collateral trust 4%s
109% 119%
-
120%
J
-
162
118
O
Canadian Pac Ry 4% deb stk perpet J
J
Coll trust 4%s
1946 M S
5s equip trust ctfs
J
1944 J
114
-
2
114%
113%
J
1969 A
Oct
-
115
1969 J
July
June 15
Guaranteed gold 4%s
Guaranteed gold 4 %s__Sept
Canadian Northern deb 6 %s
107% 110%
114%
14%
O
1970 F
Guar, gold 4%s
111% 117%
101% 106%
108% 134%
115
*93
O
1957 J
Guaranteed gold 5s
Guaranteed gold 5s
Guaranteed gold 5s
97
90%
100% 104
105%
104%
13%
59%
60%
96%
104%
104%
14%
J
1942 A
1962 A
5s A..
-
82
56%
Canada Sou
32%
28
82
58
conv
110%
103%
82%
20%
*18
J
♦Camaguey Sugar 7s ctfs
32%
*19
O
O
99% 101%
118% 143%
97
81
1955 J
5s
108% 110%
112
A
*109%
103%
1952 A
Cal Pack
101
90
103%
81%
Bush Term BIdgs 5sgu tax ex..I960 A O
By-Prod Coke 1st 5%s A
1945 M N
Cal G & E Corp unf & ref 5s...1937 M N
86%
48%
36%
*103%
------
Carriers & Gen Corp deb 5s w w 1950 M N
Cart& Ad 1st gug4s._
99% 105
34%
33%
84%
23%
26%
67%
{♦Central of Ga 1st
102% 107%
109
114
D
,
Nov 1945 F A
1945 M N
*81%
27
65%
84
36%
52
68
50
23
36%
25
23
25%
1959 A
O
11%
11%
13
9
11%
20
1959 A
O
12%
12%
13
7
12
20
D
------
♦Mid Ga & Atl Div pur m 5s. 1947 J
♦Mobile Div 1st g 5s
1946 J
J
J
{"♦Cent
1961 J
1987 J
1987 J
New Engl 1st gu 4s
-
—
-
*20
21%
20
-
*5
*16
J
Cent Hud G & E 1st & ref 3 %s_ 1965 IVI s
Cent 111 Elec & Gas 1st 5s
1951 F A
Central N J gen g 5s.-.1
General 4s
-
20
22%
------
107%
107%
103%
103%
104
Memberi
—
—
A.
-
T.
&
T.
Teletype
Private Wires to Chicago, Indianapolis and St. Louis
1-911
-
-
-
----
5
46
21
55%
56%
91%
95%
73
3
84
84
86%
28
~
------
NEW YORK
NY
-
91%
J
New York Curb Exchange
-
21
-■---
J
BROKERS
HAnover 2-7900
90
5
106%
—
73
27
66
105% 111%
-
102% 108
3
105% 107%
110% 113%
110% 113%
118
118%
Exchange
16
----
28%
♦Chatt Div pur money g 4s..1951 J
♦Mac & Nor Div 1st g 5s
1946 J
103% 105%
98%
94%
105
106%
110% 115%
104% 113%
109%
g 5s
D
1948 J
♦Consol gold 5s
♦Ref & gen 5%s series B
♦Ref & gen 5s series C
103
96
.1981 J
♦Cent Branch U P 1st g 4s
Vilas & Hickey
Telephone
4
Hotels 1st 7s. 1934
Railroad, Public Utility and Industrial Bonds
a
102% 106%
109% 110
71%
93%
20
♦Consol
97%
95%
BOND
49 WALL STREET
30
68
For footnotes see page 397.
New York Stock
33
14
{♦Bush Terminal 1st 4s
104%
87%
103%
110%
9^
69
{{♦Burl C R & Nor 1st & coll 5s 1934
♦Certificates of deposit
76
105
113%
112%
*118
29
72
Consol 4%s
73
55
7
....
....
77%
32%
22%
20%
77%
i
T
Bruns & West 1st gu g 4s
J
1938 ■M
Buffalo Gen Elec 4%s ser B... 1981 F A
Buff Roch & Pitts gen
1937 M S
g 5s
'79%
111
6
*107%
116
105%
23%
23
5s
1st lien & ref 5s series B
Brown Shoe s f deb
3%s
103
53
109
109%
50
121%
129%
....
103
104% 113%
106% 109
112
75
70%
1st
58%
8
-----
'
113
113
J
S
—1946 J
Atl Knox & Nor 1st g 5s
153
138
125
118
100%
21%
18%
Stmp as to pay of $435 pt red
M S
Brooklyn City RR 1st 5s
J
1941 J
Bklyn Manhat Transit 4%s...l966 IVI N
Bklyn Qu Co <fe Sub con gtd 5s. 1941 M N
107%
105%
Conv
97%
105%
*108%
109%
Conv g 4s issue of 1910
deb
9
105
104%
30%
1st 4%s._..1939 J
f 4s ser B
36
30
{♦Ann Arbor 1st g 4s
1995 Q
Ark & Mem Bridge & Ter 5s... 1964 M
1st M
109%
37
-----
Anaconda Cop Mln s f deb 4 %s 1950 AO
1945 IVI N
♦Ctfs of deposit
♦Anglo-Chilean Nitrate 7s
Armour & Co (111)
77
119
90
116%
109%
72
Caro Clinch & O 1st 5s
1975 M N
{♦Am Writing Paper 1st
♦
D
74
113%
103%
109%
68%
98%
80%
23
Canadian Nat guar 4%s
♦Alplne-Montan Steel 7s.
1955
Am Beet Sugar 6s ext to Feb 1 1940 F
98
90
A
74
53
—
—
70
-
88
74%
61%
O
{♦{Bowman-Bilt
97
100% 105
99% 105
15
129
-----
92
A
5{♦Botany Cons Mills 6%s...1934
♦Certificates of deposit
97
75
108% 114%
84% 100%
F
58
40%
103
107%
103% 105
102% 108
18
121
113
1961
1955 M N
59%
78
24
------
D
37%
33%
23%
*23%
------
O
37%
89%
120%
128%
120%
D
A
74%
70
100% 104%
{♦Boston & N Y Air Line 1st 4s 1955
102%
39%
58%
100
103% 107%
-----
'
70
Allegh & West 1st gu 4s
1998 A
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4%s.._1950
Allis-Chalmers Mfg conv deb 4s 1945
-
111
93
21
•103
*70%
......
J
1949 J
♦5s stamped
58%
100%
1946 A
1944
54%
103
1948
Susq 1st guar 3%s
{Alleghany Corp coll tr 5s
8
*101%
J
1st lien & ref 6s series A
♦{{Abltlbi Pow & Paper 1st 58.1953
Adams Express coll tr
g 4s.... 1948
♦6s with
5
19
-
72
1st M 5s series II
1st g 4%s ser JJ
76%
82%
73%
-
O
1948 J
♦Berlin Elec El &
Underg 6%sr1956 A
Beth Steel cons M
4%s ser D„.1960 J
Big Sandy 1st 4s
1944 J
Boston & Maine 1st 5s A C
1967 M
100% 105%
73%
68%
-
-I960 A
♦Debentures 6s
166
91
-
O
Debenture gold
Alb &
731
114%
109%
111%
5
88%
114%
109
87%
—
Belvidere Delaware cons 3
%s_. 1943 J
♦Berlin City Elec Co deb
6%s—1951 J
♦Deb sinking fund
6%s
1959 F
INDUSTRIAL
♦Albany Perfor Wrap Pap 6s. .1948
67
158
104%
Bell Telep of Pa 5s series B
1st & ref 5s series C
COMPANIES
A
269
89%
112%
J
53%
25
91%
1961
Coll trust 4s of 1907.
1947
Adriatic Elec Co. ext
7s..T.._1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s ser B_._
1943
74
100
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
RAILROAD
5
105%
-----
107
J
96
61
79%
104% 106%
12
1959 J
1941 M N
S
F
ser
76
79%
104%
1950 J
4s stamped
1951
Battle Creek & Stur 1st gu 3s.. 1989 j
Beech Creek ext 1st
g 3%s—.^1951 A
75
33
150
-----
93
A
A
Venetian Prov Mtge Bank 7s. .1952 A O
Vienna (City of)—
♦6s Nov coupon on
1952 M N
Warsaw (City) external 7s....1958 F
-
-
A
Con ref 4s
29%
102
15%
1995 J
-
-
106
,176
32%
1971 J
F
105
m
2000 M
Bangor & Aroostook 1st 5s
35
88%
,
....1964 M N
♦External sf6s
♦External s f 6s
104%
......
1951 J
Ref & gen M 5s
29%
23%
16%
28
16%
------
M N
73
75%
.i960 F
Ref & gen 5s series D
Conv 4%s
19%
86%
1955 F
1961 A
104%
------
.July 1948
22%
*25
1952 M
22
74%
5s assented
1940
Bait & Ohio 1st g
48......July 1948 AO
Refund & gen 5s series A
D
1995 J
1st gold 5s
A O
81%
122%
High
95% 100 %
76
88%
81%
89%
95%
99%
57%
40%
33% 49%
54
49
54%
49%
Low
183
99%
52
{Baldwin Loco Works 1st 5s... 1940 M N
20%
*25%
1946 F
Trondhjem (City) 1st 5%s
1957
♦Uruguay (Republic) extl 8s. .1946
89%
97
49
J
21
Styria (Province of)—
♦7s Feb coupon off
1941 J
14%
86%
Silesia (Prov of) extl 7s
1958 J D
♦Silesian Landowners Assn 6s_.1947 F A
Solssons (City of) extl 6s
—1936 M N
s f 5%s
Taiwan Elec Pow s f 5%s
Tokyo City 5s loan of 1912
External s f 5%s guar
87%
54%
Since
Jan. 1
297
97
J
15
64%
------
J
1946 J
Sydney (City)
83%
89%
J
J
25%
17%
21%
20%
90%
O
Serbs Croats & Slovenes
(Kingdom)
♦8s Nov 1 1935 coupon on.. 1962 M N
♦7s Nov 1 1935 coupon on_.1962 M N
..1937 J
4%s._.1939
Austin & N W lstgu g 5s
97
81
J
14
16
*
23
deb
conv
No
High
96%
J
1959 J
Atl Gulf & W I SS col tr 5s
25
*24%
18
1936
♦Secured s f 7s
1940 A
♦Saxon State Mtge Inst 7s..-.1945 J
2
18%
*17%
------
O
♦External 8s July coupon off. 1950
♦External 7s Sept coupon off 1956
6%a._.
35
1948 J
15
Auburn Auto
♦Extl 6%s May coupon off--1957 M N
San Paulo (State of)—
{♦8s July coupon off
7
18%
Bid
83%
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 %s A
1964 J D
L & N coll gold 4s
Oct 1952 MN
10-yr coll tr 5s
May 1 1945 M N
Atl & Dan 1st g 48
J
1948 J
38
Range
Bonds Sold
Friday's
&
Asked
Sale
Price
Low
29%
16
O
Range or
Last
Inter st Period
High
Low
10
111%
26%
110%
J
♦Saarbruecken (City) 6s
1953 J
Sao Paulo (City of Brazil)—
M N
♦8s May coupon off
..1952
g
No
N. Y. STOCK EXCHANGE
21%
111%
22
111
O
Rio Grande do Sul (State of)—
♦8s April coupon off
1946 A O
♦6s June coupon off
1968 J D
♦Sinking fund
High
BONDS
Since
Jan. 1
Bonds Sold
2d 4s
Rio de Janeiro (City of)—
♦8s April coupon off
coupon
Asked
&
21%
20%
21
1947 F A
1950 M S
♦Rhine-Main-Danube 7s A
♦6%s Aug
Bid
Low
JForeign Govt. &Munic. (Concl.)
♦Prussia (Free State) extl 6%s.l951 M S
♦External s f 6s
1952 A O
Range
Friday's
Sale
Week Ended July 17
Week's
Friday
Range or
Last
N. Y. STOCK EXCHANGE
393
Week's
Friday
29
20
24
15
23
20
28
105% 107%
99% 104
43%
77%
91% 103%
84
93%
New York Bond Record—Continued—Page 3
July 18, 1936
Week's
Friday
BONDS
Y.
N.
'Bennett Bros. & Johnson
a/
i
embers
Vi' Y. 1-761 -f Veil Syttem Teletype
BONDS
N. Y. STOCK EXCHANGE
Sale
Week Ended July 17
Price
1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s
1960
Cent RR & Bkg of Ga coll 5s. .1937
Central Steel 1st g s f 8s_;
1941
Certaln-teed Prod 5%s A
1948
Champion Pap & Fibre deb 4%sl950
Chesap Corp conv 5s
1947
10-year conv coll 5s
-.1944
Ches & Ohio 1st
109%
110
A
110%
107%
102%
A
O
F
*
A
101%
85
IVI N
M N
101M
SIM
125M
111%
27
105% 112
107
108%
63
100% 109
1977
A
O
103%
102%
103%
1945
J
D
111%
111%
1938 J
J
conv deb 6s
f 5s_1943 F
gen s
A
..Apr
15
1952
Debenture 5s
Jan
15
1961 J
Ref & lmpt 4%s
con g
23
157
695
138%
110%
861
110%,
125
125
126
37
110%
111
13
S
UOM
20
*110
U8M
......
S
------
*112
.
.
.
-
"118% "~2
.....
____
*110
51M
107%
1949
35
52
51M
107 M
108%
22
112
.i.
112%
3
112M
111M
113%
45
111M
112
19
1971
115M
115M
116
113
1958
ser B
A
96
1937 J
Ch G L & Coke 1st gu g 5s
J
18
1947 J
J
Chic L S & East 1st 4%s__._.1969 J
43
44%
3
21%
4
20
i
2
102%
*110M
21%
121
29
54%
52
54%
47%
86
46
43
65%
58%
56 M
56
57
26
47%
68
24
{♦Chic Milw St P & Pac 5s A.. 1975
20 M
72
♦Conv adj 5s
{♦Chic & No West
54%
_
Jan 1 2000
gen g
3%S—1987
MN
.
-
Stpd 4s non-p Fed lnc tax. 1987
♦Gen 4%s stpd Fed lnc tax.. 1987
♦Gen 5s stpd Fed lnc tax
1987
♦4 %s stamped
1987
{♦Secured g 6 %s
♦1st ref g 5s
.1936
May 1 2037
♦1st & ref 4%s stpd.May 1 2037
♦1st & ref 4%s ser C.May 1 2037
♦Conv 4%s series A
1949
M N
M N
M N
M N
M N
J D
J I>
J D
M N
69%
17%
25
7%
35%
640
6
12
34
37
43
35%
36
40
38%
39
*35
43
14
36%
*30%
.......
36
....
15
36
9%
48%
54%
54%
38
56
38%
57%
42%
56
42%
61%
19
20%
54
17
20
49
16
25%
19
20
55
16
25%
13
12%
13%
10%
17
176
76%
33%
76%
1
34%
255
33
33
15%
17%
180
15
15%
125
20
14%
18%
20
136
17
O
1952 MS
16
17%
173
13%
15%
14%
10
106
7
2
105
17%
15M
9
8%
110M
110%
.......
*86%
«i
......
89%
3
110%
.
70
32%
31%
80
46%
43%
20%
19%
22%
20%
11%
111%
D
1960
D
90M
89%
8
90%
S
78
77%
78
"83%
94"
65
74
95%
6
61
84
Chicago Union Station—
1944 J
D
1944 J
-
con
1st ref 5%s series A
1st & ref 5 Ms series C
Childs Co deb 5s.
4s
J
J
1963 J
J
1952 J
...1962 M S
.„
1943 A
{♦Choc Okla & Gulf
cons
1947 J
J
J
Q
30
105%
1
28
111%
108%
109
167
103%
103%
104
92
102
103
27
45
....
101
■
"81" ""§2
102%
*35%
103
......
102
*
—
75
101%
...
*106%
M N
IVI N
J
._i977
J
J
1939
Cln Wabash & M Div 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
Spr & Col Div 1st g 4s
1940
W W Val Div 1st g 4s
J
.1940 J
Cleve-Cllffs Iron 1st mtge 4%s.l950 M N
Cleve Elec Ilium 1st M 3%s_—1965 J
J
109
99 m 105 m
110
.
IIo%
.
28
20
*96%
...
-
101M
94
120
105
105
1
102
29
101
....
229
93%
94%
105%
99%
97M
105%
1
99%
7
97%
97%
4
*100
106M
107
24
110
110
7
112%
2
1942 J
1948 MN
1950 A
*106%
34%
30
47
2
_
.
-
107% 110%
105% 108
104% 104%
103% 104%
-
-
.
62
57%
104%
11
103
102
16
100%
101
7
105%
105%
106
16
102
J
S
104
234
100%
D
16
105
101%
105%
11
107
103%
104
102
108%
101% 103
107
109%
106%
-
104%
102
108%
.
A
102
102
24
49%
9
49%
14
46%
56
59
64%
61%
64
1
102
102
106%
106%
54
81%
401
80
101%
78%
102%
103
....
*105%
6
...
....
-
5
106%
61
75%
70%
104%
90%
102%
105
106%
102%
98
2
102
106%
J
102
103%
65%
104% 106%
36
101%
106%
J
103%
1
55%
63
106%
81%
105
102
103% 106%
104
106%
57
63
J
96
57%
59
O
107%
103% 105
2
105%
56
63%
1969 J
31%
46
*98
D
1969 J
31
30%
24
20
-
38
47%
32
19%
.
....
-
22%
30
106% 109%
102% 106
20
-
-
.
J
106%
100% 105
105
110
105% 108%
106%
*106%
31%
J
.
.
15%
'26%
....
107%
31%
32%
30
38
31%
J
A
♦Assented (subj to plan)..
♦Ref & lmpt 5s ser
B___Apr 1978 A O
J
{♦Des M & Ft Dodge 4s ctfs
1935 J
{♦Des Plaines Val 1st gu 4 Ms-.1947 IVI S
32
3
31%
15%
15%
17%
31
13%
16%
56
13
38%
20%
20%
26
27
....
47
33
5
*2%
*50
105% 108%
23
8%
67
....
31%
7
71
C *62 F
A
109
108%
109
A
115%
115%
116%
10
113
1952 A
O
11
108% 110%
O
116%
108%
110%
108%
1965 A
111%
25
108% 111%
50
50%
Gen & ref 5s series E__
Gen & ref M 4s ser F
♦Detroit & Mac 1st lien g 4s.—1995 J
♦1st 4s assented1995
.1995 J
D
J
Duquesne Light 1st M 3 Ms.-.1965 J
♦{East Cuba Sug 15-yr sf 7 Ms. 1937 M S
35
60
*25%
*25%
116%
15%
35
15%
114
114%
2
112% 116%
105
105
2
105
78
63
108
45
71
76
107%
107%
......
20%
20%
15
20
20%
19
20
A
108% 110
*35%
♦2d 4s assented.....1995
11948
70
*35%
D
Detroit Term & Tunnel 4 Ms.. 1961 IVI N
Dul & Iron Range 1st 5s
1937 A O
Dul Sou Shore & Atl g 5s
J
1937 J
East Ry Minn Nor Div 1st 4s.
6
66
.1961 F
ser
East T Va & Ga Div 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
O
*103
1956 M N
1939 J
52%
107
12%
16%
107
78
108%
23%
21%
104% 104%
86 m
100 m 103 m
35
47
'
101
106
109m 113
.
104m
96 m 104 M
him 119
103m ,105 m
103
89.
95
78m
105
106 M
93 m 100 m
96
J
g 5s..-.1941
El Paso & S W 1st 5s
5s stamped
109%
134
108%
3
101% 110
108%
4
100% 108%
107%
107%
1
105% 107%
J
J
A
1953 A
O
86%
...1953 A
O
86%
A
O
Penn coll trust gold 4s..
Conv 4s series A
1951
114
....
*107
J
F
1996 J
105%
J
....
105%
23
87%
146
.....
....
105% 107
99% 105%
77%
86%
86%
8S
74%
89%
75
89%
74
88
....
81%
81
82%
296
70
1975 A
O
81%
80%
82
572
69%
1955 J
J
J
1957 J
N Y & Erie RR ext 1st 4s...1947 INI N
3d mtge 4 Ms
1938 IVI s
f 6s
—1954 F
*111
1942 IVI
1942 IVI
S
1954 J
D
1946 J
J
Flatdebsfg 7s
S
J
{♦Fla Cent & Penin 5s
1943 J
{♦Florida East Coast 1st 4Ms—1959 J D
♦1st & ref 5s series A
1974 M S
♦Certificates of deposit
—
♦Certificates of deposit
...
101%
102%
2
101%
2
102%
6
101%
.
.
102%
7
104
7
102
.
101%
1
103
-
117
103
4
89%
*75%
....
86
85%
119
116% 119%
....
102
104
....
42%
104%
70
101% 101%
98
103%
99
101%
97% 103
101% 104
95
60%
103%
84%
60
.
.
.
.'
61
6
52%
61
61
62
5
56%
66%
8%
.
8%
Fonda Johns & Glov 4
Ms
1952
{{♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N
8%
22
8
11%
8%
8%
22
7
10%
11
*8
9%
8
*■4%
4%
4
4
3%
....
Fort St U D Co 1st g 4 Ms... —1941 J
Ft W & Den C 1st g 5Ms--...1961 J
....
70
70
70
101%
s
1st lien 6s stamped
30-year deb 6s series B
3
103
*
A
1942 M
117%
118%
112%
*102
Fairbanks Morse deb 4s
1956 J D
Federal Light & Tr 1st 5s.....1942 IVI s
89%
105% 106%
3
87
117%
*117%
113
2
86%
*85%
110
1967 IVI N
Ernesto Breda 7s
108
128% 134%
108%
1st consol gen lien g 4s
s
107
108%
105%
87%
86%
*106%
1953
103% 111
O
Erie & Pitts g gu 3%s ser B...1940 J
Series C 3 Ms
1940 J
Erie RR 1st cons g 4s 4s prior—1996 J
Series B
3
*112%
1965
conv 4s series D._
Ref & lmpt 5s of 1927
Ref & lmpt 5s of 1930
Erie & Jersey 1st s f 6s._;
....
IVI N
1965 A
;
107%
134%
■5
110%
*197%
J
1995 J
*105
J
D
_
3
-
_
*105%
106%
106%
Framerlcan Ind Dev 20-yr 7 Ms 1942 J
J
{♦Francisco Sug 1st s f 7Ms...1942 IVI N
Galv Hous & Hend 1st
5Ms A.. 1938
106%
-
-
-
-
•
.
-
4
3%
6%
6%
105
105
105
106%
106
110%
19
81
84
87%
81
4 0
88%
35%
84
9
75%
90%
104%
104
J
F
101M 107%
108 M 111M
D
A
J
111% 112%
J
J
*120
J
D
_
—
106
35
101% 104%
101
....
.
34%
34%
34%
34%
1
34%
8
102%
-
M N
Gen Pub Serv deb 5Ms..
103%
*33
12
16
102%
105%
102%
J
102%
29
30
30%
106
34%
34%
34%
1
102
J
J
84%
83
84%
47
76
A
111m 113
O
27%
25%
27%
134
19
30%
13%
5
12
20%
20
32
J
1977 F
-----
J
106
*110%
*111%
106
J
J
13%
113
113
J
J
*20%
A
O
105m 111
U
IXi
XX
OCO
t
kj.
-
J
U lU
Goodrich (B F) Co 1st 6Ms—1947 J
Conv deb 6s
..1945 J
J
D
Goodyear Tire & Rub 1st 5s... 1957
IVI N
Gotham Silk Hosiery deb 5s w wl946
♦{♦Gould Coupler 1st s f 6s
1940
Gouv & Oswegatchie 1st 5s....1942
Gr R & I ext 1st gu g 4 Ms.
.1941
100
110% 112%
104% 104%
104
■
Gen & ref mtg 4 Ms ser B
1981 J
Cleve Short Line 1st gu 4Ms...l961 A
For footnotes see page 397.
22
*21
47%
23
*21
D
*106%
Series D 3%s guar
Gen 4 Ms ser A
.
102%
D
94 m 101M
_
106%
Series A 4 Ms guar
Series C 3Ms guar.
73
104
*103%
......
105"16108
104
103
112%
*104%
*112%
O
72
104%
104%
*21
D
5s International series
1st lien s f 5s stamped
100 % 102
106
106%
102%
D
J
107
101m 103
*105
D
...1963
Cleve & Pgh gen gu 4Ms ser B.1942 A
Series B 3Ms guar
1942 A
110M
J
J
105m 109
105m 108%
108 m 112
105",6108
"80%
"80%
F
Cleve Cln Chi & St L gen 4s... 1993
General 5s serial B
1993
Ref & lmpt 6s ser C_—
1941
Ref & lmpt 4 Ms ser E
Cairo Div 1st gold 4s
J
5s... 1952 WI'N
1968 A O
Cln H & D 2d gold 4 Ms
1937
C I St L & C 1st g 4s...Aug 2 1936
Cln Leb & Nor 1st con gu 4s
1942
Cln Union Term 1st gu 5s ser C.1957
Clearfield & Mah 1st gu 4s
1943
Ref & lmpt 5s ser D
O
107%
108M
..1962 M S
Chile Copper Co deb 5s
Cln G & E 1st M 4s A
106%
105%
118%
107M
J
...1963 J
1st mtge 4s series D
1st mtg 3Ms ser E
Chic & West Indiana
J
{♦Den & R G 1st cons g 4s
1936 J
{♦Consol gold 4Ms
-.1936 J
{♦Den & RG West gen 5s.Aug 1955 F
Genessee River 1st
Guaranteed g 5s.......
Guaranteed 4s...
1
*21
f 5s...1951 IVI N
Stamped as to Penna tax
4951 IVI N
Gen
----
.
90
1951
Dec 1 1960 M
108
5
s
Detroit Edison gen & ref 5s
Gen & ref 4 Ms series D
1
110%
105%
99% 105%
98% 105%
110% 112%
27
19%
19%
110%
80%
99
110% 111%
....
31
♦Ctfs of deposit
20
.....
-
49
110%
22%
......
Del & Hudson 1st & ref 4s..._. 1943 IVI N
Gold 5Ms
1937 IVI N
J
1971 J
Den Gas & El 1st & ref
...
1936 J
Del Power & Light 1st 4 Ms
1st & ref 4 Ms
60
....
-
1936 J
♦Second gold 4s
19
....
43
42%
..
Memphis Div 1st g 4s
Chic T H & So East 1st 5s
5s
47%
49%
671
35%
34M
♦Conv g4%s
i960 M N
D
Ch St L & No O 5s...June 15 1951
D
Gold 3%s.June 15 1951
gu
12
20%
6%
34%
-
.1942
Dayton Pow & Lt 1st & ref 3 Ms 1960 A
Elgin Joilet & East 1st
..1934 A
♦Certificates of deposit
{♦Secured 4%s series A
♦Certificates of deposit
lnc
.
.......
§ {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic R I & P Ry gen 4s
.1988
♦Certificates of deposit
§ ♦Refunding gold 4s
-
68
57%
19%
35 M
1987 MN
♦General 4s
-
56%
55M
_
J
Willamette Paper 6s
1951
w W..1940 IVI
1st mortgage 4 Ms
92% 102%
111% 111%
46%
Crown
Crown Zellerbach deb 5s
1937 J
47M
8
J
..1950 M N
f 4s
Cumb T & T 1st & gen 5s
-
16%
1946 J
15-year deb 5s with warr
1943 J
Copenhagen Telep 5s Feb 15. .1954 F
s
...
106%
102%
J
..1970 M N
mtge 3Ms
Container Corp 1st 6s
112,.
-
6
22%
M N
1952 J
♦Gen 4%s series C__May 1 1989
♦Gen 4%s series E._May 1 1989
♦Gen 4% series F___May 1 1989
♦Chic M & St P gen 4s ser A..1989
♦Gen g 3Mb ser B__May 1 1989
May 1 1965
Cuba RR 1st 5s g__
1st ref 7Ms series A
1st lien & ref 6s ser B
14
....
mtge 3 Ms
1st
55%
108%
113
113%
114
117%
104% 105%
26%
39%
49
28%
29
48%
28%
46%
28
15%
....
1st
Cuba Nor Ry 1st 5 Ms
116
43%
102
41
104%
108%
107%
106%
f 5s
110
5
20
D
112% 118%
108% 109%
2
475
s
59%
56
106%
D
Consumers Gas & Chic gu 5s.. 1936 J
Consumers Power 3% s.May 1 1965 IVI N
Crown Cork & Seal
97
20 M
20
110% 113%
108% 111
23
37%
*23
♦1st & gen 5s series A
1966 MN
J
♦1st & gen 6s series B.May 1966 J
J
Chic Ind & Sou 50-year 4s_—.1956 J
115% 157
110m 138%
110% 112M
118m 126 M
22
*41
......
Consolidation Coal
98% 105
48%
80%
182
106%
......
J
14
120%
104%
J
1960 J
100
258
104
O
.1955 J
103%
73%
105%
105%
105%
104%
D
deb 4s..l954 J
95
111% 111%
65%
85%
80%
104%
J
82
18
A
J
1956 J
90
110%
.
18
105
108
......
J
♦Debenture 4s
102 m 106
104%
4
O
1957 J
♦Debenture 4s
105
157
...
104%
121% 127
112
43%
37
J
1947 J
17
J
1956
1951
104%
*102
3MS-1946
Consol Gas (N Y) deb 4 Ms
Debenture 5s
non-conv
110%
O
1
120%
104%
35 M
120%
J
J
1955 A
14
19%
J
1951
73
*111
O
83%
74%
*108%
....
A
i951
guar 4 Ms
{♦Consol Ry
105%
104%
J
♦Debenture 4s
127
96
17M
......
{♦Chicago Great West 1st 4s__1959 M S
J
{♦Chic Ind & Louisv ref 6s
1947 J
♦Refunding g 5s ser,B
♦Refunding 4s series C
96
19
{{Chicago & East 111 1st 6s
1934
{♦C & E 111 Ry (new Co) gen 5s_1951 M N
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1982 M N
102%
73%
105%
A
88
110
..1977
General 4s
ser
26
132
4s...-.1989
1989
1941 M
Illinois Division 4s
1st & ref 5s
93%
105%
150
Chic & Alton RR ref g 3s
1949
Chic Burl & Q—111 Dlv 3%s„_1949
4%s
2
135M
Warm Spring V 1st g 5s
1st & ref
127
110%
Potts Creek Branch 1st 4s.1946
2d consol gold 4s..
67
D
IVI N
J
1993
May 1940
Craig Valley 1st 5s
.
89
7
92 %
1992 M
General gold 4 %s
R & A Div 1st
91
105M
154M
High
80%
O
.1956 J
A
♦Consolidated Hydro-Elec Works
103 m 110%
102
108
105
105
O
A
..1948
Consol Edison (N Y) deb
3 Ms debentures
Since
85
S
91%
105M
*79
A
..1955 F
F
Col & H V 1st ext g 4s
Col & Tol 1st ext 4s_
Jan. 1
Low
70
M S
IVI
High
110%
107
of Upper Wuertemberg 7s
High
1939 M N
5s
con g
F
Bonds Sold
Asked
Low
Cent Pac 1st ref gu g 4s
Low
High
110%
O
Stamped
&
Since
O
Debenture 5s
Range
Friday's
Bid
Range
Jan. 1
A
Conn Ry & L 1st & ref 4 Ms
Range or
<5 S
0)<§
Asked
A
{♦Colo Fuel & Ir Co
Week's
Last
&
1973
{{♦Col Indus 1st & coll 5s gu._1934 F A
Colo & South 4 Ms ser A
1980 IVI N
Columbia G & E deb 5s—May 1952 IVI N
C*o. 543
Friday
1?
Friday's
Bid
1972
Comm'l Invest Tr deb 5 Ms
1949
Conn & Passum Riv 1st 4s__._1943 A
2-Q
Range or
Sale
Price
{♦Colon Oil
Randolph 7711
Connecticut
eDlgby 4-5200
Last
O
K
1st s f 4 Ms series C
Coal River Ry 1st gu 4s
133 So. Lm Sell• St.
Trirete Wire
One Watt Street
*-
N&h
Low
%AILROAD 'BONDS
J
*
EXCHANGE
Cleve Union Term gu 5 Ms
1st a f 5s series B guar
( TSLew York Stock 6xchmnt*
| j^ew yorjg Curb €xchang«
•Hew rork,Si. X.
STOCK
Week Ended July 17
IVI
A
J
D
J
J
....
*33
.
-
105%
105
102%
37%
108
98%
...
s
F
29
108%
105%
105%
98%
93%
102%
105%
104%
*104
*108%
-
.
-
-
-
....
3
30
98
35%
107% 108%
54
104
29
103% 106
3
65
....
105%
98
100
56
100
102%
104%
108
110
Volume
New York Bond Record—Continued—Page 4
143
BONDS
II
N. Y. STOCK EXCHANGE
Week Ended July 17
Bid
Grays Point Term 1st
Gt Cons El Pow (Japan) 7s
100 M
1944 F
BROKERS IN {BONDS
High
100M 103%
90
88%
8
FOR
95
1
60
81M
91
107M 114
113M
113%
31
107% 116
109~"
103%
—1977
j
104%
102 %
109M
104%
66
1976
112M
108%
102%
114
j
j
102
103
292
1946
j
115
114%
116
722
Gen mtge 4s ser H
1946
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
j
104 M
Feb
General 4 %s series D
General 4%s series E
Gen mtge 4s ser G
.
j
_
Feb
Gulf Mob & Nor 1st 5%s B
1950 A
1st mtge 5s series C
1950 A
Gulf & S 11st ref & ter 5s Feb 1952
9%
O
101M
Gulf States Steel deb 5%s
-1942
Hackensack Water 1st 4s.
♦Harpen Mining 6s
Hocking Val 1st
cons g
{♦Housatonic Ry
5s
J
J
D
Hudson Coal 1st s f 5s ser A
Hudson Co Gas 1st g 5s
Hud & Manhat 1st 5s ser A...
1962 J D
1949 M N
1957 F
income 5s.Feb 1957 A
102M
42M
122%
122 M
A
O
74 M
31
77
31
r,
"84
88 M
A
,
96%
96%
86 %
D
80
80
1940 A
O
O
J
ser
A..July 1952
M N
J
J
A
O
1956 J
Ill 11956
N|
Internat Hydro El deb 6s
92 M
92 M
~6s serles A--
1947
1955
6% g notes....1941
1st lien & ref
6Ms
....1947
Int Telep &
Teleg deb g 4Ms.Il952
Conv deb 4Mb
1939
<fe"ref
IVI
1990
8 4s.. 1936
F
107M
30
99 M
21M
105
15
J Corp l8t 68
J
J
J
J
D
O
J
J
D
97M
144%
35M
10M
k
92 X
88
105
102M
46 M
108
103M 105 M'
89 M
95 M
87 M
93 M
48
65M
45M 60 M
93
95M
8
90
97
10
87M
96M
86 M
97 M
15
96 M
102 X
144 %
220
115M
27
20-year
p m deb 5s
Guar ref gold 4s.._
"98%
86 M
50 %
75
100
47
87 M
87
97
99
8
90
8
47 M
14 M
36 H
69
79 M
65M
90M 100
75 M
87 M
17
130
86
"99"
9M
228
•
1940 J
45%
111%
♦2d 4s
93
17
56
86
93
108M
91%
108M
108M
105
105
40M
37 M
96 M
106M
57 M
53M
113M
74 M
86 M
111
143
67
18
107
105M
42
84 X
4
♦Mex Internat 1st 4s asstd
Ref &
1961
Coll tr 6s series B
Lake Erie & West 1st g 5s
I6i"
1937
2d gold 5s
1941
Lake Sh & Mich So g 3 Ms
1997
♦Lautaro Nitrate Co Ltd 6s...1954
163
155
106%
106M
116
103M 108M
112M 116M
120
119'
163
122
102M
104 M 112
27 M
41
73 %
72 M
30
64 M
72%
75 M
10
65
71%
91
101
I5§%
29
103 M
28M
66
104 %
29
100M 104M
99M 105 H
21
30M
101M
102
98
101M
102
98
104 M
57
*105%
"69
99
97
64M
65
60
55 M
56
54 M
54%
55
63 M
98
*97%
1st & ref 8 f 5s
1974
"53 %
1938
1954
98 %
98 M
98 M
93 %
91
93 M
64M
80 M
87
I6i"
101%
68 %
102 M
80 M
67 M
77
101
104
102
45
82 M
91
96
74
95%
82%
101%
104%
101M
109
s
O
*102%
A
*10%
*1%
25
D
103%
87 H
61
36
36
96
71%
50%
100
96%
89%
36%
95% 100
92
78%
88
101%
104%
109%
103%
100
103
102
105
108
25
110%
100% 103
11
18%
1M
3%
23% 29%
11%
3%
103%
102% 104%
107%
J
105M
105%
105%
88%
104%
98%
67%
101%
101%
J
*90%
1979
87%.
90
"lOiH
104%
104%
1971
104M
104%
105
{{♦Milw&Norlst ext4Ms(1880)1934
1st ext 4Ms---—
-,-—1939
D
"80%
82
*
*82"
Con ext 4 Ms——
-.1939
{♦Mil Spar & N W 1st gu 4s... 1947 ivi
{♦Milw & State Line 1st 3MS--1941
33%
33M
*65
J
ivi
♦1st &
refunding gold 4s
♦Ref & ext 50-yr 5s ser A
1949
1962 Q
106
71%
60%
10
71
95
32
49%
70
88
33%
79
88
5%
3%
5%
5
s
3%
1%
6
F
*2%
4%
2%
4
1934 M n
{♦Minn & St Louis 5s ctfs
94
109%
106
95
104%
90
*86
s
M St P & SS M con g
1st cons 5s.
4s Int gu_1938
j
1938
9
1938
35%
,.1946
1949 ivi
....1978
j
33 K
104 M
104 M
105 M
80 M
101M
72 X
69 X
68
100
96 M
29
46%
42%
36
38
52
15
23%
18%
81%
30%
93%
28
j
92%
15
*92
83
83
39
18
36
49%
92 M
86
94
69
76
94
59%
49%
52%
76
88%
132
76
131
79
23
J
78 %
73 M
77 M
O
68 %
63 M
68%
222
1965
A
32 M
31M
31M
32%
197
A
32
♦Certificates of deposit
39
38
1978
Jan 1967
Prior lien 4 Ms series D
♦Cum adjust 5s ser A
ser
32%
11
43%
33%
29%
92%
s
1941 M n
40-year 4s series B
{♦Mo Pac 1st & ref 5s
67
33
41%
32%
"43M
36
32
35M
j
j
76
98M
100
*92 %
*80
87%
75
35
*93 M
J
1954
32
8
88%
80
30%
27%
68%
26%
33%
16%
36
♦General 4s
1975
13M
12M
14
106
10%
♦1st & ref 5s series F
1977
32 %
31
33
418
27
35%
31M
30 H
32
32 M
32
30%
31M
9%
31%
32%
26%
27%
26%
7%
33%
35%
32%
♦Certificates of deposit
1978 M n
♦1st & ref 5s series G
♦Certificates of deposit..
♦Certificates of deposit
♦1st & ref 5s series I
1981 f
A
♦Certificates of deposit..
♦Mo Pac 3d 7s ext at 4% July..1938 MN
{♦Mobile & Ohio gen gold 4s. ..1938 M
♦Montgomery Div 1st
♦Ref & impt 4Ms
♦Sec 5% notes
g
Monongahela Ry 1st M 4s
Mont Cent 1st gu 6s
1st guar gold 5s
Montana Power 1st 5s A
11%
3
104
"33
213
27
31
32
24
27
33%
94 M
93
94%
11
82
94%
*
1938 M
4s.1991 M S
13 %
91%
A'60 ivi N
109M
1977 M
12 %
1937 J
..1937 J
104 M
1943 J
107M
Deb 5s series A
1962 j
Montecatlni Mln & Agric deb 7s '37 j
Montreal Tram 1st & ref 5s
1941 J
Gen & ref s f 5s series A
70
18M
11%
12%
91%
109%
104 M
107M
102 M
95
*102%
19%
""II
13
52
13%
11
92%
47
110%
104%
18
103%
107%
44
102%
95
113
1955 a
~14%
25*
9
14%
9%
15%
85% 96
105% 111
103% 1055
103
1045
106% 108%
97% 104%
66% 97
100% 104%
87
83%
85% 88
80
Gen & ref s f 4 Ms series C. .1955 a
1955 a
27%
26%
97
*103
D
33
1955 a
Gen & ref s f 5s series B
*31%
31%
32 %
"mi
ser
32
12%
35%
32%
35%
33
A
5s._1947 f
Mohawk & Malon© 1st gu g
11
39
132
32
1949 MN
1980 a o
♦Conv gold 5Ms
Gen & ref s f 5s series D
68
*32
J
1964
397
44
58%
54%
34%
1962
1962
101M
103M
102
106M
103M 103M
104M 106M
98
1st & ref s f 5s
see page
22
69
50
55M
_
89
100 M
99
39
101M
100
44
88
56 M
93 H
63
23
60 H
J
60
102% 104%
17
98
43 M
D
39M
38
112
58 H
54 M
1959
109K
103 %
44
42 M
1990
38%
90%
58 H
{♦Mo-Ill RR 1st 5s series A
99 M
81
111% 114
86
96%
108% 113
43
Mo Kan & Tex 1st gold 4s
Mo-K-T RR pr lien 5s ser A
100
3
,
O
96 M
104M
10
22
95M
43
115
106""
90 M
114
43
104 M
1st & ref sf 5s
For footnotes
98
103M
103 M
92
*105
D
Lehigh C &Navsf 4 Ms A
1954
Cons sink fund 4Ms ser C...1954
O
Lehigh & New Eng RR 4s A...1965
Lehigh & N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st &ref s f 5s 1944 F A
Secured 6% gold notes
Leh Val Harbor Term gu 5s
112
N
A
N
O
107
*70
1942
14
95
102
71
73 M
"72%
109 X
.90
103% 110%
107%
101% 104%
105
109%
104
107%
♦1st & ref g 5s series H
1942
108M
114
94 X
108%
100 M
"n
90
113M
loo""
Laclede Gas Light ref & ext 5s. 1939
Coll & ref 5 Ms series C
1953
Coll & ref 5Ms series D
1960
102M
109 H
102 M
*
39M
102
J
1st ref 5M8 series B.
1st Chicago Term s f 4s
*114.%
First and ref 6Ms
..1954
Kinney (G R) & Co 7M % notes 1936
Kresge Foundation coll tr 4s..1945
{♦Kreuger & Toll cl A 5s ctfs.. 1959
Coll tr 6s series A
*104
O
32
42
162-
163
34
'102
102%
106 M
102% 106
107% 111%
108 K
105
D
22
*103 %
104 M
1961
18
12
107 M
107M
107 M
25-year 5Ms.
106
Kings County El L & P 5s
.1937
Purchase money 6s
1997
Kings County Elev 1st g 4s... 1949
Kings Co Lighting 1st 5s
1954
108M
103M
109
1961
38 M
101M
*102M
1961
102 %
..1940
39
94
33
133%
122%
96%
109
112
94
107 M
103 M
1951 M S
*34
102%
107% 109%
103
105%
107% 109%
131
—1952 IVI N
3Ms.------impt4Ms series C
33
35
5
1977 M S
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit & Bay
City Air Line 4s
1940
35
35
111% 113
6
103
108 M
O
1968 IVI
1950 A
1st cons 5s gu as to int
1st & ref 6s series A—
40
2
109M
103%
93
109M
102 M 106M
42
111M
103
J
O
Mfrs Tr Co ctfs of partic in
A I Namm & Son 1st 6s
1943 J D
Marion Steam Shovel s f 6s
1947! A O
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr—1945 IVI N
1st gold
95
84
Manila Elec RR & Lt s f 5s
Manila RR (South Lines) 4s_..1939 M N
1st ext 4s
1959 M N
{♦Man G B & N W 1st 3Ms—1941 J
Jack Lans & Sug 3Ms
79
118
153
L>
1953 M S
90
81M
3
96 a
..2013 J
99
102
102
102
109
O
{♦Manhat Ry (N Y) cons g 4s.l990lA
♦
Certificates of deposit
88 M
1M
51M
112
98
54
111M
O
O
1955 M
♦Lower Austria Hydro El 6 Ms. 1944 F
McKesson"&Robbinsdeb 5MS-1950 M
{{♦Manati Sugar lstsf 7MS---19421A
♦Certificates of deposit
87M
51
102%
132M
122M
1952 J
Milw El Ry & Lt 1st 5s B
1st mtge 5s...
164
104%
111
96
97%
45M
74%
104 M 106
104M 105%
101
103%
94 M
1945 M
Ms-
Mid of N J 1st ext 5s
57
18
+131M
121M
M N
M S
M N
2003 A
South Ry Joint Monon 4s
Atl Knoxv & Cin Dlv 4s
99M
48
158
103%
95M
S
91M
91M
"57"
108
103%
A
86 M
45
104%
*102
J
1946 F
73 M
96
131
121M 126
*104
A
1980 M
91
107
137
13
31
*106%
O
J
Paducah & Mem Dlv 4s
St Louis Div 2d gold 3s
Mob & Montg 1st
g 4
116
95
124%
134%
125
73
1941 A
158
*105%
115
133%
97%
2003 A
87 M
95
40
103M 107
123
*108
71%
2003 A
81%
93%
2%i-
2
97
2003 A
85 %
*2
30
123%
73
1st & ref 5s series B
1st & ref 4 Ms series C
Gold 5s
92 M
80 %
105%
121%
97
1944 A
Louisiana & Ark 1st 5s ser A
1969
Louisville Gas & El (Ky) 5s—1952
Louis & Jeff Bdge Co
gu 5 4s
1945
Louisville & Nashville 5s.._
1937
92%
~~81
105%
D
—..1951 F
Lorillard (P) Co deb 7s
5s
80
6
104
62%
65
105%
S
49 M
73
65
58%
64%
70%
A
1949 IVI
{{♦Mfet West Side El (Chic) 4s.l938 F
34
33
34
1937 IVI N
-
*31
1948
_
94
166
1950 A O
1938 J D
-1949 IVI
Unified gold 4s
46 M
O
1946
Stamped...
10
97
106M 108M
105
92%
Long Dock Co 3Ms ext to
Long Island gen gold 4s
45
Kentucky Central gold 4s_._.Il987
Kentucky & Ind Term 4MS-.1961
—
67 M
100
1952 J
33
(par $925).. 1943
] alnunguaranteed
4Ms
108
58
A
warr <par 8925).. 1943
3?
71M
81%
95
^1946 F
A
33
♦Ctfs w w stmp (par
$645)..1943
♦Ctfs w w stmp
5
87
87
59
ser
33
1st 6s... 1943 M N
Kendall Co 5Ms._.
f deb 3 Ms
1st & ref 4s ser D
90%
100% 101
44 M
60%
Little Miami gen 4s series A—1962 M N
.
85
' 91%
150
102%
57
134
Unifield gold 4s.
1st refund 5 Ms series A
94
99
82
10
59%
123
33 %
86 %
tr
84%
75
'96 M
97
33 %
A
33
O
♦Karstadt (Rudolph)
85%
100%
91%
72%
....
81M
O
s
High
33
300
Liggett & Myers Tobacco 7S...1944 A
Loews Inc
Low
95
55
O
1951 F
High
94%
51%
A
1965
Since
Jan. 1
94%
General cons
...2003 IVI N
Leh Val Term Ry 1st gu g 5s_..1941 A O
Lex & East 1st 50-yr 5s gu
33
1950
1960
4 Ms
5s
10M
Ms--1961
1980
cons
Range
2
Asked
55
J
1940 J
2003 IVI N
-.2003 IVI N
4s
Metrop Ed 1st 4 Ms ser D
Metrop Wat Sew & D 5 Ms
111M
Apr 1950
General
cons g
34M
9%
o
impt 5s
90
49 M
139
35M
A
Ref &
86
103% 106%
5
47
96%
143 M
deposit
Kansas City Term 1st 4s
Kansas Gas & Electric 4
Ms
64%
11
92 %
K C Pow & Lt 1st
mtge 4
Kan City Sou 1st
gold 3s
90
'
80 %
84
95%
92%
87M
1955 F A
4sll951 M S
James Frank & Clear 1st 4s... 1959
£ ¥ Ist gu g 48
^
& M Ry ref
.Certificates of
"99
48 M
100
J
Int Rys Cent Amer 1st 5s B...1972 IVI N
IVI N
1st coll trust
{♦Iowa Central Ry 1st
1
&
Low
Leh Val N Y 1st gu g 4 Ms
Lehigh Val (Pa)
49 M
75
.1941 A
A & B__
68%
64
106%
91%
Bid
89
81%
69%
246
89%
Friday's
Price
33%
.1944 A
Debenture 5s
79
106
94
J
J
Int Merc Marine s f 6s
ser
80 M
99M
103%
79%
124
105M
94 M
97 M
108%
101%
10
81
106
IVI N
IVI
104
105% 112
102% 102%
87%
105
105 H
7% notes... 1932 MS
of deposit..
♦Adjustment 6s
-
47
♦1st 5s series B
8
*36
J
.
Internat Paper 5s
107M
102M
deposit..
♦lst g 5s series C
-
*104
102 M
J
A
J
J Interboro Rap Tran 1st 5sII
•Certificates of deposit.
{♦10-year 6s
1932 AO
Interlake Iron 1st 5s B
1951
Int Agric Corp 5s
stamped" 1942
internet Cement conv deb 4s. .1945
^
Nor l8t 68 8er A
1952
89%
39%
87
<
*88%
D
1940 A
1950 J
1956 J
conv
74%
26%
238
86
T„.lst,& ref 4Ms series C
♦Certificates
101
*100
J
Ind Bloom & West 1st ext 4sl
Ind 111 & Iowa 1st
g 4s____.
{♦10-year
33
88%
80
J
Illinois steel deb 4 Ms
of
175
Range or
Sale
!SS
Week's
Last
5s
119% 123
100
J
1963 J
.•Certificates
78%
~84%
98M
80
1951 J
1951 J
1965 J
1961 F
1966 J
8
2
1963 J
| ♦Ind & Louisville lstgu4sIII
50
*94
1953 J
1951' F
1951 F
Ind Union Ry 5s series B
Inland Steel 3%s series D__._
22
103 M
106 %
1951 J
3%s—
103% 105
103% 105%
100% 103%
38%
48%
-
83 M
103 M
97%
77%
g 4s
---
67
98%
78%
Western Lines 1st
103%
103 M
43 M
122%
108%
111M
104M
107%
*107
*103M
1955 M N
A
Ill Cent and Chic St L & N
Joint 1st ref 5s series A..'...
107% 110%
31% '37%
116
124%
44%
64%
64%
89
1
31M
103 M
*90
107 %
40-year 4 % s
-IAug l" 1966 F
Cairo Bridge gold 4s_.
1950 J
Litchfield Dlv 1st gold" 3s." 1951 J
"""
Friday
BONDS
N. Y. STOCK EXCHANGE
Lombard Elec 7s
87M
80%
79 %
1st g
110
72%
80 M
80 %
Gold 3Ms
101
13
Refunding 4s
1955 M N
Purchased lines 3%s._~_ I~~~ 1952 J
Collateral trust gold 4s...III 1953 M N
Springfield Dlv
7
30
103 %
43
Extended 1st gold 3%sl~~~" 1951 A O
1st gold 3s sterling
1951 IVI s1
Collateral trust gold 4s
1952 A O
St Louis Dlv & Term g 3s
103*
63
1951 J
I
95%
77%
75%
104%
A. T. & T. Tele. N. Y. 1-1598
102
81%
75%
122
1951 J
Loulsv Dlv & Term g 3 Ms
Omaha Dlv 1st gold 3s
90
36
----
60 M
*103
1970 A
Refunding 5s..
NEW YORK
St.
Telephone Whitehall 4-2900
7%
14%
106% 107%
*103
J
1940 M N
3Ms
10
69
*68
1937 J
Illinois Bell Telep 3Ms ser B..
Illinois Central 1st gold 4s
101%
107M
31M
120%
120 %
63
J
1944 A O
1937 M N
1937 J
♦Adjustment
Wall
63
70
19
86
102 %
102%
Members New York Stock Exchange
?
Week Ended July 17
H & T C 1st g Sslnt gtiar.
Houston Belt & Term 1st 5s..
Houston Oil sink fund 5 Ms A
..
60
----
*76
1999 J
_■
419
->
109% 119%
99% 105
10 %
95%
*76
1949
....
cons g
J
1952
4%s
♦Hoe (R) & Co 1st mtge
1st gold
94
94
O
J
Stamped
75
Co.
D. H. SlLBERBERG
112%
96% 105
96% 105
*107
1940 M N
Greenbrier Ry 1st gu 4s
'
*55
94
104%
104M
'
banks;and DEALERS
99
84
114
84
j
Since
Jan. 1
Low
7
94 M
94
A
r
lst&gensf 6%s—
-.1950
Great Northern 4%s series A..1961
General 5%s series B
1952
General 5s series C
1973
High
100 M
97
100M
*94%
D
5s —1947
gu
Bonds Sold
Fridau's
&
Asked
Low
Grand Trunk Ry of Can g 6s._ 1936 M S
Range
Range or
Sale
Price
N A.
395
Week's
Friday I
Last I
85
84
85
10
83
84
85
New York Bond Record—Continued—Page 5
396
July 18, 1936
2
bonds
RAILROAD
Bought
BONDS
Sold
-
-
N.
bonds
Y.
N.
EXCHANGE
STOCK
e
&
Week Ended July 17
Last
Range or
Sale
Friday's
<fc
Asked
§3
High
Bid
Price
18-a
No.
A
Ref & impt 6s series B__
Ref & impt 5s series C
Ref & impt 5s series D
Range
Since
Nor Ry of Calif guar g 5s
ser A
Jan. 1
1941
1941
Nor States Pow 5s
Low
Morris & Co 1st s f 4 Ms
J
104 M
Morris & Essex 1st gu 3
P
93 M
1939 J
2000 J,
Constr M 5s series A
1955 M
Constr M4^3 series B
1955 M
Mutual Fuel Gas 1st gu g 5s—1947 M
Mut Un Tel gtd 6s ext at 5%-.1941 M
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
Nash Flo & S 1st gu g 5s
1937 F
Nassau Elec gu g 4s stpd
1951 J
Nat Acme 1st s t 6s
1942 J
Nat Dairy Prod deb 3Ms ww.-1951 M
Nat Distillers Prod deb 4^8--1945 M
Nat Ry of Mex pr lien
Ms
4 Ms
1957
1957 J
1957 J
♦4Ms Jan 1914 coup on
♦43^s July 1914 coup on
♦4Ms July 1914 coup off
♦Assent
1957 J
n
97
n
n
N
87 M
A
a
J
d
N
N
96M
87 M
*116M
*110M
♦Assent
warr
105
104
105 M
113
90
94 M
97 M
46
90
88 M
51
84
"
104 M
67
"II
105
104 M
106 H
330
104 M
104 H
104M
76
2
86
92 M
103
105M
104M
98M
92 M
109M 116M
108M 110M
15
66
High
22
93 M
91M
*
104M
57M
73 M
102
104M
101M 106M
103
105
*3
J
J
J
*2M
*2M
2%
warr
Nat Steel 1st coll
4M
1965
1954
f 4s—._
^♦Naugatuck RR 1st
g
4s
Ore-Wash RR & Nav 4s.
Tm
"2%
16
3M
6K
ivi N
106 M
62
"121M
4M
4M
6M
103M 107 M
77 X
61M
3 24
2%
107
62
1948 J
d
1945 J
j
*
-.1945 J
j
New England Tel & Tel 5s A1952
j
♦mil
67
D
125M
125
122
123
♦Consol guar 4s__
.
1st g 4Ms series B_
121M
.
__1961
M N
'122"
120M 122
58
83M
45M 77 H
122
125M
121H
79 M
M
H9M
100
3
123
102
N J Junction RR guar 1st 4s
N J Pow & Light 1st 4 Ms
f
A
*103M
1960
A
O
106 M
New Orl Great Nor 5s A
1983
J
J
88 %
64 M
89
75
68
52
99 M
100
1986
-»
J
A O
1955 J d
4s...1953 J
J
NO & NE 1st ref& impt 4 Ms A. 1952
New Orl Pub Serv 1st 5s ser A.1952
First & ref 5s series B
New Orleans Term 1st gu
t8*N O Tex & Mex
inc 5S-.1935
A O
1954
n-c
A O
F A
♦1st 5s series B.
♦1st 5s series C
1956
♦1st 4 Ms series D
.__1956
N & C Bdge gen guar 4
conv
99 M
92
93 M
80 M
99^
93M
24 M
36
42
"40M
38 M
39M
39M
39 M
32 H
33 M
38 M
37
38M
30
41
39M
41
32 M
■
*110
J
MN
113M
A
96 M
98
O
97 M
98
97M
o
89M
89
o
95 M
1998
10-year 3Ms sec s f
Ref & impt 4 Ms series A
Ref & impt 5s series C.
2013
1946
2013
j
N Y Cent & Hud River M 3 Ms. 1997
Debenture 4s
1942
Ref & impt 4 Ms ser A
2013
Lake Shore coll gold 3 Ms
Mich Cent coll gold 3 Ms
N Y Chic & St L 1st g 4s
1998
Ref 4 Ms series C
1978
3-year 6s
Oct
N Y Connect 1st gu 4 Ms A
1st guar 5s series B
301
114
110
119
172
97^
89 M
391
74 M
90
96
456
80 M
96
98
100
102 %
106 M
91M
103
91M
451
98 M
107<Hi
114
5
105M 109
108 H
61
4
60
40
55
O
56 M
14
106 M 108 M
59
77 M
52
75
106
98
107 M
60 M
M
70 H
88
91H
98 M
'106"
106
106 M
15
102 M
102
102 M
120
101M 102 M
125
124M
125
V
11
122 % 125 M
109 M
1973
114
114K
M N
96
ivi N
*106
ivi N
U4M
19
113M 116M
1
92 M 100M
96
106 H
QQ
ivi N
104M
NYLE&W Coal & RR 5MS-1942 ivi N
*102M
*105M
102
"l3
104 M
103 H
1973
j
N Y L E & W Dock & Impt 5s. 1943 J
M s
N Y & Long Branch gen 4s
1941
a o
Y & N Eng (Bost
Term) 4s 1939
ivi S
Y N H & H n-c deb 4s
1947
ivi S
♦Non-conv debenture
26 M
♦Non-conv debenture 3Ms—1954 a o
j
♦Non-conv debenture 4s
1955 J
ivi N
♦Non-conv debenture 4s
1956
1956
♦Conv debenture 6s.
1948
-.1940
1957
*25
M
24 M
24M
27 M
34
25
37 M
23 M
26
30
j
J
28M
26M
28M
40
23M
26 K
41
37
38
14
16M
18
14
28
29
92
93 M
a
o
ivi N
29
M s
39 M
D
35M
o
*103M
*87 M
O
103
28
40M
36
89
81
35M
18
"96""
106 M
46 M
43 M
47
1951 ivi N
1956 M n
1937 J
J
1937 f
a
4Ms—.1939
M n
1946 J
§ ^Norfolk South 1st & ref 5s.-1961
g
f
A
ivi N
N & W Ry 1st cons g 4s
1996 O
A
Pocah C & C joint 4s
North Amer Co deb 5s
1941 J
d
-.1961
No Am Edison deb 5s ser A
f
A
1957 ivi
Aug 15 1963
F
Nov 15 1969 MN
For footnotes see page 397.
104
20
55
73
61
61M
62
102
101M
102M
55
109
109
109 M
82
101«
101M
k
101M
101M
99 M
101
104
105
1
101M
102
108 M
47
17
43 M
59 M
59 H
17
55
61M
90M
190
59
59
87
87M
118
66 M
70
8
70
39
9
40
116M
"39"
51
121M
3
85
♦101M
*
45M
61M
83
97 M
112
151M
32 M
42
49 M
72
119M 122 M
76 M
60
101
102M
104M 106
106
*103M
*105
104
105
106 %
1
102 M 106 M
105
.47
101M 105M
95M
97
24
105M
105M
S6M
106M
104
104
105M
1
106
6
90 M
99
105M
103M 107M
108M 108M
I07~~107k~" 37"
107
*110M
*114M
112M
113M
124
108 %
*120M
101M
122 %
112M
120
103M
109M
109M
121
111M
H2M
108M
108M
j
108 %
o
103
87
o
12
12
105
106
107M
110M 113M
2
O
'
88M
12M
22
22
1HM 114M
111M 114 M
100 M 102M
118M 122M
109
114
33
115M 120 M
85
99 M 104 M
23
105M HIM
73
105 M 111M
115M 120
~2 9
25
18
106 M 112M
92
76
9
17
110M
loik
110M
5
108M HIM
104M
78
98M 105
89
97M
s
100M
M n
111M
111
104M
97M
100M
111M
123
123
123M
A
99 M
93
101M 104 M
102 M 104 %
45M
103 M
..1974 f
45
47
O
j
10
101M 104 M
106 M 109M
44M
44m
J
o
3
7
100
101M
104M
98 M 103M
97
96 M
99 M
86
112
11
4
89
100M
111
113
120
124
General g 4Ms series C
1977 j
J
117
117
3
113
117M
General 4
1981
j
D
il4M
113M
H4M
2
110
115M
d
1967 J
M n
105 M
105M
105M
57
106 H
106 M
107M
105
105
106
Ms series D
Phila Co sec 5s series A.
4MS—1967
1st & ref 4s—
—
1971
f
A
-
4
25
103 M 106
105
109
103M 108 M
J
39M
39
40M
74
S
17 ii
16M
17M
111
15M
j
Philippine Ry 1st s f 4s._
1937 J
Pillsbury Flour Mills 20-yr 6s.. 1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
32 M
31M
32 M
41
2 5M
34
106M
109
1940 A O
1942 a o
1942 M n
111M
37
55
93 M
60M
31M
50H
99 M 105M
"99M 105M
105M
Pitts C C & St L 4 Ms A
Series B 4Ms guar
Series C 4 Ms guar
Series D 4s guar
^
32 M
.....
109
109 M
2
4
108M HI
106
107M
4
106
107 M
189
54
89 M
83
78
10
70
85
lllH
111M
4
HIM 112M
112
112M
2
111
114
111
113M
112M
*110M
112M
110
110M
105M
106 M
111
111
109
112
*110
108 M 108M
1963
F
a
*120M
1964
IVI N
*120M
119M
115M 121H
118
120 M
115M 121 M
d
1957 M n
1960 f A
4 Ms
1970 j
D
General mtge 5s series B
General 4 Ms series C
1975 a
o
1977 J
j
119M
119M
119M
116
121M
108
108
108M
107
110
"89M
73
92 M
M n
Pitts Va & Char 1st 4s
*109M
d
89 M
guar...1943
4Ms ser A..1958 J
1st M 4Ms series B
1st M
1
*105J4
*110M
♦112M
General M 5s series A_
♦Pitts & W Va 1st
107
78
1945 M n
F a
Series E 3 Ms guar gold
1949
Series F 4s guar gold.......1953 j
cons guar
107
—
4Ms Beries C.^
1958 a
1960 A
o
90
89
90
75
91M
O
90
88M
90
74
91M
*119M
123
101M
102
101
101M
3
72
72 H
83
106 M 108M
106M
.
107
106
...
85 24
106
81M
77
61
59
.....
*101
110M
110M
*
87 M
80
9
64
11
102 H
110M
.
-
35
81
82
19
12 M
14H
43
107 M
2
102 M
102 M
103
32
-----
124 M
129 M
17
15M
81M
15M
15M
2
14
......
45
46
72
100
102
110M 111^
15
13
62 M
63
5
A
1974 j
D
1st 4 Ms series D
1977 j
D
5s series B__
Port Arthur Can & Dk 6s A...1953 f
1st mtge 6s series B
1953 f
A
Port Gen Elec 1st 4 Ms ser C—1960 M
j
1st 5s 1935 extended to 1950-
s
6s..1942 j
J
103 M
155
Pub Serv El & G 1st & ref 4s..1971 a
96 M
120
12M
22M
Pure Oil Co s f
12M
21M
51
63 M
4 Ms without warrants
Purity Bakeries s f deb 5s
115
122
20
105M
106
29
106M 107 M
103M 106 M
104
104
1(]
102 M 105M
105
104 M
105
12
103M^106
105M
105
106
66
101M 107
4Ms
w w
"72
j
j
t^Postal Teleg & Cable coll 5s.1953 J
S t*Pressed Steel Car conv g 5s. 1933 j
^♦Providence Sec guar deb 4s..1957 IVI N
^♦ProvideDce Term 1st 4s
1956 IVI S
conv
101M
A
96
120 %
106 H
.
1962 f
1st gen 5s series C..
1st gen
22 M
118M
-
D
12M
106 M
-
A....1948 j
80
105M 108
118M
105 M
ser
Porto RIcan Am Tob
......
1
Pitts Y & Ash 1st 4s
93
,80
107 M
-
a
108 M
101
119M
1980 IVI
Series J
12
15
5s._.1941
105
4
19
119M
...1956 J
49 M
103M
31H
13M
♦Certificates of deposit
23
100 M
102M
o
♦Income 4s
..April 1990 Apr
Peoria & Pekin Un 1st 5MS---1974 F a
j
Pere Marquette 1st ser A 5s.—1956 J
56 %
107 M
81M
Niagara Share (Mo) deb 5 Ms.-1950 ivi N
Nord Ry ext sink fund 6 Ms
1950 A O
107M
100M
102M
d
Peoria & Eastern 1st cons 4s... 1940 a
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Ms
104 M 107
.....
1946
101
107
d
:*N Y Westch & B 1st ser 14 Ms.'46 J
Niag Lock & O Pow 1st 5s A.. 1955 a
26 M
107
A
1943 ivi N
32M
82 M
107
*104%
36
103
106 M
1940 F
5s
51H
39 M
n
37M
35M
15M
1965
Terminal 1st gold 5s
Deb 5 Ms series B
Deb 5s series C
26
Jan 1965 Apr
mortgage 5s
^♦Norfolk & South 1st
37 M
34 M
107
37 X
10
25
1965
Prior lien 6s assented
1965
N. Y. & Richm Gas 1st 6s A..1951 ivi N
N Y Steam 6s series A
1947 ivi N
N Y Telep 1st & gen s f
N Y Trap Rock 1st 6s
6s stamped
38 M
26
Prior lien 6s series A
gold
24K
37
J
1955 j
t*N Y Providence & Boston 4s.l942 a
A
N Y & Putnam 1st con gu 4s
1993
M
N Y Queens El Lt & Pow 3
Ms. 1965
.General
29 M
28 n
J
d
♦1st & ref 4 Ms ser of 1927.-1967 J
♦Harlem R & Pt Ches 1st 4s. 1954 ivi N
June 1992
26 M
121
123M
I12"
Phila Elec Co 1st & ref
39
113M
118
119
D
Phila & Reading C & I ref 5s. .1973 j
Conv deb 6s
1949 IM
25 M
24
115
109
24
122 M
112
105M 105 M
100 M 100 M
*99 M
*26
1045^
94 M 100M
108
103
111M
121
i01M
4s....1943
111M 114M
8
120 h
106 h
*..1947 M s
General 5s series B
"~6
121
a
1981
Gen mtge 4 Ms series E
1984
Peop Gas L & C 1st cons 6s... 1943 a
Phila Bait & Wash 1st g
"15
113M
113M
103 M
119 Jg
101X
a
100 M 102 M
104 M 105M
*106M
3MS—1947
♦Conv debenture 3 Ms
1
114M
114
1970
1st g 4 Ms series C
102
112
1968
Refunding gold 53
104M 106
119M
4s sterl stpd dollar May 1.1948
1st 4s series B
d
A
111
24M
39M
109M 109 M
119M
1948 ivi N
ivi N
Debenture g 4 Ms
General 4Ms series D
82
a
1981 j
205
101M
90M
112
"~79
103
114M
d
A
Pennsylvania P & L 1st 4M8--1981 a o
Pennsylvania RR cons g 4s
1943 ivi N
General 5s series B
99 M 103
3
112
d
Penn-Dixie Cement 1st 6s A-..1941 M s
4MS---1960 J d
15
96 M
101M 104 M
86 X
59
104 M 107
104M 107 M
107M 109
113
*113
Penn Glass Sand 1st M
103 %
103
103 M
68
9
108
103M 106
112M
1952 ivi N
1970
I960
1965
40
l02~~ "27
*
♦Paulista Ry 1st ref s f 7s
1942
Penn Co gu 3 Ms coll tr A
1937 M s
Guar 3Ms coll trust ser B...1941 f A
Consol sinking fund 4 Ms
General 4Ms series A...
10
108M
*76
Gen mtge 3Ms ser C__
~19
106 %
121K
98
95M
104M
104M
I03M
99M 109
I12"" "~2
s
90
109M
9
112""
s
Consol gold 4s
112
100
105 M
k
ivi
A.1977
107
7
28%
112M
105M
Pat & Passaic G & E cons 5s.-1949 ivi
74 M
100
o
Parmelee Trans deb 6s
90
1953
2000
1st
J ♦Park-Lexington 6 Ms ctfs..--1953
1944
j
20
1953
N Y Lack & West 4s
1st mortgage 5s____„_
N Y Susq & West 1st ref 5s
2d gold 4 Ms
J
Pa Ohio & Det 1st & ref 4 Ms
4 Ms series B
.93
94
106M
*1C8M
105
S
100
107 M
1946
♦Inc 6s assented
1955
394
M s
1 1938
N Y Greenwood L gu g 5s
N Y & Harlem gold 3 Ms
^♦N Y Rys Corp inc 6s
Paramount Pictures deb 6s
A
Paris-Orleans RR ext 5MS---*-1968
96 M
95 M
"102M
N Y Gas El Lt H & Pow g 5S..1948
Purchase money gold 4s
1949
N Y O & W ref g 4s
General 4s
1955
1963 F
98 %
101M
Paramount Broadway Corp—
♦1st M s f g 3s loan ctfs
28-year 4s
89
59
a O
J J
»
43
109
J
§ J ♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
41
42
N Y & Erie—See Erie RR.
♦Collateral trust 6s
♦Debenture 4s
a
J
89 H
o
a
•'
A
1938 F
1938 J
1937 J
105 M
1938
NY Edison lst&ref 6MsA—.1941
1st lien & ref 3Ms ser D
1965
ser
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s._
95
1951
4 J^s series B
d
Ref mtge 3Ms series B
1966
Paducah & 111 1st s f g 4Ms--. 1955
34
100M
102 M
D
J
Pacific Tel & Tel 1st 5s_-
101M
111H
24 M
24 M
M s
1942 J
1944 J
181
95M
100 M
O
M n
J
73
104 M 112M
74 M
85 M
1Q6M
108M
♦106M
101M
J
1964 J
89
A
o
.1946 J
105
105M
a
M n
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
109
112
106M
231
108
o
ref 5s A. 1942 J
Pacific Gas & El gen &
o
1937
1974
101
o
a
j
63
80 M
72 m
69
64
109M
O
a
High
121m
69
,
75
104M
105M
105M
Low
64
70
104"
100M
110M
A...1941
A
1998
Refunding 5Ms series A
N Y Dock 1st gold 4s
Serial 5% notes
J
89
32 M
40 M
1945
Consol 4s series A_.
74
88 M 100
98 M
1944
Ms
6s
105M 107 M
32 M
92
A O
♦1st 5Ms series A__
N Y Cent RR
99
£ A
1954
100
167"
l04"
80 M
"6k"
*2M
*2 H
106 M
106M
109 M
Since
112m 115
*65M
108M
78 M
100M
110M
105M
106M
J
f
Range
Jan. 1
120
*66
1st & ref 4s series G__
4M
No.
128M
*66
1963
Otis Steel 1st mtge 6s ser
!i
*114
1961
Oslo Gas & El Wks extl 5s
High
*121
S
1965 MN
J
Ohio Indiana & West 5s_-Apr 11938 Q
Ohio Public Service 7 Ms A
1946
1st & ref 7s series B__
1947
Ohio River RR gen g 5s
-1937
Ontario Power N F 1st g
1943
Ontario Transmission 1st 5s.-.1945 ivi N
Oregon RR & Nav com g 4s_..1946
Ore Short Line 1st cons g 5s...1946
Guar stpd cons 5s
1946
2%
5s
cons
1943
4M
6M
♦New England RR guar 5s
Newark Consol Gas
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s_-
2M
*2%
d
j
S
M
Og & L Cham 1st gu g 4s— ---1948 J
2H
4M
& rets No 4 on '51
s
1961
1964
Northwestern Teleg 4 Ms ext--1944
Norweg Hydro-El Nit 5Ms-.-1957
Pacific Coast Co 1st g 5s
J
J
1951 A o
off.-.1951 A o
& rets No. 4 on.1926
warr
-
3 24
*2%
♦4s April 1914 coupon on
♦Assent
B
3M
*2%
& rets No 5 on '77
♦4s April 1914 coupon
ser
Ref mtge 4 Ms ser B
Ref mtge 5s
3M
Nat RR of Mex prior lien 4 Ms—
♦Assent
1st & ref 6s
*3M
3M
—1977 A O
off
1977 A o
♦4s April 1914 coupon on
♦4s April 1914 coupon
H
92 M
91M
& rets No 4 on '57
warr
104
Low
M
1997 Q
2047 Q
2047
2047
2047
2047
_1938 A
North Pacific prior lien 4s
Gen lien ry & Id g 3s Jan
Week's
Friday
"Q
Bid
♦April 1934 coupons
NY 1-735
Ref & impt 4 Ms series
<3
Range or
Friday's
&
Asked
Sale
Low
1974
1974
I♦North Ohio 1st guar g 5s—-1945
♦Ex Apr ^-Oct'SB-Apr'Sl cpns._
♦Stmpd as to sale Oct 1933 &
North Cent gen & ref 5s
Gen & ref 4 Ms series A
123 S. Broad St., Phila.
Kingsley 1030
St., New York
HAnover 2-1720
'
Last
Price
Quoted
LOBDELL & CO.
A. T. & T.:
&s
EXCHANGE
Week Ended July 17
Members New York Stock Exchange
48 Wall
STOCK
Y.
Week's
Friday
~76M
30
75 %
"76M "21
31
220
28
41H
26
80
95
4
9
10 M
*80 %
93M
118
U6M
I18M
104
104M
94 M
96
d
J
D
*73
a
o
100
100M
106M
107
*100M
106M
-J*107M
76
107M
21M
92 M
102716 109 M
79
187
8
45
110M 131M
102 M 105 M
91M 103
158
J
j
80 M
94
9M
104M
95M
j
101M
104 M 108
64 M
82
30
o
1948 j
77 M 102 M
79 M
66 M
92
M
94
1950 J
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4 Ms series A
1997
Gen & ref 4 Ms series B
1997
21
*106M
1950 J
^♦Radio-Kelth-Orpb pt pd ctfs
for deb 6s & com stk (65% pd)
5 ♦Debenture gold 6s
1941
119M H9M
63
158
82 M
96M 100M
106M 108 M
105M 108
*7
Volume
New York Bond Record—Concluded—Page 6
143
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 17
Range or
Sale
Friday's
Bid
Price
Asked
&
High
No.
107%
85
Low
M
S
M
S
F
"m%
A
J
J
1946 J
J
1953 J
J
♦Rhine-Westphalia El Pr 7s
1950
1952
1953
s
f 7s
♦Direct mtge 6s
♦Cons mtge 6s of 1928
__
M N
M N
F
103%
.
.
*30
38%
Richm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
M N
"40%
38%
1952
♦Rio Grande June 1st gu 5s
1939
103
1955
St Lawr & Adir 1st g
2d gold 6s...
1st g 4s ...1933
deposit..
♦§Rlv & G Div
♦Certificates of
37
13
1
27%
30
31
24
110%
103%
3
85%
5
4
79%
103
35
90
47%
107%
52%
94%
90
76%
54
37%
112% 112%
107% 109
13
22%
35
34%
43
25%
42%
27%
107% 110%
103
105%
Truax-Traer Coal conv
....
22
24%
179
19%
22%
202
15%
14%
56
104% 107%
4
104% 106%
A
O
*16%
Union Oil of Calif 6s series A. .1942 F
A
12i%
{{♦Union Elev Ry (Chic) 5s.-.1945
12-year 4s
Debenture 5s
100
64
76%
71%
74%
184
60
74%
87
64%
50
54%
39%
42
37%
..
39%
74
101%
1
101%
101%
*105
....
-
12
....
25
16%
2
18
25
.
38
104
104%
18
103%
103%
2
107
107
2
120%
.'.
O
......
29
*28%
-
32
5
32
*106
109%
....
IIII
5
16
......
8%
1945 M S
6%
13
25
15
...
16%
12%
......
15
1
4
.
5%
5%
7%
6%
*13%
3%
3%
A
15%
4%
*13%
....
6
3%
106%
96%
82%
1951
Shinyetsu El Pow 1st 6%s
♦{Siemens & Halske s f 7s
.1951 M
S
1949 F
102%
53%
O
93%
93%
48
s
104%
104%
105%
117
103% 105%
1939 IVI N
1939 F A
102%
102%
102%
89
98% 104%
♦2d gold 5s...
92%
93%
17
96%
84%
67%
78%
100% 102%
72
82%
1946
Skelly Oil deb 4s
Socony-Vacuum Oil 3%s
{Wabash RR 1st gold 5s
Det & Chic Ext 1st 5s
1941 J
J
117% 124%
Des Moines Div 1st g 4s
1939 J
Omaha Div 1st g 3%s
Toledo & Chic Div g 4s
1941
5s
50-year 5s.
s
100
111%
{♦Wabash Ry ref &
108% 114%
34
62%
26
66
66
27%
114% 120%
13
20%
12%
19%
11%
12%
8%
Southern Colo Power 6s A
1947
11
5
24
"60% "22
92
124
124
107%
107%
106%
94%
41
97%
166
106%
93%
97%
1968 MS
1969 M N
1981 M N
91%
91%
91%
San Fran Term 1st 4s
1950 A
O
113%
112%
1977
1
6
81
92
309
91%
91%
242
115
617
39
2
101%
105%
105%
101%
105%
105%
101%
"104%
104"
104%
"172
.1956
72%
69%
72%
487
1956
91%
89
91%
95
94%
101
So Pac of Cal 1st con gu g 5s.. .1937 M N
.1937 J
1st 4s stamped
J
.1955 J
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
J
.
.
-
.
106
10%
5
112
.1994
Devel & gen 4s series A
Devel & gen 6s
Devel & gen 6 Ma
Mem Div 1st g 5s
94%
.1951
92%
88%
.1956
St Louis Div 1st g 4s
East Tenn reor lien g 5s
Mobile & Ohio coll tr 4s..
88%
102%
99
.1996
.1938
......
.1938 M S
.1964 J
S'west Bell Tel 3%s ser B
D
{♦Spokane Internat lst.g 5s._. .1955
1946
Staley (A E) Mfg 1st M 4s
......
105%
98%
.1961
3Mb
Staten Island Ry 1st 4%s
77%
107%
.1943
------
95%
105%
1947 A
5s_. 1951 J
Tenn Cop & Chem deb 6s B__. .1944 M
.1947 J
Tenn Elec Pow 1st 6s ser A
4%s_. .1939
A
O
98
J
S
D
O
1944
1st cons gold 5s
*18%
105
98%
*103
*14
{{♦Stevens Hotels 6s series A.. ,1945
♦Studebaker Corp conv deb 6s. 1945
Swift & Co 1st M 3%s
1950
Terr Cent 1st 6s A or B
76
107%
103%
100%
111%
......
1955 A
O
6s debentures
...1955 A
Warner Bros Pict deb 6s--.--.1939 IVI
O
Walworth Co 1st M 4s...
99%
101%
111%
111%
*115
117
109
...
1979 A
D
1960 J
♦Adj inc 5s tax-ex N Y..Jan 1960 A
240
....
163
J
68%
O
38%
28%
61
*_.
♦Deposit receipts
Warren RR 1st ref gu g 3%s__2000 F
1945
*75"
A
32%
35%
56
25
65
26
31
24%
82
26
32%
36%
25
31
270
31%
....1961 J
1st mtge 4s ser H
Western Maryland 1st 4s
70
84
86
92%
98%
46%
16
8
41%
69
69
80
77
100%
-.1952
1st & ref 5%s series A
10
109
101%
106%
1977
2
1
101
101%
28
41%
109
J
103% 108%
126
17
107
83
94%
105%
109%
110%
121%
101
108%
109%
112
124%
119
123
108
110
96% 101%
106
109
102
104%
106
110%
90
24%
guar 4s
31
60%
123
40-year
98%
96%
103% 106%
100% 102%
114% 125
106% 108%
102% 106%
95
80%
87% 98%
93
76%
77
92%
76%
91%
106% 118
West N Y & Pa 1st g 5s
Gen gold 4s
{♦Western Pac 1st 5s
ser
1937
s
1938
IVI N
92% 104%
53
#1%
94%
99%
89%
97% 102%
57%
77%
104% 108%
34
14%
104%
98%
106
99%
105%
108%
100%
26
105
107
61
103
108%
100
103%
107%
105
44
42%
A
100
100
D
105%
105%
106
30
103% 106%
S
107%
107
108
72
104
24
24
91
91%
86%
♦Westphalia Un El Power 6S..1953 J
J
2361 J
J
.2361 J
J
West Shore 1st 4s guar
"91%
85%
1949 M S
111
Wheeling Steel 4%s series A
1966 F
100%
White Sew Mach deb 6s
1940 MN
A
25
9
111
99%
100
109
22%
33%
40
85
96
45
81
92
*107
Wheeling & L E Ry 4s ser D..1966 M S
104
111%
"l2
100%
96
100
107%
107% 112%
101%
90
101%
{♦Wickwire Spencer St't 1st 7s. 1935
J
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col & ref conv 7s A. 1935 MN
72%
68%
71%
39
32%
32%
i960 IVI
RR 1st consol 4s
105% 106%
101% 101%
99% 106%
35
63
1936 F
1951 J
;
Registered
6
109%
35%
105
34%
34%
)"j
4%s._.1950
104
109%
33%
33%
O
1946 IVI
...1946
Western Union coll trust 5s
g
*102
J
1943 A
A
♦5s assented
Funding & real est
15-year 6%s
25-year gold 5s.
30-year 5s.
J
1942 J
J
29
24%
18%
57%
25%
108
59%
25
J
1949 J
25%
D
1960 J
20
D
1938 J
Wilson & Co 1st M 4s series A. 1955 J
25
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
Winston-Salem S B 1st 4s
{♦Wis Cent 50-yr 1st gen 4s.
__
J
6
107
101%
47
110%
18"
107
101%
101%
111%
7
18
33
19
2
31
18%
18%
31%
45
67
106% 107%
99% 102
107
111%
15%
25%
25%
15%
17
{♦Sup
{♦Certificates of deposit
♦Wor & Conn East 1st 4%s._.1943
Youngstown Sheet & Tube—
11%
*9
12
9
25
& Dul div & term 1st 4s '36 MN
17
11
♦Certificates of deposit
21
21
104
107
i"j
15
9
15%
14%
.
'
1st mtge s f 5s ser B_
106
43
40
141
2
....
24
72
109
....
18
105
123%
104%
104%
105%
109
3
70
63
103%
103%
105%
5Mb A.. 1964 M S
36%
71
110%
124%
....
109
O
1980 J
27
19%
28%
.1970 A
O
Conv deb 3 %s
1st mtge s f 4s ser C
.1951 F
A
105%
110%
1961 M N
99%
8
105%
106
109%
111%
,697
99%
216
105% 111%
98%
99%
120
106%
102%
103%
"26
34
60%
61
38
13
32
103
101%
*104%
123%
123%
O
98%
*168
75
96
123
1
98
108%
1977 A
77
89
26%
75
28
s
s
*74%
94%
124%
6
101%
2000
17
IVI
1941 IVI
{♦Warner-Quinland Co deb 6s. 1939
♦Warner Bros Co deb 6s
"95%
110%
104
106
Gen & ref 5s series B
....
s
S
124%
109
Texas & Pac 1st gold 5s
73
105%
West Penn Power 1st 5s ser E.1963 M
97%
124%
103%
106
1943
74%
104%
60
13
30
*110%
97%
106%
.1953
Tex & N O con gold 5s
105%
(Hiram) G&W deb 4%sl945
J
95%
105%
Texarkana & Ft S gu 5%s A_. 1950
1944
Texas Corp conv deb 5s
Gen refund s f g 4s
1
54
93%
5
D
78*
17
28
A
85
99%
"30%
1939
10
.....
28
..1980 AO
Wash Water Power s f 5s
26
105%
29
30%
28%
30%
28
Westchester Ltg 5s stpd gtd___1950
99%
21
28
28%
94%
97%
81%
88%
59% 102%
42%
54%
110% 112%
89%
102%
77%
108%
49
81
9
28
105% 109
.1955
Southern Ry 1st cons g 5s
30
29
1945 F
82%
102%
54%
Gold 4Mb
Gold 4Mb
4%s (Oregon Lines) A
Gold 4%s
O
28
*99%
82%
96%
90%
90%
90%
1st
1978 A
4%s series C
♦Certificates of deposit
Walker
97%
31%
30%
30%
30
*108%
17
93%
So Pac coll 4s (Cent Pac coll).1949
A
31%
30%
30%
A
105%
107%
s
F
104%
......
IVI
1976 F
♦Certificates of deposit
♦Ref & gen 5s series D
21
21
s
♦Certificates of deposit
♦Ref & gen
76%
68%
*
O
5%s A. 1975
*Ref & gen 5s series B
66
28
gen
*70%
"97%
J
A
1941 IVI
♦Certificates of deposit
'
*102%
Wash Term 1st gu 3%s
"98% "50
f 53.1941
115
*78
Washington Cent 1st gold 4s_.1948 Q IVI
"98"
124
93%
7%
104%
1951
91
6%
6
"98%
1950
1936
1963
5s
3%
3%
33
106% 109%
61%
70
104
105%
IVI
cons
24%
166
~60"
1941
62
6%
26%
1958 A
1st
Virginian Ry 3%s series A.... 1966
13%
....
A
Sile8ian-Am Corp coll tr 7s
Silesia Elec Cdirp 6%s
14
*68
*105%
J
11%
97%
53%
109%
108
2%
"n"
S
9%
13%
106%
94
8
6%
10
96%
106
14%
85%
95%
106% 108
107% 107%
Va Iron Coal & Coke 1st g 58..1949 IVI
Va & Southwest 1st gu 4s
2003 J
1st
M N
1951 M S
1952 J D
J
1935 J
deb 4%s.
Shell Union Oil deb 3%s
~*2%
*6%
13%
28
7%
4
A....1955 MN
14%
64
33
5%
8%
j
J
D
3%
5%
4%
7%
6%
20
J
19
107%
J
J
1942 J
J
108
....
ser
4%s__1934
1954 J
16
....
105
gu
1st lien g term 4s
111
,
Virginia El & Pow 4s
27
89
35
59
16%
64
115%
{♦July coupon off
♦Vertientes Sugar 7s ctfs
107%
102% 104%
104% 107%
20
*27%
{♦Vera Cruz & P 1st
91
103
100
27
O
1935 F
5b
31
121%
*114
......
4s series A....1955 F
70%
17%
110%
......
.—-
105
cons g
20%
41%
28%
100% 102%
101% 102%
99%
4%
♦Series B certificates
30
101%
......
8?
76%
58
O
Third Ave Ry 1st ref 4s
104%
72%
64
A
Gen & ref 5s series D
104
104
90
{♦Atl & Birm 1st g 4s......1933 M~S
{♦Seaboard All Fla 6s A ctfs.. 1935 A O
Gen & ref 5s series C
103
72%
71%
152
♦Certificates of deposit
Tex Pac Mo Pac Ter
104
.1959
f 4s series B
33
27%
33%
29%
42%
95% 104
97% 104%
27
104%
19%
O
♦Certificates of deposit
cons 6s series A
1
"it
38
17%
s
113
37
86
100
.
b
33%
*105
A
♦1st &
Term Assn of St L 1st g
28%
*105
1959 A
Tenn Coal Iron & RR gen
28%
28%
O
Oct 1949 F
standard Oil N J deb
28%
A
120 H
J
115%
*28%
1957 M N
1950 A
South Bell Tel & Tel 1st
28%
118
109
111
106%
Cons
J
♦Ctfs. of deposit stamped..
cons guar
103% 107%
27
33%
106%
J
Vanadium Corp of Am conv 53.1941 A
*28%
{♦Gold 4s stamped
Gen
115%
58
112%
Vandalia
27
cons gu g
35%
108
114%
__
22%
....
Scioto V & N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4s.. 1950 A O
♦Certificates of deposit
Sou & Nor Ala
25
8b
30%
25%
1946 A
f 6%s series B
f 6%s_._
Sierra & Sar Fran Power 5s
113
*
15
Stamped
s
6b
*112%
101%
s
J
{{♦United Rys St L 1st g 4s.
1934 J
U 8 Pipe & Fdy conv deb 3%s..l946 IVI N
14%
13%
76%
39
Stamped
♦Debenture
102
101% 104%
106% 109%
98
103%
17%
1946 J
Schulco Co guar 6%s..:.
conv
16
131
......
J
San Antonio Pub Serv 1st 6s__1952 J
Santa Fe Pres & Phen 1st 5s.:. 1942 M S
Sharon Steel
45
108
334
107
1943 J
♦Adjustment 5s
{♦Refunding 4s
103%
107%
101%
26%
104%
S A & Ar Pass 1st gu g 4s
s
102%
10/%
25%
"18
St Paul Un Dep 5s guar
4s (large)
111% 115
107% 111%
7
64
1943
31
112%
22
.
1937
1940
1972
2b
109
112%
23%
101%
Mont ext 1st gold 4s
114.
108
1x2%
102%
20%
18%
......
St Paul Minn & Man 5s
123
113
Gold 4s
.1968 J D
United Biscuit of Am deb 5s. .1950 A O
United Drug Co (Del) 5S......1953 IVI s
1944 IVI
122%
111
113
s
U N J RR & Can gen 4s
21
119
10
S .108
J
lid
June 2008
1.7%
'ii
121%
117%
Union Pac RR 1st & Id gr4s
1947 J
1st lien & ref 4s
June 2008 IVI
1st lien & ref 5s
21
117
1947 M N
deb
90%
1937
Guaranteed 5s
Guar
conv
21%
120
98%
11
18
106%
96
25%
90%
89%
97
107
106
23%
27%
58
99%
94%
90%
105%
25%
{♦St Paul E Gr Trk lst4%s.„1947
{♦St Paul & K C Sh L gu 4%s,1941
79
100
96
19%
St Paul & Duluth 1st con g 4s__1968
gu
84%
106
26
22%
130
90%
94%
107
Utah Lt & Trac 1st & ref 5s.-.1944
Utah Power & Light 1st 5s
1944
Util Power & Light 5%s
1947
24%
105%
120% 122
115
J
37%
J
{♦St L SW 1st 4s bond ctfs. .-.1989 M N
J
♦2d g 4s Inc bond ctfs..-Nov 1989 J
♦1st terminal & unifying 5S..1952
♦Gen & ref g 5s ser A.
1990
St Paul City Cable cons 5s
1937
161%
119
S
{♦Universal Pipe &.Rad deb 6s. 1936
J
.
86%
O
f 7s
78
86
J
96% 101%
1945 M
s
71
51%
m"s
77%
99% 107%
6
Union Elec Lt & Pr (Mo) 5s...1957 A
Un E L & P (111) 1st g 5%s A..1954 J
Uijigawa Elec Power
♦Sink fund deb 6%s ser A... 1947
75
j
45
99
*94
♦Uh Steelworks Corp 6 %s A.. 1951
♦Sec s f 6%s series C
1951
35
1950
78%
99
81
1
.1978
High
100% 103%
93%
M N
87
2
{Pacific ext
117%
67%
85
♦Certificates of deposit
Low
10
107
100%
*105%
*102%
78
136
36
♦Prior lien 5s series B
6
Jan. 1
*109
J
U S Rubber 1st & ref 5s ser A..1947 J
85
♦Con M 4^8 series A
♦Ctfs of deposit stamped
6%s...l943
92
36
1950
No.
103
100
♦Tyrol Hydro-Elec Pow 7%s..l955 IV1 N
♦Guar sec s f 7s
.1952 F A
85
36
lien 4s A
High
Since
II
49
35%
85
♦Certificates of deposit
Range
Asked
78%
106%
loo"
S
44
J
pr
1942 M
C
O
22
24%
82
ser
78%
D
33%
83
81
Tol W V & Ohio 4s
D
1950 A
23%
21%
78%
*78%
...1953
3%s 1960
Tol & Ohio Cent ref & imp
Tol St L & W 1st 4s
33%
33%
J
{♦St L-San Fran
103
J
23
.....
------
1st 6s dollar series
126
95% 100%
109%
102% 105
34
27%
106
{♦St L Peor & N W 1st gu 5s... 1948 J
stpd._.1955 J
St L Rocky Mt & P 5s
1937 J
23
....
44
106
St Louis Iron Mt & Southern—
78%
&
Low
Third Ave RR 1st g 5s
5
85%
M N
Bid
High
110
8
103%
1st 5s... 1937 M N
J
5s
1996 J
1996 A O
St Jos Ry Lt Ht & Pr
Price
Trl-Cont Corp 5s conv deb A.. 1953 J
4
......
St Joe & Grand Island 1st 4s.-.1947
106
£
8
34
....
2
*115%
1949
-1941
4s
Rutland RR 1st con 4%s
Low
Friday's
Toronto Ham & Buff 1st g 4s. .1946 J D
Trenton G & El 1st g 5s-.__-.1949 M S
92
*108%
21
20%
24%
27%
25%
31
28%
110
110%
6s._——1948
Week Ended July 17
Range or
Sale
£-2
28%
80%
41
43%
1977
-.1962
{{♦R I Ark & Louis 1st 4%s.-.1934
N. Y. STOCK EXCHANGE
21 %
24
92
4%s series D
Rut-Canadian 1st gu g
25
80%
80%
Gen mtge 5s series E
♦Ruhr Chemical s f
51
*35%
25
13
103
103
......
J ♦Rio Grande West 1st gold 4s. 1939
♦1st con & coll trust 4s A_ —.1949
Roch G & E
39%
24%
*24%
24%
86
....
40
24%
„
237
....
26%
24%
24%
24%
41%
.....
"
M N
1944
26
*23%
O
} {♦Richfield Oil of Calif 6s
♦Certificates of deposit
35
*22%
.
......
A
♦Cons M 6s of 1930 with warr '55 A
106%
103%
......
.
111%
96%
107%
104%
96
107
BONDS
Since
Tokyo Elec Light Co. Ltd—
*112%
109%
96%
M N
♦Rhine-Ruhr Water series 6s
♦Rheinelbe Union
106
107%
M N
Range
Jan. 1
fs
Week's
Last
Week's
Last
NO,
Remington Rand deb 4%s w w.1956
Rensselaer & Saratoga 6s gu---1941
Republic Steel Corp 4 %s ser A. 1950
Gen mtge 4%s series B
1961
Purch money 1st M conv 5 %s '54
Revere Cop & Br 1st mtge 4 % s. 1956
Friday
Friday
Si
IS
397
68%
36%
38%
45
10
23
185
81% 117
105
99
107%
74% 100%
124%
,105
94
102
110% 111%
116
118%
105% 111%
87% 106%
101% 105
99% 104%
117% 126%
98
105%
97
105%
97
105%
105% 109%
57%
71%
22% 43
e
Cash sales transacted during the current
week and not included in the yearly
range;
No sales.
r
Cash sale only transaction during current week,
transaction
during current week,
n
a Deferred delivery sale only
Under-the-rule sale only transaction during
current week.
§ Negotiability impaired by maturity,
at exchange rate of $4.8665.
t Accrued interest payable
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
No sales transacted during current week.
♦ Bonds
selling flat.
z
Deferred delivery sales transacted during the current week and not Included
in the yearly range;
No Sales.
,
•
S
,
New York Curb
398
NOTICE—Cash and deferred delivery
shown in a footnote in the week in which they occur. No account
regular weekly range are
In the following
i**1936
of the week, and when selling outside of t he
is taken of such sales in computing the range for the year.
New York Curb Exchange for the
the present Friday (July 17, 1936). It is compiled entirely
of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
extensive list we furnish
a
complete record of the transactions on the
beginning on Saturday last (July 11, 1936) and ending
week
from the daily reports
dealings occurred during the week covered:
which any
Par
Week's Range
for
Sale
STOCKS
of Prices
Week
-
Class B
Conv
3%
334
—
May
46 34
99
June
11334
Jan
600
1,700
900
24 %
1
434
Mar
Feb
27
35
com.*
25
6734
8334
210
58
Feb
76
Feb
'1934
June
115
Jan
Buckeye Pipe Line
19
Apr
2434
July
Apr
234
Apr
24%
7" loo
13134
21
Jan
87
Jan
300
109
400
15
1734
1334
Jan
75
Mar
Jan
101
Common class B
$5.50 prior pref.
Am Cities Pow <fe Lt—
10
3634
16,400
434
*
425
25
25
23.
'30%
100
1 34
3334
108
Jan
4334
Mar
29
Apr
46
Jan
134
4,600
325
3
9234
5234
4734
1934
Jan
5,000
32
May
6334
Feb
June
434
Feb
Centrifugal Pipe
Jan
234
Jan
Charis Corporation
700
134
11034
Jan
4
Jan
734
634
7,300
634
16,300
334
6,000
734
10
93
10
1034
1 234
1,800
12 34
134
134
2 34
1334
134
1234
5:
34
934
1034
"934
1334
53«4
3
Warrants
1034
134
Austin Silver Mines.....1
"§34
2 34
9134
1034
9
1
.*■
July
City Auto Stamping
Claude Neon Lights Inc
534
'32
Jan
%
June
~24~666
2634
134
S32 July
June
1134 May
Jan
51
2 34
4,700
7 34
1
700
8
45
120
4234
92
900
70
3
20
1,100
May
Apr
May
89
July
Jan
34
800
May
July
834
234
Jan
June
Apr
234
Apr
Feb
Club Alum Utensil Co
Feb
Feb
June
Colt's Patent Fire Arms_25
334
94
Jan
Feb
1634
Feb
Conv 5% preferred. .100
Columbia Oil & Gas new__l
Jan
Columbia Pictures
Feb
Commonwealth Edison 100
Commonwealth & Southern
55
434
11
Jan
134 June
11
Mar
12 34
Jan
234
Jan
Jan
30
Jan
June
1834
18
27
1,400
1334
3 34
3,400
4634
4734
1634
300
Apr
43 34 June
1434 July
234
534 June
34
May
100
Como Mines
.
434
53
Feb
Feb
Feb
Jan
2534
Mar
934
Mar
50
Jan
Secur $3 pref.
5% preferred A..... 100
Consol Min & Smelt
.5
Consol Retail Stores
..5
8% preferred
100
Consol Royalty Oil
.10
Cont G & E 7 % prior pf 100
Continental Oil of Mex_. "
Continental Securities.
Cooper Bessemer com
234
Mar
1834
1234
July
1134
July
234
134
ClftSS
Feb
Cord
334
334
Feb
Apr
Corroon & Reynolds
Common
*2154 "2334
T.flOO
20 34
May
2934
Mar
Jan
1534
Feb
Jan
2034
Apr
21
Feb
200
1634
Jan
234 May
5
Mar
200
1834
2634 June
934.
1334
Mar
40
101
1134
1434
434
British Amer
18
97
Feb
Mar
5
56
51
5634
Jan
1034
1134
Jan
101
Apr
90
Apr
1434
Apr
5634
July
July
Jan
1634
Mar
9934 May
Feb
10734
1034 May
11634
Jan
116
Jan
1,300
11,200
1034
50
101% 102
110
200
110
734
40
934
July
Feb
1634
Jan
Jan
May
55
92
Jan
102
1434
Apr
1734
68
Apr
76
31
17
17
7534
7534
73J4
234
7334
234
72 34
234
234
600
40
Jan
"4834"
2534
234
28
4934
47
425
4294
Feb
73 94
10,800
134
134
Apr
334
Feb
21,800
Jan
Feb
575
1834
Jan
334
3134
3134
Jan
54
Feb
Jan
44
Feb
17
May
*434 May
30 34
Feb
1634 May
22
1,575
320
634
Preferred.
Jan
May
12434
Mar
49J4
5,800
38
Jan
July
2734
400
44 34
45
Mar
"434"
6034
534
77,200
5,200
59
Jan
100
6534
634
634
Jan
34
*
434
603-4
Jan
3434
24
75
34
4934
3434
600
3
Jan
66
40
June
63
June
Jan
69
July
May
6534
July
Jan
1934
134
Apr
61
1034
40
69
200
4234
6534
'51"
63
68
1434
6534
100
43
1434
,S16
1534
2,900
11
134
1,300
5034
51
10
1034
600
1,800
34
41
Jan
May
934 June
334
Feb
134
300
134 May
May
100
134
•
7
7
1,800
July
June
634
Feb
For footnotes
834
403
Apr
July
4
4,300
42
May
73
106
106
110
2,775
93
Jan
Mar
114
34
34
Mar
.
Jan
334
115'
334
434
3934
4134
10934 117
134
34
134
Jan
534
Mar
250
36
Mar
45
Jan
2,600
97
Jan
117
July
26,300
200
34
Apr
134 June
33
31
2
'16
134
8,900
Feb
225
2
1,000
134
5i6 143,900
1,100
1134
13
Jan
34'.
Jan
34 May
34
Feb
134 May
33
3 34
July
134
Mar
134
Jan
434
Feb
3
Jan
834
Feb
18,100
534
20,900
92
9134
9234
2,000
54
53 34
5434
6
534
16
Feb
4634 May
1934
434
49
Apr
1434
July
2354
Jan
334 June
634
525
1,700
9334
9334
10
234
234
300
84
Jan
113
6
Jan
5334
July
334 May
34
34
1634
1,700
9
9
14
42
Jan
2
May
Jan
100
34
34
90
88
"2
50
94 May
Apr
9234 May
116
5334
Feb
Crane Co
8 34
200
934 June
Apr
Mar
29 34
Mar
Jan
2734
Apr
25
com
634
105
334
2034
Jan
2634 June
Mar
Mar
Jan
10134 June
2
Feb
6 34
Jan
10
Apr
934
Jan
19
Mar
Jan
4934
Mar
34
43
7
834
1,900
634
Jan
9
Apr
5
434
5
7,300
434
July
8
Mar
8
Feb
534
73
2 34
600
6
700
73
2
100
234
12,800
1234
4% June
65
Jan
800
134
77 34
Jan
434
3134
134
31
3134
12934 134
7,900
15
Jan
24
Feb
234
3154 June
400
•
s
May
34 June
Apr
Jan
134
2534
2534
2734
7,700
12034
1934
Jan
3434
*
1034
1034
1134
2,800
9
Apr
16
Croft Brewing Co
1
*
34
34
34
10,200
634
300
1
"134"
634
2
..100
_
_•
Feb
Feb
Jan
.5
Preferred
Feb
17
1134
1134
Crocker Wbeeler Elec
Creole Petroleum
Mar
5734 May
34
Am dep rets ord reg... £1
Cramp Ship & Engine..100
Jan
734
Jan
Jan
Crowley Milner& Co
see page
Jan
334
12
45
Feb
Feb
6
42
Feb
Jan
5234
1634
45
34
Apr
134 May
Feb
7%
Jan
4134
334 May
♦
29
2434
Feb
105
Courtauld's Ltd
450
2434
Registered
Jan
350
121
34
100
1,700
200
July
2634
"4434
*
1
T,3o6
2634
*
Jan
June
20
234
2434
.1
$6 preferred A
Cosden Oil com
534
3834
1634
Oil coup
Feb
86
23,600
15
"l% "234
834
*
Jan
Feb
Mar
834
Copper Range Co
Corp
134
^
Feb
2,000
Crown Cent Petroleum
7%
Brlllo Mfg Co com
Jan
32
3
100
43
634
37
Feb
25
2434
9
.
$3 preferred A.
Jan
97
3734
Jan
9i6
22
*
Consolidated Aircraft
July
334
134
534
1534 June
234
Jan
S16
1234
5
234
Feb
July
534 June
200
Apr
Jan
May
634
1,900
Warrants
Commonwealths DIstribI 1
Community P & L $6 pref *
Community Water Serv..*
100
4,400
14 ?4
134
17
3
25
*
34
"234
"234"
3
Mar
25
134
163i
Apr
Feb
34
Jan
700
1534-
May
40
Jan
Jan
1734
*134
40
May
si6
200
434
Jan
July
1634
Mar
7
1834
7
1934
Mar
1834
100
Mar
234
734
1834
634
1
434
3534
"17"
734
Consol Copper Mines
5
Consol G E L P Bait com.*
Jan
1934
25
13
1034
Jan
334
Connecticut Gas & Coke—
14 34
500
13
Jan
24%
Feb
Jan
21
"2234
Mar
%
1 334
Feb
38
*
Jan
200
1334
Mar
38
334
Jan
2,800
34
June
123
2034
334
Mar
34
1334
Feb
JP494
2034
Consol Mills com.*
July
85
934
l
334
500
65
Jan
234
7%
Compo Shoe Machinery. .1
Jan
1134
15
Jan
100
Mar
5534
103
1334
'334
Jan
2534 July
10734 June
Columbia Gas & Elec—
121
*
Mar
Jan
48
1
*
1634
3834
142
19
Mar
5134
234
234
934
34
Cockshutt Plow Co com..*
Cohn &
Rosenberger
*
Colon Oil Corp com
*
151
3 34
*
com
34
July
51
.1
34
4634 June
Jan
Apr
834
8,700
•'
50
Jan
5
I*
_*
1234
Jan
7,000
8
51
Cit ies Serv P & L $7
pref
$6 preferred
2,100
834
234
Blumen'thal (S) & Co....*
Bohack (HC) Co coip
*
100
Preferred BB
Cleveland Tractor com
*
Clinchfield Coal Corp.. 100
200
51
Baumann
Class A
Apr
Feb
2,500
1
____"!*
Ill*
.111*
Preferred B
1234
Jan
*
com
Preferred.
Jan
1434
934
34
Baldwin Locomotive warr.
*
Cities Service
100
Mining Co..l
Jan
400
3 34
1,100
"4934
Cleve Elec Ilium
54
150
82
11734
4734
Feb
43 34
10
Bellanca
preferred..
53 34
65
80
103
225
334
934
Axton-Fisher Tobacco—
class B
Mar
Mar
Feb
•
"l234 "1334
350
1,100
Jan
~934"
Apr
1,400
434
1734
1
28
Atlantic Coast Line Co..50
Brill Corp
*
2334
2534
1053^ 10634
2534
9,800
92
Atlantic Coast Fisheries.
Jan
434
1734
234
300
3934
23
Jan
""566
350
434
1
234
234
pref. 100
Bridgeport Machine
*
Preferred
—100
Childs Co pref.
Chief Consol
316 May
Associates Investment Co *
43
1734
300
800
41%
2534
*
Feb
44
42
Associated Rayon com..
25
Mar
96
June
83
500
12341
July
10
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach...*
934
Jan
93
Conv preferred
100
Conv pref opser '29.. 100
7M
Jan
9
•'
Co
July
Jan
34
334
834
Vtc common........*
Roller Bearing
5
Brazilian Tr Lt & Pow...*
July
634
Option warrants
Bourjois Inc
2834
10434
50
1
Assoc Laundries of Amer. *
Bower
734 June
Jan
Mar
500
11034
-
434
13
634
.
*
Borne-Scrymser
6% pref without warr 100
7% preferred.......100
Feb
1,600
...
preferred
Feb
434
634
2
pref.
29
Apr
Jan
9934
10
Common
(L)&Co7 % pfdlOO
Aircraft com
1
Bell Tel of Canada
100
Bell Tel of Pa 6 Mi % pf.100
Benson & Hedges com
*
Convertible pref
.*
Bickfords Inc com.....-.*
$2.50 conv pref
*
Black & Decker Mfg Co..*
Bliss (E W) & Co com
*
Blue Ridge Corp com
1
234
Cent & South West Util..l
Cent States Elec com
1
Jan
2834
134
*
Feb
Apr
1,500
Industries
Babcock & Wilcox Co
Feb
2
93
Mach. *
July
134
39 34
9
Assoc Gas & Elec—
Class A common
3034
Jan
Jan
916
18
82
634
12 34
.
1st preferred.
;___*
Cent Hud G&E vtc
*
Cent Maine Pow
7% pf 100
Cent P & L 7 % pref
100
600
2834
100
Corp of America
47,000
134
12 34
100
7% prior preferred... 100
Celluloid Corp com
15
S7 div preferred
*
Jan
14
234
934
7% 1st partic pref...100
634
634
*
*
1
Jan
Jan
134
10
5
Celanese
10
Feb
July
110
Arkansas Nat Gas com...*
Automatic Products
Castle (A M) & Co
Catalin Corp of Amer.
12
600
July
June
75
3934
27
Mar
1034
1634
1234
1434
Jan
Mar
1
Mar
31
Jan
34
101
Jan
30 34
9134
1
*
July
*
$6 preferred..
Carrier Corporation
4
2%
Appalachian El Pow pref
Atlas Plywood Corp
Jan
July
27 34
634
2834
*
4434
11434
Apr
Feb
2534
134
$3 preference A
Feb
5
Jan
*
Atlas Corp common
24%
Jan
Jan
1 34
$5 preferred
Feb
Jan
334 May
Feb
"51%
Class A
7
334
19
1734
29
3434
Apr
654
1%
3
Carnation Co com
Carolina P & L $7 pref..
734
500
Jan
2734
*
Class B
Feb
2534
*
£1
July
1,000
*
Amer deposit rets
12634
5,200
1st preferred
5
118
Jan
2534
Preferred
Art Metal Works com
Feb
25c
Convertible class A
3034
23
28
Carman & Co—
Feb
2134
Amer Thread Co pref
Arkansas P & L $7 pref..
Mar
9
134 May
Am Superpower Corp com *
Preferred.
Carlb Syndicate
3634
4034
2834
3034
22
Amer Potash & Chemical.*
Common class A
Feb
Jan
500
Amer Pneumatic Service
Apex Elec Mfg Co com...*
*
2,100
37
2634
*
Arcturus Radio Tube
1
Capital City Products
Jan
24
v
24
Amer Maracaibo Co
Wupperman__l
Jan
2834
Mach_..20
Anchor Post Fence.
*
350
9
3334
3534
Amer Hard Rubber com.50
Amer Meter Co....
17,800
114
834
32
1
Amer L & Tr com..
B non-voting
38
9
1
$2.50 preferred
4834
Mar
534 May
800
4434
112
112
10c
$2 preferred
6% preferred
Amer Mfg Co com
4
4134
600
200
64
.25
Canadian Indus Alcohol A*
Feb
2934
100
434
21
20
21
"44'^
...*
Preferred
American General Corp
Mar
116
334
Amer Gas & Elec com
Preferred
Feb
3634
9134
115
7% conv pref erred. ..100
Amer Foreign Pow warr
4434
10,000
3634
33
Amer Dist Tel N J com... *
Amer Equities Co com._.l
Amer Fork & Hoe Co com*
2
Jan
3134
634
class A. 10
Class B n-v
1,700
4634
734
2534
Jan
200
Calamba Sugar Estate. .20
Canadian Car & Fdy Ltd—
Jan
Jan
2,100
sh_£l
Canadian Marconi
45
43
.*
Feb
Jan
Apr
1534
2934
29
1034
2834
934
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
8634
1
Class B
7% 1st
10
Jan
27
25
Class A
$3 opt conv
Butler Brothers.
Cable Elec Prod vtc
Cables & Wireless Ltd—
Jan
9is
10c
334
2934
234 May
3334
7734
9
Jan
734 May
200
12%
Warrants
L
Burma Corp Am dep rcts..
Am dep rets A ord
Feb
Mar
Mar
""260
$3 convertible pref.
434
Jan
.
3234
3034
9
"8034
Mar
434
—*
*
234
Jan
2834
""934
29
934
Bulova Watch $334 pref..*
Bunker Hill & Sullivan..10
Burco Inc com
*
Mar
70
High
28
10534
June
234
10c
Class A com..
$3 preferred-
Automatic-Voting
Apr
May
45
American Capital—
Atlanta Gas Light
18
Jan
Mar
600
334
100
American Book Co
234
*
$5 1st preferred..
Feb
Mar
12134
Feb
Feb
87
500
63
62
100
American Beverage com__l
Elec
2534
152
Jan
•
934
1734
434
50
Buff Niag & East Pr pref25
—
6% preferred-
Associated
Feb
June
100
11634 11734
100
1
17
Jan
2,250
2134
132
128
Jan
June
234
600
3
Low
400
29
"9"
Bruck Silk Mills Ltd
July
Range Since Jan. 1 1936
Shares
28
Class A preferred..
Brown Forman Distillery .1
Bruce (E L) Co
""
72%
Aluminum Ind com
Angostura
July
8234
2134
Aluminum Goods Mfg...*
Amer Laundry
5434
for
Week
High
29
Brown Co 6% pref
100
Brown Fence & Wire B._ *
Feb
7934
3
Allied Products cl A com
Amer Cyanamid
Feb
Mar
290
15
$3 conv pref
Aluminum Ltd com
Mar
134
Jan
Allied Internatl Invest..
6% preference
434
Low
£1
Am dep rets ord reg._10s
British Col Pow cl A
*
3734
125
234
34
common—*
Am dep rets ord bearer
Am dep rets ord reg_.£l
British Celanese Ltd—
1534
Alles & Fisher Inc com..
Aluminum Co
Mar
6234
Apr
34 June
Price
British Amer Tobacco—
114
'79 34
Allegheny Steel 7 % preflOO
Alliance Investment
of Prices
June
24
234
Apr
1034 June
600
54J4
5334
$6 preferred.
Allen Industries com
Jan
4434 May
234 June
200
7134
Southern—50
$7 pref
*
Alabama Gt
Week's Range
Sale
Par
Mar
1,300
1
34
1
WnrrfliitR
Ala Power
234
27
28
*
preferred
3%
11
54 Mi
3)4,
28)4
3%
5134
Last
High
40
10
105
-1034
10
Air Investors com
Low
150
44 34
44
105
1
Agfa Ansco Corp com
Alnsworth Mfg Corp
Shares
15
44 34
.20
1st pf 100
Mfg cl A..
*
Acme Wire v t c com.
High
Low
Price
Adams Millis 7%
Aero Supply
STOCKS
(Continued)
Range Since Jan. 1 1936
Last
Sales
Friday
Sales
Friday
Botany
Exchange—Weekly and Yearly Record
sales are disregarded In the week's range, unless they are the only transactions
134
1,200
"is
July
5
May
134
Jan
134
7
234
July
Feb
Feb
Feb
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 2
143
Sales
Friday
STOCKS
Last
Sale
0Continued)
Par
Price
Crown Cork Internal A..*
Crown Drug Co com
25c
Preferred
Cuneo Press
634%
com
High
4%
11^
Jan
4%
4
23%
25
22 %
June
Jan
July
vtc..*
'38% ~38%
*
com
preferred
"266
37%
106
100
Cusl Mexican Mining..50c
Darby Petroleum com
*
15,
*16
16
Feb
Mar
,316
10,900
July
9X
9X
200
x9
Mar
14H
Davenport Hosiery Mllls_5
M%
1,600
12
Jan
13
13
26
26
67
Dayton Rubber Mfg com.*
Class A
13
%
68
12%
11,300
3,300
16%
5%
Par
25
Feb
42%
Non-vot
Feb
11%
Mar
109
12
Apr
16X
Apf
Dictograph Products
$5.80
1434
Mar
July
Hall Lamp Co
19X
Mar
120
50
Feb
70
Mar
Distilled Liquors Corp
DIstiUers Co Ltd—
8%
Jan
14%
July
1%
Jan
4%
Apr
69X July
1834 July
2134 June
10%
Apr
19
Apr
18 34
16%
19%
19%
19%
400
19%
8%
8%
200
8%
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel & Coal B 25
3%
800
25% Mar
16% June
2,000
11
25%
......
11
July
Mar
15
May
5% Mar
"19% ~19% "i",66o
5
11
200
Jan
25
12%
25%
100
33%
1,200
27% May
3534
4% June
7%
22
nix
Mar
Jan
110% 114%
3,000
x94%
105% 105%
10
105%
%
74
Hosiery class B__
Duval Texas Suplhur
*
Eagle Picher Lead
.10
East Gas & Fuel Assoc—
3
Common
73
74
125
"m
10%
6%
11
26
7%
Hormel (Geo A) & Co
Horn & Hardart
June
7%
834
July
Apr
Mar
%
Jan
534
Feb
Feb
42
58%
3)4
52
24
X
77%
24
76 %
25% 157,900
77%
800
87%
86%
88
10%
11%
*|
1
preferred
*
1
com
1
Elec P & L 2d pref A
Mar
Jan
Common
39
Jan
Feb
Jan
6
Mar
~~9%
*
8X
Option warrants
Feb
80
Jan
Jan
Jan
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Jan
Illinois P & L $6 pref
,
59 %
41 %
June
1% May
42%
334
23
Jan
43
700
24%
Jan
4334
2,900
6%
Jan
14
100
15 %
June
1,400
4,700
Feb
Jan
Jan
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred...
100
Ind'po-is P & L 6 34%pflOO
Indian Ter Ilium Oil—
June
Mar
July
Jan
5834
Apr
Feb
434
Mar
15 %
2534
Mar
64 %
Apr
88
July
Non-voting class
74%
Jan
88
July
Class B
9%
Apr
12
Mar
9%
1,400
1,400
8,400
6%
Apr
934
July
950
18%
Jan
7534
July
8%
100
Jan
834
Mar
36
2%
2
7%
94%
7%
98
2,600
5
May
425
88
May
10
Jan
2934
Jan
1934
V t
35%
100
Jan
37
61%
63%
500
Jan
63 34
July
64
65
300
43
Jan
65
July
Elec Shovel Coal $4
pref.. *
Electrographic Corp com.l
6%
preferred......100
6)4% preferred
100
Equity Corp
com
63
64%
200
44
Jan
6434
64
65%
400
43%
Jan
6534
66%
68
200
47
Jan
68
21
Jan
2%
"l9% '20% "l"966
2
2%
38*4
10,300
38%
50
15
Jan
2
Jan
38%
July
44
7% preferred
...100
Ex-cell-O Air & Tool
3
Fairchild Aviation
Class A__.».
Jan
21
"l6% "17%
"2",400
14%
Apr
2334
Jan
900
6% June
1034
Jan
1,800
Jan
734
Feb
200
Jan
1634
Feb
Jan
1
15X
14%
15%
'26% ~26%
34
76%
(Phila).io
75%
112
100
7
1
""166
112
7%
15,000
250
36%
*
53%
51
54
10,900
2,050
25%
July
10
58%
20
2134
134
76%
33
Am dep rets ord
reg__£l
Ford Motor of Can cl
A._*
Class B
*
7%
19%
24%
3,900
8
20%
3,000
25%
175
American dep rets...100
Fort Worth Stk Yds Co..
%
Jan
Feb
May
89
Feb
Apr
Apr
117
Jan
9
Feb
May
70
Feb
32% July
40% May
45
Apr
60
Feb
4%
46
7% May
19
July
22% June
2% June
30
Jan
9 34
Feb
2834
Feb
32
Feb
2234
57
17%
17
2%
Gen Electric Co Ltd—
Am dep rets ord
Jan
Superpower^
*
Warrants
Jersey Central Pow & Lt—
534% preferred..*..100
6% preferred
100
7% preferred
100
Jonas & Naumburg—2.50
Jones & Laughlin Steel. 100
Kansas City Pub Service—
Common vtc
*
2%
200
2%
700
16
2%
Jan
Ken-Rad Tube & Lamp A*
Kingsbury Breweries—-.1
30
Jan
Kirby Petroleum
19
Mar
Feb
19X
19%
300
18 X
Jan
2034
June
16%
18%
2,700
12%
Jan
1834
Jan
37%
45
13
Jan
1%
43%
1%
43%
IX
45X
2,600
4934 May
Feb
234
%
%
%
200
84%
84X
78
78
reg__£l
17%
1
Klein (Emil)..
Kleinert
1
*
Warrants
Gen Outdoor Adv
6% pflOO
Gen Pub Serv $6
pref....*
Gen Rayon Co A stock
*
General Telephone com.20
1%
$3 convertible pref
*
General Tire & Rubber. .25
6% preferred A_.__.100
Georgia Power $6 pref
*
85 preferred...
*
Globe Underwriters
17%
"76""
34 May
40
Apr
116
50
50
5234
4,450
5034
5134
200
8534
July
Jan
8134
Feb
1
Jan
234
Jan
18
1,625
12
700
47
X
Jan
1834
Mar
Jan
52 34
93
Mar
75
77
700
68% June
98%
120
85
89
89%
100
5X
200
102
79 %
Apr
Apr
5X
Apr
73
'14% "1534
7",500
5
Apr
45
"l5""
Feb
13 X
Apr
2%
90 34
Jan
Jan
Feb
Class A
2034
Jan
1834
Feb
*
com.
634
734
1,000
21
27
380
6
Jan
234
Jan
23
9934
934
734
Feb
Feb
Apr
Feb
Jan
May
36 34
Jan
40
Jan
5334
Feb
3834
Jan
55
Feb
Feb
5334
32
••.
Feb
v
Jan
10
20
Jan
2034
1334
Jan
2434
2434
Feb
Apr
14%
Mar
39)4
Mar
5 34
934
Jan
June
Feb
Jan
Feb
10
Feb
27
40
14
June
23
July
July
75
9234
Jan
9934
July
Jan
634
Jan
334
Jan
634
Jan
134
334
3 34
Jan
334
200
7434
1334
7234
x29
13)4
75
x29%
•
9
May
2034
Jan
69
Apr
84
Feb
300
29
Apr
34
334
36
600
1034
7)4
1034
11
334
3534
334
1,700
363&
6,000
734
100
500
7
434
334
534
2,800
1
134
""800
334
1434
734
1434
5%
534
Feb
1034
July
334 June
33 34
36
"134
Apr
Apr
134
10)4
Jan
25
1,250
934
134
1034
300
134
134
Jan
July
334 May
64
Jan
34
3,400
4
July
Jan
334
Feb
100
24
Jan
39 34
Mar
8
Jan
1834
Apr
Lone Star Gas Corp
Jan
S16
Feb
"360
3934
3834
734
64
234
Jan
Feb
Jan
Jan
Feb
Feb
Apr
Feb
Jan
Jan
Jan
34
16
100
7
634
3034
734
3034
2,500
"2534~
2534
27)4
1,180
2734
27%
28
2234
20
22)4
1,500
134
Jan
434
Feb
Common
2534
Feb
7%
3ig
900
100
6
134
Jan
Feb
May
34 May
34
250
Jan
June
2734
20
Jan
June
Jan
2334 May
15
Jan
14 34
234
88
316
34
934
32
Feb
Feb
June
Jan
Feb
Apr
Jan
3334 Mar
% May
Feb
1%
Feb
31%
2634 Mar
Feb
134
175
34
May
34
Apr
Feb
7034
Jan
86% June
84)49934
"32 k"
85
90
91
40
76
Jan
9834
9934
80
86
May
Jan
"31
%
"3234"
"340
"l6
534
134
700
,S16
534
30
Jan
1134
11
11)4
200
34
Mar
134
Jan
11134
300
Jan
10
93
May
102 34 June
4)4
44
134
6)4
113
Feb
Apr
Mar
Mar
434
434
2
434
434
5
"l6
2034
"16
2034
100
Apr
200
8,300
Jan
74
2
1134 May
334 Mar
Jan
74
4
July
134
234
100
100
July
7i6 May
434
300
334
10434 10434
50
24
1134
Mar
Jan
June
534
Jan
34 May
Jan
96 34
434
5 34
Jan
1834
8
434
Jan
6
Mar
Apr
Mar
"24"
"25"
2,600
59
6
2,800
7
5734
""ok"
3,000
Apr
1034 May
107
14
Jan
x25
7434
2434
Jan
78
Mar
51
Jan
60
May
534 June
70
Mar
1234
834
90
Feb
Mar
June
Mar,
July
12 34
%
2
234
13)4
9 34
U16
%
10834 110
,
1334
8 34
Jan
300
134
June
100
1334
July
3,400
634
Jan
1,400
34
Jan
2
Feb
150
10734
734
Feb
111
Apr
4%
1134
4%
Jan
15
Mar
3
Mar
1134
1,200
4%
1,600
1834
Jan
1734
Apr
May
1534
Jan
434
Jan
25
1134
534
Jan
Jan
Apr
2034 June
Feb
1834
Jan
1034
34 June
1434 Mar
Long Island Ltg—
2%
Jan
9is
88
Class B
1,300
17%
2%
18X
500
2X
%
%
2%
1%
42,000
12,900
12%
100
Loblaw Groceterias cl A..*
Lockheed Air Corp
13%
400
10
Jan
18
19
500
17
July
16% May
2134
2%
July
4
%
July
134
16
3234
Jan
June
July
Apr
Jan
1
834
*
13""
*
4%
734
8 34
6,300
634
12k "1334
5,900
934
Jan
434
9134
8134
634
9,000
334
Apr
534
Feb
9534
360
72 34
Jan
9534
July
8334
250
64
Jan
8334
July
834
Feb
Rights
preferred
Preferred class B
For footnotes see page 403
Mar
334
Lion Oil Development...*
Lit Brothers
Feb
18% June
"l8%
5,300
9934
834
18
preferred
*
21
23
Lehigh Coal & Nav
-5
Leonard Oil Develop
20
Lerner Stores 6 34 % pref 100
Feb
Gorham Mfg Co—
Rights
Feb
7634
234
4034
37
734
2534
234
%
Grand National Films Inc 1
2134
21
Lefcourt Realty com.....*
Preferred...
*
34
"~3% ~~3X
V t c agreement extended
2034
1
16%
Goldfield Consol Mines .10
Gorham Inc class A com
1
45
834
2834
30
.v
Lackawanna RR of N J 101
34
Godchaux Sugars class A.*
Class B
*
200
Lane Bryant 7% pref. .100
Langendorf United Bak—
June
Apr
Jan
34 May
1034 June
934
Lake Shore Mines Ltd—1
67
Jan
July
June
5234
100]
Lakey Foundry & Mach._l
71
51
Kreuger Brewing
July
10
2
5%
1,000
38
Koppers Gas & Coke Co—
6% preferred
100
May
25
*
Gray Telep Pay Station..*
1
516
100
IX
16%
IX
49
68 %
"§9 %
434
734
434
10
Jan
96
*
Glen Alden Coal
700
*
Gilbert (A C) com
Preferred
850
50
.
734
300
37
*
Rubber
Kress (S H) & Co pref..
*
100
300
""38""
Kings County Lighting—
5% preferred D
100
Kingston Products
1
434
2234
3934
110
1334 June
V t c preferred A
*
Kansas G & E 7% pref.100
Knott Corp common
Fireproofing com....*
Gas & Electi[c—
34
1334
34
13
Kirkland Lake G M Ltd.l
17
Jan
7,000
Italian
Feb
434
Froedtert Grain & Malt—
*
105
4,900
*
Cap Copper com—10
Mfg v t C—10
Irving Air Chute
1
'
Ford Motor of France—
15
Feb
6734
16
1
Interstate Power $7 pref.*
Investors Royalty
1
Jan
75
56
Feb
Mar
290
57
International Vitamin
Interstate Hos Mills
3134
1,100
*
_
Florida P & L $7
pref
Ford Motor Co Ltd—
Feb
10
25
New warrants.....
Feb
4034
%
112
5%
May
34
134
28 %
Jan
19
May
2,700
35%
100
Jan
10
934 Mar
14% May
29%
Apr
65
*
Feb
23% June
36)4
%
l
Fire Association
First National Stores—
Corp.
4%
13%
12
35
1
Iron Fireman
17
__1
Metallurgical _.*
*
June
1734
Iron
6X
Corp com..*
26
Mar
——
Jan
Jan
7%
Flat Amer dep rets
FIdelio Brewery.
Feb
13 34
2334
*
.
Class B_...
$7 prior prefrred.
Feb
%
6%
7%
Fedders Mfg Co com
Ferro Enamel
Jan
2134
Feb
Internat'l Utility—
si6
6%
Jan
3
55
6734
1034
100
6%
1734
July
July
June
IX
2434
"1034
2,000
1
Fanny Farmer Candy
11
Feb
634 June
50
%
5
17
1,700
1
Warrants
'■
%
%
*
._
c common
6% preferred
__.100
Internatl Safety Razor B.*
European Electric Corp—
Option warrants.
1C0
1534
700
*
Warrants
International Petroleum..*
Registered
International Products...*
2534 June
2134
Apr
334
Feb
~20~~
26
1534
*
Pref $3.50 series..
July
50
26
Intl Metal Indus A
*
Internal Mining Corp....l
July
Feb
66 %
10c
Line
Jan
64
Empire Power Part Stk__*
Eureka Pipe
Feb
63
100
..100
Emsco Derrick &
Equip..5
934
98
A
7% preferred
-.100
Insurance Co of N Amer. 10
Feb
Empire District El 6% .100
Empire Gas & Fuel Co—
30 %
42
94%
42
International Cigar Mach *
Internal Holding & Inv__*
Internal Hydro-Elec—
Apr
35%
7X
*
200
Jan
Industrial Finance—
Feb
15
15
1
w w
3,800
Registered.
*
Imperial Tob of Canada. .5
Imperial Tobacco of Great
Jan
2334
.*
Chem Industries
Amer deposits rcts___£l
Imperial Oil (Can) coup..*
Shareholding—
Common
1234
134
4634
134
..1
75%
8%
69
11
46
Hydro Electric Securities.*
13
3%
1134
7% prefstamped
100
7% pref unstamped. .100'
42
58%
Mar
334
1034
Huylers of Delaware Inc—
110
16
3%
634
1434
50
Mar
16
Elec Bond & Share com..5
$5 preferred
__.*
Jan
Jan
125
83
16
.41%
12%
I—£34.
37
Jan
Economy Grocery Stores.*
42
8%
7234
Apr
110
Hud Bay Min & Smelt...*
Humble Oil & Ref
*
Jan
73%
Apr
1
"4634
"1534
Feb
68
100
35
July
24
12%
com
25
124%
Jan
7%
25
134
72
Imperial
41%
Grand Rapids Varnish
86
109
Jan
400
$6 preferred series B
*
$7 preferred series A...*
83
Jan
35
Mar
6,500
Easy Washing Mach "B"_*
.
Jan
76
500
110
1134
1,700
1,200
pref B
634
*
85
1,900
conv
Mar
91
*
Jan
Jan
2%
86
98
100
preferred
4
63%
Gen Investment com
$6 conv pref class B
Jan
Apr
25
86
6
134
6% preferred
100
Illuminating Shares cl A..*
2X
40%
Gen
72
4,500
72
.*
Hollinger Consol G M
5
Holophane Co com
*
Holt (Henry) & Co cl A..*
Mar
59%
Gen
82
86
6X
*
10
1534
2X
Corp
Apr
Jan
25
Jan
*
Conv preferred
General Alloys Co
1034
334
134
Mar
Jan
900
7%
Iron.25
Corp
86 preferred
Fllntkote Co common
1% June
2,100
July
72
7% 1st preferred
Jan
Jan
634 June
434
6%
70
Flak Rubber
13034
128
700
300
1434
8~6oo
7%
Brewing
Feb
2434
600
4
300
~~6% ~~8X
"63 %
Fansteel
84%
134
14
134
10%
*
Falstaff
Mar
11034
124
July
4
66
200
434% prior preferred. 100
6% preferred
100
Evans Wallower Lead
High
3234
14
1
3
Durham
7% preferred...
8% preferred
Low
Apr
*
June
25
10
Elgin Nat Watch Co
76
100
1
Hires (C E) Co clA
Feb
23%
65%
pref
330
116
1
*
*
Hey den Chemical
Mar
300
5
100
preferred
100
Dubllier Condenser Corp.l
Duke Power Co
10
conv
preferred
Helena Rubenstein
Jan
25%
4%
7%
$6
115
12634 127)4
29
3234
634
734
134
2
Harvard Brewing Co
June
32
Draper Corp
Electric
Range Since Jan. 1 1936
Hazel tine Corp
Hecla Mining Co
Douglas (W L) Shoe Co—
Dow Chemical
Elec Power Assoc
Class A.
for
Week
Shares
81
2
Am dep rets pref...8 sh
Hartford Electric Light.25
Hartman Tobacco Co
*
60
3X
2
$6
Range\
of Prices
High
Gulf States Util $6 pref--*
27 X
14%
4
69 X
18%
14 34
Detroit Gasket & Mfg coml
6% pref ww
20
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Edison Bros Stores
Eisler Electric
634
10% June
66
Detroit Gray Iron Fdy
5
Derby Oil & Ref Corp com*
*
Preferred
Eastern Malleable
Eastern States
*
Grocery Sts Prod com__25c
Apr
Apr
22%
Apr
Week's
Low
Handley Page Ltd—
7% pref.100
Driver Harris Co..
11534
"3234
300
Dep Rec ord Reg.£l
7% preferred
*
25
Guardian Investors
1
Gulf Oil Corp of Penna.25
154
De Havlll Aircraft Ltd—
Am
com stock
7% 1st preferred—*100
Gt Northern Paper
Greenfield Tap & Die
200
■V
Price
Great Atl & Pac Tea—
July
Feb
16% May
35
Dennlson Mfg
Sale
High
1,100
2,000
16%
Last
(1Continued)
Low
Shares
23%
15%
STOCKS
Range Since Jan. 1 1936
for
Week
of Prices
4%
16)4
25
Cuban Tobacco
Week's Range
Low
399
Sales
Friday
.
*
100
93
100
5
'16 May
Loudon Packing
*
Louisiana Land & Explor.l
Louisiana LP&L Co—
634
600
1234
1134
1234
8,200
$6 preferred
*
*
Lucky Tiger Comb G M.10
Lynch Corp common
5
Mangel Stores Corp
*
634% pref ww.
100
134
134
4034
134
100
134
July
234
Mar
41
4134
900
3434
Jan
55 34
Feb
534
1,500
6)4
934
94
534
434
52
57
30
4
4234
July
Jan
May
Apr
Apr
1534 May
95
934
66
Jan
Jan
Feb
New York Curb
400
Exchange—Continued—Page 3
Last
Week's Range
far
Rale
of Prices
STOCKS
Price
Low
High
Shares
15%
*
*
7%
Maconlte Corp common..*
Mass Utll Assoc v t c
1
94)4
2%
Massey-Harrla common..*
5)4
18%
7%
94%
2%
2%
4%
5%
6%
92%
400
400
103"
.Memphis Nat Gas com..5
Memphis P A L 7% pref..*
5%
Mercantile Stores com...*
"35"
10%
10)4
*
June
Apr
8%
Jan
100%
Mar
Jan
4
7%
Jan
4% May
60
June
11%
3,700
Feb
8%
64
Apr
49
May
Jan
13%
Apr
89%
105%
8%
82%
July
Mar
88
600
59
Jan
300
79%
6%
Feb
76
Apr
20%
Jan
35
89%
5%
Feb
5%
1,000
"31% "35" T.200
99%
6%
31
"~7H
99%
31
7%
7%
3,260
50
7%
56
56
25
300
100
27
3%
40
Jan
Metrop Edison $6 pref...*
..*
Mexico-Ohio Oil
4
*
...*
3%
1%
4%
3,100
1%
«
1%
900
Class B
v t c
Mid vale Co...
1
Paramount Motor
1
June
Pender D
•
17%
Pa Pr & Lt $7
110%
110
Jan
1%
Feb
*
*
107
105%107
6%
Jan
Jan
Penn Traffic Co
2%
Feb
Pa Water A Power Co
Jan
19
Jan
1%
$0 preferred
Penn Salt Mfg Co
115
Jan
Jan
July
29 %
Apr
20
27
300
15%
Jan
Jan
99%
80
325
75
80
400
41 %
7%
7
7%
4,800
Monroe Loan Society cl A *
4)4
3%
4%
1,200
153"
Feb
Moody's Invest Service—*
*
Apr
28
Jan
100
149
June
Moore Corp Ltd com
Preferred A
Mountain Sts Tel A Tel 100
Mueller Brass Co
1
com
Nachman-Sprlnfllled Corp*
Nat Auto Fibre Avt c.._*
National Baking Co com.l
Natl Bellas Hess com
1
7%
7%
8%
35
32%
13)4
37%
36%
47%
*
18 J4
18%
19
3,100
50%
1%
49%
1%
50%
2
4,300
1,200
1
■
Warrants
"16
1%
Nat Mfg A Stores com...*
National P A L $6 pref...*
%
1,300
1%
1%
600
3%
*
3%
%
3%
300
87%
90
500
National Refining com..25
"""4% "5%
*
1
common
3ie
Conv part preferred
*
National Steel Car Ltd...*
National Sugar Refining.
Nat Tea Co 5)4% Pf
National Transit
*
10
_
3i6
~"l6% "16%
28
27
28%
3",500
500
"166
2,200
12.50
"ll% '11%
"466
....9,6 —%
2,000
Nelsner Bros 7% pref..100
Nelson (Herman) Corp
5
%
1
113
40
8
9
800
8%
"12% "12% "l2%
Nestle-Le Mur Co cl A...*
2%
"366
2%
3
3
New Jersey Zinc
New Mex & Ariz Land
New Haven Clock Co
25
Newmont Mining Corp. 10
New Process com
*
N Y Auction Co
"x79
"76"
•
2%
x79~~
1,300
3%
1,700
N Y A Honduras RosariolO
N Y Pr A Lt 7% pref
48
29
29
$0 preferred...
*
111
100
Niagara Hud Pow—
Common
July
Jan
Jan
115
Apr
19
Feb
10
Feb
Jan
Mar
2H
09%
1%
7%
122"
122
13%
%
Class B opt warrants.
2%
0%
Mar
Feb
June
Feb
200
38
Jan
111
10
Jan
20% June
8%
700
124" ""loo
5
200
180
13
14%
%
2%
%
2%
Jan
July
July
Class B
common
..6
13
13
4%
7%
28%
4,500
5%
4%
53%
4%
53%
4%
55
6,300
400
Jan
2%
Noma Electric
6,500
11%
Jan
Jan
124
July
6%
75%
......
700
$0 preferred
....
960
North American Match..*
No Amer Utility Securities*
Nor Cent Texas Oil Co...6
Nor European Oil com__.l
Nor Pennsy RR
50
Nor Ind Pub Ser 0% pfdlOO
6%
3,*
6%
3ts
6%
%
1
7% preferred
83%
84
7% 1st preferred
71
77%
Nor Sts Pow
com
7
7
7%
500
class A100
29
29
31%
26%
4,500
1,400
2,000
Northwest
Engineering..*
Noyadel-Agene Corp
..* "39"
25%
37%
27%
108%
9%
114
114%
50
109
10
For footnotes see page
403
1,000
Feb
102%
Mar
Apr
July
29%
610
14%
Jan
29%
48
Apr
65%
48
Apr
60
Feb
111
Apr
114
Apr
115
Apr
117%
Apr
98
10
98
""566
92
Jan
98
"*6% "7%
Ry <fe Light Secur
85
82%
38%
38%
Jan
1% June
38
26%
"6% "7"
48
35
147
100
*
"l6k
July
Jan
Jan
87%
41%
Jan
15%
""600
5%
Jan
115
June
141
Jan
16%
325
14%
20%
•
com
50%
22
10
147
22
225
17
9
Apr
Mar
137%
Jan
149
Apr
Jan
18%
Jan
100
July
22
Feb
1%
July
Jan
2%
Jan
% May
1%
Ry & Utll Invest Cl A
Feb
%
Rainbow Luminous Prod—
%
Class A
Jan
1%
%
5%
Feb
19%
Feb
36
*
Class B
Feb
Raymond Concrete Pile—
Common
13%
13%
200
4%
*
4%
9%
200
2%
Jan
7%
June
400
3
Jan
15%
Mar
1,500
21
June
26%
Apr
July
8%
1%
20%
Mar
Mar
25
$3 convertible preferred*
v t c_._60c
*
9%
9
Reed Roller Bit Co..
*
Reeves (Daniel) com _.__*
23%
23
Bank OH Co
Relter-Foster Oil
...*
Reliable Stores com....._*
Richfield Oil pref
Richmond Rad com
6%
100
%
%
1,300
17
1,500
0%
Jan
16%
16%
5%
100
12%
4%
Jan
5%
Jan
7
"2%
2%
2%
4,000
1%
Jan
3%
10
1
23%
6%
Royalite Oil
.....
Royal Typewriter.
Feb
Feb
Apr
Mar
9%
100
1%
1%
400
6%
1%
May
25
4%
4%
200
3%
July
2%
6%
Mar
104%
Apr
105%
May
2
Jan
4%
Jan
4%
19%
14%
Jan
23
"i«
Jan
1%
26% June
88%
Jan
39%
9%
*
2%
400
3
*
...»
Russeks Fifth Ave.......*
Rustless Iron A Steel
Ryan Consol Petrol
*
Safety Car Heat A LlghtlOO
St Anthony Gold Mines.. 1
St Regis Paper com
...5
5%
5
3%
80%
5
%
4%
20,100
3,230
55
Jan
May
1,100
7
Jan
3,100
26
7%
7%
Mar
Feb
Schulte Real Estate com..*
Scovllle Manufacturing_25
Mar
Scranton Spring Brook
Water Co. $6 pref
Securities Corp General..
Jan
110
Feb
114%
July
Jan
109
July
125
70
11
Jan
Feb
Apr
Apr
Mar
Feb
70
Apr
19
Mar
6%
July
4%
Apr
Apr
92
Jan
8%
Jan
7u
5%
88%
Feb
Feb
Jan
July
10
Feb
34%
1 %
Feb
Feb
Apr
41%
Feb
42
100
May
Jan
30
%
Jan
60% July
5%
Feb
7i6
3%
44%
400
2%
Jan
46
300
41 %
2%
2%
2%
3
2,500
1%
Apr
Jan
2%
2%
600
2
Jan
3%
3%
3%
3,100
4
Selby Shoe Co
101%
13%
34
%
46
Seeman Bros Inc
July
Jan
Jan
400
7%
109%
109%
3%
1%
1,400
Salt Creek Producers... 10
Schlff Co com
*
30
Mar
516
July
34
8
Apr
3%
82%
82%
7% preferred..
Apr
..1
88%
Jan
July
1,075
16
100
Feb
Feb
7%
3,100
50
123% 124
•
5%
88%
Apr
July
July
98% June
110
14
87%
41%
2,000
109
1,000
11 %
Apr
26
5%
Jan
Feb
Feb
9%
Feb
11
June
29
200
90
Apr
•««
1%
May
18%
Apr
30%
Mar
July
59
600
July
Feb
Jan
2%
Apr
May
1,000
84
18%
105
"16
Jan
Jan
May
Jan
Apr
Jan
July
105
Reybarn Co Inc
55% May
6%
Jan
8%
Jan
7it
Jan
98%
Jan
9
Jan
9%
8%
100
67%
Ohio Power 0% pref...100
12%
32%
2,300
%
Ohio P S
11%
10%
67%
18%
500
30%
9%
200
109%
12%
Jan
3ie May
% June
8%
Apr
3%
6%
98%
9 %
18%
109
31
200
18%
109%
15
3%
19%
400
$1.20 conv pref.......20
Rossla International
„*
Jan
50
41
Jan
Mar
Jan
com.
May
6,500
May
preferred-
July
Jan
37
1%
16%
26%
$3
2%
15%
85%
Oklahoma Nat Gas
36% June
"2',700
__l
101%
104%
5
Jan
July
Jan
~~8% "8%
Root Petroleum Co
25
7% 1st pref.. 100
20% June
Mar
300
Ollstocks Ltd com
July
Jan
July
108
27%
June
13%
108
39
1
19
3,500
44%
3%
7%
108"
Ohio Brass Co cl B com...*
Ohio Edison $6 pref
100
Ohio Oil 6% pref
100
"8%
300,
?
6
Jan
56
Apr
Jan
Reynolds Investing.
Rice Stlx Dry Goods...
Feb
July
July
800<
20
5%
Apr
6%
Feb
83%
140
37%
19
Rochester Gas A Eleo Corp
6% preferred ser D..100
Roosevelt Field, Inc
5
Jan
May
Jan
Jan
__
10
66%
98%
July
4% June
Jan
21%
Jan
15%
103
100
Pipe Line
850
2,700
Jan
July
14%
23 %
1 %
5%
10
Feb
Northern N Y Utilities
Northern
83%
81
120
2%
Feb
%
7%
125%
1%
1%
82
123
July
Feb
Apr
3%
3%
100
2~300
May
8%
30%
200
150
10%
11%
Apr
Jan
40
9%
%
July
98%
84
Jan
36%
11%
14%
2%
8%
1,900
.
7%
Mar
.......*
Feb
Nor Amer Lt A Pr—
Common.
7%
Apr
May
35
..5
5~806
1,800
May
7%
13%
36
2%
6
8%
8%
.*
0% preferred
Quebec Power Co
Red
53% June
39,100
5,700
3,300
33%
2%
5%
_
7%
Jan
Feb
Mar
Jan
37%
com
104
2p%
July
18%
3%
12%
103%
pref
$5 preferred
Jan
6% May
14%
Apr
110% ' Jan
50
Jan
Apr
650
$0 preferred........__*
Pyle-National Co
6
Raytheon Mfg
Jan
Jan
7%
Feb
June
Puget Sound P A L—
111% June
Niagara Share—
Nlles-Bement-Pond.
Nlpisalng Mines
Pub Utll Secur $7
Jan
106
90
8%
0% prior lien pref...100
7 % prior lien pref
100
Quaker Oats
10
June
Apr
July
Pub Service of Ok la—
July
Feb
92%
14%
100
6% preferred
7% preferred
93%
4%
Mar
40
59
Pyrene Manufacturing
62
74%
.
June
128
Jan
8%
00
23
30
59
5
Class A opt warr
Feb
23% June
2%
Feb
55%
5
Jan
Apr
Jan
Jan
Apr
Jan
4%
100
300
*
..15
Apr
9
90%
1
N Y Teiep 0)4% pref..100
NY Transit
5
N Y Wat Serv 6% pfd..100
Mar
Mar
9%
100
Common...
Jan
200
3%
*
N Y Shipbuilding Corp—
Founders shares
N Y Steam Corp com
Jan
Apr
111%
4%
110%
12%
36
7%
56%
Feb
Jan
Jan
Feb
56%
2%
Feb
Jan
110%
"~8%
6% 1st preferred....100
3%
113
July
Pub Serv of Colo—-
7% 1st preferred
100
Pub Serv of Indlana$7 pref*
$6 preferred
»
Public Serv Nor 111 com
*
2
11
*
Feb
30%
3%
*
1,000
2,600
•
Feb
90%
26%
3%
86%
26%
Apr
._.*
Prudential Investors
Mar
48
25%
..*
com
N Y Merchandise
85
13%
1
%
Jan
0%
86%
15
Jan
74%
2%
11
Propper McCallum Hoe'y *
Prosperity Co class B
*
8%
%
123
1
June
4%
..*
8%
9% Jpne
9is July
July
*
Prentlce-Hall, Inc
May
2%
1,400
7
30
12%
100
3%
1,100
8,000
12%
100
5%
3%
%
'm
2%
New England T A T Co 100
Mar
500
July
74
....100
New Bradford Oil..
5
30
2,400
90
Feb
1% May
97 % July
June
2%
May
Jan
June
Jan
Jan
9
May
133%
9%
13%
$6 preferred
15%
Mar
30%
Providence Gas
Feb
Mar
44
13%
Feb
17%
130
30
Apr
Jan
30
Jan
Mar
50
13%
1
5
Jan
Jan
85
*
2%
23
Apr
103
Pratt A Lambert Co.
Premier Gold Mining
*
Jan
74%
July
22%
111%
Apr
107% June
Power Corp of Can com..*
Jan
Mar
Feb
1%
42%
Jan
Apr
Pressed Metals of Amer..*
2
Mar
8%
11%
New common
Producers Royalty
July
May
7% preferred
Potrero Sugar com
5
Powdrell A Alexander....*
Jan
9
40
*
Apr
Feb
200
23
23
100
*
57
10%
10
10%
10%
6
23
89
July
17
100%
18
100
17% May
45% June
1H June
60
May
% June
1%
Jan
4%
42%
Jan
Feb
69% June
41
100
Pittsburgh Forglngs.
1
Pittsburgh A Lake Erie. 60
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
i_*
June
Jan
11
Pitts Bessemer A L E RR50
14% May
300
113
113
Neptune Meter class A...*
Nev Calif Elec com
6
Mar
8%
5%
Apr
200
Meter
Mar
2%
49%
112
Pltney-Bowes Postage
Mar
1%
Feb
1%
Jan
42% May
8%
Nat Union Radio Corp_._l
Nebel (Oscar) Co com
*
Nebraska Power 7% pf.100
Nehl Corp com..
...»
15%
47
13
46%
300
5
Nat Service
Jan
35
National Investors com._l
Nat Rubber Mach
Feb
Apr
400
lb",300
150
Jan
Jan
Apr
5,400
Pioneer Gold Mines Ltd__l
Feb
400
"2% ""2% "2%
4% June
8%
Feb
35%
Apr
National Fuel Gas
com
Apr
23%
11%
National Gypsum cl A
$5.60 preferred
Jan
6
138
4,800
Nat Bond & Share Corp..*
National Candy Co com..*
Nat Leather
Apr
20
35%
13%
37%
13%
July
1,200
5%
6
142% 143
143
4,400
7%
4%
Distillery. 1
Mtge Bank of Col Am shs_*
Mountain Producers
10
38% June
150
Apr
10% May
Mar
May
14%
Piedmont A Nor Ry
Pierce Governor com
34
Mar
12
39%
Pines Winterfront Co
40
Jan
6
20
55
13%
7% preferred
Feb
154% June
6%
7%
31%
1,000
39%
May
Jan
Feb
May
Mar
150
17
14
June
Feb
June
60%
350
37
15%
39%
x5
May
Jan
89
Jan
*
20
35
154%
31%
Mar
87
10
July
13%
51%
July
June
12%
97%
72
;-*
7%
Feb
July
1%
200
90%
24
87
3%
44
$3 conv pref ser A
July
30
31%
80
Pie Bakeries Inc com
July
142
145)4
31%
300
...1
Common
3%
1,200
*
Montreal Lt Ht A Pow...*
200
6%
6%
'"216
Montgomery Ward A
"~~75
6%
15%
10
17%
110%
May
3% Mar
17% Mar
8%
Jan
6%
Feb
82% May
29% May
107% June
Phoenix Securities—
July
96
76)4
17%
9
June
114%
*
Phillips Packing Co
July
Jan
94%
*
1
.
Jan
Mar
Moh A Hud Pow 1st pref.*
Molybdenum Corp..
1%
91%
115
81
"42% "42%
Pblla Elec Co $5 pref.....*
Phlla El Pow 8% pref...25
115
26%
"42%
37
com
Jan
June
37
Feb
33%
96
46,300
73%
52
Jan
109
5%
100
Philadelphia Co
3%
Jan
5%
4%
97%
74%
Apr
June
Apr
45%
110
4%
97%
*
Apr
July
*
Perfect Circle Co
Jan
May
May
May
2.50
28%
Jan
26%
Montana-Dakota Utll.
Feb
91%
Mock Judson Voehrlnger.*
2d preferred..
July
May
13
22
100
Miss River Pow 0% pfd 100
(Tom)
...*
5%
4
1
pref...
77
Jan
27
100
preferred
Jan
200
60
Pennsylvania Sugar Co. .20
6
$2.80
Apr
300
*
Pa Gas & Eleo class A
102
June
17%
Mar
7,100
Mining Corp of Can.
*
Minnesota Mining A Mfg *
4%
30
Feb
Mar
Jan
Minn Pow & Lt 7% pf
4%
29%
4%
'M*
39%
-
4%
62
5%
32%
38,400
Jan
4
-
Jan
Apr
Jan
25
6
6
Jan
3%
600
"4~600
54
High
July
29%
20%
104%
20
•
Class B
Peninsular Telep com
Preferred
,!M
85
£55%
Jan
100%
1%
1%
»16
July
43
41%
Apr
Feb
5%
43
36
70
1,200
Low
5%
300
£24
%
8%
Jan
2%
400
22o
Pennroad Corp vtc
1
Penn Cent L & P $5 pref.. *
300
23
23
106% 106%
90%
88%
7%
6%
£24
.* "30"
Grocery A—
100
Penn Mex Fuel Co
10%
*
Moore
10
29%
Apr
3,300
1%
Pan Amer Airways
300
200
300
10%
6%
24
7%
2,400
3,200
2,800
31%
Jan
4%
1
88%
Range Since Jan. 1 1936
Shares
6%
4%
32%
29%
106%
1%
15
for
Week
4%
32%
6
6
4%
32%
-
*
Pacific Tin spec stk
*
Page-Hersey Tubes Ltd..*
PeppereU Mfg Co
*
1%
14%
6%
Jan
3
3%
*
Midland Steel Prod.
"15"
$1.801st preferred
Pantepeo Oil of Venez
Apr
Midland oil Corp—
*2 conv pref
6%
25
Pacific Ltg $6 pref..
*
Pacific P A L 7% pref—100
Pacific Pub Serv
..*
High
Jan
Mar
6%
10
„..*
*
5%% 1st pref
Low
6%
*
Pacific Eastern Corp
1
Pacific G A E 6% 1st pf-26
Mar
Middle States Petrol—
v t o_.
•
Week's Range
of Prices
Apr
May
S16
,._..*
Class A
Price
1
Class A conv pref
Overseas Securities
99% June
5%
0)4% A preferred... 100
Preferred...
Oldetyme Distillers
Feb
1%
104
Participating preferred.*
Michigan Sugar Co
9%
22%
5
500
3,200
July
86
Merrltt Chapman & Scott*
Michigan Gas A Oil
Feb
103
100
Mesabi Iron Co
27%
12
42
McCord Rad A Mfg B.._*
McWllllams Dredging....*
1
Jan
Jan
Mar
Jan
62%
—*
7% preferred
7%
1,250
100
52
52
Mayflower Associates...*
May Hosiery Mills—
Merchants & Mfg cl A
Par
High
Outboard Motors B com..*
100
American dep receipts. £l
Mead Johnson A Co
Low
24%
*
Marooat Interaat Marine—
$4 pref ww
Sale
Range Since Jan. 1 1936
Mapes Coosol Mfg
Margay Oil Corp
Marlon Steam Shovel
Last
(Continued)
Week
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
July 18, 1936
46 %
Jan
4%
4%
Mar
Selected Industries Inc—
88
Jan
June
June
Feb
15% Feb
12% June
32% July
Segal Lock & Hardware..
Seiberling Rubber
com
Common
$5.50 prior stock
25
Allotment certificates.
30%
85
Jan
2%
Jan
40
4%
Feb
Mar
Feb
85
86
350
81
Jan
92
June
87%
88
200
78
Jan
95
Ma
Volume
New York Curb Exchange—Continued—Page 4
143
401
Sales
Friday
STOCKS
Last
Week's Range
for
(iContinued)
Sale
of Prices
Low
High
Week
Par
Price
Range Since Jan. 1 1936
Shares
Specialists in Curb Bonds
High
Low
Selfrldge Prov Stores—
Amer
£1
1
dep rec
Sentry Safety Control
500
*16
Seton Leather eom
*
12 %
11%
12%
2,100
Shattuck Denn Mining
6
7%
7%
7%
Shawlnigan Wat & Pow—*
19 %
18%
2%
49%
19%
3,000
1,100
Shenandoah Corp com... 1
$3
conv
26
pref
5%
"49%
com..25
137
preferred... 100
cum
Sonotone Corp
i
Southern Calif Edison—
*
29
,
27%
Southern Colo Pow ol A.25
preferred
100
Southern N E Te!ep.__100
"76%
10
"~4%
*
1 %
Southland Royalty Co...6
7%
39%
Southern Pipe Line
Southern Union Gas
Members New York Curb Exohange
Jan
July
50
16
June
30
331
Apr
100
23%
2%
2%
3,400
Jan
May
3%
So'west Pa Pipe Line...50
1%
Mar
Feb
27%
6
1,600
300
2%
76%
76%
10
May
76% July
141
May
"~4% "4%
i"ioo
3% June
8
39%
1,300
48
1,300
100
Jan
1
Mar
Jan
Jan
6%
32%
48
Jan
Jan
July
Feb
Week's Range
for
Sale
of Prices
Low
High
Week
Par
U S Int'l Securities
*
1st pref with warr
6%
July
July
U 8
%
%
>
9 h
9%
pref—*
31%
;
149
*
U S Radiator
7%
Corp com..*
preferred
11%
40%
60
United Stores
United Verde Exten
50c
Feb
.._*
Mar
United Wall Paper
Universal Consol Oil
Mar
Universal
Stahl-Meyer Inc com
Feb
Jan
% Feb
1,600
9% June
10% June
31%
200
"loo
31%
29
Jan
2%
%
33
4%
*
preferred
10
"""% """%
*
Standard Brewing Co
*
Standard Cap A Seal com.5
Standard Dredging Co—
Common
%
Feb
200
4%
*
Apr
July
Jan
3%
12%
33%
4%
Feb
1%
Feb
41%
Feb
Jan
Mar
July
6%
Apr
t c
.*
18%
Apr
1
3%
4%
preferred
.1
1%
20C
35%
Jan
49%
Feb
19%
6,200
17%
Apr
July
Venezuela Mex Oil Co. .10
Venezuelan Petrol
...1
1%
Feb
Va Pub Berv 7% pref.. 100
90%
28%
27%
29
2,500
23%
14%
30%
Jan
700
Apr
Vogt Manufacturing
3%
3%
97
Common class B
3%
*
Preferred
•
Standard Sliver Lead
Steel Co of Can Ltd
"46
46
900
4%
49%
250
%
*
preferred
Apr
4%
Apr
Jan
50
Mar
%
13%
6%
*
1st preferred
2d preferred
6%
37
50
20
42%
Sterling Brewers Inc
1
6%
Stetson (J B) Co com
Stlnnes (Hugo) Corp
•
4,800
7%
37
Feb
25
200
4%
22%
9%
11,900
4
72
72%
100
5%
4,300
7%
52%
8%
54
38
4%
3%
26%
26%
6%
5%
78
78
4%
28%
6%
78
10,300
5,700
4,900
3,700
50
%
%
%
1,300
5%
Tenn Products Corp com.*
Texas Gulf Producing
*
5%
5%
9,800
Texas P A L 7% pref..100
Texon OH A Land Co....*
6%
100
Tobacco Prod Exports
Tobacco Securities Trust
150
600
3%
1
7% 1st pf.100
5,200
38
3
Technicolor Inc oommon.*
1
11%
Jan
June
12%
July
Mar
5
Apr
Feb
Feb
Apr
r> 32 June
24%
6%
54%
11%
102
Mar
5
Apr
8%
July
Wise Pr & Lt 7% pref..100
Wolverine Portl Cement 10
51% June
Jan
85%
July
Woodley
39%
Jan
2%
Feb
4%
Mar
3%
17%
4%
July
6%
May
Jan
32%
Mar
Mar
6%
60
May
79
Jan
1%
Feb
Apr
Apr
7%
109
June
Jan
Feb
June
July
12%
%
June
10
Jan
67
July
Mar
4
Jan
4
,
200
16,100
06
2%
19%
42
43
700
Mar
5%
32%
Mar
Jan
21%
5%
48%
105% 105%
20
103
Jan
30
107
Mar
113
110
3,*
3.,
16
100
'16 June
%
Jan
100
3%
3%
3%
3
3%
3%
2,500
26%
26%
100
7%
32%
9%
13%
8%
34%
2,100
2,100
10%
5,100
8%
1%
Tung-SOl Lamp Works...1
80c dlv pref....
*
Twin Coach Co...
*
14%
21%
11%
"2%
10
Feb
2%
8%
15
_
25
100
Jan
Feb
Mar
26%
11%
July
Mar
Mar
Jan
13
Feb
9% Mar
Mar
8
1,400
300
6,700
7%
Apr
June
2%
Apr
25% May
8%
Jan
102
2%
Jan
Apr
July
81
Apr
18
May
5% June
8
19
4%
37%
100
Mar
Jan
Jan
June
32%
3%
3
91%
27
10%
5%
Feb
Mar
Feb
July
FeD
Mar
i?eb
46
Jan
Feb
Feb
102%
July
7
May
Jan
60
Apr
78
15%
Jan
27
July
7% May
9% May
Mar
70%
July
100
May
104%
Mar
1,400
2% June
'4",700
7%
Apr
10% May
3%
"l3" ~14%
1%
6%
32%
50
102
1%
200
7%
300
32%
200
8
8
2%
2%
102%
101
1968
91%
1st 4 ref 4%s
1967
Aluminum Co s f deb 5s '52
85%
Seating 6s stp ..1946
Appalachian El Pr 58.1956
Appalachian Power 5s_1941
107%
105%
"l03%
105
2024
Debenture 6a._
7
102%
Associated Elec 4%s—1953
61%
1
Apr
6% June
5%
10
14%
3
Feb
Apr
July
Conv deb 5%s
Feb
June
4%
Feb
30%
13%
July
Feb
Jan
1%
Apr
July
4,900
%
86%
3%
5%
29%
6%
Jan
Jan
Jan
Jan
Jan
Feb
800
July
40
Jap
Fet
83
Mar
Jar
7
Jan
3%
.
300
5%
29
Jar
11
Mar
Jar
34%
July
10,500
1,500
7%
104
Apr
107
Feb
15,000
102%
Jan
107
50,000
19,000
91% 132,000
85% 141,000
107% 108
16,000
6,000
105% 105%
10%
1,000
10%
22
23
8,000
107% 108
40,000
102,000
101% 103
5,000
103% 103%
103
76,000
103%
105
105%
5,000
46,000
105% 106
108
108
1,000
117
1,000
117
102% 102%
82,000
60%
63% 111,000
96%
2%
42%
2%
Jan
10%
9%
116%
Mar
2%
Jan
Mar
July
1950
registered.
107%
101
102%
100% 101%
74
71%
47
47%
46%
48%
48%
51
Assoc
49%
52%
1977
Conv deb
Rayon 5s
Assoc T 4 T deb 6
1960
%s A *55
37,000
19,000
65,000
51% 133,000
51
122,000
49%
1,000
54
11,000
74%
50
49
88%
Plywood 5%s.. 1943
7,000
90%
83,000
103% 103%
98%
99%
88%
Atlanta Gas Lt 4%s,. 1955
Mai
9%
Feb
1% June
4%
Feb
Feb
102%
July
July
96
Feb
101%
July
84
Mar
79% May
105% May
103%
Feb
3%
Jan
13%
Jan
106
92%
102%
103
Jan
Jan
Jan
June
102
May
104%
Apr
107%
*eb
113%
Feb
98
Feb
55% May
95
91%
108%
Feb
Feb
Mar
105% June
11
July
28%
Feb
108% Mar
103% June
105%
Jan
105
Mar
107%
Feb
100% May
108%
Jan
117
102%
65%
Apr
July
Feb
17,000
6,000
88%
35%
28%
27%
Jan
80%
Mar
54
July
July
Mar
54
July
57%
July
30
Jan
29
Mar
57
July
Jan
55
33
Mar
59
July
July
75
Jan
91
June
78
Jan
30%
100% May
96%
Jar
91%
104
Mar
July
101
Apr
108
Mar
Baldwin Locom Works—
6s
stamped
w
86
W..1938
6s without warrants 1938
6s stamped x w
1938
91%
91%
Bell Telep of Canada—
1st M 5s series A
1955
Mar
1st M 5s series B
July
July
Bethlehem Steel 6s
9%
67%
July
July
19
July
Blnghamton L H 4 P 5s '46
Birmingham Elec 4%s 1968
Birmingham Gas 5s. .1959
65
May
1957
5s series C
1960
94%
86%
1938
6s with Warrants
8%
93
105%
107
49%
1968
Mar
Jan
.1938
Conv deb 4%i C—1948
Conv deb 4%s
1949
1968
10
4
15%
30
Associated Gas 4 El Co—
5s
22
81%
4
$104
1961
Debenture 5s
Apr
Feb
3,100
400
7%
34%
8%
—1950
1st 4 ref 5a....
Conv deb 5s
Apr
42,100
41,400
50
300
7%
1st & ref 5s
Feb
7%
35%
8%
8%
75
26
34%
1st & ref 5s
Feb
12
111% 116%
2
2%
8
75
34%
107
Amer
14%
16%
16%
92%
86%
86%
93%
92
17,000
41,000
93,000
77%
Apr
79
Apr
92%
July
73%
Apr
100%
M»r
81,000
75
Apr
93
Jan
117
Mar
116
Jan
121
Mar
116%
Jan
123% May
134
Jan
145
Mar
107
Apr
115% 116%
120%
122%
1998
9,000
120% 120%
11,000
122% 122%
$137
138%
2,000
114%
Ait.
1,000
67%
11,000
18
325
5%
5%
300
1%
*
.10
9%
2
88
25
40%
2
1%
1%
June
90
Jan
Jan
42
May
Apr
100
Jan
% May
3%
100
2%
173%
7,800
14%
July
JuJy
3% May
2%
1%
85%
23,000
76
Jan
Boston Consol Gas 5s. 1947
$105
105%
98
98%
~4~66o
89%
Jan
103% June
106% 107%
104% 104%
103% 104%
112
113%
103% 104%
112% 112%
106
106%
21,000
105%
Apr
Apr
109
Jan
108
Feb
104%
110%
104%
113%
107%
Apr
85%
Buffalo Gen Elec 5s.. 1939
Gen 4 ref 5s..
1956
113%
104%
Jan
%
85
.
Canadian Pao Ry 6a. .1942
Jan
July
38%
Feb
Jan
Feb
8
2
70
89%
103%
83
40%
105%
50,000
Canada Northern Pr 5s *53
100
10
"i'ooo
92%
106
Jan
850
1
For footnotes see page 403
257
500
40%
2%
15%
June
Jan
9%
89
U S Finishing common...*
1
%
6%
2%
88%
»
2%
17%
an
ne
100
.._*
.100
5%
257
Jan
Jan
Jan
92%
Broad River Pow 5s.. 1954
9%
65%
.*
United Shipyards com B..1
Preferred
.102% 102%
3%
1946
Am Roll MU1 deb 5s. .1948
Apr
16
"67%
United Shoe Mach com..25
U S Foil Co class B
7,700
900
3%
Amer Radiator 4%s—1947
Apr
18%
Feb
BONDS—
Feb
8%
500
Jan
3
Jan
80
Abbot's Dairy 6s
1942
Alabama Power Co—
Feb
12%
11%
300
9
.*
Am dep rets ord reg__.£l
...
5
Apr
100
United N J RR A Canal 100
B.
Yukon Gold Co.
%
5%
43
2%
$0 conv 1st pref
*
United Milk Products...*
Class
1%
1
1%
6%
May
8
warrants
U S Dairy Prod class A
'"13%
102
11,100
1%
Preferred
2%
108
13%
1,000
1%
United G A E 7% pref.100
United Lt A Pow com A.
300
1%
6%
64
102
Am Pow 4 Lt deb 68—2016
3,000
2%
$3 cum A part pref...
United Corp warrants
7%
100
2%
Jan
May
7% May
9% May
Amer G 4 El deb 5s..2028
Mar
13%
7%
116%
60
25
Amer Com'lty Pow 5%s '53
Am El Pow Corp deb 6s *57
37%
30%
8
Unitea Profit-Sharing
Preferred
75
Jan
15%
13%
United Chemicals com...*
$3 preferred
United Molasses Co—
Petroleum
deposit rets
5s
Wright-Hargreaves Ltd..*
Atlas
1
*
3,300
6%
Feb
Jan
12%
18%
1%
8%
45%
45
!l02%
*
Amer
Mar
23%
30
;
100
3
91%
22%
6
Jan
2%
Wool worth (F W) Ltd—
July
July
United Aircraft Transport
Common class B
8%
*
Co
1st & ref 5s
Jan
6
7
7%% pref—25
Union American Inv'g
*
Union Gas of Canada....*
Option
preferred
Feb
Jan
10
10%
1%
89%
32%
Arkansas Pr 4 Lt 68—1956
34%
18
8%
Apr
106
110
7%
3,500
30%
1%
Jan
Jan
Feb
%
4%
100%
11%
3%
1
2
%
July
54
62
4
A
Pref non-voting
1
Mar
Conv
Aluminum Ltd deb 5s 1948
Tublze Chatlllon Corp
United Elastic Corp
United Gas Corp com
*
Wilson-Jones
900
Trl-State T A T 6% pref 10
Trunz Pork Stores
*
Warrants
West Va Coal & Coke
Wll-low Cafeterias Inc
200
£67
reg._
Unexcelled Mfg Co
100
Jan
Triplex Safety Glass Co—
Uleh & Co
preferred.
Mar
June
Trans Lux Plot Screen—
Class
7%
6
1,000
£67
Common.
...1
Trt-Continental warrants..
3
1%
1,300
8,600
West Texas U+ll $6 pref..*
Westvaco Chlorine Prod-
76
12%
#67
43
4%
32%
t c._*
Jan
4%
9%
68%
10
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev..l
dep rots for ord
v
Jan
52
0
Am dep rets ord reg..£l
Am
Western Tab & Sta
Jan
2,200
7
Am dep rets def reg_.£l
Todd Shipyards Corp
'_*
Toledo Edison 6% pref. 100
200
Jan
Williams (R C) & Co
*
WUllams Oll-O-Mat Ht..»
6%
55
7
*
1%
5%
Feb
102
Taylor Distilling Co
Tilo Roofing Inc.
1
Tlshman Realty A Const.*
Tobacco Allied Stocks
*
32
Jan
6%
4%
1
Thermold 7% pref
13~900
14%
Tasty east Inc class A
Teck-Hughee Mines
1%
*
30
Jan
Feb
13%
3%
83
June
Westmoreland Co
Feb
1%
15%
6%
2%
18
r'
Talcott (J) Inc 5%% pf.50
Tampa Electric Co com..*
73% May
0
10%
June
3%
*8%
150
*
200
Feb
2,100
May
3% May
101
4%
78%
3%
36%
Westmoreland Coal Co
1,600
Feb
July
Jan
Feb
7%
41% June
'"700
4
1
Jan
Jan
2%
Jan
76
2%
Mar
19
Jan
2%
Jan
10%
2%
Feb
~29~"
Jan
Mar
32
Jan
June
~28~
46
Jan
12%
1%
Apr
Jan
%
475
June
22%
1% June
2%
Rights
Taggart Corp common ...♦
100
1%
76
Apr
27
100
18%
July
,
200
Jan
8un Investing common...*
Syracuse Ltg 6% pref.. 100
75
Jan
Feb
5% June
200
63
13
18
1%
34%
Jan
June
7%
50
1%
6%
25%
2%
5
200
Q
Jan
18%
100
Mar
1%
June
2%
...1
Mar
6%
1%
4%
18%
SwIbs Am Elec pref
Swiss Oil Corp
4%
Jan
%
0
B
16%
*
14
Jan
3%
4% May
Walker
450
*
Sunshine Mining Co... 10c
8wan Finch Oil Corp
15
1%
3
*
Class
Jan
4,000
6
Feb
Jan
1,000
9,000
Mining Co
1
Wayne Pump common... 1
Western Air Express
1
Western Auto Supply A..*
Western Cartridge pref.100
Western Grocery Co....20
Western Maryland Ry—
7% 1st preferred
100
July
6%
*
1
4,000
5%
26%
20%
5%
13
Stroock (8) A Co
Stuts Motor Car
4
Feb
3%
3
Wahl (The) Co common..*
Waitt & Bond class A
*
19%
1
28%
1%
1%
15,
'16
*
Waco Aircraft Co
%
May
% May
J
Jan
4%
22%
18%
5
Oil
3%
29
Apr
3%
;.»
12%
6%
Sullivan Machinery
Tenn El Pow
105% June
Jan
4%
100
Sterchl Bros Stores
Sunray
2%
25
59
Stein (A) A Co common..*
8%%
May
1,600
%
1
Jan
2%
Jan
4%
400
29
100
13
1,000
41%
Jin
""166
4
.....
42%
4%
May
1
3%
78
12
1
7%
93
"4%
17%
Standard PAL
June
2% May
42
Jan
Feb
3
100
1%
75
13-
21%
Feb
June
22%
18%
11
Feb
27
4%
20%
42
(Neb)
25
Standard Oil (Ohio) com 25
6% preferred
100
Feb
84
250
29
*
common.
Jan
3%
3%
35%
4%
26
Utah Apex Mining Co...5
Utlca Gas & Elec 7% pf 100
Utility Equities Corp
*
Priority Btock
•
Utility 4 Ind Corp
*
Conv preferred
...*
May
1%
*
*
High
Jan
70
1
Standard
Oil
1%
900
1%
%
Stand Investing $5.50 pf_*
Oil (Ky)
10
Standard
84
3%
8
com
Utah Pow & Lt $7 pref
Utah Radio Prod
7%
Low
1,400
1,700
2%
19
"4%
10
Insurance
Universal Pictures
Util Pow & Lt
Range Since Jan. 1 1936
Shares
..100
Feb
May
1%
29
Reclaiming..*
Stores Corp com
_.*
v
2%
80
"1%
10
Feb
7%
2%
%
900
%
2%
U S Rubber
76-%
Price
*
U S Lines pref
U S Playing Card
Apr
July
July
%
bear.£l
Spencer Chain Stores
Conv
Last
Universal Products..
Am dep rets ord reg__£l
Square D class A
STOCKS
41%
29%
27%
Spanish & Gen Corp—
Am dep rets ord
Sales
Friday
Feb
34%
3%
Jan
YORK
Apr
20%
365
Jan
19
27%
7%
38%
NEW
...
DIgby 4-7140
Feb
500
100
BROADWAY
Apr
5%
29%
1%
39
Apr
Jan
28%
1%
65
145%
116
(1Concluded)
34%
27%
23%
48
25
OH
South Penn
Feb
4%
5%
5% original preferred .25
6% preferred B
25
6%% pref series C....25
7%
23%
Apr
117
18%
23%
2 %
July
1%
47%
110
'400
1
Members New York Stock Exchange
18%
20
350
PETER P. McDERMOTT & CO,
Feb
Apr
Apr
900
300
15
Mar
8%
200
Amer dep rec ord
reg_£l
Smith (L C) <fc Corona
Typewriter v t c com
*
Jan
2%
1%
Feb
111%
18%
350
100
Singer Mfg Co
Singer Mfg Co Ltd—
Apr
138%
111
Sherwln-Williams of Can.*
Jan
2%
49%
136
111
Sherwin-Williams
2%
%
7%
4%
Feb
Feb
1%
Jan
6%
Mar
24%
Jan
Carolina Pr 4 Lt 5s
1956
Cedar Rapids M 4 P 6s '53
Cent Arls Lt 4 Pr 5s I960
"ioe"
106
IO5532 July
1,000
104
30,000
102%
Mar
35,000
109%
Apr
56,000
98%
Jan
1,000
111%
105%
Jan
20,000
Jan
94%
87%
109
Feb
Feb
Jan
Mar
July
Feb
Mar
July 18, 1936
New York Curb Exchange—Continued—Page 5
402
Last
Sale
(Continued)
Price
Week's Range
for
of Prices
$
High
....1966
1st Aref4%BBerF.1976
6s series O
1968
4%% series H
1981
Cent Maine Pr 4Kb E 1967
Cent Ohio Lt A Pr 58.1960
Cent Power 6s ser D..1967
Cent Pow A Lt 1st 68.1966
Cent States Elee 6s...1948
5%b ex-warrants—1964
Cent States P A L 5%B *63
Chic Diet Elee Gen 4%b '70
103% 103%
E
101%
101% 102%
104
103% 104
100% 101
104% 104%
100%
101
101
89%
89%
89%
93%
93
93%
71%
73%
72%
74
72%
74*%
m-
105
5,000
230,000
22,000
49,000
5,000
17,000
9,000
123,000
140,000
76% 263,000
63,000
74%
9,000
105%
Chic Jet Ry A Union Stock
Yards 6s
1940
5%s_1942
1927
Cincinnati St Ry 5 %s A '62
Chic Pneu Tools
Chic Rys 5s ctfs
1955
6s series B
1966
1950
Cities Service 6b.
Conv deb 5s
102%
100%
09%
93%
83
Jan
Jan
102%
104
July
Illinois Central RR 6b 1937
101
July
111 Northern Utll 5s...1957
Apr
111 Pow & L 1st 6s ser A '53
101
Feb
95
Feb
1st A ref 5%8 ser B.1954
1st A ref 5s ser C
1956
93%
75%
78%
July
65
80%
106%
Feb
Apr
Apr
104%
June
Feb
Jan
Jan
101%
Apr
104
67
Apr
80
30,000
86%
Jan
96%
93
Jan
98 %
Apr
"92%
June
86%
Jan
Mar
1950
5s
1st lien & ref 5s
1963
15,000
69 M
Jan
June
69%
Jan
85%
July
Intercontlnents
42,000
97%
Jan
103%
July
105
May
Pow 6s *48
98
105% 105%
104
105%
101
101%
78%
80%
1949
79
79
80%
Commerz A Prfvat 5%s *37
50
50
50
23,000
85,000
28,000
5,000
102
Mar
1963
112
1954
111%
let 4Mb series C
1st 4%s Berles D
1966
1957
111%
106%
1985
105%
Com'wealth Subsld 6%s '48
104%
Community Pr & Lt 5b '57
Connecticut Light A Power
75%
111% 112
111% 112%
111
111%
110
110%
106% 107
11,000
5,000
1951
1956
15,000
..1962
107%
Jan
80,000
95
Jan
97%
31,000
86
Jan
100% 101%
26,000
96
Jan
8,000
61,000
100
97
103
91
93
*95%
2o~66o
1,000
95
1111
74
21,000
63
Jan
86%
88
40,000
83
June
86%
105%
7%
80
105% 106%
34,000
6%
80%
Jan
80%
July
July
International Salt 5S..1951
51
June
International Sec 5s.. 1947
Apr
Mar
113
June
110%
110%
110%
Jan
113%
Jan
113%
Mar
113
Mar
108
May
1952
Debenture 6s
6s series D
...1956
..1958
4%a series F
110
July
Jan
Jan
67,000
50
Jan
102%
Apr
63%
Jan
77%
July
Iowa Neb LAP 5s...
May
Mar
127%
Mar
106%
109
Jan
106
May
109
Jan
Isarco Hydro Elee 7s. 1952
106%
Jan
105
124
2,000
6,000
1107% 107%
le'oor
98%
99%
75
76% 151,000
75%
65
69% 103,000
62%
"99"
90
89%
85
85
101
101
91%
85%
1961
May
Iowa Pow A Lt 4%s__1958
Iowa Pub Serv 5s
1957
105%
105% 105%
3,000
104%
105
105
14,000
101%
Apr
Jan
70
70
1942
7s
Mar
Feb
170
99
105
Stamped..:
A..1943
36
37%
7,000
29%
Jan
96
Jan
"93% 215"666
85%
Jan
92%
92%
1101% 101%
1940
103
103
~3~,6O6
Cuban Telephone 7Mb 1941
Cuban Tobacco 5s
1944
99
99
7,000
177%
90
106
~3~66O
108
108
10,000
104% 104%
Delaware El Pow 5 Mb 1959
108
Denver Gas A Elee 58.1949
108
104
104
Mar
Jan
88%
Jan
Mar
Jan
Apr
102% June
63%
35~6q6
51
52%
11,000
47% May
106%
Jan
1,000
72,000
3,000
12,000
103%
103%
83%
Apr
107% June
"e'ooo
3,000
25,000
105%
106
Apr
110
Jan
Mar
108
May
102% May
107% May
105%
Apr
102% 102%
106% 107%
98
Feb
Lehigh Pow Secur 6s. .2026
103%
Apr
107%
Mar
106%
July
Lone Star Gas 5s
1942
Jan
6%
5
6%
5,000
3,000
Elmlra Wat Lt A RR 5s '56
107
89%
I960
1%
1%
1
1
1,000
21,000
101% 102%
89%
90% 187,000
107
4,000
107%
2,000
103% 103%
4% May
%
Jan
%
Jan
101%
Jan
74
Jan
11
Feb
10%
3
Feb
.
Jan
2%
Jan
103%
Feb
92%
June
141
Deb 6Mb
...1938
129
1952
103
Empire Oil A Ref 5Mb 1942
Ercole Marelll Elee Mfg—
89
137
July
Middle States Pet 6%s '46
129
July
July
92
Jan
2,000
40%
Jan
69
June
Mississippi Pow 5s
1955
"91%
108
June
Miss Pow A Lt 5s....1957
97%
66
106% 107
9,000
105%
Jan
105
4,000
75%
Jan
July
1965
132
European Mtge Inv 7s C'67
101%
33
34
101% 101%
"i",66o
101%
July
28
.
1%
Apr
32",006
75%
Jan
92
99%
Feb
101
64,000
7,000
102%
Apr
102%
July
105%
106%
Feb
Jan
95%
Jan
Jan
105%
1100%
102% 102%
103% 103%
103%
193%
102%
91
i4~666
97
94%
94%
.94%
96
Corp 6s. 1937
Certificates of deposits.
Gesfurel 6s
91
101%
86%
1963
Glen Alden Coal 4s
1965
Gobel (Adolf) 4%s_—1941
Grand Trunk West 4s .1950
Gt Nor Pow 5s stmp..1960
93
164
Gen Vending
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 6s.. 1978
97.
99%
93%
100%
95%
66
106
106
64
64%
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
56
55%
56
73%
4Mb series B
1961
Haokensack Water 5s. 1938
Hall Print 68 stmp
1977
1947
1935
92
Hamburg Elee 7s
Hamburg El Underground
A St Ry 6%s
1938
Hood Rubber 7s
1936
106
103
Hydraulic Pow 6b
1981
1950
Ref Almpr5a
105%
1951
For footnotes see page 403
106%
102
103%
6,000
16,000
34,000
23,000
1,000
Mar
Mar
8
103%
93%
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
27
108
122
122
122
108
108
108
Conv deb 5s
1950
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
New Ori Pub Serv—
96%
"72%
72%
73%
Jan
Jan
1942
89%
88%
90
74%
Income 6s series A.. 1949
85%
82
48,000
59,000
69
Jan
11,000
97
May
105
July
105
Apr
Apr
N Y Central Elee 5%s '50
95%
Mar
New York Penn A Ohio—
Ext 4%s stamped.. 1950
5s stamped
N Y PAL Corp 1st 4%s '67
N Y State E A G 4%a_1980
85
Apr
85
July
103
Mar
90
Jan
102%
Mar
1st 5%s
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
106
Apr
108
Feb
Niagara Falls Pow 6s. 1950
64
July
82%
Mar
jL 03
106%
106%
103%
.85%
103%
6,000
106% 106%
106%
103%
1107
103%
103%
1111%
105%
104
78,000
41,000
107%
103%
"i(o6b
107
112%
105%
~
4~66O
107% 107%
Nippon El Pow 6%b__1953
87%
87%
5,000
6,000
93%
60%
95
63%
18,COO
20,000
90%
106% 106%
5,000
106%
series A
Jan
60
Mar
75
Feb
No Amer Lt A Pow—
107%
106%
Feb
103%
Mar
6 %8 series A
..1956
Nor Cont Utll 5%b
.1948
No Indiana GAE 6s.l952
Jan
102%
Jan
105% Mar
101% Mar
111%
Apr
105% July
105% May
84% Mar
1959
6s
Jan
44
Jan
64% May
64% May
64% Apr
88%
Feb
Jan
109%
85
94
90%
117%
Jan
105% May
86%
Jan
68,000
64,000
27
38%
Jan
107% June
97%
99%
May
May
Apr
18
99%
June
29
97% 139,000
4,000
116% 117
72
73% 143,000
70
38,COO
73%
70%
73% 122,000
Apr
85%
97%
86
Feb
14,000
2,000
4,000
97
99%
20
Mar
13,000
38,000
52,000
5% July
102% May
97%
Apr
July
94%
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 4%s.l981
27
93
105
27
27%
107% 108%
22% June
102%
Feb
r June
Jan
July
May
Apr
Jan
107
9,000
65
79
105
106
6,000
Jan
•
Jan
8%
Jan
79
56%
104*32 July
104%
Apr
Jan
102%
Jan
108%
Jan
105%
110
Feb
June
Jan
45,000
72
Jan
107%
93%
Feb
1,000
25
May
43%
Jan
2,000
7,000
3,000
9,000
21%
June
32%
104%
107%
103%
July
July
July
103% May
97%
Jan
101%
Jan
Jan
106% 106%
1103% 104
1st 4%s Berles D...1978
1st 4%s series E
73%
104%
105%
103%
110%
1106
106%
91%
92%
28%
28%
25% 26%
101% 102
Houston Gulf Gas 6s__1943
6 Mb with warrants. 1943
Houston Light A Power—
1st 5s series A
1953
71%
104*32
105%
1102%
1109%
20,000
2,000
96% June
102%
Jan
•
104% 104%
96
30
"
7~66O
26
24%
26
8,000
25%
55,000
91%
90%
101% 101% 170,000
19,000
87%
86%
40
125
54",660
88%
87%
85
88
4,000
106
98
97% June
78
102% May
Jan
98%
102% Mar
83% May
89% Mar
104%
N E Gas A El Assn 5s. 1947
Conv deb 5s
1948
102%
107% 107%
20,000
63,000
47,000
12,000
54,000
75,000
21,000
3,000
3,000
1944
5%s
Mar
Jan
107%
Feb
Munson SS 6 %s ctfs..1937
Nassau A Suffolk Ltg 5s '45
99%
Jan
107% 108
103%
91%
Jan
Jan
July
May
97%
108"
Feb
14,000
1,000
93%
92%
83%
92
107%
Jan
101
67%
New Amsterdam Gas 5s '48
96
96%
June
94%
8,000
July
82
91
107
June
68
21,000
10,000
113,000
98
3,000
2,000
5,000
100%
96
182,000
105% 105%
Jan
98%
Jan
94%
91%
Jan
76%
76
88%
96
99%
106%
Apr
Mar
72
23,000
99% 166,000
13,000
95%
97%
Mar
90%
105
103%
106%
97%
6s series A
2022
Nelsner Bros Realty 6s *48
Nevada-Calif Elee 5s. 1966
100
99%
Jan
103%
102%
Apr
103% May
Feb
108%
Jan
102%
Jan
103%
Feb
102%
24
33
100
Feb
75
Feb
100% 101
105%
Feb
99
Apr
97%
98
ioi""
104%
May
17~66o
Montana Dakota Utilities
Apr
64
.1947
Gulf States Utll 5S...1966
Feb
July
86%
101% 102%
90%
104
Grocery Store Prod 6s 1945
Gulf Oil of Pa 5s
5%
45,000
101%
97% 150,000
104
97%
Gary Electric A Gas—
Gen Wat Wks A El 5s. 1943
Jan
Apr
28% June
2
92
90%
Federal Water Serv 5%s'54
Finland Residential Mtge
July
105% 106
Minn PAL
39%
104%
1,000
1,000
18,000
13,000
106
1978
38,000
13,000
106
.1955
6,000
103% 104%
Midland Valley 5s
1943
Mllw Gas Llghti4%s..l967
4%S
10,000
104%
106% 107%
Missouri Pow A Lt 5%fl '55
Missouri Pub Serv 5s. 1947
28
103% 103%
103% 103%
105% 105%
110% 111%
103% 103%
106%
Miss River Pow 1st 5s 1951
28
Apr
103%
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
105% June
U%
28
90
98
103% 104%
Mississippi Rlv Fuel 6s '44
105
Feb
32,000
8,000
•97%
54
Jan
Mar
Jan
Jan
103%
95%
124%
99
106%
105%
98%
80%
Feb
90
101
85%
10,000
135% 137
5,000
122% 129
102% 103% 176,000
41,000
89%
105
Feb
1L.0C0
1105% 106%
107% June
6s
107
105%
Manitoba Power 5%s_1951
Mansfield Mln A Sweet—
7s without warrants 1941
McCallum Hosiery 6%s *41
McCord Rad A Mfg 6s 1943
Jan
Jan
100%
12,000
102%
106% 107
103%
Mar
Jan
66
1953
Gen Pub Utll 6%s A. 1956
General Rayon 6s A.. 1948
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%s C '61
Apr
115%
33,000
97%
104
99%
102%
El Paso Natural Gas—
6M with warrants. .1943
III""
1946
4%
5,000
102
General Bronze 6s
1940
General Pub Serv 5s..1963
5%s_1950
109
Jan
Jan
7
Aug 1 1952
stamped.1944
103%
Sink fund deb
Jan
6%
Certificates of deposit.
Gatlneau Power 1st 6s 1956
Deb gold 6s June 15 1941
Deb 6b series B
1941
1943
Koppers G A C deb 5s 1947
Kimberly-Clark 5s
105%
102%
106
Dixie Gulf Gas 6%s__1937
Elee Power A Light 6S.2030
Florida Power A Lt 5s 1964
"97%
9,000
39,000
105%
Aug 1 1952
Certificates of deposit.
First Bohemian Glass 7s '57
Fla Power Corp 5%s.l979
1955
—1969
6s series I
Jan
102
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
6%
6%s
Banks 6b-6s stmpd.1961
Firestone Cot Mills 6s 1948
Firestone Tire A Rub 6s '42
5%s series F
39%
107% 108%
97%
1948
99%
Detroit Internet Bridge—
Fairbanks Morse 5s.. 1942
1st mtge 5s ser H..1961
105% 106%
118% 118%
1947
6%s series D
Jan
May
61%
104% 104%
106
Kentucky Utilities Co—
102
Kansas Power 5s
Long Island Ltg 6s
102%
Det City Gas 6s ser A. 1947
5s 1st series B...
1950
Farmers Nat Mtge 7s_1963
Federal Sugar Ref 6s. 1933
4%s series C-.____.1961
Kansas Gas A Elee 6S.2022
106
1106% 108
1952
Jan
44
65
6,000
72%
1107% 108
194V
101% June
93% June
70
79%
106
Cumberld Co P A L 4%s'56
Dallas Pow A Lt 6s A. 1949
48
6s series B
101% June
199
Aug 11940
5s series A
52
Jersey Central Pow A Lt—
Conv deb 6%s w w.1943
Consol Pub 7 Mb stmp. 1939
5s ex-warr
Superpower 6s. 1963
Apr
104% June
101% 102
"62%
Jamaica Wat Sup 5%s '55
Mar
June
104%
106
100%
Apr
99%
4,000
9,000
Jan
Apr
2~8~000
107% 107%
88
78
104% 105
Italian
8,000
15,000
105% 106
1957
Jacksonville Gas 5s...1942
95
81%
1100%
warrants
July
95
60
65,000
105
Without
May
110
Apr
July
July
73
Iog"
1947
w w
124%
107%
98%
2,000
Feb
Consol Gas Utll Co—
Jan
107
101
5s series A
112%
6 Mb
Jan
80
Invest Co of Amer—
Jan
Lighting 5s
1967
European Elee Corp Ltd—
4%
70
Interstate Public Service—
Jan
Erie
Jan
1952
78 Berles F
Jan
Feb
120
6%s series A
104%
Feb
111%
Empire Dlst El 5s
26,000
Feb
2,000
El Paso Elee 5s A
Jan
72%
53%
11,000
Deb 7s
65
72%
73
64
123% 123%
Derby Gas A Elee 5s..1946
78"6oo
74
16,000
111% 111%
6s series C
Jan
May
109% May
111%
75
91
104%
41,000
1954
Consol Gas El Lt A P (Bait)
Crucible Steel 5s
Jan
May
85%
1939
Cont'l Gas A El 5s....1958
Jan
86%
107
85%
Isotta Fraschlnl
4Mb
Crane Co 5s
Jan
09
73
65%
66%
Consol Gas (Bait City)—
ser
Jan
101%
80
105%
103%
107% 107%
1st A coll 6s
106
85%
11,000
tl25% 128%
107% 107%
1981
Jan
85%
6s series B
7s series A
f 4s
82 M
1957
41,000
35,000
105% 100%
51,000
104% 105
77% 115,000
75%
4Mb series C
s
Jan
Mar
1955
Interstate Power 5s__1957
1st M 5s series A
1st M 6s series B
1st rel
Jan
58
107
7s series E
34
Commonwealth Edison—
Gen mtge
66 M
6%a series C
Cities Serv P A L 5%s 1952
5s
10,000
2,000
2,000
39,000
1,000
40,000
106% 106%
"95%
Low
$
72,000
102
International Power Sec—
4,000
76
108%
1108%
1957
6s_.
Indiana Service
85% 163,000
85%
103%
103% 104
5s series D
101
6%s series B_.____.1953
5s series C
.1951
Indianapolis Gas 5s A.1952
Ind'polls P L 5s ser A.. *57
103%
3%s series H
104
101%
Indiana Hydro-Elec 5s '58
Indiana A Mich Elee 5s '55
97
76%
106% 106%
"105%
Indiana Gen Serv 5s. .1948
20,000
1943
1981
97
5%s ..May 1957
Apr
111%
76
Indiana Electric Corp—
6s series A
...1947
5 f deb
76%
108
97%
June
106
Jan
76%
1947
Idaho Power 5a
104%
37,000
84
6s series B
Mar
July
75%
83
1949
1949
Apr
96
May
88% June
82 M
Jan
61
Apr
62% May
102%
Range Since Jan. 1 1936
Week
105%
95
98
84
Jan
74%
98
98
Jan
94
95
103
1st M 4s series F
for
of Prices
Low
High
Price
102% 102%
74%
95
103%
6%s__
Week's Range
Sale
High
109%
J109%
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
Low
106
1961
6s series B
Last
Hygrade Food 6s A
Central 111 Pub Service—
5a series
bonds
(Continued)
Range Since Jan. 1 1936
Week
Low
Sales
Friday
Sales
Friday
BONDS
1,000
104%
Mar
103
Mar
108%
107%
Mar
Mar
105% 105%
"4",660
104
Mar
106
Mar
1112%
107% 107%
111% June
106%
Apr
114
Jan
"5",660
108
Jan
93%
62
63
Jan
Apr
Mar
Volume
Last
Week's Range
for
(<Continued)
Sale
of Prices
Low
High
BONDS
„196fi
5s series D
102*
102*
98
106
Jan
105* June
Jan
104
Feb
Mar
103 *
59,000
103
2,000
12,000
9,000
103*
1946
103* 103 *
103 * 104
69*
70*
69*
70*
Mar
104*
104*
51
Jan
70*
50*
Jan
70*
July
98*
108H
14,000
103*
Jan
105*105*
105*
Mar
106*
30,000
11,000
104
Apr
107*
Mar
104* 104 *
1,000
103*
Apr
107
Mar
108 * 109*
104* 105
7,000
108*
July
112
Feb
July
107
1945
Ohio Edison 1st 5a
1<jl*
101H 101 *
108
1960
Ohio Power 1st 5s*B__1952
108/.,
106
106*
1st A ref. 4*s ser D 1956
Service
100*
Jan
103
1953
6s series D
1954
5 His
1961
109*
series E
Okla Gas & Elec 5s___1950
Pacific Coast Power 5s 1940
106
ser
Pacific Ltg A Pow 5S..1942
Pacific Pow A Ltg 5s..1955
Palmer Corp 6s
1938
Penn Cent L A P 4*s 1977
1971
Jan
121*
Mar
Apr
102*
Mar
114
Jan
116*
May
80
Mar
14,000
100 *
7,000
98
115* 115 *
"89"
120*
6,000
28,000
2,000
88 *
103
103
103
104*
104 * 104 *
'ioo*
$103* 106*
100* 101*
119*
94*
69~66O
Apr
100
Jan
105
104*
31,000
104
Apr
107*
101*
101*
97*
Jan
Feb
May
Mar
106
106
106
1959
104 *
104
104*
108
108
'108 *
1940
4^s series B
3,000
Mar
106* June
98*
Mar
104*
105
106*
2,000
10,000
112*
112
107
?
8,000
112
107
5,000
105*
1979
96 *
54,000
97*
15* 340,000
13*
112
112
1,000
35,000
111* 112*
91
91
6,000
96*
13*
Phila Electric Co 5s__1966
Phila Elec Pow 5*8.-1972
Phila Rapid Transit 6s 1962
'U2~"
Phil Sub CoG4E 1*8'57
104*
Jan
Feb
June
108
July
108* June
Jan
106*
July
114*
Jan
Feb
108*
June
71*
1948
21*
1956
4Mb Beries F
Jan
1960
'102%
95 *
90*
1st A ref 4 *s ser D. 1950
86*
May
103*
Feb
65
June
27*
106
83*
107
89
26
Safe Harbor Water 4*8 '79
'106*
104*
Mar
Apr
Mar
Jan
Jan
Feb
99*
June
100*
~~5~666
22*
132*
104*
104*
104*
3,000
101*
Jan
1,000
102
Jan
102
Jan
12,000
6s with warrants
May
90*
5,000
July
105*
106*
103*
Mar
B
1950
6s
1946
99*
7s with warrants.-.1954
Baking 6s
105
5,000
$100*
100*
99*
l"6I*
2V,000
97*
96
98
25,000
93
92*
93*
47,000
23*
23*
23*
17,000
$104
104*
107
107*
~9~666
106* 106*
1937
West Texas Util 5s A. 1957
July
West Newspaper Un 6s '44
West United G A E 5 *8' 5*
105*
Jan
Wheeling Elec Co 5s__1941
Apr
Wlsc-Minn Lt A Pow 5s *44
Jan
July
1,000
Wise Pow A Lt 5s E
1958
Wise Pub Serv 6s A
1952
Yadkin Rlv Pow 5s
York Rys Co 5s
1941
95*
80~o66
22,000
"4^660
103
103*
103
103
105*
105* 105*
June
105*
96*
Apr
Jan
100* May
95*
Jan
91*
Jan
83*
Jan
17
June
June
105*
Mar
101*
106*
Feb
Feb
July
July
May
107* June
100
104
101*
98
Feb
Apr
July
July
94
Jan
27
Jan
107
107*
107
Jan
Feb
Mar
106
Jan
105
Feb
107* May
12,000
Jan
104
103*
63
67*
105* 105*
$107*
103
Jan
104*
106* 106*
67
1956
58 series F
94*
July
Jan
110* June
88*
33*
Jan
99
Jan
June
95*
July
67*
July
6,000
Mar
107
12,000
105
Feb
106
Jan
107
101*
Jan
105
Feb
101
Jan
104*
Feb
106* Mar
107* June
Feb
3,000
105*
July
107*
Feb
2,000
106
Mar
107*
104*
Jan
Mar
June
89
26
7,000
25
103
Apr
Jan
12
Jan
Jan
95
Feb
May
33
Feb
27
Feb
101*
124
108*
24*
Mar
July
Jan
Jan
June
July
108* June
19*
105
127*
110
33
193'
107
"103*
107
103
103*
20,000
102*
Apr
Jan
Jan
104
22* June
105*
$128
17
1935
6s
1935
Second Int'l Sec 5s -—1948
17
102 *
"ioi"
1948
Shawlnigan W A P 4Ha '67
1968
1st 4*s series D...1970
104*
Sheridan Wyo Coal 68.1947
2025
17
17
17
102* 102*
70
-$65*
100* 101*
$106* 107*
104
104*
1,000
17
July
8,000
16*
May
12,000
101*
61
ii'ooo
Jan
Mar
May
Jan
Jan
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20
4,000
Jan
21*
Jan
1947
19*
19*
46,000
17
Jan
1951
20-year 7s
Baden 7s
20*
20*
5,000
20
May
21 *
26*
Feb
$70
71*
72* 73
8*. 8*
5,000
57*
Jan
5,000
7*
May
19*
20
18*
Jan
Buenos Aires
(Province)—
7s stamped
—1952
7*s stamped...—1947
Cauca Valley 7s
73
1948
30*
Mar
Apr
30
Jan
72*
Feb
24^666
27*
5s
55*
Jan
Feb
108
Feb
Danzig Port A Waterways
External 6*8
1952
100*
Jan
105*
Mar
German Cons Munlo 7s '47
100*
Jan
100*
Jan
105*
105*
Mar
68
Jan
72
Mar
July
July
5,000
97
Apr
101
101
Feb
108*
June
15,000
103*
106
June
105* 106* 115,000
50,000
105* 106*
110
7,000
110*
106
14,000
106*
100*
Jan
106*
110*
106*
105*
Mar
109*
Secured 6s
1947
1945
3*8 May 1 1960
J105H
Ref M 3lis B July 1 1960
1st A ref mtge 48..'-1960
"liok"
Sou Calif Gas Co 4*s 1961
Sou Counties Gaa 4*s.'68
Sou Indiana G A E 5*s '57
Sou Indiana Ry 4s
1951
Southern Nat Gas 68.1944
105*
103* 103*
107* 107*
73 *
103*
S'western Assoc Tel 5s-'61
S'western Lt A Pr 5s.-1957
73*
103* 103*
32,000
19,000
103
107
Feb
104*
106*
May
56*
Jan
101
Jan
14,000
92*
Jan
23,000
99
Jan
92*
Jan
101*
15,000
91
Jan
104* 104*
81
Certificates of deposit.
108
82*
104
99
103*
July
July
July
Jan
72* June
73* June
11
Feb
6*s certificates.—1919
.....
June
June
83*
July
81*
82* 195,000
64
Debenture 6s. Dec 1 1966
79 *
80*
79*
100
80*
100
196,000
2,000
63* May
97
Jan
84*
7s
Jan
"s'.OOO
63
Feb
88
3,000
18
Jan
20*
July
17*
Mar
22
12
Jan
5,000
6,000
92*
Jan
Jan
14*
98*
23*
1,000
12*
Jan
17*
May
2*
7,000
17,000
14,000
51
1*
63*
1949
12
12
12
8,000
...1961
-
17*
10*
1
12
12
12
6,000
Apr
Jan
Mar
Apr
Jan
Jan
May
2*
Jan
1
June
2*
Jan
1
May
2*
49
June
*
11*
11*
Jan
Jan
60
Jan
Apr
12* May
12*
Jan
Feb
83*
82*
Jan
13*
Jan
Mar
50,000
1*
May
May
May
May
69
67*
Feb
48,000
1*
Santiago 7s
Jan
12*
July
July
1*
1*
Santa Fe 7s 8 tamped..1945
26*
May
14
2
1921
5*s certificates
May
9
32*
95
1*
1921
5*s
Feb
Feb
21
Apr
Jan
1*
1*
28*
Feb
15
Rio de Janeiro 6*s..l969
Russian Govt 6*s__.1919
73
9*
15
Jan
Feb
July
17*
Jan
July
July
71*
8,000
17*
Feb
66
13*
17*
Feb
62,000
23,000
97*
83*
77,000
17
94*
Jan
23,000
16*
36,606
May
83*
83*
20~666
20
13*
69
83*
10
13
100
83
23*
$19*
(State) 7s.-—1958
99*
19*
1,000
20*
Parana
34
102
28*
18*
18*
88"
Feb
Jan
Mar
July
May
62*
19*
Jan
May
Jan
33*
May
May
4,000
88
Issue of Oct 1927
95*
89*
26,000
10,000
1951
4s stamped
5,000
83
22
22
13*
17
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
83* 194,000
82*
25
$94
80*
1935
1,000
14,000
10
Mtge Bk of Chile 6s._.1931
Mtge Bk of Denmark 6s '72
June
24* May
1951
Mendoza 7*8
104*
101*
105*
Certificates of deposit.
Debenture 6s
1951
Apr
97*
97
100
S'west Pub Serv 6s__.1945
Standard Investg 5*s 1939
Jan
103* 103*
$104* 104*
97
S'western Nat Gas 6s. 1945
So'west Pow A Lt 6s .2022
Stand Gas A Elec 6s. .1935
73
1,000
3,000
101
Mar
20*
$20*
Medellln 7s series E..1951
Sou Calif Edison Ltd—
62*
20*
20*
22
Lima (City) Peru 6*s..'58
1958
27*
62*
21
20*
Hanover (City) 7s
1939
Hanover (Prov) 6 *s..l949
Maranho 7s
27*
1,000
$98*
1953
103
28
101* 102
1955
Ap"
106* 107* 123,000
101
1952
1
5*s
Mar
98
105
~I06*
Danish
28
1951
6s series A
Feb
104
Prov Banks 6s B
106*
104* 104* ..2,000
11,000
104* 104*
72
72
1,000
101
Carolina Pow 53.1957
Convertible 6a
113
Jan
Cent Bk of German State A
Scrlpp (E W) Co 5*8.1943
Seattle Lighting 5s.-. 1949
Ref M
Jan
75*
99*
May
Estate—
4*s series B
104*
6,000
Feb
74
2,000
1944
94*
Jan
2,000
24*
10,000
35,000
Mar
July
May
111* 112*
90*
Waldorf-Astoria Corp—
Ward
97
106*
Jan
89
26,000
Jan
June
28,000
93*
98* May
104* 104*
80
Jan
Jan
June
95
106* 107
Jan
83*
78*
4,000
32,000
92
Jan
103* 104
$110* 113
Feb
102
"5~66O
Jan
Jan
103*
July
July
106*
16
76
Jan
81*
95
T06*
96*
104* June
25
25* June
32*
33*
Feb
June
100*
104*
West Penn Traction 5s *60
103*
103
106* 107
ser
72
12,000
93*
Wash Water Power 68.1960
West Penn Elec 5s
2030
106
5,000
'
—
1st ref 5s
Jan
Feb
May
142,000
104
Jan
Apr
26
,
116,000
44,000
Feb
Apr
Jan
86*
3,000
105* 105*
105* 106
63,000
5,000
May
107*
103*
89*
106*
106*
87*
25*
Wash Gas Light 5s—.1958
Wash Ry A Elect 4S..1951
100
$108*
24*
1935
Mar
Jan
30,000
Jan
"5^666
Jan
104
45*
$104
105*
106* 106*
4*8
5s Series E
1952
Valvoline Oil 7s
1937
Vamma Water Pow 5*s'57
Va Public Serv 5*s A. 1946
June
107
89*
Utica Gas A Elec 5s D.1956
97*
111*
93*
112*
Jan
7,000
Jan
97
15,000
Jan
Apr
1
Apr
June
6,000
Feb
92
107*
116*
92*
Mar
108*
25*
90*
107*
Feb
103* 103*
104
1973
6s series A
110
Apr
21,000
91*
104
25*
1952
68 series A
25*
95*
Jan
Mar
104*
113*
105
100* 101*
Jan
13*
San Joaquin L A P 6s B '52
Sauda Falls 5s
1955
Inc 6s
1959
102
100*
66*
90*
122*
St. Louis Gaa A Coke 6s *47
San Antonio P S 5s B__'58
ex warrants
1974
Mar
Mar
July
11,000
22,000
1,000
25*
90*
96*
70
84*
1,000
4,000
115* 115*
68*
Mar
21,000
106
*
70
Mar
87*
June
106*'
1,000
1,000
106* 106*
115*
July
34
108
40
7,COO
90*
145*
$107*
106
103
Apr
Jan
100
$101*104
1945
Apr
8,000
10,000
Mar
Jan
42
101* 103*
108*
32
40
104* 104*
Jan
26
40
1967
5*s
76*
24
84*
1957
6*8
53,000
83*
1954
Un Lt A Rys (Del) 5*s '52
United Lt A Rys (Me)—
106*
101*
Mar
102
Ruhr Gas Corp 6 Ha.-1953
Ruhr Housing 6*8
1958
Debenture 3*s
5s series A
5s series B
98*
12~666
32
84
Union Amer Inv 5s A. 1948
Union Elec Lt A Power—
4*s
16,000
107*
104*
106*
105* 106
Reliance Managemt 5s 1954
Rochester Cent Pow 5s 1953
Southeast PAL 6s
1944
103
$
107"
Jan
June
102
107
103
Utah Pow A Lt 6s A..2022
105*
86*
105*
1968
Saxon Pub Wks 6s
Jan
20*
21,000
102* 103*
96
216,000
94*
57,000
90*
90*
Queens Boro G A E 4 * s '58
6 Ha series A
.1952
Sou
Jan
1962
Mar
9,000
104
Puget Sound PAL 5*8 '49
1st A ref 5s series C.1950
Quebec Power 5s
96*
1,000
103* 104
105* 106
104 *
'104*
Pub Serv Subsid 5*8.1949
Servel
Mar
Mar
103*
104*
90*
6,000
.
110* 110*
104* 104*
104* 104*
4 *s series E
4*8 series I.
15,000
18",660
74
107
140* 142
1966
1978
105
96*
1956
.1980
1st A ref 4*s ser F.1981
108
$23*
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
4* series D
May
90
Electric 6s. .1954
Schulte Reai
100
34*
6*% serial notes___1939
6*% serial notes...1940
Mar
97*
99* 100
"loo
;
105
,
"90 *
1st A ref 5s
75*
106*
1,000
108
107* 107*
Power Corp (Can) 4*8 B '59
Power Securities 6s
1949
108 *:
Jan
Jan
106
106*
1961
Potrero Bug 7s stmp__1947
94*
Mar
41*
103
73
Portland Gas & Coke 5s '40
Potomac Edison 5a
113*
112*
17,000
U04* 104*
1939
HI* June
109* June
Jan
86*
15*
~i~66o
103* 103*
21*
21*
103*
Poor A Co. 68
Jan
100
"71*
108
Eleo 6s..1953
6
Jan
104* 105*
104 *
Pittsburgh Coal 6s.—1949
Pittsburgh Steel 6s
86*
105*
$103*
Piedm't Hydro-El 6*8 *60
Piedmont & Nor 5s
1954
6s series C
June
U S Rubber Co—
1981
B
Peoples Lt A Pr 5s
Prussian
91
United Lt A Pow 6s...1975
Peoples Gas L A Coke—
Pomeranian
5,000
Feb
101*
106*
106
U2~~
1968
30,000
1,000
108* 108*
.1954
Penn Water Pow 5s
series
"92*
_e__2022
Theri&oid Co 6s stpd.lgSj
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6*8 1941
Apr
Jan
110* June
Jan
120
40
106*
Twin City Rap Tr 5*s '52
Ulen Co—
100
Mar
Jan
Jan
107
29
Feb
105
Apr
Tide Water Power 5s..1979
Tletz (Leonard) 7*3.1946
Jan
Jan
Feb
June
104
Toledo Edison 5s
Apr
Jan
99*
90
104*
Jan
93*
41*
92,000
98
74*
6,000
Feb
120*
68*
104* 104*
104*
Jan
77* May
2,000
Feb
105*
5,009
18,000
78,000
105
1,000
83*
35*
107
4,000
94
67
109* 109*
93
91*
Apr
100
89
92
Jan
105* 105*
Mar
99 *
109*
35*
86
106* 106*
July
105*
103* June
100
107*
Jan
Jan
Feb
1945
102
94*
66,000
Apr
Apr
60*
106*
106*
110*
83*
93
"68"
68
3,000
'l06*
'
~5~66o
104
105*
n52
Texas Power A Lt 5s..1956
Texas Gas Util 6s
24,000
1950
xw
Penn Pub Serv 6s C-.1947
48
Ternl Hydro Elec 6*s 1953
Texas Elec Service 58.1960
1st 8 f 68
Deb 6 *s series B
107* 107*
38,000
Pennsylvania Power 5s '50
58 series D
1957
Tennessee Elec Pow 5s 1956
Penn Ohio Edison—
6s series A
104* 104*
$108* 109*
1,000
1954
Tenn Public Service 5s 1970
May
Jan
Apr
Mar
Jan
Apr
Jan
107*
65
Feb
45
102* 102*
94
92*
Apr
July
49
104
104 * 104*
107
July
72
1,000
»52
1970
5s series B
v
High
81
2,000
109* June
107
26,000
Low
62* May
46*
Jan
104* 104*
104*
1979
Penn Electric 4s F
1946
"93*
A. 1948
5s
56*
6s 3d stamped
1941
1st 6s series B
55*
1st 4*s
Syracuse Ltg 5*8
June
Pacific Gas & El Co—
Pacific Invest 5s
56
1936
107
1947
Oswego Falls 6s
104*
5,000
70
ior"
1940
series A
Okla Power & Water 5s '48
6,000
70
80* 194,000
8,000
70*
Super Power of 111 4 *s '68
Feb
Co—
series C
78*
7-4% stamped
July
2,000
10,000
*
79
7-4% stamped
June
103 *
Ogden Gas 6s.
$
Standard Telep 5*3. .1943
Stlnnes (Hugo) Corp—
June
Jan
103 *
N'western Pub Serv 6s 1957
6s
8,000
103*
Certificates of deposit...
Public
7,000
1940
N'western Power 6s A. 1960
6s
105*
105* 105*
105
105*
Range Since Jan. 1 1936
Week
High
Low
1970
4*s series E
for
of Prices
Low
High
Standard Pow A Lt 6s. 1957
1969
No States Pow 6*s
N'western Elec 6s
Week's Range
Sale
Price
Northern Indiana P 8—
6a series C
Last
(iConcluded)
Range Since Jan. 1 1936
Week
Price
Sales
Friday
Sales
Friday
BONDS
Ohio
403
New York Curb Exchange—Concluded—Page 6
143
July
80*
July
July
102*
Feb
*
No par value,
the rule sales
range,
x
not
a
Deferred delivery sales not Included in year's range,
n Under
year's range,
r Cash sales not Included In year's
Included In
Ex-dividend.
$ Fridays' bid and asked price.
s
Deferred
No sales were transacted during current week
delivery sales transacted during the current week and not included
In weekly or yearly range*
No sales.
Abbreviations Used Above—"cod." certificates of deposit: "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t
c," voting trust certificates; "w 1," when Issued; "w w," wltbwarrants:xw.,
without warrants
•
Financial
404
Chronicle
July 18, 1936
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1 1936
Last
Stocks
(Concluded)
Week's Range
for
Sale
New York Real Estate Securities Exchange
of Prices
Low
High
Week
Price
Par
Shares
City 4 Suburban Homes..
Lincoln Bldg Corp v t 0...
42*
7
10**
? 8**
54
62*8.—1950
Ask
Bid
39 Bway Ino units
32
Dorset ctfs of deposit
Oliver Cromwell etfs
61 Bway Bldg
Unlisted Stocks
Ask
Bid
Unlisted Bonds
5**
4**
•
100**
99
101
431
Union Twist Drill
5
23K
23
24
103
8
90
4
88 X
89
1,352
40
40**
372
IK
400
8**
United Gaa Corp
1
United Shoe Mach Corp. 25
Preferred
"88H
40**
25
Utah Apex
Mining.
IK
5
Utah Metal & Tunnel
"70c"
1
Orders Executed on
Established 1853
Baltimore
14**
7K
Stock
Series
C
Arundel Corp
--
-
_
Low
16 H
Apr
900
26**
July
39
54
22*
Jan
5
7**
4**
733
212*
28**
190
19**
July
30
27
May
36
Feb
20
103
July
114
Preferred
92**
172
84
Jan
111
113*4
159
111
July
116
21
18*4
19
346
29 54
3154
578
17
Jan
3154
July
272
88
Jan
10654
992* 101
42 H
40**
422*
269
39**
Apr
50
Jan
UK
11K
UK
587
9**
Jan
12
June
32*
32*
*
55
"ie"
100
Marland Texas Oil
1
50
------
------
244
3
May
10
3 2*
50
Feb
55
P87% pf26
------
16
17**
1,908
2
2
1,050
260
260
15
15
Jan
Feb
1*4
251
Feb
37
40
31
Jan
Jan
23**
Feb
27
June
Mar
37*4
75
343
49
132*
5,429
-
June
Apr
9**
16**
36
29 54
1976
342*
B 5s
Amer Pub
22
*
42
—
Serv Co pref-100
"m
1
254
Asbestos Mfg Co com
Associates Invest Co com. *
95
July
115
87
Jan
98
July
Automatic Washer conv pf *
18
11,582
135*
Apr
18
July
36
103
34
Jan
363*
Bastlan-Blessing Co com.*
Bendlx Aviation com
*
100*4
Apr
27 J*
32 2*
29 54 $90,000
34 5*
18,000
15*4
Jan
2954
July
17
Jan
345*
July
7%
29
12 54
7**
"79**
100
preferred
99
North Ave Market 6s_ 1940
99
2,000
84
Jan
100
Apr
Brach & Sons (E J) conv.
60**
1,000
60
Feb
63
Apr
Bruce Co (E L)
Cent Cold Storage
Sales
Friday
Week's
Last
Sale
Par
Stocks—
Range
Week
of Prices
Low
Price
High
Low
High
15*
IK
2.54
Preferred stamped... 100
Prior preferred
1UO
6*4
26*4
_
Boston Personal Prop Tr_*
Boston & Providence-.100
12
754
634
18
824
East Boston Co
5**
Apr
15
7
3 54
Jan
1,001
17**
July
6**
25**
27
75*4
7924
109** 109**
21
Jan
Jan
100
27 2*
Jan
47
June
1,510
7%
Feb
11
Feb
5
July
280
4,300
8,800
4,500
840
1** May
6>t»
Jan
12 54
21**
Jan
32
72*
Jan
132* June
72* July
3
Jan
July
Apr
30 H
Mar
Jan
1832*
Mar
10
107 2*
Feb
11**
Mar
150
16**
2,300
11**
Jan
July
9,300
1,750
75*
Jan
1854
10J*
Jan
56
1,350
22**
1,200
64
Apr
22
Apr
Mar
Mar
July
14
July
1
Jau
13
300
12
July
18
Jan
65
920
57
Jan
66
Feb
1$
38*4
Feb
17
2*4
3,750
IK
Feb
3 v*
Feb
73**
Apr
July
8
Jan
22**
Jan
642*
40**
Jan
50
Feb
12 54
8**
41
Jan
Feb
"m
Flex Shaft com-.5
Mail Order
com.
.5
Feb
Feb
Cities Service Co
17
Jau
Club Aluminum Uten Co.*
Apr
July
30
45
com
„
IH
7
50
5
June
11**
Jan
10
82
5
June
15
Feb
Coleman Lp & Stove com.*
Commonwealth Edison. 100
8
J* June
Feb
Compressed Ind Gases cap*
Jan
Consolidated Biscuit
Apr
60
49
Jan
20**
40
May
Feb
67
12
1354
410
70
60
3
7
102*
431
82*
10**
1,622
**
60
1254
132
May
June
2054
1654
156**
2**
5**
July
Jan
Common
Jan
14 V*
Apr
6**
A
Jan
9*4
Apr
6% prior pref A
7% cumul pref
Jan
1**
Feb
com.
7
1
.100
3 *4
100
...
98
6
7
264
3K
Jan
115*
Mar
63
387
41**
Jan
83
Mar
7154
69 K
72
473
60
Jan
84
Mar
100
133
50
10
33
Jan
62 V*
Apr
Dayton Rubber Mfg com. *
Cumul class A pref..35
13
50
Decker (Alt) & Cohn com 10
62*
62*
120
3
Feb
7**
Apr
132*
14 K
225
8V4
15554
Jan
1454
July
132*
Edison Elec Ilium
100
166*4
162
166 2*
1,156
Employers Croup
General Capital..
*
21
21
22 2*
145
*
40 K
40
40 K
50
Georgian Ino (The) A pf.20
IK
IK
50
IK
34
10
100
100
*
Mergenthaler Linotype..»
New Eng Tel & Tel
100
IK
154
_
9K
100
25*
_
_
121
50
Quincy Mining
25
Reece Buttonhole Mach. 10
Reece Folding Machine. 10
3654 May
169
27V4
41
Mar
Feb
Apr
Preferred
Dexter Co (The) com—
Dixie-Vortex Co com
Class A
*
1A
Jan
10 v*
July
Eddy Paper Corp (The)--*
July
19V*
Feb
Eleo Household Util cap.5
Jan
Elgin Nat Watoh Co... 15
Fitz Simons & Son (D & D)
Jan
224
IK
500
1 V,
Mav
25*
Jan
2,000
40c
July
15*
154
54
Jan
1**
2**
Feb
800
1054
20
9A
Jan
9K
221
55
7*4
18**
1A
38**
Jan
51
Feb
Goldblatt Bros. Ino com..*
622
1171*
Mar
130
Mar
10
Mar
Great Lakes D & D com..*
Hall Printing Co com...10
8**
22*
44
120
53*
27
45
254
45
1212*
52*
30c
2154
212*
22
mm---*.
33 2*
1
------
2
44
725
192
5**
Feb
Jan
18
Mar
Jan
45
Mar
Jan
Mar
May
586
20
June
70**
60
56c
Jan
28*4
Apr
**
510
70c
Jan
5
15**
1**
Jan
22
IK
39
15*
22
Feb
Jan
25
Jan
31
1,500
15,950
19
31
Jan
100
154
250
H
22*
July
Jan
34J*
106
Apr
July
Jan
312*
Apr
Mar
7K
32*
Feb
12* May
Jan
34
150
30**
June
38
Feb
116
1,500
Jan
116
July
700
96 K
49
May
71
July
1,400
11*8
July
115*
July
24
June
124
60
5 2*
Jan
12 2*
Feb
Feb
30
2J*
Jan
7K
Feb
May
117*4
Jan
8
Apr
Feb
July
Jan
2
Jan
13**
1,283
11
Jan
14
July
1,073
14**
Feb
215*
Sub Elec Sec Co
*
3
3
1
2K
2**
50
335
W2
2
Jan
July
Apr
*
Harnischfeger Corp
com
Horders Inc
724
3**
724
3**
*
Illinois North Util pref. 100
v
Jefferson Electric Co
..*
Jarvls (W B) Co cap
Feb
5
42*
31**
30**
12924' 133
12**
13*4
27
724
70
50
98
6,700
1,700
24
Apr
410
120
Jan
4*4
July
31** June
133
July
600
102*
Jan
I4J*
300
19**
Jan
27
180
4**
Jan
30
50
75
Jan
Mar
July
924
.'ft
Mar
Mar
16
June
21
June
14 24
160
»K
Jau
19
600
18 K
July
41
39**
16**
41
450
38 24
May
17
500
16K
Jan
20
25
2524
1624
35**
150
23
Apr
30
Jan
3,750
13
June
Jan
Feb
"25'
16*4
3524
14**
35**
18
15*4
8
18
15
15*4
82*
6**
50
16**
Jan
23
Apr
200
112*
Jan
16
May
Jan
9
May
8,700
800
22 54
Jan
824
222*
JaD
302*
27
265*
27
924
13**
1,300
12**
824
13*4
1124
122*
3,050
35
35
17
172*
122*
27**
24
108** 109
6,
63
27**
22*4
39**
"27
2121
20**
*
39**
35
3
2,100
1,750
18*4
1
com.
Jan
35
2624
10824
Mar
272*
1624
2924
12 **
41** June
400
33
"l7
*
182*
37**
172*
302*
t c_*
Iron Kireman Mfg v t c
98
19
*
Houdaille-Hershftv ol B
Indep Pneaum Tool
98
19
10
com
3** May
55*
69**
115*
70
*
Class B
Helleman Brew Co G cap.i
20 54
400
Godchaux Sugars Ino—
Ciass A
Hibb Spen Bart com
25
Hormel P Co (Geo) com A*
135*
407
49**
20
112*
66
7
*
Apr
Feb
1954
•
Common
General Candy Corp A..
Gen Household Util com.*
Mar
19**
------
2
354
260
715
1
Apr
11
355*
77c
22
406
8
33
10924
26
Econ Cunnghm Drug com *
Jan
554
26c
80c
52
Jan
May
230
5
Feb
Apr
26
Apr
Mar
14
*
50
50c
4H
31H
100
72*
Stone & Webster
page
Preferred
Feb
1
135*
Shawmut Assn tr ctfs
...25
731
30c
25
Pennsylvania RR
Jan
Apr
....
5K
1354
24
27
100
*
15 K
20
Cord Corp cap stock
Crane Co common
1054
*
1
13**
1**
Hathaway Bakeries cl A..*
Isle Royal Copper Co
25
Loews Theatres (Bstn)_25
10
72*
152*
33**
50
5J<
Continental Steel—
59
.*
432*
1,200
106
5
.100
7
Co
Arp
650
34
113*4
69**
11*4
62
100
28**
4-2*
12*
4
14,250
2,300
Feb
May
Consumers Co—
135*
**
100
27*4
26**
106
Chic Yellow Cab Ino cap.
14**
6** May
5
50
49**
27*4
2724
Towel conv pref.*
80
4K
48
472*
Riv & Mach cap.*
612
70
42*
4924
49**
27*4
Preferred
Chicago
Chicago
Chicago
Chicago
10 54
Preferred
100
3
1 224
29*4
13**
7**
Feb
750
*
see
9*8
1124
26**
12**
2,500
Feb
July
240
...100
tootnotes
2**
43**
10
72*
6**
35
7
*
For
22*
2* June
2** July
110
654
.*
com.
4
200
Feb
65
East Gas & Fuel Assn—
Texla Oil COrp
1,800
480
82*
3
3
10 J*
25
Co
392*
51**
4924
4**
70
1392* 141
.
26
Old Dominion
May
21
May
262*
954
1354
Calumet & Hecla
Old Colony RR
20
48
7
141
Brown-Durrell Co com...*
com
180
17**
49**
com
7
10
Copper Range
North Butte
46
15**
1*4
Preferred
Chain Belt Co
52*
8
Class C 1st preferred. 100
Class C 1st pref stpd 100
Class D 1st pref stpd. 100
New River Co
Jan
56
Cherry Burrell Corp com.*
Apr
654
1st pref stpd 100
com
40
51**
Chicago Corp common...*
Apr
5**
6
Class A 1st preferred-100
Class B 1st pref stpd. 100
5% cum preferred
Mass Utilities vtc
Jan
1654
252*
Feb
21
40
250
Feb
12
Maine Central
11** June
250
37
143
270
:
300
224
73
Jan
754
754
Class B
14
22
44
39**
5
35
117**
67 2*
66 2*
Helvetia Oil Co
1324
2124
43**
37*4
4**
2**
7024
Feb
66
..100
...100
Gillette Safety Razor
Mar
14
2**
178
25*
Boston & Maine—
Gilchrist
8**
35
Apr
300
.
Jan
70K
149 5*
139**
com...
5K
*
3,044
136
Adjustment
Eastern SS Lines
1,350
*
July
July
1683* 1732*
4**% prior pref
7*4
Central S W—
IK
139 2*
Eastern Mass St Ry—
1st preferred
May
622*
2
100
6% cum pref
Mar
7**
50
"l3"
...*
preferred
135
Boston & Albany
Common.
182*
July
14**
9**
.1
120
1702*
Ciass A
July
June
6
15
com..20
com
15*
100
-
Sec
254
Amer Tel & Tel.—3
Common
15
147
Central States Pr & Lt—
25
6% non-cumul pref...50
Boston Elevated
Conv
111
Prior lien preferred
Preferred..
Amer Pneumatic Serv Co—
Common
Central
Common.
Shares
100
High
Jan
11**
9**
Cent 111 Pub Serv pref...*
Range Since Jan. 1 1936
for
97 5*
14**
9H
55**
Castle & Co (A M) com. 10
July 11 to July 17, both inclusive, compiled from official sales lists
Low
820
S3*
15**
21
*
.
*
...10
com
Butler Brothers
Boston Stock Exchange
Shares
300
15**
524
6**
3
3
12 54
Berghoff Brewing Co
1
Blnke Mfg Co A conv pref *
Bliss & Laughlln Inc cap.6
Borg Warner Corp com. 10
602*
99
1975
"9*4
51
98
Jan
147
42 J*
152*
[ 3524
Bait Transit Co 4s flat 1976
5s flat
25
Class "A"
Jan
'
Bonds—
A
131
10
Common
Altorfer Bros conv pref.
Feb
55
Apr
40
High
Allied Products Corp—
972*
--
172*
Western National Bank. 20
Range Since Jan. 1 1936
for
Low
554
7*4
Co com..*
Automatic Products com. 5
100K 10054
-
2
U 8 Fid & Guar
Sales
Week
com...*
Adams (J D) Mfg
Advance Alum Castings-.6
Feb
25*
27
11**
13
Northern Central Ry_._50
Penna Water & Pow com. *
compiled from official sales lists
of Prices
147
Abbott Laboratories com.*
Mar
20 K
261
27
48J*
100
5
CHICAGO
Week's Range
Price
Par
Stocks—
Adams Royalty
Mt Ver-Woodb Mills-
Preferred
Chicago Stock Exchange
Chicago Curb Exchange
Sale
Armour & Co common...5
New Amsterdam Cas
SECURITIES
Last
Mar
63*
61
37
Merch & MinersTransp..*
Monon W Penn
May
Feb
101
Finance Co of Amer cl A..*
Mercantile Trust Co
July
95
Friday
July
11
Fid & Guar Fire Corp...10
Guilford Realty com
85
Apr
Chicago Stock Exchange
July
18 J*
20
Guilford Realty pref
Houston Oi! pref
Jan
90
July 11 to July 17, both!inclusive,
Feb
Jan
92**
31**
1
Fidelity & Deposit
103
Jan
92
112
100
Eastern Sugar Assoo 00m. 1
July
70
3,000
Feb
preferred.
82
70
5.950
10 So. La Salle St.,
Feb
160
------
Jan
86,000
94
Feb
4
5** % preferred
Apr
Members:
Jan
21
Consol G E L & Pow._..
Feb
10**
Feb
225*
4 54
103
16
Feb
92
606
212*
28**
103
Jan
Jan
85
Exchange
(Associate)
New York Curb
High
22*
17**
30
28**
May
PaaJ RDavls 6c
New York Stock
Shares
*
25
Preferred..
Feb
4
82
CHICAGO
*
1st preferred v t c
Black & Decker com
5%
High
29 K
2
-
_
1
Apr
82 K
94
1948
Range Since Jan. 1 1936
172*
-
-
for
of Prices
17
*
Atlantic Coast L (Conn) 50
Bait Trans t Co com v t c."
JaD
Apr
Exchanges
Week
Low
Jan
**,
30c
2**
3
81
82
1948
..1948
6s
Sales
Week's Range
Price
Feb
90o
Exchange
Friday
Par
Feb
2*4
647
,,»**
July 11 to July 17, both inclusive, compiled from official sales lists
Stocks—
Feb
42
Jan
Listed and Unlisted
Baltimore Stock
Sale
90*4
Jan
"is
550
15**
8K
Chicago Board of Trade and Commodity Exchange, Inc.
Last
Jan
39
York, Po,
Louisville, Ky.
YorTt and
New
15**
Series A 4**s
Series B 5s
NEW YORK
Hagerstown, Md,
Members
/
'<J
83
Eastern Mass St Ry—
39 Broadway
BALTIMORE, MD,
Mar
Bonds—
STEIN BROS. &> BOYCE
6* 5. Calvert St.
Mar
9K
65
*
Warren Bros Co
Baltimore Stock Exchange
Mar
28**
Jan
I
2,110
**
**
Venezuela Holding Corp.. *
Venezuela Mex Oil Corp. 10
Waldorf System Ino
»
3
104
25
78c
70c
High
Low
90*4
Jan
21** June
Torrlngton Co
700
90
10
200
50
7,400
80
Jan
392*
1824
Mar
30?*
332*
1124
July
Apr
26
July
6
Jan
9%
Jan
17
Apr
Apr
Jan
1354
Apr
82*
30
Apr
May
38
16*4 May
22
Jan
11
Apr
132*
Feb
May
32*4
Mar
Feb
109*4
229*
100
Jan
Jan
90
60
July
68
Feb
350
24
May
31
Feb
5,200
18K
Feb
24
Mar
700
312*
June
40
Apr
Volume
Financial
143
Friday
Kalamazoo Stove
Week
Price
41%
1
Low
41
71
Low
July
70
Mar
250
32
Feb
42
May
4%
87
11%
10%
UX
Ky Utll Jr
40%
40
42
170
85
85
85
30
cum
pre!—.—60
-,100
Kingsbury Brevr
6%
Leath&Co com
6
"i%
six
4%
I
87
2
pref_100
cum
78
1
cap
La Salle Ext Unlv com
Lawbeck
1034
Feb
*
Cumulative preferred. _»
Llbby McNeil & Libby.-10
City Ice & Fuel
of Prices
Low
Price
High
_*
18
100
Preferred
18
79
79
60%
Range Since Jan. 1 1936
for
61%
Cleve-Cliffs Iron pref
*
Low
Shares
270
High
Jan
15%
75
79
July
80
Jan
250
54
Jan
71%
Feb
Mar
110%
July
26%
2X
ix
31X
4X
,25%
8%
76
300
ix
31X
4X
26X
8X
34 H
140
75
75
Feb
10
2,400
87
43
Jan
100
72
73
May
75
140
90
Feb
Commercial Bookbinding.*
10
12%
216
Mar
Cooper Bessemer Corp...*
19
19%
1,145
17
July
24%
Jan
Electric Controller & Mfg *
Enamel Products
*
59
18%
58%
59
26
45
May
70
13%
13%
25
10
Feb
13%
Jan
Faultless Rubber
28
28
28
235
35%
Jan
Foote-Burt.
*
*
IX
Jan
1% May
28%
Feb
3%
Jan
10
270
*
Common
13%
—
12X
60
21
Apr
1,350
13X
50
$3% preferred
*
Lindsay Lt & Chem com. 10
48
7
May
50
4
4%
Loudon Packing Co com--*
4X
7
July
14
Jan
3%
3%
33
May
7
35%
11%
50
1334
July
Jan
Apr
4
50
July
July
6%
34
Jan
Cleve Elec 111 $4.50 pref..*
Cleveland Ry.
100
Certificates of dep
100
41
107%
10
61?*
Jan
75
157
59?*
Jan
73
July
6%
Feb
12%
July
110
July
Feb
Jan
Feb
Jan
35%
850
41
41
McCord Rad & Mfg A.—*
270
350
ex
5
com
7
5,550
Feb
19%
Apr
July
Apr
Lincoln Printing Co—
Lynch Com
Par
Week's"Range
Fostoria Pressed Steel
Preferred (new)
100
Ken-Rad T & Limp com A*
H6% preferred
Stocks (Concluded)
High
40
2,050
Last
Sale
290
41%
39%
8%
39
10
com
Range Since Jan. 1 1936
Shares
High
Sales
Friday
for
of Prices
*
com
Katz Drug Co oom
Kellogg Switchboard
Week's Range
Sale
Par
405
Sales
Last
Stocks (Concluded0
Chronicle
Jani
6%
834
5434
Feb
Feb
36
35
100
33
Apr
43
MoGraw Electric com—6
38%
33%
38X
1,750
27
Jan
38%
McQuay-Norrls Mfg com-*
53
53
54%
20
50
June
Masonlte
92
27X
IX
15X
93%
7X
31X
27X
20
Marshall Field common—*
ix
14%
3%
8X
sy»
■3X
8X
3X
3X
9y8
3X
16,800
1,100
3X
July
73*
2X
2X
300
1
Mar
3%
Jan
•
12%
12%
•
28
May
25
10
Jan
100
*
8
Jan
Mar
15
Jan
10%
May
Gt Lakes Towing pref__100
Grelf Bros CooperageJA._*
50
50
50
36
52
52
10
36
Halle Bros
21
21
6
19?*
106 3* 106 3*
15
104%
107%
Apr
102 3* 103
17
18
20
100
June
105
Jan
17
...5
Preferred
.100
Hanna (MA) $5 cum pref.*
Harbauer
*
Feb
60
Mar
Jan
50
June
Mar
23
Feb
Jan
Feb
2%
:
May
Manhatt-Dearborn com__*
*
Corp com
Mer & Mfrs Sec cl A com_l
Prior preferred
7X
Apr
July
61
IX May
Apr
3%
Jan
1,100
11 %
JaD
19
52%
Jan
100
Mar
6%
Stock purchase warrants
Midland United Co—
20%
21%
325
19% June
26
Feb
Lamson & Sessions
*
4%
4?*
224
8
Jan
Leland Electric
*
11%
113*
June
12%
Jan
McKee (A G) class B
*
Medusa Portland Cem.__*
23%
24
270
20% May
27%
Mar
July
16
16
115
15
Mar
17%
Mar
234
Jan
4% June
10% Feb
4% May
Apr
18%
Apr
15
Mar
Apr
29%
July
15
July
600
134
Jan
434
Mar
6
6
50
334
Jan
11%
Jan
42
100
3834
Jan
55
Miller Wholesale Drug
Murray Ohio Mfg
6%
July
1034
Jan
ex
50
51
22X
21X
22X
13%
31
31
10
49%
IX
49X
IX
50
400
National Pressure Cooker 2
13
13
50
Natl Rep Inv Tr conv pf. *
Natl Union Radio com
1
7
7
20
5%
Jar
500
X
Jat
Apj
Nachman Springfilled com*
13
National Battery Co pref_*
National Leather com.—10
Noblltt-Sparks Ind com--*
29%
7%
8%
*
Northwest Bancorp com—*
Northwest Eng Co com
•
25 %
X
27%
70
7%.
Jan
52
Jan
Jan
Ohio Brass B
6%
Mar
Patterson-Sargent
3%
4.05C
1,100
2%
Jan
Feb
10
Feb
SMA Corp.
Stouffer class A
Feb
Vlchek Tool..-.
Feb
Weinberger Drug Inc
1%
35
7 3*
Jar
8%
112% 112%
57
104
Apr
120
27
Mar
900
19
Apr
17
18
250
17
Mar
'~37%
37
37%
2%
3X
3%
3%
150
32
Apr
2%
3X
2X
"~ZX
3
3%
68
200
30
Feb
30?*
Jan
28
28%
179
27
Apr
35
105 3* 105%
15
15
12
104%
Jan
106
Jan
20
9%
Jan
15
Mar
Jan
17?*
100
17?*
July
27
Jan
59%
201
56%
Jan
68
Feb
2%
12
75
"l2"
12
16%
16%
20
14
"3§'
33
33
20
30% June
11%
12%
510
9
May
18%
18%
35
17
Jan
—
*
12 34
._.*
*
40
25
Jan
8%
Feb
4%
Jan
2
Feb
Feb
19%
May
35
Apr
12%
July
19
June
Cincinnati
Stock
Exchange—See
415.
page
Jan
22%
Apr
41
Jan
2X
Mar
3%
Jan
2%
Jan
5%
Apr
300
23*
Jan
6
250
134 May
x72%
72%
550
50
49
May
115
116
190
103
Jan
119
119%
30
124%
122
*124%
490
115
70
142
Jan
146
17%
58
59
preferred.. 100
__-.l
_-._
Jan
July
147
49
%
Apr
Mar
4% June
7234
July
July
72%
July
Jan
123
Mar
June
112 X
116
140
Jan
Detroit Stock
1483* June
Raytheon Mfg—
Common
303*
July
30
27%
100
x72%
100
11234
450
116
...100
Preferred
Feb
303*
Mar
July
26
60
Common
4%
Jan
Apr
30
*
100
June
12
July
29
-
preferred
7% preferred
Quaker Oata Co—
1
8%
Jan
July
June
14
28
23
*
cum.
-
26%. July
Jar
7%
~26~
pref*
Penn Gas & Elec "A" com*
Common—-
200
2%
1534
7% Jum
15?*
Jar
70C
2d
Okla Gas & Elec 7% pf-100
6%
-1%
Seiberling Rubber
Jar
26
1,150
Packer Corp
July
13
25
Common
"1%
*
60
*
4%
*
Richman
Feb
57
Process Corp com.
Public Service of Nor Ill-
5
258
1053*
May
54
6
651
4%
100
*
cum preferred
33
100
com
8%
4%
1%
283*
65
Prior lien pref
Potter Co (The) com
Prima Co com
Feb
14%
210
Feb
7%
*
Jan
130
Perfect Circle (The) Co__*
15
7
11
3,071
Feb
"~8%
Nineteen Hund Corp cl A_*
Apr
JaD
28
Pines Wlnterfront
15
50
11
26
10
105
29 3*
*
28
100
conv
116
25
.1
2534
15%
38%
13*
400
%
29%
7X
8X
26%
5%
May
17
100
IX
25X
49
400
7% preferred.
Oshkosh Overall
*25%
25
National Tool
4?*
133*
4%
12
*
National Refining
National Tile
Northwest Utll—
Parker Pen Co com
4%
*
8
75
Feb
30
ex
Natl Gypium cl A com—5
5?* May
Mar
3%
28
20
*
com
Apr
July
*
34
42
Muskegon Mot Spec cl A_*
North Amer Car
20
Jan
3
*
Preferred
55
Jan
r
Apr
3
*
com
Jan
10
48
7
20
6.
pf_*
Modine Mfg com.,
34%
192
<
18
280
3
6% prior lien
Monroe Chemical Co
627
20
National Acme
*
conv
Mar
48
19%
48
*
25H May
14,650
Midland Utll—
Miller & Hart Inc
26
47%
*
Mar
200
July
Interlake Steamship
Jaeger Machine.
Kelley Isl Lim & Tras
Metropolitan Pav Brick..*
6
Conv preferred A
ex
30
—*
Metropol Ind Co allot ctfs.
Mlckelberry's Food Prod—
Common
1
Middle West Corp cap
36
Exchange
July 11 to July 17, both inclusive, compiled from official sales
5%
4
5%
1,150
23*
Jan
734
6
2
2
2X
500
13*
Jan
33*
Feb
Reliance Mfg Co com._10
Preferred
100
Ross Gear & Tool coin...*
16
ie%
lists
June
v
J.-50c
t c
6% preferred
v t c
Sangatno Electric Co
»
Schwitzer-Cummlns cap—1
Sears Roebuck & Co com. *
Signode Steel Strap com_*
Preferred
,62
19X
com
1,500
11
May
109
30
108
Feb
109
23
40
17
Jan
26
Feb
57%
18%
62 %
700
35
Jan
62%
75%
19%
79%
10%
preferred
18 %
July
20%
240
653*
Feb
79?*
200
85%
89
*
—16
13
'BOX
Utah Radio Product com. *
Utll & Ind Corp
2X
IX
4X
*
Convertible pref
Wahl Co
Rubber
70
103% 103X
83
85%
10
99
Feb
60
61
Feb
85%
July
Det & Cleve Nav
30
79%
Jan
91
Mar
Det
1434
3234
2834
Apr
Chrysler Corp
*
*
com
20
•
com
Walgreen Co common-—-*
(Montg) & Co cl A.*
4X
33
156%
Wieboldt Stores Inc com.*
WUliams-Oll-O-Mfltlc com*
"l~4X
Wisconsin Bankshareacom*
ex
BIX
Zenith Radio Corp com
Bonds—
1
1
com
25%
88
*
4%
12 X
5%
30%
21
25
Thompson (J R) com...25
Ward
Baldwin
9%
5
Consolidated Paper com. 10
89
June
com
Crowley Milner com..-..*
9%
9%
2%
IX
4%
20
4
33
4%
50
534
31%
2234
934
254
IX
4%
20%
4X
Mar
150
12%
June
20%
15334 15634
18%
1834
13
1434
6
;
ex
28% 3134
Mar
Mar
4%
Feb
2%
2?*
%
410
3
%
%
Jan
Iron com
5
14
14
.500
9
Jan
2%
Jan
1
4%
33%
610
5%
8%
30%
4%
9
Jan
12%
550
23*
Mar
4%
Feb
Feb
Eureka Vacuum
X
2%
May
2
Jan
Ex-Cell-O Aircraft com..3
17
17
17
May
5%
Jan
Federal
18%
17
18?*
15%
Jan
Feb
Federal Motor Truck com *
Jan
Federal Screw Works com *
6%
35
June
Jan
8%
Jan
16%
9%
3%
Jan
31%
July
July
16%
July
Mfg
General Motors
212
12%
Jan
100
16
Apr
15%
Apr
July
,760
7%
Jan
12
Mar
10
3%
110
2%
7,050
27%
149
"'"7%
69%
7%
69%
8%
2%
2%
2%
1,930
2
6
6
-
-
Graham-Paige com
Hall Lamp com
*
*
3% June
5?*
Mar
2%
34%
July
Jan
3,416
54%
Jan
70%
Apr
5,550
6%
Jan
Jan
10%
4%
8%
Mar
May
31?*
Mar
Apr
19%
Mar
120
2%
1654
Ohio Listed and Unlisted Securities
5%
26
24
26
990
23
17%
16%
17%
1,155
14
4%
4%
24%
6%
4%
2,410
4%
24%
707
20%
6%
150
Hudson
Motor
McAleer
Mfg
B
""6%
5
*
com
5
,
2.50
Sugar com
Preferred
-
—<
—
—
—
Hone
18
-
1
Mid-West Abrasive com50c
18
■
3%
■>4
13te
Jan
1%
5
Jan
3
July
Feb
6%
4% June
4
4%
2,308
18
18%
11%
2,802
17%
16%
Prudential Invest
Union Trust Building/ Cleveland
Reo Motor
Par
Exchange
for
1
24%
20
Apex Electric Mfg
Prior preferred.:
*
29
28%
High
ror
footnote*
100
100
see
ua«e
407
243*
29
100
------
6%
4%
5%
4%
5
3%
3%
3%
Tivoli
Range Since Jan. 1 1936
Low
High
855
18%
Apr
425
113*
Mar
13
90
Jan
1
Dist
Shirt
United States
1
*
Co
com..*
"~9%
------
------
A
*
com
Aircraft
8%
4%
1
1%
24%
July
Wayne Screw Prod com..4
29
July
Wolverine
Brew
com____l
June
Wolverine
Tube
com
106%
*
4%
22%
12%
July
July
18%
6%
July
July
Mar
15
Apr
Jan
6%
15% June
6
Mar
Feb
635
4%
1,328
1,975
July
5% June
8%
7%
4%
July
7
3%
12%
5%
July
4% June
Jan
11%
18
July
19%
July
Apr
July
12%
Mar
17%
9%
19%
9%
19%
310
8%
3% June
Feb
300
8%
32
100
7%
32
Jan
Jan
July
17%
Feb
Jan
33% June
"""%
1,750
6%
Jan
9%
3%
8%
4%
20,090
2%
Jan
4%
Apr
July
1%
1%
1,908
1SJ6
Jan
3
Mar
6%
*
B...
1,503
2,195
2,568
3,955
32
Graphite. 10
Cooler
839
17
Axle com..10
Brewing com
Union Invest
Universal
Shares
com
705
5
5%
5
Warner
Allen Industries Inc
------
5%
United
Sales
Low
5
com
Timken-Det
Week
Price
1
Standard Tobacco
July 11 to July 17, both inclusive, compiled from official sales lists
Stocks—
com
17%
6%
Rickel (H W) com.
.2
River Raisin Paper com.*
A. T. & T. GLEV. 565 & 566
of Prices
Feb
Apr
800
Parker
Week's Range
6%
20
375
10%
*
Apr
383
10%
Wolverine
16
1%
"18%
com
1,290
6%
3%
10
Murray Corp
Sale
Jan
Feb
Mar
6%
3%
Packard Motor Car com.*
GILL IS
Last
8%
1
■_*
10
Micromatic
Friday
3%
25
Steel Tube Prod-
Common.
Michigan
Cleveland Stock
265
5%
Feb
Feb
5% June
July
Apr
5% June
Mar
'
Mich
Members Cleveland Stock Exchange
Telephone GHerry 5050
July
July
Car com.*
Houdaille-Hershey
1654
Jan
24
"
Kingston Prod
1
Kresge (S S) Co com
HO
Lakey Fdy & Mach com__l
Chic City & Con Rys 5s '27
Apr
Mar
23%
18?*
2%'
27%
-
Apr
July
Jan
"2%
—
Feb
9%
27%
—
4
Apr
July
4,688
__*
A
Feb
Jan
%
com.l
Brew
1
1
July
$1,000
10
23
152%
13?*
7?*
10%
33%
500
13%
4
Mar
7%
1,106
1,233
1
13%
*
10
22%
14%
11
1
5
com
com
com
Apr
Mar
15,450
33%
*
Goebel Brewing com
16
10
5%
Frankenmuth
*
Gammer
100
1,400
Mogul
8%-
1
com
July
Jan
4,400
Jan
July
128
1,600
1,400
15634
2%
%
3,175
79
Paper Prod com
Jan
3%
Dolphin Paint B
Jan
23%
7%
Jan
Apr
Apr
Jan
25
Apr
19
1,406
5% May
Apr
4
July
2%
203*
142
116%
100
Det Steel Prod
170
Jan
400
Det
30
86%
6
Jan
250
Jan
411
2%
Jan
1,400
34
.10
com
Apr
24%
147
Det-Mich Stove
Feb
15% June
147
Det Gray
14
100
6
1034
24
July
3%
2%
------
35%
20
Jan
9%
2,998
5% June
Apr
283*
,
High
1%
1,811
100
Feb
7
10
1,650
1,450
1,400
8%
Low
Shares
com
Edison
Apr
18%
100
13
33*
2%
15%
15%
116% 116%
21
20%
------
1
com.
Cripple Creek
Detroit
Convertible preferred--*
Storkline Fur conv pref-25
Viking Pump Co
Mar
Mar
Capital City Prod com..*
City Brew.com
234
Apr
27% June
15%
Jan
105
High
2%
2%
Continental Motors com.l
S'west Lt & Pow pref
*
St Louis Nat Stkyds cap--*
Swift International
Swift & Co
July
July
Auto
25
*
Range Since Jan. 1 1936
for
Week
of Prices
Low
Price
July
29
100
Week's Range
Sale
Par
Stocks—
10%
27%
100
Standard Dredge—
Common
16% June
1,400
Southern Gas & Elec—
7%
Last
Apr
23
30
Sivyer Steel Castings
15%
109
Sales
Friday
7?*
310
6%
July
%
1SI6
800
%
July
7%
26%
1
27
488
15
Jan
11% June
1 %
27
Mar
July
406
Financial
Chronicle
July 18, 1936
Sales
Friday
Last
Stocks (Concluded)
DeHaven & Townsend
Samson 6% pref ann
10
Security units of ben int..*
Members
New York Stock Exchange
30 Broad Street
Week's Range
Stores._
American
*
Bell Tel Co of Pa
27%
168% 172%
2%
3%
121% 123
12%
13%
171
*
'3%
pref.-lOO
*
"12%
;—_*
-*
"16%
Budd (E G) Mfg Co
for
Low
26
1,215
1,054
'
275
437
113
Glmbel Bros common
*
1%
1%
10%
9%
114% 116%
18
"
18%
42% 43%
25% 25%
69
70%
14% 14%
Horn&Hardart (Phil) com
*
125
125
10
Horn&Hardart (NY) pf 100
109
109
14
Rights 1st paid
Budd Wheel Co
Chrysler
-.-5
Corp
Curtis Pub Co
*
com..
Electric Storage Battery 100
General Asphalt
10
"43%
10
"70~~
General Motors
Lehigh Coal & Navigation *
8%
9%
10% 13%
2%
2%
3%
3%
12%
13%
5
4%
33% 36%
120% 123%
112% 114
34% 34%
x21% £21%
7
6%
50
Lehigh Valley
Corp..25
Mitten Bank Sec
•I®
25
Preferred.
3%
12%
National Power & Light..*
Pennroad Corp v t
Pennsylvania
5
c_.—*
...50
50
RR
36%
122%
Penna Salt Mfg
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
25
"34%
Phila Insulated Wire..—*
Phila Rapid Transit
7%
50
-.50
preferred
10
50
1
*
Philadelphia Traction
Salt Dome Oil Corp
840
394
July
Jan
Jan
July
Apr
131
Jan
Jan
110
May
July
21%
July
566
241
679
1,873
Jan
Jan
Jan
.
152
Feb
Jan
Apr
Feb
Apr
112
46
718
11%
14%
8%
8
Jan
•
11,678
4,206
Mar
July
Apr
Jan
Mar
Apr
July
Jan
Feb
Mar
Mar
14%
5%
Feb
Feb
39
Feb
130%
117
Apr
May
33%
21%
2%
125
430
231
1,675
Jan
35% May
Feb
23
Jan
8%
10
100
1%
Jan
6%
118%
105%
6%
8%
%
1%
9%
3%
28%
113%
923
14%
June
54
50
Jan
Feb
6%
Feb
125% Mar
15% May
3% May
Jan
17
42%
100
3,841
36
177%
14%
116%
24%
55%
34%
70%
14%
Jan
Jan
12% Mar
28% May
3%
Jan
19% May
30% Apr
1% July
10%
Jan
16% May
Mar
18%
60%
20%
63
70
57
Jan
75
80
86
90%
38%
~63~~
'16
Tonopah-Belmont Devel. 1
Tonopah Mining
1
Union
*
Preferred
...
United Gas Impt com
7%
*
United Corp common
47%
17%
112%
*
Preferred...
*
Westmoreland Inc
*
Westmoreland Coal
*
15
125
Jan
116
500
1
'S16
5
4%
7%
8%
45% 47%
16% 17%
112% 112%
11%
11%
8%
50
Traction
100
15>
Jan
19
200
11
Jan
30% May
30%
29%
30%
4,000
25
Jan
38
38
38
10
30%
38%
July
28%
27%
37%
38%
13%
28%
27%
35%
38%
13%
29
500
29
July
27%
July
.25
*
Union Bank & Trust Co.50
%
3%
5%
40%
14%
108%
9%
7%
858
Blk Mammoth Con M.lOc
5,043
359
16,489
126
49
49
Apr
Apr
Apr
Apr
Apr
Jan
Jan
10
14
26
24
120
150
38
Feb
47
Feb
11
14%
Feb
Apr
Feb
150
Jan
Apr
28%
Mar
Jan
28
July
5,500
2,000
5,300
1.00
Feb
lc
Jan
4c June
lc
Jan
lc
Jan
6c
Jan
15c
Jan
3,300
4,400
9%
8%
8%
8%
Jan
35% June
50
23%
28
4,300
300
45
45
July
20%
7%
4%
5%
44%
23%
47c
48c
48c
10c
3%c
3%c
3%c
1
1.15
1.15
1.30
Imperial Development.25c
Oro Amlgo Co.
10c
2c
2c
2%c
9%
Jan
Apr
Feb
10%
Jan
July
45
July
lc
lc
lc
...
7c
7c
8c
63c
Feb
7%c
Jan
700
21%
21%
21%
100
Zenda Gold Mining Co —1
Unli
ted
1.40
Jan
Stocsks—
Amer Radiato & St Sani...
Amer Tel & Tel Co.
100
Aviation Corp (Del):
Baldwin Locomotive
5
Bendix Aviation Corp
5
Cities Service Co...
169
171
29
513
173
5%
3%
28%
4%
5%
3%
4%
600
5
800
43%
8%
32
32
100
10%
11%
1
%
11%
11%
12%
700
16%
16%
7%
11%
16
16%
16%
North American Co
Packard Motor Car Co
Electric Bond & Share...5
Internatl Tel & Tel Corp..
Montgomery Ward & Co..
Radio Corp of America
Standard Brands Inc
Tide Water Assoc Oil
15%
7%
10%
May
4%
3%
26%
3%
200
3%
6%
24%
15%
44%
8%
North Amer Aviation Inc.l
1
150
100
29
3%
6%
24%
14%
3%
6%
24%
15%
44%
8%
Curtiss-Wright Corp
20% May
500
5%
3%
32
Commonwealth & Southern
Jan
Apr
July
2%
Apr
5%
Apr
20%
Jan
14% June
36%
Jan
900
200
200
200
400
7%
Apr
24% May
7
Jan
9% May
15% May
14%
Jan
1,400
500
500
8%
11%
1,100
6
1,500
9% May
Dean Witter & Co.
New
United Corp (Del)
Warner Bros Pictures Inc. 5
May
Members
Municipal and
Jan
1
1% Feb
8% Apr
9%
Feb
47% Mar
19%
Feb
113% June
15
Jan
3c June
22c
5,000
11,00 »
Calumet Gold Mines
Cardinal Gold Mining
Mar
1
Jan
Jan
Feb
1
Jan
Mar
700
26
45
Wellington Oil Co
35
27%
1,300
1,400
5,600
27%
37%
38%
150
150
23%
27%
8%
8%
Mar
33
71%
29%
Jan
Tacony-Palmyra Bridge. .*
80%
33%
%
Paper
Sun Oil Co
18
Universal Cons Oil Co -.10
Mar
*
Scott
Jan
Mar
Apr
Mining Stocks—
Apr
86
170
11
1%
July
396
13
1%
14%
Phila & Rd Coal & Iron..*
July
149%
2%
119%
9%
1%
8%
560
60
30
Western Air Express Corpl
High
Jan
18
Yellow Checker Cab.
Range Since Jan. 1 1936
Jan
50^
1,400
30
Union Oil of California. .25
Shares
26
26%
American Tel & Tel—..100
Baldwin Locomotive
High
Feb
45
37
57
18
Tran^america Corp
Week
of Prices
Low
48
55%
High
3%
54%
Jan
30
5%% preferred.
25
Southern Pacific Co... 100
Standard Oil of Calif
*
Sales
Friday
Low
1%
25
6% preferred
July 11 to July 17, both inclusive, compiled from official sales lists
Sale
48
48
Range Since Jan. 1 1936
108
2%
2%
2%
.
Shares
25
Orig preferred
^
Philadelphia Stock Exchange.
Last
Price
*
Sou Calif Edison Co
NEW YORK
1416 Walnut Street
Price
Week
*
Shell Union Oil Corp
Signal Oil & Gas A com
PHILADELPHIA
Par
for
of Prices
Low
High
Security-First Natl Bk..20
Philadelphia Stock Exchange
Stocks-
Par
Week's Range
Sale
Established 1874
-
Stock
Exchange
San Francisco Curb Exchange
Corporation Bond*
Chicago
Board
Chicago
LEASED WIRES
PRIVATE
York
San Francisco StockExchange
Stock
of
Trade
Exchange
New
Portland
Oakland
New York
New
Los Angeles
San Francisco
Beverly Hills
Honolulu
Sacramento
Stockton
York Curb Ex.
York
New York
Seattle
Cotton
Commodity
Tacoma
Honolulu
Fresno
(Asso.)
Exchange
Coffee & Sugar Ex.
Exchange,
Stock
Inc.
Exchange
Feb
8% May
Bonds—
Elec & Peoples tr ctfs 4s '45
13%
15
S7.500
10
Jan
20
San Francisco Stock
Mar
Exchange
July 11 to July 17, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks—
Listed and Unlisted
Week's Range
for
Sale
LOS ANGELES SECURITIES
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
Alaska Juneau Gold Min 10
Member Los Angeles Stock
13%
13%
125
Anglo Calif Nat Bk of S F20
Dobbs-Crowe-Wagenseller & Durst
13%
21
21
21%
1,067
4%
760
3%
Assoc Insurance Fund—10
Atlas
Exchange
Imp Diesel Eng A..5
5
B----
626 So, Spring
St.,
LOS ANGELES
Bank of California N A. 100
*
Byron Jackson Co
Calamba Sugar com
20
Calaveras Cement Co com*
4%
4%
24
Jan
17
17%
22%
Apr
5%
Jan
Feb
Jan
24
.
25
972
20%
Jan
34
Feb
24%
24%
190
High
13% May
24%
495
22
June
27
May
70
187
June
190
June
187
190
.
29%
28%
29%
28
26%
28
635
6
5%
6
465
3,158
15%
23%
4%
Jan
29%
Jan
32%
Jan
7
Jan
1%
July
Feb
Mar
•
Los
California Copper.
10
Calif Cotton Mills com. 100
Angeles Stock Exchange
July 11 to July 17, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Price
Week's Range
High
Bandlni Petroleum Co__.l
4
3%
4
Bolsa Chica Oil A
10
9
8
9%
Broadway Dept St pref. 100
Buckeye Un Oil com
1
101
Byron Jackson Co
,1
24
3%
Chapman's Ice Cream...*
Chrysler Corp
5
Citizens NatlT & S Bk_.20
6c
10c
63%
.,
100
6c
10c
29%
25
Central Investment
115
;
29%
53%
29%
53%
24
24
3%
3%
115
Low
3%
11,400
115
2,000
2,000
5
Jan
Jan
16c
Feb
10c Nlay
30c
Feb
Jan
6c
200
16%
31%
Jan
50
Jan
29%
53%
64
22
Jan
28
200
1
Jan
100
95
May
4%
115
30%
27
30%
950
26% June
32%
Claude Neon Elec Prod..*
13
12%
13
800
12
Apr
10%
Consolidated Oil Corp
Consolidated Steel com
13%
4%
13%
4%
13%
4%
400
11% June
Jan
3%
15%
5%
19%
71%
20%
67%c
...
*
*
Emsco Der & Equip
....
18
18
19
700
14%
May
*
69
69
69
100
53%
Jan
Co..5
Exeter Oil Co A
1
Farmers & Mer Natl BklOO
General Motors Corp
20
67%c
420
19%
60c
420
10
70
Gladding McBean & Co
*
Globe Grain & Mill Co..25
17
20%
67%c
420
69%
17
_.
Golden State Co
Hancock Oil A
*
.*
com.
9%
9%
21
70%
17%
9%
10%
9%
9%
20% 21
67%c 67%c
1
Feb
20c
430
Mar
Feb
Jan
300
,
July
Jan
Feb
Mar
*
Pref
989
Mar
18%
Emsco Derrick & Equip..5
Plantation
20
20%
20
20%
1,870
Ewa
58%
58%
58%
40
Fireman's Fd Indemnity 10
Fireman's Fd Insurance.25
30%
30%
30%
10
102%
245
37%
470
Food Mach Corp com
*
Foster & Klelser com.__*_10
Foster & Klelser com..2.50
Apr
Feb
Gen Paint
B
3%
3%
625
3%
3%
400
69%
37%
69%
70%
840
*
Corp A com
37%
37%
'345
10
720
14
Feb
14%
57% June
30% June
97
May
32% June
3% June
3%
40
July
21
36
4% May
3% July
48%
54%
Jan
70%
33%
Apr
39
5%
Jan
12% June
*
11%
11%
11%
*
17
17
17
*
10%
9%
10%
9,973
Jan
Mar
Hale Bros Stores Inc
*
16%
16%
300
Feb
Home F & M Ins Co
10
45
16%
44%
Jan
46
4,420
44% May
Honolulu Oil Corp Ltd
Honolulu Plantation
*
28%
26
28%
2,737
21%
Jan
31%
20
29%
29%
29%
210
27%
Jan
30
7%
1,163
6% June
25
21% June
July
Apr
Hunt Bros A
*
com
Island Pine Co Ltd com.20
Jan
Mar
2%
Jan
5
Jan
-
14%
Apr
8% June
18
11%
Jan
Jan
18
Feb
Apr
Jan
July
7%
25
7%
25
25
14%
54
Feb
Jan
10%
Mar
27% June
16%
9%
17%
300
12%
13%
3,374
...25
31%
31%
31%
55
Leslie Calif Salt Co
*
33%
32
33%
631
Letourneau
1
35
34%
35%
3,040
8%
8%
8%
380
6% June
11
8%
7%
8%
7,249
6% May
11%
114% 114%
2%
2%
195
111
Mar
116%
Jan
1,739
2
July
3%
Feb
127
16
Jan
Preferred
Jan
Libby, McN & Libby
1.00
Apr
Lockheed
Mar
com
*
17%
16
June
6% June
27
25%
25
17% June
13% July
Jan
32
Jan
33%
July
June
35%
July
55c
60c
200
55c
July
5
4%
Jan
6%
2%
2,600
2,100
2%
2%
5%
2%
2
Jan
4
65c
55c
55c
1,000
3,400
32c
Jan
12c
July
28c
Apr
Magnin & Co (I) 6% pf 100
7,560
1,500
25c
Jan
43c
Feb
Marchant Cal Mach comlO
20
19
20
6,750
13
Jan
20%
50c
Jan
85c
Feb
24
24
24
20
20
Jan
26
37%
37
37%
1,005
33%
Jan
47%
11
10%
11
1,665
10% June
5
12c
12c
14c
Occidental Petroleum
1
37c
28c
37c
Oceanic Oil Co
1
70c
70c
70c
Pacific Finance Corp
10
12%
25%
Pacific Gas & Elec Co
25
40
39%
40
Pacific Indemnity Co
10
26%
56%
25
26%
56%
107
—*
7%
13%
Republic Petroleum Co__l
11%
12%
12%
200
25
25%
2,200
56%
107
6%
13%
8
Rice Ranch Oil Co.
1
11c
11c
Safeway Stores Inc
*
31%
31%
407
107
7%
13%
11%
12c
31%
500
1,700
100
100
Mar
L A Gas & Elec Corp
pf 100
114%
2 %
2%
Magnavox Co Ltd
Magnin (B <fc Co
com
*
Jan
14
Mar
Market St Ry pr pref..100
Nat'l Automotive Fdbres.*
Jan
18%
Feb
31%
18% Mar
48% May
26
July
Natomas Co
4
July
No Amer Inv
8
800
105%
5%
200
Jan
Jan
20%
Jan
31,200
2%
2,200 fv^lOc
Jan
31%
Julv
100
82%
Feb
Jan
26%
56%
Jan
July
107% June
Feb
7%
23% Mar
11% July
6%
*
com
preferred
5%%
preferred
17
105%
17
17
105% 105%
25
100
17
15
17
180
100
86
80%
86
100
100
80
73%
80
270
104%
9
68%
65%
Jan
18
June
Jan
Jan
Apr
108% May
13
Jan
17%
Jan
86
Jan
82
Apr
Jan
Mar
Jan
Apr
Mar
Feb
No Amer OiLCons
10
15%
14%
15%
5,194
14
June
19%
Mar
Occidental Ins Co
10
31%
31%
31%
210
28
Jan
33%
Feb
26
26
27
775
23
June
32%
14%
Oliver
United Filters a__*
B
40c
Apr
Paauhau Sugar
3414
Anr
Pacific Fisheries
p
Feb
'
55c
NordonCorp
Jan
Apr
June
common
Feb
Mt Diablo Oil Min & Dev 1
Mar
May
Golden State Co Ltd
Feb
1
.*
Apr
July
Feb
47%
Gladding, McBean
29c
1
Mar
Mar
Feb
112
Jan
675
Feb
Apr
58%
Feb
Apr
95c
3%
35%
*
11%
116%
4%
6%
For tootuoies see
3%
102
43
Feb
1st preferred
37%
43
General Motors
Feb
102
43
July
*
July
16%
8c
*
101
16%
6% June
*
Apr
16%
44c
—
July
Emporium Capwell Corp.*
12,300
4,600
4,600
...
110%
8%
47%
11c
Pacific Lighting Corp.
Mar
Apr
Jan
48c
Pacific Public Service
91%
Jan
31%
10%
Jan
11c
..*
101
7%
100
July
3%
39c
Pacific Clay Products
6,787
Feb
41
32%
42c
Mfg Co
Mills Alloys Inc A
9%
16
Jan
5
Mot Corp. 1
Menasco
9%
29%
Apr
Apr
June
252
Hutchinson Sugar Plant.15
Hudson Motors
*
Mascot OlICo...
12
35
396
285
Feb
100
445
266
29%
7%
Apr
Los Ang Investment Co. 10
12%
41
29%
78%
42%
16c
111
12%
41
Jan
June
6%
42%
1.50
100
12%
100
Jan
12,300
Jan
Feb
Feb
37%
6%
Jan
4%
5%
55
45
105
42%
9c
114
Jan
41
9%
Jan
99%
29%
101
46c
Log Ang Industries Inc._.2
25
30% June
10
com
preferred
300
Los Ang G & E 6% pref 100
537
_*
B...
Giorgia Fruit
$3
3,000
8%
114
114%
4%
4%
5%
5%
25
773
%
100
Di
12c
7%
1,828
280
11c
11c
35
107% 109
11c
8%
75
29
33%
104%.105
75
73%
108
67%c
Lockheed Aircraft Corp.-l
34%
1,500
*
Pref A
Galland Merc Laundry
Jan
July
.18%
300
Apr
Crown Zellerbach v t c
30
105
1%
30%
1%
July
1,400
300
Apr
70%
19%
13%
10%
24%
54%
11%
8%
9
1,300
440
July
July
*
1
..
Lincoln Petroleum Corp..l
Preferred
14%
1,600
27,450
Apr
__*
Chem Indus A
_.10c
Holly Development Co
Jade Oil Co
Kinner Airpl &
3,700
*
Preferred
Douglas Aircraft Inc.
Jan
July
98
*
Claude Neon Elec Prods..*
Cons
9%
104%
-
Caterpillar Tractor..
Clorox Chemical Co
High
5% May
139
101
6c
*
California Bank
101
Shares
600
10c
1
Preferred
Range Since Jan. 1 1936
for
Week
of Prices
Low
California Packing Corp..*
Calif Water Service preflOO
Sales
Friday
1%
*
15
5
7%
6%
17
14U
5,670
6% June
18
17
14%
8%
.
295
12%
Jan
14%
100
14%
July
Jan
Jan
18
July
17%
Mar
Volume
Financial
143
Last
Pacific Gas & Elec com__25
6%
1st
preferred.
preferred
5%%
Pacific
6%
Lighting
25
25
*
*
com
preferred
Pac Pub Serv (n-vtg)
com*
__.*
Non-voting pref
Pacific Tel & Tel
com..
6%
100
100
preferred
Paraffine pref
100
Pig'n Whistle pref
Railway Equip com
*
Week's Range
for
Sale
Par
of Prices
Low
Price
39%
39%
32 %
29%
56%
32%
29%
55%
105%
105%
7%
6%
Low
40%
July
z
29%
26%
Jan
Title
Jan
32%
29%
July
390
July
936
50
Mar
56%
Feb
Jan
104%
10,440
Jan
4%
18%
139
Jan
152
Apr
Western
101% 101%
25
101
July
2
50
2%
Jan
4%
Jan
July
24
84%
82
84%
75
80%
Jan
37
37
37
Apr
41
June
35
Feb
Mar
121
July
Jan
112
32
32
32
100
30%
S J L & Pow 7 % pr pref 100
6 % prior preferred... 100
121
110
5
100
119%
*
Preferred..!
29%
37%
Sou Pac Golden Gate A__*
Spring Valley Water Co..*
Standard Oil Co of Calif..*
Telephone Inv Corp
*
Tide Water Assoc Oil com*
6% preferred
100
Transamerlca Corp
20
3%
8%
5
47
16
16%
25
815
104% 105
110
120
j
May
6%. Jan
35% June
490
440
15
J an
85
5
Jan
8
30% May
Feb
38%
Jan
3%
9
Mar
Pittsburgh Stock Exchange
July 11
July 17, both inclusive, compiled from official sales lists
to
Feb
47%
Friday
Jan
106%
Mar
June
Arkansas Nat Gas Corp.
Preferred
-.100
May
Armstrong Cork Co
Par
Price
18%
18%
19%
1,505
10
Jan
25
29%
29%
100
23
Jan
31
18
29%
18%
305
15%
Jan
20%
26
28
6,908
7%
Jan
28
July
Carnegie Metals Co..._..l
50%
57%
July
Central Ohio Steel Prod..*
9
Apr
Clark (D L) Candy Co
*
Columbia Gas & Elec Co.*
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
34%
45
57%
295
20
31%
35
3,764
44
45
205
Apr
26%
Jan
35
Jan
Apr
327
23%
Feb
290
July
45% June
com..
Blaw-Knox Co
Devonian
...10
Electric Products
_*
Follansbee Bros pref
STRASSBURGER & CO.
133
MONTGOMERY
SAN
Harb-Walker Refrac
Members: New York Stock
Exchange—San
Exchange—San Francisco Stock
Curb
Exchange—Chicago
Francisco
19
11%
8%
13
Pitts Screw & Bolt Corp..*
Exchange
Sales
Friday
Last
Week's Range
Range Since Jan. 1 1936
for
•
Sale
Par
Price
American Foreign Power..
American Toll Bridge
1
Nat'l Corp
67c
5
...3
Corp.
......
Calif Art Tile A
•
zCentral Eureka com.....
1
15%
Jan
410
10%
Mar
14%
Jan
6%
120
5%
Feb
7%
Mar
5%
5%
570
4%
Jan
7%
1,675
6%
Jan
9%
Feb
5%
May
5.00
850
8%
80%
8%
1,155
81%
249
17%
700
17%
2.00
75
May
87
Preferred
85
21
63
Jan
85
100
500
100
July
100
2,700
100
Fel>
140
•July
61c
July
62c
International
7%
90c
97c
310
65c
Jan
May
72
June
87
Italo Petroleum
70
6%
662
37%
37%
25
4%
31
Jan
Jan
Preferred
Lucky Tiger
Menasco Mfg Co
June
21%
22
325
21
Apr
68c
12
5%
130
72c
16
6%
160
1
Distillers
1.55
Jan
16
Jan
42c
970
40c
320
50c
11c
11c
2
28c
31c
20
3,967
10,900
100
50
100
35c
O'Connor Moffatt.
20
10%
15%
Pacific Coast Aggregates..
Pacific Eastern Corp
4%
Olaa Sugar....
Clay Products
19
22c
Jan
160
40c
Jan
July
'
75c
390
Feb
Feb
Feb
95c
Feb
20c
Apr
10c
Mar
2
July
2.40
Jan
35c
Apr
15
21%
Apr
25
July
12
560
6%
Jan
12
July
5%
43%
350
2.65
Jan
100
36%
Jan
6%
2,070
4.10
Jan
6%
Apr
26%
26
26%
July
26%
July
8%
40%
100
7%
Jan
10%
Mar
95
27%
Jan
39
July
35c
2,765
21c
Jan
10%
22%
115
6%
2,140
4.25
6
39
26c
10
15%
12%
4%
12%
290
4%
8
220
11
618
275
Jan
June
44c
14
22%
14
Mar
320
June
100
19%
Feb
25
July
May
18
Feb
25
12%
25
11%
170
6%
Jan
3%
130
2%
July
July
13
6%
65
4.50
Mar
315
17
Mar
19
35
25
31
May
27%
5
24%
25%
28%
145
27%
Mar
34
11%
Richfield Oil pref
Riverside Cement A
4.50
30%
27%
28%
20
Radio Corp
18%
35
Pioneer Gold Mine
Pioneer Mill
12%
5%
8%
34%
14%
2%
13%
5%
3%
8%
1%
11%
1%
13
Board..
Preferred
_____
Southern Calif Edison. _25
25
25
8%
34%
100
50
27
12%
468
10
1%
300
1%
Apr
100
9
Jan
13
30%
July
Jan
4.25
1
Feb
Jan
17%
Park Utah Mines
Feb
Apr
11%
Packard Motors
Mar
45% June
3%
12%
Pacific Western
6%
Feb
1,552
25
5%% preferred
6% preferred
Feb
295
May
25
280
Pacific Finance
Shasta Water
6%
May
12%
July
26%
40%
233
8%
Jan
Apr
Feb
Feb
Mar
July
July
Jan
Jan
Mar
Apr
Jan
37%
July
Feb
30%
July
Feb
27
28%
Apr
July
Sou Pac Gold Gate—
6%
preferred.
__100
44
44
44
15%
15%
10
5
37
15%
108%
3%
on
Feb
106%
Mar
115
July
5%
Jan
Feb
all
York Curb
Chloago
Board
New
Exchange
(Associate)
of
Trade
Sales
Friday
Last
Par
Stocks-
Week's Range
Sale
of Prices
Price
Low
Range Since Jan. 1 1936
for
Week
High
Shares
Jan
.52%
Feb
July
16%
Mar
--25
8% preferred..
Brown Shoe com
*
22
22%
Low
High
613
30
30
30
100
51
51
65%
68%
32
90
90
*
Burkart Mfg com
22
32
*
American Invest B
Preferred
"•68%
•.
Coca-Cola Bottling com._l
Columbia Brew com...-.5
5%
Ely & Walk D Gds com.25
Emerson Electric pref--100
Falstaff Brew com..
1
Griesedieck West com
*
Hussmahn-Ligonier com ._*
Preferred.:
*
"7%
19%
14%
*
preferred
22%
12%
35%
10
7%
6%
1,293
.875
17
20
14
17%
438%
138%
10%
14%
14%
6%
6%
17%
49%
13%
10%
22%
23
20
1,099
100
260
175
195
20
60
6
50
12
13
29
35%
660
12
12
225
-.100
118
118
com
Natl Candy com
1st
1,646
*
25
Mo Port Cem com
Metals
50
19
6
Key Boiler Equip com...*
Laclede-Christy Clay com *
Natl Bearing
66
6
17%
20
150
85
14%
*
Hydraulic Pr Brk pref - -100
Laclede Steel com
52
65
5%
18
Huttig S & D com
Hyde Park Brew...
Internatl Shoe com
5%
64%
81
182
85
*
Dr. Peppercorn
com—*
Scruggs-V B D Gds com.25
1st preferred.
100
Scullln Steel pref
*
Securities Invest pref. .100
Rice-Stix Dry Gds
Sieloff Packing com
55
15
55
55
113
7%
125
Stlx Baer & Fuller com. _.*
Wagner Electric com
19%
9%
4%
3%
*
Southwstn Bell Tel pref 100
10
19%
9%
4%
Natl Oats com
125
10
"32%
302
78
100
55
50
3%
113
20
33
7%
125%
10%
32%
50
168
46
555
Bonds—
1941
tScullin Steel 6s
tUnlted Rys 4s.....
*
Standard Brands
July
15
25
4%
Apr
July
13c
43%
North Amer Aviation
Oahu Sugar
z Occidental Pete.
100
Mar
July
Telephone Central 3350
Apr
12,500
9%
...
223
47%
135
315 North Fourth St., St. Louis, Mo.
July
Apr
Feb
4,870
50c
Stock
Louis
St.
Jan
22%
3.15
22
2
"6%
105
115
4%
*
Feb
4.50
5,250
40c
"5%
100
July
Jan
Jan
Mar
67
2,940
14%
295
80c
2,135
14%
25
Copper...
Jan
34%
97
July
Jan
59
Montgomery Ward.......
60c
309
40%
26%
17
80
...
June
296
New York Stock Exchange
Mar
■
9%
37%
8%
Bancorporation
McBryde Sugar
36
Jan
Apr
38
375
Marine
Mar
St. Louis Stock Exchange
200
31c
Jan
40
July 11 to July 17, both inclusive, compiled from official sales lists
63%
1
26
31
290
42%
Jan
Apr
22% May
Apr
40%
23%
10
M J & M & M Oil.
21
Mar
62
41c
Mar
5%
1.10
40
300
June
20
Jan
25%
17
1
2
Jan
3%
Jan
20
100
Kinner Air pi & Motor.. 1
Lincoln Petroleum
1
Jan
15
Jan
95c
1'
Schumacher Wall
82%
6%
24%
z
City
107
13%
81
140
1
200
MEMBERS
Feb
11%
1%
15%
"~5%'
800
1,265
2,010
135
Enquiries Invited
Feb
90c
95c
Cinema..1
Apr
Mid'Western and Southern Securities
July
Jan
Internat'l Tel & Tel......
July
16%
Business Established 1874
July
59c
""70c
7
Jan
115
100
May
56c
1
Jan
11%
Jan
I. M. SIMON & CO.
July
130
3
"63%
3
12%
60
Apr
ST. LOUIS MARKETS
Jan
1,989
.1
20
Holly Development
Idaho Maryland
preferred
Feb
4.50
1,600
__10
Honokaa Sugar Co
6%%
July
Apr
24%
20
90c
Lone Star Gas 6% pref. 100
Pennroad Corp vtc
July
70
45
22%
El-Chem
710
Feb
Mar
140
Unlisted—•
Mar
1,800
Metals
Jan
1,750
July
62c
40
zGeneral
1
Jan
98%
7% May
3,750
1
July
8%
87
5
General Electric
Pacific
IVIay
5
85
83%
10
Gr
National
12
Jan
Jan
61c
37%
Dumbarton Bridge
Elec Bond & Share
Mountain
3.75
52
20
5%
6%
Feb
May
14%
1%
Apr
2.50
4
30
Mar
8%
13%
1
Dominguez Oil Fields
z
515
12%
17
12
56c
...
Curtiss Wright Corp
z
75c June
Jan
Jan
50
306
!
127
1
Jan
Apr
2%
25
30
25
40
Westinghouse EI & Mfg.50
Mar
7%
220
55
Westinghouse Air Brake.. *
4%
Oil
Crown Will 2d pref
Mar
36
*
Jan
50c
June
1%
July
100
Apr
41% Apr
106% Feb
14% Mar
51% June
7% Feb
2% Apr
Jan
4%
34
Feb
59c
Claude Neon Lights
z
Jan
41
34%
Mar
4%
'
2Pref erred
z
39c
10
293
2,569
23%
34%
July
115
1
Cities Service
West
7,000
Jan
7
4
4
9
100
com.....
Cardinal Gold
Consolidated
69c
18%
14
177%
85
87
1927..100
preferred
Calwa Co
z
64c
16
pref.. 100
Ore Pow 6.
6%
z
Jan
Apr
3.50
B
Cal
Mar
9
150
4.50
""8%
Hill-Sullivan—10
Bunker
9
288
"l%
Co
97
13,553
15%
1%
18%
4%
40
Jan
175
10
14%
1%
18%
Vanadium Alloy Steel
Victor Brewing Co
8
.....
1
10
Bolsa Chica A__
75
High
210
1
Ruud Manufacturing Co. 5
Shamrock Oil & Gas
*
*
8%
Apr
Jan
281
5
5
May
Feb
Standard Steel Spring....*
United Engine & Fdy
6%
12
...5
Bishop Oil
7%
Low
Shares
14
16
:
Argonaut Mining.....
Bancamerica-BIair
High
Week
168% 173
14
170%
Arkansas Natural Gas A..
Aviation
Low
7%
American Power & Light..
American Tel & Tel...100
of Prices
9
9%
6%
Pittsburgh Steel Fdy
Plymouth Oil Co
Renner
July 11 to July 17, both inclusive, compiled from official sales lists
Feb
12
15%
1%
3
120
21%
20
Jan
31
175
Jan
Jan
I
70
105
10%
1%
120%
1%
,
Jan
3
805
27
26%
10%
Mar
6
Apr
Feb
Jan
16%
7%
610
1,445
24
3
*
14
June
July
14
1,364
1%
1%
33% 33%
!°4% 105
12%
13%
47% 49%
5
5%
1%
1%
*
Pittsburgh Forging Co...l
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Direct Private Wire
8%
21
Nat Fireproofing com..__*
Preferred
3%
July
July
9%
62%
20%
4%
Feb
9
160
21
5
Pittsburgh Brewing Co
300
11
Apr
Jan
July
9
18
Mountain Fuel Supply Co.
Board of Trade—New York Curb Exchange (Associate)
San Francisco Curb
*
2,685
4%
9
100
Lone Star Gas Co
312
16%
2%
11%
8%
com. *
Mesta Machine Co
FRANCISCO
(Since 1880)
780
High
Jan
3%
7%
47%
13%
2%
35
9%
55
18
Koppers Gas & Coke pf 100
STREET
60
4%
20%
Fort Pittsburgh Brewing. 1
Low
Shares
6
8%
54%
13%
2%
_*
Oil.
High
6
*
Duquesne Brewing com..5
Anglo
Low
2%
June
57%
Range Since Jan. 1 1936
Feb
Stocks—
25
Stocks-
Sales
for
101
14%
28%
19%
295
Feb
Week
Apr
57%
9%
BROADWAY, NEW YORK
of Prices
Apr
295
Jan
20
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Week's Range
11
Wells-Fargo Bk & U T.100
9% May
A. T. & T. Tel. Pitb-391
Sale
21
50
10% May
Feb
PITTSBURGH, PA.
BLDG.,
Court-6800
Last
3,327
18%
8%
Feb
37,051
27%
195
July
14
10
Feb
11%
19
23%
20
Apr
14%
11%
18
47
13%
*■
11%
3.10
17%
Jan
23%
Waialua Paint.
Apr
Jan
13%
Universal Consol Oil
4.50
14%
23%
7% preferred
Feb
June
4.10
40
*
United Air Lines Trans__5
55c
New York Curb Exchange (Associate)
120
July
Union Oil Co of Calif...25
Union Sugar Co com
Jan
Feb
Jan
2
25c
11%
11%
BANK
Tel
Feb
Apr
25
UNION
Feb
8
23%
200
Feb
Jan
115
3,400
1,338
/ Pittsburgh Stock Exchange
vrflmh.,.
members
July
19
23%
2,671
11%
29%
Apr
430
39
46%
105
2% May
15%
3,422
3%
8%
38%
16
104
893
18
77%
119% 119%
,28%
29%
37%
35%
3%
8%
38%
46%
•113
110
5
5
17%
Signal Oil Con
45
120% 121
110
110%
*
Southern Pacific Co... 100
32,922
11%
Express
Feb
*
8%
33c
H. S. EDWARDS & CO.
Feb
91%
Safeway Stores
11%
8%
Mar
5
16%
152
Apr
Feb
10
190
5
5%
July
18%
5
July
150
17%
1
2%
38
7%
4.00
5
65
16%
June
Feb
25
210
31c
Warner
5
2%
12
July
105
4.00
Bros Pictures
West Coast Life Insur
101%
3%
Hgih
Low
3,940
38
33c
Victor Equipment
z Preferred..
Air
Range Since Jan. 1 1936
Shares
7%
Feb
180
com
Feb
July
High
38
130
Jan
.
160
Guarantee pref
Jan
24
Shell Union Oil
7%
24%
z
Low
for
Week
of Prices
105
119
3,228
24
Schlesinger&Sons (B F) pf 100
107% May
Texas Consol
205
23%
125
24
.......1
Price
United Corp..
United States Pete...
■h 2,964
.1
Republic Pete
Par
Feb
Roos Bros com
Paper...*
Stocks (Concluded!)
High
31
4,650
40%
32%
29%
56%
106%
7%
24%
125%
Week's Range
Sale
Jan
34%
7% June
Apr
23%
Rainier Pulp &
Last
150% 151%
24%
125%
145%
101%
5
*
Range Since Jan. 1 1936
Shares
High
Sales
Friday
Week
18%
5% series 1___.
6% series 2
407
Sales
Friday
Stocks {.Concluded)
Chronicle
r
.
1934
42%
30
45
29%
30
No par value, c Cash sale. * Ex-dividend
Cash sale—Not Included In range for year,
t Company in bankruptcy, receivership or
$4,000
16,000
»
Ex-rlghts.
reorganization.
22
Jan
45
28%
Jan
35%
z
Listed,
July
Jan
t In default,
408
Financial Chronicle
July 18, 1936
Canadian Markets
LISTED
Provincial and
Oct
1 1956
Prov of British Columbia—
434s.-
6b
Jan
3 1937
102 y8
Oct
1 1942
1123* 1133*
6s
Sept
15 1943
117
118
6s
May
1 1959
121
June
1 1962
107 34 108 3^
Distillers-Seagrams
*
23
Jan
15 1965
1153* 1163*
Dominion Steel & Coal B 25
5
94
89
91"
45*s
June 16 1936
98
"
June 15 1954
102
104
5s
Dec
2 1959
104
102
Province of Quebec—
100
6s
106
'
Last
Stocks
(Concluded)
16 1952
110
1 1960
116
233*
6,650
43*
1534
5
1,415
163*
*
83*
Feb
1 1958
1083* 109J*
Eastern Steel Prod
*
1 1961
111 3* H2M
Fanny Farmer
»
153*
*
20
1934
93
69
5734
90
93
Frost S & W 1st
Nov
15 1946
90
93
Goodyear Tire
Oct
87 3*
88 3*
1 1951
pref...100
*
Preferred
50
Gen Steel Wares
58
*
com
Harding Carpets
*
*
Mar
135*
May
Jan
1634
283*
Internatl
Wood,
Bonds
*
Utilities A
B
M cColl-Frontenac
Feb
640
6
10
143*
1,740
102
238
503*
8,026
934
40
23
23 34
693*
183*
6934
203*
1834
183*
1.70
1.65
1.70
334
334
5
5
53*
3,945
1434
1023*
143*
102
National Grocers
*
'"53*
*
Ontario Equitable
6
100
Orange Crush
2d preferred
35c
25
21
2334
695*
July
21
June
550
173*
Mar
19
June
408
1.00
v.
2.25
534
434
May
7H
Jan
833
15
Jan
123*
Jan
175*
Feb
141
97
JaD
85
July
15
39
630
20
6
510
*
70c
Page-Hersey
*
90
8934
90
320
108
Pantepec Oil
1
6
6
2,060
Deo
100
102
434s——July
1 1960
1043* 105
Photo
*
534
2234
22 34
July
1 1944
115
1153*
82
82
5
1334
14
15
5s
Engravers
Porto Rico pref
...»
Pressed Metals
Dominion Government Guaranteed
Bid
Bid
Ask
Canadian National Ry—
Ask
Sept
1 1951
1153* 1153*
45*s
June 15 1955
1173* 1183*
434s
5s
Feb
July
July
5s
5s
1 1956
1 1957
1 1969
11534 116
Oct
1 1969
11934 120
Feb
1 1970
634s
July
1 1946
Grand Trunk Paolflo Ry—
4s
Jan
1 1962
129
128
1 1962
Jan
109
100 3*
i6ik"
100
1 1936
Sept
10034 101
Union Gas
Abltlbl
*
Range Since Jan. 1 1936
Low
985
1.25
Jan
90
634
JaD
234
123*
5
29 3*
Jan
403*
Feb
13 5*
Bell Telephone
Blue Ribbon com
100
148
*
Brantford Cord 1st pref.25
133*
143*
103*
"234
11
4
190
133* July
934 June
50
23*
23*
14634 148
4
"26k
.
122
13*
141
318
673*
60
59
60
527
4934
Jan
603*
834
26 34
July
3,349
93*
1534
Feb
85o
Mar
1.40
Jan
1634
Jan
2734
Apr
323*
Mar
53*
Feb
1234
1234
95
100
1,665
24%
2534
2,839
35
28 34
May
July
Brit Col Power A
*
4
14
40
39 34
40
322
33
4134
4134
41
120
3734
Canada
Bread
Preferred
4
*
534
*
Canada Cement
6 54
100
14
1734
1734
1834
1,125
8,791
2,339
45
46 34
81
1434
1434
1003* 1003*
1,695
33*
50
"1434"
*
79
53*
634
303*
534
145
7
400
334
•
Jan
40
July
Jan
473*
Mar
43*
Apr
6
Feb
6
Jan
8
Feb
74
80
463
58
Jan
80
July
88
75
80
May
93
Feb
8
Steamships pf.100
8
50
63* June
15
Feb
Canada Wire & Cable B__*
11
11
11
30
9
Feb
Canadian Bakeries pref 100
40
40
40
7
40
July
Canadian Canners
*
.
Preferred
25
Canadian Wall Paper B_
Canadian Dredge
434
415
87
1,585
5
June
83*
Feb
8
7
2,470
534
19
18
19
2,050
13 ya
Apr
May
834
1834
July
July
25
75
48
49
675
734
'~48~~
Canadian Ind Alcohol A,.*
Canadian Oil
25
Wineries
1334
234
Cockshutt Plow
*
634
Consolidated Bakeries
*
Smelters..25
Consumers Gas
..100
Cosmos Imperial
Crow's Nest Coal...
*
7
123*
130
*
Consolidated
434
100
834
15534 15534
""m
*
Canadian Oil preferred .100
Canadian
Jan
Feb
10034
73*
734
434
100
General Electric..50
Canadian Pacific
1234
57
25
Canadian Cannerslst pref
Conv preferred
*
Canadian Car
*
17
54
202
130
1234
734
1234
130
1334
1
4
May
883*
25
Jan
534
101
Feb
July
July
373*
26
July
Jan
50
June
20
150
Jan
2,260
6
J4 June
15
12
July
18
Jan
95
123
Jan
130
June
9565
103*
Jan
165
1234
1534
Apr
Feb
Feb
23*
3
325
23*
July
33*
Feb
534
634
735
534
July
834
Feb
1734
429
1834
Mar
5434
1,264
51
May
44
189
Jan
17
533*
202
203
213*
22
4834
2134
100
\
33*
234
5,142
29
11
11
5
4
4
50
50
100
58
834 May
102
48 34
745
50
153*
Jan
9
Jan
Apr
95* June
106
June
14
July
Feb
234
May
45*
263*
175*
Apr
Mar
3454
Jan
19
Feb
Jan
36
May
65
133*
Apr
May
102
98
11
Jan
1754
Mar
Jan
434
July
Mar
1734
254
25* May
4
Feb
July
Jan
583* June
149
Jan
170
15
190
Jan
22234
197 34 204
81
19734
July
221
Feb
100
190
900
46
18234
Apr
213
Feb
100
284
285
9
271
Jan
300
Feb
195
.....100
...
100
and
5134
71
199
100
Loan
62
573* 583*
1513* 153
152 34
100
•
Feb
Feb
167
169
17
164
Jan
182
Feb
220
220 34
69
,220
July
235
Mar
100
148
150
75
Jan
160
Feb
100
70
72
4
70
July
90
Mar
;____*
10
10
20
10
July
145*
22034
Trust—
20% preferred
13734
Jan
Toronto Stock
Exchange—Curb Section
Apr
July 11 to July 17, both inclusive, compiled from official sales lists
573* May
Apr
2053*
1734
Jan
2234
30
Apr
56
Fen
June
Sales
Friday
Last
Stocks-
Par
Bruck Silk
Week's Range
for
Sale
Apr
85
__
Canada Packers
Canada
Jan
95
30
5
Jan
2534
25
5
3434
Jan
Jan
*
Burt (FN)
45
105
105
'l334
834
123*
234
Jan
Feb
334
*
*
33*
25 34
13
British American Oil
*
15
150
100
2634
Brewers <fc Distillers
•
834
32
1434 June
425
26
*
B
June
Apr
Brazilian
Building Products A
Apr
Apr
Jan
Feb
34
*
July
*
Feb
234
1234
*
'■-»
High
2
Beauharnois Power
10
40
57
Toronto...
11
,
Feb
80
Jan
234
Huron & Erie
Shares
July
Apr
65*
of Prices
High
Apr
2134 May
27
.....100
Montreal
Sales
Low
2934
116
651
100
Imperial
34
Beatty Brothers
7234 June
Feb
30
•
Dominion
_100
.
Mar
1834
Banks—
American Cyanamid B .10
Bathurst Power & Paper A*
6% preferred
Jan
97
40
3334
Canda Permanent
Price
10
Fob
Apr
654
Jan
Jan
20
1.35 June
95
1134
Jan
734
Feb
July
27
34 June
7334
40c
2134 June
82
July
19
*
Commerce
July 11 to Julyl7, both inclusive, compiled from official sales lists
Par
Jan
Jan
10
25
66
Royal
Stocks—
Jan
Mar
63?*
*
Canada
WA. 3401-8
for
Apr
33*
19
Preferred
Toronto Stock Exchange
Week's Range
40c
79
100
..__*
Nova Scotia
Sale
Jan
5
•
Zimmerknit
Toronto Stock Exchange
Last
155
Feb
100
,
116
7234
100
Winnipeg Electric
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Friday
80
.
25c
6
Feb
75*
20
66
*
New preferred.
King Street West, Toronto.
193*
30
July
39
Western Cada Flour pf.100
Westons (Geo) com
»
STOCK BROKERS
June
..26
United Steel com
Duncanson, White & Co.
5
..*
Preferred
15
7234
.,
Tip Top Tailors
Walker (Hiram) com
Members
116
734
Standard Steel pref..
Steel of Canada
Preferred..
Grand Trunk Ry—
6s
Simpsons Ltd pref
193*
116~
70c
27
26
2634
1
100
Preferred
1193* 12044
3s
11334 114
11734 118
*
Remington-Rand
Russell Motors pref
Standard Chemical
Canadian Northern Ry—
434s
4348
Bonds
70c
100
Power Corp
Mar
July
Jan
105 3* lOfi
Feb
90 34
39
53*
1 1954
Jan
166
100
1 1946
105
Jan
150
30
Jan
Jan
2734
35c
25
Jan
146
165*
Sept
4Mb
2
50
1734
Dec
10834
July
Apr
5s
973*
Mar
9
Jan
434s
96 34
Feb
Jan
6
6
35c
*
Orange Crush 1st pref.. 100
534
Feb
2.25
Jan
85
1734
Feb
1434
185*
166
3834
166
Feb
64
17
1133*
Sept
4334 May
33*
Jan
734 June
145*
Apr
1055*
65
113
perpetual debentures.
Apr
June
25
3,130
15 1942
15 1944
4s
1334
101
Feb
153*
55
21
1023*
85
"38 3*
100
National Sewer Pipe A
6s
123* May
434 June
Jan
100
A
Canadian Pacifio Ry—
4
634
100
Monarch Knit pref
Moore Corp com
Ask
Jan
Jan
55
*
Preferred..
Bid
13
23*
83*
*
com..
Jan
555
834
......
Mar
834
834
»
69
554
Jan
100
Mar
May
40c
21
7234
June
9
*
Feb
Feb
534
500
•
Masaey-Harris
Ask
Mar
Feb
100
3
50
100
__
B
Railway Bonds
6334
30
Mar
3,662
*
Preferred
Private wires to Toronto and Montreal
298
Jan
1.25
Maple Leaf Milling.....*
Inc.
6434
1.25
Loblaw Groc A
Co.,
30
July
June
i~25
Laura Secord
&
"5034
1834
89
*
Kelvlnator..
14 Wall St.
6
1334
103
*
J.
Preferred
14
100
133*
50
33*
1234
6
6
Intl Milling pref
Internatl Nickel com
Canadian
13
___*
Imperial Tobacco
Canadian Pacific Ry—
Feb
10
1,670
3,290
8
33*
33*
Hlnde & Dauch
New York
1134
334
7
"~7%
Hunts A
153*
334
*
Feb
1734
May
50
58
15 1943
8
May
8
953*
6934
Ford A
June
•
434 May
•
Jan
3434
14
13
143*
High
Apr
150
9
13
Low
1834
235
203*
933*
Dominion Stores..
5s
Range Since Jan. 1 1936
Shares
22
Gypsum
Cndn
High
25
Dominion Coal pref
112
117
Bid
Low
111
434s
111
Mar
Price
2 1950
6348
Sept
"WppTc
VY C/CW
Mar
Prov of Saskatchewan—
112
1093* 1103*
Province of Nova Scotia—
6s
for
of Prices
434s
43*8...—May
434s
?ar
Week's Range
Sale
4s
Prov of New Brunswick—
111
Sales
122
4s
92
15 1960
15 1961
Exchange
Friday
5s
Province of Manitoba—
4Kb.... ..Apr
434s.--~.Apr
Ask
534s
1 1963
Oct
Toronto Stock
Bid
66
/64
/63
12 1949
July
434s.
Province of Ontario—
68
434s
1 1948
Jan
6s
UNLISTED
Municipal Issuos
Ask
Bid
Province of Alberta—
AND
of Prices
Week
Price
Low
*
834
Burry Biscuit pref
.*
Malting
*
Canada Northern Power..
Canada Vinegars
Dom Tar <fe Chemical..._*
Preferred
100
Imperial Oil
*
Int Metal Ind ust
*
National Steel Car
*
50
634
June
Mar
Mar
54
July
1034 June
3134
32
140
3034 May
35
25
110
2334
Mar
25
21
32
1934
May
273*
25
24
40
39
.
634
21
Jan
2634 June
935
32
Jan
4034
1,220
4
88
40
56
Jan
5
10
4
May
73*
Jan
734
88
634
80
30
Jan
40
July
29
10
29
July
35
Feb
21
5,386
734
73*
49
50
36
363*
3634
50
50
T3
3034
3134
1534
434
117
1834
Standard Paving
*
Standard Paving pref.. 100
Stop & Shop com
*
2
16
50
13
Jan
50
33J*
Jan
3934
2,315
25
5
17
340
765
35
9
303*
June
Mar
Feb
1734
63*
Feb
May
June
Jan
1834
50
1834
July
23*
275
Jan
Jan
Mar
3.00
Mar
22
Apr
Feb
75c
75c
40
3434
3534
170
30
Jan
38
Feb
Apr
50c
Feb
2.50
Supertest Pete
*
33
33
15
32
Jan
36
Toronto Elevators pref. 100
United Fuel pref
100
113
113
15
110
119
340
20
May
Apr
No par value.
Jan
11734
2334
*
*
Feb
1334
4
1.16
Apr
Apr
343*
13
11
50
Apr
July
Jan
11134
25
734
June
25
20
2434
Jan
30
172
434
Jan
4
75
3134
117
203*
100
Supertest Pete ord
3534
23 34
26
*
*
Jan
40
203*
2034
1634
^
Feb
July
37
Il7~~
Waterloo Mfg A
Feb
29
*
Walkerville Brew
Jan
110
40
5
Roger Majestic Corp Ltd..
Simpson (R) pref
100
Shawinigan
*
com..
Feb
July
25
,
85
73*
88
*
...
340
2034
*
Langleys pref
Mercury Mills
100
9
1634
24
*
Int Metal Indust pref. .100
International Petroleum..*
54
High
July
3134
_.f..l00
Humberstone Shoe
Low
834
24
*
Montreal Power
20
9
9
•
Canadian Wire Box A.... *
Dominion Bridge
.._*
Hamilton Bridge
Preferred
834
Range Since Jan. 1 1936
Shares
5.4
Canada Bud
Canada
High
.
"loo
/ Flat price.
26
29
Feb
Feb
Feb
234
234
820
23*
June
33*
Feb
1.00
1.25
200
1.00
July
23*
Mar
Volume
Financial
143
Chronicle
409
Canadian Markets—Listed and Unlisted
......
i
•
.
'
'
.
Toronto Stock
Toronto Stock
Exchange—Mining Section
July 11 to July 17» both inclusive, compiled from official sales lists
Last
Par
Stocks-
Price
1
Alton Gold
..1
Ajax Oil & Gas
8Hc
------
for
of Prices
Low
High
3c
7c
8Hc
5.30
5.50
1.47
1.57
83c
935
4.10
Jan
5.55 June
1.00
Apr
1.60 May
65c
Apr
6 Ho
2%c
6 He
Jan
3 He
14o
Mar
June
28c
Mar
19c
4Hc
4c
l
8c
7Hc
Barry-Hollinger
1
5c
424c
5Hc
Base Metals
*
17c
14c
17c
42,950
10,900
1
52c
46c
64c
33,450
1.35
.
...1
.
Ashley GoldAatorla-Rouyn
Bear Exploration
Beattie Gold Mines
*
1.50
80c
--
15c
1
Coast Copper
5
2.50
2.50
Cobalt Contact
1
2c
2c
Calmont Oils
-.1
*
Canadian-Malartlc
1
Cariboo Gold
Hudson Bay
Kirkland Townsite
Jan
65c June
1,295
5 55
Jan
1.20 June
1.84
Feb
8.60 June
1.85
50,159
1.62
July
2.00
July
15c 16 He
6,900
9c
Jan
25H0
8.85
3,695
3.80
Jan
8.95
6c
2c
6c
73c
Jan
1.62
7c
28,350
12c 13 He
7,900
1.45
13
1.10
1.75
1.50
-
2,600
13H
1.45
13
24 He
25c
21c
22c
5,220
Lake Maron
*
78c
13H
Feb
Feb
Apr
72Hc
22 He
14HC
1,390
21c
Jan
1.43
Feb
Jan
28Ho
Feb
May
9
Jan
31c May
Jan
21c June
14He
13c
16 He 312,500
3c
Malroblc Mines
1
5c
4Hc
5Hc 162,600
lHc
Jan
Mandy Mines
Night Hawk
*
33c
30c
33c
14,800
12c
Jan
1
3>4c
3c
3Hc
10,700
lHc
Jan
Nordon Corp
5
12c
12c
15c
3,300
12c
July
26c
4c
4c
1,000
4c
July
7c
14c
14 He
3,500
7c
Jan
23Hc 24Hc
20,200
Jan
18c
Parkhill
2,900
1.21
17,750
1.80
2,000
5
Jan
95Hc
1.15
Mar
Jan
1.24
Jan
2.41
Mar
1.10
1.05
1.70
1.60
1.70
6,565
7c
7c
7 He
32,200
3.50
2.15
2.10
5324
5324
1.15
2,656
3.50
362
2.29
1,550
1,171
83,590
54
67c 75 HC
75Hc
July
4
1,200
2424c
Jan
5,662
Eastern Malartic Gold M. 1
38c June
2,000
*
Oil Selections.
21,040
3.50
13c May
57c
9Hc May
6H May
2,855
10,100
..1
July
13c May
1.45
*
Jan
7c
Feb
34c
May
6Hc May
Mar
8.35
4.20
*
Mar
40c
1.33
.5
3Hc
1.05
3.90
Coniaurum
Jan
1.00
1.33
Dome Mines
lHc
1.00
7.90
_
Feb
1,000
*
Jan
*
_
4.50
Home Oil
4.20
Chibougamau Pros
Clerlcy Consolidated
Coniagas
May
10c June
*
Chemical Research
2.25
60c
July
1.75
300
7
1
-
-
Jan
7H
1
Castle Trethewey
Central-Patricia
Jan
5
76c
1.20
2c
llHc
3Hc
57c
Feb
Osisko Lake
24Hc
7Hc
Pawnee-Kirkland.
*
Calgary & Edmonton..
17,000
7
25c
6Hc
15,600
*
Apr
*
7c
57c 575,700
9 He
1
May
Bunker Hill.
5Hc
7Hc
*
13c
Buffalo Canadian
42c
6c
Jan
East Crest Oil...
Grozelle Kirk
55c
m
7Hc
49Hc
1
High
24o June
7c
Dalhousle Oil
Feb
11,486
10,905
1.79
1
1
Churchill Mining
Low
21!C 23 He 110,651
Feb
96,224
8.65
Brett Trethewey
Central Manitoba
C23Hc
July
63c
16Hc
*
31c
1.40
1
Range Since Jan. 1 1936
Shares
Aldermac Mines
6Ho
11540
61c
1
Ankerite
Price
Jan
21c 24Hc
.50c
Bidgooe Kirk
B RXGold Mines
Week
May
1.32
7.90
for
of Prices
Low
High
Jan
22c
*
Bralorne Mines
Par
Week's Range
97c
62c
Big Missouri
Bobjo Mines.
Buffalo
Feb
May
12^0 May
1
...
700
4 HO
Jan
,1
.
88c May
Jan
Bagamac Rouyn
r.
Ma>
lHc
3<H}C
3,635
3,550
30c 171,600
4Hc
14,000
8c
35,600
Argosy Gold Mines
Arntfleld
Stocks—
High
40c June
27,700
2.1,000
------
*
4c
824c 347,500
56 He 56 He
1,850
4Hc
♦
Anglo Huronian
Low
Last
Sale
Shares
2Hc
Sales
Friday
Range Since Jan. 1 1930
Week
754c
*
Algoma Mining
Week's Range
2Hc
1
Alexandria Gold
July 11 to July 17, both inclusive, compiled from official sales lists
Sales
Friday
Sale
Exchange—Mining Curb Section
95c
90c
122
Jan
May
1.60 June
18
1.40
June
Feb
1.80 June
1.69
Jan
Porcupine Crown.
12c
Ritchie Gold
824c
Robb Montbray..
654c
Sudbury Mines..,
3Hc
17Hc
6Hc
Temiskaming.
1.60
Wood-Kirkland..
Feb
...
7c
8 He
15,100
2Hc
70c
950
70c
July
12He 244,800
10c
50,800
8Hc
6 He
53,400
5Hc
4c
56,600
3Hc
21c
22,000
17Hc
7c
8,500
6Hc
4c
lc
Jan
4c
Feb
11c June
Jan
8c
Jan
18c June
31Hc
Jan
70c
Pend Oreille
4.25 June
218
18o May
Apr
1.20
Feb
15c
Mar
13Hc May
Apr
9c
Feb
3Ho
Jan
7Hc
M*r
2c
Jan
4c
Jan
23c May
9c
May
May
May
3c
Jan
2.80
Jan
1.80
Jan
2.75
Jan
61H June
July
75X c July
42
52C
14C
4.25 June
Montreal Stock Exchange
Apr
8.75
9.25
Federal-Kirkland
1
8Hc
8c
824c
God's Lake
*
1.15
1.11
1.22
Goldale
1
38c
33c
38c
14,420
14,991
76,600
20,365
22,600
32c
34c
1,000
32c
Jan
17c
16c
17c
Jan
18c 19Hc
31,500
32,700
21,131
13,000
42,750
16,735
6c
19c
3Ho
Jan
See Page
20c May
415
40c June
86c
85c
*
Eldorado
9.10
-.1
Falcon bridge
Gold Belt
50c
Goodflsh Mining
1
.,
Graham-Bousquet
Granada Gold
1
_i
------
24c 25 He
33c
1124c
*
Grandoro
14c
50c
55c
1.05
1.12
52c
Greene Stabell
1
Gunnar Gold
1.11
86C June
1.38
Mar
Jan
9.50
Mar
10c
Feb
1.45
Jan
6.90
3c
Jan
75c
Mar
14 He
Jan
48c June
560 May
17c
May
5Hc
Jan
21c
Mar
75c
Jan
26 Ho
14c
HANSON BROS
Feb
ESTABLISHED
July
72c May
1.20 May
255 St. James St.,
56
'
Hard Rock
9c
2o
7c
Jan
Mar
18 He
17 H
Jan
87c
July
55 He
290
Mar
1.00
July
Jan
70c
June
30c
Jan
..1
2.75
...6
1524 c
Homestead Oil
...1
46 He
44c
49c
Howey Gold
-.1
87c
78c
1.00
44,600
451,350
-.1
62c
60c
65c
37,010
Kirk Hudson Bay
1
90c
90c
94c
5,000
Klrkland-Lake
1
65c
58c
69c
61,721
5824
58 H
705
13c
Harker Gold
Holinger Consolidated
J M Consolidated
Lake Shore Mines
1
Lamaque-Contact
Lava Cap Gold
42 He
39c
1
1.05
1.03
Lebel Oro
1
21c
21c
Lee Gold Mines
1
4c
4c
little Long Lac
*
Lowery
*
Petrol
Macassa Mines
Jan
45c
5c
Jan
1.11
1.00
6.00
576,725
16,900
23c
28,716
4Hc
45,100
6.30
7,585
15
3,000
6.05
7
Mar
June
16,930
3.12
Jan
5Ho
5Hc
Jan
42 H
3,130
May
26c
May
Jan
Mar
2.24
July
2.08
1.97
2.23
207,555
3.85
3.75
4.05
11,585
43,800
2Hc May
15,405
23,400
21c
Jan
1.19
Apr
1.51
22
22
*
Merland
7c
6c
950
4.90 June
25c
*
21c 22Hc
Feb
July
4954
1
1.40
7.75
15
Mar
42
1.40
6H0 June
Jan
6
624c
21Hc
40
1.22
3.50 June
5.05 May
15c
Feb
42c
Jan
1.78 June
13
Jan
»
1.33
1.30
1.35
3,285
1.11
Apr
1.50
68c
60c
70c
15,200
25,600
7 Ho
Jan
1.00
Mar
.
Moneta-Porcupine
Bathurst Pr & Paper cl B_*
4H
4
Beauharnois Power
2H
2H
Corp.*
•
25 H
8H
Brit Amer Oil Co Ltd
Co
Canada Paper
Can
Power & Paper
Vickers
Canadian
Wineries
•
...1
22c
20c
24c
6^o
Jan
24
Feb
330 May
Feb
80c
Commercial Alcohols
Dominion Eng Works
Jan
16H
lan
May
27 H
13
Apr
105
50c
Jan
107 H
37
10c
145
1.50
3
2
40
5
154
2
June
Apr
July
2H June
July
Feb
Jan
Apr
1.11
27H
Jan
75
5
118
Feb
May
20
160
49
49
Apr
Jan
July
50c
4
July
Feb
3H
5
Feb
July
1.50
1.50
10
1.50
July
4.00
70c
70c
70c
300
55c
June
1.35
Feb
370
26H
36
Feb
4,776
16 H
16
Home Oil Co Ltd
*
1.02
Imperial Oil Ltd
*
•
324c
22,400
20
Jan
2.60
6,785
2.30
July
3.05
Jan
9,352
44H
Jan
60H
July
Int Petroleum Co Ltd
63c May
Inter Utilities class A
...5
354c
3c
2.60
2.35
*
6054
Northern Canada Mining •
55c
56 H
60 H
53c 55 24 c
2,501
28 HO
Jan
161,935
34c
Jan
9c
65,800
32,029
18,230
44,865
5,490
12,000
16,110
3.89
3.00
Olga Oil & Gas New..
Omega Gold
*
8Hc
8Hc
61c
60c
67c
Pamour- Porcupine
*
4.40
4.30
4.50
.
Paymaster Consolidated..]
1.03
1.01
1.08
Perron Gold
1.35
1.30
1.38
2Hc
2Hc
2 He
6.25
6.25
6.45
8.20
8.00
8.40
2.45
2.45
2.55
4,895
10,815
2,450
...1
1
Pioneer Gold
...1
54o June
3.99
...1
8c May
40c
Mar
3.50
Mar
50Hc
1.12
Jan
Mar
Jan
1.74
Feb
Jan
4Ho
Feb
6.95
Apr
8.00
July
12.00
Jan
1.80
Jan
2.10
1.95
1.85
2.20
93,130
70c
70c
70c
3,000
70c
3.75
2.97
3.75
Jan
1.25
29,595
5,425
2.16 207,400
1.44
1.28
1.29
1.00
Mar
2.06
San Antonio
...1
Sheep Creek
.50c
1.82
2.25
27c
54,600
29Hc 29Hc
27c
*
676
2.33
9,433
23c
2.25
1.25 May
2.10 May
21c Mar
July
2.53 June
3.25
Jan
2.25
July
1.40 May
3.75
50o
Jan
5Ho
Mar
32c
July
27c May
39>^c
Feb
2.15
Mar
3.45
70c
80c
1,800
56o
Jan
1.12
1.02
1.14
19,583
1.00
Jan
1.40
81c
80c
89c
66,600
75c
Apr
1.75 June
3.95
3.75
4.05
52,675
2.87
Jan
4.05 June
61c
56c
64c
South Ttblemont
524c
Sou West Pet Co Ltd.
5Hc
20c
7c
20c
62,750
23,250
Stadacona-Rouy n
*
46c
45 He
47c
1,200
33,250
Sudbury Basin
*
4.50
4.30
4.65
8,675
1
17 He
43c June
85c June
Apr
64c
July
Mar
8Ho
Fen
8c June
20c
July
3 Ho
Feb
19
Feb
70c
Jan
1.40
Feb
20 H
Jan
24 H
Apr
33 H
Jan
39H
Apr
4
Jan
14H
Feb
50o
Jan
2.50
May
36 H
36
36H
1,520
*
__
21H
10
1
1.25
1.20
1.50
1.50
Page-Hersey Tubes
*
Power of Can cum pref_100
9
10
95
1.25
809
1.50
5
11H
475
3H
3H
3H
25
6
6
6H
145
5
20
79
11
_
—
-
-
-
-
89 H
99
9
100
505
1.50
Feb
5H
Feb
Apr
Jan
97 H
4H
7
37
2
2
75
1.50
Sou Can P Co Ltd pre! .100
100
100 H
63
Bridge
------
.*
A
B
40
May
13 H
4H
6H
Sarnia
4
June
June
*
Rogers-Majestic Corp A._*
July
9
3H
Mar
8
Jan
94 %
Feb
Feb
101
4
June
6
June
11
Jan
3
Feb
98
Jan
101
July
June
10
5H
Feb
Apr
Thrift Stores Ltd—
Cumul pref
9
Walkerville Brewery Ltd.*
Walker-Gooderh & Worts *
9
345
5
75c
300
50c
25
100
United Securities
8H
75c
6H%----25
United Distillers of Can..*
25
10
905
2H
Apr
20
Apr
2
July
2H
2H
33 H
32 H
34
935
17H
,
18
405
26 H
17 H
4Hc May
Apr
Jan
Feb
95c
25
Mar
3H
34
May
H
19
Feb
Feb
Feb
Jan
------
*
1
19 H
Jan
20 %
Walker-Good & Worts pf-*
.1
Slscoe Gold
Feb
Jan
8
21
Mitchell & Co Ltd (Robt) *
July
1.35 May
4.16 July
7 H
9
1.05
*
B.
4H
485
7Vs
1.00
*
Melchers Dist Ltd A
6H
Jan
Feb
3,439
1,845
3,752
Manitoba Power Co Ltd.*
June
Mar
2.10
...1
15c May
class B
33
*
Voting trust ctfs
Inter UtilCorp
85c June
5.20
*
Fraser Cos Ltd
July
3.95
*
♦
3.99
2Hc
2.30
Reno Gold
7H May
4H« May
.
*
Read-Authler
Sudbury Contact
—
3H
15
2H
—
5H
June
10
14
New Dec Mines.
Sladen Malartic
-
Mar
1.95
165
20 H
15
Jan
Shawkey Gold Mines.
-
35 H
8
7H
15H
14H
%
.
High
Jan
362
*
17,000
45.600
Sherritt-Gordon
Low
17 H
3
1.50
Dom Tar & Chemical Ltd *
65c
Royalite Oil
65
25H
8H
33
424
Roche-Long Lac
3,172
1,630
33
60c
Read Lake-Gold Shore
2H
2
—
*
4
Prospectors Airways..
Preston (new)
Quebec Gold.*
704
25c
*
60c
Premier Gold
35H
4H
111
%
47 H
3
-
City Gas & Elec Corp—.*
4H
Pickle Crow
20
25c
Ltd...*
1
Peterson-Cobalt
Range Since Jan. 1 1936
Shares
110
8H
48 H
*
Catelli Products, B
251
111
------
*
Canadian
35H
110
100
Can Nor P Corp Ltd pf 100
Canada Vinegars Ltd—_*
Canadian Dredge & Dock *
1
O'Brien Gold
High
35H
Morrls-Klrkland
Noranda
Low
Pnee
Asbestos Corp voting tr._*
Murphy Mines.
NI pissing
for
Week
Jan
»
Mining Corp.
M into Gold
Par
of Prices
Brit Col Packers (new)_—•
11,700
1
Stocks—
Week's Range
Sale
July
Mar
97,350
*
Last
May
23c
...1
45C
Sales
Friday
Mar
1.38
4.70
McWatters Gold
Montreal Curb Market
94c May
60
29540
21c
McMillan Gold
Industrial Bonds
July 11 to July 17, both inclusive, compiled from official sales lists
1.27 June
Jan
20c 23He
.
July
Mar
21c
...
Montreal
330 Bay St., Tiranti
3.20 May
July
22c
41
June
12c
4.60
4.40
10Hc
2Xc
*
M cLeod-Cockshutt
McVlttie-Granam
41c May
...1
Mclntyre Porcupine...
McKenzle Red Lake..
Jan
51H
12
6.05
37c
Jan
.—i
Manitoba & Eastern
Maple Leaf Mines
5854
Sparks St., Ottawa
Municipa
Public Utility and
1883
May
13 H
lie
19,700
2.75 103,525
2.43
12Hc 13Hc
34,250
1524c 1524c
7,360
7C
1
Halcrow-Swayze.
Canadian Government
INCORPORATED
18Ho
Jan
49c
June
3.00
Jan
4.95
Feb
Mines—
Barry-Hollinger Gold M.l
Beaurort Gold
1
1
Big Missouri Mines
50c
B R X Gold Mines
Bulolo Gold Dredging-.—6
5c
5c
500
10c
June
39c
36c
40c
Jan
47c
May
61c
65c
20,400
1,675
30o
62c
55c
Apr
75o
Jan
17c
16Hc
17c
6,000
11c
Jan
22c
31H
352
------
31
31
!
14c
16c
Central Manitoba Mines. 1
51c
47 c
Consol Chlb Gold Fields.-1
1.66
1.60
53 H
Cartler-Malartic Gold
14Hc 143,900
58c
10,700
30
June
31,200
60
Jan
20c
June
1.70
1.48
1.71
Mar
1.71
July
3.25
3.02
3.28
89,620
41,090
83c
Sylvanlte Gold
2.25
Mar
3 28
39c
43c
17,850
280
Jan
68c
6.10
5.80
6.10
18,585
4.30
Mar
2.00
1.98
2.05
5,950
1.65 June
1.55
1.51
1.58
2,850
1.20
Jan
Jan
15c
May
18Hc
Jan
58c
July
Apr
1.69
2,690
Dome Mines
*
East Malartic
1
75c
67c
54 H
75c
33,300
52c
9.00
8.40
9.25
*
10c
1.10
2.30
Mar
Jan
61
June
July
75c
July
9.50
Mar
July
40c
Jan
2o
FalconbrldgeNickelMines *
18c
Sullivan Consolidated. ...1
37
...
1
Tashota Goldfields
Teck-Hughes Gold
*
Texas-Canadian
*
Toburn Gold
Towagamac
—
1
16c
Exploration. 1
40c
39c
41c
7,000
%
2.10
2.02
2.17
27,545
Ventures
Waite-AmuJet
1.20
Wayside Consolidated .50c
*
White Eagle
Wlltsey-Coghlan
Wright-Hargreaves
Ymlr Yankee Girl
.,
1.08
1.30
5,840
He
10c
11c
57,300
3Hc
Jan
1,60
Jan
1.00
Jan
9 He June
3c
Jan
2.50
Apr
1.63 June
44c May
2,50
1.37
Feb
20Ho
Feb
Apr
3Hc
7Hc
324
8Hc
6,000
30
Jan
*
8.15
8.00
8.35
12,205
755
Mar
9.00
40c
40c
50c
3,600
38c
Mar
71c
Jan
Francoeur Gold
c
5He June
100 June
43
Jan
12c
2,025
36,200
6.90
10c
10c
July
54c
55c
300
23c
Jan
73c May
63c
61c
63c
28,770
|28Ho
70c
June
59 H
Jan
Jan
Greene-Stabell Mines..—1
44o
Feb
J-M Consol Gold
)
Lake Shore Mines
1
59 H
58 H
21Hc
60c
May
Lamaque Contact Gold M*
O'Brien Gold Mines Ltd..]
22c
1,234
60
Jan
45c
July
~3.93
3.00
4.00
77,685
35c
Jan
4.00
July
*
4.40
4.40
4.40
500
3.75
Jan
5.10 June
1
24c
Pamour-Porcup M Ltd
Parkhill Gold
......_]
Perron Gold
Pickle-Crow
23Hc 24Hc
515
1.35
1.30
1.38
10,900
5,200
1
6.50
6.35
6.50
215
Feb
*
1
20,000
20c
Jan
May
6.10 July
445
Gold
•No par value,
f Flat Price.
'
( 52
18c June
31H
1.12
Jan
1.75
Feb
Feb
3.95
Mar
6.95
Apr
410
Financial
Chronicle
July 18, 1936
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Last
Week's Range
of Prices
Low
High
Week
Price
Par
Pioneer Gold Mines of BC 1
8.10
Premier Gold Mining
1
Quebec Gold Mining Corpl
Shares
8.10
100
8.10
July
2.47
1.83
Feb
2.56
h2-56
■V 300
70c
70c
2.95
3.72
82c
82c
89c
1
3.95
3.75
4.00
...1
61c
600
64c
6,100
24,175
4,600
11,190
24,750
1.70
1.50
1.73
Sullivan Consol
Stocks
11.60
3.66
Stecoe Gold
High
8.10
__1
Man
Low
1
6.05
5.85
1
71c
60c
Ventures Ltd
»
2.10
2.06
2.19
10%c
11c
8.10
8.30
*
Arno Mines
July
J-M Consol Gold M
1
1.40
May
Lake Shore Mines
1
59%
385
Lamaque Contact Gold M*
40c
34c
41c
July
89c
July
July
Lebel Oro Mines Ltd
24c
24c
25c
2.88
Mar
4.00 June
Lee Gold Mines Ltd-.-—1
4%c
4%C
98,700
1,867
3,000
41%
43
42%o June
83o
Mar
4.30
Mar
37 %o May
1.60
Jan
64c
1.73
July
6.10
July
73% c June
18c June
4.20
June
10% O
Jan
1.38
Mar
87c
July
90c
86c
1.00
2,600
55c
Mar
1.00
July
4.60
4.40
4.70
6,325
3.18
Jan
4.90
June
San Antonio Gd M Ltd
1
2.26
2.26
2.30
900
2.20
Mar
3.40
Jan
Sherrltt-Gordon Mines
1
1.12
1.10
1.12
1.00
Jan
1.40
Apr
46c
45%c
47c
3.22
3.09
3.22
1,300
16,105
1,200
Stadaconna-Rouyn Mines *
Sylvanlte Gold
1
1
Quebec Gold Mining
1
18% 0
Jan
49 %c
June
2.38
Mar
3.22
July
Unlisted Stocks—
2
Brewing Corp of Can
Mine-
1.30 May
Sheep Creek Gold M._.50c
69c
69c
1
"3I0
3.65
3.95
Sladen Malartlc
1
62% c
53c
63c
Sullivan Cons Mines..
1
1.58
1.35
1.64
Teck-Hughes Gold Mfhesl
5.90
5.60
6.00
64c
54% c
72c
40c
40c
Thompson Cad
-1
Towagmac Exploration..1
Ventures Ltd
..........
*
2.15
10% c 10% c
8.30
6%
13
Feb
85
6%
Jan
12%
Feb
360
80c
Mar
1.40
Jan
2%
165
2%
13%
Jan
Jan
4%
18%
Feb
Mar
Central Patricia Gold M..1
15%
90
60
_22%
60
57
Apr
61%
Feb
31%
31%
120
30%
Apr
35
20
Jan
23
22%
40c
40c
1,950
17%
17%
57
Consolidated Paper Ltd..*
22
Donnaconna Paper A
Ford Motor of Can A
*
1,256
278
20%
56
709
19%
19%
48%
*
21
*
102%
4%
100
102
*
5%
July
35%
9%
July
7%
28%
June
65
Jan
25
19
Jan
21
June
55
18%
102%
17%
Jan
96%
Jan
2% May
30
Apr
2%
1,900
4,609
130
5
-
4%
120
43
22
Jan
May
26%
Apr
18%
104%
6%
43
July
Jan
May
July
39%
Feb
us
in time for publi¬
cation of last week's issue.
July 4 to July 11, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's Range
Sale
for
Low
Range Since Jan. 1 1936
1
Duparquet Mining
High
33%
4%
2%
B C Packers Ltd (new)..*
Can Nor Power pref... 100
32
25
Beauharnols Power Corp. *
British American Oil Co.*
24%
8%
8%
111
Canada Vinegars Ltd
*
Can Int Invest cum pf.100
Shares
Catelli Food Products B__*
2
110
mm
mmmm
2
Low
mm
mm
mm
-
«.
mm'-mmm-
mm
mm
30*
1,106
637
2,315
9
149
111
274
4
1.75
3
'
Mar
May
13
Jan
Feb
111
16%
Jan
107%
July
Apr
June
8
34
5%
3%
27%
1.95
20
May
8
55
35
Feb
Dominion Eng Works
*
Dominion Stores Ltd....*
27%
65
Jan
Apr
Jan
Mar
1.50
Apr
4
Feb
15
11%
2%
Jan
25
Dom Tar & Chemical.__*
preferred
Fraser Cos Ltd.
15
4
16
160
1.50
1.75
35
2%
33%
8%
25
200
Voting trust ctfs
6%
5%
1,080
33
8%
5%
85
*
*
80
12%
12
16%
15%
100
85
16%
15%
100
Jan
77c
June
Mar
4.00
June
63c
July
83c
Mar
1.64
4.30
Mar
6.00
July
Jan
24c May
73c
June
37%c
July
42c May
'
1.60
Jan
2.50
Feb
9c
June
21c
Feb
7.65
Mar
8.90
Feb
Jan
ll%c
25%c
Apr
July
2c
mmLmmm
3.95
4.10
5c
4%c
5c
43,100
98c
98c
100
90c June
8%c May
98c
May
2.49
1.42
Feb
Mar
4.20
June
4c June
10%c
Jan
1.38
Mar
Macassa Mines
80c
8,400
55c
Mar
91c
Jan
63c
2,000
43c
May
93c
May
4.40
4.60
2,275
3.18
Jan
4.90
June
22%c 22%c
McVittie Graham Mines. 1
80c
59%c
4.60
1
79c
22% c
Jan
38c
Feb
2.20
Mar
3.40
Jan
1.00
Jan
1.40
Apr
18%c
Jan
2.38
Mar
-
2.30
2.35
1.09
1.00
1.09
Mines.*
47c
43c
47c
1,000
1,600
2,150
35,125
Mines—1
Sherritt-Gordin
3.05
2.85
3.05
1,200
Mines...1
Stadacona Rouyn
Sylvanlte Gold
49%c June
3.05
July
2%
Feb
*
Unlisted Stocks—
Abitibi Power &
Cum
,.
Paper...*
1.75
2%
10,268
9%
2%
11%
pref erred. .100
6%
Ctf of dep 6% pref.. 100
Brewers & Distill of Van.*
12%
3,059
10
mrnm~m*m
2%
604
2%
Jan
190
13%
Jan
18%
85
16
85
Jan
-Feb
Mar
78
May
59
59
25
57
Feb
Feb
32
75
30%
Apr
Apr
86%
61%
31%
35
Feb
22
21%
22
45
20
Jan
23
mmmm,
m
*
40c
30c
4%
3%
15
45
*
Ad
Feb
4%
32
mm
*
Canadian Lt & Power..l00
Co
Gen
1.40
Mar
15%
Neon
12%
80c
15%
Consolidated Paper
Jan
450
*
Claude
Feb
13
6%
1.00
2%
Sugar_._*
May
6% June
95c
2%
Canada Malting
1.30
655
12
Brewing Corp of Canada.*
Preferred—
X
4%
Dom Oilcloth & Linoleum *
Eastern Dairies pref.-.100
6%
5%
9%
9%
19%
'mm
mm
mm
-
18%
49%
-
60c
Jan
2
Jan
4%
July
75
33
Mar
35%
Jan
Feb
Feb
Feb
Feb
2,175
34
34
7
Donnaconna Paper A__-__*
B
._*
Feb
20c June
38,087
7%
467
4%
Apr
9%
6%
50
2%
Jan
7%
11
65
9%
18%
July
16%
July
28%
50
51
45
June
65
898
20%
Jan
69
69
25
68%
Feb
72%
A...*
21
21
65
19
Jan
21
June
Massey-Harrls pref
100
McColl-Frontenac OilpflOO
Mar
102
Loblaw
Groceterias
rnrn'mmmmm
Feb
Price Bros Co Ltd
Preferred
100
84%
3%
*
160
30
May
40
260
96%
Jan
104
84%
50
61
Feb
4
29
38
"30"
29
30
1,210
2,909
1,041
25
25
25
25
4%
100
Royalite Oil Co Ltd
United Amusement Co A.*
33
102%
31%
Nova Scotia Lt & Power. *
Jan
84% June
2% May
6%
22
26%
Apr
39%
15
Jan
Mar
25
May
40
Mar
Feb
July
Feb
12%
2%
mmmmmmmrn'm'
57c
2.88
42% c June
11,900
11,300
6,400
2,250
Kirkland Lake Gold Min.l
July
3%
Feb
4
June
15
May
July
3
Feb
Jan
4
Feb
Jan
36
Feb
2% June
12
1.50
June
2
26%
8
Apr
4%
Jan
12
7%
SECURITIES
CANADIAN
Government
David & Frere Ltee A.__*
Apr
Feb
100
2
14%
2%
12%
City Gas & Elec Corp Ltd*
July
Jan
1.20
__1
Howey Gold Mines
Gen Steel Wares pref..100
High
Jan
15
20%
14%
2%
17%
320
4%
2%
25%
20%
2
100
Canadian Wineries Ltd..*
4
34
55
mm
Canadian Vickers Ltd---.*
3.10
1.43
1.10
15%c 25%c
1
Goodyear Tire & Rubber. *
Asbestos Corp vtg trusts. *
Bathurst Pr & Paper cl B_*
5c
Ford Motor of Canada A. *
Week
of Prices
Price
*
Ashley Gold Mining
Canada & Dom
Mqntreal Curb Market for the
previous week, which failed to reach
Par
Arno Mines
Calgary Power Co pref.100
Montreal Curb Market
We also give below the
May
Unlisted Mines—
San Antonio Gold Mines. 1
18%
29%
29%
Jan
Mar
45
4%
37%
42
100
Jan
Feb
Jan
Feb
Feb
Feb
71
21
18%
oilpfioo
Royalite Oil Ltd
7
6%
56
General Steel Wares pf 100
B
33
5%
Feb
60c
18%
Apr
2
25
6
6%
.*
Loblaw Groceterias A
21,429
34
4%
34
*
B
20c June
15%
6%
4%
Dom Oilcloth & Linoleum *
Jan
1.40
Feb
*
Ad
7%c
Eldorado Gold Mines....1
15
60
8.45
5c
1.13
520
Can Malartlc Gold Mines. 1
2%
15
2.15
1.90
Wayside Con Gold M..50c
833
June
11.60
70c June
15,676
45,900
71,956
6,520
161,930
1,000
9,925
2,500
2,425
95c
Feb
Feb
June
200
Siscoe Gold Mines
11%
2 50
1.75
6.95
8.40
30,168
11%
Consol Bakeries of Can..*
Cumul
3.10
9,490
130
A.
2.47
Feb
Jan
Mar
1,600
—>
2%
90c
2%
*
Canadian Power & Lt.100
Preferred
72c
.
11
Can & Dominion Sugar
*
Canada Malting Co Ltd..*
preferred
72c
31%c
1.12
3.95
200
11%
"~95c
*
Preferred
2
%
11%
Cum 0% pref
100
Abltlbl ctf of dep 6% pf 100
Brew & Distillers of Van..
Cumul
8.80
3.00
1
8.80
1
Read-Authler
1.40
Wright Hargreaves Mines*
Abltlbl Pow & Paper Co..*
Stocks—
June
mm mmmm mm
Macassa Mines Ltd
Preferred
Jan
July
5.10
25c
Mar
Howey Gold Mines Ltd-.l
Price Bros Co Ltd
3.30
205,250
4,250
22c 26% c
37,900
1.40
1.30
10,150
6.30
6.15
1,015
6.30
4o June
800
46%
Jan
7
2.43
1,450
Feb
Mar
Jan
v.
3,900
90c
6c
40
450
Feb
4.15
Apr
35c
Pickle Crow Gold Mines._1
Apr
5%c
Mar
3c
3.75
Perron Gold Mines—1
12o
5c
29c
3.30
Parkhiil Gold Mines
1.42
87c
Jan
4.55
Feb
Jan
3.95
July
13c
2.35
Feb
Mar
90c
41c
4.40
Feb
2o
4.05
May
Jan
3.10
21o
98o
5%c
60
Jan
6c
4.45
2.50
950
1
70c June
Jan
52
1
8.90
400
1
28% c
73c May
Porcupine Mines.*
O'Brien Gold Mines
Pamour
Mar
5c
Mines._.l
McColl-Frontenao
41%
June
1.20
Duparquet Mining
Gen
Mclntyre Porcupine M—6
7.55
5c
Neon
58
,
9%c
1.10
Central Patricia Gold
Claude
1
65c
58c
61c
59
High
Jan
July
1.20
-1
Low
23c
2,200
76,900
3.75
Unlisted Mines—
Cndn Malartlc Gold
60c
53c
Pioneer Gold Mines of BC 1
Wright-Hargreaves
Gold
1
Range Since Jan. 1 1936
Shares
82c
10,400
1,850
Wayside Con G M Ltd.50c
Eldorado
Week
Price
Par
Greene Stabell Mines
for
of Prices
Low
High
Jan
70c June
6,550
11c
8.20
Jan
(Concluded)
Week's Range
1.43
49,442
6.15
2,290
71c 112,600
Teck-Bughes Gold
Thompson-Cad
Last
Sale
"70c
Shawkey
Sladen
Range Since Jan. 1 1936
1
Read-Authler Mine
Sales
Friday
for
Sale
Stocks (Concluded)
Montreal Curb Market
Sales
Friday
•
Municipal
•
Private wire connection between New York,
Corporation
Montreal and Toronto
Jan
Feb
250
50
Jan
85
1,665
12,741
9
Jan
19%
Feb
8
Jan
17
Royal Securities Corporation
Feb
July
Freiman Ltd (A J)—
Cumul pref 6%
100
60
__*
1.05
1.00
1.05
865
70c
Jan
1.46
*
20%
20%
21%
5,803
20%
July
24%
30
30
30
36
2%
35%
3%
36%
9%
1,487
1.25
475
New York • HAnover 2-6363
NY 1-208
Feb
Imperial Oil Ltd
*
Bell System Tele.
Feb
Home Oil Co Ltd
30 Broad Street
<.
•
Inter City Baking Co..100
Int Paints (Can) Ltd A..*
Int Petroleum Co Ltd
*
Inter
Utilities
class
A.__*
B
-
-
-
1.10
Melchers Distilleries A...*
10%
*
6%
89%
Page-Hersey Jybes Ltd..*
Power Corp 01 Can—
preferred
10
30
■
11%
6
89%
525
Jan
19
Jan
30
2%
33%
Apr
6
Jan
Jan
4
Jan
50C
Jan
9
June
RlA
.Tnnfi
3%
25
6%
89%
132
5
Apr
35
79
Jan
"/A
Industrial and Public
Apr
Apr
101
-
Cum pref 6%%
25
United Distillers of Can..*
8%
70c
99
100
105
6
45
7
99%
Southern Can P Co pref 100
*
1.00
55
200
55
6
100
Ltd
9
50
57
Bid
Pap ctfs 5s '63
/55
56
Alberta Pao Grain 6s.-1946
97
99
Feb
Asbestos
13%
Feb
BeauharnolsLH&P 5%s '73
Beauharnols Pr Corp 5s '73
5%
Feb
Bell Tel Co of Can 5s_1955
34%
33%
115% 116%
8
Jan
Brit Amer Oil 5s
103
Feb
Brit Col Power
v/o
94%
7
50
195
98
105
1.50
V;
98% 101
1.50
2%
8
8%
50c
65
Mar
101
6
July
6
June
Jan
97%
1945
103
96%
-
-
-
96%
Feb
1 1942
f80
82
6%s
Feb
1 1947
111
113
MacLaren-Que Pr 5%s '61
80%
Manitoba Power 5%8.1951
85%
81%
86%
54%
55%
89%
90
Maple Leaf Milling—
2%s to '38—5%s to *49
-
-
106% 107%
Massey-Harrls Co 5s. .1947
1 1960
105% 106%
McColl Frontenac Oil 6s '49
Feb
Brit Columbia Tel 5s. 1960
10
Jan
Burns & Co
11
105% 106%
6%s-3%s-1948
108
Minn <k Ont Paper 6s. 1945
42%
43%
82
107
Montreal Island Pr 5%s *57
80%
81%
51
52
Montreal L H & P ($50
101
Apr
July
Jan
3
Feb
Canada Bread 6s
.1941
109
10
Feb
Canada Cement Co 5 %s '47
Cana Canners Ltd 6s .1950
106
Calgary Power Co 5S..1960
99
99%
-
-
-
par
value)
1939
3s
Montreal Tramway 5s 1941
102% 102%
106%
•
-
„
„
..
2%
Walker Gooderh & Worts. *
Preferred
*
32
24%
2
70c
25
1,450
50c
New Brunswick Pr 5s. 1937
82
Mar
Canadian Inter Pap 6s '49
93%
Northwestern Pow 6s. 1960
67%
Feb
Can North Power 5S..1953
103% 104%
Apr
3%
34%
Feb
Can Lt & Pow Co 5s.. 1949
102
103
Certificates of deposit
Nova Scotia L & P 58.1958
67%
105%
Jan
19
Feb
Canadian Vickers Co 6s '47
92
Ottawa Lt Ht & Pr 58.1957
107%
Cedar Rapids M & P 5s '53
United Securities Ltd.. 100
Walkerville Brewery
*
112% 113%
/48%
Ottawa Traction 6%s_1955
Ottawa Valley Pow 5 %s *70
101%
Apr
Consol Pap Corp 5 %s. 1961
Dominion Canners 6s.1940
Apr
20
2%
20
Apr
3,930
2
July
28%
32
151
18
18%
189
26%
17%
95c
25
May
Mines—
Afton Mines Ltd
Barry-Hollinger Gold M
Base Metals
Mining
1
.
.
1
m.
mm
mm
mm
mm
m
1
Big Missouri Mines
1
37c
Brazil Gold & Diamond. .1
10c
Bulolo Gold Dredging _._5
31
Cartier-Malartic Gold M.l
Cons Chib Goldfields
5c
11c
1.70
1
5c
5c
15c
------
*
Beaufor Gold..
5c
15c
35c 37% c
60c
65c
10c
30%
16c
31
7%c 12%c
1.60
1.70
1,000
1,000
2,000
41,750
5,062
2,500
1,355
141,407
14,140
5c
July
4%c
Apr
81c
10c June
15c
July
37c
Jan
30c
Mar
47c
May
55c
Aug
75c
Jan
10c
July
40c
1.10
37
1949
—
_
49
-
-
-
104% 105%
Donnaconna Paper 5 %s '48
93
92%
104% 105
98
2.30
May
Fraser Co 6s
Corp of Can 4%s '59
5s
Deo
1
1957
Provincial Pap Ltd 5 %s '47
Quebec Power 5s
1968
83
Saguenay Power 4%s_1966
Shawlnlgan W <fc P 4 %s '67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5%s '53
Southern Can Pow 53.1955
98%
98%
99
99%
Steel of Canada Ltd 6s '40
Mar
103
103%
United Grain Grow 5s. 1948
Feb
Gt Lakes Pap Co 1st 6s '50
/56%
57%
United Secure Ltd 5%s '52
June
Int Pr <fc Pap of Nfld 5s '68
175
43c
Jan
27,800
52c
July
64c
July
.875
8.30
8.75
1,575
6.90
Jan
9.50
13c
13c
16c
27,600
12c June
44c
35%c 35%c
500
48c
61c June
84
«•
....
-
mmm
mm
-
mm
mm
mrn
mm
75
76
96%
97%
101% 102
102
105% 106%
99
unstpd__1950
56c
71c
Apr
81
Power
6s stamped
...1950
Gatineau Power 5s... 1956
General Steel wares 6s .1952
53c
52c
22%c
6%S-1945
Apr
55c
.
97%
67c
Ltd_.____l
Dom Gas & Elec
Dominion Tar 6s
East Rootenay Pow 7s 1942
Eastern Dairies 6s
1949
Jan
*
Goldale Mines
110
May
1
.
91%
15c
Dome Mines Ltd..
Falconbr'ge Nickel Mines*
1940
92%
Jan
June
2c
East Malartlc
Francoeur Gold Mines...*
Dominion Coal 5s
105
Jan
30
Ask
6%s
5%s..l960
Mar
June
5
Bid
Lake St John Pr & Pap Co
Abltlbl P &
Feb
Corp of Can 5s *42
Utility Bonds
Ask
Apr
35%
14%
2%
5s
Reliance Grain Co Ltd..*
Sarnla Bridge Co Ltd A..*
Thrift Stores
57
3%
Mitchell & Co (Robert)..*
Cumul
-
mmm ».
1
B__
-
99% 100
Winnipeg Elec 6s.Oct 2 '54
100% 101%
104%
105% 106%
106% 107
105% 106%
113%
105% 106%
85% 85%
86% 87%
104
.
Volume
143
Financial
Quotations
Bid
a354s July
a3 56s Mar
105 34
Nov
a4a
048
Oct
1
-
1 1960
04148 Mar
1 1977
1 1964
1 1962
116
0416s Mar
11216
1 1963
a4168 June 1 1965
1 1967
o4168 Deo 15 1971----o4168 July
a416a Dec
1 1979
b 2.30
less
I
1
454b April 1940 to 1949..
Highway Improvement—
2.85
20
4s Mar A
—
134*4
131*4
mm
mm
Port of New York
Bid
Gen A ref 4s Mar 1 1975.
Gen A ref 2d eer 354s '65
Gen A ref 3d
10656 10656
104 56 10456
10256 10256
316s '76
ser
4s
B
ser
4168 eer B 1939-53.MAN
1756
Manufacturers.
50
52
85
New
25
135
138
13 56
19
15 56
Title Guarantee A Tr. -.20
11
Continental Bank A Tr.10
20 56
Underwriters
65
Corn Exch Bk A Tr
6654
6754
United States
122
7
.4......
Ask
ft
2.10
---
9
854
20
42 to '46
Par
American National Bank A
Trust
54
Preferred
.100 1680
20
York
52
49 56
4756
1
w
1720
49
12
75
100 2015
2065
Bid
Ask
Trust
Bid
Ask
277
283
395
415
Northern Trust Co
830
870
100
33 1-3 2:16156 16556
-
rn¬
mm-
Hartford Insurance Stocks
Ask
BOUGHT
105
Bid
100
Harris Trust A Savings. 100
230
Continental Illinois Bank A
---
Par
First "National
210
-mm
Authority Bonds
Bayonne Bridge 4s series C
1939-53
JAJ 3
100
—
SOLD
QUOTED
—
10654
Inland Terminal 454s ser D
1937-1941..
PUTNAM & CO.
MAS 61.00t 0 2.40
MAS
108
109 56
Members
Holland Tunnel 454s ser E
1937-1941
MAS 6 .50 t O2.10
1932-50.-JAD 6101*6
16 56
63
1942-1960
George Washington Bridge
10
130
127*6
11556
11656
A sit
Port of New York—
Irving
75
127*6
Barge C T 4s Jan
12
61
Sept 1958 to'67
Barge C T 454s Jan 1 1945.
---
10
24 56
127
Canal Imp 4s JAJ '60 to '67
rnmm
—
326
Central Hanover
20
Chemical Bank A Trust. 10
Clinton Trust
50
Colonial Trust.
25
World War Bonus—
less
134*4
321
6656
Kings County..
Lawyers
Bid
Highway—
Guaranty
64*6
Chicago Bank Stocks
Ask
b 2.40
5s Jan A Mar 1946 to *71 ft
Ask
238
2356
124
10254 103
3s 1981
Highway Imp 4168 Sept *63
Canal Imp 416a Jan 1964..
Can A Imp High 414s '65..
Bid
230
119
121
3s 1974
Canal A
Par
Empire
Fulton
100
County....
Brooklyn
New York State Bonds
Rid
Ask
115
525
Bronx
11954 12054
Jan 25 1937
a6s
Bank of Slcllly.
Bid
105
515
11716 11814
11754 11816
11814 119
11816 11916
a4168 May 1 A Nov 1 1957
1 1981
o414s Mar
Par
Banca Comm Itallana.100
Bk of New York A Tr.. 100
Bankers
io
11656
11616 11616
11616 11716
...
o414s Nov 15 1978
11116 11116
11114 11214
11414 11516
11454 11516
114*4 11516
1980
04J4S Sept
0414s Mar
o414sJan
108
11514 116
11554 11616
ill *4
1958.
1
...
111*4 11216
11114 11216
May 1 1959
May 1 1977
a 4s
107
Ask
11454 11516
115
11554
..
0414s June 1 1974
a4148 Feb 15 1976
10616
10514 10614
a3§48 July 1 1975
a 4s
May 1 1957
a 4a
o414b April 1 1966
o414b Apr 15 1972
10614 10714
10656 10714
a356s Jan 15 1976
New York Trust Companies
Bid
103*4 10416
411
Securities—Friday July 17
City Bonds
Ask
1 1975
d3 56s May 1 1954
a3 56s Nov 1 1954
1 1960
Over-the-Coanter
on
Now York
Chronicle
11254 11354
1942-1960
MAS
6
112*4 113*4
Tel.
New
York Stock Exchange
CENTRAL ROW
HARTFORD
5-0151
A. T. T. Teletype
—
Hartford 35
United States Insular Bonds
Philippine
Government—
Bid
4s 1946
Ask
Bid
Ask
100
10156
Honolulu 5s
3.50
456s Oct
1959
105
107
U S Panama 3s June 11961
11714 11914
456s July
1952
106
107
Govt of Puerto Rico—
5s
Apr!
1955
102
104
Feb
1952
10856 110
5568 Aug
1941
113
114
120
124
5s
Hawaii 4 56s Oct 1956
4168 July 1958
5a July 1948
-..
3.75
3.50
Conversion 3s 1947
109
112
112 VB
...
U S conversion 3s 1948
11354
11256 11354
Bid
3s
1955 opt
1945
JAJ
1003i6 100',6
4a
3s
1956 opt
1946
JAJ
100 56 10056
4548 1957 opt 1937...JAJ
4548 1957 opt 1937-MAN
4548 1958 opt 1938—MAN
3a 1956 opt 1946
MAN
10056 10056
3148 1955 opt 1945—MAN
1Q2
10254
10954 10956
103J6 10456
1946 opt 1944
48 1957 opt 1937
4s
JAJ
MANl
Aetna
MAN
Ask
104J6 10554
10156 10256
10256
103 56
106 56 10656
Bid
Casualty A Surety 10
97
Par
53 54
10
Aetna Life
Agricultural
.25
5554
Home Fire Security
Homestead Fire
3454
Importers A Exporters
10
84
26 56
28
Knickerbocker
5
3154
3454
Lincoln Fire
6
.10
10
13
Maryland Casualty
1
256
14*4
1654
75
78
Mass Bonding A Ins.. 1256
Merch Fire Assur com.256
.
.
American Re-Insurance .10
American Reserve
10
25
27*4
53 56
2954
American
5556
National Casualty
10
10
34 56
3656
National Fire
10
20
Surety
Baltimore Amer
Merch A Mfrs Fire New'k 5
256
Shippers... .25
97
101
National Liberty
National Union Fire
100
Bankers A
628
638
New Amsterdam Cas
Boston
Camden
Fire
854
954
2
New Brunswick Fire
10
10
46
New York Fire
26
28
Northern
Eagle Fire
Sf
nc.
W
28*4
New Hampshire Fire
New Jersey
4454
256
3*4
Employers Re-Insurance 10
Excess..
43
5
Federal
MUNICIPAL BOND DEALERS
456
45
8
10
North
20
2
River
St., Chicago
Joint Stock
Bid
Atlanta
5s...
Atlantlo
5a
Northwestern
10
Land
Bank
100
Lincoln 58...
101
Louisville 5s
10056
58.
100
Chicago 5s—
/12
Dallas 5s
100
101
78
80
Denver 5s
.
13"
97*4
First Carollnas
5s
89
Wayne
5s..
126
Chicago 5a..
Fletcher 5a
98
99 56
97*4
/45
98*4
100
-«•
—
Pac Coast of San Fran 5s..
100
Pennsylvania
Phoenix
98
100
La Fayette 5s
Par
Bid
99*4
/24
Virginian
5s
5s
5s
97*4
Land
100
5s
96 56
101
25
38
North
66
3854
15
preferred
Halifax
Fire
Hamilton
53 56
72
76
Southern Fire
10
25
27
28 56
5
Great Amer Indemnity ..1
30
Springfield Fire A Mar..25
Stuyvesant
5
139
142
6
7
8
11
10
2354
24*4
Sun Life Assurance
100
520
550
10
20
30
Travelers
100
558
568
10
36
38
U S Fidelity A Guar Co..2
17
27*4
2954
U S Fire
51*4
10
72
75
U S Guarantee
Westchester
Fire
73
76
Home..
35*4
—
100
2
6
4
Virginia-Carolina
San Antonio
79
57
Potomac
44
46
Potomac Cons Deb Corp—
2-6s
1953
2-6s
rnmm
77*6
-m-
43
45
/5456
Federal Intermediate Credit
79
/34
Bank
Debentures
15 1936
F 3 C 1568—-Nov
FIC 1568—Dec
6.35%
16 1936 6 .40%
15 1936 6.40%
Ask
a
i
Bid
1
i«
1
a
a
1
i
I
*
i
a
•
FIC 156s—.Jan
FIC 156s...Feb
mm —
"
rnmm
/31
(Mtge Security series).
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6s_1953
m
15 1937 6.55%
15 1937 6.55%
FIC 1568—July
15 1937 6.60%
I
1
Par
1
Par
York
Bid
2856
Bank of Yorktown..68 2-3
Bensonhurst
54
National.-50
Chase
City (National)
4556
12 56
41
Par
Merchants
60
50
13.55
—
m
4756
43
mmm
«o
1
Bank
Bid
Ask
Bid
43
Atlantic
Debenture Corp 2-6s '53
deb
Bond A
67
40
43
40
43
Mortgage
2-6s
1953
/54*6
/54 56
148
Pac A Atl Telegraph
25
Peninsular Telephone oom*
Preferred A
100
111
114
Roch
112
115
21
24
12156 123*6
88
National Bronx Bank...50
National Safety Bank. 12 56
20
2456
1756
1256
Gen Tel Allied Corp $6 pf.
98
Int Ocean Telegraph—.100
101
Franklin Telegraph
100
91
48
90
1556
1156
M
-
V
63
43 56
-
'
9956
10356
52
25
45
47"'
Lincoln Tel A Telegraph..*
Mtn States Tel A Tel.. 100
139
3456
36
2075
Trade
New England Tel A Tel 100
20
119*6 121*6
Bank
1256
Ask
145
80
10
Bid
Canada..100
Bell Telep of Pa pref...100
Clncln A Sub Bell Telep.50
Cuban Telep 7% pref-.lOO
Emp A Bay State Tel. .100
100
Penn Exchange
Par
N' west Bell Tel pf 6 56 % 100
50
113
27
1953
New York Mutual Tel. 100
Peoples National
60
Corp 2-6s
Potomac
Realty
Ask
Public National
100
ture
123
Sterling Nat Bank A Tr.25
100
43
40
12754
191
National
40
119
1020
Klngsboro
43
125
185
Flatbush National
...
40
1
990
First National of N Y..100 2035
1953
7656
•co
40
Fifth
100
1953
Union Mtge Co 5 56sA 6s'37
Universal Mtg Co 6s *34-'39
34
Commercial National..100
Avenue
...
100
Bell Telep of
Bank Stocks
Ask
30
...
77
(all
(N J) com.*
Preferred
Bank of Manhattan Co. 10
Ask
61
Telephone and Telegraph Stocks
111
111
11I
I1I
Am Dlst Teleg
New
3556
15 1937 b .50%
151937 6 .66%
FI C 1568—Mar
FIC 1568—Apr
Ask
1954
Corp
2-6s
Realty
(Mtge Guarantee series)
Nat Bondholders part ctfs
_
15 1936 6 .30%
15 1936 6 .30%
1854
53*4
57 56
37*4
Potomac Maryland Deben¬
1953
(Central Funding series)
Bond
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
rnmm
Nat Bondholders part ctfs
5
...100
Series B 2-5s
Issues) 2-5s
.1953
1934-43
Inc 2-58
...100
..
Nat Union Mtge Corp—
Series A 2-6s
1954
63
Nat Bondholders part ctfs
Oct
2.50
Arundel Deb Corp 2-6s '53
6s
Virginia..
2
FIC 1 568—.Aug
F IC 1568—.Sept
55
Bid
—■»
Mortgage Bond Co of Md
74
F I C 1 56s
Fire
Alt
78
Allied Mtge Cos Inc—
All series
2-5a
1953
Cont'l InvDebCorp 2-6s '53
Home Mtge Co 554« A
Potomac
63
Bid
4
10
3756
5
Debenture
Pennsylvania
2
....
Cont'l Inv Bd Corp 2-5s '53
Carolina
...100
First Carollnas
29
51
Associated Mtge Cos Inc—
Lincoln..
32
Fremont
14
27
3656
2:15*4
Arundel Bond Corp 2-5s '53
98 56
Par
64
56
1156
Seaboard Surety
10
Security New Haven...10
40 56
5
Bid
-
98*4
Bank Stocks
Ask
100
.100
Seaboard Fire A Marine..5
17*4
5
Globe A Republic
28
100
100
..100
4256
Glens Falls Fire
13*4
1254
21556 221
71
Southern Minnesota 5s
100
Moines
St Paul Fire A Marine..25
Surety Guaranteed Mortgage Bonds and Debentures
35
Atlanta
Des
26
5
101
101
Dallas
Denver
24
Hartford Steam Boiler. .10
69
Atlantic
15
10
Georgia Home
10
110
100
Antonio
Virginia-Carolina 5s
96
Joint Stock
32
Rochester American
Rossia
X3256
Harmonia
99*4 100*4
Union of Detroit 5s...
94
29
3456
21*4
Hartford Fire
Tennessee
100
56
100
Kentucky of Lexington...
101
/31
San
Southwest
79
99 56
108
St Louis 5s
100
78
Illinois of Montlcello 5s...
Iowa of Sioux City 5s
5s
5s...
Potomac 5s
85
100
Illinois Midwest 5s
25
43*6
26 56
—
100
83
5s
4156
m
100
10156
8856
21
10
10
(Dallas)
.
19
20
Hanover Fire
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
100
Greensboro
55
Pacific Coast of Portland 5s
100
Fremont 5s
Greenbrier 5s.-
6
1
Alliance
Great American
97
93
98
100
Accident
8456
5
2d
100
91
90
First Texas of Houston 5s.
First Trust of
100
86"
84
27*4
120
Providence-Washington
Globe A Rutgers Fire.. .15
98 56
Ohio-Pennsylvania 5s
2654
122
75 56
•
North Carolina 5s
100
First of Montgomery 5s...
First of New Orleans 5s.
98*4
New York 5s
Oregon-Washington 5s
First of Fort
Ask
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s._
46*4
47 56
Franklin Fire
Bid
99
99
12
General
Bonds
Ask
10
123 56 127
116
10
Republic
7156
—25
Preferred
12
12
19
1756
6856
Natlonal.25
Pacific Fire
9956 10256
10 56
XlO
3*6
23
Phoenix
77
59
105
Fire Assn of Philadelphia 10
Firemen's of Newark.. —5
Teletype CGO. 437
100
Burlington 5s.
California
State 0540
55
456
a:20
2.50
Fidelity A Dep of Md_. .20
120 So. La Salle
56
12.50 xlOO
4954
4554
15*4
1356
23 56
3156
10
74*4
13*4
3*6
356
5356
39 56
2156
Connecticut Gen Life...10
7354
v
3756
4456
4456
5
City of New York
Bought—Sold—Quoted
6
8
1254
10
Continental Casualty.. ..5
MUNICIPAL BONDS
6
Ask
26*4
2
Carolina.;
*29 56
27 54
2554
5
81
American of Newark
5
10
10
American Home
Bid
Ins Co of North Amer„ 10
101
Equitable... —5
Automobile
JOINT STOCK LAND BANK BONDS & STOCKS
Companies
Ask
32 54
Aetna Fire
American
Ask
1958 opt 1938
Par
American Alliance
Federal Land Bank Bonds
Bid
Insurance
3.00
For footnotes see
page
414.
-
mm
142
Telep J6.50 1st pf.100
So A Atl Telegraph
Sou New Engl Telep
25
25
11656
19
17*4
29
118 56
21
19
56
100
152 56 154 56
S'western Bell Tel pref.100
Trl States Tel A Tel—
12456 125*4
Preferred
—10
Wisconsin Telep 7% pf.100
10*6
115
1154
Financial
412
Chronicle
July 18, 1936
Quotations on Over-the-Counter Securities—Friday July 17—Continued
DEFAULTED
Railroad Securities
•
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb Walkers Sons
DUNNE&CO.
Stock Exchange
Mtmbtrs l^ew York
Members New York Security
Dealers in
120 Broadway
Tel, REctor
Dealers Ass'n.
JOhn 4-1360
20 Pine Street, New York
GUARANTIED
NEW YORK
2-6600
STOCKS
.Since1855,
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
Dividend
Par in Dollars
178
183
6.00
101
8.75
37 %
139
145
8.50
140
145
56%
97
41 Broad St., New York
HAnover 2-2455
•
•
Bell System Teletvoe NY 1-6SM
5.00
100
102
Bonds
Railroad
99
6.00
96
99
3.50
87
89
2.00
49
51
45
2.00
(Pennsylvania)
47 %
5.50
86
89
10.00
189
194
4.00
73
76
50.00
950
1100
Y Central)
Fort Wayne & Jaokson pre! (N
Co.
&
Association
57%
4.00
25
—100
-100
100
Michigan Central (New York Central)
100
Morris & Essex (Del Lack & Western)
—50
New York Lackawanna & Western (D L AW)—100
Northern Central (Pennsylvania)
60
Old Colony (N Y N H & Hartford)
-100
Oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
Delaware
Request
39%
3.00
Georgia RR & Banking (L & N-A C L)
Lackawanna RR of N J (Del Lack & Western)
on
Sloane
E.
l
Quoted
106
2.00
50
stock
—
Members J^ew TorSecurity Dealers
98
10.60
——100
100
100
50
Boston & Albany (New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%
100
Common 6% stamped
100
Chicago Cleve Cino & St Louis pref (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)
50
Hudson)
John
Asked
94
Allegheny & Western (Bull Roch & Pitts)
Beech Creek (New York Central)
Betterman
Bid
6.00
Central)
Albany & Susquehanna (Delaware A
Sold
Earnings and Special Studies
(Guarantor in Parenthesis)
Alabama A Vlcksburg (Illinois
—
3.875
6s.
1946
77
-
-
6s,
82
24
4.50
65
69
1.50
38
40
Cincinnati Union Terminal 3%s, series D,
3.00
76
80
Pittsburgh Fort Wayne A Chicago (Pennsylvania)—100
7.00
165
170
7.00
178
181
Goshen A Deckertown 1st
6.90
103
106
Hoboken Ferry 1st 5s,
6.00
147
152
Kanawha A West Virginia 1st 5s,
Rensselaer A
Saratoga
St Louis Bridge 1st pref
(Delaware A Hudson)
(Terminal RR)
3.00
100
100
(Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
,--100
Vlcksburg Shreveport A Pacific (Illinois Contra])—100
Second
preferred
Tunnel RR St Louis (Terminal
Western)
West Jersey A Sea Shore (Pennsylvania)
150
258
6.00
86
89
6.00
100
5.00
76
"80
5.00
'80
83
„
3.50"
51
55
3.00
—50
Warren RR of N J (Del Lack A
76
146
255
100
Preferred-
73
3.00
10.00
RR)
United New Jersey RR A Canal
67%
67%
70
50
99%
107%
107
1971
96
97
62
64
102
5%s, 1978
-
-
90
88
1946
101%
1955
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot Springs Western 1st 4b. 1939
Macon Terminal 1st 6e.
82
100%
/65
98%
Georgia Southern A Florida 1st 5s, 1945
100
100
100
Preferred
...
80
99%
Cleveland Terminal A Valley 1st 4s, 1995
-
95
102%
60
Preferred-
-
83
85
1940-45-
Chateaugay Ore A Iron, 1st ref 4s, 1942—.—
Chesapeake A Ohio 3%s, series D. 1996
—
Choctaw A Memphis, 1st 6s, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965
21
-
80
Buffalo Creek 1st ref 5s, 1961
102
66
63
98
92
100%
105%
104%
1942
4%s, 1944
Convertible
•
100
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4%s, April 1 1943
Boston A Maine 3s, 1950—
Prior lien
79%
92
Augusta Union Station 1st 4s, 1953
Prior lien 4s,
77
75
5%s, 1945
68
66%
5.00
4.00
Asked
Bid
Akron Canton A Youngs town
104
__
102%
105
42
/40
103
1965
Maryland A Pennsylvania 1st 4s.
Meridian Terminal 1st 4s, 1955-
78
75
1951
93%
New York A Hoboken Ferry general 5s,
95
--
T
77
1946
Portland RR
66
53
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 6s. 1956
New York Central secured 3%s,1946.
-
80
•
•
91%
85
92%
fi'
66
62
1951
93
90%
—
4%s, 1957
Toronto Hamilton A Buffalo 4%s, 1966
Union Pacific debenture 3 % s, 1971
Washington County Ry 1st 3%s, 1954
111
—
96
99%
97%
99%
64
67
Philadelphia, Pa.
New York
Wire* to
89
1951—
Toledo Terminal RR
Stroud & Company Inc.
Private
93
1st 3%s,
Southern Hlinois A Missouri Bridge 1st 4s.
Quotations—Appraisals Upon Request
•
73
92
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955—
EQUIPMENT TRUST CERTIFICATES
72
Consolidated 5s, 1945
Rock Island-Frisco Terminal 4%s, 1967
St Clair Madison A St Louis 1st 4s, 1951
ROESER & PENDLETON, INC.
Railroad
(a producing oil company)
Equipment Bonds
Bid
Ask
Ask
Baltimore A Ohio
64.35
4%s_.
4%s
5s
2.00
5s
64.00
2.50
2.00
5%s
64.00
2.60
robinson, miller & co.
3.00
63.00
63.00
61.75
Atlantio Coast Line
1.00
Missouri Paclflo
4%s
'
Analysis upon Request
,
Bid
INO.
Teletype
HAnov£h2°282 52 William Street, N.Y.
63.75
2.50
New Orl Tex A Mex
64.60
4.00
5s
63.75
2.50
New York Central
62.85
3%s Deo 1 1936-1944.
63.50
2.00
62.85
2.00
63.00
2.00
63.00
2.00
63.00
2.00
63.00
2.00
64.50
3.75
63.00
2.00
64.60
3.75
Par
62.00
1.25
Northern Paclflo
4%s
62.00
1.25
Alabama Power $7 pref..*
79%
81
61.50
1.00
Pennsylvania RR 4%s
62.00
1.00
Arkansas Pr A Lt $7 pref.*
92%
94
61.00
0.50
6s
62.00
1.00
Assoc Gas A El
62.60
2.00
4s series
62.00
1.00
62.85
2.00
N.Y. 1-905
2.00
Boston A Maine
4%s
5s
N Y Chic A St L
Canadian National
4%s_.
5s
Canadian Pacific
4%s___
Cent RR New Jer 4%s_-,
Chesapeake A Ohio 5%s.
6%s
4%s
5s
Chicago A Nor West 4%s
65.00
Chic
66.75
Pauf 4% a
A St
5s _.w_
_
6.00
6.00
N YNHAHartf
65
.
4%s
5s.
1936-49
2%s series G
Denver A R G West
4%s„
—
6s
90
3.75
3 75
5%s
2.50
Southern
1.00
2.50
63.00
2.50
61.75
61.75
1.00
Hocking Valley 5s
61.75
Illinois Central
62.85
2%
5s
62.25
1.50
5%S
62.00
4%s_
Long Island 4%s_
$7
preferred
1st $6 preferred A...100
$6.50 preferred B
100
63.25
2.50
63.00
1.75
63.00
1.75
62.75
2.00
6%
62.75
2.00
6.60%
Ry4%s
Texas Pacific 4s
...
4%s
100
Cent Pr A Lt 7% pref.. 100
Columbus Ry Pr A Lt—
5%s
.
*
Consol Traction (N J).100
Consumers Pow $5 pref..*
preferred
1.00
61.60
0.75
Dallas Pr A Lt 7% pref. 100
4.00
Virginian Ry4%s
61.75
1.00
Derby Gas A Elec $7 pref. *
1.00
Essex-Hudson
63.00
2.50
65.00
4.00
65.00
4% 8
2.50
63.75
5%s
1.00
63.75
Maine Central 5s
1.00
61.75
Minn St P A S S M 4s„.
1.75
61.75
4%s
5s
2.00
4.00
7%
preferred
100
Bid
Empire Title A Guar...100
For footnotes see page 414.
1
%
11
/I
'
111
112
107
108%
■
......
101
112%
65
95
100
102
100%
102%
6s
100
102
Hudson County Gas
--
-
122
5%S
Gas A Elec of Bergen.. 100
Hamilton Gas Co v t c
195
5s
Western Maryland 4%s
62.50
2.00
65.00
4 00
65.00
Western Pacific 5a.___
2.00
62.50
5s
4.00
Gas
Idaho Power $6
7%
preferred
pref
100
*
100
Illinois Pr A Lt 1st pref..*
Interstate Natural Gas..*
Par
Lawyers Mortgage
20
Lawyers Title A Guar.. 100
-...
-
-
6 %
17"
8
43
46
32
34
■11134
122.
30
31
76%
77%
46
46%
-
78
105%
55%
56%
104
105%
409-11
-1% 113
preferred
N Y A Queens E LPpf 100
109
92 %
Nor States Pr $7 pref.. 100
95%
Ohio Edison $6 pref
107% 108%
*
$7 preferred
112% 114
*
7%
cum
.
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf„100
preferred
,.100
Okla G A E 7% pref...100
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt $7 pref...*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E
113
103
115
104%
108
110%
111
113
88 %
110
87%
107
90
328%
90%
110%
90
110
91%
107
51%
27
Sou Calif Edison
25
26
South Jersey Gas A EL 100
195
Tenn Elec Pow
68%
'77
50%
54%
98
112
-
100
-
98% 100
81
82%
100
93
Los Ang G A E 6% pf—100
114
Memphis Pr A Lt $7 pref.*
Mississippi P A L $6 pf...*
114 J*
15
25%
113
preferred
76%
83%
7% B 100
6% preferred C
100
Sioux City G A E $7 pf.100
110
7% pf.,100
7%
-
109% 110%
Kan Gas A El 7% pf... 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
-
-
78
*
New Jersey Pr A Lt $6 pf.*
New Grl Pub Serv $7 pf..*
N Y Pow A Lt $6 cum pf.*
7%
67
195
Ask
%
73%
100
Realty, Surety and Mortgage Companies
1
78
72%
Foreign Lt A Pow units..*
Jer Cent P A L
1
75
99
EngG&E5H% pf-»
Pow Assn 6% pf—100
$7 prior lien pref
72
48
New
Ask
72%
New Eng Pub Serv Co—
_
69
101
61.75
Ry4%s
Interstate Power $7 pref.*
Jamaica Water Sup pref.50
Par
99
99
5s
Wabash
5%s
Bond A Mortgage Guar_20
89%
Nebraska Pow 7%- pf_. 100
Newark Consol Gas
100
N E
91
Continental Gas A El—
1.50
......
26
105% 106%
0.75
.......
75%
99% 101%
100
62.50
5s
74
25%
7%
100
preferred
61.60
■'i
12%
105% 106%
105% 106%
Union Pacific 4%s
5s
62.50
6s
Loulsv A Nashv
1.75
preferred
64.75
4%s
Internat Great Nor
1.75
6%
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
5s
Southern
1.00
6s
4.00
62.65
5s
4.00
62.65
Pacific 4%s
65.00
65.00
St Louis Southwestern 5s.
1.00
Great Northern 4%s__„_
121
Carolina Pr A Lt $7 pref..*
85
63.00
6s
118
preferred
100
Nassau A Suff Ltg pf—100
2%
6s
63.00
6%s
Mountain States Pr com.*
2%
90
62.00
Erie RR
6% pref. 100
Pub Serv $7 pref...100
Mo
2.00
90
65.00
6%s
Miss Rlv Pow
14
BangorHydro-El 7 % pf 100
Birmingham Eleo $7 pref.*
Buff Nlag A E pr pref.-.25
85
65.00
4%s.
6s
Q
Bid
79
preferred
13%
2.00
85
St Louis-San Fran 4s
3.75
$7
115
62.75
Marquette 4%s
Reading Co 4%s
65 00
Par
Mississippi Power $6 pref..
13
62.75
Pere
5s
70
Utility Stocks
Ask
Bid
113
62.75
4%s
65
—
orig pref..*
$6.50 preferred
*
$7 preferred
*
63.00
non-call Dec 1 1938-50
70
Public
Atlantio City El $6 pref--*
E due
Jan A July
4.00
66.75
Mlfw
f)8
Chicago RI A Pac 4% s
4% 8
6s
4.00
65.00
f)S
4%s_.
4%s
94%
-
-
-
pref B.25
6% pref 100
7% preferred.
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
Utah Pow A Lt $7 pref...*
86%
88
Utlca Gas A El 7%
pf„100
83%
85%
Virginia
....100
Ry
105
98
105%
100
29%
69%
78
108
110
110
111%
92%
94%
69
74%
75%
99% 101
124
126
Volume
Quotations
Over-the-Counter Securities—Friday July 17—Continued
on
Specialists in —
Securities of the
•
413
Chronicle
Financial
143
Water Works Securities
System
Associated Gas & Electric
Complete Statistical Information—Inquiries Invited
& CO.
S. A. O'BRIEN
Swart, Brent & Co.
Members New York Curb Exchange
ISO BROADWAY, NEW
75 FEDERAL ST., BOSTON
Hancock 3920
YORK
COrtlandt 7-1868
Tel.: HAnover 2 0510
Utility Bonds
WANTED
OFFERINGS
5%s.l948
Amer Wat Wks & El 6s '75
Edison 1st 5s
1948
1st 6s series A.
—--1945
Ariz
Ark Missouri Pow 1st 6s '53
Bid
Ask
Bid
Amer States P S
Ask
52
109
5334
10934
101
102%
Kan Pow
Serv 3s. 1951
Lt 1st 4%b '65
85
86%
Keystone
Telep 5%s.l955
92%
94%
Long Island Ltg 5s. —1955
66
68
Los
Angeles G & E 4s. 1970
106% 106%
Metrop Edison 4s ser G *65
First
106%
10834 108%
77%
75%
101
•„
PLACE, NEW YORK
Teletype: New York 1-1073
EXCHANGE
40
and Boston
Telephone between New York
Bell System Teletype—N.Y. 1074
Direct Private
Public
•
-ncorporateo
,
102,
Kan City Pub
Associated Electric 5s. 1961
69%
46
48
Income deb
37
37%
Income
3%s...l978
deb 3%s—1978
37%
38%
Mtn States Pow 1st 6s 1938
1978
41%
42%
Newport N & Ham 58-1944
4%s—1978
46%
47%
New Eng G & E
Inc.
Water Works & Electric Co.,
American
Consumers Water Co.
(Maine)
70%
Assoc Gas & El Co
Bonds of Subsidiaries
Mortgage
4%s '68
Income deb 4s.
Income deb
H. M. PAYSON Sl CO.
Monongahela W P Pub Ser
Assoc Gas & Elec Corp—
1st & gen
4%s
1960
5s.-.1962
75%
New York Cent Elec 5s '52
75
76
83%
84%
Conv deb 5%s__
1973
Sink fund Income 4s 1983
92%
46%
47%
Sink fund Inc 4 %s.. 1983
48%
Est. 1854
100
98
106J4
PORTLAND.
7134
74
97%
93
49%
1973
Conv deb 4s
Conv deb
4%s
1973
Conv deb 5s
Sink fund Income 6s 1983
Sink fund inc 5%s..l983
1940
Participating 8s
73%
■
-
-
-
104% 104%
10234 103%
1st & ref mtge
Old Dom Pow 5s May
15'51
Pacific Gas & El
Parr Shoals Power 5s. 1952
105% 105)4
103
104%
Pennsylvania Elec 53.1962
105
106
100%
106%
102
3%s H '61
Penn Telep Corp 1st 4s
Bellows Falls Hy EI 5s 1958
102% 103%
Potomac Elec Pr
110
Blackstone V G & E 4s '65
109
Brooklyn Edison 3lis. 1966
101% 102
'65
Peoples LAr P5%s ...1911
3%s.l966
98
99%
Central G & E
79
Ashtabula Wat
A tlaut.li'
1946
84
85%
Cent 111 Light 3%s.--1966
106
106%
1st lien coll tr 6s
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s
Colorado
ser
G '60
Power 5s... 1953
Columbus Ry P & L 4s *66
Conn River Pr 3%s A. 1961
Consol E & G 5-6s A.. 1962
93%
105%
91%
105%
101%
8134
106% 107
105% 105%
Tel Bond A Share 5s.. 1958
-
•
-
S'western Gas & El 4s. 1960
lUtlca Gas <fe El Co
6s
1957
Calif Water Service 4s 1961
3%s '65
Federal Pub Serv 1st 6s '47
Federated
Utll
5%s.-1957
106% 106%
/45
Western Pub Serv 5 %s
81%
79%
60
West Penn Pr 3 %s ser I '66
Western Mass Co 3 34" 1946
Green Mountain Pow 5s '48
Iowa Sou Utll
Vlsconsin G & El 3%sl966
103%
102
5%s...l950
Wise Pr & Light 4s...1966
104
102%
New York Wat Serv 5s '51
97%
103%
10 4%
Newport Water Co 5s
99
Ohio Cities Water 5 %s
91%
City of
10634
88
100%
102
Penna State Water 5 %s
1st «fc ref 5s
1950
1st consol 4s
1948
99%
19.67
101
lit consol 5s
1948
100%
1917
103
Prior lien 5s
1..19 4R
lommonwealth Wat
(N 1)
_
Phila Suburb Wat 4s
99%
99
Pittsburgh Sub Wal
5s TC
102%
104
Plalnfield Union Wat
5s'61
108
Rich
1957
105%
1959
95
93%
101% 103
Roanoke W W 5s
99
ltoch <fc L Ont Wat 5s .1938
Scran ton Gas & Water Co
103
104
1942
6s series B
1942
104%
..
5s series
I960
104%
..
„
1st
5sserels A
,..1952
101
5s series B
1952
101
Hackensack Wat Co 6s *77
106
108%
102%
..I960
102%
Water Co 5%s
5sseries A.,
6S
1954
....1962
...
104%
102
103
.102
Texarkana Wat 1st 5s. 1958
102%
Indianapolis Water 4 %s '40
105
Union Water Serv 5%s '51
Water Serv Cos Inc 5s.l942
101% 103
105
1Q2%
1st lien & ref 5s
,1960
1st lien & ref 5s
Bell System Tel.
N Y 1-588
150 Broadway, N.Y.
1970
105
West Virginia Water 5s "51
1st lien <fe ref 5%s..l953
102%
Western N Y Water Co-—
1st lien <fe re' 5%s__1954
102%
5s series B
Real Estate Bonds and Title Co. Mortgage
Bid
Ian 1 1941
'41
B'way Barclay 1st 6s 1941
Certificates of deposit..
B'way & 41st Street—
1st leasehold 6%s..l944
/43%
/50
/30%
I
Certificate«
Bid
Ask
Majestic Apts 1st 6s..1948
/40
42%
/28%
1948
63.
1947
6s
S f deb 5s
1945
102%
Westmoreland Water 5a '52
103
107% 10S%
Wichita Water Co 5s B. '56
102
Joplln W W Co 5s....1957
104%
Kokomo W W Co 5s. .1958
Ask
104%
91%
94%
O
1946
35%
37
N Y At Irene C Ub—
73%
1st, rntge 2s
Chrysler Bldg 1st Rs._1948
Court <fe Remsen St Off Bid
91
93
1st A
/32
34"
Equit Off Bldg deb ,5s. 1952
78
80%
50%
52"
1947
Film Center Bldg 1st 6s
40 Wall St
Corp 6s
42 Bway 1st 6s
'43
1958
1939
1948
1st 6%s.
Oct 1 1941
Fuller Bldg deb 6s
1944
..Nov 15 1939
Store
Chain
Securities
32%
/27%
30%
70%
.70%
/42
9%
70
165 Bway Bldg lst5%s '51
4S%
50%
Prudence
/49
Co
74
45%
double stpd-..1961
50%
Realty Assoo Sec Corp—
5s income
1943
72%
/49%
5 %s
Roxy Theatre—
1st fee & l'hold 6%s_1940
63
65%
90
92
/54
52%
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6%s'38
65
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
67%
/12
Loew's Theatre Realt Corp
90%
/45
91%
47%
00
1939
65%
/28
Westinghouse Bldg—
.1942
1936
74
74
--
57%
55%
1st fee & leasehold
*39
—l«iu
1"2
io,i
loo
162
17
IPO
FTeferred
(If I.) 7%
pref.. 1(H)
preferred
Katz Drug
*
Kobaeker
7%
Stores
preferred
117
100
107
(Daniel) prof... IOu
105
.M.tres
preL.
Bros
pref
!>.. *
6
8
100
34
37
IOU
102
115*
,
Reeves
18%
102
-
•
•
Rose 5-10-2,>e Stores
«
-
loO
105
-
Schlff Co preferred
108
*
0
loo
90
Bid
5
96
100
103
United Cigar Sts 6% pf. 100
19
22
18%
6% pref ctfs
U S Stores preferred
21%
2
100
5
15
97%
Walbridge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
3(1
OO 3)
1958
Trinity Bldgs Corp—
1st 5%s
2 Park Ave Bldg 1st 4s 1941
69~~
at
100
vruor
Melvnle Shoe—
6
ldii
preferred
Ask
12%
108% 110
i
15
4%
Bid
ill %
100
Neisner
-
28
Pat
53%
Textile Bldg 1st 6s
/53
66
25
/21 %
70
Lincoln Bldg Inc 5%s_1963
21%
1 I
37
Flsbimm (M II) Stores...*
Green
56
61 Bway Bldg 1st 5 %s 1950
General 7s
...1945
Apr 15 1937
1947
May 151948
Par
Kress (S IT) 6% pref-.-.i.
4 % %
preferred
Mil let 21) Sons co m
6%% preferred
Murphy (O C) $5 pf
.
^
5'^>
5
Edison Bros Stor«s pref
54%
Lewis Morris Apt Bldg—
London Terrace Apts 6s '40
21%
23%
54%
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
1945
Sherry Netherland Hotel—
1st 5%s
Kelth-Albee Bldg (New
1936
/19%
/19%
7%
m
.
*
C) common..*
(11
%
*
$2 50 conv pref
Bohack
38
95
B G Foods Liie com
Blokfords Inc
/36%
9
l'»d
preferred.
.4 >k
Bid
•
Berland Shoe Stores
Diamond Shoe pref
Hearst Brisbane Prop 6s '42
1950
--
Savoy Plaza Corp—
73
Par
7%
».
51
11%
Harrlman Bldg 1st 68.1951
/48%
Chain Store Stocks
9%
69"
Hotel Lexington 1st 6s *43
1949
1946
/6%
89
Rea ty ext 1st 5%s.l945
LudwlglBauman—
1st 6s (Bklyn)
1st 6%s (L I)
/29
65%
6s
lit 6S
56%
103 E 57th St 1st 6S..1941
50%
1st 6%s
37
Sts (Phila)
67
Rochelle) 1st 6s
46%
/55%
Boston
-
William St.
/40
65
Hotel St George 4s
NEW YORK
-
57
1 Park Ave 6s__Nov 6 1939
Fox Theatre & Off Bldg—
5%s unstamped
Graybar Bldg 5s
103
/45
1st 6s.......July 71939
--
1400 Broadway Bldg—
1st 6%s stamped
101
COMPANY Inc.
BURR &
.
Chicago
/36
.....
5%s series Q
1st 6s
44%
29%
52d & Madison Off Bldg-
...N'V
103%
Oliver Cromwell (The)—
1949
502 Park Ave 1st 6s. .1941
6s.
C-2
F-l
j 9th & Walnut
78
1937
00
Co—
series BK
5 %s series
8
500 Flftb Avenue—
unstamped
5 %s
5 %s series
n
6%s
gen 6s
N Y E\e Journal 6 %s.
1947
50 Bway Bldg 1st 3s inc '46
1st 6%s.1939
V Y Title & Mtge
/55%
East Ambassador Hotels—
.
103
36%
Munsou Bldg
67%
71
Deb 5s 1952 Legended
104%
1952
97
3?^
64
64%
1st 6s... 194 V
196(1
.1949
WT'm3port Water 5s
94%
35%
/62%
l8t& ref 534s
5s series C
6s series A
101"
Lexington Wat Co 5%s '40
strap <fe reg'55
1948
Dorset (The)
99%
Interstate Water 6s A. 1940
30
71%
30%
Cbesebrough Bldg 1st 6s '48
..Apr 28 1940
07% 100
97% 100
Metropolitan Corp (Can)—
Chanln Bldg Inc 4s...1945
1st 6s
1951
1050
1st mtge 5%s
Metropo) Playhouses Inc—
Broadway Motors Bldg—
6s stamped-
100
Jamaica Water Sup 5 %t '55
Metroimlitan Chain Prop—
/30%
52%
32%
31%
1958
5s
1950
1st mtge 5s
Indianapolis W W Secure—
Broadmoor (The) 1st 6s
105
56
...1949
6s series A.
8l"
Illinois Water Serv 5s A '52
INCORPORATED
Alden 1st 6s
79
102 %
1960
5s series B
Terre Haute Water 5s B
102%
5s
100% 101
'47
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 5s '55
102%
Huntington Water 5s B '54
101% 102%
1)67
ref -5s A
Sedalia
108
1977
103% 105
.1958
4%s
Scrauton Spring Brook
Water Serv 5s...1961
Greenwich Water <fc Gas—
2360
104%
St Joseph Water 4ssel9A6«
104%
5s series A
BArclay 7
uio'nd W W Co 5s
95
97%
1959
Davenport Water Co 5s "61
& co.
108
97%
87
91
%s..............1958
1st mtge 5s
5 %s series B.
103%
107
.1965
Pine-lias Water Co 5 %s '59
Consol Water of Utlca—
"We invite inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
102
83%
100%
Coniiellsvtlle Water 5s..1939
Real Estate Securities
100
s;
...1946
D
—
82%
1946
fis series A
10234 102%
99
106
..1940
Penn a Water Co 5s
Pe-irla Water Works Co
E St L & Interurb Water
amott, baker
98
105%
6 %s series B
10374
99
100
93
95%
102% 103%
'52
101
1939
Community Water Service
106%
102% 103
lOl"
108
1958
Ore-Wash Wat Serv 5s 1957
1941
5 %s series A.
90
106%
99%
Ohio Water Service 5s
Castle Water
101%
4
..1961
103%
(Wash)
5sseries
Wisconsin Pub Ser
1st mtge 4s.
New
102%
1951
Co
104
95%
99
...1951
5%s
Clinton W Wks Co 5s
---
103%
950
New Rochelle Wat 5s B '51
City w ft 'hat) 5s B...1954
1st 5s series C_,
1957
86
126
98%
Water
5s
104%
84
102
1953
'53
Ohio Valley Wafer 5s 1954
4%-> '5S
>erv
5%M series \:;
125
102% 104
1951
Wat
5S
105%
i
1942
Wash& Suburban 5 %s 1941
Virginia Power 5s
Edison El 111 (Bos)
102
Chester
64%
63
105
62
103%
102
103
105 34
105%
104%
New Jersey Water 5s..
100
1954
109% 109%
Sioux C'lty Gas & El 6s '47
Sou Calif Gas 1st 4s
102%
Muncle Water Works 5s '65
........1954
citizens
San Diego Cons G&E 4s '65
Works
Water
But Mr \\ ater Co 54.... 1957
83%
61
103
1950
Morgantown Water 5s 1965
5 %S series
105%
Pub Utll Cons 5%s...l94'<
Sou Cities Utll 5s A.. 1958
100% 101%
Monongahela Valley Water
...
5o Series R
108%
103% 104%
105%
105% 107%
Monmouth Consoi W 5s '56
...
101%
1957
100%
.1905
■103%
103%
Ask
Long Island Wat 5 %s. 1955
Middlesex Wat Co 5%s' 57
...
5s series C
80%
5%s...1946
Wke 5s '&S
County Wat 5s '58
Birmingham
78%
/76 %
103!4 103%
Pub Serv of N II 3)48 D '60
Pub Serv of Okla 4s A 1966
Cent Ark Pub Serv 5s 1948
105%|
5%s
Public Serv of Colo 69.1961
Bklyn Man Trans 4%s '66
IOC
Alton W ater Co 5s
1956
Bid
Auk
|
%' 101%
Alabama Water «erv 5s '57
55%
54%
Ho
69
67
51%
50%
101
Water Bonds
3%s_1966
Northern N Y Utll 5s. 1955
•
Tel. 2-3761
MAINE
10734
Niagara Falls Power—
...1973
106% 106%
Sugar 5tocks
50"
68"
A ik
P,r
|
Pit
Cache La Poudre Co
20
23%
21%
Savannah Sugar Rof
Eastern Sugar Assoc
1
IS
11)
1
30
31
7% preferred
.10')|
West Indies Sugar Corp.. 1
I'referred
Haytian Corp Amer.a...*
/73%
For footnotes see page 414.
%
1%
*1
j
1»7
Ask
_____
113%
3%
3%.
Financial
414
July 18, 1936
Chronicle
Quotations on Over-the-Counter Securities—Friday July 17—Continued
HAMILTON GAS
CO. VTC
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
STREET
BROAD
30
Telephone HAnover 2-9030
63 Wall
V'
Company Securities
GROUP.
DISTRIBUTORS
NEW YORK
4
.
Members New York Curb Exchange
j
Incorporated
BOwIing Green 9-1420
Street, New York
,
Correspondent
Kneeland & Co.—Western Trading
REORGANIZATION SECURITIES
Investing Companies
SECURITIES
ISSUED
WHEN
RIGHTS
Bid
Par
Administered
M. S. Wien & Co.
Amerex
Established 1019
Members of
BROAD
Par
17.41
18.52
1.98
2.17
23%
24%
Holding Corp
*
Amer Business Shares... 1
ST., N. Y.
1.19
11%
1.18
Am Insurance Stock
Teletype N Y 1-1397
Los
Angeles, Cal.
105.84
Investors Fund C
3%
6%
24.43
9.82
10.62
Mass Investors Trust
1
27.54
29.22
17.62
1
"".53
Nation Wide Securities __1
4.57
34.84
Voting trust certificates.
1.92
18%
20%
Fund
4.77
1
Ltd
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
4.20
26.56
Members|0Oinmo(jity
61
Continental Shares pref
2.74
Series AA
3.46
mod
Series ACC mod..
Crum & Forster Ins
10
in the
Class B
3%
.98
1.09
Quarterly Inc Shares._25o
1.69
1.87
Representative Trust Shs.
Republlo Investors Fund. 5
Royalties Management
13.58
14.08
4.75
5.05
Selected Amer Shares Ino.
1.72
Selected American Shares.
3.86
-
.
-
-
-
-.
-
.
6.10
2.56
Diversified Trustee Shs B.
Bristol & Willett
3
Plymouth Fund Inc A.lOo
-
38%
110
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B.
Market
Over-the-Counter
•
...
-
Cumulative Trust Shares.*
14
-
30
36%
100
"
72
42
13
-
'
7% preferred
68
40
Class A
.
114
10
Securities... 100
Pacifio Southern Inv pref. *
.
-
28
100
com
8% preferred
....
3.52
.
3.46
Common B shares
COMPREHENSIVE SERVICE
....
3.48
Northern
.
78%
2.67
3.53
Series 1958
...»
Accumulative series
BOwllng Green 9-3565
Teletype N. Y. 1-1666
.
.
74%
Series 1956.. J..——
10
9%
2.74
Series AA.......
....
Series 1955
1%
2.84
Corporate Trust Shares...
Exchange, Inc.
Exchan,
Broadway, New York
No Amer Bond Trust ctfs.
28.56
1
4.67
2.08
3%
No Amer Tr Shares 1953..
6%
Commercial Nat'l Com
fNew York Security Dealers Association
.
4.60
4%
Century Trust Shares...*
N Y Bank Trust Shares
42
39
*
Class B
C. E. UNTERBERG & CO.
....
16.12
.33
32.58
Bullock
Molybdenum Co.
26.71
3
1
British Type Invest A
Sylvania Industrial Corp.
107.98
*
Broad St Invest Co Inc.—
Climax
1.16
44
42
Keystone Cust Fd Inc B-3.
Major Shares Corp
_*
Maryland Fund Inc com..
7%
4%
.
*
Investment Tr of N Y
4%
6%
Corp*
Assoc Stand Oil Shares.
Ask
42
Mutual Invest Trust
4
.2
Bankers Nat Invest Corp *
Basic Industry Shares
*
2-8780
HAnover
7% preferred
12%
1.06
Bid
1.04
Investors Fund of Amer
Invest Co of Amer com .10
1.29
Amer <& Continental Corp.
Amer General Equities Inc
the New York Security Dealers Assn.
25
Ask
*
com..
Fund
Affiliated Fund Inc
10%
..
...»
Selected Cumulative Shs..
2.85
3.86
-
.
3.64
.60
9.93
Selected Income Shares...
....
5.21
Selected Industries conv pf
-
4.05
.75
1.87
....
21%
....
23
Members New
115
*
21.26
C
4.75
5.05
Standard Am Trust Shares
4.20
D
7.30
8.10
Standard Utilities Ino
*
1.17
1.26
25o
1.76
1.91
State Street Inv Corp
* 106.72
....
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Inc
___*
31.29
33.64
28.37
Fixed Trust Shares A
Established
*
12.31
*
10.25
A
5.00
5.30
Fundamental Investors Inc
Fundamental Tr Shares A.
23.79
25.32
6.26
6.. 88
Trustee Standard Invest C
7.24
Trustee Standard Oil Shs A
1920
York Security Dealers Association
Dividend Shares
Broadway, N. Y.
Tel. BArclay 7-0700
Bell System Teletype NY 1-1493
B
Industrial Stocks
Par
Amer Air Lines Inc
Bid
Ask
11%
12%
29
Book
73
Preferred
25
Amer Maize Products
*
100
-
-
6%
-
84
4 %
Art Metal Construction. 10
15
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
52%
16 %
54
3%
27
29
118
122
74
46 %
10
12
24%
52 %
26 X
54
52 %
53 %
*
52
57 preferred
100
Dentists' Supply Co of N Y
108
Columbia Broadcasting A *
_*
com
Dictaphone Corp
Preferred
100
•_
100
Doebler Die Casting pref. *
Preferred
50
m'm-
51%
1.43
1.66
1.89
Chemical
1.59
1.73
U S El Lt & Pr Shares A_.
20%
21%
Food shares..
1.11
1.21
3.18
3.28
Investing shares
1.50
1.29
1.37
Merchandise shares.
1.27
1.28
Un N Y Bank Trust C 3—
3%
Mining shares
1.46
1.59
Un N Y Tr Shs
1%
3%
2%
Petroleum
1.31
1.43
Wellington
18.71
20.52
101%
*
Casket
48
51
113
*
110
100
21
100
86
3 %
preferred.
100
77
5%
23 y
*
.
.
19
15 %
17%
2%
*
36
103
100
3%
31 %
345
66
69
1%
5%
5%
6%
7%
32%
29 X
102
54
50
4%
'5%
100
39
48
Great Lakes SS Co com..
Great Northern Paper. .25
38
40%
30 %
'SIX
Jacobs (FL) Co....
Kildun Mining Corp.._..l
16 %
18%
1%
2%
Lawrence Portl Cement 100
ioy
18 Vi
Lord & Taylor com
100
...
100
112
100
118
3%
...
Bid
112
95
97
Am Wire Fabrics 7s.. 1942
101
Chicago Stock Yds 53.1961
102
....
y 103%
Commercial Invest Trust-
1st
3%s
Deep Rook Oil 7s
1955
101%
102
98
....
103% 104 y
1%
24%
Bancamerlca-Blair Corp
First BoBton Corp..
Schoellkopf, Hutton <fe
22%
.30
.45
24.56
7%
8%
43%
44%
6%
_.
7%
26.41
Pomeroy Ino com
4%
32%
^Soviet Government Bonds
26
8%
9
25 y
Bid
Ask
Union of Soviet Soc Repub
26
17
Bid
1
...
19
i
a sk
Union of Soviet Soo Repub
194311
7% gold rouble
•No par value,
41%
105
9%
91.23
88.36
10% gold rouble...1942
87.501
70
73
*
•
....
Sept 11939 100.22 100.28
17
Haytlan Corp 8s
1938 /15
Jonen « Laughlin Steel—
4 Ha
99% 100%
1961
Coupon.
a
Interchangeable. 6 Basis price,
/ Flat price,
a i
When Issued,
115
t Now listed
2%
.8 y
on
New
York
Stoek
c
Registered coupon (aerial).
Ex-dlvtdend.
Now selling on New
y
Exchange.
2%
7
3%
x
York Curb Exchange,
43
X Quotations
per 100
gold rouble bond equivalent to 77.4234 grams of pure gold.
4%
Warren Northam—
$3
44
*
Welch Grape Juice pref-100
West Va Pulp & Pap com.*
102
..100
103
,
conv
preferred
Preferred
$3
cum
com
vtc.
preferred
...
White (S S) Dental Mfg.20
White Rock Mln Spring—
15%
47
CURRENT
—Bond & Goodwin, Inc., 63 Wall St., New York, has prepared a second
6%
7%
38%
40%
xl6
100
25
57 1st preferred
edition of its analysis of 46 selected companies in the building and allied
industries.
17
—Joseph
100
Wilcox-Gibbs common..50
30
55
60
100
100
—B.
31%
100
Young (J S) Co com
"7% preferred
120
126
quote the prices
—O.
Vilas
Ask
100.2
100.5
Aug
15 1936
Aug
15 1937 101.10 101.16
15 1938 102.10 102.16
Aug
Pizzini
&
on
&
1 1939 100.22 100.28
78
82
6%s.l937
100
102
Merchants w*irig 6s.. 1937
Nat Radiator 6s
1946
/35%
37%
95
N Y Shipbuilding 5s—1946
97
June
or uomm
Scovlile
Mfg 5%s
1945
Std Tex Prod 1st 6%s as '42
Struth Wells Titus 6%s *43
Texas Corp deb 3%s._1951
84%
86%
106
107
no
12
81
_
100%
Woodward Iron 5s..—1952
/63%
65%
6s
L.»ve issued
a
data
on
New York,
on an
distributing
a
Broadway, New York,
extensive list of municipal bonds.
Roderick Flandreau has
&
are
guaranteed railroad stocks.
been admitted to
general partnership in
Hickey, members New York Stock Exchange.
—Campagnoli & Company, Inc., 41 Broad St., New York, is distributing
a
detailed analysis of the II. II.
—Outwater & Wells, 15
pared
a
current list of New
—Great Northern Bond &
issued
a
circular
on
Robertson Company.
Exchange Place, Jersey City, N, J. have
pre¬
Jersey municipal bonds.
Share Co., 30
Broad St., New York, have
The Randall Company.
---Ernst & Company announce the removal of their New York offices to
—S.
W.
120 Broadway.
Haley & Company of this City
announce
the removal of their
executive offices to 70 Pine Street.
100%
/12
Sherman
New York,
_
'44
Wltherbee
52 Broadway,
Co.,
the Equitable Building,
Reynolds Investing 5s 1948
Broadway,
Sons,. 120
Allegheny & Western Railway Co. 6% stock.
—In their current circular, Farson, Son & Co., 111
l%s
l%s
W.
circular containing statistical
Home Owners' Loan Corp
2s
Walker
descriptive circular
35
Worcester Salt
Bid
NOTICES
—
17
105
101% 102%
Federal Farm Mtge Corp—
Investm't Banking Corps
1%
1.58
1.26
1.37
41
*
pf.10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf—100
U S Finishing pref
100
Trico Products Corp
Tublze Chatlllon cum
Journal
1937
l%s
Fund
1.62
349
1%8
River Bridge 7s....1953
Fairbanks Morse deb 4s'56
rF
1.49
Huron Holding Corp
Incorporated Investors..*
&
Ask
110
Bear Mountain-Hudson
1951
se
1.22
...
Miscellaneous Bonds
Debenture 3%s
Voting trust ctfs
1.15
Preferred
39
39
8%
WJR The Goodwill Station
...
*
Consolidated Oil 3%s.l951
Cudany Pack conv 43.1950
1.63
1.26
Guardian Inv Trust com.*
109
24%
138
*
com
West Dairies Inc
20,0
ft 1st 6% preferred
2d 8% preferred
*
Taylor Milling Corp.
Steel
4%
*
American Tobacco 4s. 1951
shares
B
Steel shares..
21
100
Remington Arms com
*
Scovill Mfg
25
Singer Manufacturing.. 100
shares
RR Equipment shares..
40 X
*
105
2.02
Tobacco shares
81
5
Pharmacal
Leather
Publication Corp com
$7 1st preferred
15
5%
Graton & Knight com
Preferred.
.
1.10
Taylor Wharton Iron &
13
1%
Gen Flreprooflng $7 pf.100
Golden Cycle Corp
10
.
.
.
....
'
*
shares
.
.
48
44.
101%
*
American
..
7.13
6.48
Trusteed N Y Bank Shares
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
_
Galr (Robert) Co com
Preferred
2.98
B
Trusteed Industry Shares.
55 X
Foundation Co-
Foreign shares
....
Trusteed Amer Bank Shs B
52%
Douglas Shoe preferred .100
Draper Corp
Flour Mills of America.
3.02
1.65
Standard Screw..
...
....
15.54
2.19
8parta Foundry common..
Standard Cap & Seal
5
120
....
14.29
Supervised Shares
D
6.59
....
2.03
52
Dixon (Jos) Crucible
7,98
1.52
54 y
_*
D
1.87
49
X
7.98
Building shares
Pathe Film 7% pref
*
Petroleum Conversion com
70
C
Automobile shares
Ohio Match Co w i
44%
Columbia Baking com
$1 cum pref
....
2.72
Agricultural shares
100
New Haven Clock pf
Northwestern Yeast
Ohio
....
4.30
32
Preferred
Norwich
2
2.71
B
116
Nat Paper & Type com
5%
AA
41
30.55
30
National
Preferred
49 X
....
114
31
4
4.45
4.10
ShpetfCorp of Am Tr Shs A
5.71
General Investors Trust..
Group Securities-
22.13
BB
38
B
9 y
66 y
3
Spencer Trask Fund
-
1
29 X
76
Crowell Pub Co
8%
64%
-
100
com
preferred
21
47
Carrier Corp 7% pref._100
Climax Molybdenum
*
Ask
Mock Judson & Voehringer
100
1st preferred
100
Canadian Celanese com..*
Preferred
—100
Bid
2%
33 %
23
32 %
American Republics com.*
Andlan National Corp...*
Class B
*
Merck <fe Co Inc
106
8% cumul preferred
American Hardware
Preferred
Macfadden Publica com..*
M ay tag warrants
American Hard Rubber—
American Mfg
Par
32
70
v t c._
Arch....
American
*
100
American
Foundation Trust Shares
-
.
15
—Bristol
&
Willett,
115 Broadway,
New York,
are
distributing their
current offering list pf baby bonds.
-r-Amos
& Co.
B.
Hostetter, Jr. has
been admitted to partnership in Hardy
Volume
Financial
143
Chronicle
Over-the-Counter SecuritiesFriday July 17—Concluded
Quotations
415
Montreal Stock Exchange
on
July 11
to
July 17, both inclusive, compiled from official sales lists
Sales
Friday
Last
Foreign Unlisted Dollar Bonds
Bid
1940
Anhalt 7b to
...1946
7% -1947
Bank of Colombia 7 % -1948
Barranqullla 8s'35-40-46-48
Bavaria 0%s to
—1945
Antloqula 8%
Bank of Colombia
Bavarian
S17
/24
24
Hansa SS 6s stamped. 1939
Housing & Real Imp 7s '40
Hungarian Cent Mut 7s '37
Hungarian Discount & Ex¬
change Bank 7s
1936
/20
/25
21
21
18%
26
7s--
1958
1969
/18%
/15%
/16%
18
S5X
/5%
6s
1940
22%
16%
17%
6
1945
8b
Bolivia (Republic) 8b.
7s_.
1947
Brandenburg Eleo 63.-1953
Brazil funding 5%-1931-51
Brazil funding scrip
—
Bremen (Germany) 7b '35
63 1940
British
9
121
/68%
22%
68%
170
23~"
121
118
Bank
7 Ms
1962
Brown Coal Ind Corp—
6 Ms
1953
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 7S-1953
Luneberg Power Light &
Water 7%
1948
Mannheim & Palat 7s. 1941
Meridionale Eleo 7s.—1957
Montevideo 6s.
1959
7s
1952
Munich 7s to
1945
Munic Bk Hessen 7s to '45
"
21%
Hungarian
129
—
27
26
Caldas (Columbia) 7Ms '46
/11%
Call (Colombia) 7%—1947
/11%
Callao (Peru)
/10
/10%
7%%-1944
Cauca Valley 7 Ms
1946
Ceara (Brazil) 8%
1947
11%
11%
24%
/23M
f72
73M
City Savings Bank, Buda¬
pest, 7b
——1953
Columbia scrip issue of *33
Issue of 1934 4%—-1946
Cordoba 7s stamped.-1937
7s stamped
1957
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ms '49
1949
5s
Cundlnamarca
23
25 M
Canadian Bronze
/23M
25M
Cndn Bronze pref
100
Canadian Car & Foundry *
Canada
25
Porto Alegre
56
Protestant
7%
50%
/20
/48
24
Prov
51
Prov
11%
Rhine Westph
1966
1945
French Govt 5Ms
1937
French Nat Mall SS 6s '52
136
Gelsenkirchen Mln 6s. 1934
166
German Atl Cable 7 s.-1945
125
German Building & Landbank 6M%———1948
142
July to Deo 1933
123
Jan to June 1934
German scrip
German called bonds
German
Dawes
Church
Dec 1934
19 X
Apr 15 *35 to Apr 15 *36.
German
Young
12-1-34
—
June 1 *35 to June 1 '36.
Graz (Austria) 8s
20
/12%
/14%
4s
1960-1990
Guatemala 8s 1948
0%
6%
1957
Salvador 4%
26 X
41
July
July
July
10,715
8,225
Apr
8X
13
May
605
25
X May
19X
31X
100
119M
119M 120 M
pref 100
_*
8X
5%
Apr
Apr
108%
128
Feb
Jan
112
May
21
25
18
Feb
21%
25
28 M
33
135
20
25
5
23%
30
Jan
28
29
400
23 X
Jan
Jan
34
Mar
32
33 X
271
26
Apr
48
Jan
June
12X
Feb
5% June
11%
Jan
15%
■'9%
Feb
7
7 i!.'
6
6
2,417
7%
6M
13%
410
6%
July
Feb
Apr
34%
24
40
Jan
40%
Feb
Dominion Coal pref
100
39%
15 X
39
45
15%
16%
320
MX
Apr
17%
Feb
31M
Dominion Glass.
100
41
Dominion Glass pref--.100
Dominion Steel A Coal B 25
/38
16M
/15M
/22M
24 M
Dominion
/21M
22 M
Dry den
*
Textile
t
79
7
Feb
July
3%
Feb
Jan
28%
Feb
Jan
24
Feb
Feb
23
1,180
19%
19M
41
10%
8%
208
4
June
Mar
12%
18%
"~8~~
8
60
IX
Jan
Apr
15%
3M
16M
3M
1,875
*
25
3
June
5%
Jan
57 M
57 M
25
55
Jan
58%
Mar
6M
100
5% June
8%
Mar
Charles
100
Preferred
Holt Renfrew pref
7
10
7%
1,990
15%
5%
15%
1,700
40
,
15%
100
40
625
Preferred
120
*
13
13
14
1,290
94
95
117
Imoerlal Tobacco of Can .5
95
July
5%
June
4
Mar
Jan
8%
Jan
17 X
Jan
May
13.60
100
*
pref..100
lnt Paper & Pow
Jamaica Pub Serv Ltd
1955
92 M
Lake of the Woods.
1947
/10 M
11M
9% June
88
Jan
40
14%
119
Jan
Mar
Mar
14
7%
500
7
Apr
50%
50
50%
4,771
43
Apr
54
Feb
40
40
40
15
27
Jan
80
July
7%
i4
1,755
Apr
13%
X
Mar
14%
7%
6
Mar
Feb
Feb
5
300
3
July
93
94
89
57
Jan
94
July
35%
*
International Power pf. 100
Jan
30
91%
13%
£1
Preferred
Int Nickel of Canada
35%
25
33
Jan
36
June
4%
93
*
100
23
23
24
1,300
Jan
24
July
*
Preferred..
145
145
145
25
123
Jan
145
July
4
4
25
2
May
4
Jan
Lindsay (C W)
/96
5
...100
Howard Smith Paper
26 M
38 %
5%
5
Hamilton, Bridge
Holllnger Gold Mines
International Power
1950
95
95
7%
-*
15%
25 M
25
65
1951
6
*
Gypsum, Lime & Alabast-*
/23
City 7s
15%
12""
—
Tucuman Prov 7s
*
Massey-Harris
*
*
16 X
97 M
/99M
/24
/20M
/23%
101
26
McColl-Frontenac Oil
23M
Mitchell (JS).
25%
100
*
National Breweries.
Exchange
Preferred—i
BLDG., CINCINNATI
Jan
36
Feb
110
110
Feb
15
26
Jan
35
Jan
93
51
86
Jan
100
Feb
30%
30%
31M
3,448
30
May
34
Jan
26
26
30
26
Apr
28
Mar
56%
56%
5
55%
Apr
60
93 %
93
93%
39
85
Apr
103
Jan
45
44 M
45
864
39
Jan
45
June
43
43
106
39%
Mar
43
Feb
16
15
Feb
1,790
13
May
60
136
34
Jan
60
July
—-*
*
60
60
20
56
Jan
61
July
Preferred..
60 M
17M
56%
...100
Ontario Steel Products—*
Preferred..
100
Ottawa L H & Power.-100
Preferred
100
Ottawa Traction..
.100
JaD
199%
Jan
240
Mar
152
Jan
165
June
219M
165
285
6
95
96
M
50
Jan
8
95
6
95
July
44%
91
210
165
215
60%
5,355
60M
~
.*
Ogilvle Flour Mills
Preferred
Cincinnati Stock Exchange
17%
Jan
60
*
Noranda Mines
A.T.&T. Tel. Cin. 291
Feb
225
34
Weaving.—*
Natl Steel Car Corp
Niagara Wire
Feb
30
93
25
—
7%
17%
2,135
34
40
Montreal Tramways—100
110
4% June
10X May
100
36
110
100
Preferred
Jan
955
5X
14M
93
.100
Preferred
4%
14%
36
4%
14%
—*
Montreal Cottons *
Cherry 6711
Feb
July
19M
22 M
*
375
790
13
Gurd,
59
96
Stock
May
4X May
4%
22 M
.1
—*
72
1945
June
8
35
24
Wurtemberg 7s to
Feb
155
2
/67
1947
115
Jan
1M
/60
91M
Unterelbe Electric 6s. 1953
Jan
6%
General Steel Wares
/99
----1940
Vesten Eleo Ry 7s
4,456
5%
69
106
6
Foundation Co of Can...*
19%
/23
/24
37%
1956
United Steamship 6s. .1937
4%
Jan
136 X
66
12M
/II
/15
/24
—1951
Tollma 7s.
30
6
39 M
/19
/57M
/74
Scrip.
Toho Electric 7s
131
57% May
Feb
17.
G'year T Pfd Inc 1927-100
1947
15%
109
150
Jan
69
*
B—
(Brazil)
Serbian 5s
"~5X
109
150
10%
_*
English Electric A
/38M
/II
scrip
Catharlna
109
5,617
_*
Paper
Eastern Dairies
160
Wire System- -First Boston Corporation
5
75
Jan
95
96 M
8
88
Feb
96%
6
Jan
Feb
July
106
107
30
Feb
110
Jan
17
—.
17
20
15
June
21
Jan
51M
53
122
48
Mar
57
55
118
Jan
,125
101%
July 17, both inclusive, compiled from official sales lists
Last
Sale
Stocks-
Par
Industries
Price
*
Amer
Laundry Machine.20
Champ Coated
100
Week's Range
11%
High
22
22 X
153
20
432
13
14
Cin Gas & Elec pref
Cin Post Term pref
10i0
107
106
106 X
100
100
100
Cincinnati Street Ry——50
Cincinnati Telephone...50
7
103
Formica Insulation
103%
14
High
Jan
9%
Jan
19 %
19M June
102
Mar
13M
Mar
27
Mai*
25
Feb
105
Jan
29
22 M
May
194
•
Jan
107
July
Apr
100
July
Jan
17M
Feb
15
7%
336
5%
89 M
23
90 X
23
195
85
Jan
92
Mar
40
20
Mar
25
June
85
86
88
70
44
Jan
88
July
11%
10 %
11%
1,680
Jan
15
Mar
19%
19%
17
July
25
*
8
19%
8M
Jan
Lunkenheimer
32 M
7 M
45
7
Jan
45
221
40
Mar
45
Jan
11
11M
50
11
June
12
May
*
Kahn A...
7M
44 M
40
A
291
*
.*
Goldsmith
22
18
Jan
25
31%
28
Jan
33 M June
SM
Apr
Metegf
Mooris'Coney a
Pumps
Procter & Gamble
*
12
*
-
US Printing—
Preferred
*
_*
50
2
Jan
4%
Feb
10
7
Feb
July
6
Jan
10 x
13 M
5M
Mar
8
July
13 M
13M
50
4M
189
8
195
6
*
*
Randall A.._
100
9
4M
*
46 M
118
100
100
preferred
preferred
91
2M
9
Manischewitz.
22 X
2%
2.50
Magnavox..
53
125
'im
16
5M
Regent Knitting
Preferred...
25
100
-*
Rolland Paper pref
Corp..
preferred
-----50
St Lawr Flour M pref-100
St Lawrence Paper pref .100
Shawlnlgan W & Power..*
Rherwln Williams of Can.*
St Lawrence
A
16
99 %
125
11%
Jan
5M
455
14X
4%
May
16
15 %
99 M 100 M
230
12X.
186
97
13%
15%
4M
14M
16
733
930
18%
Jan
18
6%
Jan
Apr
Feb
Feb
Feb
Feb
16
June
Jan
104
Mar
3%
14%
July
14
8.560
1,530
1.50 May
13
8
Jan
130
130
5
119X
Jan
130
June
35
37
855
20 X
Jan
37
July
19 M
18%
July
May
23%
Mar
17
19 M
19
18%
17
2%
13
"35_"
2M
3%
July
Jan
*
Gibson Art
507
Low
100 M
85
Cin Union Stock Yard...*
Eagle-Piclier Lead..... .20
67
19 %
22%
100
_*
_*
Shares
12 H
Champ Fibre pref
Churngold
Coca Cola A
Range Since Jan. 1 1936
for
Week
of Prices
Low
*
Preferred
...100
Power Corp oi Canada...*
Quebec Power
*
Penmans..,
Sales
Friday
B
102^ May
Mar
Stocks and Bonds
5%
8%
Jan
43
106 M 106 M
15
Specialists in Ohio Listed and Unlisted
National
Jan
31
18 X
32
BALLINGER & CO.
Hobart
23
135
19 X
Montreal Telegraph
Aluminum
45
38
29 X
Montreal L, H & Pr Cons. *
Montreal Loan & Mort__25
to
....."
11
37
120
58
For footnotes see page 414.
July 11
6X June
11
38~"
Feb
1,190
1.559
97
UNION TRUST
Feb
16M
1933
8%—
Cincinnati
7X
3%
16%
1.25
23%
116% 117%
44
/40
Members
Apr
310
21%
1946
23%
335
7
16
Tucuman
/20%
Jan
2M
2X
7
July
16M
7s unstamped.
95
25 X
23
108%
—.1953
80
Jan
Dist Corp Seagrams
Dominion Bridge.
Stettin Pub Utll 7s.„1946
Hanover Harz Water Wks
Jan
6%
17M
B
Feb
May
22
16%
Stlnnes 7s unstamped.1936
93
8 ;
6
58
418
28
Electrolux Corp
13
1954
Gt Brit & Ireland 5Ms '37
Haiti
118%
Coupons
stamped
7
1,534
1,095
6M
/16
Silesia" Electric 6%s—Il946
10
July
July
May
/20
/41
Coupons
Jan
40
6
(Ger¬
6%
7b
stamped
16
Jan
51
Serbian coupons
/44-55
Slem & Halske deb 68.2930 /275
8
July
33
340
Eleo 7% '36
6Ms—
17 X
120-50
7
565
1,768
Saxon State Mtge 6s_. 1947
25%
920
40
6M
Santander (Colom) 7s .1948
Sao Paulo (Brazil) 68.1943
136
124%
Feb
54 M
Saxon Pub Works 7s—1945
July 1934 to June 1936-
5X
6
Santa Fe 7s stamped—1942
26
May
155
12M
Saarbruecken M Bk 6s '47
145
3%
4%
8%
19%
Candn Industrial Alcohol-*
56 M
1946 v/21
/40
Bk Westphhlla 6s '33
/28M
Bk Westphalia 6s '36
Santa
German defaulted coupons
Feb
Feb
Jan
54
157
26"
Feb
15%
32X
%
13M
6M
-1945
140"
150
Jan
28
54 M
7%
1957
Salvador 7% ctf of dep '57
25"
Mar
9
950
13
28 M
Cockshutt Plow...
Salvador
130
122
7
39%
141
6,777
30%
*
7%
Candn Hydro-Eleo
24%
7 Ms
173
147%
12%
29%
4%
4X June
25
Royal Dutch 4s
vestment
146
Mar
1M May
Canadian Pacific Ry
R C Church Welfare 7s *48
Frankfurt 7s to
10 M
415
Con Mining & Smelt new 25
Crown Cork & Seal Co.—*
Rio de Janeiro
24%
Feb
55
1,307
23
Rom Cath Church 6 Ms '46
123%
123%
Jan
17 X
v%
2
23M
24
1953
15
G Z/
14%
y %
/21
/55
25
6Ms—
July
G Z/
13%
Jan
/20M
/21
European Mortgage & In
July
-—.25
Celanese
Candn Foreign Investm't-*
many) 7s
Electric Pr (Germ) 6Ms '50
*
Preferred
54 M
Panama 5% scrip
48
23
Feb
55
1968
49
/21 %
23
Jan
1945
to.
153
/21
Jan
-5
26
51%
9%
2M
100
Preferred
—1947
Duesseldorf 7s to.—1945
1945
14
15
80
.
Oberpfals Eleo 7%—1946
Oldenburg-Free State 7%
East Prussian Pow 6s. 1953
38 X
24 M
Rights
*
Canadian Converters.. 100
Dortmund Mun Utll 6s '48
Duisburg 7% to
Jan
75
Can Wire & Cable class A. *
Class
24
Steamship:
Preferred
/27
/94
52
Jan
27
24
6M
Canadian
4s_,
Mar
100
79
/83
7%
Jan
107
62
55
-
June
10
70
28%
15
100
95
24
10
/22M
North German Lloyd 6s '47
67"
8
40
/SO
/11%
/22%
6Ms—1959
sukMms——:::::
Canada Cement
69
126
163
147
146
12%
Preferred
—1948
13%
1968
y%
30
Can North Power Corp
/26
67
7s assented
Chilean Nitrate 5b
G Z/
146%
/51
/54
/23
/21
7 Ms
-1902
National Hungarian & Ind
14%
14%
10
Building Products A
25
27
June
May
7% June
85
26 M
Nat Central Savings Bk of
Mtge
13%
High
21
14M June
415
105
104
55
4%
11%
12
6s assented...
15
British Col Power Corp A.
Bmck
Hungary
Low
85
9M
2
1948-1949
C C & D 7
Chile, Government—
27%
14
.1946-1947
(A & B)
105
Brazilian Tr, Lt & Pr
11
5
95
9
Bathurst Power & Paper A
122
Recklinghausen 7s—1947
Nassau Landbank 6 Ms '38
Natl Bank Panama 6M%
124
95
*
Bawlf (N) Grain...
Bell Telephone.
Municipal Gas & Eleo Corp
Buenos Aires scrip
49
147 %
Burmelster & Wain 6s_1940 /109
112
100
AnglCan T pf 7 % Can reg50
Associated Breweries..
*
/45
/27
/2 6
-
Range Since Jan. 1 1936
for
Week
Shares
20
38M
/22M
Land M Bk Warsaw 8s '41
5%
High
20
Agnew-Suroass Shoe pref. *
Alberta Pac Grain pref 100
Amal Electric Corp pref.50
127
1943
Koholyt 6 Ms
5%
Low
6M% preferred
Agnew-Surpass Shoe
23""
Hungarian defaulted coups /20-40
/26
Hungarian Ital Bk 7 Ms '32
/24
Ilseder Steel 6s
1948
37M
Jugoslavia 5s
1956
/44-55
Coupons
8%
Price
Acme Glove Works Ltd—*
135
34
Par
of Prices
Ask
Bid
Ask
J21
/31
/19%
/19%
Cons
Palatinate
Clt 7% to
—.1945
Bogota (Colombia) 6 %s '47
Stocks—
Week's Range
Sale
208
21
20 M
47 %
94
Preferred
Viau Biscuit..
Wabasso Cotton
Windsor Hotel.
Windsor Hotel pref
Winnipeg Electric
Preferred
Canada
48 M
Jan
Canadienne
120 X
220
Feb
Commerce
213
11
208
21
148
16
Jan
21
Jan
Nova Scotia
301
Jan
4%
Jan
4M
14X June
9
Jan
Royal
8M
Feb
*
28 M
Feb
4%
4%
95
17%
25
.
66M
*
*
*
1.50
60
25
1.00
4
100
57
Jan
572
49 X
1.75
50
I ix
25M
470
1.16
180
4
30
20
1.00
4
3
105
13
25
2%
11%
58
58 M
15
50
57 X
58
3
Mar
778
13
3
Jan
14
66M
60
1.50
20
12
June
67X
58 X
100
100
"58*
50
100
—.100
....100
100
152"
137 M 138
152
152M
190
190
284
168
Jan
July
11
12
20
Apr
Jan
67%
60%
July
3%
Feb
May
32
Apr
Jan
July
1.15 May
Apr
4% June
4% Mar
Jan
Jan
May
18
67%
Mar
Jan
Banks—
Apr
July
7
*
25
9%
61
11M
*
16
July
4
117M
90
25
*
..100
Woods Mfg pref
118
7
17
Feb
4M
Feb
3X
40 M June
Feb
(H) & Sons
Southern Can Power
Steel Co of Canada
Simon
1,722
May
Montreal
-
No par
valup.
57 X
41
51X
Jan
58% June
64
133
Jan
140
Feb
252
148
Apr
170
Feb
191
402
184
May
214
Feb
287
284
24
271
Jan
300
Feb
166
169
234
164
Jan
181
Feb
Financial
416
Chronicle
1936
July 18,
II
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
OF
STATEMENTS
REGISTRATION
ACT
SECURITIES
The
are
and
Exchange Commission on July 15
eight additional registration state¬
(Nos. 2317-2324 inclusive) under the Securities Act.
Securities
announced the filing of
ments
The total involved is
represents
No.
new
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:
$30,676,950.50, of which $30,651,800
of Issues
grouped
are
as
inc.
follows:
1935
7
Commercial and industrial
1
$30,651,800.00
Voting trust certificates
.-
25,150.50
January
following issues for which releases
published:
Philip Morris &
Ltd.,
Inc.—103,866 shares of $10
capital stock.
(See details in V. 143,
2-2317, Form A-2, included in Release No. 876.)
common
Indianapolis
Co.—$13,875,000
Water
of
p.
par value
(Docket No.
280.)
Louisiana
257,728,677
248,122,284
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
275,158,450
292,495,988
256,637,723
257,201,455
April
May
279,153,707
280,975,503
274,963,381
293,606,520
July
August
September..
1st
bonds, 3Vx%
(Docket No.
mtge.
series, due July 1, 1966.
(See details in V. 143, p. 274.)
2-2320, Form A-2, included in Release No. 878.)
Arkansas
306,566,997
340,591,477
300,916,282
295,880,873
October
November
..
December...
Gas Co.—$10,000,000
of 1st mtge. bonds, 4%
143, p. 262.)
(Docket No. 2-2321,
series, due 1951.
(See details in V.
Form A-2, included in Release No. 879.)
292,798,746
January
February
are
as
298,704,814
312,908,137
of the stock
are
be
to
used
to
complete and
factory for the manufacture of airplanes, to operate the factory,
organization expenses, and for working capital.
Richard P. Gross
of San Francisco, is the principal underwriter.
Lloyd Stearman,
of San Francisco, is President.
Filed July 2, 1936.
a
+4.00
+ 11.41
+34,842,478
+ 13.20
+ 17.87
—0.23
239,129
238,980
239.020
239,000
238,955
238,819
238,791
238,668
238,436
238,629
237,431
237,385
237,306
237,074
+ 16.44
+ 17.25
+ 15.04
+45,494,779
+27,349,607
279,133,293
280.484.056
1935
238,226
237,028
238,208
237,012
+ 14.82
Inc.
238,393
237,078
237,051
237,054
+9.75
+ 14.14
+38,763,402
+41,354,127
Net Earnings
pur¬
to pay
& Co.,
—0.51
+ 11,281,900
+31.408,547
+48,095,489
+44,278,559
+38,679,418
274,144,735
320,487,420
chase of two slate companies.
Butcher & Sherrerd, of Philadelphia, Pa.,
as an underwriter.
John H. Amy, of Bangor, is Vice-President.
Filed July 2, 1936.
equip
+3.45
—0.88
—1,431,003
—646,683
239,506
239,433
239,246
238,245
238,162
238,011
237,995
237,951
237,800
237,700
—4.20
1936
May
238,159
(+)
238.280
(—)
or Dec.
Month
is named
Stearman-Hammond
Aircraft
Corp. (2-2319, Form A-l) of San
Francisco, Calif., has filed a registration statement covering 280,000
shares ($1.25 par) common stock, of which 200,000 shares are to be offered
publicly at par, and 80,000 shares are to be issued to Hammond Aircraft
Corp. and Lloyd Stearman for certain assets of that corporation and an
employment contract with Lloyd Stearman for a period of five years.
The
+2.39
t-2.60
+6,148,718
+6,444,483
—12,306,728
+ 9,147,757
—2,489,273
263,862,336
254,555,005
300,049,784
307,833,663
April
follows:
1934
Miles
1935
1936
March
Other securities included in the total
North Bangor Slate Co. (2-2318, Form A-2) of Bangor, Pa., has filed
a registration statement covering $125,000 of 1st
mtge. 6-year 6% bonds.
The net proceeds from the sale of the bonds are to be applied to the
net proceeds from the sale
1935
Miles
Cent
(—)
S
263,877,395
264,566,767
280,492,018
June
Co.,
$
274,185,053
February—
March
The total includes the
Dec.
1934
$
Per
(+) or
Total
Type
have been
Length of Road
Gross Earnings
Month
issues:
securities involved
The
-
Monthly Gross Earnings of Railroads—The following
UNDER
-
1934
January...
$51,351,024
February..
54,896,705
March
$62,258,639
59,927,200
83,942,886
65,252,005
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
60,061,636
62,786,896
May
67,659,321
65,305,735
70,416,370
June
64,920,431
July
57,478,685
August-...
72,794,807
September.
88,955,493
April
October
108,551,920
November.
82,747,438
70,445,503
December.
Per Cent
Amount
1935
—$10,907,615
—5,030,495
—17.50
—16,283,565
+53,730
—19.40
—8.30
+0.08
—2.31
—1,666,850
—9,608,823
—12.89
—10,108,077
—14.96
+ 1,108,150
+ 16,564,585
+27,512,645
+22,685,802
+ 7,658,607
+ 1.55
+22.88
+33.95
+ 15,478,511
+9.199.020
+ 3,506,818
+37.77
+ 12.20
San Antonio Milam Building, Inc. (2-2322, Form F-l) of San
Antonio,
Texas, has filed a registration statement covering the issuance of voting
trust certificates for 2,187 shares of its no par value common stock.
The
January...
67,383,511
51,905,000
voting trustees are W. C. Collins, Claude T. Porter and Jesse S. Skinner,
all of St. Louis, Mo.
Filed July 6, 1936.
February..
64,601,551
55,402,531
March.
71,711,908
+ 13.112,171
+29.82
+ 16.60
+5.14
+20.11
+ 10,397,914
+ 14.78
Ryerson & Haynes, Inc. (2-2323, Form A-2) of Jackson, Mich., has
a registration statement covering
85,000 shares ($1 par) common
filed
stock.
The net proceeds from the sale of the stock
accounts payable, additions and improvements to
are
to
April
78,326,373
68,205,090
65,214,202
May
80,729,491
70,331,577
be applied to
plant, acquisition and
Abbott
installation
of machinery and equipment, payment of notes and other
and working capital.
Carlton M. Higbie Corp. and McDonald,
& Hayes, Inc., both of Detroit, are the principal underwriters.
C. W. Ryerson, of Jackson, is President.
Filed July 8, 1936.
loans,
Moore
The Peterson
Engine Co., Inc. (2-2324, Form A-l) of Brooklyn, N. Y.,
registration statement covering 200,000 shares ($1 par) common
be offered at $2 a share.
The net proceeds from the sale of
the stock are to be used to acquire a machine
shop and equipment, to
purchase raw materials and supplies, and for labor and salaries.
E. J.
Wiley, of N. Y. City, is the principal underwriter.
Vincent Loxterman,
has filed
stock,
of
a
to
Brooklyn, is President.
Prospectuses
Filed July 9, 1936.
filed for six issues under Rule 202,
which exempts from registration certain classes of
offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of
these filings is given below:
Thome Arm Consolidated Mines, Inc. (File
3-3-690), no address,
offering 76,666 shares common stock, 15,000 of the shares to be offered
at $1 per share, 30,000 shares will be offered at $1.25
per share and 31,666
shares will be offered at $1.50 per share.
Geo. J. Osgood, 521 No. Yakima
Ave., Tacoma, Wash., is President.
No underwriter is named.
f
Adams Express
Atlanta,
at
par.
Development
Corp.
(File 3-3-692),
Connally
Bldg..
Ga., offering 88,000 shares of class A common stock ($1 par)
Benjamin P. Tuggle, 299 Candler St., N. E., Atlanta, Ga., is
President.
No
underwriter
is
Income: dividends
Interest
(File 3-3-694), no address, offering 20,000 shares of
preferred stock ($5 par) at par.
S. M. Sager, 448 Greenwood Ave.,
Glencoe, 111., is President.
The offering is to be made through Sayre &
Co., 120 Broadway, New York, N. Y.
securities.
on
$494,825
4,637
securities
415
u
Total income
$499,878
93,659
General expenses
Interest
on
collateral trust bonds and notes
Provision for taxes
Net income
Total-
Power Co. (No. 2-2328,
$10,500,000 1st mtge. bonds, 3%% series, due 1961.
-
Royal Petroleum Co.
——
Consolidated earned surplus, June 30, 1936
$3,755,493
Balance, Dec. 31,1935
-
$40,587,423
-
Accumulated dividends
Cost of
on pref. stock at date of redemption—
42,247.75 shares of common stock
Net realized loss
on
at June
excess
30, 1936
of cost
was
over
(V. 142,
Insurance Investors Co.
p.
p.
(V. 142,
2485).
4326) i
p.
$6,028,764 less than at Dec. 31, 1935.
Comparative Consolidated Balance Sheet
June
June30,'36 Dec.31,*35
Assets—
Cash..-..
$
S
2,324,204
Accrd. int. & divs.
58,850
74,265
Invests, at cost—53,975,151 57,459,920
Prop. & equip., less
depreciation
11,324
11,699
2,748,793
Liabilities—
Div.
stock
.
§
.
167,232
Int. accrd.
trust
30,'36 Dec. 31,'35
$
pay. on com.
on
171,455
96,020
96,480
coll.
4% bonds.
Int. accrd. on coll.
notes
12,422
Res. for taxes, con¬
480,122
467,140
5,100,000
5,100,000
4,671,000
tingencies, &C-.
4,671,000
Coll. trust 4% bds.
due June
in
1,1947,
hands of
the
public
Coll. trust 4% bds.
due Mar.
1, '48,
in
Filed March 31, 1936.
2652).
■
June 30,1936$38,511,829
market value of the company's securities
Form A-2) covering
Filed July 11, 1936.
Filed June 16,
33,452
496,297
1,545,844
•
j
Consolidated capital surplus and common stock,
Note—The
_
securities-
of
hands
the
public
(V. 142,
$3,922,726
167,232
Consolidated Capital Surplus and Common Stock
The following companies have been permitted to withdraw
their registration statements:
Columbia System Inc.
-
Dividend payable on common stock-
following registration statement also was filed with
the SEC, details regarding which will be found on
subsequent
pages under the company mentioned:
Michigan
$164,035
3,758,691
-
:
The
Wisconsin
233,842
8,341
_
Balance, Dec. 31,1935
Ave. N. E., Washington, D. C.,
offering 430,000 shares of common stock
(10 cents par) at par.
Dr. Harry C. Brown, 236 Massachusetts Ave.,
N. E., Washington, D. C., is President.
No underwriter is named.
Sager Pen Corp.
on
Miscellaneous income
named.
Gold & Silver Mountain Mines, Inc. (File
3-3-693), 236 Massachusetts
Co.—Earnings—
Consolidated Income Account 6 Months Ended June 30, 1936
Apache Aircraft Corp. (File 3-3-691), 900 Market St., Wilmington,
Del., offering to brokers and security dealers 80,000 shares of class A
7% cumulative preferred stock ($1 par) and 20,000 shares of class B stock
($1 par) in units of 4 shares of class A and 1 share of class B at $5 per unit.
George O. Speake, 3314 Genevieve St., San Bernardino, Calif., is President.
No underwriter is named.
Laboratories, Inc.—Stock Increase Voted!-+-
The stockholders on July 14 approved a plan to increase the authorized
capital stock from 200,000 to 1,000.000 shares and to issue two additional
shares for each share held, to stockholders of record July 21.
The balance of 400,000 shares will be held in the treasury and used as
the directors may decide, according to a statement issued at the close of
the meeting.
At the meeting of directors which followed the special stockholders'
meeting it was announced that new branches will be opned in Boston and
Havana, Cuba, on Sept. 1.
The company is also considering branches for
Buenos Aires and Rio de Janeiro.—V. 142, p. 3660.
were
Martinez-Romero Oil Co. (File 3-3-689), Las Vegas, N. M ex., offering
100,000 shares common stock ($1 par) at par.
Epimenio Martinez, Wagon
Mound, N. Mex., is President.
No underwriter is named.
Motherlode
1935
1936
Coll.
notes,
due
1937-1941
1936.
Pref.
Filed April 7, 1936.
stock
4,000,000
(par
$100)
*5,017,900
In making available the above list the Commission said:
Tn
Ms
Common
capital surplus_z38,511,829y40,587,423
Earned surplus
3,755,493
3,758,691
no case
appro- al
of the iiaue
does the act of filing with the Commission give to any
security
or indicate that the Commission has passed on the merits
or
that the registration statement itself is correct.
The last
in
our
previous list of registration statements
issuo of July 11, page 260. .
was
Total
given
s_.56,794,120 59,870,091
Total
stock
&
56,794,120 59,870,091
x All
of the outstanding pref. stock was redeemed on Feb. 18, 1936.
Represented by 1,714,747.75 shares,
z Represented by 1,672,500 no
par shares.—V. 143, p. 261.
y
Volume
143
Financial
Chronicle
417
American Cities Power & Light Corp.
Class
A
Specialists
Stock
All
Optional Dividend Series of 1936
in
Rights and Scrip
With Stock Purchase Warrants
DEPARTMENT
TRADING
McDonnell & Go.
Eastman, Dillon 8 Co.
MEMBERS
NEW YORK
M.mb.r./N"" York Stock Exch.nj.
(New York
STOCK EXCHANGE
15 Broad Street
120
New York
A. T. & T. Teletype N. Y.
1-752
TEL.
Air-Way Electric Appliance Corp.— -Earnings—
preciation, &c
Wfc?.—1935
$4,019
new
1936—24 Wfo.—1934
$32,366
$28,119
$83,888
—Y. 142, p. 2653.
Algoma Steel Corp., Ltd.—To Increase Capital—
Authority was taken at a recent special meeting of shareholders to increase
the authorized capitalization of the corporation to 1,000,000 no
par common
shares.
They will replace the present authorized common stock capitaliza¬
tion of 130,000 shares,
The new stock will be issued to present holders
of common stock on a four to one basis.
Capitalization of the corporation heretofore has been 2,700,000 pref.
shares, of which 2,417,500 have been issued, and 130,000 common shares of
no par value, of which 99,725 have been issued.
Exchange of each of the 99,725 shares outstanding, on the basis of four
for one, will make the new stock to be issued 398,900 shares.
The con¬
vertible feature of the pref. stock is changed,
making them convertible into
four new common shares instead of one, as heretofore.
The
change
will
leave
601,100 common shares unissued,
purposes.—Y. 140, p. 4220.
which
the
company can use for corporate
Allen
1936
and Federal taxes
Shares com.stk. (no par)
Earnings
1935
$393,699
246,000
$1.60
per share
$236,025
$144,006
stock, optional dividend series of 1936, repre¬
sented by the certificates to which the warrants will be respectively attached.
The warrants will be exercisable on or before July 1, 1937 with
respect to
the class B stock of the company, and if not so exercised will be exercisable
thereafter and
66,000
66,000
$1.96
$0.36
3329.
12 Mos. End. June 30—
1936
sales
$5,883,559
1935
1934
1933
4,525,859
1,202,557
$4,632,058
3,612,412
1,456,465
$4,545,291
3,533,233
1,423,859
$3,955,671
4,031,355
1,411,967
_.prof$155,143
145,357
$436,819
220,632
$411,801
180,769
$1,487,651
120,121
prof $300,500
$216,187
$1,367,530
41,270
48,233
8,173
$231,032
61,678
10,275
Net
Operating expenses
Depreciation
Operating loss
Other income (net)
on or
before July 1, 1941 with respect to the
common
stock
of North American
Co.
The holder will be entitled upon exercise of a
purchase, for each share of the class A stock, optional dividend
series of 1936, represented by the certificate to which such warrant is
attached,
warrant to
or
before July 1,
or
1 share of the common stock of North American Co. at $35 per share after
July 1, 1937 and on or before July 1, 1939; or at $40 per share after
$38,303
66,000
$3.39
Alpha Portland Cement Co.—Earnings—
July 1, 1939 and on or before July 1, 1941.
The warrant agreement will contain provisions designed to protect the
warrants, in certain events, against dilution.
The warrants will be issued
under a warrant agreement to be entered into between the company and
Central Hanover Bank & Trust Co., as warrant agent, and will be exercis¬
able at theiprincipal office of such warrant agent.
150,000 shares of the
common stock of North American Co. will be deposited with the warrant
agent for delivery upon exercise of the warrants and 450,000 shares of
class B stock have been authorized for issuance upon, and will be reserved
against, the exercise of the stock purchase warrants.
Listing—Company has agreed that it will in due course make application
for the permanent listing of the class A stock, optional dividend series of
1936, with and without warrants attached, on the New York Curb Ex¬
change and the registration thereof under the Sectities Exchange Act of 1934.
History & Business—Corporation was incorp. in Virginia on Oct. 31,
1928, with broad charter powers with respect to the purchase, holding and
sale of all forms of securities.
The business of the company and its wholly
owned subsidiary, Consolidated Holdings Corp., is that of investing in
Such companies have been continuously active as investment
securities.
Lass
Charges
x
Minority interest
___
677
loss
prof$259,907
Preferred
dividends.
11",733
$256,247
58,334
483,450
$282,435
140,000
$1,355,797
644,600
$384,693
$798,031
$422,435
$1,495,797
dividends
Common
.__
companies of the general management type since their organization in 1928
and 1931, respectively.
Their principal investments, other than the in¬
vestment in the common stock of Standard Cap & Seal Corp. are in the
securities of public utility holding companies, public utility operating com¬
panies and investment companies.
140,000
Capitalization
Title of
Deficit
x
tion of the shares of class A
1937;
t
Net
for shares of the class A stock, optional dividend series of 1936 and will
be
non-detachable therefrom except upon exercise thereof or upon the
redemp¬
1933
Net income, after all charges including provision for normal Federal
income taxes, but not including provision for tax on undistributed
income,
30, 1936 amounted to $231,284, equivalent to
94 cents a share on the 246,000
shares of common stock outstanding. This
compares with reported net income of $113,740 for the corresponding
P.
2-7815
3 shares of such class B stock at $8.50 per share on
1934
for the quarter ended June
period of 1935.—V. 142,
RECTOR
A stock, optional dividend series of
1936, will constitute a
series of the serial class A stock of the
The class A stock,
company.
optional dividend series of 1936, will be entitled to dividends, cumulative
from July i, 1936, payable quarterly on Jan.
1, April 1, July 1 and Oct. 1,
in cash at the annual rate of
$2.75 per share or, at the option of the holder,
in class B stock of the
company at the annual rate of
share; will have a
par value of $25 per share; and will be entitled on redemption to
$52.50
per share in cash, and in liquidation to $50 per share in cash,
plus, in each
case, accrued dividends (payable in cash or, at the option of the
holder, in
class B stock).
The stock purchase warrants will be
initially attached to the certificates
Industries, Inc. (& Subs.)- -Earnings-
6 Mos. End. June 30—
Net profit after charges
^
NEW YORK
The class
<
Period End. June 15—#1936—12
Net loss after taxes, de¬
Curb Exchange
BROADWAY,
_
Loss applicable to
Class B stock, par
Dec. 31,1935
■
Authorized
Outstanding
500,000 sbs.
c5,000,000 shs.
a 154,222 shs.
b2,908,486 88-100 shs.
(issu¬
able in series)
minority interests.
Consolidated Balance Sheet June 30
as of
Issue—^
Serial class A stock, par $25
value $1
Convertible class A stock, optional dividend series (entitled to cumula¬
H share of class B stock or, at the
option of the holder, of $3 in cash).
Entitled on redemption and in liquida¬
tion to $55 per share in cash, plus accrued divs. payable in class B stock or,
at the option of the holder, in cash.
b Includes 10,783.88875 shares represented by outstanding scrip certifi¬
cates.
As of May 15, 1936, 9,104.4885 shares were represented by out¬
a
1936
Assets—
1935
S
.
Cash
U.
1,706,108
S.
Govt,
1936
Liabilities—
S
xLand, bldgs., ma¬
chinery & equip.14,583,622
y
16,366,222
975,875
and
1935
S
$
Common stock.16,,759,600
payable
273,974
Accts.
Wages
payable...
Accrued
161.150
161,150
2,647,452
vances, &c
Accts. & notes
134,639 Insurance reserve,
&c
422,739
634,378
1,348,485 i Minority interest.
z731,345 Surplus
3, 200*612
64,902
64,517
134,923
603,486
Inventories
Com. stk.
Misc.
921,750
owned.
investments
Deferred
items.__
Total
x
After
1935)
60,140
31,671
depreciation,
z
72,178
dividend
Total
639,934
>" 51,150
.3,080,384
x
1936
1935
x$118,095
Estimated.—Y. 142, p. 4165.'
$49,536
American Bantam Car Co., Butler,
1934
$246,800
1933
$201,414
Pa.—Organized—
cars.
Emphasis, it is said, will be placed on the light delivery truck
market with a truck of quarter-ton capacity which, according to the an¬
nouncement, will operate 100 miles at a cost of 50 cents.
,
The company has authorized
an
issue of 100,000 shares ($10 par)
con¬
vertible pref. stock and additional common stock which has been under¬
written by
Dingwall & Co. and Tooker & Co., New York.
Both stocks
are
full voting.
<
The company's plant, it is reported, covers 14 acres and is equipped for
the complete manufacture of engines, chasses and bodies.
R. S. Evans of Atlanta, Ga., is President.
Harry R. Miller, famous
maker of racing motors, is Vice-President in charge of Engineering.
Thomas
L. Hibbard is Vice-Prsident in Charge of Design.
Peter Beasley, Secre¬
tary of the company, is Prseident of the Detroit Aircraft
is Treasurer and Chairman of the Board of Directors.
W. Klinck,
143, P. 98.
Gilbert
—V.
American
Buffalo, N.
Y.,
Co.
Martin Tow
These men,
constitute the board
with
of directors.
Cities Power & Light
Corp.—Stock Offered—
An offering of 150,000 shares of class A stock, optional
dividend series of 1936, was made July 16 through an under¬
writing group headed by Riter & Co. and including Eastman,
Dillon & Co.; Hemphill, Noyes & Co. and E. H. Rollins
& Sons,
Inc.
The shares, priced at $47.50, will have
initially attached stock purchase warrants entitling holders
to purchase, for each class A share, three shares of the
company's class B stock at $8.50 per share until July 1,
1937; or one share of common stock of the North American
Co. at $35 per share between July 1, 1937, and July 1, 1939,
or $40 per share between July
1, 1939, and July 1, 1941.
The warrant agreement will contain provisions designed
to
protect the warrants, in certain events, against dilution.
annual dividend requirement 19,277 shares).
Promissory Notes—Company has outstanding four secured promissory
aggregate amount of $9,516,904.
One note, in the amount of
the annual rate of 2% and matures August 19,
Two notes, in the aggregate amount of $4,100,104.50, bear interest
annual rate of 1 ^ % and mature June 2, 1937.
The remaining note,
in the amount of $416,800, bears interest at the annual rate of 2% and
matures Jan. 10, 1939.
Each of the first three notes requires the mainten¬
ance of collateral security of a market value of 150% of the unpaid amount
1937
Announcement has been made that this company of Butler, Pa., plans
to enter the $300 auto price class with light commercial trucks,
passenger
cars and a sport speedster, styled and equipped like large modern stream¬
lined
series (maximum
$5 000 000, bears interest at
....21,223,126 22,756,176
y Represented by 644,600 in
1936 (711,000 in
Consists of 66,400 shares at cost.—V. 142, p. 2653.
6 Mos. End. June 30—
Net profit after deprec. &
int. but before Fed. tax.
...
notes in the
Amalgamated Leather Companies, Inc.—Earnings—
I
standing scrip certificates
c 220,318 shares reserved for conversion of the convertible class A stock,
optional dividend series, and 1,008,032 shares reserved for payment of
dividends in class B stock on convertible class A stock, optional dividend
.
payable
.21,223,126 22,756,176 J
no par shares,
229,031
36,349
municipal bonds 3,181,426
Wkg.
funds,
ad¬
rec.
18,486,000
58,263
135.149
taxes
Common
tive dividends at the annual rate of
..
at the
thereof.
of
a
The remaining note requires the maintenance of collateral security
of 125% of the unpaid amount thereof.
$2,000,000 of the net
vaiue
proceeds to be received by the company from the sale of the class A stock,
optional dividend series of 1936, with stock purchase warrants, is to be
applied to the payment in whole or in part of certain of the promissory notes.
Portfolio—The consolidated portfolio of investments of the company and
its wholly owned subsidiary, Consolidated Holdings Corp., at June 15,
1936, was as follows:
'
„««««
_
Common Stocks
Co_
American Gas & Electric Co—
Shares
-
.
The North American
608,774
21,400
13,000
•
______ —
.
.
—
Co
Detroit Edison
Pacific Gas & Electric Co
„
9,000
16.000
10.600
Pacific Lighting Corp
New Jersey
______
& Power Co., class B
Blue Ridge Corp.
—
Central States Electric Corp.__----------Electric Power Associates, Inc.
A
Electric Power Associates, Inc.
Electric Power Associates, Inc. warrants—
Public Service Corp. of
United Light
1,396,219
269,379
38.400
40.400
;
Tri-Continental Corp...--.
General Realty & Utilities Corp
Standard Cap & SealCorp..
;
United
mm
1' ,341
163,100
14o,355
107,122
_
-
"f
series"--___7L
preferred Stocks
Light&T Rys. 7% prior pref., 1st
6.36% prior pref., series of 1925
United Light & Rys. 6% prior pref., series of 1928
United Light & Rys.
Debentures
^
________
917
1,468
991
Amount
optional 5^% debs., due 1954__ $2,768,000
5% convertible debs., due 1948-.
1,412.000
United Light & Power Co. 6% debs., due 1975
166.000
United Light & Power Co. 6H% debs., due 1974
65.000
Control—68.65% of the class B stock is owned bv Central States Electric
Corp. and its wholly owned subsidiary, Utilities Shares Corp.
In addition
New Empire Corp. and its wholly owned subsidiary, Onondaga Ccrp.
own 1.78% of the class B stock.
In the absence of dividend defaults on the
Central States Electric Corp.
Central States Electric Corp.
serial class A stock of the company, the class B stock has the sole right to
vote
for the election of directors of the company.
Central States Electric
through the ownership of 50.24% of its voting stock by
Corp. and its wholly owned subsidiaries.
All of the voting
stock of New Enpire Corp. is owned by Harrison Williams.
Corp. is controlled
New Empire
Purpose of Issue—Net proceeds to be received by the company fr~m tho
sale of the class A stock, optional dividend series of 1936, with stock pur¬
chase warrants, will amount to $6,647,012, exclusive of accrued dividends
418
Financial
Chronicle
but after deducting $102,987 as the estimated amount of
expenses payable
by the company in connection with the issue of said stock, with warrants
attached.
Of such net proceeds $2,000,000 is to be applied to the
payment
in whole or in
part of certain of the promissory notes of the company.
The
balance of such proceeds is to be used to increase the investment
portfolio
of the company and its
wholly owned subsidiary or to make further reduc¬
tion in bank loans
for other
or
Underwriters'—The
number
of shares
names
with
American Mfg. Co.
■
x
general corporate purposes.
principal underwriters and the respective
severally to be purchased by each are
$197,761
$21,095
$27,193 def$516,690
Depreciation deducted from capital surplus:
1932, $566,865; 1933,
1934, $368,901, of which $368,901 charged to capital surplus
and $97,668 charged to earned surplus; 1935, appropriation made for
depreciation, $202,307, of which $22,307 charged to capital surplus and
$180,000 to earned surplus.
with Warrants
-
36,667
—
36,667
36,666
10,000
7,500
5,000
4,500
4,000
4,000
3,000
2,000
_
;
Consolidated Balance Sheet Dec. 31,1935
AssetsCash
Cash
—Y.
142,
1936—3 Mos.—1935
$1,872,593
$1,535,617
3495.
P.
on
Liabilities—
hand &
with
U.
deposit
on
S.
Dist.
Dividend—
of
N.
...
cos.
Deferred charges
70,224
common
stock,
the regular
JTotal
American European Securities Co.-
Miscellaneous interest.
Total income.
1936
American Stores Co.—Sales—r
$227,325
9,506
75,575
taxes
Int. paid or accrued
Net income.
Net loss from sec. sold.
________
Profit
own
$198,119
9,819
75,578
$112,723
239,341
$182,778
43,626
$114,395
4,356
_
June
xFive weeks ended May 2.—Y. 142, p. 4328.
_bl3,781
$199,383
$142,243
_______
Exps., incl. miscell.
.
x April
May
1933
$146,607
52,502
273
335
_
March.
1934
$142,836
55,282
$240,185
9,061
76,262
9,270
75,717
American Superpower
651.339
$536,944
1936
\
sur$37,888
b Distribution
by
$126,619
$371,300
$302,862
$472,564
29,133
19,287
3,745
29,117
Total income
J $240,439
1 232,125
2,240
20,573
6,805
25,047
25,370
in reissue &
Exps. in reissue & transfer of .stocks,
legal expenses, &c_
$368,361
$536,944
All other expenses
_______
Deduct loss on sale of securities
Divs. paid and (or) declared on the
1st pref. stock
$368,361
General
Electric Co. of Radio Corp. of America
common stock has been entered on
the books of the
company in accordance
with Federal income tax
regulations.
i
Note—Stock dividends received have been entered on
the
the
company
increasing the
books
by only recording the dumber of shares received
cost or book value of the securities involved.
Asse/s—
'
1935
Liabilities—
56,924
Stocks.______._16,492,890 16,507,892
Bonds
1,611,627
Furniture and fix¬
1,362,938
stock.
d
Balance, Dec. 31,1935
$2,466,031
Excess of capital value over the cost of 23,309 shares of 1st
pref.
stock acquired and retired-—
103,675
706
bds.
706
45,323
on
fd. debt
General reserve
39,384 Accrued
-.18,207,470 17,956,166
option
warrants
American Hardware
50,475
860,188
c
4,482,046
—
Less: Loss
on
sales of securities
follows:
as
14,000 shares Italian Superpower Corp. class B common stock
157,598 shares Italian Superpower Corp. ctfs. of reversionary
interest in class A common stock—
_
_
_
_
_
_—_ __
,
_
_
_
_
time, without
share.—V. 142,
$57,086,358
Balance of
reserve for decrease in value of the
corporation's
interest in the Bankers Trust Co. agreement of Nov. 22,
1934
1935 (fromabove)—at Dec. 31,1935-.
Less: Loss on sales of 590,000 shares common stock of Common¬
wealth & Southern Corp. under Bankers Trust Co.
agreement-
$.336,249
235,119
$7,238
251,601
$1,418 x$1,049,720
269,960
298,760
$244,364
496,000
1933
Total
for decrease in
reserve
.
496,000
....
Deficit._____
\
$394,870
$268,542
496,000
$740,364
1,677,165
Previous surplus.936,801
Res. restored to surplus.
$764,542
2,441,706
500,000
Profit & loss, surplus.
x Loss.
$1,041,931
$936,801
$1,677,165
1936
Assets—
$2,340,480
3,282,186
1,500,000
1,044,503
4,896,476
3,896,901
mdse. 4,259,472
Bills & accts. rec._
Real estate, &c_
_.
Materials &
Total
719,866
5,282,516
4,033,603
3,820,329
(at cost).
154,659
<
bonds
(at
stocks
Total
S
Com.
1,774,158
stocks
taxgs, deprec., &c
1934
$145,727
Condensed Balance Sheet Dec. 31,
loss$15,329
—at cost—
Bankers Trust Co.
Assets—
Accounts and notes receivable.
Inventories
Investments
Cash
surr.
value of ins. policies
Common stock of affiliated
—at cost
145,373
buildings, equip.
& good-will less depreciation
Deferred charges
Total
-V. 84, p.
81,258
cos.
_
Real estate,
467,326
816,821
871,019
8135,228
45,364
Reserve for contingencies..88,527
Preferred stock...
Common stock.
2,268,200
3,275,150
934,501
Earned surplus.—
Capital surplus-.-..———
355,979
58,286
—
—87,102,950
Output—
The
corporation reports net assets as of June 3b, 1936 of $25,920,037,
equivalent to $2,160 per $1,000 principal amount of outstanding indebted¬
ness, consisting of note of $2,000,000 and 514
% debentures of $10,000,000.
Net assets applicable to common stock amounted to
$13.80 per share.
On April 24, 1936 the corporation redeemed
$3,817,000 principal amount
of its debentures at 105 plus accrued
interest, which reduced the amount
outstanding to $10,000,000.
Funds derived from the above referred-to
loan and treasury cash were used to effect this
redemption.
Net assets as of Dec. 31, 1935 were $25,961,313
equivalent to $1,878 per
$1,000 principal amount of debentures then outstanding and an indicated
asset value on the common stock of $12.04 per share.
Securities are valued on June 30,1936 on the same basis as in the audited
of Dec. 31, 1935.
Those carried at a nominal valuation in the
report of Dec. 31, 1935 are still so carried.—V. 142, p. 2487.
1935
:
$
378,600 24,709,500
y S6 pref. stock,
235,207
235,207
z Common stock
5, 272,379
5,272,379
Capital surplus-.- 2, 569,706
2,466,031
Earned surplus.
6, 308,188
8,367,510
—
Div.
declared
on
1st pref. stock..
340,635
Res. for taxes, ex¬
penses, &c
60,812
64,304
24,237,499 28>553,368
2,006,306
37,165,527 41,114,932
'
Inc.—Weekly
■
Output of electric energy for the week ended July 11th totaled 45,270,000 kilowatt hours, an increase of 23.2% over the output of 36,741,000
kilowatt hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
follows:/-'Week Ended—
years
•
-S-.■".-/■•
1936
June 20
45,601,000
June 27---.45.660,tOO
July 4
43,272,000
July 11.....45,270,000
143, p. 261.
1935
35,261.000
36,440,000
30,694,000
36,741,000
1934
34,742,000
34,467,000
29,032,000
31,870,000
—V.
1498.
American International Corp.—Asset Value—
report
•
American Water Works & Electric Co.,
Accounts payable
Dividend payable on preferred
stock Jan. 2, 1936
Total
>
stock—$6
Total.
—37,165,527 41,114,932
x
Represented by 223,786 shares of no par value in 1936 (247,095 in 1935).
Represented by 235,207 shares of no par value,
z Represented
by
8,293,005 shares of no par value.—V. 142, p. 2143.
1935
4,202,222
87,102,950
Liabilities—
Cap.
y,
Liabilities—
8460,642
1936
.
x
agreement re pur¬
chase of 1st pref.
stock
*
Cash and bank balances
743,536
and
Total
1935
820,740
warrants
-*-V. 142, p* 2306; V. 140,
p. 1816.
-Earnings-
6,559,524
119,735
_
2,047,493
option
14,097,352 13,856,314
Years End. Dec. 31—
Net profit after
4,318,029
(at
cost)
12,400,000 12,400,000
Bills & accts. pay.
531,421
395,513
Dividend payable.
124,000
124,000
Surplus
1,041,931
936,801
American Hard Rubber Co.
5,304,024
—
Corp.
Capital stock
-14,097,352 13,856,314
.$59,577,261
1st pref. stock..22,
Int. & divs. receiv.
1935
$
S
1,641,388
cost)
Liabilities—
Cash.
1935
S
Cash
$2,441,707
1936
•
XI. S. Govt, secure.
Pref.
1935
1,991,142
Balance Sheet, June 30
Comparative Balance Sheet Jan
1936
Assets—
_
$1,348,480
992,000
4,482,046
market value of securities—
June 30,1936
Net loss
Dividends paid.
198,100
1,442,021
_
any
per
1935
....
__
$58,726,480
Represented by
.::_prof$101,130
Depreciation
agreement of Nov. 22,1935
Corp.-—Earnings—
1936
_
issued and outstanding
are
entitling the holders to purchase at
common stock at a price of
$12.50
Years End. Jan. 1—
Net earnings
—
in value of the corporation's interest in the Bankers Trust Co.
18,207,470 17,956,166
value,
—
600,000
2,753
609,701
limit 20,500 shares of
p.4327.
-
615
3,571
Total
b Represented
by 354,500 shares of no par
50,000 shares of no par $6 cum. stock, d There
5,000,000
3,023,000
taxes
Deficit.
Total
_____—_
Balance, June30,1936
i_-___
$2,569,706
Reserve for Decrease in Market Value of Securities
Balance, Dec. 31,1935.$63,208,526
Deduct: Balance of amount allocated as a reserve for decerase
10,139,510 10,139,510
3,023,000
50,475
600,000
$504,652
Surplus June 30, 1936
_____
615
913,385
$413,102 prof$256287
Statement of Capital
1935
5,000,000
Option warrants
Funded debt
Int.
tures.
on
stock.
c
11,083
683,220
Deficit
S
Preferred
b Common
45,245
Securities—at cost
Accr'd int.
1936
*
Cash.*..
39,187
of
without
Comparative Balance Sheet June 30
1936
1934
$302,862
Taxes_
Balance, deficit
1935
$371,300
Expenses
5,057
$126,619
Corp.—Earnings—
6 Months Ended June 30—
Cash dividends
Int. on U. S. Govt. sees. & corp. bds.
$154,862
528,280
from
company's
bonds retired
Total deficit
pf $137,888
Pref. stk. div. require'ts
100,000
1936
1935
1933
.1934
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
9,074,434
8,425.292
8,860,420
9,048,869
9,234,926
8,446,763
11.207,484
11,595,220
9,010,725
8.349.021
8,411,377
9,010,563
11,231,864
10,363,100
9.263,157
9,072,179
8,843.731
8,615,951
January
February
-Earnings-
1935
$162,560
64,430
$12,762,780
Total....
for depreciation of $8,512,954.- -V. 142, p. 1973.
reserve
Month of—
Similar payments were made
6 Mos. End. June 30—
Cash di vs. received
Int. received or accrued.
812,762,7801
"*x After
extra dividend of five cents
per share in
quarterly dividend of 25 cents per share on the
an
$5, both payable July 25 to holders of record July 15.
on April 25 last.—V.
142, p. 2487.
par
*7,130,774
Y.—Extra
,
to
8158,334
5,005
32,276
India property (estimated).
641,665
30,000
2,967,942 Accr'd liab. for processing tax.
18,454
33,761 Dep. of & amts. due to officers
Marketable securities cost
& employed
52,412
87,425
Accts. & notes rec., not current
12,545 Res. for workmen's compens'n
15,000
Due from officers & employees
39,526 5% cum. pref. stk. (par 8100). 3,349,500
Pref. & com. stock of affil. co.
484,009 Common stock (par $100)—— 7,626,200
Miscellaneous investments
7,845 Surplus
1,440,58
Deposits with mutual ins.
•
The directors have declared
addition
......
17,137 Accrued salaries, wages, &c
44,045 Accr'd exp. on acct. of sale of
receivable
Inventories.-
1936—6 Mos.—1935
$4,084,509
$3,504,235
Equitable Assurance Co.
payable
Commissions payable
Accounts
Property
American
Accounts
81,260,892
Court
for processing tax
Notes receivable
American Colortype Co.—Sales—
Period End. June 30—
Sales
1932
$194,823 loss$338,230
167,630
178,460
x
No. of Shares
-
1933
$188,570
167,475
$314,994
117,233
$325,000;
,
_
1934
1935
Balance, surplus
of the
Name—
Riter & Co., New York
Eastman, Dillon & Co., New York
Hemphill, Noyes & Co., New York
E.H. Rollins & Sons,, Inc., New York
Schwabacher & Co., San Francisco
Otis & Co., Cleveland
t
Battles & Co., Inc., Philadelphia
__i
Griffith-Wagenseller & Durst, Los Angelei§__Stroud & Co., Inc., Philadelphia.
H. Vaughan Clarke & Co.,
Philadelphia.
Mitchell, Herrick & Co., Cleveland
—V. 142, p. 4012.
(& Subs.)-—Earnings—
Calendar Years—
Profit for year, before
depreciation
Preferred dividends—
warrants
stated below:
July 18, 1936
American Zinc, Lead & Smelting
Extended—
1933
35,408,000
36,295,000
32,910,000
37,280,000
1932
25,942,000
26,174,000
23,813,000
25,881,000
Co.—Exchange Time
The time within
whiph the $6 cum. pref. stock may be exchanged for
the $5 pref. and common stock of the
company has been extended from
Juhe 30 to Sept. 30.—V. 143, p. 262, 98.
r
American Telephone & Telegraph Co.—Earnings—•
Walter S. Gifford, President, says in brief:
The Bell
System had
a
net gain of 385,000 telephones during the first
six months of this year as compared with 201,000 during the
corresponding
period of 1935. The number of telephones now in service is
approximately
14,227,000, which is still about 1,363,000 or 8.7% below the maximum
development which was reached in 1930.
The total number of toll and long distance calls during the first six months
of this year showed an increase of about 12.8% over the
corresponding
period last year,
'
1
Volume
Financial
143
July holiday this year fell on
Saturday, thus affecting only one-half of a business day, while in 1935 the
holiday came on a Thursday.
It must be emphasized that the increases in output do not mean corre¬
sponding increases in gross revenues, because of rate cuts.
The resultant
moderate improvement in gross has been further diminished by higher
operating costs and taxes, so that net income does not proportionately
due to some extent to the fact that the 4th of
The earnings shown for the quarter ending June 30 of this year reflect
50 cents per share from Western Electric Co.,
Inc., the first dividend paid by that company since June, 1931.
the receipt of a dividend of
Earnings of American Telephone & Telegraph Co.
xl936—12 Mos.—1935
xl936—3 Mos.—1935
Period End. June 30—
$89,700,495
75,816,971
Operating revenues
$26,249,728 $22,990,230 $100883,180
Oper. exps. incl. taxes.. 21,438,153
19,677,925 81,717,452
$4,811,574
35,836,835
1,773,941
Operating earnings
Dividend
revenues
Interest revenues_
reflect the increased output
789,107
Interest deductions..
___
Investment
$142570,730
23,705,328
138,021
Other
1933
1934
$437,267
$430,737
49,745
29,051
45,994
19,393
$509,533
4,400
revenue
revenue
Not
Available
117,535
$502,653
8,400
134,576
73,572
Net profit
Preferred dividend.
$246,020
68,147
$286,106
73,658
Common dividend.
168,450
112,300
56,150
$9,423
502.177
$100,148
402,029
$21,737
380 292
$511600
$0.79
$502,177
$0.95
$402,029
$0 35
Total
Directors fees.
141,578
Depreciation
$36,831,687 $28,873,527 $138047,778 $118865,402
41,990,118 167,996,463 167,960,475
42,017,889
28,873,527 138,047,778 118,865,402
Charged agst. net inc. 36,831,687
13,116,591
29,948,685
49,095,072
Charged agst, surplus.
5,186,202
Avge. no. ofshs. of cap.
18,662,275
18,666,274
stock outstanding
18,662,275
18,674,618
$6.37
$7.40
$1.55
Earnings per share
$1.97
Net income y._
Dividends.
143, p. 262.
Ltd.—Earnings-
1935
Calendar Years—
Net operating profit..
923,708
$42,608,350 $34,711,559 $161353,882
5,776,663
5,838,032
23,306,103
185,999
Total net earnings
currently reported.—V.
Associated Breweries of Canada,
$3,312,304 $19,165,728 $13,883,524
28,414,936 132,745,643 114,215,100
2,846,296
8,653,402
13,548,396
Miscell. non-oper. revs.,
net
419
Chronicle
Income taxes
^
...
.
Surplus.
_____
x Subject to minor changes when final figures for June are available,
Does not include the company's proportionate interest in the undivided
profits or deficits of subsidiary companies.
_<
Previous surplus
$154,359
76 472
y
Total surplus
Earnings
Dell System Earnings Report
(Consolidating accounts of American Telephone & Telegraph Co. and
23 associated telephone companies.)
■
Taxes
Assets—
46,322,482 200,521,197 176,515,819
2,650,000
17,775,000
7,118,000
31
Dec.
1935
308,225
162,476
71,383
105,822
1,392,767
280,250
149,614
83,541
86,639
1,467,609
Reserves.
redemption.
642
Deferred charges..
Fixed assets
2,883,707
payable.
1934
$46,907
Liabilities—
$224,246
43,518
Accounts
9,442
$26,479
9,742
40,578
2,706,057
$233,603
..
Income
and
other
Ltfeinsur. policiesInvestments
Common shares
.
Profit & loss acct.
1,377,899
1,015,400
2,053,812
502,178
965,200
7% preferred stock
x
116,028
121,073
1,507,666
taxes
Inventories, mat'ls
and supplies
Dora, of Can. bds.
Listed stocks
Operating earnngs... 54,844,035
earnings—Net y_.
6,675,000
Other
stock.
1934
1935
Cash
Accts. receivable
250,899,786 232,397,768 964,611,183 891,842,907
165,974,375 161,922,108 658,874,997 624.389,019
30,081,376
24,153,178 105,214,989
90,938,069
Operating revenues
Operatingexpensesx
on common
Balance Sheet
-
$
$
share
its
•
1936—12 Mos.—1935
1936—3 Mos.—1935
$
$
Per. End. May SI—
per
...
2,053,812
511,601
Pref. shares purch.
Total net earnings
12,554,809
Net income
Divs.
183,633,819
57,639,107
48,972,482 218,296,197
13.272,455
51,483,492
61,519,035
Interest deductions.
48,964,226
1,606,270
Total
pref. stocks of
telep. cos.
held directly by public
Net inc. applic. to com.
stocks of assoc. telep.
companies held directly
by public
Net inc. applic. to Amer.
on
associated
Associated
2,187.517
1,940,372
8,724,837
7,676,991
32,153,385
151,689,083
111,892,637
$6.00
1.13
$1.72
$2.42
commercial
traffic,
depreciation,
maintenance,
current
general and miscellaneous expenses and operating rents,
y Includes pro¬
portionate interest in earnings or deficits (partly estimated) of controlled
companies not consolidated, including Western Electric Co.—V.
142,
p. 4013. /
Anderson Mfg.
Co.—Earnings—
4 Mos. End.
Dec.
sales, less cost of
goods sold, exel. of de¬
preciation & amortiz.
Prov. for depreciation..
Prov. for amort, of pat'ts
Sell., adminis. & gen. exp
31
1935
'35
Years Ended Aug. 311933
1934
Net
_
13
88", 765
131", 456
78,137
L. Harris, President of the company, announced that the directors,
July 13, authorized dividend payments of 49 cents
share on the 7% 1st pref. stock and 42 cents per share on the $6 1st
pref. stock.
The dividends will be paid on Aug. 10 to holders of record
July 15.
The previous dividend was paid on these shares on April 1,
1932.—V. 142, p. 3838.
$62,899
1,699
8,780
Net income
$71,063
$63,877
Dr6,666
7,701
Dr6,409
10,284
$55,818
Operating profit...._
Baldwin Locomotive
$61,113
$49,506
$39,359
333
$52,281
6,512
Period Ended April 30—
the
5,954
20
33
30,414
108,551
...
583,317
$146,217
6,060
4,361
Provision for Federal income taxes.
10,900
19,700
Selling, administrative and general expenses
Operating profit.
Other deductions (net)
$66,356
Net income.
.
$122,155
Balance Sheet
a
on
Accts. pay.,
546,914
cl31,271
79,078
583,010
136,144
Accts.rec., trade
Inventories
57,811
comm.,
Consolidated shipments,
Apr. 30 *36 Dec. 31 *35
392
2,951
1,461
and others
&c
59,225
Royalty
&
Acct.
with
goodwill,
at
cost, less amort.
537
517
19,266
Deferred assets...
10,000
10,000
Com. stk.(par 510)
33,733 Capital surplus
Earned surplus
1,540
5,000
40,000
37,181
162,554
30,000
37,181
145,729
S366.603
Long-term indebt.
&
S99.298
5,007
16,493
parent
company
Pat'ts, pat't rights
S79.496
-5,988
24,842-
patent
purch. contract.
equip't, at cost.
aggregated $2,497,-
as
$12,337,860 for the first six months of 1935.
:
On June
30, 1936, consolidated unfilled orders, including
amounted to $13,117,083 as compared with $6,689,081 on Jan.
and with $6,637,678 on June 30, 1935.
All figures are without intercompany eliminations.
,
Midvale,
1, 1936,
Stockholders to Protest Plan—
committee for preferred
stockholders objecting
reorganization plan announces that its general counsel, L. A. Stebbins,
will personally appear before the U. S. District Court at the time the
confirmation of the plan will come before Judge Dickinson "to vigorously
assert the rights of 558 objecting preferred stockholders represented, who
own $1,374,300 of the 7%
cum. pref. stock, and protest the treatment
progosed for them."
The committee further states:
"Should the Court
not uphold our contentions, Mr. Stebbins is prepared to appeal the decision
to (the higher courts for a ruling to determine if Section 77-B of the new
Bankruptcy Act authorizes the taking from the pref. stockholders, in whole
or in part, their rights and giving them to the common stockholders.
It is
the contention of our counsel that Section 77-B does not authorize such
discrimination; that if it does, it is unconstitutional and would constitute
taking property without due process of law."—V. 143, p. 264.
to the
royal.,
Accrued taxes
b Prop., plant and
.
including Midvale, in June
compared with $2,040,173 in June of last year. Consolidatedshipments for the first six months of 1936 were $10,419,516 as compared with
payrolls,
Fed. income taxes.
Accts. receiv. from
em pi.
Liabilities—
Apr. 30 '36 Dec. 31'35
hand and
brought the total for the consolidated group for
$16,865,613 as compared with $9,603,626 in
period last year.
Preferred
$260,757
$117,070
3,318
Provision for depreciation
Provision for amortization of patents.
deposit
same
The independent advisory
of de¬
preciation and amortization
Assets—
year.
The month's bookings
the first six months of 1936 to
8 Mos.
4 Mos.
,
Net sales, less cost of goods sold, exclusive
Works—Bookings—
in June by the Baldwin Locomotive Works
including the Midvale Co., amounted to $3,229,57i
as compared with $1,721,359 for June
1935. June bookings included an
order from the Southern Pacific Lines for 12 semi-streamlined oil-burning
locomotives, type 4-8-8-2, for heavy freight service, and two Pacific type
steam locomotives for the Parana-Santa Catharina Ry. of Brazil.
These 14
locomotives are expected to be completed and shipped before the end of
The dollar value of orders taken
and its subsidiaries,
Earnings for 4 and 8 Months Ended April 30, 1936
on
their meeting held
940
Other income (net)__.__
Pay
-
per
the
$103,398
5,494
2,532
43,090
$159,602
6,959
$208,787
6,266
$143,686
2,636
Prov. for Fed. inc. taxes
Cash
Co.—To
Telegraph
&
H.
at
Tel. Co. stock
Includes
par).—V. 142, p. 1806
Preferred Dividends—
Per share—Amer. Tel. &
x
no
Telephone
$5,206,258 $5,091,796
Total.
$5,206,258 $5,091,796
Represented by 224,600 shares
x
6,425,084
6,398,785
45,196,739
Tel. & Tel. Co. stock_
38,191
166,812,705 125,994,712
35,700,027
1,579,970
for
5353,710
10,000
Bangor & Aroostook
RR.—Changes in Collateral—
The Old Colony Trust Co. as trustee
under the consolidated refunding
deed, dated July 1, 1901, securing the company's consolidated
refunding mtge. 4% bonds, due 1951, has notified the New York Stock
Exchange that it now holds as collateral the following securities;
mtge.
$1,480,000 Bangor & Aroostook RR. 1st mtge. Washburn extension 5%
bonds, due Aug. 1, 1939.
1,563,000 Bangor & Aroostook RR. St. John River extension 5% bonds,
due Aug. 1, 1939.—V. 143, p. 100.
Bangor Hydro-Electric Co.—Bonds Offered—Edward B.
Co. and E. W. Clark & Co. on July 17 offered
Smith &
Total...
5353,710
$366,603
Total
After allowance for doubtful accounts of $1,000 in 1936 and $2,000 in
b After allowance for depreciation of $29,288 in 1936 and $25,690
c Includes notes receivable.
V. 123, p. 3102.
a
1935.
n
$7,108,000
104 ^
1935.
Anglo American Corp. of South Africa, Ltd.- -Results
Tons
Value of
Milled
Companies—
Gold Declared
Costs
Profit
£240,452
262,503
299,245
107,053
£136,221
£104,231
137,299
125,204
166,969
...132,000
Daggafontein Mines Ltd._127,000
Spring Mines Ltd
141,100
West Springs Ltd...
.102,500
.
__
-
132,276
73,986
33,067
xEach of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £6 18 6d. per ounce
fine.—V.
142,
p.
4167.
Apache Aircraft Corp.—Registers with SEC—
See list
given
A. P. W.
on
first page of this department.
Paper Co., Inc.—To Increase Stock—
The stockholders will vote July 21 on authorizing the issuance of 3%%
10-yr.conv. notes in the aggregate face amount of $130,000 and on increasing
authorized common stock from 236,000 shares to 268,500 shares.—
V. 142, P. 3663.
i
the
H.
Evans resigned
as
Assistant
Secretary, effective June 22.—V.
142, P. 1627.
Associated Gas & Electric
For the week ended July
over
Co.—Weekly Output—
4, Associated Gas & Electric System reports
of 74,792,957 units (kwh.). This is an increase of 22.1 %
the comparable week of last year.. The sharpness of this increase was
net electric output
3%% series due
1966, at
33^%.
other treasury funds will be
the company's first lien and
used to
refunding
gold bonds as follows:
financing, the bonds now
outstanding funded debt of the company.
Upon completion of the present
will be the only
being offered
underwriters, will meet the
legal requirements for savings bank investments in New York, Massa¬
chusetts, Maine, New Hampshire, Rhode Island and Vermont.
Bonds—Bonds are dated July 1, 1936: due July 1, 1966. Principal and
int. (J. & J.) payable at bead office of City Bank Farmers Trust Co.,
trustee, New York, and interest also payable at office or agency of com¬
pany in Bangor, Me. Red. at option of the company as a whole at any time
and in part on any int. date on or after Jan. 1, 1937, on not less than 30
days' prior notice, at 110 on or before July 1, 1942; thereafter and on or
before July 1, 1948, at 107H: thereafter during each of the 14 12-months'
periods beginning with the 12-months' period commencing July 2, 1948,
at H of 1% less than the percentage of the principal amount thereof at
which redeemable in the immediately preceding period; and, if redeemed
after July 1, 1962, and prior to maturity, at 100; together, in every case,
The
new
bonds, in.opinion of counsel for the
with accrued interest.
Issuance
of
Armstrong Cork Co.—Official Resigns—
R.
bonds,
(1) $3,037,000 5% series due 1955, on Sept. 1, 1936, at 105% and int.
(2) $2,026,000 4^% series due 1960, on Dec. 1, 1936, at 105% and int.
(3) $1,786,000 4% series due 1954, on Dec. 1, 1936, at 103% and int.
(In South xVfrican Currency)
x
mtge.
provide for the redemption of all of
mortgage
of Operations for the Month of June} 1936—
Brakpan Mines Ltd
1st
and interest, to yield
Proceeds of the issue together with
authorized
by the
Public
Utilities Commission of thelState
Maine.
History and Business—Company was incorp. in Maine on Aug. 1, 192 4.
Company is engaged in the business of generating, purchasing, transmitting,
distributing and <-elling electric energy in portion of the counties of Penob¬
scot, Hancock and Washington, located in eastern Maine.
Incidental to
this business, the company sells electric appliances. Company also operates
an electric street railway system in and between Bangor, Brewer, Hamp¬
den, Veazie, Orono and Old Town in PenobsCot County, Me.
In the 12
months' period ending April 30, 1936, approximately 9.6% of the gross
420
Financial
of the company was derived from electric street
railway
of April 30, 1936, approximately 12% of the plant
revenues
and
as
operations;
account
Total
$1,921,094
4^7,161
88,345
195,050
72,013
138,152
$307,253
$903,467
327,588
$92.1,914
346,594
6,305
1,651
7,620
11,687
1,723
$631,486
$567,922
$553,012
$203,041
—
earnings.
on
$909,551
12,362
—
Other income
Interest
$881,967
21,500
981
earnings
142,967
$709,856
211,393
42,767
71,533
26,619
50,288
5,873
res..
$2,017,163
561,044
120,732
238,294
41,023
146,515
$951,438
313,096
General taxes....
Net
April 30'36
$631,170
200,272
78,686
21,366
.
Federal income taxes.-
Prov, for retirem't
Net
—....
funded debt
108.621
240.170
39,022
Amortization of debt dis¬
count and expense..
Other interestNet income— •;
Annual interest requirements
giving
2,973
$310,226
104,820
641
the funded debt of the company, after
effect to the present financing as shown below, will be $266,550.
on
Capitalization—
First mortgage bonds..
7% preferred stock (par $100)
6% preferred stock "(Par $100)
Common stock (par $25)
Authorized
Outsland'g
b$7,108,000
a
Unlimited
50,000 • ha.
25,000 shs.
30,POO shs.
21,799 shs.
_3f0,000 shs. 217.216shs.
b 3% % series due 1966.
After giving effect to present financing,
a
4 Mos.End.
;
Underwriters—The' names of the underwriters and the respective amounts
severally underwritten by them,are as follows:
Edward 13. Smith & Co., New York
$3,554,000
E, W. Clark'& Co., Philadelphia
Balance Sheet
3,554,000
a-a-...
-
7% preferred stock
6% preferred stock
Common stock—
—
Current
Accts., notes & int. receivable
Due from director &
employ.
liabilities
Reserves....
,
a—-i
1,049,363
_
Contributions for extensions.
Premium
92,537
337,115
on
1,924,0361
Total.
Bar,ker Bros. Corp. (& Subs.)—Earnings—
1936—3 Mos.—1935
$2,610,903
$2,080,975
2,560,888
2,050,026
__
Costs and expenses
Operating profit
Other income (net).
$50,015
23,301
_.
Total income—__
Federal income taxes.
$100,893
51,048
$57,404
$63,235
as
loss$94,761
31,428
$151,941
20,892
by
$57,404
$131,049 loss$63,333
h
1935
1,448,348
Cost of sales
$1,284,653
1,126,476
$369,322
102,728
-
1934
$1,817,670
•
$158,177
86,398
$472,050
$244,575
149,540
income.
Total income
....
_
.
General, administration & selling expenses
Prov. for depreciation of plant &
equipment
Idle expense Woodlans Division.
144.073
176,381
35,113
Loss, $4,965
5,649
16,300
phone line
mission
Loss $6,970
end. Dec. 31.
___
of over-run
in
block
pile,
adjustments, affecting prior
Mining claims & prop, acq'd in
consideration of issue of 1,-
797,481 shs. of co.'s capital &
10 % of Issued shs
Buildings,
ment,
machinery,
at cost.
Total.....
x
no
After
&
reserve
Crl80,859
call
264,076
352,707
Dom. of Can. bds.
Df?/.$72,044
Liabilities-
$725,465
113,924
68,628
x427,859
37,807
102,106
-
Accounts receivable
Inventories
Prop., plant & equipment
Intangibles
Deferred assets
x
Accounts payable—.
Accrued liabilities
—
.
$116,259
—
Capital stock (par $1)
5,606
832,820
—
Paid-in surplus
521,104
—
SI,475,790
—
Total
j.
$1,475,790
After allowance for depreciation $7,604.- -V. 143, p. 100.
Bing &
(& Subs.)—Earnings—
Inc.
Bing,
3 Months Ended March 31—
Net loss after depreciation, amortization, interest,
Federal income taxes, &c
—V.
142,
1936
1935
$50,515
$58,077
4330.
p.
Bliss &
Laughlin, Inc.—Earnings—
6 Months Ended June 30—
Net profit after int., prov. for normal Fed. inc.
taxes, &c
Earnings per share on 152,680 shs. com. stock
(par $5)
1936
1935
$270,372-
.
$219,783
-
V v.
Period End. June 30—
Net profit after taxes and
:
$1.74
$1.11
58,375
179,044
——
to
assoc., &c. cos..
Prepaid taxes, un-
55,596
54,503
exp. ins. <fc exp__
21,842
41,353
Accounts payable-
1934
$
8
$398,206
$693,843
$1.02
$1.13
$1.97
Earns, per sh. on 352,418
shares (par $5)------
153,497
34,572
63,389
Accrued liabilities.
Taxes & stumpage
dues
47,397
Boston
'
1
Storage Warehouse Co.—-Bal. Sheet June 1, 1936
Y;"
'•
Construction
■
''J
Liabilities—
Capital stock
$1,666,079
.—3,852
.....
Cash—
Surplus
50,164 Suspense
2,000
—.
Insurance preihlum
Accounts receivable
.....
Total.
$1',920,895
Total--
16,300
983,647
Bower Roller
Bearing Co.—Earnings-r1935
1934
$1,507,563
,39,531
$1,079,206
43,216
Selling, administrative and general expenses.
Depreciation--.
;-------------------
$1,547,095
352,242
198,087
$1,122,423
221,400
496
2,657
50
Discounts allowed
Interest paid.
Loss on sale of capital assets
Provision for Federal income tax.;
-
—
-
--
-- -- --
-
—
-
-
—
-
-
Earnings
5,678
152,087
-
-
-
-
Assets—
1935
1934
$376,070
239,701
Dec.
$2.56
$381,292
594,130
525,537
Reserve
6,850
892,917
11,700
805,712
y
x Real
est., build¬
ings, &c
1,944,377
1
Patents, less depr.
1,388,982
-.
_
31
Liabilities—
$573,807
Acc'ts receivable
.
—
—
.
—
34,803
_
1935
Accounts payable.
for
1934
$220,827
$224,621
taxes,
comm'ns, Ac
Land contract pay.
431.599
287,698
22,250
1,500.000
1,198*505
1,853,647
1,275,321
18,560
149,647
.$4,046,884
Capital stock.
$3,135,793
—
Surplus
Capital surplus...
1
22,570
.$4,046,884 $3,135,793'
Total
After depreciation of $876,543 in 1935 and
sented
by shares of $5 par.—V. 142,
p.
$712,448 in 1934.
Brazilian Traction, Light & Power Co., Ltd.—
expenses—__
____
Total
—
y
1,134,006
__1,144,209
$1,381,331
$1,307',947
on
4,572,094
4,689,774
$5,349,860
$5,340,446
Bridgeport Machine Co., Wichita, Kan.—Earnings—
6 Mos. End. June 30—
profit
after
exp.,
deprec., &c., charges.
___
Net return..
1936
Operating profit
$233,014
1935
1934
Reserved for depreciation
—
$145,168
1933
Ioss$32,502
assets as of June 30, last, including $324,406
cash, and in¬
of $1,287,347, amounted to $2,532,285, and current
liabilities
$484,967.
This compares with cash of $129,576, inventories of
$1,085,761, current assets of $1,669,436, and current liabilities of $546,410 on
June 30, 1935 —V. 142, p. 4015.
ventories
were
Broad Street
5,655
Investing Co., Inc.—Earnings—
$618,552
8,790
56,000
21,214
138,144
$394,402
6 Mos. End. June 30—•
Interest earned.
1936
Cash divs.
$612,897
—
$75,070
Current
$1,955,407
329.460
$1,625,947
I,0i3,050
costs
Outside exploration
Provision for Dominion & Provincial taxes
Balance of deferred development written off
Earnings
16,497,904 24,866,142
Represented by 500,000
Ltd.—Earnings—-
i
Repre¬
1936—4 Mos.—1935
$9,921,954 $10,030,220
Net
Income from investments & interest
(net)
y
2985.
Period End. Apr. 30—
1936—Month—1935
Gross earns, from oper._ $2,515,337
$2,452,156
Netearnings
142, p. 4331.
Earnings for Year Ended Dec. 31, 1935
$615,771
239,701
300,000
$2.79
-
102",251
$838,502
260,175
share
per
Operating
production—grpss value
Marketing (transportation, mint & smelter charges, &c.)
-
180.294
-.
$578,327
Net profitDividends paid.
x
754,049
Class A stock..."14,400,000 14,400,000
y Class B stock
840,000
840,000
Capital surplus
8,804,082
Earned surplus
22,489
def72,044
....
Metal
.
$1,920,895
Years E ided Dec. 31—
Gross pr ,/it on sales before providing for deprec'n.
Ocher income
Total
income tax
Reserves..
x
16,497,904 24,866,142'
Net profit for year
$1,569,000
350,472
1,423
—V. 140, p. 4391.
Deferred charges.
Prov. for Dominion
Represented by 400,000 no par shares,
shares.—Y. 142, p. 4015.
Operating & administrative
—-
10,000
188,800
i
Capital stock in treasury
-
63,850
12,815
18,666
Beattie Gold Mines
$952,819
4;
■
$2.70
—V. 142, p. 2818.
—V.
Total.
1936—6 Mos.—1935
•
$358,714
Inventories
35,828
pulpwood
Corp.—Earnings—
1936—3 Mos.—1935
charges.
life insurance
1935
776,104
754,332
Accts. & notes rec.
290,742
203,140
Trade deposits...
10,553
Inventories.
8~5~9~986
791,909
Exp. logging oper.
200,047
236,014
Properties
13,692,970 22,466,250
x
$2,523,835
—
Represented by 4.788.195
y
Berkey & Gay Furniture Co.—Bal. Sheet March 31, 1936
Assets—
Cash..
Cash surrender val.
Liabilities—
Total
Total
for depreciation of $290,422.
par shares.—V. 142, p. 3156.
sundry
1934
Prov., munlc. &c.
par
22,518
$2,523,835
245,933
Consolidated Balance Sheet Dec. 31
on
xl,197,195
„,
Def. charges & prepaid exp—-
Balance Sheet
$22,489
1935
Depl.
403,000
Surplus!
years
Assets—
adv.
.
equip¬
& townsite
tramway
Cash
in &
5,640
...
Shares of capital stock (par $5)---.
year
deficit
Surplus at Dec. 31-,-
Inv.
4,823
—
line
2,004
$94,534
72,044
yr.
Prov. for Dominion income tax
Combined profit for the
100,000
$116,483
Bat hurst Elec. & Water Pr.
Co., Ltd.—oper. loss
before providing for deprec. for
bonds.
96,042
16,148
Reo. from power co. re trans¬
Paper Co., Ltd. (& Subs.)—Earns.
Years Ended Dec. 31—
on
&
valued at laid down cost
ASCCtu
-
Cash &
yl,735,036
591,661
surplus
management &
Adv. to Beattie Athletic Assn.
Rec. from telephone co. re tele¬
loss$63,333
of June
Bathurst Power &
other
Earned
125,779
Bohn Aluminum & Brass
30, 1936, including $522,782 cash, amounted to
$5,611,344 and current liabilities were $886,378.
This compares with cash
of $575,495, current assets of
$4,783,261 and current liabilities of $628,863
on
June 30,
1935.
Inventories totaled $1,904,205 against $1,599,459.
Total assets at close of June
aggregated $7,806,342 comparing with $7,238,236 on June 30, of previous year and
surplus was $693,256 against $205,929
—V. 142, p. 2817.
Adjustment
certified
Plant account
Current assets
56,000
Capital stock
(market
milling supplies
$141,138
spare parts as determined &
v:
1936—6 Mos.—1935
$5,202,645
$3,946,704
5,101,752
4,041,465
$30,949
26,455
$73,316
10,081
Net profit-
Previous
&
(se¬
—V. 142, p. 4015.
Period End. June 30—
Net sales.
Miscellaneous
Mining
818,924,036
-V. 143, p. 264.
Sales
cost
pay¬
vincial taxes
75,981
value $127,300).
42,800
176,554
Surplus. —404,225
182,108
Total
at
wages
Reserve for Dominion & Pro¬
recoverable value..
Investments
capital stock
14,515
Materials and supplies......
;.
Funded debt..
13,232
——
82,500,000
2,179,900
6,430,400
6,849,000
32,209
259,582
Deferred liabilities
447,588
—
net
Total.
Liabilities—
Working funds.
TJ. S. Govt, securities
in
&
transit to smelter valued at
est.
f
bills &
able & accrued charges
cured $25,733)
April 30, 1936
Assets—
Plant, property, rights, fran¬
chises,
$17,104,343
Unrecorded retirements
491,023
Investments
111, 845
Dhbt discount and expense..
102,516
Def'd chges. & prepaid accts.
27,214
Cash
hand
on
Accounts,
$243,060
333,646
receivable....
Concentrates
1935
$1,816,890
$1,941,998
529,250
$930,071
Operation
Maintenance & repairs
Liabilities—
hand & ir> banks
on
Accounts
1Q34
$1,742,073
199,925
— -
Assets—
Cash
Calendar Years
1933
Balance Sheet Dec. 31, 1935
of the
Earnings for Stated Periods
•
July 18, 1936
'
company represented electric street railway facilities.
Oper.revenues—Electric $1,746,671
Street railway..-.
174,423
Chronicle
$47~,4U
__
on
_
1934
1933
$1,289
49.761
$7,482
46,408
$47,411
16,318
$47,381
9,637
$51,049
12,680
$53,891
16,134
1,691
Total income
Deductions
Taxes
Net income for periodDividends paid
Surplus
1935
$1,420
45,961
1.411
2.667
$29,401
$36,333
28.732
33.220
$669
$3,113
_
stocks.
_
$35,702
$37,756
35.732
••
38,902
def$30
def$l,146
Volume
143
Financial
Chronicle
Balance Sheet June 30
Assets—
1936
Cash
1935
$102,154
dl2,202
Spec.deps. for divs
15,382
Invest, at cost-.„.c2,172,033
Rec.for sec.sold..
27,566
b Treasury stock
Total
a
payable
Reserve for exps.,
Dlvs.
16,268'
taxes, &c
1,617,571, Due for
!
sec.
purch.
Common stock..
a
168,8601
Earned surplus...
....$2,329,338 $1,835,712!
Represented by 94,o39 shares
1936
Liabilities—
|
$16,660
16,352
Int. & div. receiv.
Total
1935
$15,383
$16,268
31,591
69,079
472,695
1,740,590
28,572
Existing Indebtedness
1,345,871
on funded debt.
Due to pref. stockholders of
Buildings Co. on guaranty of divs.
Due to Buildings
company on open account
1,982,681
Other obligations
arising prior to receivership.
268,802
Debenture stock, 7% cumulative ($100
par)
6,889,986
Common stock (no
par) approximately..
.212,861 shs.
In addition to the
foregoing,- there are reserves and other liabilities,
contingent and otherwise.
"
The validity of the consolidated
mortgage and the extent of the properties
par
p.
_
2659,
,
Brockton Gas
Light Co.—Earnings—
Calendar Years—•
Gross earnings
1935
* *
1934
$836,494
1933
1932
$884:936
720,744
$928,840
713,308
$1,043,739
789,616
$149,706
12,421
$164,192
$215,532
1,580
$254,123
2,065
$162,127
Oper. expenses & taxes.
$164,486
43,714
$217,112
45,013
$256,188
47,064
$172,099
208,702
$209,125
236,198
def$36,603
680,»88
_
Net earnings
Other income
Gross income
Income deductions
293
40,720
Net income
$121,407
Dividends
83,481
$120,771
164,576
Balance
$3?,926
>
def$43,805
,
1935
1934
Liabilities—
•
Existing Indebtedness and Slock of the Buildings Company
First mortgage
50-year sinking fund gold bonds, 5%, due I960-- $8,241,000
Current liabilities...
Treatment of Bondholders Under the Plan
1935
A new
corporation will acquire the assets of the Terminal
company and
Buildings company subject to the existing mortgages thereon, as
of the
1934
follows:
6,303
Notes receivable.
808
762
Accts. receivable..
222,468
Matls. & supplies.
173,586
164,484
176,281
Special deposit...
Prepaid accounts
Unadjusted debts.
~8~268
Accounts payable.
Customers' depos.
600
(1)
9,573
9,352
8,901
Other
reserve
180
211,442
219,492"
12,181
Total. J
$4,576,783 $4,476,246
-V. 141, p. 107.
July 1,
1936, $1,160,075, will be paid upon surrender of such
coupons.
other respects these bonds will remain unaffected.
First mortgage 5% bonds of the
Buildings company, due I960:
These bonds wrill remain
unaffected.
In
369,282
Treatment of Stockholders Under the Plan
(1) To holders of Buildings company preferred stock: For each share of
stock, one share of new cumulative preferred stock entitled to dividends
such
Total.........$4,576,783 $4,476,246
at the rate of
trust
bronx Gas & Electric Co.—Court
Upholds Rate Cuts—
Tne states highest tribunal reversed the
Appellate Division of the
Supreme Court in certiorari order proceedings.
Chief Judge Frederick Crane, who wrote the
prevailing opinion, held
turn of
a
tne
reduced temporary rates the Bronx Co. would realize
8t% and the Yonkers
a
dividends on the present debenture stock which now
amount to nearly
three-tenths of the par value of each share of
outstanding debenture stock.
(3) To holders of Terminal company common stock: For each share of
such stock, one share of new common
stock.
re¬
4.89%.
concern,
He said that should the
temporary rates prove to be lower than the 'fair return," the Commission
could tcke that unuer consideration in
making a final determination.
To
Be
Merged
With
Parent
See Consolidateu Edison Co. of New
Co.—
Pork,
Treatment of Creditors of the Terminal
Company
There will be issued to creditors of the Terminal
company (other than
of the receivers and trustees, and tne United
States)
bondholders, creditors
•
Inc.,
whose claims are
finally allowed, new 10-year 5% income notes of a prin¬
cipal amount equal to the principal amount of such claims as
finally allowed.
below.—V. 142, p. 2310.
Brooklyn Edison Co., Inc.—Listing—
The
mew
Exchange has authorized the listing of $55,000,000
mtge. bonds, 3)4% series of 1936.—V. 142, p. 4169.
Bulolo Gold Dredging, Ltd.—June
June
Indebtedness to Be Paid in Full
fork Stock
coiisuhdai/ing
production totaled il,06o fine
pany » monthly
report
to
the
ounces
Montreal
The
Output—
of gold, according to the com¬
Market.
This compares
a
Terminal
Co.-
-Plan
total of
Proposed for
Mortgages
on Pearl St. property.
Ten-year 5% income notes
Cumulative preferred stock
Company and
bo;,ru
oi
directors
was
announced
July 13 .by
a
committee representing
stockholders.
The pLm is acsigueU to end months of
litigation in the Federal Courts
to
proviue ior consolidation of tne two companies to make
possible
economical and efficient management, said Alfred N.
Houston, of White &
Case, counsel to tne committee which has on deposit
78% of outstanding
preferreu stock of Busu Terminal Buildings Co.
preierreu
and
Former Governor Smith and Mr. MeAneny, former
City Comptroller,
have consented to serve 011 tne proposed new board
of directors, said a
statement issued by the committee.
In addition, Irving T. Bush will be
invited to serve as a member and a director would be
nominated by each of
three other bondnolucrs' protective
committees.
The proposed members of the board who
have agreed to serve, follows:
Former Governor Smith; Mr.
MeAneny; E.J. Nally, director and former
Radio Corporation of America; Louis A.
Keidel, Vice-Pres.,
Bankers Trust Co.; C. L. Jones, director and
President,
Vice-Pres., Socony-Vacuum
Moyer, formerly with Dominick & Dominick; E. T.
Bedford, Pres., Columbia Refining Co.; Holt S. McKinney, former Treas¬
Oil Co.; Melbourne S.
urer,
Builuiiigs company.
The plan contemplates the
following steps:
(1) Prompt termination of both the receivership and 77-B
proceedings
of the Terminal
company and an end of the extraordinary expenses in con¬
nection
(2)
therewith.
Combination of the business and properties of the Buildings
Company
Terminal company into one corporation,
making possible unified
and the
economical and efficient management.
(3) Issuance of new preferred stock of the combined company for pre¬
ferred stock of the Buildings
company, share for share, and the satisfaction
of accrued and unpaid dividends
-amounting to $24.50 per share (subject to
adjustment) by the issuance of new 10-year 5% income notes.
(4) Retention by common and debenture stockholders of the Terminal
company of their full equity in that company's assets and
earnings—the
common stock
receiving new common stock of the combined company,
share for share, and the debenture stock
receiving new debenture stock of
the combined company, share for
share, together with three-tenths of a
share of new debenture stock for each share of old
on account of
accumulated
and unpaid dividends.
(5) Management of the combined
imder the direction of prac¬
outstanding ability.
elapsing before the plan is
Voting Trust
All of the new preferred stock will be
deposited under a voting trust to
continue for five years after the date fixed for the election of the board of
directors to succeed the first board.
C. E. Bedford, Milbourne S. ivxoyer
and Holt S. McKinney will be the
voting trustees.
Persons wishing to accept the plan may do so
by mailing or delivering
their written acceptances to Bankers Trust Co., 16 Wall
St.,.New Y"ork.
Holders of certificates of deposit of preferred stock of the
Buildings com¬
pany deposited under the deposit agreement
wish to accept the plan need take no action.
Aug. 17. The last financial statement of the company, issued
1935, listed total assets of $9,082,236.—V. 142, p. 4332.
on
California Electric
Canadian
Light & Power Co.—Earnings-—•
Calendar Years—
Gross income from all
1935
Interest
Net
011
1934
$408,917
142,563
144,655
$402,984
127,532
147,043
$121,698
80,000
$128,408
95,000
$41,698
33,248
sources
Operating and maintenance
$33,408
33,248
expense
bonds
revenue
Transferred to depreciation reserve
Balance to surplus account.
Dividends
Balance Sheet Dec. 31
Assets—
Properties
cassions
Plant and
1935
&
1934
con-
stores
Cash
$2,336,711
1935
4,143,542
par)
$3,324,800
1st mtge. sink. fd.
5%
bonds,
100,977
75,234
100,000
Accts. receivable.
Bonds of other
_
cos.
41,735
227,532
46,668
142,682
.
-V. 140, 2697.
accrued charges
.$6,962,621 $6,957,891
..
2,924,100
31,985
21,384
89,726
11,795
586,085
Bond int. and div.
30,000
Call loans
2,865,600
637,071
88,264
7,370
Accts. payable and
hand and
on
1934
$3,324,800
due
1949
Res. for deprec'n..
6,407
in banks
Total.
Liabilities—
Capital stock ($100
$2,336,711
equlp't. 4,112,257
4,023
De~. 31,
Generating Co.—Bonds Called—
101,659
directors
on
All of the outstanding 1st mtge.
5% s. f. 40-year gold bonds, due 1948
have been called for redemption on Sept. 1 next, at 105 and int.
Payment
will be made at the Central Hanover Bank & Trust
Co., New York City.—
V. 142, p.1976.
Movable plant and
however,
who
Cache La Poudre Co.—To Dissolve—
debts, the committee said it seems unlikely
the stockholders of the Terminal
company would have but little, if
any,
equity remaining in the business.
The plan of reorganization,
submitted permits these stockholders to retain their full
equity in
the company's assets and earnings.
Bush Terminal Co. owns and operates terminal facilities
consisting of
piers and warehouses, and its subsidiary, Bush Terminal
Buildings Co.,
owns and operates
buildings adjacent to the terminal facilities which are
rented for industrial purposes. The properties were under the
management
of Mr. Bush for many years prior to
1932, when the board of
1933,
The directors of the company voted on
July 14 to place the pr iposed
dissolution of this company before the stockholders at a
meeting to be held
5,339
now
April 10,
they desire to accept the plan.
Reorganization Managers—George MeAneny, Melbourne S, Moyer and
Holt S. McKinney. White & Case will be the
attorneys for the reorganiza¬
tion managers.—V. 143, p. 265.
101,663
as
dated
Holders of certificates of deposit representing bonds or stock
deposited
with protective committees which
accept the plan need take no action if
Cash and invest'ts
pay its
con¬
#
Prepaid charges..
company's properties to
89,570 shs.
212,861 sas.
—
Terminal
of the
55,000
70,000shs.
firmed and the total principal amount of claims
finally allowed against the
Terminal company.
company
tical and experienced business men of
The Circuit Court of Appeals in its decision
of last week stated that if
no plan of reorganization for the
Bush Terminal Co. could be adopted, then
the court should order the property of the debtor
disposed of for the pay¬
ment of its creditors either by liquidation in
bankruptcy or by reorganization
in the equity suit.
In the event of foreclosure and sale
8,241,000
1,983,801
The total amount of 10-year 5% income notes
may be increased or de¬
creased depending upon the length of time
Vacuum Oil Co.
Other members would be Air. Bush / and a director
representing each of
the following committees: Committee for the first
mortgage bones of the
Terminal company; committee for the consolidated
mortgage bonds of the
Terminal company; and committee for the first
mortgage bonds of the
$2,396,790
6,629,000
;
Cumulative debenture stock
Common stock
Buitdings Company—
A pliM for reorganization of the Bush Terminal CO. and
the Bush Terminal
Builup gs Co. that would bring former Governor
Alfred E. Smith and
Georgt MeAneny, Presiuent of the Title Guarantee & Trust
Co., to the
of the Ter¬
Consol. mtge. 5% gold bonds, due 1955, of the Terminal co.
First mortgage 50-year sinking fund
gold bonds, 5%, due 1960,
of the Buildings
company
1,002,000 cubic yards of
gravel dredged, and this compares with 1,051,500 cubic
yards in May
ana With JoU.UUOcuoic
yards in the same month of last year.—V.142, p. 3666
Bush
company;
Capitalization of the New Corporation
First mortgage 4% 50-year
gold bonds, due 1952,
minal company, approximately
of lv*s\i year.
production was recovered from
as
(b) Current obligations of the Buildings company;
(c) Obligations due to the United States of America.
il.aeb fine ounces in May and with 9,061 fine ounces in
June, 1935.
Estimated working profit for June the
company reports at 7,472 ounces,
gold valued at $35 per ounce in Canadian funds was the
equival¬
ent of $-61,620.
This compares with $267,190 in
May and $208,180 in
june
corporation will
assume and will pay in cash in full such of the
shall be finally determined to be owing by the
Terminal company or the Buildings
company:
(a) Obligations of the trustees and receivers of the Terminal
whimi with
June
new
following obligations
Curb
with
$7 per year; to be represented in the first instance
by a voting
certificate: and $24.50 of new 10-year 5% income notes. The $24.50
is to be increased at the rate of
$7 per annum for the period between July
1,
1936, and the first day of the month following the confirmation of the
plan.
(2) To holders of Terminal company debenture stock: For eacn snare of
such stock, one and three-tenths shares of
new cumulative debenture stock
entitled to dividends at the rate of $7
per year.
The three-tenths of a share is to be issued on
account of accumulated
'lue x\ew ITork Court of Appeals has
upheld tue N.
ruoiic (service
Commission in fixing temporary rates for
electricity for this company and
the Yonkers Electric Light & power Co.
that under
all
(3)
10,922
407,208
Surplus
(2) Consolidated mortgage 5% bonds of the Terminal
company, due
1955: The principal amount of all overdue
interest coupons, aggregating on
6,524
12,838
180
First mortgage 4% bonds of the Terminal
company, due 1952: These
bonds will remain unaffected.
25",558
5,731
Other adj. credits.
Res. for deprec...
23,693
9,895
Accruals
50,000
—
mortgages of $55,000 on the
liabilities, contingent and otherwise.
def$27,073
11,027
Cash
"
728,209
7,000,000
Preferred stock, 7% cumulative
($100 par)
Common stock ($5
par)
In addition to the
foregoing, there are
Pearl St. property,
reserves, and other
$4,047,294 Capital stock($25
6,303
par)
$2 ,981,450 $2,981,450
12,510 Coupon notes
350,000
850,000
71,528
49,086 1 Notes payable
575,000
Misc. phys. prop.
—.
thereby, the validity of the guaranty of the preferred stock of the
Buildings company, and the validity and amount of the obligation due
by
the Terminal
company to the Buildings company on open account, have
been questioned.
Plant & equip.... .$4,073,893
Investments
.....
.......
covered
Comparative Balance Sheet Dec. 31
Assets—
$187,950
2,421,000
6,024,000
1,117,413
1.592,500
_
1 ast due and accrued
interest
in 195o,
o Represented oy 8,4o9 shares capital stock in 1935.
c Market
value of investments on June 30, 1936 were in excess of cost
by $732,706.
d Dividends receivable
only.—V. 142,
of the Terminal Company
Consolidated mortgage 5% gold bonds, due 1955
-$2,329,338 $1,835,712
no
and Slock
Indebtedness of receivers and trustees
First mortgage
4% 50-year gold bonds, due 1952
445",000
$5 in 1936 and 89,000 shares
par
421
elected John A. Stephens as President.
One 3*0.'r li.tcr Judge Janits C.
Van Siclen and C.
Walter Randall were i.uyohFed receive is by
.iudgo
Robert A. Inch in
Brooklyn. Reorganization 1.1 Ovceeingt, nAer Section
77-B of the
Bankruptcy Act followed.
/
payable
Surplus
Total.
.
14,900
..$6,962,621 $6,957,891
Financial
422
California Water &
& Tel
Combined
Companies
Co.
$546,672
364,659
$860,017
$363,256
$911,332
278,732
64,749
101,881
51,627
41,336
7,095
5,265
$1,274,588
362,133
86,416
1,585
$169,174
operating revenue
Operating expenses.
Maintenace and repairs
Depreciation
Taxes (other than Federal income tax)
Management and service contract fees
$360,646
$529,819
83,401
21,667
43,666
33,834
9,132
798
Rents
uncollectible accounts..
Beneficial ownership of
lombia.
$313,344
49,911
Total
Provision for
stock of Colombian Petroleum,
the Year Ended Dir. 31, 1935
Calif. Water Predecessor
Operating revenues: water
Telephone
!_
Syndicate consists of approximately 21% of the
-which owns the Barco concessioin in Co¬
75% of Colombian Petroelum was re¬
cently acquired by the Texas Corp. and the Socony-Vacuum Oil Co., Inc.,
which may soon increase the capital of Colombian from its present 100,000
shares of $100 par value and offer all or part of this increase to present
stockholders.—V. 143, p. 102.
chief asset of the Carib
Telephone Co.—Earnings-
Income Account for
414,571
145,547
85,461
50,468
7,893
6,850
Capital Administration Co.,
operations
279
$170,194
6,455
$531,118
14,020
Other deductions
$163,739
27,083
— -
$353,360
eral income taxes
Int.
lstmtge. bonds, 5% ser. of'35
funded debt redeemed in 1935
on
Int.
— —
on
liquidated in 1935 (net)
Interest
on
31,492
:
75,681
90,020
30,699
198
-
36
Other interest
3,292
3,292
5% ser. of '35
1st mtge. bonds,
on
& expenses on
1,196
1,446
613
250
1,198
13,301
585
13,301
Federal income taxes.
$272,809
$200,178
$72,631
«...
—. — -
_.
Special deposits...... _
_.
$9,890,140
2,076
1,055,981
Cash on demand deposit & on
hand....-...-.—-—
Consumers'
x
316,629
—
subscribers'
and other
&
111,208
accounts receivable
terials & supplies
Deficit.
x
accounts
in 1933.
56,785
474.542
-
Accrued
Provision for Federal income
■:
taxes
.
_
-
—
_•—.
Profit
13,301
.... -
939
Reserves~
Earned surplus
Total
...$11,907,362
.
-
~ -
2,108,200
229,427
.. —
First Week of July
Increase
1935
$140,563
$3,071,550
Increase
1935
$2,731,000
$2,439,000
$192,000
143, p. 266.
Western
1934
Heat
$2,055,617
18,196
29,803
13,222
16,579
—$2,266,773
$1,963,625
1,373,655
$2,085,419
1,379,028
217,918
Other income
Total income-..
1,512,821
234,478
Expenses, &c
Deprec.,depl. and amort
Net income
145,314
45,077
19,200
>2,215,318
1,441,934
245,228
$444,656
172,017
160,000
$488,473
193,478
240.000
$528,156
201,160
360,000
$97,337
Balance, surplus
$112,639
$54,995
def$33,004
Balance Sheet Dec. 31,
....$15,322,448
Preference share redemption
420,995
sinking fund...
.......
Inv. in 6% notes
of Canadian
Reserve for amortization
Reserve for depreciation
Cash on hand & in banks
Investments
353,829
Capital redemption reserve. _
Consumers* deps. & accrd. int
Accounts payable
xAccts receivable
271,793
Unclaimed dividends..
Unclaimed consumers' deps__
Advances to officers and em¬
ployees
for
traveling
Dom.
and
(current)
-
14,034
Deferred charges
Special surplus...
Earned surplus
After reserve for doubtful accounts
Carib Syndicate,
An increase in the
(estimated)
Miscellaneous reserves
.$16,757,757
Total
x
1,809
96,802
1,721,785
420,995
342,625
98,775
3,198
10,461
Total
167,383
27,798
420,995
248,358
$16,757,757
of $12,819.—V. 140, p. 4228.
Ltd.—Stock Increase Voted—
stockholders at a special meeting held, July 10.
There are 799,020 shares of 25 cents par value issued at present.
The purpose of the increase in the authorized capital is to enable the
company to maintain its position in the Colombian Petroleum Co.
The
—
62,608
29,589
3,417,000
Preferred stock...
434,000
434,000
Class A stock.
143,405
2,400
143,405
2,400
2,574,976
5% gold deb.,ser.A
21,229
6,389,413
50,493
contracts
5,786,283
._
c
85,975,447 86,670,177
Total
——
for exps.,
taxes, &c
b Invest, at cost—
21,229
«
contracts.--..Reserve
._
3,134,873
.
— .
Total.......-85,975,447 86,670,177
.
in excess of cost in 1936 and $524,626 in
by 143,405 shares of $1 par.
d Represented by
shares.—V. 142. p. 2660.
b Market value was $1,499,014
Represented
c
240,000
no par
Carrier
Corp.—Earnings—
loss$105,118
$25,914
$186,540
profit after deprec., taxes, &c._
1934
1935
1936
6 Months Ended June 30—•
Net
Preferred Stock—
Aug. 7, to take
capital structure by the
of five shares of common
stock for each share of pref. stock now outstanding.
•
This simplification of the capital struture will enable Carrier more easily
to obtain new capital, should it be needed for the expansion of the business,
and will pave the way for the possibility of earlier dividends for all stock¬
special meeting of the stockholders has been called for
•
'
.
•
•
Accompanying the formal notice to the stockholders was a letter, indicat¬
ing a much improved financial condition, and stating, in part:
r
"For your information we are glad to adivse that the first $250,000
instalment due next December on the bank loan was paid in June.
The
business for the first six months of this year shows a moderate increase in
.
volume and margin over the same period last year,
and the overhead has
reduced.
From present indications it appears that the
operations of this year will show a net profit."—V. 142,
been substantially
p.
945.
g
v.
(A. M.) Castle & Co.—Earnings—
Period End. June 30—•
1936—-6 Mos.—1935
1936—-3 Mos.—1935
Net profit after all chgs.,
$139,069
shares
common
$87,000
$234,219
$170,695
$0.79
depreciation & taxes..
Earns, per sh. on 120,000
$0.72
$1.95
$1.42
stock.
Dividend Increased—
The directors on July 16 declared a dividend of 75 cents por share on the
stock, par $10, payable Aug. 10 to holders of record July 30.
Previously regular quarterly dividends of 50 cents per share were distributed.
A special stock dividend of 5% was paid on May 10, 1935.—V. 142, p. 2821.
common
Net sales
x
Costs,
_
—
—
1936
1935
_...$45.405,509 $29,506,247
&c
Gross profit..
Depreciation..
y
22,915,204
$6,591,043
1,797,014
$8,667,806
491,831
—
,
34,895,147
$10,510,362
1,842,555
$4,794,029
390,013
$9,159,637
expenses,
$5,184,042
37,343
authorized capital from 800,000 shares to 2,000,000
shares, was approved by
exchange
Foreign
Caterpillar Tractor Co.—Earnings—-
of Canada & Province
taxes
Indebtedness of affiliated cos.
Materials and supplies
...
Profit
—
Interest earned-
—
Profit..
Interest paid
Federal income taxes
3,390
3,706
1,634,002
682,523
—
of Alberta income and other
2,042
other expenses
33,340
12 Mos. Ended June 30—
6% cum. preference shares
$3,500,000
($100 each)
—
8,000,000
Ordinary shares ($100 each) —
1,758,039
General reserve
26,000
9,318
108,684
advances
5,408
73,745
exchange
Foreign
1935
130,000
Utilities, Ltd. (affil. co.)__
Advance to affil. company
—
Special deposits for
Liabilities—
Ass€ts~~~~
assets
4,594
45,492
33,159
currencies—
847,578
aS.33,159
Bk. loans, secured 2,165,000
payable
Int. & divs. receiv.
1935
Int. accr. and divs.
896,549
S105.918
Deposits in foreign
$2,151,041
$519,474
182,137
240,000
...
dividends
Common dividends
Other
&
I??2,,.
1933
$1,915,626
27,149
19,896
1935
-
$471,922
2,205,975
1936
Liabilities—
1935
1936
Assets—
Cash
first six months'
$2,219,727
Calendar Years—
Fixed
Light,
Ltd.—Earnings—
Power Co.,
Sales of gas
Interest..-
Preferred
Gas,
Natural
$542,513
2,370,301
holders.
1936
Canadian
$543,849
2,383,491
; T :: s
appreciation of investments on June 30, 1936 was $229,237 more than on Dec. 31, 1935.
x Less
provision for Federal income taxes, $2,553.
y After deducting
provision made in 1929 and 1930 for reserve as required by charter.
A
for First Week of July
Gross earnings..:
181,859
action upon a proposal to simplify the company's
elimination of the pref. stock through the exchange
Ry.—Earnings-
Earnings of System
191,486
The unrealized
$0.77
1936
Canadian Pacific
441,516
Cr34,696
65,100
required
Deficit
—$372,423
143, p. 265.
—V.
res. as
Eliminate
earnings.$3,212,113
Gross
—V.
$2,677,896
y.313,371
Cr50,367
97,650
Surplus
Ry.—Earnings—
Earnings of System for
$2,912,814
347,342
CV60,079
65,100
$660,497
2,887,399
—_
Prov. for
944.
142, p.
Canadian National
$2,927,339
367,299
Crl9,377
65,100
31, 1936
Ltd.—Extra Dividend—
Fund,
$3,547,896
statement
pref. stock—
on
1935.
Investment
$2,884,004
loss206,108
d Class B stock
dividend of H-cent per share in
addition to the regular quarterly dividend of 3}4 cents per share on the
$1 par common stock and the $1 par special stock, all payable Aug. 1 to
holders of record July 15.
An extra dividend of 1 cent was paid on Feb. ],
last.—Y.
Div.
have declared an extra
directors
1,736,000
$2,818,370
x94,444
247,475
-
Deferred charges
Ltd.—Earnings—
Earnings per share on
143, p. 266.
Canadian
— —
$2,906,927
20,412
Net inc. as per
-
—V.
The
sale of secur—
on
dividends
depreciation and other charges—
250,409 shares common stock
Net income after
$1,148,005
Balance Sheet June 30
79,077
1,435,524
1,800,000
$11,907,362
$12,115.—V. 142, p. 3841
Earnings for 3 Months Ended March
$2,818,370
$3,043,933
503,962
Balance, deficit, Dec. 31
11,700
1,666
6% cum. pref. stock ($25 par)
Common stock ($25 par)
for uncollectible accounts of
1933
1934
1935
$2,906,927
145,800
stock,
Deferred credits
Canadian Celanese,
$30,404
on
Total
32,463
payable Jan. 1, 1936
Equipment purchase contract
After provision
$47,283
redemption of
5% debs.
Surplus arising from re¬
duction in par value of
preferred stock. _— _
119,352
83,333
than
(other
taxes
Div. declared on pref.
Total
$5,021
1936
$3,189,733
Balance, Dec. 31
payable
Miscellaneous accruals
x
.$45,723
-
from sale of securities during the period, which has
against a special account under surplus, amounted to $206,108
'
Statement of Surplus June 30
Net loss realized
been charged
by charter
(in¬
cluding refundable deposits)
Trade
Federal income)
.-
$34,696
65,100
$19,377
Income Distribution Account-
5% series of
1935, due Sept. 1,1965..— $5,000,000
Funded
debt
covered
by
992,377
special deposit—.——— 1st mtge. bonds,
Construction & operating ma¬
Deferred charges
$50,367
97,650
38,480
period
Balance-
Accrued interest—
accounts receiv.
$60,079
65,100
x
& exps.
Net inc. for the
Liabilities—
Assets—
_....
3,909
12,153
16,397
6,310
16,630
17,239.
5,731
5% debs, called for red
Balance Sheet Dec. 31, 1935
_
3,909
9,393
16,293
7,010
1,273
debs
Total
Net income.
Investments.
3,909
9,855
17,659
6,876
$144,39945,668
Taxes
Prem.
& expense
on funded debt redeemed in 1935 or
called for redemption on April 1, '36
Federal taxes on bond interest and
trusteos' fees re bond indentures—
Amortiz. of debt discount
Fixed assets
$158,890
85,425
See
debs—_
Capital Surplus—
& expense
Amortiz. of debt discount
$172,397
85,425
General expense
Service fee....
235
payable liquidated
notes
in 1935
$183,803
85,425
of
Total income..
77,014
14,339
30,699
_
1933
$77,330
81,560
Amortization of discount
$517,099
27,083
45,522
---
parent co.
to
indebtedness
$67,261
105,136
Preferred dividends
April 1,
called for redemption on
or
1936
Int. on
'I
1934
$63,700
120,103
65,100
Profits realized on sale
securities
Unamort. disct.
interest & Fed¬
Net income before
1935
$19,870
124,530
Dividends
1,299
$360,924
7,564
1,020'
(net)
Other income
Ltd.—Earnings
1936
6 Mos. End. June 30—
Interest on bonds
Interest on 5%
Net income from
July 18, 1936
Chronicle
$7,522,245
$4.00
Net profit
Earns, per share on 1,882,240 shs. cap. stk.(no par)
x Less miscellaneous income,
y Based on estimated
p.
$4,497,813
$2.39
inventory.—V. 142,
4170.
Catalin Corp. of
Period End. June HQ—
America—Earnings—
1936—12 Mos.—1935
1936—6 Mos—1935
Net profit
after deprec.
chgs., &c., but before
$156,585
Federal taxes
Current
assets
of the
company
$299,090
$256,005
to 4.7
times
.
■
both its solid and liquid forms in May
both showed increases of more than 35% over the same
Production and sale of catalin in
and June this year
$152,147
at mid-year were equal
'
current liabilities.
Volume
months
a
143
Financial
according to the company's statement.
Pound sales
for the half year were 18%
larger than in the same period last year, due in
part to the growing commercial development of
liquid catalin for the
impregnation of paper, textiles and wood, with an expanding market in
the building industry.
New equipment has been installed, the report
states, substantially increasing production cpaacity for catalin in both its
liquid and solid forms.—V. 142, p. 2821.
year
ago,
Central Illinois Light
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$624,450
$587,839
$7,863,458
$7,193,693
Oper. exps., maint. and
taxes.
333,118
303,330
4,137,235
3,591,321
Fixed charges
88,311
65,822
805,226
845,581
Prov. for retire, reserve.
75,000
60,000
825,000
761,735
Dividends on pref. stock
55,888
57,751
691,150
693,013
Period End. May 31—
Balance
$72,133
$100,935
—V. 143, p. 267.
Central
Maine
Power Co.
Period End. May 31—
Operating revenues....
Oper. exps. & taxes
income.
p.
$227,928
8,899
$3,093,497
49,536
$2,982,887
67,092
$236,827
145,279
$3,143,033
1,789,775
$91,548
108,077
of
amount
bonds
amounting to $655,900, this interest payment amounting to
$16,397. The contingent interest payments
against the earnings for the
period ended Dec. 31, 1935, amounted to
$21,132. Sinking fund pay¬
ments applying
against the earnings for this period were as follows:
First mortgage
5% bonds.
.$2,220.18
General mortgage and
adjustment 5% bonds
1,052.54
ment
Total sinking fund
payments.
$3,272.72
After making these
payments there remained for credit to surplus the sum
of $19,998 for this
period.
—
Income Account for the Period
from Jan. 12 to Dec. 31, 1935
Operating
$1,353,258
1,297,182
$1,260,118
1,297,053
1936—Month—1935
$149,741
98,826
Net oper. income
$50,915
<$55,614
68
def4
Non-oper. income (net).
1936—12 Mos.—1935
$1,880,835
$1,817,075
1,237,128
1,153,060
$643,707
3,293
$664,015
income..Pref. div. requirements.
$647,000
316,103
$665,315
312,777
$24,419
18,930
Net
$55,610
27,697
$27,913
$330,897
227,160
$352,538
227,160
(18,930
142, p. 4333.
Net income for the
period.
1936
1935
1934
profits after depre¬
ciation & Federal taxes
Preferred
$57,978
21,632
$36,346
100,000
$0.36
dividends....
Balance, surplus.....
Shs. of com.out.(no par)
Earns, per share on com.
$28,913
23,674
$5,239
100,000
$0.05
$108,200
26,246
life
insurance
Inventories..
Deferred assets—
Treas.stk.(at cost)
Prepaid expense..
in
company's
securities (at par)
Cash in banks and on hand
Advances to
conductors,
dis¬
under
provision
indentures
cos.
$81,954
$10,615
100,000
$0.82
100.000
credit.
5,067
1,245,751
62,400
21,427
17,425
$0.11
Surplus
......
493,368
976,850
577,662
941,224
Unfunded
$611,200
750,000
2,442,500
debt
Unsecured
9,853
notes
payable,
Sept. 1, 1935..
70
Audited vouchers and accounts
payable
Interest accrued but not due..
2,518
Unadjusted credits
Capital surplus (arising from
reorganization)
2,485
19,134
14,503
1,789,180
29,555
Net income for the period from
Jan. 12 to Dec. 31,1935
92,948
8,024
$5,758,9461
by
15,000
no par
Total.
.$5,758,946
shares.
Chesapeake Corp.—Changes in Collateral—
The Guaranty Trust Co. of New
York, as trustee for the 20-year conv.
gold bonds due May 15, 1947, has advised the
New York
Stock Exchange that
during the period from June 1, 1936, to June
30,1936,
both inclusive, bonds of said issue
aggregating $543,000 principal amount
were converted, canceled
and retired in accordance with the
terms of the
indenture dated May 15,
1927, and that as a result thereof 12,350 shares
of the Chesapeake & Ohio
Ry. Co. common stock were withdrawn from
the collateral pledged with it
under the indenture.—V.
coll. trust 5%
142, p. 4017.
Chester Water Service
Co.—Earnings
(Including Wholly-Owned Non-operating Companies)
Calendar Years
1935
Operating revenues
Operating expenses
1934
$493,619
128,354
16,893
23,702
1933
1932
$483,241
135,037
27,418
15,433
$486,422
131,685
16,692
16,531
$470,771
$321,514
1,726
$328,150
1,713
1,634
$305,353
2,827
$326,383
$323,240
$329,784
$308,180
149,850
Maintanance
General taxes
16" 107
<
stock
4,739
Represented
3,007
Accounts payable.
1,229,731
50,500
x
pref.
Funded debt
3,336
of
Funds in hands of
special com¬
missioners
and
others
for
distribution to the holders of
the bonds of predecessor
participating
($100 par)
Common stock
12,730
Materials & supplies (at
cost)
funds, cash held by
Sinking
bond
6%
x
1,073,894
313,446
patchers and agents
Accounts receiv. (net of allow¬
ance for doubtful
accounts).
$43,214
32,599
June
8urr. val.
$92,949
...
82,857
Total
30,'36 Dec. 31/35
Liabilities—
June 30,'36 Dec. 31/35
y Plant, equip, &c.$l,533,772 $1,557,206 Preferred
stock...
$630,400
$646,400
Cash..
515,638
631,351 x Common stock.. 2,000,000
2,000,000
Notes rec.—cust..
26,700
38,047 Notes payable
825,000
1,050,000
Accts. receivable-_ 1,500,446
1,692,344 Accep. agts. letter
Cash
.
$4,254,915
Investments
1933
Consolidated Balance Sheet
Assets—
$147,174
41,640
1,095
11,490
Liabilities'—
Road and equipment
Unadjusted debits
6 Mos. End. June 30—
$136,175
Balance Sheet, Dec. 31, 1935
Century Ribbon Mills, Inc. (&
Subs.)—Earnings—
Net
$19,533
10,998
_
1,300
$50,983
26,564
Deductions
$116,642
Total
$575,032
79,507
244,052.
67,022
48,276
Special professional services
trustees
Gross income
—V.
$139,813
84,199
8,467
14,052
Bus
Total income
Fixed interest on funded debt.
Interest on unfunded debt
own
Corp.—Earnings-
$100,594
13,832
44,707
58,554
34,223
Operating income
Non-operating income.
Investments
Period End. May 31—
Operating revenues
Oper. exps. & taxes....
Railway
$474,438
65,675
199,344
revenues.
Maintenance of road and equipment.,
Operation expenses.
Depreciation
Taxes, incl. Federal income tax
Assets—
102.
Central Vermont Public Service
423
$473,500,
this interest payment amounting to $4,735; and
% contingent interest on the
outstanding general mortgage and adjust¬
$3,049,979
1,789,861
$106,138
108,099
Pref. div. requirements.
143,
$5,923,358
2,940,471
$251,288
3,868
—
Deductions
Net
1936—12 Mos.—1935
$6,171,204
3,077,707
$255,156
149,018
(net)
Gross income
—V.
$1,302,043
(& Subs.)—Earnings—
1936—Month—1935
$494,088
$469,826
242,800
241,898
Net oper. income
Non-oper. inc.
$1,404,846
Chronicle
149,850
149,850
149,069
'
112,549
13,027
17,046
.
Total
....$4,928,626 $5,215,2861
Total
...$4,928,626 $5,215,286
x Represented
by 100,000 shares of no par value,
y After deducting
$1,181,641 reserve for depreciation in 1936 and
$1,140,651 in 1935.—
V. 142, p. 2822.
Chain -Store
Investment
stock,
of record
no
par
July 16.
not
Commerce
Commission
and Fed. inc. tax and
miscell. deductions
loan of like amount from the United
The
mortgage represents
a
first lien
on
the entire
property,
int. & other
taxes
66,000
56,400
66,000
66,000
1934
Liabilities—
gold bonds, ser.A,
due Mar. 1, 1958 $3330,000
Accounts payable-
55,571
59,946
Cash in banks and
Accrued items
working funds.,
1936—6 Mos—1935
49,112
$381,464 loss$l 10,779
$580,688 loss$203,712
52,836
Reserves.
39,586
31,416
38,877
$5.50
33,356
b Common
126,000
126,000
29,999
31,352
2,090
capital stock
2,468
Debt discount and
of the board of directors.
At a meeting of the board of directors on
Feb. 17, 1936, payment of
contingent interest was authorized and declared payable March
1, 1936,
as follows:
Payable out of earnings amounting to $48,545 for the period ended
June
30,1935,1% on the 10-year collateral trust notes outstanding in the amount
of $473,500. representing an interest
payment of $4,735; and 2y% on out¬
standing general mortgage and adjustment bonds in the amount of
$655,900,
interest payment amounting to $16,397.
The contingent interest pay¬
ments against the earnings for the
period ended June 30, 1935 amounted
to $21,132.
The sinking fund payments applying against the
earnings
for the period ended June 30, 1935 were as follows:
sinking fund payments
cum.
pf. stk.
stock-
60,142
332,845
1,200,000
760,000
Capital surplus...
Earned surplus
450,431
187,033
58,912.
308,063
1,200,000
760,000
450,431
183,317
expense In process
of amortization.
deferred
1, 1935, and, pursuant to a plan for
reorganization,, acquired at a special commissioners' sale, on Jan.
11,
1935, the properties of the predecessor companies—Charleston
Interurban
RR„ Kanawha Valley Traction Co., and Charleston-Dunbar
Traction Co.,
which included street and interurban
railway and bus passenger service in
the City of Charleston; between Charleston and
St. Albans, Dunbar, and
Cabin Creek Junction; and an interurban bus
extension from Cabin Creek
Junction to Montgomery and from Cabin
Creek Junction to Leewood, all
in West Virginia.
As part of the
plan of reorganization, the stockholders assigned to five
voting trustees for a period of five years from Jan. 11, 1935, sufficient
stock
to represent control of the
company.
The five trustees, Messrs, Matthews,
Price, Wetherill, Ruddick, and Harrison B. Smith
Jr., constitute a majority
—
Int. thereon
accr.
Prepaid accts. and
Charleston (W. Va.) Transit Co.—Annual
Report—
First mortgage 5% bonds
General mortgage and adjustment 5% bonds.
6,028
9,213
128,473
Consumers' deps. &
44,942
Materials & suppl.
Commission on pref.
$3,330,000
136,505
89,612
Accounts & notes
Acer, unbilled rev.
1934
(
2,813
9,279
Due to affil. cos...
.
1936—3 MOs —1935
1935
1st mortgage 4H%
-
to subs, company
not consolidated
The company was organized Jan.
$2,427.25
1,249.26
$3,676.51
After making these payments there remained for credit to
surplus the
of $23,736 for this period; and
"
Payable out of earnings amounting to $44,403 for the period ended
Dec. 31, 1935, 1% on outstanding 10-year collateral trust notes in
sum
1935
Invests, in advances
Roy Faulkner and James A. King have been elected to the
board, suc¬
ceeding L. B. Manning and H. P. Barrand, retired.—V.
142, p. 3335.
Total
66,000
72,000
Plant, prop., rights,
franchises, &c__S6,049,832 $6, 040,491
receivable
Subs.)- -Earnings—
chgs. but
before Fed. inc.
$119,863
Balance Sheet, Dec. 31
a
Checker Cab Mfg. Corp. (&
Period End. June 30—
Net profit after depree.,
39,248
$129,563
(Including Wholly- Owned Non-operating
Companies)
Assets—
con¬
sisting of 21.32 miles of main tracks and 5.45 miles of side
tracks, together
with station grounds, shops, shop
equipment, and rolling stock.—V. 133,
p.1121.
50,371
$123,476
on
on
States, made under Section2l0 of the Transportation
Act, 1920, as amended.
As security for the loan sought, the
company offers $210,000, or 60%,
of the total principal amount of its 1st
mtge. 6% gold bonds due July 1,
1941.
49,914
$127,207
preferred stock
Dividends on com. stock
July 10 approved a loan of
exceeding $140,000 to the company by the Reconstruction
Finance
a
49,326
Net income.:
Divs. paid or accrued
Corporation.
The purpose of the loan is to retire
$324,670
Other income
value, payable Aug. 1
Charles City Western Ry.—Reconstruction
Loan—
Interstate
from oper.
Gross corporate inc..
Interest paid or accrued
on funded debt
Res. for retire., replace.,
A like payment was made on
May 1 and
Feb. 1, last; in each of the four
preceuing quarters dividends of $1 were
distributed; 50 cents per share was paid on Nov. 1,
Aug. 1 and May 1,
1934, and on Feb. 1, 1934 a distribution of 25 cents
per sha]
share was made.V. 142, p. 3159.
The
earns,
Div.—
Corp.—Accumulated
The directors have declared a dividend of
$1.25 per share on account of
accumulations on the $6.50 preferred
to holders
Net
.
the
charges
Total
--.__$6,469,050 $6,434,4381
Total
$6,469,050 $6,434,438
a After reserve for
uncollectible accounts of $9,912 in
in 1934.
b Represented by 12,000 no par
1935 and $6,274
vhares.—V. 140, p. 3542.
\
\
.
.
.
1
Chesapeake & Ohio Ry.—Notes Offered—Morgan
Stanley
Co., Inc.; Kuhn, Loeb & Co., and Edward B. Smith &
Co. on July 15 offered
$15,300,000 serial notes, issue of
1936, at 100 and interest for all maturities.
&
Dated July 15, 1936; maturing $1,530,000
annually on July 15 from
1937 to 1946, both inclusive.
Interest payable Jan. 15 and
July 15 in
N. Y. City.
Not callable prior to the respective maturity dates.
Coupon
notes in denom. of $1,000, registerable as to
notes
in denom.
of
principal.
Fully registered
$1,000, $5,000, $10,000 and any multiple of
$10,000.
maturity interchangeable.
Coupon and registered notes of the same
Guaranty Trust Co. of New York trustee.
Legal investment, in tho opinion of counsel for
savings banks in the State of New York.
Int.
the
underwriters, for
Int.
Amount
Rate
Maturity
Amount
Maturity
Rate
July 15, 1937
$1,530,000
%%
July 15, 1942
2 y%
$1,530,000
July 15, 1938
1,530,000
iy8%
July 15, 1943
1,530,000
2H%
July 15, 1939
1,530,000
iy8%
July 15,1944
1,530,000
2M%
July 15, 1940
1,530,000
lVs%
July 15, 1945
1,530,000
2Vs%
July 15, 1941
1,530,000
2Ys%
July 15, 1946
1,530,000
2Vs%
Purpose—Proceeds from the sale of these notes together with funds from
the company's current cash will be used to retire on
Sept. 1, 1936, all of
the 4% equipment trust certificates dated
March 1, 1934, outstanding in
"aggregate principal amount of $15,938,000, of which $613,000 mature
the
Sept. 1, 1936, and the balance, $15,325,000, willkbe called for redemption
on
the
same
date.
,
f
424
Financial
Issuance of Notes—The Interstate Commerce Commission on July 14
authorized the company to issue $15,300,000 of serial notes, issue of 1936,
to be sold at not less than 99 and int. and the proceeds applied to the
redemption of $15,300,000 equip, trust certificates.—V. 143,
p.
102.
outstanding share of conv.
pref. stock, compared with $68.48 per share on Dec. 31, 1935.
After
allowing for the pref. stock at $50 a share (the original stated value) and
accrued dividends of $5.50, there was an indicated equity of approximately
$3.33 for each outstanding share of common stock at the end of June.
Earnings for 6 Months Ended June 30
1935
1936
1934
1933
..
$116,748
577,927
$125,230
477,385
33,435
$143,101
458,034
$233,377
246,649
$694,675
85,439
$636,051
68^072
$601,134
65,247
$480,026
85,305
26,378
32,992
15,016
21,000
28,765
30,000
-
.
Registrar
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Period End. June 30—•
Net profit after deprec.,
Federal taxes, &c
Taxes
from
Notes
Acc'ts
$477,122
$327,521
—cost and accr.
100,167
43,385
50,505
Notes receivable—
145,800
165,854
1,921
interest
$642,149
506,298
891
$632,129
327,730
$520,507
342,671
$378,026
369,895
$304,399
$177,836
$8,131
1,700,538
Accounts payable.
Dividends payable
Invest.(book val.)c26949,080 23,738,669
Res. lor other taxes
Accrued
a
int.
and
declared divs___
196,554
245,253
45,008
13,201
58,461
9,341
341,560
Accts.
another corp
45,733
Fed. cap. stock tax
3,501
Dividends payable
Accrued labor
balance
""271
Accrued
15,746,025 16,194,775
3,337,507
3,337,507
Capital surplus.__ 11,209,262
5,718,573
Undistributed inc.
135,851
304,399
Treasury stock-_. Z>r34,165
Dr36,165
9,088
291
160
610
66,839
ledger
59,144
562
commis¬
86,500
341,062
1,847
2,000
86,500
371,490
$488,410
Accrued royalties
z
supplies
Notes
595
4,934
9,399
sions
on
Mdse. materials &
stock.
840
2,175
6,229
1,269
liability
officers
rec.
Debit
creditors'
stock
1,000
1,145
1,299
Fed. inc. tax liab.
Railroad claims
121
-
Accr. taxes—co.—
6,612
&c
Conv. preference
b Common
166
_
for
43,923
sundry, employ.,
'*
on cus¬
real estate
trade
1935
Liabilities—
*4.3 SCtS
12,500
2,500
11,000
14,956
$2,000
1,083
30,536
23", 871
trade
guaranteed
Accts. receivable—
1936
1935
pay.,
tomers' ledger.
personal
1934
Cash dep.for accts.
Accts. receivable—
Comparative BalanceJSheet June 30
1935
$25,000
pay.—other
Credit bal.
Notes receivable—
1936
2,009,541
1,541,506
Liabilities—
1934
$54,735 Notes pay.—bank.
secur.
Call loan secured.
...
$2.33
Balance Sheet Dec. 31
$135,851
sec.
$58,880
$2.07
1935
trade
Short-term
$52,181
$1.76
$33,419
Assets—
undistributed
Cash
$44,413
$0.64
After Federal tax.
x
$531,963
income
Balance--
1932
$67,940
9,060
x$16,320
Net profit
$549,867
Total surplus
Pref. dividends paid
1933
$59,378
7,197
Earns, per share on com¬
mon stock
27,199
int.
1934
$49,348
4,935
1935
Taxes paid
92,282
Previous
$34,546
Cincinnati Advertising Products Co.- —Earnings—
Calendar Years—
Net earns, after all chgs.
Marketable
and dividends
1936—6 Mos.—1935
$295,487
$104,752
400,000
shs. cap. stock$0.30
$0.09
$0.73
$0.26
Note—100,000 shares are held by 100% company-owned Waverly Corp.
Stockholders will vote Aug. 12 on dissolving the Waverly Corp. and thus
reduce outstanding stock to 300,000 shares.—V. 142, p. 3160.
Cash...
income
$123,824
transfer
and
agents' fees
Net
1936—3 Mos.—1935
no-par
40,000
Underwriting compens..
Total income
Gen. & admin, expenses.
July 18, 1936
Earns. per sh. on
Chicago Corp.—Report—
The net asset value at June 30 was $72.95 per
Interest
Dividends
Chronicle
$513,215
_
Capital stock.--
Earned surplus...
& accr'd
rec.
5,150
4,239
interest
Treasury stock
Life insur'ce—cash
Total
Total
—.30,745,380 25,635,761
30,745,380 25,635,761
Represented by 629,841 (647,791 in 1935) no par shares,
b Shares of
value,
c As follows: Bonds (quoted market value, $3,209,106),
$2,277,978; stocks
(quoted market
value, $37,455,425), $22,834,812;
investments in and advances to
controlled corporations,
$1,526,435;
notes and claims receivable $309,855.—V. 143, p. 267.
a
$1
Chicago Milwaukee St. Paul & Pacific RR.—Interest—
Receipt of a court order authorizing the trustees to pay interest of
$992,042 on the gen. mtge. bonds equivalent to one-third of the semi¬
annual coupon interest that fell due on Jan. 1, 1936, and one-third of the
quarterly interest on gen. mtge. fully registered bonds that fell due on
Jan. 1, 1936 and April 1, 1936, was announced July 16 by R. J. Marony,
New York fiscal representative of the railroad.
Inasmuch as the payment
represents only one-third of the face Value of each coupon, the railroad
will, upon presentation stamp such payment on the coupons and return
them to the bondholders.
In the
mailed
of
fully registered bonds, checks for the part payment will be
July21,1936, to holders ofrecord on that date.—V. 143,p. 105.
case
on
Chicago & North Western Ry.—Trustee Abandonment—
The
Interstate
Commission
Commerce
June
on
30 issued
certificate
a
permitting abandonment by the trustee of the Chicago & North Western
Ry. of the part of a branch line of railroad extending from a connection
with the main line, about 1,600 feet southerly from the station at Caledonia/
in a westerly and southwesterly direction to a point 1.3 miles southwest of
Harlem, approximately 8.454 miles, all in Boone and Winnebago counties,
111.—V. 143, P. 102.
Chicago Rapid Transit Co,—To Reduce Fares—
a
The company announced on July 2 it would reduce its fares from 10 cents
ride to three rides for 25 cents, effective Aug. 3, for a six-months' trial
period.
company
The new rate schedule will be the lowest since 1928, when the
discontinued selling three-ride fares.'—Y. 142, p. 1632.
accum.
Summary of New Securities and Capitalization
13,200
60,138
Mach. & equip-
55,275
y
Deferred charges.
Total
New
General
New '
4%
First
2d
Com¬
Equip-
Pref.
Pref.
mon
turbed
Bonds
Notes
Stock
Stock
Stock
$
General mtge. 4s.
First & refunding 4s
Secured
4j^sf
ser.
$
$
$
A
C.O.& G. consol. 5s_
...
500
$306,125
$262,076
Earns, per sh. on 375,000
shares common stock.
»
$0.50
$0.41
$0.81
$0.70
—Y. 142, p.
...
4171.
Community Water Service Co. (& Subs.)—Earnings1934
1933
1932
Operating revenues
y$7,351,367
Oper. exps., maint. and
taxes (other than Fed.)
3,481,230
$7,295,097
$7,140,556
$7,410,293
3,436,289
3,271,486
3,354,567
$3;870,137
$3,869,070
29,314
$3,858,808
38,145
38,951
$4,055,726
49,167
$3,899,451
$3,896,953
$3,908,021
$4,104,893
2,291,329
1935
Calendar Years—
N et earnings
Other income
Gross income
of debt
Int. & amortiz.
disct. & exps. of subs.
Pref. divs. of subs.cos.
673,150
Minority equity in earns.
10,465
2,270,581
680,544
9,158
2,265,623
681,699
9,810
2,270,545
681,716
10,677
$924,507
440,578
159,476
$936,671
389,778
150,340
$950,889
390,934
$1,141,955
447,454
49,441
80.449
$324,451
$396,552
$510,515
$614,051
320,125
361,389
392,955
393,000
68,406
69,536
x
Balance.
Retirement expense
Prov. for Fed. inc. tax._
Balance
Interest on Comm. Wat.
Service Co. debs
Amort, of debt disct. and
and other deduc¬
tions—Comm.
Water
exp.
37,292
67,276
$32,967
$32,113
Service Co
Balance, deficit
x Includes
cumulated dividends on preferred stock of subsidiary com¬
panies not declared or paid of $143,836 in 1935, $35,624 in 1934, $26,466
in 1933 and $10,233 in 1932.
y Less amount of reduction—New Rochelle
Water Co. for Nov. and Dec., 1935, ordered by N. Y. Public Service
Commission—order appealed, $41,000.
Consolidated Balance Sheet Dec. 31
1935
1934
78 ,010,342 77,494,034
equipment
investments
33,424
by trust
94,314
--
Collateral note
,654,488
159,092
,331,038
352,985
11,278
1,515,076
182,720
1,386,970
340,863
19,377
83,592
rec.
R. I. A. &L.
500
250
250
86.25
650 y391.25
—
Convertible 4^s
2,530,434
expense, &c
2,735,712
280,498
386,516
Commission & exp.
sale
of
x
1,000
x70
x60
—
—-
These amounts are per
-—
$100 share,
y
Consumers'
sion
_
114,453
_
x60
x70
x40
x60
exten¬
deposits...
of property.
....
743,838
9,182,935'
732,920
8,784,170
reduction
ordered by N.Y.
P.S.C
...
41,000
98,443
258,831
10,263^788
reserves
Contributions
;
for
extensions
clared
200,840
72,323
301,729
a
3,619,582
b Common stock.
1,124,555
Capital surplus-9,189,435
Earned surplus... 1,059,322
301,920
3,620,972
1,124,555
9,563,599
1,226,477
or
paid.
Min.equity in
.
_
com.
__—-
Includes $350 for principal, $41.25 for int.
Note—Common stock allotted to bonds is for interest,
187,444
Res. for retirement
Other
pref.
1,000
1,000
_
Commonstock
credits
220~953
1,163,365
121,148
694,243
Sub. co's pref. stk.10,076,734
on
stock
Bank and RFC loans
(to be extended).
Deferred
stk.&sur.ofsub.
Preferred stock.
93.75
7% preferred stock.
6% preferred stock
1,193,818
1,041.25
250
Equip, obligations.-
Accrued liabilities.
Cum. divs. not de¬
120.72
250
4H&
69,976
197,751
198,891
1,120.72
1,093.75
1,086.25
315
500
685
Mtge.dem. notes-Int. & divs. pay...
rate
Debt discount and
S. P. & K. C. S. L.
-
Accts. & notes
Res. for amount of
24,150
Prepayments.
S
46,099,600 46,276,600
pay
274,898
336,127
Other current liab-
110,332
Cash in banks and
hand
1934
$
Funded debt
Property, plant &
Cash held
1935
Liabilities—
Assets-
1,089.08
1,183.33
B.C.R.& N. cons. 5s
4Hs
sur$49,154 sur$151,515
93.74
183.33
432.84
1934.
y After
Represented by
$153,651
70.30
500
562.50
562.50
1,000
z
1936—6 Mos.—1935
1936—3 Mos.—1935
1,120
1,150
1,000
1,070.30
150
.
...
Total
in
$189,479
Other assets
$
$
120
1,000
1,000
Peoria Ry. Term. 4s 1,000
War¬
Total..
City Auto Stamping Co.—Earnings-
Mat'ls & supplies..
Option
rants
$513,215
Period End. June 30—
Accts. receivable-_
I
4%
Income
Choctaw & Memp.5s
$488,410
—
Dep. for int. & divs
cipal
63,325
13,400
Net profit after deprec.
and Federal taxes
on
Mtge.
16,397
_
x After
depreciation of $6,311 in 1935 and $4,712
depreciation of $81,944 in 1935 and $77,049 in 1934.
25,200 no par shares.—V. 142, p. 4333.
Misc.
Proposed Allotment of Securities for each $1,000 of Principal of Present Securities
Outstanding
Undis-
4,140
11,760
56,797
interest
Land—equity——
Building.
companies.-
July 15 filed a reorganization plan for the system with
U. S. District Court in Chicago and with the Interstate Commerce
Commission in Washington.
Under the plan, annual fixed interest charges would be reduced by 82.6%,
from $14,334,986 currently to $2,499,531.
Upon consummation of the plan/funded debt of the system would amount
to $227,430,578 as against the existing total of $328,805,661 and capital
stock would amount to $206,596,219 as against $128,892,512.
The major part of the reduction in fixed charges would be effected by
exchange of new 50-year non-cumulative general mortgage income 4%
bonds, covering the entire property of the system, for the present general
mortgage bonds and the Choctaw Oklahoma & Gulf consolidated 5s at
par and for part of the principal amount of the other first lien bonds, the
balance to be exchanged for new preferred stock.
Fixed interest debt would be represented only by a hew issue of $15,000 ,000,000 or $20,000,000 first mortgage 3 M % bonds, by $30,883,000 15-year
4% equipment notes to be exchanged for present equipment trust certifi¬
cates, by $17,529,706 Reconstruction Finance Corporation and bank loans
to be extended to Jan. 1, 1945, at 3% interest, and by the $3,524,000
Choctaw & Memphis first mortgage 5% bonds and the $928,000 Peoria
Railway Terminal first mortgage 4% bonds, which would be undistrubed.
Proceeds of the new first mortgage 3H% bonds would be used to refund
trustees' certificates or other obligations of the trustees, to provide necessary
cash for consummation of the plan and for immediate rehabilitation of
tie physical property of the road.
on
the
Prln-
policies
divs. and
x
Chicago Rock Island & Pacific Ry.—-Reorg. Plan—
The directors
18,051
surrender value.
Life insur.
par
except in the case of the
Total
...84,482,046 84,255,193
Total..
84,482,046 84,255,193
a
Represented by 39,063 no par shares in 1935 and 39,078
b Represented by 1,124,555 shares of $1 par.-—V. 142, p. 1635.
in
1934.
Convetrible 4>£s.
All allotments for accumulated interest apply only to bonds in
hands of public.—V. 143, p. 105.
Compressed Industrial Gases, Inc.—60% Stock Div.—
a stock dividend of 6b % on the common
stock,
value, payable in common stock on Aug. 15 to holders of record
A stock dividend of 25% was paid to holders of record Jan. 2,
1935.
The regular quarterly cash dividend of 50 cents per share was
paid on June 15, last.—Y. 142, p. 1979.
The directors have declared
Columbia System,
Inc.—Withdrawal of Registration—
The Securities and Exchange Commission, upon request of the company
received on July II, 1936,
tion statement
has consented to the withdrawal of the registra¬
filed March 31, 1936.—V. 142, p. 2494.
no
par
Aug. 1.
Volume
Financial
143
425
Chronicle
Balance Sheet Dec. 31
Commercial Investment Trust
Corp.—$35,000,000 De¬
Offered—Offering was made July 14 of $35,000,000
33^% debentures due July 1, 1951, at 101^ and int. by an
underwriting group headed by Dillon, Read & Co., including
Lehman Brothers and Lazard Freres & Co., Inc.
bentures
Dated July 1,1936; due July 1,1951.
Principal of and interest (J. & J.)
payable in any coin or currency of the United States of America which at
the time of payment is legal tender for the payment of public and private
debts.
Principal and interest on the debentures are to be payable at the
office of Dillon, Read & Co., New York.
The definitive debentures are
to be issued in coupon form
(registerable as to principal only) in the denom.
of 1,000.
Corporation has agreed to reimburse to the bearer or registered
owner of any debentures, upon compliance with the condition and within
the limits set forth in the indenture, the Commonwealth of Pennsylvania
personal property tax not exceeding five mills per annum on each dollar of
the taxable value thereof.
Chase National Bank, New York, trustee.
At the option of the corporation, the debentures may be redeemed at
any time prior to maturity, as follows;
(a) From time to time in part, by lot, in principal amounts of not less
than $5,000,000, at 104% if redemption date is on or before July 1, 1938;
thereafter at 1033^% if redemption date is on or
before July 1, 1940;
thereafter at 103% if redemption date is on or before July 1, 1942; there¬
after at 103% if redemption date is on or before Juiy 1, 1942; thereafter
at 102Yz% if redemption date is on or before July 1, 1944; thereafter at
101 % % if redemption date is on or before July 1, 1946; thereafter at 101 %
if redemption date is on or before Juiy 1, 1948; thereafter at
10014% if re¬
demption date is on or before July 1, 1950; and thereafter at the principal
amount thereof; in each case plus accrued interest to the redemption
date;
(b) As a whole, at the redemption price set forth in subdivision (a) above
applicable on the date fixed for redemption, unless such date is on or before
July 1, 1946, and the redemption is effected under the circumstances set
forth in subdivision (c) below;
•
(c) As a whole, at 101M% of the principal amount thereof, plus int. to
the redemption date, if redemption date is on or before July 1,
1946, and if,
at or before the first publication of notice of redemption, there shall be filed
.
with the trustee
Treasurer
or an
affidavit of the President or a Vice-President and the
Assistant Treasurer of, the corporation
stating
an
(1) that such
redemption is to be effected in conjunction with a proposed dissolution of the
corporation and distribution of its assets; and (2) that neither such proposed
dissolution nor such proposed distrubution is in connection with a
merger
with, consolidation into, or sale of all or substantially all of its assets
to, a
single successor corporation.
Listing—Corporation has agreed to use its best efforts to procure in due
course the listing of the debentures on the New York Stock
Exchange and
the registration thereof under the Securities
Exchange Act of 1934.
Purpose of Issue—Net proceeds (approximately $34,675,337) will be ap¬
plied as follows:
fa) $20,307,100 will be applied toward payment of the redemption price
of $18,461,000 of 5Yi % debentures to be redeemed and retired
on Sept. 1,
1936 at ilO and interest.
(b) It is the present intention of the corporation that substantially all of
the balance of the net proceeds will be loaned by the corporation to some or
all of its principal subsidiaries, the allocation has not been determined
and
is not now determinable, and will be based upon conditions at the rime
of
receipt
of the
The
proceeds.
principal
subsidiaries
borrow
substantial
amounts from banks and in the commercial paper market
less than the amount of credit available to them) and will
(but in each case
employ proceeds
of the debentures, so loaned to them J in the
ordinary conduct of their busi¬
ness in lieu of an equivalent amount of
borrowings from banks and in the
commercial paper market.
History
and
Business—Corporation
was incorporated
in Delaware on
Corporation has numerous subsidiaries which are
engaged,
chiefly in specialized forms of financing.
Corporation is not an operating
company and
is not an "investment trust."
The
business presently
transacted by subsidiaries of the corporation which transact a
sales finance
business falls chiefly in the following categories:
(1) Purchasing from manufacturers and merchants notes and other
evidences of indebtedness arising from the retail sale of
motor vehicles
appliances, machinery, equipment and other products; there is
obtained,'
in the majority of instances, a title retention or lien
instrument and the
Jan. 28, 1924.
endorsement of the manufacturer
or
merchant
or
the product if
its agreement to repurchase
repossessed;
(2) Financing under trust receipt or otherwise the distribution to dealers
and distributors of motor vehicles and, in limited amounts, certain other
products;
(3) Factoring business in respect of textiles and other commodities, gen¬
erally limited to the purchase of unsecured accounts receivable created in
the sale of merchandise and the making of advances
usually up on the se¬
curity of merchandise or accounts receivable and in some cases upon the
additional security of the guarantees of others; and
(4)
Secured and unsecured loans to manufacturers, merchants, and other
business
concerns.
In addition to the business described
above, the subsidiaries of the cor¬
poration also tranact business in the following categories:
(5) Participation in underwriting of, and investment in, securities;
(6) Insurance brokerage, &c; and
(7) Other operations incidental to the foregoing.
On March 9, 1936 the corporation submitted an offer to
purchase all of
the capital stock of National Surety Corp. for
$10,031,000, and posted the
sum of $1,003,100 cash as a deposit thereon.
The stock is held by the
Superintendent of Insurance of the State of New York, as liquidator of
National Surety Co.
The Supreme Court of the State of New York at
Special Term disapproved the Superintendent's acceptance of the cor¬
poration's bid and the corporation appealed from the order to the Appellate
Division of the Supreme Court.
On June 23, 1936 the Appellate Division
by a three to two decision reversed the order of the lower Court and directed
that the Superintendent's acceptance of the corporation's bid be
approved.
The time allowed for appeal from the order of the Appellate Division
has not
The corporation has not yet paid the balance of the purchase
yet expired.
price
or
acquired the stock of National Surety Corp., but
may
do
prior to
so
the expiration of the time for appeal, in which event the
acquisition of such
stock will be subject to the outcome of any appeal.
National Surety Corp. presently writes fidelity, surety,
buglary and
bonds and insurance, and in connection therewith has
an investment portfolio.
It does business in every State of the United
States, in the District of Columbia, and in several Territories and foreign
countries.
It was formed in 1933 in conjunction with a plan for the re¬
habilitation of National Surety Co. under the supervision of the
Superin¬
tendent of Insurance of New York, and acquired certain assets and
assumed
certain other types of
certain liabilities of the latter company.
Three of the subsidiaries of the corporation are
vestment section of the New York banking law.
Principal Underwriters—-The
amounts
as
of debentures
organized under the in¬
names of the underwriters and the
which they severally have
respective
agreed to purchase are
follows:
Dillon, Read & Co., New York
Lehman Brothers, New Yrork___
Lazard Freres & Co., Inc., New York
Kuhn, Loeb & Co., New York--,
-
•
5H% convertible debentures, due Feb. 1, 1949
Pay¬
have been called for redemption on Sept. 1, next at HO and interest.
ment will be made at
Concord
Dillon, Read & Co., New York City.—V. 143,
p. 106.
(N. H.) Electric Co.—Earnings-
Calendar Years—•
1935
1934
1933
1932
Income from oper
Non-oper.
revenues
Inc. deduc. (int., &c.)__
Net income
Preferred
dividends
Common dividends
$568,129
426,494
$576,026
419,890
$550,742
391,548
$560,323
391,664
$141,635
1,003
$156,135
160
$159,194
1,937
$168,659
1,791
$142,638
Total operating expensesi
Accts. receivable..
Matls. & supplies.
Prepaid
82,221
53,067
2,931
1,000
accounts.
Misc. suspense
1935
1934
Pref.stk.($100 par)
$225,000
Common stock--
1,100,010
$225,000
1,100,010
15,379
8,545
26,694
2,316
658,785
39,550
435,504
Liabilities—
1934
1935
x
18,176
Accounts payableConsumers'
9,828
dep..
22,310
Tax liability
85,300
65,701
4,655
2,337
643,824
38,764
406,222
Other accr. liabil--
Deprec.
res
Other reserve
Surplus
Total
x
Total-.----—$2,466,472 $2,511,783
$2,466,472 $2,511{783
Represented by 50,000
no par
shares.—V. 140, p. 1656.
Connecticut Light & Power Co.—Earnings—
12 Months Ended June 30—
IPiiP„ r*^5
Gross operating revenue
$18,206,654 $16,996,010
Net available for divs. and other corp. purposes-_
4,581,451
4,489,875
Balance avail, for com. stk. & other corp. purposes
3,778,911
3,669,347
^,,
Earnings
—V.
per
142,
p.
r,
$3,197
$3,292
share.
4172.
Connecticut Ry. & Lighting Co.—Earnings—
Income Account for 12 Months Ended Dec.
31, 1935
Rentals
-—
Receipts under agreement dated June 27,1917
Interest
on
Inter est
on
marketable securities
bank balances
$920,019
52,500
9,041
46
Gross income
Portion of Federal income tax normally collectible from lessee,
who has defaulted under lease
$981,606
48,172
Expenses, including fees to registrars, transfer agents, trustees
of bond issues, counsel, &c
Income available for interest, sinking fund & dividends
Interest on funded debt
17,018
$916,416
607,015
66,285
Provision for sinking fund
Net income
Dividends on $100 par value pref. stock
on $100 par value common stock
$243,116
213,751
235,651
Dividends
Balance Sheet Dec. 31, 1935
(Subject to
adjustments, if any, not now determinable, resulting from
rejection of lease of property)
Assets—
Liabilities—
Property and plants
Cum. pref. stock
$29,194,647
Proceeds of sales of mortgaged
released to lessees—
Current & sundry assets (net)
prop,
delivered
to
lessee
Payments
lessee
to
provements
for
of
Due
lessees
made to prop,
Sinking
fund------—-
lessee
to
(representing
the
property
of
Waterbury Gas Lt. Co.)__Accrued
857,604
proceeds of sales of
props, subject to the mtge..
to
$8,142,900
8,977,200
8,989,000
4,766,077
the improvements made by
im¬
Bal. of int. accretions to prop.
release account—_
--
Sinking fund reserve..
238,500
of "VVaterbury Gas Lt. Co..
Bal.
703,471
when
placed in possession
($100 par)
Common stock ($100 par)—
Funded debt
349,419
410,061
accounts
Accounts payable
Deferred
7,276
credits
2,726
5,179
—
Earned surplus
113,326
804
289,077
Cash in hands of trustee for
payment of int. on bonds..
Cash in bank
Accrued rental receivable
Accounts
38,540
receivable
17,078
Marketable securities
Accrued
int.
securities
-
303,507
19,007
57,075
marketable
on
1,500
27,800
-
Suspense..
Total--.
.$31,755,888
Total
^
—$31,755,888
Note—By agreement dated Dec. 19, 1906, Connecticut Railway &
Lighting Co. leased its property and franchises to the Consolidated Ry.
Co. for 999 years from Aug. 1, 1906.
On Dec. 17, 1935, New York, New
Haven & Hartford RR„ successor by merger to said The Consolidated Ry.
Co. and guarantor of its obligations under said lease, and The Connecticut
Co., a subsidiary of New York, New Haven & Hartford RR. and sublessee
of the leased street railway property and franchises, disaffirmed and re¬
jected said lease and certain subsequent related agreements under authority
of the U. S. District Court for the District of Connecicut in proceedings
for their reorganization under the Bankruptcy Act.
The Connecticut Co,
has continued operation of said street railway property.
The Connecticut
Light & Power Co., sublessee of the leased gas and electric property and
franchises, has continued its operation in accordance with agreements with
Connecticut Ry. & Lighting Co. which provide for such continued operation
in the event of termination of said lease dated Dec. 19, 1906.
Connecticut
Ry. & Lighting Co. is preparing to file claims against New York New Haven
& Hartford RR. and the Connecticut Co. on account of the
rejection of
said lease and related agreements and against the Connecticut Co. on
account of its continued operation of said street railway
property subse¬
quent to Dec. 17, 1935.
In view of the foregoing, the balance sheet as of
Dec. 31, 1935, and the income account for the calendar year 1935 neces¬
sarily do not reflect said claims, nor do they attempt to reflect any changes
that may result from the foregoing situation.
By agreement, United Gas Improvement Co. has guaranteed the payment
of interest only on $12,153,000 of Connecticut Ry. & Lighting Co. 1st and
refunding 4H % bonds, including $4,477,000 of bonds in the sinking fund.
In addition, bonds not now guaranteed as to
interest, become interestguaranteed bonds when acquired by the sinking fund.'—V. 142, p. 3164.
Consolidated
Orders
on
Hand
The corporation
Aircraft Corp.—Stock
Largest in History—
Offered—Unfilled
has authorized the offering of 22,976 shares of
conv.
$3 pref. stock to the holders of the 574,400 shares of common stock now
issued and outstanding, and exclusive of shares of common held in its treas¬
ury.
The 22,976 shares of conv. $3 pref. are offered pro rata for sub¬
scription at $50 per share to holders of common stock of record 3 p. m.
July 15 on a basis of one share of conv. $3 pref. stock for each 25 shares
of common stock then held of record.
Rights to subscribe must be exer¬
cised on or before 3 p. m. Aug.
14 (Eastern Daylight Saving Time);
Guaranty Trust Co. of New York has been appointed agent to accept
subscriptions.
At a special meeting of the holders of common stock held on
April. 29,
1936, an authorized issue of 60,000 shares of pref. stock, without par
value, was created of which a series consisting of 24,000 shares was desig¬
nated as conv. $3 pref. stock.
An insert in the
mailing to the stockholders announces the receipt of an
a contract for the construction of 51
flying boats for the United
Navy, including a four-motored high-speed, long-distance cruiser,
aggregating a total of $5,485,115.
Fifty of these boats are of the same
model as the 60 patrol boats now in production for the
Navy under an
order placed last year.
The present order means that the company has
on its books the largest amount of unfilled business in its
history and has
necessitated increased plant capacity, now well under way.
The two orders for the Navy total $13,992,152, which is in addition
to $1,996,700 for 50 pursuit ships which the
company is building for the
United States Army, 48 of which have already been delivered.
The total
of the three Navy and Army orders amounts to $15,988,852.—V.
142, p.
award of
States
Debentures Called—
All of the outstanding
$13,125,000
8,750,000
4,375,000
8,750,000
Assets—
Plant & equipment $2,061,069 $2,064,431
Non oper. prop'y.
103,087
Other investments
66,250
128,604
Cash163,091
96,845
$156,295
$161,131
367
337
284
$170,451
369
$142,271
13,500
140,000
$155,957
13,500
140,000
$160,847
13,500
140,000
$170,083
13,500
139,271
def$l 1,229
$2,457
$7,347
$17,312
-
4018.
Consolidated Edison Co. of New
The company,
York, Inc.—Merger—
continuing its policy of simplifying its corporate structure
petitioned the New York Public Service Commission on July 14 for pe"i
mission to merge the New York Edison Co.,
Inc., and the Bronx Gas &
Electric Co. into the parent company.
To Restore
Pay Reductions—
Full restoration of the reduction in pay of employees of this
company
and its affiliated gas, electric and steam companies will be made effective
Aug.
16,
all of
the employees this means a 4 1-6% adjustment.
1936,
according to Frank
_
W.
J
Smith,
President.
For virtually
On May 1, 1933, a
.
426
Financial
Chronicle
reduction in
pay of 8 1-3% resulted from a corresponding shortening of
working hours.
One half of this reduction, or 4 1-6%, was returned
to all employees receiving less than $7,500 a year on April
30, 1934.
The
on Aug.
16 will bring these employees to their old wage
thus far in
July are 22 % ahead of the same period a year ago, while dollar
25% ahead.
downward trend, compared to present
upward trend of prices.
Volume has been holding up contra-seasonally
well.—V. 142, p. 4335.
bookings
levels.
WThose employees in the upper supervisory and managerial positions, who
receive more than $7,500 a year, will receive the full restoration of 8 1-3%.
effective Sept. 1. 1936, Mr. Smith said.
NlThese restorations amount to approximately $3,500,000 a year.—
V. 142, p. 4172.
24 Weeks Ended—
sales...
Profit from
$3,023,861
2,767,341
232,079
$3,150,431
2,858,492
*244,601
$99,160
17,848
$24,441
18,369
$47,339
22,441
$71,216
25,364
$117,008
65,931
$42,810
74,832
$69,780
81,582
$96,581
94,427
loss$32,021
loss$ll,802
$2,153
8,817
__
Total income
Interest charges
Fed. income tax (est.)..
Earnings
per share
Net profit from operations
$32,021
400,000
sur.$42,315
400,000
$0.12
on
Nil
Notes & accts.
Salesmen's
Inventories
Prepaid
214,409
1,196,260
Long-term assets.
355,675
Fixed assets
4,563,701
Deferred charges
160,734
Pur. route services
300,000
233,108
1,208,740
352,213
4,671,905
98,159
300,000
1
1
..
Inventories
.
.
a
Pur. money mtge
6H%
insur.,
Miscell. invests. &
17,289
receivables
50,395
x7,621,640
115,891
1st mtg. 6s sub...
186,000
Capital
548,998
73,665
64,167
$7.50 pref. stock..
434,700
Common stock
3,154,401
Earned surplus... 1,037,663
3,154,401
985,446
$7,156,582 $7,298,682
Current,
a
Total
x
$10,032,701
After
215,260
471,900
,
.
no
par
Total
$10,032,701
depreciation of $3,971,722.
shares.—V. 141, p. 1765.
30—
y
Represented
by
Paper Co. (& Subs.)— -Earnings—
1935
1936
1933
1934
Net prof. after all charges
for deprec., depl. bond
int. and inc. taxes, &c.
Co.—jEarnings—
$1,467,615
$1,961,916
$1,129,680
loss$37,613
—V. 142, p. 3847.
'
Income Account for
,.
surplus
for
reserves
Crown Willamette
$7,156,582 $7,298,682
b non-current—V. 142, p. 4178.
Consolidated Water Power
3,574,500
250,112
3,000,000
y3,228,900
988,848
1,983,720
r
Total..
Years End. Apr.
Total
93,945
209,125
_
Common stock.
Deficit
224,000
519,570
Reserves
uncom¬
bds.,
A, due June 1, 1940..
ser.
1,117,000
*
on
7% cum. pref. stk. (par $100)
218,000
5,857
1,109,000
ad vs.
contracts
Accrued liabilities
Reserves
6H% conv. notes,
1941
Miscellaneous
Customers'
1st mtge. 6% s. f. gold
75,000
183,990
2,951
$200,000
23,692
430,771
16,526
payable—trade
Accounts payable—trade
pleted
amortization
of
conv.
Federal income tax
payable to stkhldrs.
($255,760
of
receivables
pledged as collateral)
Bond disc. & exp. in process
55,359
notes
not pres. for ext.
Notes
Notes
commissions
Plant properties
$110,553
84,011
b Pur. money mtge
Goodwill
^
& expense advances
$147,671
154,169
58,989
75,000
202,803
& dep.
Liabilities—
$447,893
736,685
1,042,905
Receivables.
June 13'36 Dec. 31 '35
1st mtge. serial 6s.
rec.
to (less reserves)
13,823
35,791
22,000
$40,161
Assets-
Nil
Liabilities—
$404,503
30,053
$365,802
In thrift accts..
paid at source
Balance Sheet Dec. 31, 1935
■
$6,664
400,000
Accounts payable.
Accruals
hand and
in banks
$328,471
216,695
Amortization of bond discount & expense.
Provision for Federal income tax
Cash
$11,802
400,000
Nil
June 13'36 Dec. 31 *35
Assets—
14,933
Net profit before interest charges
Int. on 1st mtge. bonds, incl. normal tax
General interest
Comparative Consolidated Balance Sheet
Cash
$313,537
Net profit.
$42,315
Shs.com.stk.out. (no par)
*
Miscellaneous income
8,762
Net profit
Preferred dividends
$1,437,466
407,401
681,573
34,953
Gross profit on sales
Selling, administrative & general expenses
Non-operating plant expense
!,931,150
2,613,460
246,474
operationsi
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1935
17 *33
$3,174,092
2,860,321
214,610
Other income
Continental Roll & Steel Foundry
(& Subs.)—Earnings—
June 13 '36 June 15 *35 June 16 '34 June
Depreciation..
,
Provision for depreciation
Consolidated Laundries Corp.
Cost of sales
are
A year ago price levels were on a
full restoration
Net
July 18, 1936
Crow's Nest Pass Coal Co.,
Year Ending Dec. 31, 1935
Operating revenues
Operating expenses
$684,693
443,425
Period End. June 30—
Ltd.- -Earnings—
1936—6
1936—3 Mos.—-1935
Mos.--1935
Net profit after deprec.,
depl. & other chgs. but
Income from utility operations
Dividend
8,662
Gross corporate income
on bonds
Interest
$249,930
96,245
6,245
16,217
...
Bond expense
Provision for income tax
Other
deductions
Net income
$130,549
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Plants and equipment
Common stock ($100 par)
$1,023,206
2,088,787
Real estate and flowage
$1,000,000
5^% bonds due 1946—...... 1,700,000
Bonds payable Sept. 15, 1936.
29,700
Investments (Wisconsin Valley
Impt. Co. stock)
Interest
144,250
Due from Consolidated Water
Power & Paper Co
Deferred charges
payable
Federal
21,924
Construction advances
3,741
Period End. May 31—
Operating revenues
Oper. expenses & taxes..
Consumers Gas Co.
Gross income
<
Maintenance
Deductions
—
.
_
_
Net income...
Pref. div. requirements.
—V.
142,
39.566
;
68,152
6,656
56,490
Provision for other Federal taxes
Provision for other taxes.
$1,190,876
57,572
$1*248,448
687,117
$37,633
19,997
$561,331'
239,964
Lighting,
Inc.—Application Approved—
Chicago Stock Exchange has approved the application of the com¬
16.837
141,
1093.
p.
7 Months Ended May 31-
...
Earnings
x
per
share
on
156,245 shares com. stock..
Before Federal taxes.—V.
143,
p.
(& Subs.)—Earnings—
Calendar Years—
Operating
revenues:
Note—Net income from
reserve
$539,093
496,962
fund investments amounting to $5,094
and $525 for the years 1935 and 1934
earnings
but
statement,
credited
respectively, not included in above
direct to' reserve for leased property
retirement.
Balance Sheet Dec. 31
Assets—
1935
1934
Prop., Plant & eq.
(incl. improve.to
x
property) $6,063,512 $6,047,097
40,677
40,677
Reserve fund—
106,980
102,036
Special deposit—
Cash
Notes rec.
(cust.)
_
51,000
209,076
5,450
Divs. & int. receiv.
Accts. receivable
•
55,586
a
$6,758,151
$6,645,7881
.....
Bus
Total operating revenues
Ordinary expenses
204,046
$5,958,947
2,500,916
331,288
573,710
229,240
82,516
206,807
$1,934,917
49,261
$2,034,469
51,606
$1,984,177
1,060,490
$2,086,075
1,078,182
Maintenance
340,968
Provision for renewals and replacements..
777,448
Provision for Federal income taxes
Provision for other Federal taxes
215,400
85,154
Provision for other taxes
*
Operating income
Non-operating income
$5,521,800 $5,521,800
ex¬
tension
deposits.
Accounts payable.
43,472
151,453
839,999
145,108
Reserves
Gross income
-
Interest
56,316
70,229
41,401
93,974
792,331
126,051
458
74,142
x
1934
150,042
56,350
77,250
Deferred charges.
Total
Customers' and
Earned surplus
409
Materials & suppl.
_
1935
Accrued accounts.
171,876
151,316
..
Liabilities—
par).....
leased
Street railway
1934
$3,189,827
1,251,688
993,114
524,318
$6,147,079
2,589,145
•
1935
$3,3*4,916
1,258,129
769,289
804,743
"
Electric
'
Capital stock ($25
Investments
on
funded debt
Interest
on
unfunded debt
—
1,330
Miscellaneous interest
8,824
Rentals
;
3,341
240,000
Contingent reserve
Amortization of debt discount and expense.
Amortization of debt discount & exp.—bonds retired
34,318
9,739
Other income deductions.
'
Total
1935
x$46,624
Nil
107.
Delaware Electric Power Co.
$584,300
42,220
2,987
$419,424
400,331
1936
$166,917
$0.72
•
Net profit after all charges
$567,463
$468,494 '
45,925
3,144
Net income
Dividends
$486,079
239,964-
3505.
p.
Gas
Rental of leased property.
Miscellaneous interest
$1,094,027
60,993
$1,155,020
668,941
Dayton Rubber Mfg. Co.—Earnings—
676
$456,082
12,412
Non-operating income.
The
1934
$1,412,297
680,337
44,791
42,369
70,983
5,677
652,134
39,793
.
$30,380
19,997
•
$88,330
4,178
$92,508
54,875
Exchange Act. of 1934.—V.
1935
.,318,874
Provision for renewals and replacements
Provision for Federal income taxes.
$76,754
4,875
$81,629
51,249
.....
pany to list 20,160 additional shares of common stock, no par, to be ad¬
mitted to trading on notice of issuance and registration under the Securities
(Pa.)—Earnings
..;
Co.—Earnings—
1936—12 Mos.—1935
$4,184,708
$4,066,478
2,993,832
2,972,451
1936—Month—1935
$328,088
$309,858
251,334
221,528
.
Net oper. income
Non-operating inc.—net
£—$3,392,544
Calendar Years—
Operating revenue
Ordinary expenses
$1.50
605,111
Total
After reserve for depreciation of $1,944,202.- -V. 122, p. 2797.
a
$93,182
$2.89
[Including Cumberland Securities Corp.]
Curtis
$3,392,542
$179,510
$0.62
Cumberland County Power & Light
16,218
Surplus......
Total
$38,475
on
15,847
tax
Miscell. current liabilities
84,311
51,987
...
income
$81,942
$1.32
Earnings per share
62,127 shares..
—V. 142, p. 4018.
673
.
a
before Federal taxes._
$241,268
revenues
$6,758,151 $6,645,788
Includos investments of $97,823 in 1935 and $101,412 in 1934, having
quoted value of $97,799 and $103,562 in 1935 and 1934, respectively.—
14,902
Net income
T, 883
4,341
240,000
34,729
9,739
16,718
;..
$611,232
$693,482
1,822
Balance of earnings applicable to capital stocks
of Delaware Electric Power Co
$611,232
$691,659
Minority interest
V. 115, p. 650.
Consolidated Balance Sheet Dec. 31, 1935
Container Corp. of AmericaPeriod Ended June 30—
3 months
1
1936
-Earnings—
Per Sh.
Assets—
1935
Per Sh.
$302,542
$0.46
$224,336
$0.34
0.74
481,845
432,146
0.66
12 months
1.97
1,287,709
945,998
1.45
In each instant earnings are, after all charges, including adequate reserve
for year end adjustment and after reserve of 15% for normal Federal income
tax; no attempt has been made to estimate any possible surtax for 1936.
As of June 30, net working capital, after provision for dividend Which
has been declared and is possible Aug. 15, amounted to $3,849,696, com¬
pared with $3,628,000, Dec. 31, 1935.
During the half year, all outstanding purchase money obligations were
prepaid in the amount of $232 ,860 and outstanding bonds and debentures
were decreased by $182,500.
There was added to building, machinery and
equipment $255,084.00.
Compared with the first six months of 1935, dollar volume of business
done increased 4% and tonnage volume increased 11%.
Units booked
6 months
Liabilities—
Property, plant & equipment.$30,204,146
Excess
of
cost
over
stated
values of stocks & bonds of
subsidiary companies
Special deposits.
Adv. not currently receivable
Cash (incl. time deposits).
.
Notes receivable
x
preferred stock..
$500,000
13,746,355
21,807,000
Notes payable (banks).
84,000
Customers' & extension depos
175,580
1,682,577
Accounts payable
Accrued accounts
Deferred credits
Reserves
;
Earned surplus
198,255
969,785
50,253
3,220,438
708,425
853,114
202,600
,
Deferred charges
Total.......
205,435
527,345
93,908
14,725
1.016
Divs. & interest receivable
Accounts receivable
Materials and supplies
cum.
Common stock
Funded debt
4,047,807
Investments
$6.50
x
3,627,417
$41,460,0931
Represented by 900,000
no par
Total
shares.—V. 138, p. 860
$41,460,093
Volume
Financial
143
Cream of Wheat
Eastern
Corp.—Earnings—
Net inc. after charges &
Federal taxes
share
Delaware Power & Light
Eaton Mfg. Co.
Shs.
1935
1934:
$3,429,032
$3,307,629
1,258,280
Electric
i.
1,251,722
---
Total operating revenue
Ordinary expensas
1936—6 Mos.—1935
1936—3 Mos.—1935
$751,903
$436,688
$1,335,285
$1,041,960
696,146
$1.08
678,744
$0.64
696,146
$1.91
678,744
$1.53
stock out¬
common
standing (no par)
Earnings per share.
—V. 142, p. 2826.
$4,687,313
1,806,143
—
(& Subs.)—Earnings—
net
profit after
taxes,int., deprec., &c
Co.—Earnings—
Calendar Years—
revenues:
Corp.—Final Liquidating Dis-
141, p.
Period End. June 30—
Consol.
_
Share
a final liquidating dividend of $9,816 per
capital stock, series B, to be paid upon surrender of certifi¬
747.
the
on
cates.—V.
$0.80
$0.96
shs.'(no par) stock—
$0.35
$0.29
Net income for 12 months ended. June 30, 1936, was $1,179,854 after
charges and taxes, equal to $1.96 a share, against $1,133,076 or $1.89 a
share in 12 months ended June 30, 1935.—V. 142, P. 2992.
Gas..
&
The directors have declared
$479,515
$577,003
$175,608
$212,457
Earns, per sh. on 600,000
OperJtting
Bond
tribution—
1936—6 Mos— 1935
1936- -3 Mos.—1935
Per. End. June 30—
427
Chronicle
Ebasco Services,
Inc.—Weekly Input-Increase-
119,955
Maintenance
Provision for renewals and replacements
Provision for Federal income taxes
Provision for other Federal taxes
-
1935
94,747,000
41,474,000
65,898,000
1936
American Fow.&Lt. Co. .107,653,000
Electric Pow. & Lt. Corp. 46,476,000
197,385
77,599
130,545
—
Provision for other taxos
Operating Subsidiaries of
562,477
_
National Pow.&Lt. Co._.
68,312,000
%
Amount
12,906,000
5,002,000
2,414,000
13.6
12.1
3.7
—V. 143, p. 270.
Operating income
Non-operating income
.
$1,793,207
44,701
—
—
— —
Eisler Electric
$1,837,908
605,000
8,824
12,630
—
Interest on funded debt
Miscellaneous interest
-
——
—
—
Amortization of debt discount and expense—
Amortization of debt discount & exp.—bonds retired
the
9,739
Balance Sheet Dec. 31, 1935
Assets—
■
Liabilities—
,
Common stock
Property, plant & equipment.$22,737,719
x
Investments
89,422,402
Funded debt
3
Special deposits
Adv. not currently receivable
Accounts payable.
Cash (incl. time deposits)
1,158,737
Notes receivable..14,725
Interest receivable.._
Deferred credits
Reserves..——....
852,062
Materials and supplies
Deferred charges—
.
Accrued accounts
91
.
Accounts receivable
—'
Customers' & extension depos
305,141
90,094
...
-
692,556
14,097
1,533,685
468,011
144,364
859,501
Total
no par
six months of 1936 over
period a year ago, according to an announcement made by C. A.
Laise, President.
"During the first half of the year 1936," Mr. Laise said, "the company
has undergone a considerable expansion program and has developed a
number of new products, adding to the sales of the products of the Callite
Division, including the precious metal and laminated contacts; "Callinite,"
a group of alloys used for resistance welding and facing material; a complete
line of Calliflex Thermostatic Bimetals; and a new "Teco" Steel cutting
composition."
Mr. Laise attributed the expansion of the business to increased production
facilities, improvements in manufacturing processes, and an augmented
same
engineering staff.—V. 142, p. 3167.
EI Paso Natural Gas Co.—Clears
Up Pref. Arrearages—
The directors on July 16 declared a dividend of $26.25 per share on the
7% cumulative preferred stock, par $100, thus clearing up all back divi¬
dends on this issue.
This payment will be made on Aug. 1 to holders of
record July 22. The directors also declared the regular quarterly dividend
of $1.75 per share ordinarily due at this time, payable Sept. 1 to holders
of record Aug. 22
•'•••
Paul Kayser, President of the company, made the following statement
.
*
826,162,439
_
Represented by 375,000
x
Earned surplus.
13,700,000
175,581
156,106
Corp.—Sales Higher—
Sales increased approximately 30% in the first
.
Gross income
Total..
.-$26,162,439
—
shares.—V. 142,
p.
3340.
•
...
in connection with these dividends:
"These dividends
declared at this time because they are justified by
are
both the current earnings of the company and its cash position, and because
to the holders of the old debentures called for redemption on
in fairness
De Met's,
Inc.—Accumulated Dividend—
Similar distributions have
142, p. 2664.
1 to holders of record July 24.
payable Aug.
11, we thought that the preferred dividends in arrears should be
cleared out of the way and current preferred dividends declared so that such
holder may freely exercise his right of conversion and know the status of
Aug.
The directors have declared a dividend of 55 cents per share on account
on
the $2.20 cumulative preferred stock, no par value,
of accumulations
the stock into which his debenture may be converted."
been made in each of the 11 preceding quarters.—V.
The directors
RR.—Reorganization—-
July 9 approved a plan of reorganization which is to be
on
submitted about July 25 to the U. S. District Court in Denver and to the
Interstate Commerce Commission.
L. W. Baldwin, Chairman, said that
a
few details
to be worked out, but declined to discuss
were
the plan.—V.
143, p. 269.
Detroit
Net
1936—3 Mos—1935
$43,065
$64,332
$162,665
$2,653,573
775,778
35,369
73.666
115,146
119,300
$1,019,510
21,030
$1,643,348
39,271
$1,040,541
—
$1,682,619
674,56272,028
Maintenance.-Taxes
„
-
—
Other income
—
/.
Interest.
1936—6 Afos.—1935
after deprec.,
prof,
but before Fed. taxes.
—V.
$1,539,964
411,417.
.
—
Balance
Paper Products Corp.—Earnings—
Period End. June 30—
Operation
Balance
$114,181
Amortization of discount and expense
Loss on bonds retired—
on
332,020
30,952
— -
455
Provision for retirements
Interest
142, p. 3340.
12 Mos.
6 Mos.
Period Ended June 30, 1936—
Gross operating revenue—
Denver & Rio Grande Western
...
6,231
302,265
178,606
_
—
old bonds and debentures during call
period-
24,566
24,566
— — .
—
Discount Co. of N. Y.—Balance Sheet June 30—
*
1936
1935
S
8
Assets—
1936
Liabilities—
accrued
Cash
&
92,913
...
Sund.
debits
crued
—„
Reserves
4,500,135
.
5 ,000,000
Undiv. profits
Unearned disct...
335,723
from
due
banks
Loans
3,622,796
23,147
1,519
398,509
5,000,000
2,997,107
Accepts,
*
Net income for this period does not include dividend from Eddy
County Gas Co. in amount of $45,500 received as part of refinancing plan.
4175.
Endicott Johnson Corp.
50 974,011
.
51,133,775
$1,302,994
with
Depreciation.
Reserve for contingencies
334,236
Federal taxes
S.
Govt.
re-pur.
sees,
agree¬
19,500,000
46,388
26,901
Sundry credits
.....75,208,843
—
—
Interest charges
11 150,000
ments...
Total
145,489
-
(net)
Total.
—_
$1,384;449
441,140
100,000
155,000
6,149
lOO'.OCO
.
$820,049
$889,459
$843,309
11,875
$804,358
204,568
608,040
$820,049
$889,459
204,575
608,040
$855,184
204,568
608,040
def$8,250
$7,441
$76,844
$39,059
share on 405,$1.31
360 shares
x Less
miscellaneous income.
$1.51
$1.69
$1.59
...
_
„
_.
.75,208,843 84,665,114
—V. 142, P. 3505.
Preferred
Driver Harris Co .—Drops
551,580,578
429,970
200,000
300,000
$804,358
Profit
Interest earned, &c
84,665,1141
$1,658,817
338,767
156/745
7,655
_
endorsement
U.
May 29,*35 May 25,'34 June 3,'33
$26,633,837 $26,820,899 $18,765,537
25,493,299 x24,975,020 x25,240,321 xl7,381,088
Sales
Expenses, &c
(& Subs.)—Earnings—
May 30,'36
$26,796,293
6 Months Ended—
re-disc,
sold
$602,964
$473,941
......
_
—V. 142, p.
200,675
661,166
banks
to
and
2 ,638,415
$
5,000,000
&
customers
33,131
5 ,000.000
....
payable
due
ac¬
.....
8
Capital stock
Surplus
1,602,916
Acceptances——— 6,315,288
U. S. Govt. sec.-64,277,360 79,070,546
Interest receivable,
Net income—
1935
Recapitalization Plan—
dividends.
Common dividends..
208,085
608,040
Because of certain features of the Revenue Act of 1936, the directors on
July 14 formally abandoned the plan for recapitalization of company.
The plan had been adopted on June 2 by more than two-thirds of the
common stockholders and registration of securities thereunder was declared
Surplus
Earns, per
—
effective by Securities and Exchange Commission under date of June 24.
In abandoning the plan, directors acted in accordance with a provision con¬
tained in plan and have notified the SEC of their action and requested the
registration statement be withdrawn.
At the stockholders meeting in June the President stated that officers and
directors would give the plan further consideration before finally putting it
into effect.
On June 21, the new Federal tax plan was passed and it
became apparent that the present contracts of the corporation, with respect
to bond and preferred stock sinking fund, provided exemptions from taxa¬
tion which are not afforded under the proposed recapitalization plan.
—V. 142, p. 4019.
Dunhill International,
1935
1934
$1,119,758
y33,230
$573,328
5,975
$514,759
x32,199
$1,013,626
$1,152,988
$579,303
$546,958
1,067,399
1,306,764
8,134
130,807
.
Total income
.
14,715
299,129
694,305
6,931
591,980
6,924
$467,620
$121,933
$51,946
1933
1932
Cost
of sales,
admin.,
selling & general exps.
Depreciation._
...
.
Net loss
Includes
profit on securities sold and $20,089 allowance
prior year's purchases,
y Includes $26,634 profit on sale of securities.
x
$1,313
on
Consolidated Balance Sheet Dec. 31
Accts. & notes rec.
Inventories
Investments
Liabilities—-
1934
1935
Assets—
Cash
$338,283
118,273
196,713
82,179
$330,836
164,320
324,496
81,579
and leaseholds..
Goodwill
Accrued
Notes
payable.
charges..
1
y
20,885,470
16,757,561
7,020,456
7,604,694
Sundry creditors._
Empi.bldg.fd., &c. 2,045,581
Reserves
Inventories
&c
pay.
(bank)
_.
52,286
9.229
89,306
-34,290
...
1
1
$92,875
5,820
22,917
1934
$136,988
12~666
23,528
Capital stock...
27,748
145,866
50,483
145,866
Capital surplus...
2,036,407
2,036,407
732,628
Dr647,817
x
Earned deficit
y
—
Total
x
$796,964 $1,024,828
925,341
Cap. stock purch Dr609,327
Total......—
$796,964 $1,024,828
Represented by 145,866 shares of $1 par.
y Represented by 16,545
17,445 shares at cost in 1934.—V. 141, p. 1435.
Federal taxes
28,667
2,042,300
24,147
507,537
423,196
Approp.
133,175'
156,633
48,170
218,564
Earned
Sundry debt
2,908,387
Cash
534,699
surplus..
......
surplus...
5,869,877
2,328,802
2,006,299
269,832
406,610
690,000
2,403,157
4,516,631
4
42,169,099 38,734,1331
Total
5,592,051
1,998,226
317,412
282,833
2,819,310
4
Deferred charges..
Total
42,169,099 38,734,133
After depreciation
of $14,682,445 in 1936 and $14,368,803 in 1935.
y Represented by 405,360 shares par $50.
z Represented by 5% pref. in
1936 and 7% pref. in 1935 (redeemed during 1936).—V. 142, p. 3850.
Equity Fund, Inc.—Extra Dividend—
The directors on June 23 declared an extra dividend of four cents per share
on
the
holders
capital stock, par 20 cents.
This dividend was paid
of record July 10.—V. 142, p. 3168.
on
July 15 to
(N. H.) & Hampton Electric Co.—-Earnings—
1935
Calendar Years—
Operating revenues
Total oper. expenses
$321,714
277,247
Income from oper
$44,466
199
Non-oper. revenues
Inc. deducts.
(int.,&c.)_
Common uividends
1934
'
1933
1932
$311,235
266,711
$291,116
239,334
$287,764
239,208
$44,524
$51,782
$48,556
427 v
347
814
$49,370
_
_
Balance, surplus../..
$44,665
7,822
$44,951
7,953
$52,129
9,496
$36,843
Gross income
Net income....
shares at cost in 1935 and
Notes payable..__
Accounts payable.
Accts. & notes rec.,
Exeter
1935
Foreign drafts pay.
Deferred liability..
Mach., turn. & fix.
Deferred charges
Accounts
7,306,000
5,844,800
Common stock..20,268,000 20,268,000
z
x
Loss thru sale of sec.,&c.
stock.
8,796,186
Prepaid taxes, &c
Empl. stock acct—
Inc.—Earnings—
$192,714
..
May 30,'36 May 29/35
Liabilities—
Preferred
Property account 8,483,188
Goodwill
'
1
x
Miscell. invests
$1,011,045
2,581
Calendar Years—
Total sales
Other income
Consolidated Balance Sheet
May 30,'36 May 29,'35
$36,998
$42,633
$38,339
32,500
32.500
32,500.
32.500
$4,343
$4,498
$10,133
$5,839
11,031
Financial
428
Chronicle
Balance Sheet Dec. 31
Other
8826,171
18,856
30,835
45,604
8877,862
306
investments
Cash
48,883
Accounts receiv
42,712
24,379
1935
8325,000
9,828
1*809
14,526
15,710
Consumers
1,954
14.924
Other accrued liab.
accounts.
Suspense
140.000
payable.
1,642
Prepaid
8325,000
140,000
par)
depos.
Tax liability
25,822
8,326
6,363
3,831
3,824
308,000
Deprec. reserve
5,378
263,840
5,523
Surplus
181,387
177,045
Total
8997,454
$951,050
Other reserves
Total
—V.
$951,050
8997,454
-
,
;
,
:
'•
Fairbanks, Morse & Co.—Listing—
The "New York Stock Exchange
has authorized the listing of $6,000,000
20-yoar 4% sinking fund debentures due >une 1. 1956.—V. 143, p. 109.
Corp.—New Director and Vice-Pres.—
Fairchild Aviation
Col. Virginius E. Clark has been elected a director and Vice-President in
charge of engineering.—V. 143, p. 109.
\
Baltimore—Earnings—
Finance Co. of America at
1936
6 Months Ended June 30—
$247,141
74.071
44,320
16,304
$92,978
41,811
$112,445
39,512
$209,516
—*---—
Operating expenses
74,724
—
Interest
Provisions for Federal income taxes.
Net profit
Loss
common
1935
26,617
15,195
Gross income, less chargeouts
Pref. &
posed financing and converts the operation into a direct loan to the Fort
Worth.—V. 143, p. 110.
dividends
of treasury stock
Cash value of life insurance charged
6,200
5,132
on sale
off.
1,327,121
1,324,265
Cr23,038
20-yoar 7 }4% sinking fund gold
advised by the company that it has
stockholders of record, a copy of the
plan of reorganization proposed by it and dated as of July 15, 1936.
The
committee wishes to point out that when the plan becomes operative, bond¬
holders will receive a new $1,000 bond bearing 6% interest, 35 shares of
common stock and approximately $30 cash for each $1,000 bond deposited.
The pian provides for interest to accrue on the new bonds from Nov. 15,
1936 with the first coupon payment date May 15, 1937.
On Nov. 20, 1933, a bondholders' protective committee was formed
composed of B. A. Tompkins, Bankers Trust Co.; Harry M. Addinsell,
Of First Boston Corp., formerly of Harris Forbes & Co., and John C. Jay,
J. & W. Seligman & Co.
Upon the resignation of this committee, the
following, representing the same institutions respectively were elected:
Louis E. Nohl, George J. Leness and Ben-Fleming Sessel.
The committee
is serving without compensation.
The committee has not called for the deposit of bonds but on Dec. 7,
1933, requested bondholders to file with the committee their names and
Dr56.182
$1,401,327
$1,329,684
bonds due May 15, 1942, have been
sent to all known bondholders and to
addresses and the amount of their
Wall
Assets—
Coll.
Guaranteed accts.,
notes
&
trade
$2,899,626 $2,926,080
acceptances
taxes pay.
During the preparation of the reorganization plan, the committee was
frequently consulted by the company in connection with the formulation
of the plan.
The committee believes that the plan, as now submitted to
the bondnolders, is fair and equitable.'—V. 139, p. 1083.
20,845
21,253
19,559
984,803
445,539
1,235,980
b256,482
rec.
Preferred stock
Total
c300,250
1.000.922
1,094,076
400,405
235,607
Stocks
1,068,500
Due from
9,083
3 'ode-rid income tax..
for
purchase
Furniture,
10,769
34,445
al
1
19,396
discount,
insurance, &c._.
32,160
$4,691,784
$4,691,784
$4,564,291
,
Cost of furniture and equipment
unit" to
an
Deferred
10.061
charges.
First National Pictures, Inc.—Votes to Dissolve-—
on July 10 voted to dissolve the corporation and dis¬
The stockholders
.
tribute its assets among the stockholders.
The company is a subsidiary of
Warner Brothers Pictures Inc.
The action is in 1 ne with the new tax law
and will
the conduct of business of the two companies.
which provides for tax-free consolidations of affiliated companies,
effect substantial economy in
—V. 140. P. 474,
Fitchburg Gas & Electric Light Co.- -Earnings
1935
1934
1933
1932
$1,199,818
830,548
$1,177,845
859,487
$1,144,810
818,201
$1,195,513
864,776
$309,300
19,681
$318,357
10,565
$326,609
772
$330,736
6,322
$328,981
$328,922
$327,382
$337,058
531
681
$328,393
325,853
$2,540
Cilend'tr Years—
re van ins
Total oner, expenses
oner
revenue—..
...
Income deduct, (int., &c)
Net income
Dividends..
Balance, surplus
446
827
$328,238
325,853
$326,936
325,853
$236,231
$2,385
$1,082
def$89,622
.
Plant and
1935
equip..$4,766,283 84,759,132
1935
Cap. etk ($25 par) .$2,962,300
20,068
21,169
prem. on cap. stk_
981,700
Other Investments
25,000
25,000
Accounts payable.
35,287
15,098
46,388
2,322
Cash
297,393
301,675
Consumers' depos.
Accounts receiv
297,171
291,367
Tax
Materials & suppl.
172,472
7,433
143,022
accounts.
12,752
liability
Other
accr.
liabil..
Other reserves.
Surplus
Total
85,585,822 $5,554,120
1934
$2,962,300
981,700
35,058
15,338
43,476
2,190
466
466
940,908
21,753
579,598
Unadjusted credits
Deprec. reserve
Total
917,693
18,839
577,058
$5,585,822 $5,554,120
-V. 140, P. 1659.
Fonda Johnstown & Gloversville
Operating
revenues
Operating expenses
Tax accruals
Operating income
_
Other income
Gross income
4177.
RR.—Earnings—
1936—6 Mos.—1935
$46,513
41,507
$51,307
40,906
2,650
2,500
$302,923
266,535
15,994
$2,355
def 1,135
$7,901
def 1,837
$20,393
1,671
def 2,540
1,220
13,680
6,064
14,254
22,064
85,190
31,889
85,527
$8,189
$63,126
$53,638
•
•
150,077
22.302
30,214
when
accts.
due
are
paid
15.030
37,533
Accruals, &c
98.026
Reserve for doubt¬
110.068
oi no par
v
su Jts
17,501
ful accounts
S7S9.153'
$785,435
Represented by 20,000
12.052 *
Total
$785,435
8,211
V 9,719
$789,153
class A stock and 40,000 shares clcss B
,1 le.— V. 1 12. P.2666.
G'.lveston-Houstcn Co.—Interest, &c.—
Letters have been mailed to the holders of secured 6% income bonds of
and (or) to the holders of certificates of deposit
Galveston-Houston Co.
of undeposited securities which are exchangeable under the terms of the
plan of reorganization, for the secured 6% income bonds of this company,
advising them
v
(1) Of the declaration by the directors on July 14, 1936, of 4% interest
payable to bondholders of record July 15, 1936, and
(2) Of the availability of the balance of $75,000 of a total original aggre¬
gate amount of $100,000 for the purchase of secured 6% income bonds of
Galveston-Houston Co., representing funds to be provided for this purpose
under the terms of the plan of reorganization by Galveston-Houst on Electric
Ry. and Galveston Electric Co.
The plan of reorganization of Galveston-Houston Electric Co. and its
subsidiaries provided in effect that a total of $100,000 would be applied by
Galveston Electric Co. and Galveston-Houston Electric Ry. to the purchase
of Galveston-IIouston Co. secured 6% income bonds within such period
and in such manner as should be determined by the directors of said com¬
panies. This sum represents an accumulation of funds from prior operations
and is non-recurring. As announced May 15, 1936, $25,000 of this fund was
initially appropriated.
Lee Higginson Corp. in a letter July 15 announced that they had pur¬
chased for the companies $39,400 par value of the Galveston-Houston Co.
secured 6% income bonds at an average cost of 43.61 and that they have
now boen notified by the companies that the remaining $75,000 is available
for the purchase of additional secured 6% income bonds.
Bondholders desiring to sell should notify the Lee Higginson Corp.,
which has been appointed agent to handle purchases of the bonds.
Since this fund is available only for the purchase of the new GalvestonIIouston Co. secured 6% income bonds, holders of securities which have
not been exchanged in accordance with the plan of reorganization for the
new securities to which they are entitled, must exchange their holdings in
or
.
order to obtain bonds of Galveston-IIouston Co. which
the fund.—V. 142, p. 3509.
General Baking
can
be offered to
Co.—Earnings—
«J312,436
OQ1
^ 0£.Q
262,991
15,015
$34,429
1936—26 m-s.—1935
'
deprec., Federal taxes,
&c
$656,051
j
Earns,
per
sh.
on
1,588,-
General
In
a
$406,644
$1,051,024
$871,040
$0.15
$0.44
$0.33
■
$0.30
697shs. com.stock
—V. 142, P. 3343.
Capital Corp .—Dividend Delayed—
notice to stockholders, Carl P. Dennett, president of the company,
in the Revenue Act corporations
dividends that are taxable and that are distributed during the
substantial surtax on undistributed income for the taxable
stated that because of the recent changes
must now pay
year to escape a
year.
"The
mated
1936—Month- -1935
$12,459
Net deficit
-V. 142, p.
113,179
Commissions
131,495
Total
amount
General
Period End. June 30—
Surplus
Accounts payable.
Period End. June 29— 1936—13 Whs.—1935
Misc. pliys. prop'y
Prepaid
$443,500
147,430
37.280
Inventories...
1935
161.869
108,428
rec.
Net income after interest
Liabilities—
1934
$443,500
325,853
Balance Sheet Dec. 31
Assets—
Capital stock
92,759
100,744
Cash
1936
Reserve for deprec.
7,721
*A% sinking fund gold bonds wero notified
order of the U.S. 3.; istr ic t Court for the "Disvrh t
of $13,751 has been deposited
the purrc.se of distributing 11 e
same wo rata to the owners of the above bonds,
and payment of said
distributive share will be made by the Trust company upon presentation
and surrender to it, of proper receipt.
Distribution on the bonds will be at the rate of 2.35% on the sum of
$585,142, which last- mentioned sum is the amount of the last claim filed
cn
behalf of bondholders prior to any distribution, and which dividend is
oqtuv; .lent to $1.83 for each $10.0 of -bonds.
Th's constitutes final'distribution to the holders of the above mentioned
bonds, and m>on receipt and distribution said bonds will be destroyed in
ic or dance with tee order of the Court.—V. 139, p. 3964.
11.347
1
of 1st mortgage 6
ours
Total ineomo
loss$28,827
62,895
stock, all
of New Jersey. dated June 2. 1936. the sum
with the 1 r&akliu Washington Trust Co. for
Income from
loss$l,2S6
74.113
2,893
Liabilities—
1
x
(A.) Fink & Sons, Inc.—Final Distribution—
Non-opcr.
$17,755
11,134
Notes & accts.
Operating
def$27,742
1,085
14,061
r ecurities
o: s
4,492
$581
1,876
x
......
$8,036.
The hoi
4,521
ri'rea°ury stock
Goodwill
Total
shares, 7%
July 10 thwfi
2,290
$23,930
3,282
$368,801
S372.229
&c.
equipment,
$18,419; cash value of life insurance
b Includes unsecured notes of $287.
c Represented
by 5,370
cumulative sinking fund preferred par $25 and 33,200 shares
7% class A cumulative preferred, par $5. d Common equity, represented by
75,000 shares class A no par common and 50,000 shares, class B, no par com¬
mon.—V. 142. p. 953.
a
loss$32,234
Bldg"-., machinery,
Pate its
84,564,291
.
loss$3,940
1935
1936
Assets—
equip¬
ment & life ins.
Prepaid
Total.
$21,639
Balance Sheet June 30
of
stock.
company
—
Net profit
employ. & others
80.' -89
71,098
$3' ',489'
7,985
0,156
Balance, surplus.
Miscellaneous deductions
99,292
31,778
85,609
rec.
1033
$122,869
109,7 >')
82,871
$36,723
2,767
sales.
Other income
officers,
1934
$188,729
136,865
80,232
—
$229*603
153,626
$22,348
Net profit on
bonds
&
(fair value)
Sundry accts.
1935
a
$270,o81
;'k-
Selling and adm. exps__
$3,285,482
1,208,622
Cash in banks
1016
6 M>s. End. June 30—
Net sales
Cost of sales
1,070,941
Net cash invest-83,370,930
Fyr Fyter Co., Dayton, Ohio—Earnings—
323,750
dPaid-in surplus..
$4,392,089 $4,356,424
1,021,158
year.—V. 142, p. 4020.
18.542
Lass—Reserve due
customers
After giving
x
189,426
dEarned surplus..
sellers
Secured notes
1935
depreciation, &c
$8,264 lossx$107,946
effect to depreciation adjustment made at the end of the
Net profit after interest,
2.128
250,669
pay.
Reserves
by
$2,807,000
1936
6 Months Ended June 30—
1935
18,140
Divs. pay. July 15
^undry accts
liens,
guaranteed
1936
trust notes..82,553,500
Federa
The holders of a large majority
(Kent W. Gurney, 16
St.).
fGeorge A.) Fuller & Co. (& Subs.)—Earnings—
Liabi'i'ies—
1935
1936
holdings.
with the secretary of the committee
of bonds filed
Comparative Balance Sheet June 30
Industrial
Co.—Reorganization—
Francisco Sugar
The committee for the first mortgage
140, p. 1658.
r#-:-
Commerce Commission to approve
$8,176,000 from the Reconstruction Finance Corporation to be
secured by 43^% first mortgage bonds of that amount.
The loan would
run for 10 years and would bear 4% interest.
The request is contained in an amendment to an original application
pending since Nov. 11, 1935. In its original application, the road sought to
issue $8,176,000 of 43^% first mortgage bonds which- mature in 1961.
These bonds it would sell to the Burlington, which in turn wo Id sell them
to RFC.
The amendment just filed removes the Burlington from the pro¬
The company has asked the Interstate
loan of
a
1st mtge. 5% bds.
Accounts
1,668
Materials & suppl.
1934
Capital stock (8100
*
Ry.—Asks RFC Loan—
Fort Worth & Denver City
Liabilities—•
1934
1935
Assets-^
Plant & equipm't-
July 18, 1936
of such
dividend payments which will be necessary for
to escape this surtax cannot be accurately esti¬
December of any calendar year," he continued. "Accord¬
Capital Corp.
before
ingly, the directors have decided to delay consideration of a dividend pay¬
ment until December, and believe for the future that a distribution in
December, together with an interim payment in June, will be advisable."
A dividend of 65 cents was paid on Feb. 15, last; one of 50 cents on
Aug. 26, 1935; $1.25 on Feb. 11, 1935, April 2, 1934, and April 1, 1933,
and a dividend of $ 1.50 per share was paid on Feb .1,1932.—Y. 142, p. 2827.
General
Development Co.—50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on the com¬
mon
stock,
$20, payable July 20 to holders of record July 16.
A divi¬
Dec. 30, 1935; 50 cents on Nov. 25, 1935;
Dec. 31, 1934, and 50 cents on Nov. 1, 1934.
This latter was
par
dend of 20 cents was paid on
25 cents
on
Volume
Financial
143
the first payment made since Juno 30, 1930 when a soml-annual dividend of
25 cents per share was distributed.—V. 141, p. 4166.
General
Electric
Co.—Earnings—
6 Mos. End. June 30—
1936
Net sales billed
$119,273,388
Chronicle
of
the
of
1933
1934
1935
—First
Period—
maint., &
deprec., charges, res. &
prov. for all taxes
107,025,555
oper.,
Net income from sales$12,247,833
$7,339,373
4,344,491
4.202,056
3,298,534
3,475,886
$11,541,429
$9,463,092
1,287,535
$5,953,605
1,287,525
$8,175,557
$4,666,081
28,845,927
$0.16
Profit
on
avail,
No. of shares of
common
28,845,927
28,845,927
28.845,927
$0.58
outstanding
Earned per share
The directors have declared
$0.40
$0.28
by the company for the second quarter of 1936 amounted
to $77,398,718, compared with $55,163,014 for the second quarter of 1935,
an
increase of 40%.
In the first quarter, the increase was 21%.
The
second quarter of 1936 was the best since the second quarter of 1931.
6 Mos. End. June 30—
$178,360,497
210,160,306
Profit available for dividends
Cash dividends on special stock
$12,919,924
8,884,455
$32,894,667
Other income, less interest charges
165,440,572
$23,300,240
9,594,426
Net income from sales
$21,804,380
1,287,539
;
Profit available for dividends on common stock
Earns, per sh. on 28,845,927 shs. common stock.
$32,894,667
$1.14
Depreciation
was
Sales of General Motors
cars
and trucks to dealers in the
General Public Service
6 Moo. E.id. June 30—
overseas
markets
bds., notes
oc
Corp.—-Earnings—
1936
on stouas....
1935
$120,757
44,70 7
cash
Rev.from option contra.
1933
1934
$iii/,578
70,t.jx
$..,u,y39
61,099
$^5,201
106,^4
13,950
9.1 i2
lo,I25
$179;414
Total income
$198,880
1210,162
$231,655
3 p.761
32,844
3.4,
9J
38.6.3
3,499
133,363
1,86 j
1.242
2,735
170,288
16',*62
Net income—
$9,707
103s38,45$;
.$814
__
1936
,
(earned)—In¬
surplus:
Balance beginning of
period
1955
1934
1933
come
$71,744
9,707
as aoove._
tax
$38,302
lossj. tj'J
Sri
$68,204
20,553
-r>->
plic. to prior years
<529,.
.
preceding 12 months, earnings amounted to $1.44 per share of common.
For the 12 months ended June
30, 1936, the company had made available
it, and therefore included in earnings, $187,781 from funds subject to
serious foreign monetary restrictions, of which
to
$21,244
the first six months of tnis year.
$150,978.—V.
Surplus (earned)
of period
lio.irs
i
0
114,199
132,'suo.
loss!7,321
$oo,
<
dof 1.631
Gold Pz Silver Mountain Mines,
Tire
&
Rubber
Co.—Terminates
$773,519
$3)5,912
1935
5228.315
Liabilities—
b Pref.
$6,343,375 $5,766,981
c
536,008
524,075
1,663,889
2,419.260i
890,750 1
69,446
52,629
'
st
Com in
Conv.
188,544
>h
1033
ck
$2 ,30,5,257
$164,284
stock..
6,i ),MoG'
5 /c, 1953.
$2,305,257
660,88,3
2, 353,000
2,360,000
1034-2— 2, did 1,000
Accounts payable.
13.853
3,941,000
Total
53,601
9,963
...
$8,772,515 $9,682,447
1035
Ue'>3ntu;-j>:
Unatljjdei c edits
Earned surp. (Iroai
Jaa. 1, 1332)
-
1,837
950
773.518
335.912
$3,772,515 59,682,447
The aggregate of investments, at market value as per investment
list,
June 30, 1936 wa's $9,066,975 and at June 30, 1935 was $7,919,081.
a
b Represented by:
of wnicn
are
such
of the contract,
that
Goodyear was unable to fulfill the requirements
sales have been made thereunder since the new law's
no
enactment.
Sears'
requirements under the contract accounted for approximately
of Goodyear's annual business.
Special brand tires for Sears were
the latter"s specifications and sold at cost plus.
Goodyear s present business as the largest tire manufacturer in the
world was achieved long prior to the mail order contract on the basis of
independent dealer operation.
Goodyear will now utilize for manufacture
of its o.vn brand lines of tires the production facilities heretofore absorbed
by Sears' special brand requirements.
Through the continuation of aggressive sales and advertising efforts
on dealer
business, the company looks for a substantial increase in pro¬
duction and sales of Goodyear tires.
The company s plants outside of
Akron are practically unaffected as
only a small part of the Sears production
6%
made to
was allocated to them.
it is understood that the termination of the Sears contract does not
affect the company's appeal against the order issued in March,. 1936, in
respect of Goodyear's operations under the provision of the law prior to
the passage of the new Act.—V. 142, p." 4341.
Grand Rapids Meialcraft Corp.-
■Earnings-Years-
1935
....
$74,195
5,723
$34,790
7.807
9.593
4,831
16,005
$39,111
394
_
478
J
-
Operating profit
debentures,
c Represented
by:
669,886 shares of no par value900,000 shares, of which 26,310 shares are reserved for con.
debentures.—V. 142, p. 3852.
(estimated)
13,792
5,294
2,512
$33,339
$2,329
Includes operations of wholly-owned subsidiary (Grand Rapids Metalfrom date of incorporation (July 14, 1933) to date of
(Nov. 26. 1934).
•
craft Sales Corp.)
Earnings for 5 Months Ended April 30, 1936
expenses
.
Operating profit
.
The company reports for its subsidiaries a gain of company-owned sta¬
tions of 596 for the month of June, 1936, or 19-100%, compared with a
5-100%, for the month of June, 1935. The gain
for the first six months of 1936 totals 10,555 stations, or 3.38%, compared
with a gain of 6,575 stations, or 2.19%, for the first six months of 1935.
The subsidiaries now have in operation a total of 322,873 company-owned
stations.—V. 142, p. 4179.
or
267
C/T43
_
Provision for Federal income and
excess
profits taxes (estimated)
Net profit-
$65,937
Gresnv/icb Water
Co.—Earnings—
Calendar Veers—
Operating
1935
revenues.
a meeting held July 16 approved a change in the
value of the common stock to $5 from $25, and increased the author¬
number of shares to 500,000 from 100,000.
Common stockholders
W.
mean
O'Neil,
that
new
.
Earnings from operations
Other
income.
____
up
authorized
Interstate
funded debt
of
debt
discount
and
shares."—V.
Commerce
construction
$238,874
2,101
$240,976
59,490
1,451
17,191
and
1,262
1,342
$161,501
Balance Sheet Dec. 31, 1935
Assets—
x
Cash
Accounts
133,957
30,522
20,484
21,345
10,598
receivable.
Unbilled water service
Prepayments
403
Unamortized debt discount and
21,716
expense..
Total
x
318
$7,548,717
Called for redemption on Jan.
1st mtge 3%%
1
Liabilities—
Property, plant & equipment $7,308,299
Special deposits
1,071
Accounts
12,559
15.312
36,363
-f* A $155,202
—
1^2, p. 4340.
Commission on July 1 issued a certificate
by W. V. Griffin andv H. W. Purvis, receivers,
expense
$442,142
139,033
miscellaneous deductions.
"will
Georgia & Florida RR.—Construction—
The
on
stable market for the stock will result from the increased
number of outstanding
authorizing
Gross income.
Interest
1934
$438,285
136,228
13,058
15,376
34,821
$240,244
59,490
8,179
16,111
Provision for retiremenls
Taxes (other than Federal income)
Other deferred charges
stock for each share of old common.
President, stated that the stock split
a more
"
$238,801
1,443
p_
Genera' operations
Maintenance
Other assets
JfThe stockholders at
10,511
-V. 143. p. 272.
Materials and supplies
General Tire & Rubber Co.—Stock Split Voted—
$116,319
8,773
10,986
19,985
$76,573
-
Interest paid
Other i ncoma.
Net income.
Telephone Corp.—Gain in Stations—
will receive five shares of
56,146
1,303
and
$72,489
os
Amortization
ized
19,767
"
5%
Authorized
version of 5H%
par
*Nov. 30 '33
$150,320
16,788
14,780
32,075
Other interest (net)
Provision for Federal income tax
gain of 151 stations,
Dec. 24'32 to
*1934
$86,677
expenses.
24,640 shares $6 (cum.) dividend prof, and 280 shares
$5.50 (cum.) dividend pref., of no par value (entitled co $110 per share upon
redemption or voluntary liquidation, or $100 per share upon involuntary
liquidation, plus accrued dividends).
Total pref. stock authorized 50,000
shares, of which 23,690 shares of $5.50 pref. are reserved for conversion of
General
Sears
P. W. Litchfield, President, announced July 16 that the contract under
Goodyear has manufactured special brand tires for Sears, Roebuck
Co.'s requirements since 1926
has
been
terminated.
This contract
normally wrould have expired in 1942, but owing to the enactment of the
Robinson-Patman law, which became effective June 19, 1936, the terms
Adininistrafion expenses
end
Taxes accrual
at
Inc.—Registers with SEC
Contra< t\
Selling
Com¬
J*
received during
Net sales, less cost of sales (exclusive of depreciation & amortiz.)
Allowance for depreciation and amortization
1,000
124.483
1936
Total
was
In the first half of 1935 such receipts were
2996.
See list given on first page of this department.
80,157
Comparative Balance Sheet June 30
Assets—
Int. & accts. rec__
p.
5o
31.701
.
_
Cash.___
142,
dissolution
Prem.&exps. ondeos.
Preferred dividends.
& notes..
).73
the
*
490,901
326,648
stocks
$0.60
sales of securities.
on
Net profit...
Net
profit on debs.
reacquired & canceled.
Bds.
$0.70
stock
excess-profits ta
881,4oi
securities
Pref. stocks
share
per
For the 12 months ended June 30, the company reports consolidated net
income of $4,632,247, equivalent to $1.54
per share of common stock.
In
•
a
$2,232,826
Income deductions (net)
Provision
for
Federal
income
ap-
Total surplus
Security profit surplus:
Balance beginning of
period
Net profit on sale of
a
434,722
$1,966,078
Administrative expenses
$103,931
■
mon
393,851
$2,171,375
Includes $71,420 realized
x
Selling
Assessment for Federal
a
433,833
$2,234,81|
—
Period Ended Nov. 30—
Net sales, lass of cost of sales (exclu¬
sive of da ore nation & amortization)
Allowance for depreciation and amort.
Surplus
Investments:
298.852
$0.73
Net income
$20,554
i
Comparative Surplus Statement SU M tntiis E idrd June 30
-
211,323
193,591
583,914
Federal taxes
172,0/2
—■
(other1 than Fed¬
eral taxes)
Int. & amortization
transfer
.eirn'a
&
during June totaled 26,794 units. This volume was 11.6% over the volume
in the corresponding month of last year, and 13.6% under the volume in
May of this year.
In the first six months of 1936, sales totaled 173,473 units,
representing
an increase of 19.5% over sales of 145,161 for the first six months of 1935.
These figures include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of tne United States and
Canada.
Americannsource sales of Chevrolet, Pontiac, Oldsmobile, Buick,
LaSalle and Cadillac vehicles reflected substantial gains in practically all
of the 104 countries comprising the overseas market.—V. 142, p. 271.
Net income
214,762
$ 1,084,195
117,795
115,634
243,166
which
Overseas Sales—
stock
1933
1934
86,968
Goodyear
Corp.—New Officer—
meeting of the finance committee held July 13, John C. Felli
appointed Assistant Treasurer.
Taxes
1935
$2,903,500 x$2,718,729
Nec aijusi, rcLriet. £ jr'n
$20,516,841
$0.71
a
Expenses
1, 1931.—■
.
General Motors
on
'
1936
1,227,084
Interest
1935
$233,460t,546
Costs, expenses & all charges except interest
Int.
distribution made since Aug.
<
Operating profit
common
1936
Cash divs.
to holders of record July 24.
the 25 cent dividend disbursed on Dec. 3,
1
141, p. 3378.
Earnings
Earnings for 12 Months Ended June 30
Net sales billed
At
Dividend
dividend of 40 cents per certificate on the
a
The last previous payment was
1935.
This latter was the first
V.
Orders received
4 7).
7—
1935
$542,328
Gillette Safety Razor Co. (& Subs.)—Earnings-
stock..$16,592,324 $11,541,429
stock
—v. i-*2, p.
July
272.
25% allotment certificates payable Aug.
for divs.
common
P.
to
1936
$550,128
Gsrman Credit & Investment Corp.—40-rent
$2,477,719
$6,164,558
_
143,
1
Jan.
1935
$19,750
59,295,695
Profit avail, for divs_.$16,592,324
Cash divs. on spec.stock
charges
July
of
$21,750
earnings
—V.
74,818,535
87,206.901
Week
1936
Gross
Other inc., less int. paid
and sundry
right-of-way of the A. B. & C. across Sixth St., northeast, in the City
Moultrie, approximately 1.65 miles, all in Colquitt County, Ga.~ -
$94,546,274 $S0,9S3,094 $61,773,414
Less—Cost of sales billed,
incl.
429
extension of a line of railroad from the present juncture of the Moultrie
branch of the road with the right-of-way of the Atlanta Birmingham &
Coast RR. in Kingwood, thence
along a line approximately parallel with
an
2,
1st
mtge.
4H% gold bonds
due July 1, 1957
$1,322,000
payable.
Bond interest payable
Consumers'service deposits
Accrued liabilities
6,068
29,745
70
27,713
138,051
4,427
Consumers' extension deposits
207,079
Retirement reserve
461,852
Contributions for extensions._
102,240
Common stock ($25 par)
1,775,000
Capital surplus
3,342,590
Earned surplus
131,880
Due to affiliated companies
Deferred credits
Total.
...$7,548,717
1936 and refunded with $1,330,000
bonds due Jan. 1, 1961.—V. 141, p. 3691.
Financial
430
stock of record July 14 will be offered the right to sub¬
common
scribe at $3 per share for common stock ($1 par) to the extent of one share
The rights to subscribe expire Aug. 12.—V.
for each four shares held
142, p. 4180.
National
Grand
Inc.—Admitted
Films,
Two Extra Dividends—
dividends of 12 H cents per share
regular quarterly dividends of like amount on the
common stock, par $5.
These dividends will be paid on Aug. 14 and Nov.
16 to holders of record July 30 and Oct. 30, respectively.—V. 142, p. 956.
Declares
Graham-Paige Motors Corp.—Rights—
Holders of
The directors have declared two extra
each in addition to two
has admitted to unlisted trading privileges
capital stock of record at the close of business
on July 6, 1936, to subscribe at the price of $1.75 per share to two ad¬
ditional shares of capital stock for each share outstanding.
Subscription
rights expire July 27.—V. 143, p. 272.
The New York Curb Exchange
Gas
&
Water
Greenwich
Inc.
System,
(& Subs.) —
1935
1934
$1,589,999
$1,578,750
618,043
71,547
83,730
155,016
Calendar Years—
Operating revenues.
General operations
_
_
Maintenance
-
-
-
Provision for retirements
569,360
61,273
94,344
159,070
--
(other than Federal income)
— —
1933
1934
1935
1936
6 Mos. End. June 30—
the rights issued to holders of
Ltd.—Earnings
Hollinger Consolidated Gold Mines,
Unlisted
to
Trading—
Taxes
July IS, 1936
Chronicle
N1^S^!t^^?^$3,084,213
x$2,232,451 x$3,521,822 $2,296,492
depreciation and adjustments.-—V. 142, p. 4342.
Subject to
x
Co.—Five-Cent Extra Dividend—
Insurance
Home
declared an extra dividend of 5 cents per shareYin
quarterly dividend of 25 cents per share on the capital
stock, par $5, both payable Aug. 1 to holders of record July 15.
Similar
payments were made in each of the nine preceding quarters.
In addition,
an extra dividend of $1 per share was paid to stockholders of record May 9,
1935—V. 142, p. 2501.
The directors
have
addition to the regular
Bearing Co.—New Name-,—
Hoover Ball &
of the Hoover Steel Ball Co. held
March 10, 1936, it was unanimously voted to change the
corporate name to Hoover Ball & Bearing Co.
See also Hoover Steel Ball
Co. in "Chronicle" of July 11, 1936, page 274.
At the annual stockholders meeting
in Ann Arbor,
$705,951
13,390
168,034
$502,276
33,964
292,121
33,683
$195,076
108,183
Gross i ncome
$662,224
159,948
$551,308
38,075
284,952
33,204
.
...
$650,413
11,811
$719,342
Earnings from operations
Other income.
$142,507
177,066
Charges of subsidiary companies
Balance
—
...
Provision for Federal income tax
5% collateral trust bonds
Amortiz. of debt disct. & expense & other deduct'ns
Interest
on
Net income
—
Preferred stock dividends—paid
Cum. divs. on pref. stock not
.
declared
or
61,312
paid
Consolidated Balance Sheet Bee. 31,
Property, plant & equipment.$19,987,487
Cash
held by trustees, sinking funds, &e
70,300
295,56
Accounts receivable
Unbilled water service.
-
„
_
68,994
20,560
/.
Consumers' service deposits
146,280
_
Materials and supplies
88,375
Other assets...:--
12,869
L
Consumers' extension deposits
Due from affiliated companies
63,204
Retirement
Prepayments
3,972
;.
debt
Unamortized
&
reserves
477,904
10,165
expense
Minority equity in
100,405
Other deferred charges.
sale of
Other
.297,325
2,189,106
63,443
354,575
reserve
Common stock (100,000 shs.,
cum.
Dec. 31, 1935.
,
....l".
Total... I
.$21,552,509
1933
$1,502,801
1934
$1,801,391
operating
'1932
^
_
$1,652,065
„
1,446,784
1,030,773
1,069,848
$472,028
74,740
$582,216
77
$486,718
5,184
$545,953
21,908
Operating income
1,314,673
$545,876
& taxes
expenses
Corp. (& Subs.)—Earnings—-
1935
$1,992,660
revenue
Gas purchases,
$491,902
25,653
$546,768
$626,328
45,322
84,544
Other income credits
Income charges
Deprec., Fed. inc. tax,
int. on bonds, refund
44,112
of taxes acct. of taxfree
covenant
bonds
in
&
dis¬
of bond
amortiz.
389,265
385,686
378,339
372,799
$134,780
$80,563
$123,107
$168,984
count and expense
Total..
heretofore.—V. 142,
4.';.
Years Ended Dec. 31—
Gross
500,000
5,338,392
533,070
no par).
Capital surplus
Earned surplus
,
secured renewal of its 1936 business for 1937 and has also
large volume of busines which it has not had
a
Gross income
298,196
2,725,000
pref. stk. ($100 par)
783,596
Houston Natural Gas
stock
& surplus of sub. cos
6%
on
preferred stock
com.
784,956
3346.
P.
91,093
Contributions for extensions.
discount
and expense
Commissions
Deferred credits.
$1,773,626
783,596
$1.15
share
The company has
Accrued liabilities
48,222
_
$1,613,831
784,956
$0.97
$1.78
$1.98
Net working capital after payment of the July 1 dividends, including
cash of $4,333,470, amounted to $6,067,984 at June 30, 1936, and was the
greatest amount of cash as well as working capital in the history of the
company.
This compares with cash of $2,755,919 and net working capital
per
obtained
Interest & dividends payable.,
394,038
Cash
$870,757
Shares class B stock-
Earnings
of $4,967,108 at
Funded debt..
$8,812,000
Accounts payable44,497
Mortgage notes payable
i
69,976
1936—-6 Mos.—1935
1936—3 Mos.—-1935
$1,010,648
depreciation, &c
1935
Liabilities—
Asset s—
Houdaille-Hershey Corp. (& Subs.)—Earnings—
Period End. June SB—■
$21,552,509
Net income..-
—V. 143, p. 112.
"1—
Consolidated Balance Sheet Dec. 31
Group Securities,
Inc.—Regular and Extra Dividends—
The directors on July 14 declared regular dividends on certain classes
of stock of the company, and in addition declared certain extra dividends.
Dividends are payable July 31 to stockholders of record July 15.
board called attention
The
to
the
fact
that the
dividends
extra
were
of bond interest
Class of Stock—
Agriculture
;
Automobile
.026
...
Aviation.
...
.040
.049
.056
.008
.065
.04
.04
".05~
.022
Investing company
Merchandising
Mining
_
•_!
Petroleum
Railroad
_____
___.
p.
.04
.060
.02
.028
.011
.011
—
.04
.068
.019
_
.005
.040
.028
....
•__■
142,
.031
.039
.04
Tobacco
—V.
.070
.03
.02
.005 '
___i
Railroad equipment
Steel
Utilities
.052
.06
.008
Industrial machinery.
.03
.010
.001
.019
.020
Food
supplies.
Def'd debit items.
.02
.039
156,045
Contrib. for exten,
Earned surplus.
..$6,694,112 $6,597,287
Total..
1935
Gross profit
preferred stock-
Balance:
$113,717
76,364
17,224
8,000
5,584
$100,493
62,544
16,726
5,500
5,584
$1,345,401
863,938
206,455
78,500
67,014
$1,259,047
$10,138
$129,493
$110,198
813,529
214,333
53,928
67,057
—V. 143, p. 273.
Gulf States Steel
Period End. June 30—•
Federal income tax, &c.
Interest.
Net
prof it
....
shs.
(no par)
142,
—V.
_
—
Earns, per share on
500
$201,193
195,000
$791,080
390,000(
$510,962
36,443
61,165
7,955
64,901
68,847]
547,476
179,715
,663
$110,545
94,978
.
Depreciation.
Fixtures
written
after
Nil
$0.69
Interest-
Federal taxes.
x
divs.
A
B.
J.
$124,176
$0.96
1933
$65,824
$0.43
$40,133
$0.17
quidated during
$341,521
38,264
440
year.
19,677
Loss for the year.
x
After
on
$179,578
$151,530
giving effect to charges made during year against reserve for
of $10,117.
y Exclusive of amount realized in cash
leaseholds
($575,000)
royalty contract previously set up in books at present value
receivable thereunder to expiration.
on
Consolidated Balance Sheet Dec. 31, 1935
Accounts
Liabilities—
receivable
$140,902 Accts. pay.—trade creditors.
157,478 Sundry accts. & notes payable
101,739 Real estate taxes payable
223,185 Accrued charges.
:
x72,146 Loan pay.—affil. company.'.
--------
-
--
--
—
-
....
y576,388
97,150
Goodwill.
$234,296
15,433
14,615
42,832
50,000
Real estate mtge.—due April
2,750,000
Leasehold imps., fixt. & equp
Deferred charges
Notes payable (maturing sub¬
30, 1936.
45,000
sequent to 1936)
Tenant's security deposits...
1934
1935
$217,133
7,855
$403,960
13,806
60,000
36,000
36", 600
144,674
100,000
107,612
9,029
116,013
32,745
719
$341,321
7% cumul.
$100)
(& Subs.)—Earnings-
1936
$645,995
Inc
1933
$151,424
9,879
35,000
39,033
26,191
5,991
$55,918
3,000
6,825
$202,396
$28,506
Includes profit of $10,698 company's proportionate share of
y$534,764
x79,302
3,000
1,150
Reserve for contingencies
Good¬
Net profit
34,314
stores closed
Land and building
1934
profit of
Hollander & Son of France for six months ended May 31, 1936, profit
$3,852 in 1935, $5,340 in 1934 and loss of $23,935 in 1933.
x
of
$162,347
$0.45
-
Non-recurring write-offs
Depreciation
Other deductions
man,
1935
Hollander & Son, Inc.
Inc. from all sources.._
Pref.
1936
exps.
6 Mos. End. May SI—
27,206
13,785
86,835
on
Share of loss of Huyler 's
Luncheonettes of DelLoss
re
sub.
co.
li¬
Investments
(A.)
off
Inventories
charges
Earns, per sh.on com.stk
—V. 142, p. 2501.
99,339
9,606
lease operations
sales & cancella¬
Cash...
Nil
$0.38
income
95,880
27,077
101,820
533
on
152
Assets—
3854.
and other
$70,625
18,549
$160,596
171,360
46,704
tion of leases
$207,474 loss$36,514
(Walter E.) Heller & Co.—EarningsNet
$157,460
30,164
sales of securities
of payments
124,759
197,-
6 Mos. End. June 30—
$241,103
80,507
$50,238
10.995
on
on
$69,183
18,945
$12,513
4,268
Loss for year
169,076
$23,508
Gen. & admin. expenses
loss
stk.
com.
p.
1936—O Mos.- -1935
$403,153
195,000
Operating income.
Depreciation.
$2,037,223
1,882,866
124,438
187,379
Factory expenses
Fixtures in stroage writ¬
ten down
Co.—Earnings—
1936'—3 Mos-—1935
$99,893 loss$241,103
$156,206
__
1932
$3,082,689
1,045,466
Stores direct expenses
Loss
1936—12 Mos—1935
$6,544
Prov. for retirem't res've
Divs. on
889,995
.
1933
$2,768,214
3,009,317
1934
$3,080,335
2,980,442
3,024,269
Loss
Co.—Earnings—
|A Subsidiary of Commonwealth & Southern Corp.]
Oper. exps., maint.& tax
Fixed charges
58,713
802,601
$6,694,112 $6,597,287
Total
$3,180,475
Cost of sales
Loss
1936—Month—1935
97,827
889,885
57,767
Huyler's of Delaware, Inc. (& Subs.)—Earnings—
Calendar Years—
Sales
Balance, loss
Period End. May 31—
Gross earnings
.
449,764
a After reserve of $14,622 in
1935 and $13,356 in 1934.
b Represented
by 105,105 no par shares in 1935 and 105,730 in 1934.
c Represented by
461 no par shares.—V. 140, p. 4236.
Other income
2500.
Gulf Power
•-
.066
.04
.009
4,610
2,515,500
75,000
93,774
114,821
Main exten. depos.
95,917
122,389
16,278 Consum. sec. dep.
450,615
223,317 Accounts payable.
105.832
43,527 Accrued accounts.
176,217 Res. for deprecia'n 1,063,820
23,079
245,259
68,430
$.057
.04
.016
_
__i
Distillery and brewery
Electrical equipment
receivable
Dividend
.008
.015
Building
Chemical...
....
Dividend
$.05
4,610
27,679 Note payable
27,679
-
Notes & warrants
Mat'ls &
Total
Class a com.stk.
gold bds. due'43 2,411,500
Accounts receiv'le.
the future.
994,789
1st mtge. coll. 6%
indication that such action will necessarily take place in
The dividends are as follows:
Extra
$500,000
991,664
c
-------
dep. with
on
a
Regular
Dividend
$.007
$500,000
stock,
b Common
trustee for pay't
only by virtue of profits realized during 1936 on sales of
which sales were made in accordance with recommendations
the
7% cum. pref. stk.
Cash
company from Dean Langmuir, Inc., investment counsel.
The
declaration of extra dividends, it is stated, should not be taken as an
to
1934
1935
Liabilities—
1934
Property
—S 5,036,360 S5,942,621
805
519
Sinking fund cash.
Cash
136,739
166,843
made possible
securities,
1935
Assets—
pref. stock
35,000
(par
4,500,000
--
Common stock
(par $1)
thorized & issued
shares)
au¬
(200,000
200,000
......
Deficit
Total
$4,118,9901
Total
x, After reserve
for depeciation of $5,354.
preciation of $655,456 —V. 142, p. 3856.
Insull Utility Investments,
Suit Revived by
1.022,337
$4,118,990
y
After
reserves
for
de¬
Inc.—$14,500,000 Collateral
Appeals Court—
The U. S. Cicuit Court of
Appeals has reversed Judge Julian W. Mack's
dismissal of the suit of Celia Kelly, holder of debenture bonds of the company
-
Volume
Financial
143
Chronicle
431
who
sought to recover from five New York banks securities valued at $14,500,000 posted by the corporation to secure loans made by the banks.
In .her action, Mrs. Kelly charged that the loans were made by the bankto the corporation in violation of two rstrictive clauses in the debentures..
One provided that the corporation could secure no loans on terms which
would not protect debenture holders equally with the lenders and the
second restrictive clause prohibited the corporation from borrowing any
money after its liabilities equalled 50 % of its assets except in the case of short
term loans made in the ordinary course of business.
The Circuit Court remanded the case to the District Court for a finding
on two questions; whether the loans were made in the ordinary couse of
business or not and whether or not the banks had knowledge of the re¬
strictions in the debentures.
After these findings have been made the
Circuit Court will again hear all questions relating to the appeal.
The
banks named in the action are the Central Hanover National Bank &
Trust Co., the Commercial National Bank & Trust Co., the Irving Trust
Co., the Guaranty Trust Co., and the Bankers Trust Co.-—V. 142, p. 2162.
Insurance
Co.
the
of
of
State
Dividend—
Balance Sheet
Assets—
Cash
Accts. receivable
Inventories
a
holders of record July 13.
last and on July 11, 1935;
$3 on Jan. 16, 1935 and on July 11, 1934; $2.50 on Jan. 10, 1934; $2 on
Oct. 30, 1933, and $3 per share on Jan. 13, 1933 and on July 13, 1932.
—V. 141, p. 279.
Investors
The Securities and
Co*—Withdraival of Registration—
Exchange Commission on July 14 granted the request
withdrawal of the registration
of the company received on July 9 to the
statement filed April 7, 1936.—V. 142, p.
International Cement Corp.-
2669.
Operating profit
$1,064,989
Interest, amortization of
debenture disc., &c__
93,410
$8,406,706
5,028,174
708,606
1,530.624
1,326.208
$704,003
$1,847,908
$1,166,253
220,388
203,576
144,197
$339,418
429,047
269,616
$1,215,286
$455,020
626,278
678,791
626,278
Earnings per share
$1.10
$0.54
0.73
$1.79
The increase of 52,513 shares outstanding represents issuances due to the
conversion of $1,838,500 of debentures converted during the first half of
the current year.
The results of the Argentine, Uruguay and Brazilian companies included
above are figured at average free market exchange rates>—V. 143?-p. 113.
Educational
Publishing Co.—-Accumul
>
'
,
arrearages
of $70.50
per
share.—V. 137, p. 2984.
International Salt Co.
6 Mos. End. June 30—
Net earns, after all exp.,
int.,
deplet.,
34,279
3,779
32,861
6,834
.-$1,190,591
income
81,180
120,258
23,926
280,750
292,197
55,000
3,193
25,034
100,000
53,905
Land contracts
Long-term indebtCom. stk. ($1 par)
Capital surplus...
$580,013
3,570
&
profits taxes
exc.
since
sur.
208,116
235,579
$1,190,591
$580,013
1, 1924
Total-
a After allowance
for doubtful accounts of $1,200.
b After allowance
for depreciation of $78,665 in 1936 and $56,706 in 1935.—Y. 143,
p. 115.
Johns-Manville Corp. (& Subs.)—Earnings—
Period End. June 30—
Sales.
Mfg.
1936—3 Mos.—1935
$11,666,128
cost,
selling
1936—6 M^os.—1935
$8,325,170 $19,631,669 $14,772,586
and
administrative exp
9,555,388
507,665
304,937
7,210,953
455,398
107,383
16,798,489
981,975
376,302
12,908,827
$1,298,137
$551,434
$1,474,901
$798,012
$1.56
$0.56
$1.62
$0.71
Depreciation & depletion
Income tax accrual
901,994
163,751
accrual
common
share
The above statement does not include the earnings of Johns-Manville
Credit Corp. (a wholly owned subsidiary), which were as follows;
1935
Second quarter
First six months
142,
;.
1936
$24,073
45,140
2831.
p.
Kellogg Switchboard
the List Approved—
The
$40,406
77,900
&
Supply
Co.—Removal from
Chicago Stock Exchange has approved the removal from the list
of 56,814 shares of common stock, $10 par, and 21,435 shares of 7%
pre¬
ferred stock, $100 par, due to reorganization.—V. 143, p. 275.
Ken-Rad Tube & Lamp Corp.—To
Liquidate Subs.—
A special meeting of stockholders has been called for July 24 to vote on
liquidation of two operating subsidiaries engaged in manufacture of radio
tubes and electric lamps and transfer of physical assets of this company
which will proceed as an operating corporation in the manufacture of the
products heretofore made by the subsidiaries'.—Y. 142, p. 3857.
(& Subs.)- -Earnings—
Kimberley-Clark Corp.—Earnings—
Period End. June 30—
Net profit after deprec.,
int., Fed. taxes and
preferred
1936
1935
1934
1933
$150,625
$137,681
$191,047
$142,374
$0.63
$0.57
$0.79
1936—3 Mos.—1935
dividend
$0.60
1936—6 Mos.—1935
•
$205,811
$0.42
Earns, per sh. on com.stk
—V. 142, p. 3857.
$146,708
$0.31
$410,094
$267,827
$0.55
$0.84
deprec.,
Federal taxes
,
share on
240.000 shs. cap. stk_
—V. 142, p. 2323.
Earnings
Federal
int., &c
.
The company paid a dividend of 50 cents per share on account of accu¬
on the $3.50 cumulative preferred stock, no par value, on
July 15,
mulations
leaving
168,710
Jan.
.
International
372,775
Earned
—V.
224,597
lated Dividend—
19,775
25,000
Dividend payable.
441,617
$746,981
678,791
Net profit....
No. of com. shs. outst__
11,787
12,500
10,831
bonuses
5,316
patent
Earns, per
$ 6,649,727
4,157,267
Res. for income taxes &
contingencies
$58,956
accounts,
including unpaid
Acer, tax.,
applications
$149,042
—
Officers'
Profit after income tax
1936—6 Mos .—1935
•1935
$3,864,781
2,452,172
payrolls,
&c
163,641
6,160
and
Apr. 30*36 Dec. 31 *35
roy.,
pay.,
comm.,
200,000
Deferred assets.
■Quarterly Report-
1936—3 Mos.-
$4,769,883
Mfg. cost, incl. deprec—
2,876,124
Shipping, selling and ad¬
ministrative expenses
828,771
__
47,934
equlpm't at cost
Pat'ts
„
Period End. June 30—
Net sales.
75,467
1,540
Prop., plant and
Total
the capital stock, par $100, payable July 15 to
This compares with $4 per share paid on Jan 22
Insurance
$154,715
Pennsylvania—Larger
semi-annual dividend of $5 per share on
a
Accts.
$181,425
315,163
Other assets
>
The directors have declared
deposit
Acct. with subsid.
Inv. in subsidiaryb
Liabilities—
Apr. 30*36 Dec. 31 *35
hand and
on
on
Kirby Petroleum Co.—Earnings—
per
Earnings for Year Ended Dec .31,1935
Gross income
Investors Fund C,
Inc.—Special Dividend—
Exploratory expense
The company on July 14 paid a special dividend of 30 cents per share in
addition to the regular quarterly dividend of 50 cents per share to holders
of record June 30.
The company reports net assets as of June
30, 1936, equal to $102.83
General expenses
90,902
Maintenance of Old River properties
3,668
50,879
18,303
Leases abandoned
Depletion on cost
Depreciation on cost
Asset Value—
compensation for the quarter.
Dec. 31 last, and $70.48 a share
This compares with $89.43
on
a
share
January
February
March
on
April
May---.
Balance: Sheet Dec. 31, 1935
1934
1933
1932
296,427
279,116
292,116
249,143
215,856
315,919
334,352
285,245
274,145
327,707
244,243
246,172
224,635
302,235
390,864
237,116
333,721
299,287
209,199
240,111
302,566
380,390
$146,493
—
'
Liabilities—
Cash
308,920
315,007
304,426
264,124
323,413
June
-
Assets—
1935
300,555
Net profit
June 30, 1935.
Island Creek Coal Co.—Coal Output1936
410,011
431,759
18,364
a
share after deduction of the regular and special dividends and management
Month of—
$425,659
38,287
58,759
Direct field expense
$26,733
-
Accounts receivable.--
—
45,095
143
1,008
...
Bonds of other cos. (cost)
Inventories—oil—
-1,176,128
Prepaid & deferred charges—
20,072
Plant investment
Notes payable
$20,457 '!
18,019
Accounts payable
Accrued liabilities
Accrued
tax
Delaware
franchise
payable.-
Accrued
tax
926
-
1935
1,935
Federal
income
payable
11,775
Deferred income (oil In litiga¬
tion)..
Note—The above figures in net tons.—V. 142, p. 3512.
5,534
Capital stock
(Byron) Jackson Co. (& Subs.)—Earnings1936—3 Mos.—1935
Period End. June 30—
1936—6 Mos.—1935
Total
Net
profit after taxes,
deprec., int., &c——
Shares cap. stk. outst'gEarhings per share
$312,803
$112,489.
346,356
$0.32
353,980
$0.88
$525,928
353,980
$1.48
$248,709
346,356
$0.72
Current assets
as of June 30, 1936, including $470,284 cash, amounted
$1,955,502, and current liabilities were $350,794.
Current assets as of
June 30, 1935, were $2,119,249 and current liabilities were $245,839.
—V. 143, p. 274.
to
Jackson
&
Curtis Securities
Corp.—$1.50 Dividend—
a dividend of $1.50 per share on account of
the $6 cum. pref. stock, no par value, payable Aug. 1
to holders of record July 9.
A like payment was made on May 1 last and
The directors have declared
accumulations
on
with $2.50 paid on Feb. 1 last; $1 paid in each of the five preceding
quarters; 75 cents per share distributed each quarter from Aug. 1, 1933 up
to and incl. Aug. 1, 1934, 50 cents per share paid each quarter from Aug. 1
1932 up to and incl. May 1, 1933, and with regular quarterly distributions
compares
of $1.50 per share made
previously.—V. 142,
p.
2831.
1935
Net sales, less cost of goods sold, excl.
of depreciation and amortization,
_
Provision for depreciation
Prov. for amort, of tools and dies
$445,068
16,003
6,901
1934
$169,101
13,424
6,760
1933
$67,606
12,828
5,302
expense
Other deductions (net)
Provision
for
Federal
excess
income
_
9,385
51,409
62,758
2,009
25,695
33,199
-9~337
$88,012
9,370
$10,137
15,795
55,000
12,532
30,000
and
profits taxes—estimated—
446
$229,728
$66,108
loss$6,103
x66,700
75,000
x Dividend paid in common stock at rate of 2.3 shares of $10 par value
common stock for each share outstanding, the amount of which was charged
to capital surplus by authorization of the board of directors.
Common dividends—Stock
Cash
Kobe, Inc., Los Angeles.—Stock.Offered—Public offering
made recently (to residents of California only) by Hartley
Rogers & Co., Los Angeles, of 15,000 shares of $1.20 div.
cum.
pref. stock, with transferable common stock sub¬
scription warrants attached, at $20 a unit.
one share of preferred and a warrant for one share
Company was established in 1923 and is engaged in the business
perforating pipe for use in oil wells.
During the past few
years company has been perfecting and commercially testing hydraulic oil
well pumps, which it now proposes to manufacture and sell
to the oil
trade in commercial quantities.
Each unit consisted of
of
common.
of slotting and
Lehigh Valley Coal Corp. (& Subs.)—Earnings1936—3 Mos.—1935
$423,357
Drl7,589
$583,048
Dr4,384
$1,524,194
Dr34,721
$1,318,674
Drl0,688
$405,767
284,567
$578,664
222,823
$1,489,472
580,182
$1,307,986
549,138
$690,334
$801,487
$2,069,655
$1,857,124
292,990
25,858
305,344
620,255
15,900
Crl3,100
1,246
3,258
401,007
609,108
54,505
111,400
9,154
713,354
725,049
$572,131
1,205,210
$475,574
1,203,997
$0.11
Total inc. from oper„
Other income
Int.
&
coal lands-
Fed. & State unempl. tax
Federal income taxes—
Minority interest
Deprec. & depletion
339,552
Shs.
income
com.
stk. outst
Earnings per share
$14,786
1,205,210
Nil
Amortization of patents and patent applications
expense—
General and administrative expense
$182,374
5,982
4,917
$104,976
1,203,997
Nil
12 Months Ended June 30—
Income from mining and selling coal
Income from other operations
Other income
29,078
32,129
Gross
income
Interest and carrying charges on reserve coal lands
Federal and State unemployment tax
Federal income taxes
Minority interest
Depreciation and depletion
Operating
profit
Other deductions (net)
—
Provision for Federal income tax—estimated-
|L Net profit.
$110,266
12,429
17,800
$80,037
Net income
>
Shares preferred stock outstanding.
Earnings per share
—V. 142, p. 2832.
.
------
_
Net
1936—6 Mos.—1935"
carrying charges
on reserve
Earnings for 4 Months Ended April 30, 1936
Net sales, less cost of goods sold, excl. of deprec. & amortization
Provision for depreciation
Selling
$1,269,182
was
Gross income
$298,610
13,881
and patent applications.
Selling
Total.
selling coal
Inc. from other oper
Provisions for amortizations of patents
General and administrative expense.
$1,269,182
-V. 141, p.1276.
Period End. June 30—
Income from mining and
(F. L.) Jacobs Co.—Earnings—
Years Ended Dec. 31—
500,000
710,533
Surplus
,
$0.19
1936
27,666
9,244
1935
$2,323,224
Dr54,713
964,512
$2,191,418
Dr61,077
1,088,575
$3,233,023
1,208,322
54,505
96,500
10,690
1,304,815
$3,218,916
1,328,890
$558,188
227,248
$2.46
$598,191
Cr37,I65
13,049
1,315,884
227,248
$2.63
Financial
432
Chronicle
1935
1936
1934
1933
This was the seventh defeat suffered by the road in its battle to maintain
its 3-cent-a-mile fare.
The company has announced that the reduced fare
Net
profit after taxes,
deprec.,
deplet.
and
$682,649
$1,170,857
obsolescencestk. (par
com.
).39
$1.38
$25)
$1,937,427
Nil
Louisville & Nashville
Nil
$100, payable Aug. 24 to holders of record July 28.
This
compares with $2 paid on Feb. 25 last; $1 on Aug. 24, 1935, and $1.50 per
share paid on Feb. 25, 1935, Aug. 25, 1934, and on Feb. 15, 1934, this
latter being the first dividend paid since Feb. 10, 1932, when $2 per share
was
disbursed.
On Aug. 10, 1931, $2.50 per share was paid, prior to
which regular semi-annual payments of $3.50 a share were made.
stock,
Lehman
Corp.—Earnings1935
1936
$424,778
2,138,462
2,837
Interest earned
Cash dividends
Miscellaneous income
/
V
Regis., transf., &c., exp.
Other oper. expenses..,.,
i
realized
profit on
commodity transact'ns
Recovery on real estate
loans
and
equities
'
_
zl08,736
161,576
•
j
2,042
$699,123
1,240,882
,
13,415
Definitive Bonds Ready—
$1,953,421
62,047
313,184
Ludlow Mfg. Associates
[,141,704
15,000
179,625]
Total
--.$10,415,930^
$173,619
$3,126,704
$3,509,896
2,627,695
xl,804,405
1,632,240
$1,322,299
681,700
$4.58
$7,708,842
679,500
$15.21
$l,877,656def$1465,821
678,700
680,600
$5.17
$0.25
A oo/J/O—.
x All but $94,320 of the present write-off
valuations by the directors in arriving at the
$6.38
■
•
,
Liabilities—
.
-----
Prepaid Insurance
premiums
and other expenses
163,678
Mortgages receiv. on proper¬
ties sold
Land,
;
machinery
buildings,
x8,829,152
$25,036,6451
Total
After
x
1936
1935
1934
$81,294,067 $81,256,887 $81,250,210
-V.
Excess of proceeds over cost of 2,000
shares of treas. stock delivered upon
70,291
-
and equipment
Surplus, Fiscal Years Ended June 30
Capital Surplus—
Balance, June 30-
$1,141,285
$362,440
$2,044,824 Accounts payable
1,053,891
6,100,512 Reserve for taxes & conting..
Interest accr. on investments
186,460
39,147 Reserve for pensions
Accounts and notes recelv.—
Capital stock
y23,433,843
less reserves
662,812
Inventories
7,126,226
$5,120,000 on June 30, 1935.
Statement of
$1,509,044
-
Cash
compensation both computed upon unrealized appreciation (but without
any allowance for Federal excess profits tax and surtax on undistributed
profits) of the corporation's assets on June 30, 1936, based on market
quotations or, in the absence of market quotations, on fair value in the
opinion of the directors, was $14,713,152.
The net unrealized appreciation
after an allowance for Federal and State taxes based on income (at 1934
was
-
U. S. Govt, securities
reported asset value of the corporation's shares,
z Loss.
Note—The net inrealized appreciation after an allowance for Federal nor¬
mal and State taxes based on income (at 1936 rates) and management
rates)
-
178,771 shares capital stock
on
Consolidated Balance Sheet Dec. 28, 1935
Includes State income taxes,
has been reflected in former
Available
$8.44
Net profit..
Earnings per share
(no par)
$173,619
1,639,440
Not
|
8,906,886)
Cost of sales incl. taxes and contingencies, deprec.,
427,247
$8,042,189
-.$10,236,305,
Interest
$3,969,896
a460,000
$10,336,537
-
a
is£—~
Net sales.
manufacturing, selling & admin, expenses.
Balance, surplus
Shs.cap.stk.out.(no par)
Earnings per share
1934
1935
$12,123,580
al ,359,797
agreement
Profit for year
Dividends
(& Subs.)—Earnings—
Earnings for the Year Ended Dec. 28
accrued under manage¬
ment
9, 1936, exchange its temporary
series D, dated Aug. 1, 1921, due
April 1, 2003, for definitive bonds of the same issue, on presentation and
surrender of said temporary bonds, at the office of the company. Room 901,
71 Broadway, New York City.—V. 143, p. 278.
compensation
for
j
The company will, on and after July
first and refunding mortgage 4% bonds,
87,885
Os
xl ,655,442
105,319
"
Total income
Prov.
$1,490,304
zl ,478,261
par
,,
written off
Prov. for Federal taxes.
$1,699,819
4,034,255
25,139
10,055,847
Net
$2,202,831
132,073
56,236
314,703
$2,043,924
1,072,641
$1,960,371
Net realized prof, on inv
1933
$557,673
1,581,376
63,782
$2,540,609
131,232
52,326
313,127
152,924
62,995
389,787
1-
Profit
1934
$600,121
1,882,674
57,814
$2,566,077
Total income
Franch. & cap. stk. tax.
RR.—Larger Dividend—
The directors have declared a dividend of $2.50 per share on the common
—Y. 142, p. 4183.
Years End. June 30—
week.—V. 143, p. 277.
would be put into effect this
$24,020
Earns, per sh. on 495,628
shs.
1936
18,
stay of a Transit Commission order reducing fares to 2 cents a mile was
denied by the Court of Appeals July 8.
Lehigh Portland Cement Co.—Earnings—
12 Mos. End. June 30-
July
reserves
of
$11,950,930.
y
$25,036,645
Total
Represented by 178,771 no-par shares.
141, p. 4019.
Luzerne
County Gas & Electric Corp.
37,180
-Earnings—
Ordinary
$569,292 has been
applied to purch. of 7,400 shs.
25,528,217
10,336,537
-
Total
—
26,850,515
3,126,704
3,509,895
$17,819,375 $25,528,217 $26,850,516
Balance, loss.
Balance Sheet June 30
1936
x
1935
$
Secur.
1,976,921
x
U. S. Govt, secur
x
Invest, in real est
3,260,008
2,509,036
$1,232,612
Liabilities—
1935
$
I
Non-operating
®
Interest
y2,865,208
1,192,1051 Dividends payable 1,193,275
7,201,392 Payable for secur.
purchased
465,781
2,509,036
Loans & advances.
& taxes
1,543,395
Accrd. managem't
exp.
5,210
3,181,919
409,020
342,755
146,752
318,700
ties sold
40.073
$1,480,639
$711,459
222,624
485,908
Preferred dividends.
Common
dividends.
346,069
pay..
356,441
1934
1935
Assets—
Prop.,
plant
equipment
rec.
and int.
accrued
..70,014,271 60,014,837
Total
x
At
Total
cost,
y
7,974
58,700
7,648,735
7,579,549
.11,598,000 11,766,000
Funded debt
Treas. 4 lis,
Accounts payable-
1952, par $138,200, pledged to
Accrued accounts-
secure
Earned surplus.
70,014,271 60,014,837
Represented by 679,500 no par shares, excluding 7,400
of $569,292.—V. 142, p. 277.
shares held in treasury, at cost
Customers'
tension
&
ex-
deposits
Reserves
payment
$
$
Capitalstock
and
18,546,920 18,530,949
Investments
153,260
159,525
Special deposits..58,028
153,463
S.
1934
1935
Liabilities—
$
$
U.
Divs.
702.505
Balance Sheet, Dec. 31
311,979
427,247
Capital surplus—81,338,741 81,294,066
Profit and loss def.17,819,375 25,528,217
compens.
Recelv. for securi¬
$1,440,565
$493,079
227,972
265.041
Amortization of debt discount and expense-
Receiv. for accrued
1
1
105,638
equities
59,293
90,648
$
48,603,8991 Capitalstock
Real estate loans &
116,787
$1,280,368
691,952
7,549
87,787
funded debt
on
310,363
<
47,755
income.
Miscellaneous interest
..
1936
$
owned...61,501,212
Cash
Provision for other taxes
$15,191,680 $23,723,812 $25,218,276
2,627,695
1,804,405
1,632,240
-
Dividends declared
Assets—
Provision for other Federal taxes
28,728,171
178,741
164,070
289,822
84,639
56,435
140,823
Prov. for renewals and replacements.
Provision for Federal income taxes..
Profit and Loss Account—
Balance (loss)..
Profit for fiscal year.
929.819
expenses
Maintenance
$81,338,741 $81,294,067 $81,256,887
of treasury stock)
193*
$3,103,637
907,238
Calendar Years—
6,677
Balance (of which
v
1935
$2,898,222
44,674
exercise of option thereon—;
146,929
96,733
625,225
1,421,008
247,753
146,414
80,767
458,141
1,355,546
252,031
of certain interest
Lehn & Fink Products
6 Mos. End. June 30—•
Co.—Earnings—
discount & exp.
outstanding..
400,000
per share
$0.71
—V. 142, p. 3000, 2832, 2672.
400,000
$0.23
Earnings
408,966
$0.77
-
Libbey-Owens-Ford Glass Co.—Earnings-—
Period End. June 30—
1936—6 Mos—1935
1936—3 Mos.—1935
$3,345,442
$8,514,058
$6,802,111
163,879
374,542
370,305
$5,210,839
Other income
$5,038,677
172,162
Manufacturing profit
$3,509,321
$8,888,600
$7,172,416
for doubtful accounts,
'
'
Shares of
Earnings
common
per
—V. 142, p.
507,471
605,801
331,500
1,343,965
1,354,363
1,087,300
991,798
1,211,602
684,700
$2,064,550
$5,102,972
$4,284,316
2,503,505
2,535,098
$1.24
_
Est. Fed. income tax—
692,852
677,181
734,800
$3,106,005
Depreciation.
&c—_
1,083,294
1,178,660
165,010
159,357
Cash
...
Interest receivable
Accounts receivable
Materials & suppl.
Prepaid
x
accounts.
$0.81
2,503,505
$2.04
2,535,098
$1.69
stock
share
2672.
Total
x
.-...21,784,384 21,638,4511
6 Months Ended June 30—
Net profit after deprec., taxes, &c
Earnings per share
of capital stock
—V. 142, p. 3348.
1936—5 Mos.—1935
1936—Month—1935
Sales
,154,555
$1,856,559
$485,326
$440,846
Company had same number of stores in operation during the 1936
periods as during 1935.—V. 142, p. 2328.
T.
Barton announced
on
July 15 that the company has
purchased the entire property of its marketing subsidiary, Lion Oil Sales
Co., with approximately 1,000 company-owned and operated service sta¬
tions. dealers and bulk plants in Arkansas, Alabama, Mississippi and
six years Vice-President and General Manager of the sales
has been elected Vice-President of Lion Oil Refining Co. He will
charge of all selling activities, handling tank car sales of all
petroleum products and by-products for both the refining and marketing
divisions of the company.—V. 142, p. 3681.
A. F. Reed, for
company,
have direct
McColl-Frontenac Oil Co
1936
The respondent was the Public Service Commission. The order does
not relate to fares wholly within the City of New York which are under
fight.
.
•
\
'
As to such fares, an appeal for a
■
•/
'
1934
$153,479
$1.24
$1.13
,
Ltd. (& Subs.)—-Earnings-—
1935
1934
1933
$2,703,439
581,928
709,113
191,000
582 077
589,830
$3,029,269
592,260
647,808
170,000
640,047
633,314
140,000
135,100
46,916
17,660
93,492
147,052:
155,268.
48,899
11,669
45,334
11,357
45,604
47,180
32,959
87,335.
$1,095,981
458,815
$1,162,106
463,173
y$3,045,611 x$2,570,218
Operating profit
Tax provision
Res. for bad & doubtful
accounts
Res. for conting., &c
Amort, of bond disc't
Directors remuneration.
fees
& executive
officers renumeration.
U. S. exch. paid & accr'd
on
229,182
bond interest
$1,226,904
412,497
314,986
$1,231,760
466,563
299,986.
$308,254
$224,669
$383,947
$465,211
3,099,020
Drl3,950
2,888,302
2,504",354
2,039,143
$3,363,674
$3,099,020
$2,888,302
$2,504,354
Preferred dividend
Common dividend.
459,252
459,398
.
Balance
Cost of pref.
shs.
pur¬
chased during year
for
Long Island RR.—Loses in Fare Fight—
Supreme Court Justice Frances Bergan at Albany on July 13 denied a
motion for a stay of injunction presented by the company in its rail fare
•
1935
$167,410
Dr43,600
Tennessee.
jurisdiction of the Transit Commission.
1936
$222,149
134,977 shares
Years End. Jan. 31—■
Legal
Refining Co.—Purchase—
H.
.21,784,384 21,638,451
bonds refunded prior to
1934.
$1.64
on
Depreciation
-Sales-
Lincoln Stores, Inc.
President
Total
Includes discount, premium and expense on
date of maturity, being amortized over 10-year period from July 1,
$380,946 in 1935 and $425,763 in 1934.—V. 142, p. 961.
Bond interest
Period End. June 30—
Lion Oil
168,443
4,142
Unamortized debt
Lynch Corp.—Earnings—
tive,
experimental and
development exp.prov.
contingencies,
147,648
551,054
4,450
682,457
Other def. charges
1933
$314,540
400,000
$0.74
$94,496
145,542
710,699
2,749
641,712
162,289
13,178
charges
1934
$296,884
1935
1936
$286,616
Net profits after charges
Shares
common
stock
"
Profit & loss balancex
Includes
income
from
investments of $11,091.
y
investments of $22,657 and profit on sale of"
Includes income from investments $16,850.
Volume
Financial
143
Chronicle
Consolidated Balance Sheet Jan. 31
1936
Assets—
Cash
444,580
76,461
1,709,311
rec._
Inventories
accrued liabilities
Accrued Interest..
Tax reserve-..—
1,777,127
3,158,568
918,416
3,872,798
486,743
contract
193,174
Deferred
Loans to mtges. to
835,327
ing funds
Plants, &c
Trade-marks, pro¬
9,408,000
Bonds
330.781
Reserves
4,045,709
7,841,700
stock__10,710,000
Earned surplus
3,363,675
Capital surplus—
59,100
48,000
Deferred charges..
198,015
payable
Mortgage
customers
6% bonds for sink¬
570,126
187,200
467,473
152,661
223,906
9,574,500
3,594,655
7,635,300
9,390,000
3,099,020
15,500
902,869
187,200
payable-
Investment, &c_._ 1,900,245
$
Accts. & notes and
530,619
329,281
Marketable secur.
1935
$
Liabilities—
$
Bonds and stocks.
Accts.& bills
1936
1935
$
Preferred stock...
214,500
1,006,778
19,777.348 18,898,356
915,062
x
Common
Magma Copper Co.—Earnings—
will
742,838
...
6,942,479
Total
60,599
cess
x Represented
by 660,000 shares
1935)—V. 142, p. 3681.
-37,396,183 34,910,343
Total
(no par)
in 1936
(550,000 shares in
expenses
1934
$1,062,263
642,242
59,397
258,303
profits taxes
Net profit
Shares
common
81.266
Forbes
&
x
Net profit.
dividends....
1936—6 Afos.—1935
$239,132
29,856
151,947
$402,064
59,712
303,894
$438,667
59,712
303,894
$20,495
$57,329
$38,458
$75,061
$0.57
$0.69
$3.13
$1.25
Earns, per sh. on 303,894
shs.com.stk. (par$10)
After expenses.
x
Federal income taxes, &c.—V. 142, p
4024
McGraw Electric Co.—Extra Dividend—.
The directors or
July 13 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of 50 cents per share on the
common stock, par $5, both payable Aug
1 to holders of record July 20.
New
Assets—
1935
1934
a
412,797
5,423
553,439
305,999
11,215
17,854
Slow
and
$6,428
200,161
3,249
inactive
Nil
570,188
537,473
114,709
96,083
Deferred charges..
9,504
9,721
$32,535
$41,783
15,000
68,072
22,301
13,251
9,231
Notes payable
Accrd. wages and
commissions
accr.
and
payables
Prov. for Fed. taxes
81,266
Pat. pur. contracts
Divs. payable
32,494
16,182
Res.
for
12,000
53,489
248,961
38,207
248,961
1,942,697
Unearned surplus.
78,507
Prof. & loss deficit
847,745
1,880,457
78,507
1,157,478
Total....
x
conting—
Deferred income.
Pref.
$1,731,711 $1,176,969
_
7% cum. stk.
Common
director of this conpany*
stock
Total
...$1,731,711 $1,176,969
After depreciation of $319,143 in 1935 and $254,851 in 1934.
y Repre¬
by shares of $10 par.
z Afterreserve for doubtful accounts.—V. 142
sented
Dredging Co.—May Split Stock—
Plans for declaration of a
100% stock dividend were announced by
directors of the company on July 1 in a call for a special meeting of stock¬
holders to obtain the necessary increase in authorized capital stock.
The meeting was set for July 31 for the purpose of voting on an increase
in authorized capital stock to 200,000 from 100,000 shares.
Upon approval,
directors propose to declare the 100% stock dividend, which would increase
p.
account.
3349.
Margay Oil Corp.—Earnings—
Earnings for the Year Ended Dec. 31, 1935
Revenue
$405,185
Gas and steam sales
outstanding stock of the company to 192,700 shares. Simultaneously with
the stock-split it is planned to transfer $468,250 from
surplus to capital
Operating
On the basis of Dec. 31, 1935,
4,916
Total.
expenses
$410,101
69,558
69,156
(exel. depletion & depreciation)
figures this transfer would increase capital
by the no-par stock to $1,568,633, from $1,100,383.
and reduce earned surplus to $1,602,034, from $2,070,284.
General expenses
Calendar Years—
1935
Gross profits from contr x$1244,320
Other operating income.
Income charges, net
Provision for depletion and depreciation
account represented
of idle
$409,826
8,677
$564,275
$418,503
218,371
159,879
$1,058,360
10,667
190,089
117,505
164,188
100,003
$704,441
8,201
185",960
Other income.
1932
$564,275
$1,082,692
equip., Ac
Admin. & general exps..
1933
$1,082,692
$1,244,320
-
•
1934
$256,682
9,447
Federal
$712,641
$266,129
$160,387
yl95,285
140,741
68,830
21,636
$873,743
289,050
$571,901
$197,298
48,180
profits
Common dividends..
$584,693
.
..$271,386
74,546
103,261
Net income
Surplus, Dec. 31, 1934
$93,578
248,733
——
Gross surplus
Surplus charge—dividends
$342,312
74,878
Surplus, Dec. 31, 1935
$267,433
Earnings for the Month and 3 Months Ended March 31, 1936
Month
3
Mos.
$39,993
$111,872
Period Ended March 31, 1936—•
Revenue
$138,751
144,525
taxes
.
Net
Net profit from operations
$154,312
6,075
$1,069,027
Interest,
-
-
Gas sales..
163
818
160
339
$40,318
5,210
5,307
$113,030
13,205
16,004
$29,800
223
$83,820
1,931
$30,023
1,767
1,761
3,288
3,568
$85,751
24,001
4,992
9,364
10,559
$19,637
$36,833
—
Steam sales
Total
Operating expenses.
General expenses
$427,376
,
1934
1935
Accounts payable.
Sim dry
xLand, buildings,
machinery
and
equipment, Ac..
Pats., patent ap¬
plications, Ac..
—V. 142, p. 4183.
McWilliams
188,066
Nil
Liabilities—
$54,437
zCust's accts., &c.
Misc. receivables.
Directors—
elected
188,066
188.045
$0.45
$2.00
Cash
receivables
Gene. B. Heywood was on July 13
—
188,046
Inventories
Surplus
50,275
145,536
Comparative, Balance Sheet Dec. 31
29,856
151,947
Common dividends
528,503
stock
Co.—Earnings—•
$202,298
Preferred
$508,451
$552,473
460,098
52,610
397,036
$102,320 loss$357,270 loss$215,865
$394,741
outstanding (par $10)_
per share
1936—3 Mos.—1935
Period End. June 30—
1932
1933
1935
$1,704,461
1,010,413
96,951
121,090
•
Earnings
Mac Andrews
$407,087
Calculating Machine Co.- -Earnings-
Gen. & admin, expenses.
37,396,183 34,910,343
$372,614
34,473
$755,227
Other deductions (net)_
Federal incomes and ex¬
131,733
7.34c. lb.
5.16c. lb.
$685,929
69,298
$1,052,151.
Note—Production cost is credited with the value of gold and silver pro¬
duced and includes all operating costs and depreciation but no allowance
for Federal income tax or mine depletion.—Y. 142, p. 3348.
_
purch.
under by-law...
company
5.095c. lb.
For the 12 months ended June 30, 1936, net earnings before Federal taxes
Selling
capital stock
6,942,479
Cost of com.shs. of
1935
17,133,176 lbs.
9.072c. lb.
Total net income.—
Calendar Years—
Gross profit on sales....
chase of subsid.
1936
17,245,646 lbs.
amounted to
Marchant
742,838
on pur¬
?
6 Mos. End. June 30—
Copper produced.
Average selling price
Average production cost
Income from mining operations
Other income (including railroad)
and good¬
cesses
Prem. paid
433
$149,118
_ ..
$138,751
)
$9.06
$5.93
$2.05
$1.44
After deducting $155,386 for depreciation,
y Federal and State income
taxes only.
Balance Sheet, Dec. 31, 1935
Net
profit from operations.
Other income credits
X
JL ssctS"***
•
Liabilities—
banks..1
Cash in
$1,033,934 Accounts
Receivables.
247,437
billing prices
Clearing costs, bond premiums,
instalation
Depletion on cost—leasehold
Depletion of drilling costs
Depreciation of lease equipment.
Reserve for contingencies..^.
50,000
Common stock..
.yl,100,383
iabilities
Earned surplus
J.
Net
profit.
2,070,284
Condensed Balance Sheet
Ac.,
expenses,
applicable to future work
Assets—
187,999
16,306
Foremen's working
funds.
Prepaid insurance, &c
Mar. 31'36
$56,241
20,029
$87,044
126,469
13,601
156,039
Inventories
Other curr. assets.
51,207
xl,731,841
assets
Dec. 31 '35
Cash
6,249
Investments
Fixed
$319,110
242,148
Accrued
Construction work in process,
at
payable
506,950
Gross income
Other income charges
Invests, at cost—
costxl,301,589
Def. debit items__
269,445
Fixed assets,at
Total...1..
no
i......$3,781,926 I
Total
..—$3,781,926
After reserve for depreciation of $718,461.
x
shares.—V.
par
143,
p.
y
Total
Profit before
depreciation & Federal income tax
Provision for depreciation
$166,107
84,094
27,765
income
$168,300
21,615
$283,956
■
$363,144
194,844
$287,516
18,271
14,710
expenses.
$578,242
290,725
deductions—.
Other
43,168
6,000
$172,097
$116,939
$1.28
$0.69
Provision for Federal income tax
.
Earnings
per share on
x
1934
94,900 no-par shares common
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Cash on hand and
International Tel.
on
A
deposit..
Tel.
$110,470
Co.
Notes payable to bank
Accts.
5% debs., due Feb. 1. 1955,
accrued interest thereon
Customers'
accts.
$300,000
payable for purchases,
expenses, Ac
16,179
receivable,
less allowance of $10,000.__
452,819
936,778
123,885
Property, plant and equlp't__xl,061,374
Prepd. taxes, unexpired ins., Ac
18,937
Inventories
Other assets
347,140
Accrued expenses
1st mtge.
9,799
bonds, due Nov.1,'36
18,000
27,764
42,545
134,000
Federal income tax
Reserves
1st mtge. serial
6H% bonds..
Capital stock
z Treasury stock cost
Capital
surplus—balance
yl,425,000
Dr70,536
Total
x
$2,720,4441
Total
After allowance for depreciation of $727,656.
279,063
207,667
$2,720,444
y Represented by 35,000
95,000 shares common stock both
no par.
z Represented by 12,155 shares convertible preferred stock and
100 shares common stock both no par.—V. 142, p. 3177.
and
$13,385
$1,787,376 $3,088,7431
After reserve for depletion
117.
$2,915
10,689
39,874
14,183
37,681
39,580
1,455412
267,433
1,453,052
243,263
Ac
Dividends payable
Def. credit item..
581
Reserves
1,298,068
Total
$1,787,376 $3,088,743
and depreciation of $1,272,926.—V.
143,
...
Martinez-Romero Oil Co.—Registers with SEC—
first page of this department.
Masonite Corp.—Recapitalization Plan—
A special meeting of the stockholders has been called for July 22 for
purpose of considering plan for a 2-for-l
split-up of the common stock
through exchange of outstanding 266,689 shares of no par common for
533,378 shares; for increase in authorized new stock to 700,000 shares from
600,000 shares; for redemption of outstanding 7% preferred stock and
elimination of provision in certificate of incorporation preventing such
redemption unless $6 in dividends has been declared on the common during
the year in which such redemption is effective.
Authorization is also sought for 50,000 shares of new preferred stock an
issue of 21,335 shares of such new preferred as series A pref. to carry 5%
cumulative dividend and be convertible into new or split-up common
stock at basic rate of $50 a share for such new common stock up to and incl.
Sept. 1, 1938, and thereafter, to and incl. Sept. 1, 1941, at basic rate of
$66.66, or two shares of such new common stock on or prior to Sept. 1,1938,
1H shares up to and incl. Sept. 1, 1941.
The plan also provides for offering of said 21,335 shares of series A pref.
to holders of present common for pro rata subscription and issue of sub¬
and thereafter
scription warrants or rights therefor.
It provides also the offering subject
to subscription rights aforesaid of 21,335 shares of series A to holders of
present preferred without issue, however, of subscription rights or warrants
and for sale of unsubscribed series A to the underwriter at $103 share and
re¬
maining at Dec. 31, 1935
Earned surplus, since Jan. 1 '34
shares convertible preferred stock
p.
See list given on
19,421
Dec. 31 *35 Mar. 31'36
Capital stock
;
1935
Liabilities—
Accounts payable.
Accr. wages, taxes,
Surplus from oper.
116.
(R. C.) Mahon Co.—Earnings—
Other
7,722
2,647,695
169,670
Represented by 96,350
Years Ended Dec. 31—
Profit from completed contracts & warehouse sales
Selling and administrative
20,574
for payment to underwriter of commission of $3 a share
on
21,335 shares of
series A preferred.—V. 142, p. 4346.
Massey-Harris Co., Ltd.—New Director—
The directors announed that due to ill health, B. W. Burtsell has now
tendered his resignation as a director of the company.
,
J. S. Duncan, General Manager of the company, was elected a director
to succeed Mr. Burtsell.—V. 142, p. 3682.
434
Financial
Master Electric Co.—To Be Added to List—
The New York Curb Exchange will list 8,575 additional
shares of
stock, $1 par, upon notice of issuance.—V. 143, p. 279.
Melchers
Distilleries, Ltd.—Class A Stockholders Reject
Plan—
The
common
plan of capital reorganization advanced by the management voted
at a
special meeting held on June 27, and adjourned until
July 3, for
the purpose of receiving the scrutineers' report, was
defeated by a sub¬
stantial adverse vote by the class A holders.
Class B shareholders voted
on
overwhelmingly in favor.
The proposal provided for payment of $4 per
share in cash to the holders of the A stock; in lieu of
arrears, the 8400,000
required to be provided by capital, with a further reduction of
$1,867,818
proposed.
Other features of the plan were the loss of voting power
by the
A stock, until such time as the preferential dividends
are in arrears to the
extent of $1.50 per share, and a change in the dividend
provision from $2
per annum cumulative to 75 cents cumulative and $1.25
non-cumulative,
effective from Jan. 1, 1937.—V. 142, p. 4184.
1936
Apr. 11............
9.
May
June
.......
6
July
..
1935
$1,748,419
1,421,024
1,699,250
2,516,819
3,364,128
2,985,692
2,654,958
$2,121,902
1,413,889
1,886,886
3,812,588
2,795,262
3,601,140
3,249,480
4
1934
Mercantile
1933
$1,325,240
1,290,858
1,543,401
2,720,111
2,323,145
2,910,143
2,152,583
—V. 142, p. 4346.
company paid a dividend of 40 cents per share
cumulations on the $1.60 cum. conv. preferred
1,444,198
2,054,505
1,770,716
stock,
on
account
no par
value,
of ac¬
July
on
paid.—V. 142, p. 304.
;
Mercantile Stores Co., Inc. (&
Subs.)—Earnings—
Earnings for Year Ended Jan. 31, 1936
Net sales (including sales of leased
departments)
$28,360,905
Cost of goods sold, selling, operating &
administrative expenses. 28,068,337
_
v)
'Profit.......
.
.
.
_
_
..............
Other income—carrying charges on instalment
miscellaneous income (net)
....
$530,273
288,672
54,785
...
Depreciation......
...
_
...
...
.....
.
_______
Net profi t carried to earned
surplus
Preferred stock dividend.
on
144,125
no par
........
i^
..
Surplus..
Earns, per share
_
shares
^
_
com¬
00,330
^
^
_
common stock.
Assets—
1935
;
'
1936
$
.
Liabilities—
Cash in banks and
on
hand
...I
928,678
83,895
Securities-.
Accts.
Due
receivable._y4,695,798
$72,690
$0.50
Inventories
Misc.
accts.
crued
240,880
3,806,583
matur.
3,796,241
Res.
U.S. bds. & Treas.
notes
Res.
102,494
Deferred charges
_
_
116,644 Mtge.
x
Missouri Pacific RR.—Would Sell
The
143,
318,750
13,987,3731
Other
'
...
revenue
Operation.
Motherlode
Maintenance.
Taxes
Net earnings
Interest paid on income deben. bonds
Depreciation
Amort, of security and reorganization
384,933
464,967
128,005
682,800
5,284,583
9,106,470
Motor Transit
1934
1,352,909
$118,060
876,891
$75,006
2,193
2,224
,
$120,284
$77,200
29,365
7,722
7,545
34,189
17,345
7,828
$60,920
14,525
20,703
1936
$
2,736
Accts. receivable-
192
Securities owned..
$7,707
Liabilities—
5,000
117
538
5,000
6,008
14,488
Special deposits.
Deferred assets
11,367
Proceeds from sale
1936
1935
$14,830
$14,830
Mar. 1, 1952... 1,441,500
Int. pay. on bonds
1,452,500
Income deben. due
when issued
Accrued taxes
5,508
storm-damage..
Reserves
trust certificates
Surplus
representing 280
shares of stock.
187
170
3,555
4,626;
Unspent funds from
of properties
Reacquiring voting
753
86,316
91,954
63,013
66,022
_
Total
x
$1,640,168 $1,600,090
Total
$1,640,168 $1,600,090
Represented by 14,830 shares no par.—V. 142, p. 1822.
Miami
$7,941
Copper Co.—New Director—
Edgar L. Rossin has been elected
a
director.—V. 142, p. 3682.
Michigan Bell Telephone Co.—To Reduce Rates—
Reductions
in
telephone rates
and
charges
ordered
by
the
Michigan
Public Utilities Commission June 30 have been
agreed upon by this company
with reservations of the right to contest the rates if
returns
prove inadequate.
G. M. Welch, President, in
notifying the Utilities Commission of the
company's position stated that the company would withdraw its suit now
before the U. S. District Court and thus terminate all
pending litigation.
The rate cut ordered by the
Michigan Utilities Commission amounted to
$1,500,000 a year and applied to subscribers of more than half the telephones
in the State. The company also was ordered not to
pay more than $200,000
64,746
8,564
$91,711
82,799
$2,259
$580,745
331,783
84,043
78.225
10,181
$76,511
88,203
def$l 1,692
853
(accrued)
Wyoming Associated Oil Corp.,
wholly owned subsidiary, has been
a
as of July 1.
This company will take over all
assets of
P.
3698.
Wyoming Associated.—V. 141,
Co.—Earnings-
Period End. May 31—
1936—6 Mos.—1935
Gross income$3,207,189
$2,413,300
Net inc. after exps. incl.
est. income taxes
—V. 143, p. 118.
368,393
$4,069,177
548,344
255,008
224,787
1936—3 Mos.—1935
$383,759
$330,350
1936-6 Mos.—1935
$706,418
$640,02
354,687
320,859
185,767
156,801
$197,992
5,279
$173,549
5,587
$351,731
11,064
$319,162
7,251
$203,271
Operating profit
Total
1936—12 Mos.—1935
$5,089,962
Corp.—Earnings-—•
Expenses..;
income
4,667
Other expenses, &c
$179,136
1,734
21,339
19,381
$362,795
9,444
42,748
$326,413
3,566
38,723
$177,265
$158,021
$310,603
$284,124
Depreciation & amortiz.
42
$22,902
21",160
Capital stock
x
no
$234,297
$597,917
341,886
91,008
6,871
dissolved
3,655
53
1935
,517,370 $1,502,597
97,066
74,995
the
Mountain Producers
Corp.—Subsidiary Dissolved—The
$32,566
Bzlance Sheet June 30
Assets—
on
1936—12 Mos.—1935
Balance
Profit
- before
Federal
income taxes
—Y.
142, p. 3516.
Muskegon Motor Specialties Co.—Accumulated Div.—
The
directors have declared
of accumulations
Fixed capital
Cash
1936—Month—1935
$49,418
$44,954
27,108
27,407
7,605
7,562
676
Gross profit.
•
:„„
Balance
dividend of 75 cents per share
6,085
Period End. June 30—
1935
$18,071
Other deductions..___...
a
$8,912
Operation.. ..i..
Mullins Mfg.
2,732
costs
1946.—V.
Co.—Earnings—
Period End. June 30—
Mueller Brass
72,690
$66,096
21,622
23,670
'
_
1937 to
Development Corp.—Registers with SEC—
Other income
__
1,
Earnings for 6 Months Ended June 30,1936
Net profit after depreciation & Federal income
taxes...
—V. 142, P. 4185.
12,591
16,506,047 13,987,373
$141,475
37,902
26,421'
11,054
Aug.
(Tom) Moore Distillery Co.—Earnings—
Reserve for retirements
131,199
682,800
__
2,638
Total
on
$3 cum. partic. preference stock, payable
Aug. 15 to holders of record
Aug. 1.
A similar distribution was made in each
quarter since Nov. 15,
1932, this latter being the first payment made on this issue since
Aug. 15,
1931, when a regular quarterly dividend of 75 cents
per share was disbursed.
Accumulations after the payment of the
Aug. 15 dividend remain in the
amount of $3 per share.—V.
142, P. 2835.
Bridge Co .—Earnings—
revenue,
serially
Moody'8 I nvestors Service—Preferred Dividend—
The directors have declared
57,502
Represented by 144,125 shares, no par, after deducting 14,113 shares
held in treasury,
y Includes notes receivable.—V,141, p. 119.
Bridge
mature
-V. 142, p. 4028.
1, 1935...
1,411,622
$138,837
Eequipment Trusts—
11,949
obligat'ns
1936
account of
/,
Taxes..
Interest
x
Miami
would
280.
66,330
Total
12 Months Ended June 30—
Vehicles crossing bridge
certificates
p.
82,733
Earned surpl. since
.16,506,047
on
par
Surplus as of Feb.
1, 1935
6,517,226
Total..
dividend of $1.50 per share
The company on July 15 asked the Interstate
Commerce Commission for
permission to issue $3,490,000 of equipment trust certificates to be financed
under an agreement with New York Trust Co.
The issue, which is to be known as Missouri
Pacific equipment trust cer¬
tificates series AA, is to be used for the
purchase of 500 hopper cars and
1,500 box cars, estimated to cost $4,665,576. Under the
agreement the trust
company would buy the equipment and lease it to the carrier.
Balance.^..........
cum. pref. stk.
Feb.
a
pref. stock,
1, May 1 and Feb. 1,1935,
Dec. 15, Nov. 1, Aug. 1, May 1, Feb.
1, 1934, Nov. 1, 1933 and Aug. 1,
1933, prior to which the regular quarterly dividend of $1.50
per share was
paid.—V. 143, p. 118.
56,973
Common stock
$88,636
no par value, payable Aug. 1
Like payment was made on May 1 last and
Feb. 1 last, 50 cents paid on Nov. 30, 1935, 75
Federal
Res. for conting..
7%
284,741
$173,284
compares with $1 paid on
cents paid on Nov. 1 and 50 cents paid on
Aug.
& other real
estate
3,786", 447
181,408
The directors have declared
accumulations on the $6 1st
holders of record July 15.
to
82,733
T
45,221
Misc. securities, &c
40,416
Fixed assets.6,380,673
_
1,269
Mississippi Power & Light Co.—-Accumulated Dividend—
for
for
1936—12 Mos.—1935
$2,879,708
$2,667,051
1,901,939
1,801,658
451,942
450,374
99,500
73,200
253,042
253,182
See list given on first page of this
department.—V. 143, p. 118.
1
Pref. stk. div. pay.
Feb. 15, 1936.
cos.—cash value
$26,954
Maintenance
income taxes
103,081
Reciprocal insur'ce
.
Balance
1,250,000
1,871,605
11,949
350,917
subsidiary
deposited
in escrow..:...
of net equities
within
1936—Month—1935
$251,160
$228,028
155,707
155,221
38,410
37,340
9,000
6,100
21,088
21,098
-V. 143, p. 117.
trading
stamps issued by
76,829
i.
Prov. for retirem't res've
Divs. on preferred stock
Gross earnings
year
& ac¬
interest..
[A Subsidiary of Commonwealth & Southern Corp.]
$
.
1,300,000
1,563,711
aries, rents & int
Real estate oblig.,
,
.
Mississippi Power Co.—Earnings—%
Period End. May 31—
Gross earnings
1935
Accrued taxes, sal¬
from
suppl.,
ins.cos.on policy
cancellat'ns, &c_
$
Notes pay. to bks.
Accounts payable.
Dividends payable
1,344,366
183,631
4,295,393
preceding quarters paid
regular quarterly dividend of like
amount.—V. 142, P. 2834.
$120,486
47,796
Consolidated Balance Sheet Jan. 31
1936
Div.—
holders of record Aug. 4.
Similar payments were made on May 15 last,
prior to which the stock was split three-for-one.
Prior to the split-up the
237,705
.......
Total profit
Interest expense
Combined provisions for Federal income taxes of
parent
pany and subsidiary companies with taxable income
Co.—Extra
and
accounts
.......
$292,568
_
Regulator
company on Feb. lfc, 1936 and in each of the three
an extra dividend
of 75 cents and a
1,945,178
10 to holders of record July 30.
A dividend of 30 cents was paid on Jan.
15
last and prior to this latter payment no
disbursements were made since
Nov. 1, 1932 when the regular
quarterly dividend of 40 cents per share
was
Minneapolis-Honeywell
The directors have declared an extra dividend of
12 M cents per share in
addition to a regular quarterly dividend of 37 }4 cents per share on the
larger
amount of no-par common stock now
outstanding, both payable Aug. 15 to
$1,060,914
1,017,182
1,010,003
Acceptance Corp. of Cal.—Accum: Div.—
The
July 18, 1936
annually to the American Telephone & Teelgraph Co. instead of the $439,000
a year it had been
paying under a license contract for long distance equip¬
ment.—V. 143, p. 117.
*
Oper. exps., maint.& tax
Fixed charges
Melville Shoe Corp.—-MesFour Weeks Ended—
Jan. 18
Feb. 15_„.
Mar. 14
Chronicle
on
a dividend of 50 cents
per share on account
the $2 cum. class A stock, no
par value, payable
July 30
July 24..
A like payment was made on June 1
and
April 4 last, and compares with 25 cents paid on
Aug. 10 and July 10, 1935
and 50 cents on May 4.
1935, this latter payment being the first made
since June 1, 1932, when a
regular quarterly dividend of 50
to
holders
was
of record
distributed.—V. 142
p.
cents per share
3516.
Narragansett Racing Association, Inc.—Stock Offered—
August Belmont & Co. and Watson & White on
July 14
offered 140,000 snares of common stock
($1 par) at, $8.75
per share.
The offering does not constitute new
financing
by the company, but represents minority
holdings of the
majority stockholders.
Sixty per cent of their stock will
be retained by the
stockholders, and Walter E. O'PIara,
Managing Director, will remain in control.
The Narragansett Racing Association,
Inc.
owns
in
fee
approximately
187 acres in Pawtucket and East
Providence, R. I., and operates thereon
the race track known as
Narrangansett Park.
The company has an authorized
capital of 350,000 shares of common
stock, each share of which is entitled to one vote.
There are no bonds or
other funded debt
outstanding.
$150,000 principal amount mortgage bonds,
$450,000 principal
debentures, and $50,000 par value preferred stock, all of which
were
issued in connection with the acquisition of the land and to finance
construction and equipment of Narragansett
Park, were retired out of
earnings from time to time prior to September 1935.
On Sept. 16, 1935, there was paid upon the then
outstanding 7,000 shares
of common stock a cash dividend of $50
per share and a stock dividend of
49 shares for every share outstanding.
On Dec. 6, 1935 there was a further
cash dividend of 25 cents per share on the
350,000 shares then outstanding.
The
amount
Volume
Financial
143
Narragansett Park is at the present time the onl y race track in the State
operating under the pari-mutuel system of betting.—V.
p. 3351.
of Rhode Island
142,
,
,
Narragansett Electric Co.—$34,000,000 1st Mtge. 3lA%
Bonds
Offered—Having completed its plan for simplifying
its corporate structure, as the result of which all its business
is now intra-State, the company on July 16 took the final
step in simplifying its capitalization with the public offering
of $34,000,000 1st mtge. SH% bonds, series A, due 1966,
at a price of 102.83%.
The offering was made by a banking
group composed of the First Boston Corp.; Bodell & Co.;
Lehman Brothers; Lee Higginson Corp.; Harris, Hall & Co.,
Inc.; Stone"ftSs Webster and Blodget, Inc.; Paine, Webber
& Co.; Hornblower & Weeks; Bancamerica-Blair Corp.;
W. C. Langley & Co.; Kidder, Peabody & Co.; Baker,
Young & Co., Inc.; Bond & Goodwin, Inc.; Chas. D. Barney
& Co., and Investors Trust Co. of Providence.
Interest
payable
semi-annually,
July
1
and Jan.
1.
Prin. and int.
payable in lawful money at the office of Rhode Island Hospital Trust Co.,
trustee, Providence, R. I., or at the option of holder at agency of the
in Boston or New York.
Coupon bonds in denoms. of $1,000,
registerable as to principal only, and interchangeable with fully registered
bonds in denoms. of $1,000 or authorized multiples.
Callable as a whole
at any time (whether or not an int. date) or in part, other than for sinking
fund purposes, on any int. date, in all cases on 30 days' notice, at the face
amount thereof plus a premium of 7 lA % of the face amount thereof if the
redemption date is prior to and inch July 1, 1941, thereafter, decreased
by y of 1 % of such face amount for and during each year to and incl.
July 1, 1947, thereafter, decreased by )i of 1% of such face amount for
and during each year to and incl. July 1, 1964, thereafter, to maturity at
face value, in all cases with accrued int.
Callable for sinking fund pur¬
poses on any int. date but not before Jan. 1, 1939, on 30 days' notice, at
the face amount thereof plus a premium of 4% of the face amount thereof
if the red. date is Jan. 1, 1939, thereafter, decreased by 34 of 1% of such
face amount annually to and incl. Jan. 1, 1947, thereafter, decreased by
14 of 1% of such face amount annually, to and incl. Jan. 1, 1962, there¬
after, to maturity at face value, in all cases with accrued int.
Security—This issue of bonds will be secured, in the opinion of counsel,
by a 1st mtge. (subject to current taxes and certain other liens referred
to in the indenture, none of wnich liens materially affects the usefulness to
the company of the property subject thereto or its value as security for
the bonds) on all real estate, franchises, and (subject to the specific excep¬
tions noted) all physical assets owned by the company at the date of the
delivery of the indenture, the company being entitled to possession of
the mortgaged property and to its earnings, income, issues and profits
before an event of default.
The indenture contains an after-acquired
company
clause covering property of like character.
Certain property
specifically excepted in the granting clauses of the indenture, consisting
principally of the following: Fuel, supplies, merchandise held for sale,
cash, furniture, stocks, securities, choses in action, accounts receivable,
contracts and
the like.
Company may purchase and own properties
subject to mortgage or other encumbrances not exceeding 66 2-3% of the
cost or fair value (as defined in the indenture) thereof, whichever is less,
whether or not such mortgage be assumed and whether or not contem¬
poraneously created to secure or to raise a part of the purchase price thereof,
and may refund or extend such encumbrances.
Sinking Fund—The indenture will, in substance, provide that the com¬
pany wdl, on or before Sept. 1, 1938, and on or before Sept. 1 in each year
thereafter, as a sinking fund for series A bonds, either (1) pay to the trustee
in cash an amount equal to the following percentages of the largast prin¬
cipal amount of series A bonds at the time or at any time theretofore out¬
standing: 1% to and incl. Sept, 1, 1948: thereafter 134% to and incl.
Sept. 1, 1958, and thereafter 134j% to and incl. Sept. 1, 1965; such cash
to be applied by the trustee to the redemption or to the purchase (incl.
property
is
fmrchase from the company) of series Athe redemption prices estaDlished
bonds for cancellation, at the
prices obtainable but not exceeding
owest
for the sinking fund, or (2) in lieu of cash, deliver series A bonds of equH
principal amount,
The amounts required for the satisfaction of the
sinking fund, based on the amount of the initial issue of series A bonds,
is $340,000 annually from Sept. 1, 1938, to and incl. Sept. 1, 1948: $425,000
annually thereafter to and incl. Sept. 1, 1958, and thereafter $510,000
annually.
•
Proceeds and Purpose of Issue—The net proceeds of this issue of series A
bonds in the estimated amount of
to be received by the com¬
the delivery date, on or about Juiy 21, 1936, from the several
principal underwriters, after deducting expenses of the issue estimated
pany on
.fjnCJXHL together with other funds of the company on hand amounting
a"ppOTrffiately $12,800, will be devoted to paying off bank loans in the
of $34,000,000.
Such bank loans were incurred primarily to
provide the necessary funds for the redemption of the company's former
435
Chronicle
its
subsidiary,
Rhode
amount
funded indebtedness which consisted of
$26,504,500 1st mtge. gold bonds,
series A,
30-year, 5%, due Jan. 1, 1957, called for redemption on July 1,
1936, at 102%, $3,691,000 1st mtge. gold bonds, series B, 5%, due Jan.
1. 1957, called for redemption on July 1, 1936. at 102%; $2,960,000 1st
mtge. bones, series C, 5%, due June 1, 1958, called for redemption Dec. 1,
1936, at 105%, amounting to a total of $33,907,410 and the balance of
said bank loans (.$92,590) was used to partially reimburse the treasury
for the payment of a fee of $170,000 paid in connection with the Bank
Credit Agreement under which said loans were made.
History and Business—The company was incorp. by special Act of the
Rhode Island Legislature, approved April 8, 1926, under the name United
Electric Power Co.
An amendment thereto approved April 14, 1927,
present name.
As of Dec. 1, 1927,
property, rights, privileges and fran¬
Narragansett Electric Lighting Co., incorp. in Rhode Island
sells
company
electricity
Mystic Power
of its requirements
to gas manufactured
R. I., and to Mystic
Providence, East Providence, Cranston,
In addition, such assets
capital stock of South County Public Service Co., which
did business in the southern part of Rhode Island and owned all of the
capital stock of the Mystic Power Co., a Connecticut corporation, which
does business in Mystic and Stonington, Conn.
There were also included
in such assets stocks of certain inactive companies.
1
Since then, the company and its present and former operating sub¬
sidiaries have extended and improved their properties to meet the increased
demand for service.
In 1932 the company acquired four substations,
switching equipment, duct lines and submarine cables from United Electric
Railways Co., an affiliate, for $405,429.83.
Also, in 1932 and 1933, the
company acquired the steam-electric generating station known as the Man¬
chester Street station, together with adjacent real estate, formerly owned
by United Electric Railways Co., from Power Realty Co., an affiliate,
for $1,958,509.
Company acquired, as of June 1, 1933, from New England
Power Association, a parent, all of the capital stock of its operating sub¬
sidiary, Rhode Island Power Transmission Co., for a consideration of
$578,893, and also acquired, as of July 1, 1934, from the Association, all
of the capital stock of Tiverton Electric Light Co. for a consideration
of $324,637.
Pursuant to a plan of liquidation, the company has acquired all the
assets and franchises and assumed the liabilities of its former operating
subsidiaries, South County Public Service Co. and Tiverton Electric
Light Co., and acquired all the assets and franchises and assumed the
liabilities of its former inactive subsidiaries, Bristol County Gas & Electric
Co. and East Greenwich Electric Co.
On June 18, 1936, company's
former subsidiary, South County Public Service Co., sold 4,000 shares
of the capital stock of Mystic Power Co. (being all of the capital stock
thereof) to New England Power Association, a parent, for $460,000.
The
acquisition of the assets and the assumption of the liabilities of South
County Public Service Co., Tiverton Electric Light Co., Bristol County
Gas & Electric Co. and East Greenwich Electric Co. was approved by
the Federal Power Commission and Rhode Island authorities.
The sale
of the stock of the Mystic Power Co. was approved on June 13, 1936.
The business of the company consists of the generation, purchase and
sale of electricity for light, heat, power, resale and other purposes, and,
to a minor extent, the manufacture, purchase and sale of gas for general
use, all in the State of Rhode Island.
In addition to electricity generated
by the company, energy is purchased from others, to a large extent from
Consolidated Earnings
Sales of gas
Rentals of oper.
'
1934
1933
Sales of electric
3 Mos. End.
Years Ended Dec. 31-—
—
Mar. 31,'36
1935
energy__$10,295,496 $10,833,288 $11,110,776
194,261
193,386
194,427
property
224,684
259,508
254,498
$3,096,121
43,488
53,172
$10,714,443 $11,286,182 $11,559,702
Total
Operating
$3,192,782
$3,8.61,511
1,168,384
568,286
$1,066,921
264,057
127,838
240,750
$3,158,937
1,039,358
Purchased elec. energy.
526,468
836,499
846,167
287,993
1,007,267
232,131
1,023,970
219,547
271,960
$4,154,956
_
53,516,392
1,174,629
428,030
799,000
expenses.
$3,992,795
$3,879,002
$1,142,542
39,170
Maintenances
Depreciation
Taxes, other than Federal
income
Pro vs. for Fed. inc. taxes
Net operating income.
Other income
181,352
839,000
78,711
160,286.
194,059
income..$4,336,309
Interest on funded debt.
1,613,643
$4,186,854
1,683,519
Gross
$1,181,712
417,317
$4,039,289
1,674,149
Amort, of debt disc, and
82,409
19,269
85,580
19,132
84,708
25,804
19,003
Consol.net earnings.. $2,620,985
Earned surplus beginning
$2,398,622
$2,254,627
$737,160
expenses.
Other interest charges..
1,135,629
10,787
1,097,604
939,796
$1,676,957
2,888,328
$3,352,231
2,412,435
$1,135,629
$1,097,604
$939,796
$1,084,248
1,402,971
______
Total surplus
Dividends
8,23l
$3,545,039
2,412,435
of period
Miscell. credit
$4,023,957
;
603,108
Prov. for additional Fed.
income
of prior
taxes
Crl0.400
35,000
years
Consol. earned surp__
requirement on $34,000,000 first mortgage bonds,
series A, 3)4% due July 1, 1966, to be outstanding, will be $1,190,000.
The balance before interest and amortization for the year 1935 of $4,039,289,
as above which is after provision for depreciation of $839,000 and Federal
income taxes of $219,547 is over 3.39 times the annual interest requirement
of $1,190,000 on the funded debt to be outstanding.
Such balance of
$4,039,289 plus the provision for depreciation of $839,000 amounting to
$4,878,289 is over 4.09 times $1,190,000.
The annual
interest
Capitalization
>
Authorized
Outstanding
$34,000,000
$34,000,000
482,487 shs.
Capital stock (par $50)
x
x
A, 3)4%, due July 1,
1st mtge. bonds, ser.
1966.
482,487 shs.
Upon completion of present financing.
Underwriters■—The name of each principal underwriter, and the respective
severally underwritten are as follows:
amounts
The First Boston Corp., Boston.^...—$8,075,000
Bodell & Co., Providence
8,075,000
Lehman Brothers, New York
6,000,000
Lee Higginson Corp., Boston
2,000,000
Harris, Hall & Co. (Inc.) Chicago
2,000,000
Hornblower & Weeks, Boston.....................—.
1,000,000
Paine, Webber & Co., Boston
Stone & Webster and Blodget, Inc., Boston—
Bancamerica-Blair Corp., New York
1,000,000
— —
1,000,000
1,000,000
Co., New York.
Kidder, Peabody & Co., Boston
Baker, Young & Co., Inc., Boston..,
Chas. D. Barney & Co., New York
W. C. Langley &
1,000,000
750,000
...
— —
.
Providence.
Investors Trust Co.,
1.
Consolidated Balance Sheet
$594,845
receivable (net)—
1,260,577
817,718
Inventories..
Accounts rec. from
93,506
|
—^
Restricted deposits..
acct.
receiv. from
affiliated company
and
receiv.
accounts
payable
8671,731
affil.
to
181,939
Accounts payable to a sub. of
1,669
Other accounts payable.....
294,977
1,013,623
Consumers' deposits........
62,088
33,379,500
153,749 Funded debt
8,248,567
27,004 Reserves for deprec
Insur. and casualty reserves.
49,919
71,467
4,005 Suspense credits
Capital stock
24,124,350
3,357
98,416
Utilities Associates.
charges
Accounts
Mass. Utilities Assoc
Prepaid expenses and deferred
liabilities....
Accrued
276,889
Co.
Capital
642,896
Mystic Power Co—
from
31, 1936
to New England
Power Association..
of
Other notes & accts. receiv..
Notes
at March
pay.
companies, not subsidiaries
not subsidiaries
Note and
Notes
affil. cos.,
Accounts receiv. from subs,
Mass.
as
Liabilities—
Assets—
Cash in banks and on hand..
Accounts
60O,0OO
500,000
500,000
500,000
Bond & Goodwin, Inc., Boston
3,743,354
1,084,248
Consolidated earned surplus.
—
Unamort. debt disc. & exps..
surplus
66,972,554
394,068
1,587,847
Construction work...
and 24 other cities and towns in Rhode Island.
minor
affiliates,
Statement of
Plants and properties
competition from other utilities.
a
Rhode Island Power Trans¬
subsidiary,
its
to
Co.,
chises of the
May 29, 1884.
and to
New England Power
the latter purchasing the remainder
from Connecticut Light & Power Co.
In addition
by the company and sold for general use in Westerly,
Power Co. for resale, gas is purchased from the Provi¬
dence Gas Co. for resale by the company in Bristol and Warren, R. I.
Company is also engaged in the incidental sale of electric and gas appliances.
The estimated population served is 467,000.
Co.,
Invest, in Mystic Power
on
Co.
Transmission
Co. and to Attleboro Steam & Electric Co.,
mission
authorized among other things the
the company acquired all the assets,
The principal assets so acquired consisted of a steam-electric generating
station in Providence and a distribution system which now serves, without
Power
Fall River Electric Light Co., an affiliate, the lines of which
connected with lines of other affiliated companies in the New England
Power Association system.
In addition to sales to general customers, the
are
at
to
Island
extent from
Total
—
$72,927,432
—
.....$72,927,432
Total
.
-Y. 143, P. 280.
included all of the
National Breweries,
Ltd.—Earnings—
1935
Investment income.
$2,214,002
217,475
14,433
158,235
7,260
$2,758,916
$2,379,497
12,887
322,464
100,000
»
__— __
_—
Profit on investments
1934
$2,527,009
Years Ended Dec. 31—
Operating profits
sold
'
—
Total income.....-i
-
Directors'fees
Reserve for income and profits taxes
.„
Reserve for other
in vestments.
Deprec. on buildings and
431,311
_
•
__
355,642
345,249
$1,971,963
194,250
1,154,195
$1,598,897
194,250
1,154,195
$623,518
$250,452
machinery
Net income.
-
Preferred stock dividends.
Common stock dividends
Balance, surplus..
.
Balance Sheet Dec. 31
1935
Assets—
1934
1935
Liabilities—
$
Property accts..1.. 11 ,924,604
Goodwill
1,,500,000
114,810
Deferred charges..
11,692,045
1,500,000
96,126
S
Preferred stock
x
Common stock
__
Deprec. reserve...
General
reserve
1934
$
2,775,000
5,410.285
2,775,000
5,410,285
5,442,874
5,087,232
500,000
500,000
414,856
377,419
5,577,152
Time loans
100,000
Call loan..
400,000
225,666
487,302
999,622
1,480,586
Fed.
Inventories—...
649,829
1 ,072,963
1 ,572,375
Investments
2 ,338,183
2,559,839
and profits taxes
477,523
Surplus.
6,182,280
1 ,312,402
935,413
217,651
217,201
Cash
;
Accts.
receivable.
Investment in and
ad vs. to sub. co.
Other
investments
Totals
x
21,202,817 20,193,134'
Accounts
payable.
income, sales
and
excise
provincial
Total
and
sales
466,046
.....21,202,817 20,193,134
Represented by 721,372 shares (no par).—V. 142, p. 1478.
436
Financial
Chronicle
July 18, 1936
National Bearing Metals Corp.—Earninqs—
Years Ended Dec. 31—
Net income
Interest
1935
Net income for the year..
—
Previous
surplus
Disct.
1934
$595,606
80,743
76,000
1st mtge. bonds
Prov. for Federal & State income taxes
on
Balance Sheet Dec. 31, 1935
1933
$468,170
$524,828
91,197
61,600
83,319
55,300
$438,863
501,708
$329,551
619,048
$372,031
420,245
1st mtge. bonds & pref. stk.
on
>
purchased & held in treasury—
-
.
-
•
Restricted
bank
reserve of
balance, less
1,754
$940,571
Earned surplus Dec. 31
Earns, per sh. on 119,490 shs. com.stk
$594,720
$1.87
311,127
$950,226
448,518
;
$662,063
328,570
______
ctfs.
&
real
estate
notes.
$501,708
$0.92
$619,048
$1.27
1st
Notes receivable
accounts
1st
mtge.
20-yr.
real
mtge.
other
10,012
...
Accts.
receiv., less reserve of
$20,000 for doubtful accts...
16,
6%
sink.
National Leather
note
maturing
prop,
Profit
Disct.
1,331,000
est.
on
Mar.
7% cum. stock (par
Common stock....
salesmen
2.083
Inventories
983,495
hands
of
Real estate mtge. notes
3.083,200
bonds retired.
1st mtge.
on
Profit
12,000
bonus
9,175
:
sale of secur—
4,iiu9
71,9o8
Int.
on
processes, &c.
Int
Deferred charges
on notes
42,573
31,645
27,692
pay., 3cc._
32.174
,3.754
37,185
35,0o9
18,461
44,830
56,
8
disposals of prop.
jLivjss on
,808
amort.
of debt discounts..
1,457,755
>.
193,7 74 loss »1^09554
,
bds. of
in. 1.
co.,
70,566
$1,165,94, loss$1014026
1st mtge.
on
sub.
_
287,329
,416.074 loss$l 604488
2-,892
51,179
27,766
Net profit
2,860
Land, buildings, & equipment. 2,606,658
Other prop.
(estd. realizable
value).
8,955
Dec. I 0, '32
loss^l. 47158
272,280
mu¬
co_—
Iviiscell. other income—
for retirement
of 1st mtge. bonds
296,669
of England, W alton <sc
retired dur-
Co., Inc.
in ■; year
■
252,6Q0
594,720
Earned surplus
insurance
4,626
Sink, fund cash
Goodwill, trade
Profit
xl, 194,900
stated value thereof
33,169
Other assets.
$100)
\
$1,080,60oloss$ 1135858
11,500
__
on
tual
Capital surplus—excess of amt,
received for sees, issued over
in
47,547
$5,073,640
Co.—Earnings-—
Recovery of aec'ts pre¬
viously charged off...
3,500
2,500
funds
2,580,226
Total
bod,526
Special div. paid by
1938
Pref.
860,059
Loan to employee.
Working
168,907
Years Ended—
Dec. 27,'35 Dec. 28, '34 Dec. 29, '33
Profit from operations. $i,384,132 loss$839,188
$1,789,055
$405,827
141,684
_
fund gold bonds
2,129
,073,640
l'rov from deprec
ros'.
Accounts oayable
mtge.
...
75,000
34.288
.....
-V. 136, p. 2256.
Accrued
U. S. Treas.
135,600
Original issue..
Capital surplus
Operating deficit
Total
Liabilities—
on
3,361
■—
Series of 1932
1,749
3,104
Assets—
ctfs., at cost....
1937
Class A stock ($1 par):
prems.
Class B stock (50 cents par)
x
Cash
Coupon notes, 3%, due May 1
$792,276
173,228
Condensed Balance Sheet Dec. 31,1935
Accrued Interest
23,592
2,088,000
•_
15-year coll. tr. 6% s.f. conv__
4,615
6,444
-
29,873
_
U, S. Treas.
5,253
coupon notes
Note receivable of former sub¬
sidiary, past due......
Other notes receivable
$10,320
Accrued interest on bonds and
$6,925.
and taxes—
Gross surplus
Divs. paid on pref. stock
Divs. paid qn common stock—.—.
Net prem.
on
1st mtge. bonds &
pref. stk. purchased & held in treas.
Additional Federal income tax for'33
Liabilities—
$5,053,263 Note payable bank
4,201 '.Accrued expenses
Cash in banks and on hand.
Prepaid life insurance
1,626
-
A ssets-—
Investments
4,962
Re3. for inv. in oth. cos.
44,556
24,770
41,589
.
Misceil
Total
...$7,007,511
Represented by 119,490
x
no
Total
..$7,007,511
Prov.
Defi
Years Ended—
Feb. 29'36
Feb. 28 '35
$276,752
33,303
1,647
$241,246
55,386
2,242
$311,702
27,187
32,715
$298,875
23,439
45,519
bonds
;
Totalincome
Expenses
Provision for franchise and other taxes.
$954,0981oss§l086. 21
10,667,042
9,580,8.zl
it begin, of year...
Walton
Prof,
E.
securities
At
Co.,
Im—
acquired <& canceled
SG4.239
Cr 114,375
-.
Deficit end of
$9,, x. .eD
Earns, per sh. on 13 j,dud
preferred
snares
x
(without giving effect to results of
transactions)
$10,667,042
$229,916
Notes—(a) Realized net profit from sales of securities (computed on the
basis of average costs) after deducting Federal and State
taxes applicable
thereto, has been credited to capital surplus account in the amount of
$1,492,289.
b Aggregate unrealized appreciation (net after
taxes,
balance sheet) in value of securities owned as
compared with cost:
As of Feb. 28, 1935.
As of Feb. 29, 1936-..-
__i
as
per
$322,861
1,770,798
-----
Statement of Surplus for the Year Ended Feb.
29, 1936
Cost of 400 shares of
for retirement
Nil
11,935
506,538
251,800
$758,338
672
270,000
Balance, Feb. 29,1936
$487,665
29, '36 Feb. 28, '35
Liabilities-
Securities owned—
Divs.
.$7,793,739 $6,785,906
1,053,361
318,743
Pay.
26,537
_
2,103
39,948
Reserve for taxes..
1
1
taxes
by 180,000
no
Capital stock
Capital surplus
Surplus income
38,729
9,531
675,000
,800,167
506,538
in
350,000
4,500,000
3,455,522
487,666
Total...
shares
par
29,549
1,899
$8,928,188 $7,146,702
1936
and
180,000
no
are
curities:
of
Total Issue
shares H. C. Bohack Co., Inc., common stock
shares D. Pender Grocery Co., class B stock
shares Southern Grocery Stores,
Inc., class A stock
shares Southern Grocery Stores,
Inc., class B stock
20.37
66.67
and other expenses
of protective committee
collateral trust bonds
Interest
on
Interest
on
6% collateral trust bonds
3% coupon notes
Other interest
Net loss.
11,799,0961
364,757
10,067,042
13,276,6*13
Total
11.799,696
After revive for
de.-re,100,718 in 1985 and $8,915.626 in
b uu.ravatel oy /uJ.000 shares
par value.—V
112 p. 113j.
.
Natio iil OH Products Co.
Jan. 1, '36
Net sales'.
Net sales income
Cost of goods sold
expenses.
$5,304,324
1933
$4,001,556
92,171
$3,405,482
188,247
$5,241,324
3.593,413
965,154
208,913
$3,909,384
2.659,567
927,674
$3,217,235
2,003,325
861,421
$473,843
$227,173
60,537
S2S7.760
40,575
62,999
911.578
245,869
54,051
Gen. At ad minis. e:p
—
1934
$1,380,848
17,701
..
171.952
125.314
_
$151 618
6.476
for
34,662
S147.190
V '57,581
S508.506
$204,772
63,649
56,989
15.981
deductions......
Provision
42,850
executive
plan
Provision, for coming.. 2
Provision for Federal in¬
A
come
excess
15,000
12.519
profit
taxes
'
Net prof, for
•
$158,124
16.204
Total income
*
Calendar Years
1935
$1,863,147
..
Outward fgt. & cariage.
Selling
(& Subs.)—Earnimjs*^
——
to Mar.'6 1236
19.7C5
59,056
19,742
31,107
$91,173
the period
$337,948
$128,090
112,303
29,829
$203,558
63,504
18,801
Common di v.dends.....
Preferred dividends
59,366
87.672
CY96
22.109
,
8
hand and
Liabilities—
in banks..
accounts
(trade)..
from
ployees
Advances
officers
Letters
1,592
memberships
$100,000
payable
to
353,452
Accounts
payable
(trade)..y.
5,265
Dividends
5,883
.
stock due April 1, J936.__.
Due holder of pref. stock on
purchase contr..
real
credit
2,605
em¬
Salesmen's advance funds and
Investments,
of
banks
Accrued expenses,
Accrued local and Federal taxes
Accounts rec. credit balances.
1,026,753
and
(current account)..
on
Nofes payable to banks.
x334,814
Securities (market)..
Inventories (cost)
Due
$123,692
receivable
estate
...
and
payable
account of
26,904
Property, plant and equipm,t.yl,0921286
Patents,
trademarks,
fran¬
chises, goodwill
Deferred charges
-
2
83,775
*
x
330
Mortgage payable Jan. 5, 1938
80,000
7,551
plan
Reserve for contingencies
Common stock (par $4)
15,981
15,000
surplus
$2,703,577
6%
4,427
125,280
4,154
"
434
reserve for bad debts and allowances of
$14,657.
for depreciation of
$272,737.—V. 143, p. 119.
676,512
779,360
338,616
119,406
..$2,703,577
y
After
reserve
Co.—Promissory Note—
The New Hampshire Power Co. and Public
Service Co. of New Hamp¬
shire, have filed with the Securities and Exchange Commission a
declaration
(32-27) under the Public Utility Holding Company Act of
1935, covering
the issuance
of
notes
$66,958
(net bal.)
Total
After
New Hampshire Power
276
Real estate assessments
pay..
Reserve for executive incentive
Earned
Total
7,253
redemption offer
Revaluation surplus
$90,000
9,326
91,845
32,289
85,702
pref.
on
Paid-in surplus
9,607
3,728
for
on
Notes and
90.60
Tax refunds and other
expenses on collateral trust bonds
expenses
122,120
380,345
9 ,712,944
Deficit.
5.338
13,276,643
100.00
Earnings for the Year Ended Dec. 31,1935
Income—Dividends from subsidiary
company
Premiums on life insurance policies
Salaries, taxes, transfer agency fees, legal and
accounting fees
and
32,645
340.939
78.037
4.825
sundry receivables
represented by the following se¬
Per Cent
Compensation
534.50G
403,571
500,000
41,790
712,600
19,.4.
Cash
Products Corp.—Annual Re-port—
Major investments of corporation
21,500
43,380
60,000
51,000
523,000
Consolidated Balance Sheet March 31, 1936
Co.—Exchange of Securities—
Food
7,500,000
500,000
Accruals
216
84,110
$
13,000.000
par
Bondholders and class A and class B stockholders are notified that all
right to exchange bonds and stock certificates under
reorganization plan will
terminate absolutely at the close of the business
day of Dec. 1, 1936, and
that claims and interests have
already been discharged and terminated in
the reorganization
proceedings except as to exchange under the plan. Bonds
and stock certificates for
exchange under plan should be sent to National
Erie Corp., 15th and
Raspberry Sts., Erie, Pa.—V. 142, p. 2516.
National
216
insur., &c.
Deferred charges.".
Assets—
.
gold bonds
Reserves
3 repaid
1935.'—Y. 142, p. 3684.
National Erie
27/35 Dee. 28234
$
Accounts payable.
Notes payable
Deferred credit...
2,253
Cash proceeds from
fire loss.
a
I*GC
8'ub. cos.' 1st mtge.
244,531
18,737
incentive
...
x
$8,928,188 $7,146,702
Represented
495,938
1,472,262
5,315,552
6,302,853
234,303
Other
37,948
Furn. & fixtures..
x
28,' 35
S90.200
$135,000
pur.
43,139
accrued.....___
Total....
sec.
Amt. pay. for addi.
Federal transfer
Divs. receiv. & int.
shares in
Feb. 29, '36 Feb.
payable
for
but not receiv.
Rec. for secur. sold
but not delivered
267,961
rec.
Inventories
Net profit from opers.
Other income
Balance Sheet
'■■V/.i'i'J.-'.uV'''
Preferred stock... 13.,000.000
b Common stock.. 7
.500,000
4,166,830
2,280,575
•_
Notes & accts.
Period—
,
Cash in banks
Dec. 28234
4,070,300
$3,455,521
Additional Federal income and capital stock taxes for
prior period
Dividends declared
;
Feb.
Cash
Total
..
Nil
charging selling and ad:ninis-
Liabilities—
Real est., bldgs.
and machinery.
175,000
Provision for Federal & State taxes applicable thereto
at cost.
a
$1,788,232
1,813,271
Dr320,981
$10,138,629
$10.29
Co isali 'aid Balance Sheet
Dec. 27,'35
Cash in closed hks.
own capital stock purchased
Balance, Feb. 29,1936
Surplus Income:
Balance, Feb. 28,1935
Net income for the year ended Feb. 29,1936
after
Assets—
Investments.....
$1,800,167
corporation's
Amount transferred from capital upon retirement of
7,000 shares
of the corporation's own capital stock
Net profit from sales of securities during the
year ended Feb. 29,
Assets—
Including in penury write-down
e and general expense.
Long-term ree'les.
Capital Surplus:
Balance, Feb. 28, 1935----
$9,580,821
v,
$7.24
._
trail,
$251,800
—
1653883
8.314,746
y ss
10,i 68.620
oii pref. stOv.K of
W. & Co., inc.. re¬
„
Net income
$1,337,0721
Loss writ, down b*c v .l.
of assets of England,
Corp.—Earnings-—
Cash dividends—
Other income
152,513
Profit for year...
National Bond & Share
on
23.413
.
shares after deducting 510 shares held
par
in treasury.—V. 141, p. 2284.
Interest
charges.
nexus
for fed. inc. ta
be
would
^ promissory note
issued
by New
or notes not to exceed $650,000.
The
Hampshire Power Co. and endorsed by
Public Service Co. of New Hampshire.
Volume
143
Financial
Chronicle
The issue is for the purpose of
providing funds to redeem the first mort¬
gage 6/0 sinking fund gold bonds of New Hampshire Power
Co., dated
Dos. ], 1923, maturing Dec. 1,
1943, outstanding in the hands of the
puulic in the amount of $626,000, at tbe principal amount thereof, plus a
premium of 3%, plus accrued interest to date of redemption.—V. 131,
p. 3877.
Excluding
Newton Steel Co.—Foreclosure—
Bank of Cleveland,
:
V-"'-
■
.
..."
•.
t
New Rochelle Water
Nipissing Mines Co., Ltd.—2b-cent Dividend—
'
_
_
$1,200,608
510,171
56,445
$485,734
17,584
$490,012
316,880
2,943
17,974
...
miscellaneous deductions.
...
and
_
__
number of years.
The Norfolk states that it is
unnecessary
existence of the carriers in question.
$142,263
_
Preferred suock di vidends, paid
no3»
10,915
30,449
through
2,812
leased
expense,
_
B dance
x
$503,319
316,880
30,793
...
;
_
Pro vision far Federal income tax.
Amortization
of
debt
discount
Accumulated dividends
on
pref. stock not declared
or
Assets—
LiabilUies—
Cash iu banks and
on
hand_
Materials and supplies.;
:
89,757
52,572
2,248
83,675
Reserve
2,746
discount
for
amount
of
216,127
833,352
rate
397,689
41,000
81,091
and evpe tee.
reduction ordered by N. Y.
P. S. C.—order appealed..
Contributions for. extensions.
129,963
Otirnr deferred charges._____
Commission
and expense
tale of pref. stock
7%
on
pf. stock ($100 par)
stock (50,000 shs.,-
cum.
Common
164,308
no
par)
1,000,000
Capital surplus
654,386
...
Total..
x
§11,194,881
After
reserve
»f $33,078.—V.
New York Air
The directors
on
Brake
Total....
141,
250,735
$11,194,881
2743.,
p.
Co.—To Resume Common Divs.—
July 14 doclared
a dividend of 50 cents per share on the
value, payable Sept. 1 to holders of record Aug. 12.
This wid no the first distribution to bo made 011
the common stock since
Aug. 1, 1931, when 25 conts per share was paid.
common
stock,
FerTknd.
Net
profit
no par
Jvne 30—
after
1936—3 Mas.—1935
Earnings
$240,444
259,120
share
—V. 142. p. 2375.
per
New York
The
1936—6 Mos.~ 1935
taxes.
depredation, <fce
Shs. capital stk. (no par)
loss$76,401
259,120
$0.92
'
$328,160
259,120
$1.26
Nil
loss$65,565
259,120
Nil
Chicago & St. Louis RR.—Note Sold—
Reconstruction Finance Corporation
July 14 sold a $10,869,568
note of the road at par and interest to the
Guaranty Trust Co.°of New York.
The note represents the balance due tne RFC on the
$18,200,000 lent to
the road in 1032.—V. 143, p. 119.
New York City Omnibus
-
Earnings for
the
on
Corp.—Earnings—
Month
of May,
1936
Gross operating revenue (N. Y. Omnibus
Corp.)
---.$497,025
Earnings of Aff iliated Companies
Madison Ave.
of May—
Operating revenue
1936
1935
$137,932
Net income after taxes and charges
—V. 142, p. 4029.
New York Edison
The
Eighth Ave.
Coach Corp.
Coach, Inc.
Month
24,407
1936
$126,777
15,275
$152,128
32,630
owns a 50% interest in the Minnesota
Broadcasting Corp., oper¬
ating radio station WTCN, and a 51 % % interest in the St. Paul Ball Club,
Inc., owning and operating the St. Paul baseball team in the American
Association.
Out of the net proceeds of $3,976,610 to be derived by the corporation from
the present financing, approximately $2,492,880 will be used for the redemp¬
tion on Sept. 1, 1936 of the oustanding 6%
bonds of the corporation,
White Plains, on the Harletn division.
Contract extends for 10 years.
By this agreement the N. Y. Edison agrees to purchase the railroad's
YonkerS generating plant and the railroad will
permit the Edison
company
use am operate ias Port Morris
generating plant.
The company will assure the
obligation of the railroad in supply and ex¬
changer j power with the Inoerbor.mgh Rapid Transit Co. and the New
Yorx New Haven oc Hartford Railroad Co.
The Uemrvi will pay Edison 50 cents a kw. for
To Be
15-year sinking fund debenture
1942; approximately $750,000 for
1,
acquisition of certain of the assets including plant, equipment, Associated
Press membership, circulation, goodwill, &c., of the Herald Co., publisher
of the Duluth "Herald," a daily (except Sunday) evening newspaper.
The bonds will be redeemable on any int. date at 103 and int. to
July 1,
1939; at 102% thereafter to July 1,1942; at 101 % thereafter to July 1,1945;
100% thereafter to July 1, 1947; and thereafter until maturity at par.
As a sinking fund, the corporation agrees to turn over to the trustee $200,000
at
in cash
or in debenture bonds at cost each
year commencing July 1, 1937.
Earnings of Northwest Publications, Inc. totaled $368,536 in .1933,
$587,761 in 1934, and $641,433 in 1935, these figures excluding interest on
outstanding 6% debenture bonds and Federal and State income taxes.
When combined with the profit of the Herald Co. and the News Tribune Co.,
which Northwest Publications proposes to acquire, the aggregate earnings
of the group were $155,882 in 1933, $701,495 in 1934 and $808,716 in 1935.
In the four months ended April 30, 1936, Northwest Publications alone
earned $204,286 while the aggregate profit for the three companies was
$249,947.
Northwest Publications, Inc. holds two memberships in the Associated
Press and also possesses a United I ress Association franchise.
The mangement is headed by Victor F. Riddcr, Chairman; Leo E. Owens,
President,
and Joseph E. Rklder, 1st Vice-President and Treasurer.
The St. Paul "Pioneer," first newspaper to be established in Minnesota,
was started in 1849 and was consolidated with the "Daily Press in 1875.
In 1868 the St. Paul "Dispatch" was started as a rival publication and was
combined
with the "Pioneer Press" in 1909.
The "Duluth "News-Tribune" was started in 1868 as the "Tribune," the
consolidation with the Duluth "News" taking place in 1892.
The Duluth
"Herald" was founded in 1883.
Iu 1929 the Duluth "Herald" passed
under control to the
same interest publishing the "News-Tribune", since
which date the "Herald" has been published as an evening newspaper and
the "News-Tribune" as a morning newspaper, both daily and Sunday.—
143, p. 281.
(Charles F-.) Noyes Co.—Accumulated Dividend—
The directors have declared a dividend of 45 cents per share on account
of accumulations on the 6% cumulative preferred stock, par $30, payable
Aug. 1 to holders of record. July 20.
Arrearages after the payment of the
current dividend will amount to $1.35 per share.—V. 140, p.
4244.^^
to
energy up to 85,000 kw.,
in addition to the privilege ol
using Port Morris generating station.
For
energy in excess of 8o,0o0 kw., railroad will pay $1.35 per kw.
due Sept.
ttye purchase of the entire capital stock of the News-Tribune Co., pu lishirig the Duluth "News-Tribune," a daily; and approximately $750,000 for the
Railroad
south
Bangor Slate Co.—Registers with SEC—
tion also
V.
Co., Inc.—Electric Contract—
company has entered an agreement with the New York Central
Co. to supply the carrier's electric
requirements for operations
of Croton, 011 the Hudson River
division, and south North North
to maintain the corporate
They are to be dissolved, thus simpli¬
142, p. 4349.
These newspapers are the only daily or Sunday
newspapers of general
circulation published in the English language in St. Paul.
The corpora¬
1,950,000
Earned surplus............
structure.— V.
Northwest Publications, Inc.
(formerly Dispatch-Pioneer Press Co.)
directly publishes the St. Paul "Pioneer Press," a daily (except Sunday)
morning newspaper, the St. Paul "Dispatch," an evening newspaper, and
the St. Paul "Sunday Pioneer Press,"
and, through a subsidiary ("Daily
News" Corp.) publishes the St. Paul "Daily News," an
evening newspaper.
62
...
Consumers' extension deposits
Retirement reserve.„a.c..i.
1,303
130,000
Due from affiliated companies
debt
Deferred credits
71,890
Other assets
Prepayments
$5,891,000
.
!..
546,284 Consumers' service deposits.
116,773 Other current liabilities
77,754 Accrued liabilities-
.
x Accounts rectivable
Unbilled water service
Unamortized
Funded debt
Norfolk, controlled
ownership. Their railroad properties have been
by Norfolk, as integral parts of its system, for a
Northwest Publications, Inc.—Bonds Offered—Public
offering of $4,200,000 4^2% sinking fund debenture bonds,
due July 1, 1948, was made
July 17 by a banking group
beaded by Lehman Brothers and including
Wells-Dickey
Co.; Hemphill, Noyes & Co. and Riter & Co.
The bonds
are
priced at par and accrued interest.
paid, $45,500.
Accounts payable..
operated
See list given on first
page of this department.
Balince Sheet, Dec. 31, 1935-
Property, plant and equip... S9,598,869
Special deposits..._c~.
6,171
and
North
136,500
of reduction for November and December 1935 ordered
ublic Service Commission—order appealed—$41,000.
i
capital stock
to
fying its corporate
amount
b/ N. V.
Ry,—Acquisition—
The Interstate Commerce Commission on
July 3 authorized the company
acquire the physical properties of the Tug River & Kentucky RR,,
Williamson & Pond Creek
RR., Buck Creek RR., and Knox Creek Ry.
The above-mentioned carriers are subsidiaries of the
to
$121,422
91,000
funded debt
(net)...
51,610
96,648
14,748
^
Gross income......
rest on
similar payment was made
share wore paid on
Norfolk & Western
Earnings from operations.
Other interest
common
$475,264
. isi nH for retirements
Taxes (oFier than Federal income)
directors have declared a dividend of 25 cents per share 011 the
stock, par $5, payable Aug. 20 to holders of record July 31.
A
on Jan. 20, last.
Dividends of 12% cents per
May Id, 1935 and on Aug. 15,1934, this latter being the
first distribution made since
April 20, 1931, when a regular uqarterly divi¬
dend of 71a cents was
paid.—V. 142, P- 4186.
1934
x$l ,184,724
,503,354
52,883
57,431
95,791
.
I'r j
lnt
low fare travoi, the nup ber of
with an increase of 32% in passengers
The
1935
oxne
sin.ilar
56%
...
Calendar Years—•
in
and
Available information for
June, 1936 shows a shift from multiple trip
and zone tickets to
regular coach tickets due to the now coach fares in
many cases being lower.
No information is available yet as to the shift
in riding from
Pullman to coach—Y. 142, p. 4349.
Co.—Earnings—
Operatm ■; revenues
Geuii'ai operations___-__^>._wv-.-_---Ma.nteni.nce
Other
commutation
passengors carried increased
carried one mile.
trustee, has filed suit at
to foreclose on $3,866,000 7% 1st mtge. bonds
of the company.
The action is similar to one filed at Warren ; O., seeking
lorec'.cs;.re on the company's properties.
All the bonds are held by the
Republic Steel Corp.—V. 143, p. 281.
as
Monroe, Mich, has filed suit
•!
anticipated,
number of passengers in June, 1936 increased
one mile 16.3% as con.pared to Juno, 1935.
g^Guding all riding, the
o
8.9% and passengors carried
■
The Central National
437
estimate the loss in
passenger revenue for June, due to change in passongcr
fares, to be approximately $150,000.
The trustees are glad to note that
this loss in tho first month of o.vporicnce
With the new fares is
substantially less than
Ohio Cities Water
Corp. (& Subs.)—Earnings—
Calendar Years—
Operating
29,147
York, Inc., above.—V. 142,
p.
4186.
The directors ha\e declared an extra dividend of 5 cents
per share in ad¬
dition to the rojaLr
quarterly di vdderid of 15 cents per share on the common
stock, par $5, uoth. payable July 30 to holders of record July 20. Like
ments were made on
112. p.
$129,881
1,459
$129,570
$131,340
107,451
^
Provision for retirements
Taxes (other than Federal
10,011
16,175
.....
income)...
Earnings from operations.
Other income
New York Fi.-e Insurance Co.—Extra Dividend—
to
$290,189
100,986
10,276
15,841
33,204
$128,173
1,397
General operations
Maintenance
Merged with Parent Company—
bee Uonkuideioci Edison Co. of New
tion
pay¬
Ai ril 30, last.
A special dividend of 15 cents (in addi¬
was paid on Oct. 31, 1935.—V.
"agular quarterly dividend)
2.837.
•
Interest
and
amortization
of
debt
discount
and
of subsidiary companies—
Preferred stock dividends of subsidiary companies
930
York &
Honduras
Rosario
Extra Divider d—
Tho directors
to
tho
capital stock,
miliar
an
on
$98,435
6,246
78,375
14,387
Deficit.
Accumulated divs.
on
pref. stk. not declared
or
pd_
$2,926
30,000
28,864
$573
par
on
Oct. 30, 1933.
In addition special dividends wore disbursed
on Doc. 29,1934. and 50 cents on Doc.
1935 and
on
1, 1935
Assets—
Liabilities—
Property, plant & equipment-$3,339,793
Special deposits—
873
1st mtge. 5 34% coll. tr. bonds
due July 1, 1953, series A...$1,425,000
Cash
Accounts payable
...
as
follows:
$1
on
29,1933.—V. 142,
New York New Haven & Hartford
Tho
78,375
14,699
6,459
1st mtge. 5% % collateral trust bonds.
Amortiz. of debt disct. & exp. & other deductions-
oxtra dividend
quarterly dividend of 25 cents
paid on Jan. 30, 1934 and
Reduction
Interest
*A
have doclarod
of 50 cents per share in
per share on the
$10, both payable July 31 to holders of record July 21.
A similar o .tra was paid on April 18 and Jan.
31, last and an extra dividend
of 75 conts was paid on Oct. 26, 1935, while in each of tho six
preceding
quarters edra dividends of 50 conts wore distributed; 75 cents extra was
addition
32,032
$96,608
Balance.
•
Mining Co.—50-Cent
874
32,032
expense
Provision for Federal income tax
New
1934
1935
$290,958
revenues
Dec. 28,
3354.
p.
RR.—Effect of Rate
Revenues—
Messrs. Palmer, Daniels and Loomis, state that from
Juno experience on the New Haven RR.. the ossontial effect of the reduced
passenger fares has been a sharp retardation of tbe previous rising monthly
revenue from uasscn jer traffic.
1 u June, 1936, partly estimated but closo to t ho actual.
passenger revenues
increased 1.4 A- over a year ago. whereas in May, 1936 it was 10.2%• more
than May. 1935. and for the first five months of this year it was 10% over
the corresponding period in 1935.
Assuming that the percentage of incroasc in passenger travel during June
would have been as great as for the first five months of 1936, the trustees
x
59,987
Accounts receivable
Unbilled water service.
Materials and supplies
Prepayments
Interest and dividends payable
Consumers' service deposits..
16,095
Accrued liabilities
Due to affiliated companies
Deferred credits
4,038
Debt discount and expense.
96,261
trustees,
4,540
12,796
101,570
47,195
6,531
30,532
145,000
240
Consumers' extension deposits
Retirement reserve
26,509
310;621
Subs. cos.' preferred stock....
457,600
6%
440,000
cum. pref. stock
Com. stk. (12,000 shs. no par)
Capital surplus
Earned surplus
Total
x
After
$3,631,414
reserves
of $16,290.—V.
I
141,
Total.
p.
929.
.
300,000
422,414
15,229
.$3,631,414
Financial
438
which have been sold and
Suit— %
Ohio Oil Co.—Wins Tax
July 15 won its six-year fight to recover income and
profit taxes from the Federal Government when Federal Judge Hahn filed
a 24-page memorandum opinion ruling in favor of company in most of the
vital issues.
Taxes were for years 1917 to 1929.
The exact amount to be recovered will not be known until counsel for
Government and company formulate the order based on the court's opinion.
The major issue at stake in the suit was decided in favor of the company—
whether income and excess profits tax for 1917 be computed by the decline
in flow or by Government production methods in obtaining allowance for
depletion.
In the other major point, Judge Hahn ruled that income and excess profits
tax could not be collected on output of gas and oil leases obtained from the
State of Wyoming.
He declared it would be unconstitutional for Govern¬
ment to usurp Wyoming's State rights.—V. 142, p. 3356.
The company on
.
,
RR.—Committee Permitted to Solicit■—
Old Colony
Commission on July 10 authorized Francis R.
Hart, William Dexter, George Peabody Gardner, Jr., E. Sheldon Stewart,
and Alexander Whiteside, as a protective committee for shareholders of
the common stock, to solicit authorizations to represent holders of such
The Interstate Commerce
stock.
'
•
The Old
to
the New
Colony RR. is a nohoperating company, its line being leased
Haven for a term of 99 years from March 1, 1893.
A part
property includes the line of the Boston & Providence RR.
to the Old Colony at the time the above lease was
'v?'/- ■
There are authorized and outstanding 250,776 shares of common stock
of the Old Colony (par $100).
The New Haven owns 125,768 shares, or
50.15% of the total issue, and the remainder, 125,008 shares, is widely
of the leased
under lease
Corp.
executed.
July 18, 1936
Chronicle
•
shareholders.
Among the minority interests,
stockholders of record as of Dec. 31, 1935, predominantly
shares, or 9.58% of the total issue.
These stockholders are located in New York, Boston, and other large New
England cities on the New Haven's line.—V. 143, p. 282.
distributed among some 4,500
the 29 largest
institutional in character, hold 24,030
passed beyond the control of the company.—Y.
142, p. 3357. 3008.
Owens-Illinois Glass Co. (&
Olympic Forest Products Co.—Accumulated
Dividend—
dividend of $2 per share on account
payable Sept. 1 to
holders of record Aug. 20.
The company stated that this payment is to
be known as "Preferred Stock Dividend Payment No.'l-A," and is to
apply on account of the semi-annual preferred stock dividend accrued for
the dividend period from June 1 to Nov. 30, 1930.—V. 141, p. 2443.
The directors on June 18
on
a
Ry. Co.— -Earnings-
Ottawa Electric
1934
1933
1932
893,369
$1,330,406
907,363
$1,281,036
941,252
$1,466,662
1,009,376
$409,834
$423,043
$339,784
149,482
1,800
140,802
5,886
$457,286
263,860
7,312
148,521
5,762
1935
$1,303,203
Calendar Years—
Gross
declared
tho cumulative preferred stock,
revenue
Operating expenses
Net before deprec'n..
170,390
161,288
Depreciation
Prov. for Dom. inc. tax.
12,980
18,000
Interest charges
Amortiz. of bond disct..
132,063
Profit
on
123,247
.
$53,923,474
50,638,115
5,682,552
348,910
692,540
214,606
40,942,177
4,188,896
223,000
$8,459,424
795,097
$7,898,150
459,484
and
other operating expenses
Selling, general and administrative expenses
Provision for management bonus
Discount on sales and provision for
redemption of
O21.706
payments
Profit on sales of rl. est.
Cr22,220
Balance to surplus,
$124,263
112,632
$138,127
112,632
$41,814
$31,831
$11,631
$25,495
$41,814
$31,831
Dividends
03,560
j.,
...
Surplus.
Profit
Other income
--
Cash proceeds received from
and licenses
Total income before
sale of patent rights'
(-■-—* 1,102,500
providing for Federal taxes_$10,357,021
Provision for Federal taxes
—
Net income for period
Number of shares outstanding at end
Bank loan
and
bonds
$80,000
74,612
payable.
$54,964
$297,078
119,091
108,303
73,280
Bond interest pay.
78,537
310
442
Dominion inc. tax.
Accrued
Cash (changes) and
stores
Bonds..
.
Dep. and advances
18
•
19,929
65,738
28,158
5,020
payable.
6,771,178
28,158
2,390,500
2,490,660
.
Res. for unredeem.
in
36,194
412
5,546
progress
Deferred charges..
4,934
tickets
Res.
for
91,891
18,000
1,377,899
470,831
Depreciation res.
2,486,000
114,000
series A 5^%..
29
6,840,686
Co., Ltd.
Fixed assets...
works
wages
Dividend
$201465
26,883
68,365
1st mtge.gold bond
Traction
Ottawa
Capital
Accounts
1934
1935
Liabilities—
1934
1935
Assets—
accts. receivable
15,430
1,377,899
2,464,760
„
and gen.
and
inc.
capital taxes
Capital stock
Surplus
495,105
3
Light, Heat & Power Co., Ltd. (& Subs.)-
Ottawa
Catendar Years—
1935
'
Total income
$979,458
2,329
218
$981,788
3,795
$927,800
4,500
—
—
—
*
887
22,040
159,803
Legal fees
executive officers
Municipal, provincial and Federal taxes
Salaries and fees paid to
Provision
Fed'l and
for
$927,582
.'—
.___
— -
......
Directors'fees..
1934
——,
Net operating profit
Income from investments.
—
56,810
237,313
...
for amortization of premium paid on
redemption of bonds & financing expenses
—
on bonds retired by sinking fund
Foreign exchange on bond interest
Expense of appraisal of land, buildings, plant and
equipment
;
Provision for depreciation
161,862
48,325
241,204
26,224
Provincial income taxes.
Bond interest-
26,309
Provision
Note—-The above figures do not
Closure Co. for the month
1,250
170,000
$296,779
Net profit.
Preferred dividends.,.
97,500
210,000
Common dividends
provide for any possible
of the income earned in the first
Pacific
Power
cumulative pref.
170,000
$275,599
97,500
210,000
in bank
Liabilities—
$
Accts.receivable
Inventories
accrued liabils..
28,569
Provision for taxes
&
242,766
176,403
6
equipm't, rights,
9,585,660
368,922
&c__
.
.
12,619,480
396,785
payable
bond int_.
Accrd.
Funded
Land, bldgs., plant
franchises,
Dividends
debt
144,729
4,777,500
% cum. redeem¬
able pref. stock
($100 each).... 1,500,000
Com.
stock
a
After
reserve
for
bad
debts of
Total
1,814 in
i;500,000
625",904
10,644,270
13,659,962
......
Earned surplus
—V. 140, p.
59,718
3,500,000
2,943,235
583,542
3,500,000
Reserves..
10,644,270 13,659,962
74,363
76,875
($100
each)
Total
1935 and $81,534 in
1934.
4245.
Otis Steel
Co.—Offering Delayed—
The company in art amendment filed "with the Securities and Exchange
Commission has postponed the proposed public offering date of its securi¬
ties to Aug. 20.'—V. 142, p. 4350.
Pacific Finance Corp.
of Calif. (Del.)—Earnings—
6 Months Ended June 30—
Net profit after
1936
charges & Federal income taxes
430,956 shares common stock.
Earns, per share on
—V. 142, p. 2679.
Pacific Gas & Electric
first and refunding mortgage
$890,211
$1.74
1935
$622,068
$1.11
Co.—Listing—
the listing of $120,000,000
bonds, series H, 3%%., due Dec. 1. 1961,
The New York Stock Exchange has authorized
surtax or excess profits tax on that portion
six months of 1936.—V. 142, p. 3686.
Light Co.—Accumulated
Dividends—
a
pref. stock, no par value, both payable Aug. 1 to holders of record July 18.
Similar distributions were made in each of the seven preceding quarters.
On the 7% pref. stock, payments of 87H cents and 88 cents per share
were made Aug. 1 and May 1, 1933, respectively, prior to which regular
quarterly dividends of $1.75 per share were distributed.
On the $6 pref.
of 75 cents per share were made Aug. 1 and May 1, 1933,
prior to which regular quarterly distributions of $1.50 per share were made.
The Aug. 1 payment will leave arrearages of $8.75 per share on the 7%
pref. stock and $7.50 per share on the $6 pref. stock—V. 142, p. 4350.
stock payments
Packard Motor Car Co.—Sales—
cars the first six months exceeded all previous
The total of 33,107 cars compared with 17,287 in like period last
increase of 91.5%, and is 30% higher than previous record estab¬
Deliveries of Packard
records.
year, an
lished the first six months of 1929.
June was the sixth
over
consecutive month showing an increase in deliveries
June deliveries were 6005 and compared with
increase of 18.7%.—V. 142, p. 4032.
similar 1935 month.
a year ago,
an
Paraffine Companies, Inc.— Unsubscribed Stock Placed
Privately—A banking group comprised of Lehman Brothers;
Dean Witter & Co., and Sehwabacher & Co. announced
pref. stock, recently offered to common stockholders in the
amount of 23,804 shares.
The shares purchased by members
of the banking syndicate have been placed privately.' The
shares consisted of those not reserved for subscription byforeign stockholders, in addition to those not subscribed
for by the common stockholders.
t
The 23,803 shares of 4% cumulative convertible preferred stock were
offered to stockholders of record June 12, in the ratio of one share of 4%
preferred stock for each 20 shares of common stock held at $100 pet share.
Rights expired July 1.
Listing—Company has agreed to make application for the listing of the
shares of 4% cumulative convertible preferred stock on the New York
Stock Exchange and their registration under the Securities Exchange Act of
1934, and intends to make application for the listing of such shares on the
San Francisco Stock Exchange.
\
Company—Incorp. in Del., Nov. 20, 1917. Company is directly engaged
in the manufacture and sale of various asphalt products including roofing,
building
papers,
insulating and deadening felts,
roof coatings,
pipe coverings, mulch paper, felt base floor coverings and rugs, mastipave
floor coverings, and of plain, battleship, jaspe and inlaid linoleums, and
in the manufacture and sale of paints, varnishes, lacquers and enamels.
Company manufactures substantially all the raw felt, and refines from
liquid asphalt which it purchases from others, substantially all the asphalt
used in its various products.
Company also sells various building and
painting materials purchased from others such as linseed oil, red and white
lead, kalsomine, insulating board and wall board.
The Cott-a-lap Co., a subsidiary, is engaged in the manufacture and sale
of felt base floor coverings and in the sale of felt base floor coverings and
rugs, linoleums and mastipave floor coverings manufactured by the company
as well as rug borders manufactured by others.
Among the trade names used by the company and its subsidiaries in the
sale of their products are "Pabco," "Malthoid," and "P. & B."
By an amendment of the certificate of incorporation filed on May 18,
1936, the capitalization of the company was changed to the following:
Authorized
Outstanding
par)_>
...
$100)
700,000 shs. x476,062 shs.
50,000 shs.
y
23,804 shares of common stock are to be reserved by the
company to effect the conversion of the 4% cumulative convertible pre¬
ferred stock, y Of the 50,000 shares authorized to be issued in one or more
series, an initial series has been designated as 4% cumulative convertible
preferred stock, of which a total of 23,804 shares are offered.
Conversion Rights—Each share of 4% cumulative convertible preferred
stock will be initially convertible, at the option of the holder thereof, at
any time up to the close of business on the 10th day preceding the date
designated for any redemption thereof, into one share of common stock.
Bank Indebtedness—Company is indebted to banks in the total principal
sum of $700,000.
Of this indebtedness $500,000 is represented by longIn addition,
term notes as follows:
91,125
78,960
76,875
58,906
4,712,500
195,960
228,602
29,620
242,898
188,568
....
Deferred charges
$
$
.
Accts. payable and
Investment securs.
a
1934
1935
1934
$
include the profit or
dividend of $1 75 per share on the 7%
stock, par $100, and $1.50 per share on the $6 cumulative
Proferred stock (par
Consolidated Balance Sheet Dec. 31
Cash on hand and
$7,157,767
1,200,000
$6.85
$5.96
and amortization of
in 1935.
loss of Owens-Illinois
1,282.260
of June as the records of that company are not
made to
x
-
1935
.
$8,357,634
1,199,867
yet ayailable.
The earnings reflected above are determined after providing for Federal
income taxes at the normal rate of 15% of earnings.
No attempt has been
Common stock (no
2,843
4,042
Premium
AsseZs—
of period
1,572,540
39,526
$8,784,480
Earnings per share...
x Including
depreciation of manufacturing plants
•leased equipment, $2,134,346 in 1936 and $1,973,236
shingles,
■'
—V. 140, p. 1319.
$7,135,349 $7,255,656
Total
....$7,135,349 $7,255,656
Total
_.
631,722
July 15 the purchase of the unsubscribed 4% cum. conv.
Balance Sheet Dec. 31
Cash,
bad debts
Sundry expenses and losses
5,057
bonds for sinking fund
1935
1936
The directors have declared
of accumulations
Subs.)—Earnings—
12 Months Ended June 30—
Net sales, royalties and other operating revenues..$66,036,148
x Cost of sales, royalties paid, patent, development
$200,000 is represented by two notes in the unpaid principal amount of
$100,000 each, dated April 27, 1935, .payable on, or at the option of the
27, 1937, bearing interest at 2% per annum, one
company before, April
note being payable to
Crocker First Rational Bank of San Francisco and
& Union Trust Co.
the other to Wells Fargo Bank
$300,000 is represented by two notes in the principal amount of $150,000
each, dated April 27, 1935, payable on, or at the option of the company
before, April 27, 1938, bearing interest at 2H% per annum, one note being
payable to Crocker First National Bank of San Francisco and the other to
Wells Fargo Bank & Union Trust Co.
In addition Plant Rubber & Asbestos Works, a subsidiary, is indebted
Anglo California National Bank of San Francisco in the principal sum of
$50,000, which indebtedness has been guaranteed by the company.
Proceeds—Net proceeds to be received by the company will be approxim¬
ately $2,294,476. Such proceeds to the company will be decreased by $1.50
in respect of each share of 4% cumulative convertible preferred stock pur¬
chased by the several underwriters.
Company expects to use the amount of such net proceeds for the purpose
of (a) paying off outstanding bank loans of the company, the aggregate
principal amount of which is now $700,000, (b) making advances to Plant
Rubber & Asbestos Works, a subsidiary, in the aggregate amount of ap¬
to
proximately $50,000 to enable it to pay off its outstanding bank loans, and
(c) the purchase of machinery and equipment to be used for the manu¬
facture of asphalt shingles at an aggregate cost of approximately $100,000,
the construction of additional warehouse facilities at a cost of approximately
$80,000, and providing funds in the amount of approximately $70,000 to
complete the construction and installation of other miscellaneous additions
and improvements to the buildings,
machinery and equipment of the
company at its Emeryville, Calif., plant. The balance (between $1,294,476
and $1,258,770), is intended to be used to improve the current position of
the company and for other corporate purposes.
Volume
143
Financial
Underwriters—Each underwriter
agreed to purchase, severally,
from the
company at $100 per share plus dividends accrued thereon from
July 1, 1936, the percentage of the 23,804 shares of 4% cumulative conv.
preferred stock not subscribed for
by the holders of warrants issued to
stockholders set opposite the name of such underwriter below:
Lehman Brothers, New York,
50%: Dean, Witter & Co., San Francisco,
25%; Schwabacher & Co., San Francisco, 25%.
Years Ending June 30
1933
1934
1935
Mar. 3x, '36
$7,666,666
$8,499,555
$7,455,186
3,825,556
4,782,703
5,744,296
4,993,959
1,726,312
1,946,584
2,142,432
1,791,983
loss$68,933
97,403
$937,377
104,624
$612,826
y
117,572
$669,243
80,228
of goods sold
(in¬
cluding deprec.)
Selling, gen. & adminis.
(incl. deprec.)--
exps.
9 Mos.End.
$5,482,936
Cost
Other income
Kennedy
$28,470
117,113
Income deductions
Prov. for Fed. inc. tax._
$1,042,001
140,079
150,534
$730,398
62,534
91,045
$749,472
27,595
106,595
of the
loss$88,642
profits of
cos. over
$576,818
$751,388
926,562
22,795
$2,053,417
$1,469,868
$1,564,638
11,026
10,581
9,717
$2,042,836
$1,460,149
pref. stock
on
co.
20,540
$166,791
of sub.
872,508
$177,818
Divs. paid
1,267,904
34,125
.
>.
receivable2,258,609
3,504,610
8,612,864
4,907,885
66,220
Investments
Capital assets
Patents, less amortization.
1
...
exps. & det.
charges..
225,409
$19,936,485
142, p. 4033.
Notes pay. to banks
$300,000
675,378
149,335
500,000
20,745
144,950
(1937^38)
Deferred credit..
...
Reserves.
Common stock
no
(476,062 shs.
par)
10,666,170
7,479,908
Total
$19,936,485
,
President: Walter S. Wing, formerly General Sales Manager, was elected a
director, Vice-President, and General Sales Manager; W. H. Klein,
formerly
General Operating
Manager, was elected a director, Vice-President, and
General Operating
Manager, and George Kilian, at present SecretaryTreasurer, was also made Assistant to the President.
Following long negotiations
stock, par $10, both payable Sept. 1 to holders of record
Aug. 15.
142, p. 4188.
a
....
Maintenance
Interest charges
Amort .of debt disc. & exp
Res. for accrued deprec.
Res. of income for
pos¬
sible refund under rate
corporation to its security holders and creditors.
Briefly summarized, the new plan affords the following
treatment, in
substance, to the several principal interests involved:
(a) The holders of the outstanding $7,815,000 of first lien 5H% bonds
(1) $500 of new first mortgage bonds of Texas Public Service Co., bear¬
ing interest from Jan. 1, 1936.
(2) $500 of collateral lien bonds bearing interest from Jan.
1, 1936, of
a
1933
J 932
$1,979,350
650,504
316,283
257,211
9,385
363,380
$1,849,783
626,635
287,831
255,782
10,533
359,008
$1,806,967
571,170
274,707
$1,976,497
dividends
$382,585
245,000
Balance, surplus.
$137,585
258,005
11,874
362,392
-
646,283
309,501
260,741
12,203
405,418
6,582
3,550
$303,412
245,000
$325,270
245,000
$342,351
245,000
>,270
$97,351
......
Net income
$5! t.412'
Includes non-operating income.
Balance Sheet
Dec. 31 '35
Feb. 29 '36
S
S
Assess—
Property account.11,248,967
Other
investments
Marketable securs.
Cash and
Cash
for
tion
deposits.
11,212,026
207,531
207,531
418,321
1,260,254
211,884
328,701
redemp¬
1st
mtge.
Accts. receiv.
(less
reserve)
Material and suppl
(scrip)
180
ISO
(no par,
133,986 shs.)... 2,679,720
Pref.stk.($100 par) 3,500,000
2,679,720
2,450,000
Com. stk.
on
cap. stk.
1st M bonds,
5)4%
1951 series
4,046,700
1st mtge bonds
195,724
329,254
30,648
'169,155
10,760
7,656
312,202
Other suspense...
43,063
1955
ser.
Dec. 27,
74,951
63,362
3,854,000
4%
(issued
1935).. 4,000,000
Unamortized debt,
discount & exp.
115,106
4,000,000
177,824
275,888
163,194
12,861
16,169
3,024,623
Accts. payable
Accrued
liabilities
not
134,718
364,283
.
Reserved for accrd.
Donations for tele¬
phone plant
Surplus reserved at
Dec.
1,
30,017
30,017
with
denture 1st mtg.
ser.
1955
332,945
21,244
Surplusunapprop.
176,851
74,562
Total..
.......17,882,879 12,856,503
Total
17,882,879 12,856,503
Note—The company issued on Dec. 27, 1935, a new series
of 1st mtge4% bonds, duo in 1955 for the purpose of
retiring (at a premium of 5%) "on
Jan. 1, 1936, all of the then
outstanding bonds in hands of public which
carried a rate of
5Jda%.
There was called on Feb, 15, 1936, 30% (or
$1,050,000) of the 7% preferred stock of the company at a
premium of 10%.
The above shows the assets and liabilities of
the company at Dec.
31, 1935,
and at Feb.
29, 1937, the close of the first month when all
refunding of
bonds and retirement of
preferred stock is fully reflected.—V. 142, p. 2000.
Paramount Pictures, Inc.—To Pay
Kennedy $50,000—
Joseph P. Kennedy, former Chairman of the Securities and
Exchange
Commission, has agreed to accept from this company, a fee of
$50,000 for
May and June in drafting a report suggesting methods for
placing its picture production department on a more
profitable basis.
In addition, Mr.
Kennedy has already received from the company approxi¬
mately $5,000 to cover his own expenses in making this
his service in
survey..
A
spokesman for Mr. Kennedy said on July 14 that Mr.
Kennedy's com¬
pensation had been fixed by Paramount's directors, Mr.
Kennedy having
agreed to leave the amount to their discretion.
Mr.
Kennedy announced on July 14 that he had requested the directors
of Paramount to make public the text of his
report, which he turned over
to them last month.
He said his work had terminated on
July 1, and that
to correct any
false impression which the stockholders might have that his
might be the basis of the company's policies, he had
recommendations
requested the directors
to distribute the report.
The directors of Paramount announced on
July 14 that
between the corporation and John E.
sition that since Mr. Otterson had ceased
to.be an officer of the company,
remuneration was no linger due him.
He, on the other
hand, it
was
said,
believed the company had no right to terminate the contract.
Russell Holman was appointed as the head of all production activities of
Paramount in the East under Adolph Zukor, Chairman of the
Board, who
charge of the company's entire productiion department.
(voting trust certificates) of
constituting security for the
corporation's first lien 5M% bonds.
The new 5% bonds will be secured
by first mortgage on the real property, fixed assets and franchises
(other
than the properties and assets of the San
Ahgelo-Coleman Division of
Texas Public Service Co., to be disposed of and
by pledge of the stock of a
corporation to which certain farm lands may be
conveyed;
(y) $3,907,500 of collateral lien (25-year) bonds, dated Jan. 1, 1936
(entitled to 6 % fixed interest of which up to 3 % may be deferred) of the
new company.
The (new) collateral lien bonds are to be secured by
pledge
of all funded indebtedness and all stock of
subsidiary companies •with the
exception of the (new) Texas Public Service bonds above mentioned and
the $393,900 principal amount of bonds of Western
States Utilities Co.
held by the public.
The
class
A
stock,
common
representing approximately
43%
of the
entire common stock, and to be issued to the
holders of the first lien 5Hs,
will be entitled to elect a majority of the board of directors of
the new
company until full 6% interest has been paid for three consecutive
together with all accumulations, on the collateral lien bonds of the new
company issuable in the reorganization; and will be issuable in the form
of voting trust certificates, under a 10-year
voting trust, subject to earlier
termination when such full interest
as
aforesaid shall have been paid
on
the
(new) collateral lien bonds.
(b) The holders of outstanding debentures and notes in the principal
amount of approximately
$7,100,000 and other unsecured indebtedness
of the corporation (subject to particular provisions for certain
inter-company
indebtedness) are to receive in reorganization:
10 shares of preferred stock of the
common
new company.
stock of the new company
proximately 57% of the entire common stock),
for each $1,000 principal amount of their claims.
(constituting
ap¬
(c) Holders of preferred stock of Peoples Light & Power Corp. will be
entitled under the plan to receive 10-year warrants, dated Jan.
1, 1936,
for the purchase at $20 per share of class B common stock of the new com¬
the basis of
pany on
a
warrant for the
purchase of
one
share of class
B
stock of the new company in respect of each share of
preferred
Peoples Light & Power Corp. participating in the reorganization.
(d) Holders of class A common stock of Peoples Light & Power Corp.
will be entitled under the plan to receive 10-year warrants for the
purchase
at $20 per share of class B common stock of the new
company on the basis
of a warrant for the purchase of one-fifth of a share of class B
common stbck
of the ne\V company in respect of each share of class A common
stock of
the present Peoples Light & Power Corp. participating in the
reorganization.
(e) No value is to be attached to nor provision made in the reorganization
for class B common stock of Peoples Light & Power Corp.
(f) The secured bank debt of the corporation to Chase National Bank
(amounting to $1,984,874 principal and accrued int. to Dec. 31, 1935)
and
the
balance
of
the
secured
account
payable
owing by
West
Coast
Power Co., a wholly owned subsidiary of the
corporation, to National
Tube Co. (amounting to $553,234 principal and accrued interest to Dec.
31,
1935, reduced at March 31, 1936, to $539,690 principal and accrued inter¬
est)
are to
be settled
as
follows:
(1) The holder of the secured bank debt is to receive in partial settle¬
(i) $60,000 in cash, representing part of the unpaid interest accrued
Dec. 31, 1934,.(ii) $25,445 in cash, representing interest at
6% on ther
ment:
at
principal of the secured bank debt from Jan. 1, 1936, to March 31, 1936,
inclusive, and (iii) the West Virginia Water Service Co, 1st mtge. 5%
gold bonds, series A, due Aug. 1, 1951, and the shares of West Virginia
Water Service Co. $6 2d pref. stock included in the collateral which consti¬
tutes security for the secured bank debt, the
remaining collateral to be
surrendered to the corporation;
The holder of the secured account payable is to receive in partial
(i) $45,000 in cash, representing part payment of
unpaid
Dec. 31, 1934, and (ii) monthly payments up to the date of
consummation of the plan of the "net earnings" of the San Angelo-Girvin
Pipe Line under an agreement dated Aug. 1, 1935, between West Coast
Power Co., Texas Public Service Co. and National Tube Co., et al., which
requires the application of such earnings to the indebtedness to National
(2)
settlement:
interest to
Tube
they had termin¬
Otterson, former
presient, who recently wras replaced by Barney Balaban.
Mr. Otterson
had a five-year contract with Paramount and served one
year of this term,
receiving $150,000.
In the four remaining years he was to have
received
$150,000 fr one year, and $100,000 for three years.
In terminating the contract, the
directors, it is understood, took the po¬
ated the contract
is in
stock
stock of
supplemental in¬
bonds,
common
company.
common
1935 in
accordance
new
The bonds to be issued to the holders of the first lien
5Ks are:
(x) $3,907,500 of (new) first mortgage 5% (25-year) bonds dated Jan. 1,
1936, to be issued by Texas Public Service Co. to refund the present first
mortgage bonds of Texas Public Servico Co., which are owned
by the
corporation and are included in the collateral
10 shares of class B
due
Def. credit items.
the
"
the new company.
8 shares of the class A
years,
depreciation.... 2,985,964
Prepayments.
company, successor to the present corporation.
(3) $42.16 in cash.
.
Feb. 29 '36
$
(par value).....
Prem.
bds.,5H% series
1951
Dec. 31 '35
Liabilities—
Com. stock
new
(5)
1934
litigation*.
x
court
(4) $55 scrip of
1935
exp, and all taxes.
Preferred
general reorganization committee, of
hearing on the new plan at a date to be announced in the near
future and that at the time of such
announcement copies of the new plan
will be distributed by the
Peninsular Telephone
Co.—Earnings—
Oper.
the
which Ralph T. Crane is
chairman, and the committee representing (solely
holders of 1st lien
5K% bonds, of which W. R. K. Mitchell is chairman,
have agreed upon a modified
plan of reorganization which has now been
adopted by the board of directors.
It is expected that the plans
previously
proposed by the two committees will be withdrawn and that there will be
per $1,000 principal amount thereof, with
July 1, 1934 (partly paid) and subsequent coupons attached:
common
x
company also reported the resignations at the same meeting of
as President and a
director, and John A. Miller as Chair¬
of the board of Directors.—V.
142, p. 2839.
:
man
of the corporation will receive
Parker Pen Co.—Extra Dividend—
Calendar Years—
Gross revenue
Corp.—-Personnel—
a
meeting of the board of directors held July 8 Victor N. Roadstrum
elected Chairman of the Board of
Directors; John A. Miller was elected
Peoples Light & Power Corp.—Plan of Reorganization—
Notes payable to banks
Accts. pay. & accr. liabilities.
Prov. lor Federal taxes
The directors on
July 16 declared an extra dividend of 15 cents per share
in addition to the regular
quarterly dividend of 25 cents per share on the
—V.
Cement
143.
Blaine S. Smith
$1,564,638
Surplus
Total
—V.
,
Odium has resigned as a director of this
company.—Y.
Pennsylvania-Dixie
Liabilities-
$360,888
Inventories
Prepd.
of
Director—
as
At
Consolidated Balance Sheet, March 31, 1936
Assets—
Cash & demand deposits
Goodwill.
one
The
held by pub.
Notes & accts.
Resigns
Floyd B.
p. 283.
was
296,760
oper¬
being cosdmed through losses caused by inept management
motion-picture studios.
r
•
'
Dr30,299
being
outstanding rank in the
industry to recommend to you for executive position with Paramount.
Such men are
urgently needed."
/
'
'
cos
were
profit of about $4,000,000 a year, they could be made to earn
He added that the profits of this end of the
were
man-power and morale.
Lack of confidence in those now directly respons¬
ible for the affairs of the
company makes it impossible to obtain suitable
man-power and destroys the morale of those now
working for it."
With regard to the
man-power problem, Mr. Kennedy said that he had
not succeeded" in his
"attempt to find men of
$615,281
net
50 %)
owned (not consol.):
Fibreboard Prods.Inc.
Foreign sub.
company's theatres
a
"Paramount's problem," Mr. Kennedy said in his conclusion, "is
'
Proportionate sh. of
Report Made Public—
$5,000,000 to $6,000,000.
business
Odium
Total income
s
439
In a 54-page, 15,000-word
report, dated June 12, to the directors of this
company, Joseph P. Kennedy stated in an
analysis of the company's
affairs that "drastic and
courageous revision of the management is called
for," and urged the selection of an
experienced motion-picture man as
president of the company.
Mr. Kennedy stated that while
the
ated at
Consolidated Income Account
Gross sales, less freight,
returns, &c
Chronicle
named has
Co.; and
(3) The balance of the secured bank debt and the balance of the secured
account payable are to be discharged by the transfer and
conveyance (as of
the close of business March 31, 1936) to a nominee or nominees of the
holders of the secured bank debt and the secured account
payable of the
and assets comprising the San Angelo-Coleman Division of
Texas Public Service Co. and the San Angelo-Girvin
properties
Pipe Line. The prop¬
(by Texas Public Service Co. and its subsidiary
Corp. and by West Coast Power Co.)
are to be segregated as of March 31, 1936, under an
"operating agreement"
between the grantor Companies and the holders of the secured bank debt
and secured account payable which provides,
pending consummation of
the plan, for the management and operation of the
segregated properties,
subject to certain restrictions, by a trustee named by the parties to the
erties to be
Texas
so
Public
transferred
Sendee
Production
440
Financial
Chronicle
July
Petroleum
Currently selling at about $3
per
Old Dutch
(Common)
Refining Co. now engaged in the installation of a $200,000
T. V. P. Corp. owned by Petroleum
ST.,
N. Y.
Hanover 2-0077
Collateral lien bonds, series due 1961 (to be dated Jan. 1, 1936).
$3,907,500
.
common
83,097 shs.
62,520 shs.
83,097 shs.
—
stock
Purchase warrants for 108,376 1-5 shares of class B
Voting
Trustees—It
contemplated
is
common
stock.
Reorganization Managers—The reorganization
selected from
managers,
the two committees, for the purpose of carrying out the plan are: G. P.
Kynett and W. R. K. Mitchell, as representatives of holders of first lien
representative of holders of debentures and
notes and other unsecured creditors of Peoples Light & Power Corp.
General Reorganization Committee (representing first lien bonds, debentures,
notes and preferred stock)—Lee Barroll, H. A. Erhard, G. P. Kynett,
Howard Morris, E. G. Parsly, R. T. Crane, H. B. Pennell Jr., G. N. White,
Carroll E. Gray Jr., with Sullivan & Cromwell (counsel), 48 Wall St.,
as
'
.
.
Committee Representing {solely) First Lien Bonds—W. R. K. Mitchell,
W. H. Duff, David Soliday, with Townsend, Elliott & Munson (counsel),
Provident Trust Building,
Philadelphia.
Harvey A. Basham Jr. is secretary for the reorganization
632.
with
1935
1934
77,716
49,441
88,351
$275,355
$309,174
_
Earnings from operations
Other income
Dr857
1,656
.
Total
$3,781,711 $3,732,150
$92,252
17,500
Plaza
Operating Co.—Earnings—
Preferred stock dividends—paid.
on
150,641
Materials and supplies.
30,809
Other assets
3,759
Prepayments
859
Unamortized debt disct. & exp
Other deferred charges
145,563
57,173
Commission & expense on sale
of preferred stock.
12,614
declared
have
After
..$5,508,430
reserve
Petersen
See list
given
Funded debt
...$4,001,300
11,748
Int. & dividends payable
4,375
Consumers'service deposits...
4,040
Accrued liabilities
143,074
Due to affil. companies
40,000
Consumers' extension deposits
•: 108
Retirement reserve
794,323
Contribs. for extensions
8,505
Accounts
,
payable
.
Preferred stock ($100 par)
Common stock (5,000 sh.
250,000
50,000
200,955
$5,508,430
Total
Engine Co., Inc.—Registers with SEC—
first
page
of this department.
.
V
.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $3.50 cum. pref. stock, no par value, payable
Aug.
18 to holders of record Aug. 1.
Similar payments were made on
last, Oct. 19, 1935, and on Oct. 20, 1934, this latter being the first
disbursement on the preferred stock since the third quarter of 1920, when a
regular quarterly dividend of $7*4 cents per share was paid.—V. 142,
p. 3520.
an
extra
dividend
Pond Creek Pocahontas Co.—Coal
Ouiput-
1936
March
April
May,.
1935
156,017
158,677
100,721
97,035
112,663
149,142
January
February
...
—-
June
1934
140,532
122,975
118,586
116,772
110,812
88.374
122,320
149,099
141,264
104,331
138,335
131,655
—V. 142, p. 3520.
Porto Rico Power
Calendar Years—
Co., Ltd. (& Subs.)—Earnings—
1934
1935
1933
1932
profit
from opera¬
tions
after
providing
for depreo. and taxes.
Other
$697,793
177,398
19,845
5,000
90,000
funded debt.
on
interest
...
contingencies.
on
$633,669
182,986
22,333
5.000
$662,756
$694,873
199,746
43,434
191,376
37,482
bonds
12,417
11,890
147*,781
Loss due to hurricane
Net profit
Divs. on pref. stock
Divs. on common stock.
$393,132
70,000
240,000
Adjustment applicable to
previous years.
$433,898
70,000
$411,461
70,000
240,000
$303,912
70,000
240,000
240,000
92,832
$83,132
938,146
$8,629
929,516
$123,898
805,619
def$6,088
$1,021,278
$938,146
$929,516
$805,619
Previous surplus.,
811,707
Consolidated Balance Sheet Dec. 31
1935
1935
1934
s
Liabilities—
$
Capital assets
11 ,050,298 10,970,966
1st mtge. bonds of
on
and
1,000,000
Common
3,000,000
3,000,000
3,478,833
stock...
3,404,833
675,000
123,094
133,371
Employees' & con¬
sumers' deposits
271,274
246,574
49,041
43,859
Bank
22,440
231,058
70,981
accts.
receivable.
375,000
Accounts payable.
fund..
hand and
in banks.....__
Notes
$
1,000,000
Funded debt
purch.
1934
$
7% cum. pref. stk.
loan
697,051
99,314
Int. accrued on con¬
100,869
2,130
3,375
Interest accrued on
662,586
Materials & suppl.
Investments
Guarantee
sumers'
deposits
funded debt.
deposit
with Maryl'd Cas¬
ualty Co. against
30,675
indemnity bond
17,500
2,830,227
938,146
3,135,783
1,021,278
Earned surplus
225,937
Deferred charges..
29,958
17,500
Dividend payable.
Reserves..
317,704
367,236
Total....
12,502,479 12,319,469
Total
12,502,479 12,319,469
-V. 140, p. 4246.
Postal Telegraph
Land Line System—Earnings$9,495,345
8,281,113
32,500
200.000
75,000
208,333
$130,860
3,130
$169,095
1,794
$481,732
13,437
$350,017
5,450
$133,990
236,583
$170,889
228,339
$495,170
1,176,623
$355,467
1,131,486
$102,593
$57,450
$681,454
$776,019
Oper. income
Non-oper. income
1936—5 Mos.—1935
$9,131,200
8,497,850
12
Pittsburgh Suburban Water Service
Calendar Years—
1935
Operating revenues
Operating expenses
earns,
$325,667
107,082
12,897
13,914
General taxes
Net
1934
$327,607
96,992
Maintenance
18,074
9,704
Co.—Earnings—
1932
1933
$337,815
104,467
14,777
8,077
$317,079
92,277
11,044
10,094
Gross income
Deductions..
from 01 »er._
$203,804
$203,664
371
378
$203,891
$191,178
$204,042
96,825
Gross corp. income
$190,807
86
96,825
96,825
$210,493
416
'
$210,909
Interest paid or accrued
funded debt
94,906
Reserved for retirements,
_
j
Net deficit
—v. 142, p. 4035.
Powdrell
&
Alexander,
Inc.—Admitted
Unlisted
The New York Curb Exchange
leges the
new common
has admitted to unlisted trading privi¬
stock, $5 par, in lieu of old common stock, no par.
stock is issuable in exchange for old common stock on the basis
of four shares of new common stock for each one share of old common
stock.
common
The Chase National
Bank,
New York, has been appointed registrar for
the $5 par Value common stock.
The Guaranty Trust Co. of New
York has been appointed transfer agent
for 500,000 shares of common stock $5 par value.—V.
)
to
Trading—
New
Other income
on
of
Period End. May 31—
1936—Month—1935
Teleg. & cable oper. revs $1,957,399
$1,947,620
Teleg. & cableoper. exp.
1,784,039
1,721,858
Uncoil, oper. revenues._
2,500
15,000
Taxes assign, to oper
40,000
41,667
Pittsburgh Brewing Co.—Accumulated Dividend—
June
x$185,028
adjustment
no
of $12,088.—V. 141, p. 931.
on
to
of 1 cent per share in
1)4 cents per share on the
is payable Sept. 1 to holders
of record Aug. 15, while the extra dividend will be paid on Oct. 1 to holders
of record Sept. 15.
A similar extra dividend was paid on July 1 and April 1,
last.
For detailed dividend record see V. 141, p. 932.—V. 142, p. 2840.
directors
co.,
for sink.
par)
x
effect
Plymouth Fund, Inc.—One-cent Extra Dividend—
The
Cash
Earned surplus
Total
giving
addition to the regular quarterly dividend of
class A stock.
The regular quarterly dividend
the
Liabilities—
Accounts receivable
1935
$9,665
and subsidiary and after
mortgages.—V. 142, p. 2681.
Company
x
187,302
3,937
11,895
Balance Sheet Dec. 31, 1935
x
1936
6 Months Ended June 30—
Asset?—
Net income
Property, plant & equipment..$5,054,270
Special deposits
3,822
Cash
48,918
$3,781,711 $3,732,150
Net loss
and
expense
miscellaneous deductions
Assets—
Total
a After reserve for uncollectible accounts and notes of $6,729 and $5,777.
b Represented by 5,000 no par shares.—V. 140, p. 3562.
13,363
$65,345
17,500
and
$308,749
13,250
Other interest
Provision for Federal income tax
discount
167,628
Dr424
$274,498
187,302
4,006
4,594
funded debt.
debt
b Common
824
deferred charges
Balance, surplus
!
of
18,296
194,053
55,676
460,704
500,000
525,000
18,296
81,317
and debentures
$656,715
189,961
25,203
49,029
83,347
Provision for retirements
Amortization
52,500
52,500
Directors' fees
$627,934
186,752
28,033
Maintenance.
on
stock.
56,652
476,252
500,000
525,000
& accrd. interest
thereon
Reserves
Prepaid accts. and
Amort, of disct.
Calendar Years—
Interest
14,703
pro¬
of amortiz..
cess
1,197
62,990
deps.
$5.50 cum.pref.stk
capital stock—
Prov. for
-Earnings—
Operating revenues
General operations
Gross income
58,295
21,117
48,317
21,328
13,704
rev
Debt discount and
in
1,091
Accrued Items
Consumers'
receivable
Interest
managers,
offices at 100 Broadway, New York.—V. 142, p.
Peoria Water Works Co.-
21,482
71,689
Capital surplus...
Earned surplus...
41,787
_
Matls. & supplies.
Comm.
on
pref.
expense
1934
$1,936,500
4,158
2,177
Due to affil. co...
&
notes
Accrd. unbilled
Net
.
Taxes (other than Federal income)
&
Accts.
interest
mittee.
New York.
banks
in
working funds.
a
Funded debt
Accounts payable-
that
the voting trustees for the
class A common stock of the new company, which is to be issuable to
holders of first lien bonds of the corporation and which will be entitled to
elect a majority of the board of directors for the period above referred to,
will be H. A. Erhard and G. P. Kynett, designated by the first lien bond
representatives on the general reorganization committee; W. H. Duff and
David Soliday, designated by the committee representative (solely) of
holders of first lien bonds, and John M. Taylor, selected by the four above
named; and that of the first board of directors of the new company a major¬
ity (primarily representative of the first lien bonds of Peoples Light &
Power Corp.) will be designated by the voting trustees and a minority by
the unsecured creditor representatives on the general reorganization com¬
bonds, and G. N. White,
Cash
1935
$1 ,936,500
Liabilities—
1934
1935
Plant, prop., rights
franchises, &c._S 1,524,701 $3,481,911
429 825
_
Class B
The new plant is
Balance Sheet Dec. 31
Assets—
Preferred stock (preferred as to assets at $50 and dividends)
Class A common stock (v. t.c.)
s
Conversion Corp.
designed to produce a premium grade, high octane gasoline. As a by-prod¬
plant will also produce a large quantity of dry gas already contracted
to West Michigan Consumers Co., which has agreed to pay $50,000 in
advance upon completion of the cracking unit.—V. 143, p. 283.
uct the
operating agreement. The "operating agreement", further provides for the
deposit in escrow of conveyances of the properties, deliverable upon con¬
summation of the plan.
Current assets included in the segregation of the
properties as of March 31, 1936, are to be limited to current assets (of which
at least $20,000 is to be cash) of a value $6,000 in excess of an amount
sufficient to pay all liabilities appurtenant to the segregated properties
as at March 31, 1936 (excluding the secured account payable, the
present
first mortgage 514 % bonds of Texas Public Service Co., the notes of Texas
Public Service Co. owned by Peoples Light & Power Corp. and in part
pledged as security for the secured bank debt of the corporation, the present
first mortgage 5)4 % bonds of West Coast Power Co. and a certain account
payable of West Coast Power Co. of $19,208 principal amount at Dec. 31,
1935). Current liabilities appurtenant to the segregated properties (except
liabilities above stated to be specifically excluded) outstanding or accrued
on March 31,1936, and unpaid upon consummation of the plan, to the extent
that current assets shall have been included in the segregated properties,
are to be assumed by the transferee or transferees.
Upon completion of the reorganization of the corporation, the new
company, successor to Peoples Light & Power Corp., will, it is estimated,
have outstanding the following:
gcrip
Be
to
vapor-phase cracking unit at its Muskegon, Michigan, plant, announces
completed about Aug. 15. Construction of the new
unit is under the direction of R. B. Leydig, supervising engineer for the
LANCASTER & NORVIN GREENE INC.
30 BROAD
Unit
that the unit will be
Additional information on request
A. T. & T. Teletype NY-1-1786
P.
Completed Aug. 15—
share
Petroleum Conrersion Corporation
V.
Corp.—T.
Conversion
1936
18,
143, p. 284.
replacements and Fed.
income tax and miscel¬
laneous deductions
Net income
Public
31,046
31,884
31,523
28,749
$76,020
$62,469
$75,693
$87,254
27,500
27,500
27,500
15,000
27,500
27,500
Divs. paid or accrued on
preferred
stock.
Common dividends
Electric
Light Co., St. Albans,
Vt.—Resumes
Common Dividend—
The
directors
common
ment
have
declared
a
dividend
of 20
stock, no par value, payable Aug. 1.
made sin^e Jan.
—V. 140, p. 4247.
cents
per
share on
the
This will be the first pay¬
15, 1932 when 25 cents per share was distributed.
Volume
Financial
143
Chronicle
441
Procter & Gamble Co.—Extra Dividend—
The directors on July 14 declared an extra dividend of 37 M cents per
share in addition to the regular quarterly dividend of like amount on the
stock, no par value, both payable Aug. 15 to holders of record
An extra dividend of 25 cents was paid on Sept. 25, 1935, and an
was distributed on Dec. 15, 1934.—V. 142, p. 2840.
common
July 24.
""ROBERTSON c0
extra of 20 cents
Public Service Co. of New
Hampshire—Earnings—
ESTABLISHED
[Including Manchester Street Ry.]
Period End. May 31—
1936—12 Mos.—1935_
$4,998,359
$4,990,827
3,185,105
3,185,394
1936—Month—1935
& taxes._
$392,547
264,937
$363,574
238,175
Net oper. income
Non-oper. income—-net.
$127,610
1,347
$125,399
1,713
Operating revenues
Oper.
expenses
PITTSBURGH, PA.
$1,805,433
40,376
!$1,813,254
38,033
1906
BUILDING
PRODUCTS
'
$128,957
64,859
-
$127,112
65,010
!$1,851,287
907,125
$1,845,809
829,317
$64,098
45,359
Gross income
Deductions
$62,102
45,358
$944,162
544,313
world
wide
building
service
$1,016,492
544,400
Net income-.'
Pref. div. requirements—V. 142, p. 4035.
COMMON STOCK
Quebec Power Co.
Earnings—
fixed charges but be¬
fore deprec. & inc. tax
1934
$1,868,259
$1,899,689
393,186
486.771
442.585
Warehouse
Bought—Sold—Quoted
1933
$1,770,841
6 Mos. End. June 30—
1936
Gross revenue
$1,846,435
Net profit, all expenses &
Co.—
1935
•
479,250
—V. 142, p. 2683.
UPON
ANALYSIS
Quincy Market Cold Storage
75-cent Preferred Dividend—
&
REQUEST
The directors have declared
a dividend of 75 cents per share on account
5% cum. pref, stock, par $100, payable Aug. 1 to
Similar distributions were made in each of the
ten preceding quarters.
In addition, a special dividend of $1.25 per
share was paid on May 1, 1934.
A distribution of 25 cents per share was
made on Feb. 1, 1933 and 50 cents per share was disbursed in the three
preceding quarters, prior to which regular quarterly dividends of $1.25
per share were paid.
Effective with the August payment, accruals will amount to $11.25 per
share.—V. 142, p. 2841.
'
"
of accumulations on the
holders of record July 16.
Radiomarine
Corp. of America—Earnings—
Period End. May 31—
1936—Month—1935
$84,390
$76,865
69,356
64,398
""
"
Teleg. & cable oper.
Teleg. & cable oper.
1936—5 Mos.—1935
2,713
$370,931
311,098
1,250
13,017
$9,504
$67,269
411
453
$45,567
2,137
$12,110
exp.
$409,065
323,417
1,250
17,129
$12,038
72
revs.
$9,915
$67,722
$47,704
Uncoil, oper. revenues..
Taxes assign, to opers__
250
2,746
Operating income
Non-operating income..
„
Net income
250
—V. 142. p. 3521.
Railway & Light Securities Co.—Earnings6 Months Ended June 30—
Interest oh bonds and notes
1936
1935
$110,484
123,187
$118,033
98,987
1934
$134,666
102,139
$233,671
37,927
88,000
$217,020
30,272
100,954
$236,806
30,517
101,852
$107,744
Cash dividends
$85,793
$104,436
Campagnoli & Company
1923680—41
Incorporated
Broad Street
York
New
(;■
Bell System Teletype
N. Y. 1-1489
(H. H.) Robertson Co.—History ,&c.—
The business of this company was
as
Asbestos Protected Metal Co.
Beaver Falls,
established in 1906 at Canton, Mass.,
Business moved from Canton, Mass. to
1911, and from Beaver Falls to a new plant with
increased facilities at Ambridge, Pa., in 1916, at which time the business
was reincorporated under Pennsylvania laws and main offices were esta¬
blished in Pittsburgh.
Name was changed in 1919 to H. H. Robertson Co.
(the name of its founder).
Company specializes in the manufacture and sale of materials for use in
the construction of all types of buildings.
From its three plants the com¬
pany ships its products to all parts of the world and maintains an extensive
engineering and construction organization.
These products are largely
protected by patents and have become world famous for quality and
Pa., in
durability.
Its factories are located at Ambridge, Pa.; Ellesmere Port, England, and
Sarnia, Ontario, with branch offices and agencies in all principal cities of
the world.
■■Total interest and cash dividends..
Expenses and taxes
Int. and other charges
on
funded debt
Net income
-
Note—The above statement of income does not include realized and
un¬
realized profit and loss on securities.
Based on book amounts at time of
sale, realized net profit on sales of securities for six months ended June 30
amounted to $336,836 in 1936 and $38,043 (excluding $70,667 loss charged
against investment reserve) in 1935.
Comparative Balance Sheet June 30
1936
Assets—
1935
Liabilities—
Bonds and
1936
1935
Coll. trust
notes..$3,665,230 54,056,474
bonds..§4,000,000 $3,963,000
4,929,879 3,764,647 Pref. stock (5100
299,649
par)...
2,113,600
2,113,600
Cash......
179,350
361,477 Accounts payable30,409
103,954
Accounts recei v...
118,096
38,301 Coupon int. accr'd
42,500
31,183
Accr'd int. recelv.
58,680
72,223 Tax liability
2,180
21,220
Unamort. bond dis¬
Reserve for divs._
31,645
31,633
count & expense
115,500
207,174 y Common stock.. 2,146,447
2,146,447
x Reacquired bonds
Investment reserve
90,333
60,000
(at cost)
5,800 Spec. surp. (profit
Stocks
Accept, notes rec
—
from
capital
transactions)
348,918
38,817
272,001
284,598
Earned surp. (since
Jan.
Total
x
.59,066,741
58,805,7481
Face amount $7,000 in 1935.
y
i, 1932)...
Total.—
S9,066,741 $8,805,748
Represented by 163,140
no-par
shares.
Note—The
aggregate of securities owned priced at market quotations
was greater than their book amount by $1,920,291 on June 30,
1936, and
by $614,004 on June 30, 1935 —V. 142, p. 4035.
Raybestos-Manhattan, Inc.—Suits—
as
One, asking $600,000, was filed in Superior Court by Joseph Talamo,
Worcester, Mass., bankruptcy trustee for the Asbestos Co., charging failure
through an agreement to provide working capital. A second asked
$150,000 on grounds the Raybestos concern failed on agreement to acquire
the capital stock of the Asbestos Co. and furnish a $25,000-a-year job to
its President, the late Arnold "W. Kohler, New York City, for four years.
The third action asked $250,000, charging the Asbestos Co. lost a contract
to the firm of Borg & Beck, Chicago, because it was unable to meet require¬
to carry
ments
due
to
failure
of the local
asbestos stock and
arrange for carrying out the terms of the Borg & Beck contract. ("Wall
Street Journal.")—v. 142, p. 3521.
concern
to acquire
(Robert) Reis & Co.—Sales—
6 Months Ended June 30—
Gross sales
1936
....
1935
$1,306,875
$1,251,282
—V. 142, p. 3867.
Remington Rand, Inc.—Meeting Adjourned—
Due to a lack of a quorum the annual meeting of stockholders has been
adjourned until July 27. The special meeting to ratify reclassification of
preferred stocks also was adjourned and will be held Sept. 22.
Company sales for the three months ended June 30 totaled $10,049,000,
an increase of 21.4% over the same
quarter of last year, according to James
H. Rand Jr., President.
Unfilled orders are now the largest on hand
since 1929.
Total
domestic
June, 1935, and
and
were
foreign bookings for June increased 30J^%
5.7% ahead of May this year.—V. 143, p. 122.
over
Rose's, 5, 10 & 25 Cent Stores, Inc.—Sales—
Month of—
1936
$257,051
March
April
May......
211,914
350.704
397.613
338.465
June
The company had
ago.—V. 142, p.
1935
$213,387
205.556
308.659
January
February
90 units in operation in June,
4036.
1931
$186,000
199,420
295,556
315.913
310.872
307,/9/
as
against 81
237.260
296.861
235,262
233,004
a
year
-
(2) Ventilating Equipment
Roof ventilation units of all types,
for air and fume removal from
railroad facilities, chemicalindustries, heat processes, &c.
Corrosion-proof hoods, ducts, pipes
Operating and stationary louvres
Permanent forms for roofs & floors
Protected metal roof decks
Robertson sheet-lites
(4)
r
tncal winnS
(5) Robertson Bonded Metal
A material with many adaptations
to purposes of decoration, insulation,weather-proofing,resistance
to heat, abrasion, &c.
.,
.
(6)
Robertsm Steel Floor System
A i^^mp\e?effS
(3) Robertson Glazing Construction
Single-pitch, double-pitch, hip, &
depressed-head skylights
Vibration-proof skylights /
Complete glass roofs
Monitor and sidewall sash (fixed,
operating; top-hung, center
pivoted)
Commercial Asphaltic Materials
Mineral rubbers
Felt,
Battery sealing compounds
Impregnating compounds
Insulating compounds
Waterproofing asphalts
Roof coatings
Structural steel coatings
paper,
and fibre saturants
Electric insulating varnishes
Brake band saturants
Belt saturants
Insulated wire saturants & finishes
Asphaltic base paints
v
'
Varnish compounds
Capitalization—There are now outstanding 203,958 shares of common
Company has no funded debt, bank loans, or past due indebtedness.
stock.
Earnings for Calendar Years
—
1932
1933--—
1934
1935.
Net After
•
Year—
1927
The company is defendant in three suits asking total damage of $1,000,000
result of the collapse of the Asbestos Textile Co., North Brookfield, Mass.
Products of the Company
(1) Robertson Protected Metal
.
Robertson protected metal roofing
Robertson protected metal siding
Robertson protected metal flashings and building trim
-
-
—-
——
— —
—
Depreciation Income
Volume
Taxes and All Charges
$4,400,000
$313,436
4,900,000
502,322
6,100,000
796,743
7,400,000
856,386
6,200,000
570,705
2,700,000
(loss) 173,103
1,800,000
(loss)264,848
2,200,000
(loss)90,262
3,500,000
183,894
4,900,000
490,545
Dividends
$91,000
172,000
292,000
398,000
310,000
267,000
39,000
None
None
None
Dividends—Dividends have now been resumed: 25 cents per share having
been paid on March 2, 1936.
A further dividend of 25 cents per share was
paid on June 15 to holders of record May 26.
It is the expectation of the
management to continue quarterly dividends at this rate.
Officers—H. H. Robertson, Pres.; W. S. Tallman, V.-Pres.; J. H. Young,
V.-Pres.; R. St. L. Peverley, V.-Pres.; A. G. Spurlock, V.-Pres., Sec.Treas.; J. K. Davis, Asst. Treas. & Asst. Sec.;
F. W. Reisacher, Asst.
Treas.; E. Bernstein, Asst. Sec.
Executive Committee in America—H. H. Robertspn, Chairman; W. S.
Tallman, A. G. Spurlock, J. H. Young.
Executive Committee in England"—H. H. Robertson, Chairman; R. St. L.
Peverley, Caryl Thain, L. R. Shoebottom.
Directors—H. H. Robertson, W. S. Tallman, A. G. Spurlock, J. H.
Young, R. St. L. Peverley, Caryl Thain
L. R. Shoebottom, Donald
Thompson, J. E. Fulton, F. C. Anderson.
Capital Changes, &c.—Present company organized in 1916 took over the
assets of the old Massachusetts corporation and started with an initial
capital of $500,000 consisting of 1,500 shares ($100 par) 7% preferred and
3,500 ($100 par) common stock.
In 1925 the company reduced the par value of its stock to $25 per share
and increased the number of its shares to 48,000, the stockholders receiving
four shares at $25 par value common for each share of preferred and common
stock and a stock dividend of 50%, making 30,000 shares of $25 par value
common stock then outstanding.
The company paid stock dividends of 25% in 1926 and 20% in November
1927.
In October 1928 the number of shares of the stock was
changed from
48,000, $25 par common shares to an authorized issue of 250,000 no par
common stock (with a stated value of $6.25 a
share) and the holders of the
48,000 shares of $25 par value common received new stock in the ratio of
4 to 1.
Outlook—In his letter to stockholders, dated Feb. 28, 1936, Mr. Robert¬
states:
"There is unquestionably a large backlog of construction
son
requirements
that
should
result
in
substantially
improved
volume
of
,
Financial
442
business for your company,
providing economic conditions in this country
are restored to the point of stability that will encourage
resumption of capital investment,"
Consolidated Balance Sheet Dec. 31, 1935
(net).
rec, (net)
Value of life insurance
Accounts and notes
trust
more genera
Accounts payable
5417,786
29,615
34,164
1,104,629
$180,810
162,192
(203,958 shs.
par, stated value $6.25
per share)
1,274,738
Surplus
yl,459,269
Reserves
Capital
on
stock
employees
stock
no
Balance due for subs, to and
loans
a
Liabilities—
Assets—
Cash and marketable secur..
Working funds and advances
173,328
326,360
23,242
certificates—
Inventory
Bal. of cash in closed banks..
Land, plant and equipment..
Deferred charges
....
trade-marks—
and
S3,077,008'
Total
Total.
$3,077,008
x After deducting depreciation of $913,396.
y As per report at Dec. 31,
1934, $1,140,387; cancellation of surplus arising from revaluations, $133,954;
other adjustments, $37,708; balance, $968,724; net profit for the year
1935, $490,544.
Noti—Cash and other current assets as well as current liabilities in
foreign countries have been included at the rates of exchange in effect at
the date of this statement i
'
Roxy Theatres Corp.—Protective Committee—
A
protective committee for holders of the 1st mtge. bonds has been
with Chester E. Tipton, President of C. H. Tipton Securities
Other members of the committee are:
George A.
Corp., as Chairman.
Rogers, Pres. of George A. Rogers & Co., Inc., and Carl O. Johnson,
Sec.
Marshall, Bratter & Seligson, 150 Broadway, N. Y. City, are counsel.
The corporation went into receivership in May, 1932, and in June, 1934,
petition was filed under Section 77-B of the Bankruptcy Act in the U. S.
District Court for the Southern District of New York.
The members of the new committee, according to the announcement,
have followed the reorganization proceedings for some time and have
made a careful study of the corporation's affairs.
The committee proposes
to make every effort to bring about an early termination of the court
proceedings through the adoption of a sound and fair plan of reorganization,
which will permit current earnings to be used for payment of interest on
the 1st mtge. bonds.
The committee, in its notice to bondholders, urges the cooperation of
the holders, stating that "with the support of bondholders and holders
of certificates of deposits they can bring about a favorable plan of reor¬
ganization which will protect the interest of the 1st mtge. bondholders."
The committee also states that it proposes to add to its membership
other substantial bondholders who are willing to work actively for the
protection of 1st mtge. bondholders.
Outstanding 1st mtge. bonds total
$3,598,208.—V. 142, p. 2338.
a share at any time on or before April 30,
The issue has been oversubscribed. *»
of New York, as successor deposi¬
10, 1918, has
guilders for each 100 guilders par value of the
above mentioned ordinary stock to held by it; said dividend being the whole
dividend over the year 1935.
The equivalent thereof distributable to
holders of "New York shares" under the terms of the agreement is $2,379
on each "New York share."
This dividend will be distributed on July 31,
1936, to the holders of "New York shares" of record as of the close of
business July 17, 1936.—V. 142, p. 4036.
dividend of 10
Earnings for 3 and 9 Months Ended June 30
*
$2 per share on the common
value, payable July 20 to holders of record July 13. This
with $1 paid on Dec. 24, 1935, on Aug. 3i and Jan. 18, 1935,
and on July 15 and Jan. 15, 1934.
On Sept. 1, 1933, 50 cents was dis¬
tributed while on Jan. 15, 1932, a dividend of 25 cents per share was paid.
—V. 141, p. 4176.
The directors have declared a dividend of
'36
-GMonths-
June 30
'36
June 30
'36
June 30
'35
less discts
paid a dividend of 50 cents per share on the common stock,
$50, on July 1 to holders of record June 29. This was the first payment
made since April 1, 1935, when 50 cents per share was also paid.
Prior to
this latter date regular quarterly dividends of $1 per share were distributed
from 1924 to and including Jan. 2, 1935. In addition an extra dividend of
$1 per share was paid on Dec. 27, 1932, and extras of $2 per share were
distributed in December of 1931. 1930, 1929 and 1928.—V. 140, p. 2020.
Schiff Co.—Sales—
811,356
.
$492,846
355,962
$627,566
451,731
807,694
$832,861
565,035
$136,883
$175,834
$312,718
The company
year
Scotten
Dillon
declared
have
directors
The
119,080
1,362
521
679
125,882
1,201
14,996
14,145
29,142
1st
on
$59,434
2,806
$97,057
3,266
$156,491
6,073
$118,098
63,951
"
3,451
$100,324
$162,565
$121,550
4,113
4,113
8,227
107
107
215
173
for
Inc.—Earnings—
$174,646
$146,005
684,434
1,223
587,384
28,750
646,428
5,175
$857,015'
$790,780
48,726
89,040
$797,609
15", 148
25" 728
26",728
$580,727
$710,886
$627,285
$643,975
1,552,484
703,$10
1,105,978
1,105.978
$971,757
sur$7,07G
$478,693
$462,003
_
General expenses
;
Taxes
Dividends
on
$5.50
Deficit
16,000
4,000
Net profit
p.
16,000
20,000
.$80,102
$54,019
$96,968
$134,122
3012.
Russell Motor Car Co.,
Ltd.—Accumulated Dividend—
53,655
73,251
a dividend of $2.75 per share on account of
7% cum. pref. stock, par $100, payable Aug. 1 to
holders of record July 22.
A similar payment was made on May 1 and
Feb. 1, last, and on Nov. 1, 1935, and compares with $1.50 per share paid
on Aug. 1 and
May 1, 1935; $1.25 on Feb. 1, 1935 and Nov. 1, 1934, and
$1 per share paid each quarter from May 1, 1933 to and including Aug. 1,
1934, prior to which the company paid regular dividends of $1.75 per share.
Accumulations after the payment "of the Aug. 1 dividend will amount to
$2 per share.-—Y. 142, p. 2842.
Surplus June 30
-'v
1936
Surplus, Dec. 31
..$20,607,681
Arising from conversion of con v. stock
1935
.
into
The directors have declared
accumulations
47,381
83,600
cum.
Statement of
142,
1933
1934
1935
$171,357
728,440
_
_
Service fee
Fed¬
eral income tax
—V.
share on the
per
$816,102
60,434
112,008
36,097
26,836
corp.'s own s bk. held)
226
Other interest
provision
cents
note
Fed. Res. Bank
Amort. of exp. in connec¬
tion with 1st mtge. loan
Est.
of 50
Dividends (excl. divs. on
8,182
$62,240 '
mtge.
dividend
$87,661
Interest
pay. to
a
1936
6 Mos. End. June 30—
Total income
Total income
•
stock, par $10, payable Aug. 15 to holders of record Aug. 6. This
with 30 cents paid on May 15, last; 50 cents on Feb. 16, last;
30 cents per share in each of the three preceding quarters; 50 cents on
Feb. 15, 1935 ; 30 cents per share paid on Nov. 15, Aug. 15 and May 15,
1934; 40 cents on Feb. 15, 1934, and 30 cents per share in each quarter of
1933.
In addition an extra dividend of 30 cents per share was paid on
Feb. 15. 1933.—V. 142, p. 2684.
Miscellaneous income.
_
__
against 242
29,285
61,930
development
Net profit from oper
Miscell. income—net
as
$357,030
441,916
664,335
833,852
877,446
1,131,682
•
Co.—Larger Dividend—
Interest income
istrative expenses.
Prov. for doubtful accts.
Int.
1,147,818
1.306,138
1,231,591
1,124,284
had 243 stores in operation on June 30,
ago.—V. 142, p. 4037.
June
$267,826
$1,120,412
Selling, general & admin¬
and patent expenses.
$ 486,507
515,158
1,143,763
844,512
1,186,297
1,273,394
750,907
1,190.426
1,554,911
March
April
May
1933
1934
1935
$590,039
592,019
1936
$656,620
611,867
Month of
January _v
February
Selected Industries,
Gross profit on sales.
Research,
Portland Cement Co.—Resumed Dividends
Santa Cruz
The company
par
common
Corp .-Earnings-
SMonthsMar. 31
Cost of goods sold
no par
compares
compares
Rustless Iron & Steel
allowances.
$1.08
Sanford Mills—Dividend Increased—
stock,
The Securities and Exchange Commission on July 14 granted the request
of the company, received on July 7, 1936, to the withdrawal of the regis¬
Gross sales,
returns &
9 Mos.
$154,824
$0.43
3 Mos.
charges and Federal taxes
Earnings per share on common stock—
—V. 142, p. 4353.
Royal Petroleum Co.—Withdrawal of Registration—
tration statement filed June 16, 1936.—V. 142, p. 4353.
$63,127
Period Ended June 30, 1936—
Net profit after all
a
Period—
20,000 shares of pref. stock was to acquire
automobile finance notes and other assets
purchased on May 1, 1936, from Southern Security Co., Inc., Atlanta,
Ga., for whose account the stock is being offered.
The sale of common
stock through the exercise of warrants attached to the present offering of
pref. stock will provide Seaboard Finance Corp. with additional working
capital.
The pref. stock is redeemable, at the option of the corporation, on any
dividend date, at $30 per share and accrued dividends.
Of the total
authorized 50,000 shares of pref. stock, 30,000 shares were outstanding
prior to the present offering.
Of the authorized 200,000 shares of common
stock, 95,000 shares are now outstanding, with 80,000 additional shares
reserved against the exercise of common stock purchase warrants.
The corporation is engaged in the personal finance business, operating
a system of offices in principal cities of Virginia, Tennessee and Georgia,
10 of which are engaged in the small loan business, and two of which finance
the purchase of automobiles for dealers and consumers.
For the first four
months of 1936 the company reported net earnings, applicable to dividends,
for the consolidated system, of $95,064.
Royal Dutch Co.—Dividend—
a
Stock Oversubscribed—
pref. held at $10
The Ohase National Bank of the City
tary of certain ordinary stock under agreement dated Sept.
received
Corp.—Pref.
Inc., New York, and James M. Johnston
& Co., Washington, on July 14 offered by means of a pros¬
pectus 20,000 shares of $2 cum. pref. stock (no par), with
common stock purchase warrants attached.
The pref. stock
was offered at $28.50 per share,
and the warrants entitle
holders to purchase one share of common for each share of
formed
'
Finance
Bros.,
The purpose of this issue of
and pay for small loan notes,
232,800
X714.609
20,473
cost
July 18, 1936
Seaboard
Leach
1939.
Company's common stock at
Patents
Chronicle
common
1934
$22,529,499 $24,527,254
4
42
stock
Arising from retirement of
com.
27,568
stk._
S
—
the
on
$20,635,249 $22,529,541 $24,527,258
763,401
a__prof2,820,417
1,213,394
Total
Loss
sale of securities
on
Balance.
___
Net income, as per statement
___„:$23,455,666 $21,316,147 $23,763,857
580,726
710,886
627,285
Total.
Dividends
on
Ryerson & Haynes, Inc.—Registers with SEC—
See list given on first page of this department.
$5.50
cum.
prior stock.
$24,036,393 $22,027,032 $24,391,142
1,552,484
703,810
1,105,978
$22,483,908 $21,323,222 $23,285,164
Surplus, June 30
Note—The unrealized appreciation of investments on June 30, 1936 was
Sager Pen Corp.—Registers with SEC—
$2,115,994
See list given on first page of this department.
than on Dec. 31, 1935.
more
Balance Sheet June 30
Saguenay Power Co., Ltd.—Initial Preferred Dividend-rThe
directors
have
declared
quarterly dividend of $1.37 H
per share on the new 5H% cumulative preferred stock, par $100, payable
Aug. 1 to holders of record July 15.—V. 142, p. 2842.
St.
Louis-San
an
Francisco
Ry.—ICC
Moves
to
Speed
Reorganization—
In
the
an
effort to produce some move to readjust the capital structure
of
Interstate Commerce Commission has requested all
interested parties to advise it whether they desire a further hearing on the
reorganization plan filed in July, 1932.
The plan does not have the support of any of the interested parties, and
the
company,
the
Commission wishes to clear its dockets in
preparation for the filing
The Commission's move is for the purpose of expediting
The Federal court at St. Louis has jurisdiction in the
matter and has granted an extension of time to Dec. 31, 1936 in which the
Frisco may file a new plan.
Among those requested to advise the Commission whether a further
hearing is desired on the pending plan and E. N. Brown, Chairman of the
readjustment managers; James H. Brewster Jr., Chairman of Fort Scott
bondholders' committee; John W. Stedman, Chairman of the prior lien
bondholders' committee; Frederick H. Ecker, Chairman of the consolidated
bondholders' committee; Mortimer N. Buckner, Chairman of the preferred
stockholders' committee, and Charles Hayden, Chairman of the common
stockholders' committee.—V. 143, p. 123.
of
plan.
the proceeding.
a
now
San Antonio Milam Building,
See list given on first page
•
Inc.—Registers with SEC
of this department—V. 142,
p.
4037.
1936
:
;
.
initial
Assefs—
Cash.....
Liabilities—
1,647,167
1,083,434
8,929
13,546
33200,649
Reserve
Deposits In foreign
XT. S. Govt,
Rec.
v
for
secur.
sec.
depos.
Due
17,395
251,410
106,733
350,234
507,297
357,163
56,263
$5.50
x
38,406,780 35,828,063
i
348,631
conv.
Surplus.
z512,405
139,935
56,263
357,163
2,884,440
13,380
262,263
prior
cum.
9,475,000 10,761,975
stock. 2,121,585
2,124,585
Common stock
y
are
&c.
securities
stock
Cum.
for
(contra)._
Foreign exch. contr
Total
fro
1935
$
Dividends payable
Bank loan-secured
purchased
&C
divs.
162,081
497,959
1936
ex¬
For. exch. contra.
sold
Int. & divs. receiv.
Special
for
penses, tax.,
currencies
Invests, at cost._x35,974,580
Note receivable
>
1935
S
!
2,093,334
2,119,102
22,483,909 21,323,223
Treasury stock.Drl,525,905 Drl316446
Total
-.38,406,780 35,828,063
Investments (incl. syndicate participations) owned on March 31, 1931,
carried at the lower of cost or market at that date.
Subsequent pur¬
are carried at cost.
The market value of investments on June 30,
1936 was $10,965,590 in excess of the amount shown above,
y Represented
by 9,450 in 1936 (14,900 in 1935) units allotment certificates and 7,950 in
1936 (13,411 in 1935) shares $5.50 cumulative prior stock,
z Includes
interest accrued.—V. 142, p. 3362.
chases
Aircraft Corp.—Stock Offered—The corpora¬
manufacturer of high-speed amphibians and other
Seversky
tion,
Volume
Financial
143
planes, entered the market for new capital July 16 through
a
public offering of common stock (par $.1) by J. A. Sisto
& Co.
The prospectus covers a total of 840,000 shares,
of
which only 200,000 were offered
publicly at this
time by J. A. Sisto & Co. at $3.75 per share.
The stock,
offered as a speculation, has been oversubscribed.
Bankers Trust Co., New York, N. Y., transfer agent; Guaranty Trust
of New York, registrar.
Co.
Company has agreed to make immediate application to have the shares
listed
the New York Curo Exchange.
on
Company—In 1931 corporation
individuals for the purpose
was
organized by a small group of private
of developing
new
types of aircraft.
During
its first three years little attempt was made to merchandise its products,
most of its efforts being directed to experimental and research work.
The
Chronicle
$1.75 on each "American Share."
This dividend will be distributed
July 22, 1936 to the registered holders of "American Shares" of record
of the close of business
July 15, 1936.—V. 142, p. 4354.
I-XP.
This
built with the same patterns and tools as the amphibian
On June 16, 1936, the War Department announced the
was
and basic trainer.
award to the company
of an order for 77 of these planes and spare parts
equivalent to an additional eight planes, at a total price of $1,636,250.
In addition to the foregoing models, designs and plans are fully developed
or being completed for seven other types.
The design department is at work
on plans for three other types.
In addition to the aircraft and aircraft designs, the company is the owner
of a number of patents and patent applications covering aeronautical
devices.
Other patents
held by the company include patents covering
type of landing gear which can be used from land, water, snow
a pontoon
or
ice.
A modern factory with a total floor space of 109,582 square feet, and the
use of an
adjoining field of 127 acres were leased in Farmingdale,
Long
This lease, expiring Dec. 31, 1936, is on an annual rental
of $15,600 and grants the company first refusal, during its term, on the
Mos.End. June 30—
1936
Gross revenue
-$6,658,489
General
a
space
of
are now
over 200,000 square feet.
Several other available aircraft factories
being surveyed and considered, in addition to the present site, with
factory facilities adequate for
view to entering into a long term lease of
the company's needs.
a
Directors and
Officers—Directors and officers
are
as
expenses....
charges.
Horace N.
Taylor, N.
Rhinelander
Stewart,
Y. City; J. A. Sisto, South Orange, N. J.; Wm.'
Y. City; Robert D. Patterson, Dayton, Ohio;
N.
Paul Moore, Convent, N. J.
Business and Prospects—Company
has completed an order from the
Government for three convertible amphibian planes and is
completing an order from the United States Army for 30 basic training
planes, plus spare parts equivalent to an additional five planes, the total of
both contracts amounting to approximately $1,050,000.
Moreover, on
June 16, 1936, the War Department announced an award to the
company
of an order of 77 pursuit planes, and spare parts equivalent to an additional
eight planes, at a total price of $1,636,250.
Purpose—To furnish company with the additional resources and working
capital necessary to carry on work in hand and to obtain, and profit from
a substantial share of the expanding aircraft market.
If these options are
fully exercised, it is estimated that the net proceeds to the company from
this issue will be not less than $3,014,500.
1,058,453
c855,225
167,412
341,422
,
1,452,015
876,970
203,701
407,610
1,325,121
788,296
193,893
339,290
1,128,945
760,937
180,990
3 27,837
52,653
Surplus before deprec.
and income taxes..
After
$5,942,569 a$5,687,744
285,504
50,000
2,021,654
2,068,593
bl,756,398
$1,558,459
$1,422,614
$1,223,330
_
Reserve for exchange.._
Fixed charges
a
1933
1934
1935
$6,276,715
50,000
i
Taxes and insurance...
U. S. exchange on fixed
deduction
d2,020,561
-v
$1,647,631
of
$300,000 representing charge on capital cost of
work under construction, but eliminated from gross revenue in the annual
report for 1933. b After deducting $300,000 as above noted (not deducted
in
1933).
c Includes U. S. exchange of $100,615.
amortize bond discounts and premiums.—V. 142, p.
Siemens & Halske (A.
d Includes $62,164 to
2685.
G.), Berlin—Tenders—
Guinness Mahon & Co. of London announced July 17 that, up to and
including Aug. 31, 1936, they
prepared to purchase Siemens & Halske
A.G. and Siemens-Schuckertwerke G.m.b.H. 10-year 7% secured sinking
fund gold bonds due Jan. 1, 1935, and 7% secured sinking fund gold bonds
due Jan. 1, 1940.
Bonds due Jan. 1, 1935, will be purchased at 102 and
bonds due Jan. 1, 1940, at par. All coupons maturing after July 2, 1936,
are
must be delivered with the bonds due for repayment on Jan. 1, 1940.
Under the terms of the offer, bonds may be delivered against payment
either to Guinness Mahon & Co., 53 Cornhill, London, E .C. 3, or to Chem¬
ical Bank & Trust Co., 165 Broadway, New York.
Payment will be made
in dollars in New York and London by sight drafts on New Yrork.
The offer wid remain open for acceptance by bondholders up
to and
including Aug. 31, 1936,0the announcement stated.—V. 142, p. 3869.
(Franklin) Simon & Co.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Sept. 1
to holders of record Aug. 15.
A similar dividend was paid on June 1 and
March 2 last, Dec. 2, Sept. 3 and June 1, 1935, this latter being the first
distribution made on this issue since June 1, 1934, when a regular quarterly
dividend of $1.75 was paid.—Y. 142, p. 3188.
follows: Alexander
P. de Seversky (Pres.), Northport, L. I.; Alexander A. Kartveli
(V.-Pres.),
Hempstead, L. I.; M. P. Albert (Asst. Sec.), Farmingdale, L. I* C. Richard
Gunzer (Acting Treas.), Huntington, L. I.; Livingston Piatt, Rye, N. Y.*
as
& maint.
oper.
Power purchased
Water rentals
Island, in 1935.
Surchase of the entire in the present lease, with flying field and total floor
additional
uildings not included property, together which would afford
on
Shawinigan Water & Power Co.—Earnings—
6
company is now in active production.
The first plane developed and manufactured
by the company was the
Seversky Amphibian, known as the SEV-3.
This plane has several out¬
standing features in addition to its exceptional aerodynamic performance.
A basic training plane, known as the BT-8, was then developed.
In
1935 the United States Army Air Corps awarded the company an order
for 30 of these planes, with spare parts equivalent to an additional five
planes, at a total price of $878,000.
Another model recently constructed is a pursuit plane known as the
443
Simpson's,
Ltd .—Accumulation
The directors have declared
Dividend—
dividend of $1 per share on account of
pref. stock, par $100, payable Aug. 1 to
holders of record July 22.
Similar distributions were made in each of the
seven preceding quarters and on Aug. 1, 1934, this latter being the first
payment to be made on this issue since Feb. 1,1932, when a regular quar¬
terly dividend of $1.62k per share was paid.—V. 142, p. 2685.
accumulations
on
the 6k %
a
cum.
Colombian
Details of
Issue—The 840,000 shares offered by this prospectus are made
of 540,000 shares optioned to and covered by a contract between the
and J. A. Sisto & Co., the principal underwriters of this issue,
20,000 shares to be given to J. A. Sisto & Co. as further compensation for
service and 280,000 shares now outstanding.
The company has granted to
J. A. Sisto & Co. an option on 200,000 shares of the 540,000 shares at
$3
per share net to the company to be resold to the public by J. A. Sisto & Co
at $3.75 a share.
This option may be exercised in whole at any time, or in
part from time to time, during the period of 120 days from the effective
date of the registration statement.
As further compensation for their
services in connection with the offering of this issue, J. A. Sisto & Co. are
to receive 20,000 shares of the issue.
The company has also granted to J. A. Sisto & Co. options on a further
up
company
340,000 shares as follows:
30,000 shares at $4 a share; $30,000 shares at $5 a share; 50,000 shares
at $6 a share; 60,000 shares at $7 a share; 80,000 shares at $8 a share, and
90,000 shares at $9 a share.
These options may be exercised in whole at any time or in part from time
to time during a period of one year from the effective date of such
registra¬
tion statement, except that the option on the last three blocks of shares
may be so exercised within two years from such effective date.
The contract provides that if, during the term of the aforesaid
option,
the company has an opportunity to dispose of any of the shares covered
thereby, at the price stated therein, it shall forthwith notify J. A. Sisto &
Co., and if J. A. Sisto & Co. does not exercise its option within seven days
from the
receipt of such notice, the company is at liberty to dispose of the
shares.
Paul Moore has agreed with J. A. Sisto & Co. that, at the expiration of
120 days from the effective date of such registration statement, ho will
purchase all or any part of the 200,000 shares covered by the 120-day
option above described, which may not have been bought by J. A. Sisto &
Co., at $3 per share (cash) net to the company. With respect to any shares
so purchased by Paul Moore, J. A. Sisto & Co. are entitled to
purchase the
same from him, for an additional four months period, at the
price of $3
per share.
Capital Structure—Company's capital stock is all of one class ($1 par).
Of its entire authorized capitalization of 2,000,000 shares, 280,000 are now
outstanding and fully paid.
No dividends have been declared or paid to
date.
Company has no funded debt, no subsidiaries, parents or affiliates.
Earnings for Four Months Ended April 30, 1936
Total sales
„
_
Total cost of goods sold
Gross profit
Operating
expenses.
...
Net loss from operations.
$2,40$
Other income
1,241
$1,165
2,740
Income deductions.
Net loss for period
$3,905
Pro Forma Balance Sheet at April 30,
Assets—
$8,255
Accounts receivable—trade...
Inventories
Other accounts receivable
600,000
24,367
570,619
Other current liabilities..
Capital stock..
Capital
surplus
Earned
deficit
...$1,989,284
Total
Fixed assets
Intangible assets (net)
Deferred charges
Other assets
Offered—
made July 15.
group offering
•Stuart & Co.,
First Mortgage Bonds—Dated July 1, 1936; due July 1,
1966.
Interest
payable J. & J. 1, in Chicago and New York, at option of the holder. Prin¬
cipal and int. payable in .lawful money of the United States of America.
Red. at any time at company's option, in whole at any time or in part on
any int. date, on 30 days' published notice, at the principal amount
and int. to date of redemption, together with a premium of 5% if
thereof
red.
on
before July 1, 1939, and if red. thereafter, together with a premium of
k of 1% for each three consecutive years or fraction thereof of unexpired
or
life, except that if redeemed after July 1,1965, no premium shall be payable.
The bonds are entitled to the benefits of a sinking fund, beginning Oct. 1,
1947. Coupon bonds are registerable as to principal only, and are in denom.
of $1,000 and $500. Bank of the Manhattan Co. is trustee,
Company has
agreed to refund, upon proper and timely application, the Penna. 5-mill
tax on personal property, the Mass. income tax not in excess of 6% per
annum on income derived from bonds, or the Iowa personal property tax
not in excess of 6 mills on each dollar of the taxable value of said bond
owners resident in
,
to
those States.
Serial Debentures Series A—Dated July 1, 1936; maturing serially from
July 1, 1937, to July 1, 1946. Interest payable J. & J. 1 in New York at
rate of
3% per annum on serial debentures maturing from July 1, 1937, to
and incl. July 1,1941. Interest payable J. & J v 1 in New Yotkat rate of 5%
serial debentures maturing from July 1, 1942, to and incl. July 1, 1946.
on
Principal and int. payable in lawful
money
of the United States of America.
Red. at option of the company in whole or in part at any time on not less
than 28 days' published notice at 105% and int.
Coupon debentures are
registerable
as to principal only and are in denom. of $1,000.
Commercial
National Bank & Trust Co., New York, trustee.
Company has agreed
to
refund, upon proper and timely application, the Penna. 5-mill tax on
personal property, the Mass. income tax not in excess of 6% Per annum on
income derived from debentures, or the Iowa personal property tax not in
excess of 6 mills on each dollar of the taxable value of said debenture, to
owners resident in those States.
Serial Maturities and
Offering Prices
Principal
Maturity
July 1,1937
July 1,1938..
July 1,1939...
July 1,1940
July 1,1941
July 1,1942.-.
July 1,1943
July 1, 1944.
July 1,1945
July 1,1946
x
—
$100,318
46,501
68,836
480,000
1,311,815
18,187
Amount—
■
$150,000
150,000
150,000
-
—'
150,000
150,000
150,000
150,000
150,000
150,000
150,00U
Offering
Rate
3%
3%
3%
3%
3%
5%
5%
5%
5%
5%
Pricesx
101
100k
100k
100 k'
100
101
100k
100k
100k
100
Plus accrued interest from July 1, 1936.
first mortgage bonds 4% series due 1966 and $1,500,000 of serial debentures
series A to be received by the company in the estimated amount of
$9,963,-
000 (after deduction of estimated ^expenses of the company in the amount of
$109,500) will be applied by the company, together with about $10,000 of
treasury funds, to the following pur poses:
(1) Red. on Sept. 24, 1936, of $3,331,200
1st mtge. 25-year
6% gold bonds, series A, due Sept. 1, 1947, at 105, and int.
Sept. 1, 1936 ($15,000 principal amount having been
retired by operation of the sinking fund subsequent to April 30,
from
1936)
.$1,989,284
Ltd.—Dividend—
Red. on Sept. 24, 1936 of $2,839,900 1st mtge. 25-year 6%
gold bonds, series B, due Feb. 1, 1949, at 107 k%, and int.
Aug. 1, 1936
3,077,978
Red. on Sept. 24, 1936, of $2,204,700 1st mtge. 25-year
5k% gold bonds, series C, due Feb. 1, 1950, at 105, and int.
from Aug. 1, 1936
2,332,787
(4) Red. on Sept. 24, 1936, of $1,000,000 1st mtge. gold bonds,
5% series due Jan. 1, 1960, at 104, and int. from July 1,1936.
1,051,528
History and Business—"Company was incorp. in Iowa on July 2, 1901, its
corporate existence being for the period of 20 years with the right of renewal
(3)
City of New York as Successor Deposi¬
tary of certain ordinary shares of the company, under agreement dated
Aug. 28, 1919, has received a dividend on the above mentioned ordinary
shares so held by it of three shillings six pence per ordinary share of the
par value of one pound Sterling each.
The equivalent thereof distributable
tojholders of "American Shares" under the terms of the- agreement is
i
$3,510,530
(2)
from
Shell Transport & Trading Co.,
The Chase National Bank of the
Co.—Securities
Electric
Purpose of Issues—All of the net proceeds from the sale of $9,000,000 of
Accounts payable—trade.
Accrued liabilities
5,789
205,839
500,000
21,984
52,429
&
A. C. Allyn & Co., Inc., headed the
the 1st mtge. bonds which includes Halsey,
Inc.; W. C. Langley & Co.; BancamericaBlair Corp.; Lee Higginson Corp.; H. M. Byllesby & Co.,
Inc.; A. Gr. Becker & Co., Inc.; E. H. Rollins & Sons, Inc.;
Stifel, Nicolaus & Co., Inc.; Emanuel & Co., and Granbery,
Safford & Co.
A. C. Allyn & Co, were alone offering the
debentures.
The 1st mige. bonds are priced at 98%%
and int.
The debentures are priced variously according to
maturity and interest rate, plus accrued int. from July 1,
1936, from 100% to 101%.
was
1936
Liabilities—
;
Subscriptions to capital stock.
Total
Gas
—
Net loss
Cash..
City
$277,041
247,044
$29,997
32,402
....
Sioux
Public offering of $9,000,000 1st mtge. bonds, 4% series
due 1966, and of $1,500,000 serial debentures, series A,
444
Financial
from time to time.
The period of corporate existence has
been
renewed
until 1941.
After
Oct.
public utility engaged in the production, transmission,
City, Iowa, and immediate vicinity.
According to the Federal
of 1930, the population of Sioux City, Iowa, was 79,183.
Company
electricity at wholesale to iowu Public Service Co., Nebraska Public
Service Co., South Dakota Public Service Co. and Sioux City Service Co.,
all of which are directly or indirectly suosiaiaries of the company and to
South Sioux City,
Neb. (municipally owned attribution system) and
others.
Company in the 12 months ended April 30, 1936, procxuced about
98.9% of its electric energy requirements.
The balance of its requirements
was purchased from Nebraska Public Service Co., which in turn purchased
said electric current from interstate Power Co., a non-affiliated company.
In connection with its electric business, the company sells steam for heating
purposes in a limited downtown area of Sioux City.
It is contemplated
that the company will construct a transmission lme from Sioux City to a
point at or near Rock Valley, Iowa, tor the purpose of selling additional
electric energy to Iowa Public Service Go. and to South Dakota Public
Sioux
census
sells
.
.
mortgage bondholders will eventually receive, if earned,
3% per annum, and 1% per annum amortization.
22% of the new stock will go to the first mortgage bondholders, 18% to
the second mortgage bondholders and 60% to the present owners.
The
present owners will make a cash contribution, the amount of which has not
yet been determined.
The plan also provides for the protection of the bondholders' interests
through representation on the board of directors, limitation of expenses, &c.
The
second
interest at the rate of
The
committee
represents upward of $3,400,000 of
now
■V.
bonds.
142, p. 4037.
-Earnings—
Southitt^i Canada Power Co., Ltd.
51,611.143
75,326
67,925
662,448
638,168
$98,560
Gross earnings
$100,659
$948,695
$961,266
Operating expenses——
Net earnings
-V. 143, p. 125.
Service Co.
1936—9 Mos —1935
1936—Month--1935
$173,886
$168,584
Period Effl^June 30—
The company also manufactures gas and
natural and manufactured gas to consumers
transports, distributes and sells
in Sioux vaity, Iowa.
Company
to South Dakota Public Service Co.
At present the company purchases
natural gas from Northern Natural Cm Co. m nan-affiliated company)
for use as fuel in the production of steam, ga, •> and electricity, for enrichment
of the manufactured gas sold by it, and for resale to several large consumers,
and it also transports and, delivers neural gas through its facilities, for a
transportation charge, for Northern Natural Gas Co. to certain meat¬
packing plants in bioux City.
For the 12 months ended April 30. 1030, the gross operating revenues of
the company were derived as foiiows; 0/.4% iViia* the sale of electricity;
25.3 % from the sale of manufactured gas. 2.0y0 from s«le of natural gas, and
4.7 % from sale of steam.
Of «he re venues aoii ve.i from the sale cf electri¬
city, 13,8% thereof was derived from wholesale Sales.
Of such wholesale
sales, sales to Iowa Public dor v.ice Co., una principal subsidiary of the com¬
pany, constituted approximately 59.4%, and saies t.Admix City Service Co.,
another subsidiary
of the company. constituted approximately 21.8%.
Sales to the latter are made approximately at cost „s uecormined by the com¬
July 18, 1936
1936, additional interest, if earned, to a total of 5% per
1,
and amortization of 2% per annum.
annum
The company is a
distribution and sale of electricity lor light, heat and power to consumers
in
Chronicle
•
$1,599,434
South Carolina Power Co.—Earnings—
sells manufactured gas at wholesale
and Nebraska Public Service Co.
Southern Corp.]
1936—12 Mos.-
[A Subsidiary of Commonwealth &
1936—Month—1935
Period End. May 31—
$2,731,790
J,825,487
137,042
52,937
122,260
1,563,669
53.559
18,000
14,286
13,000
14,286
048,184
209,000
171,438
1,614,637
689,647
$12,436
taxes
$224,867
$21,761
$139,498
and
Oper. exps., maint.
;
Fixed charges
Prov. for retirement res.
Divs.
on
pref. stock
Balance.
-1935
$234,702
Gross earnings.
_;
171,241
171,438
$178,523
—V. 143, p. 286.
Southern Colorado Power
Co.—Earnings-
1935
1934
1933
1932
$1,906,085
1,093,693
$1,837,298
1,032,411
$1,698,377
946,711
$1,818,193
$812,392
$751,()66
$843,770
504
$804,887
1,067
$805,954
413,580
18,401
$752,137
413,580
General interest, &c—_
$812,896
413,580
18,374
int. charged to construe.
0308
CY218
18,431
Cr 114
$374,191
170,127
$320,240
177.202
204,064
143,039
Years End. Dec. 31—
Gross earnings
Oper. exp., maint. & tax
974,423
pany.
Capitalization—The capitalization of the company, outstanding with the
public as of Apiii 30, 1930, and as adjusted to reiiect the present financing
and the application of the proceeds taeroof, are as follows:
Net
Other income
Aiiiuoti.ed
1st mtge. bonds 4%
1966/
7%
.
.
* Not limited
_.
$1 .oOO.OoO
.
prof.stock (par bldOj
Common stock (par $25)
$9,000,000
1,500,000
6w,u00 siis.
cum.
*
Total income
series due 1966 (due July 1,
Serial debentures series A.
2<A ,O00 shs.
unlimited, and. suojeec to*the terms c lareof, additional
scries may be an,carmen by the board of directors.
Note—Company hm guaranteen tue principal, interest ana sinking fund
of $1,042,700 of siou.w City Sorv ue ao. 1st uuge. galci eends 6% series due
Jan. i, 1951 of which $150,000 are owned oy the company,
Sioux City
Service Co. owns $24,900 oi the company's series A bonds.
There is not in ducted in the above, the 5% promissory notes ($1,875
each) due serially on .J une 2n. ioi>6, and cn tne _4ih day of each third month
thereafter, in the aggregate principal amount of $18,7«0, all payable to the
order of General Kmetric Co., which were issued by the company in part
payment for a 1,009 kw. turoo-generator and Incidental equipment under
a conditional sale .agreement reserving title in
the vendor until all said
notes are paid in fail.
1,
1036,
Bond
4,838,700
2,973,450
The amount of bonis issuable under tne propose a firat mortgage dated
July
earnings
is
bonds of any
interest
Balance.
._
$381,249
170,064
...
dividends
Preferred
Approp'tn for retirement
(deprec.) reserve
,
211,185
328
471
$844,098
413,580
21,015
;
CY195
$409,698
290,683
73,183
$45,832
18,750
Balance
Dlass A com. dividends.
1935
1936
12 Months Ended May 31Operating revenues
Oper. expenses, maint. &
$2,011,752
$1,860,841
1,148,285
1,051,989
$863,467
$808,852
all taxes
.)
769
683-
Other income.
Condensed Statement of Earnings
6,934
J.935
$2,684,861
34,86.3
1934
$2,580,241
22,6o0
$2,719,727
$2,602,932
1,057,559A 1,041,428
100:323
93,148
245,0^0
180,0; A
33.,273
325 877
43,838
33.84Q
$2,527,441
997,194
95,338
161,000
_ _ _ ..
1933
$.2,371,715
155,726
-
Interest charges (net).
Total gro°.s earnings.
$986,282
392,634
39,059
90,000
121,076
_
Total operation.
Maintenance and repairs
Prov. for retirement res.
General taxes
Fed. & State inc. taxes..
Net
maximum
Other income
Net income
annual
$321,631
$940,735
requirements
interest
$928,639
$947,637
the $9,000,000 first
on
Control—Company is
a
direct subsidiary of Penn Western Gas & Electric
14.32% of the voting stock of the company is held by Iowa
Public Service Co., the voting stock of which latter co-mpany is held 57.67%
by the company and 42.33% by Penn Western Gas & Electric Co.
Underwriters—The underwriters have severally agreed to puchase from
the company, on or before July 24, 1936, the respectuve principal amount
of bonds and debentures set opposite their respective names, at 95 H%
of the principal amount of the bonds and at 98J^ % of the principal amount of
the debentures:
17,034 shares
or
_
Bancamerica-Blair Corp., New York
Lee Higginson Corp., New York
201,053
206,790
318,436
206,700 Indebt. to affil—
274,101 1st mtge. gold bds.
ser. A, 6%. due
210,429
56,659
185,317
.57,891
Accrued liabilities.
Accts.& notes rec
Matls.
&
supplies
(at cost)
Other
assets.
c irr
Prop., plant
eq.
(iucl. intangqes) 16,081,024
Deferred
After
x
None
Taxes...
None
Prepd. accts. & def. charges.
133.267
Cash in banks and
715,370
on
hand..
Working funds...
...
Notes and accounts recei vable
Due from sub.
cos.
not coisol.
Due from employees
5,253
4,393
None
150,585
19,043
155
.....
Materials & supplies—__
103,ISO
Acnouits
Payroll*
1932
$7,070,658
847,487
$2,177,469
543,817
797,340
107,240
$2,566,020
540,000
936,862
107,240
$2,424,070
540,000
912,987
107,240
$1,249,649
$729,072
2,160,000
$981,917
1,049,696
$863,842
924,240
130,150
payable.
...
com
3,799,101
.
from
Due
J
x
Due to sub, co. pot co isol—_
84,677
4,048
Other current liabilities
17,530
Accts.
&
Liabilities—
„
After
§
1934
.•
§
6% cum. pref. stk.
2,500,000
($100 par)
502,409
501,766
par).
528,251
2,500,000
1st
v
6,000,000
6,000,000
4H%
bonds due
Mayl, 1968__^_12,000,000
Consumers'
deps.
mtge.
gold
notes
receivable
1,331,273
368,881
1,338,668
Mat Is. & supplies.
Deferred charges.
891,410
360,411
1,473,383
advances
&
construction
3.707,798
Rverves
Accounts
772,440
Surplus
y
Common stk. (§100
Pacific
ighting Corp..
Gash
337,458
Preferred stock divs. pay
S
properties. .27,979,752 27,681,675
wests, in securs.
20,572
20,572
1 *0.863
......
.
Plant
1
S
1935
1934
1935
Assets—
.
7,500
50,376
25,775
:
1935 and $18,287 in 1934.
deducting interest charged to construction of $94.
Balance Sheet Dec. 31
98,000
payable.'.
960,000
divsidends
Includes other income of $20,623 in
10,259,500
-
Pub. Service Co.
Accrued taxes
1933
$2,740,372
y541,473
842,009
107,240
Net income
Pref. and
§4,338,700
2,973,450
....
(par §25)
Accrued interest
Calif.—Earnings—-
1934
976,663
Amortization
Note* payable.
U. S. Govt, securities-a
17,831,292 17,738,211
None
Dnferre 1 UabillMas
i
2,750,000
2,228,673
139,681
$7,848,131
4,305,448
..
Depreciation
None
Funded de">f...
Du3 to low
2,750,000
2,228,673
139,681
x$8,284,400 x$7,202,721
4,673,138
4,144,534
870,890
880,718
A.
250.000
250,000
Investments & advances
414.701
stk.
com.
par)
$50,780 in 1934.—V. 142, p. 4037
1935
Net earnings
Interest
TANVitles—
Bond discount & expense....
A
Total..
of $57,247 in 1935 and
reserve
Oper. exps. & maint.
None
7% cum. prof, stock
3,955,433
28,082
4,251,600
Class
Southern Counties Gas Co. of
None
None
Plant, property/rights, fran¬
chises, &c. (net).
..§17,820,0%
Sinking funds &.spec. dep
7% cum. pref, stk.
($100 par)..... 4,251,600
17,831,292 17,738,211
Total..
x
Common s'ock
6,893,000
274,346
598,548
liabilities
Surplus
Consolidated Balance Sheet April 30, 1936 (hi lading Subsidiaries)
Assets—
1947.- 6,893,000
1,
Capital reserve—
500,000
—
15,995,518
814,138
357
273,653
719,870
July
Deferred
(S25
500.000
-
774,029
charges.
I
70,220
531,786
531,808
1,437
Reserves
7,703
——
None
500.000
A
Investments
Calendar Years—
Gross earnings
500.000
H.M.Byllesby& Co. (Inc.), Chicago
A. G. Becker & Co., Inc., Chicago
Stifel, Nicolaus & Co., Inc., St. Louis.
E. H. Rollins & Sons, Inc., New York
Emanuel & Co., New York
Granbery, Safford & Co., New York
41,569
payable.
Accounts
176,221
bond interest—
x
W*
$
Liabilities—
S
S
None
750.000
500.000
$170,08
1935
Cash deposited for
$1,500,000
$3,000,000
1,500,000
750,000
...
4,103
1934
1935
Assets—>■
Debentures
Bonds
Name—
A. C. Allyn & Co., Inc., Chicago
Halsey, Stuart & Co., Inc., Chicago..—
W. C. Langley & Co., New York
208,401
$170,064
.
Co. by reason of the fact that Penn Western Gas & Electric Co. holds 101,904 shares or 85.68% of the voting stock of the company.
The remaining
$601,220
427,317
3,815
Balance Sheet Dec. 31
29,712
mortgage bonds 4% series, due 1966, and the $1,500,000 serial debentures
series A to be outstanding will be $360,000 and $60,000, respectively, and
the maximum annual interest charges on the total funded debt to be then
outstanding will be $420,000.
~
$809,621
-
...
Cash
(before
interest charges)
.'
deductions
296,559
earnings
The
21,882
$864,150
262,593
$601,557
427,389
for retirement reserve)
—Years Ended Dec. 31-
4 M «. End.
Apr. 30 *36
$979,348
Total operating revenues
Total non-oper. revenues
12,000,000
for
1,045,566
355,294
—
payable.
1,055,566
326,854
Due to Pacific Ltg.
§23,453,189
JTotal
-V.
Corp
$23,458,169
Total
Dividends payable
1437pr2SG.~
61
Accrd.
Accrued
Broadway Building (BrOi.dw?.y-Exchr.nge Corp.)—
Capital surplus...
District Court has granted the application of the protective
committee (Jonathan M. Steere, Chairman) for a payment on account of
the interest due Oct. 1, 1935, oh the 1st mtge. 5% bonds.
Tie holders
U.
Earned
S.
of interest warrants will be entitled to receive
a payment of 1 H%. or $15
presentation to New York Trust Co.. mortgagee,
per
$1,000 bond,
100
Broadway, New York, of the interest warrants due Oct. 1, 1935,
upon
accom¬
panied by proper ownership certificates.
After many negotiations with other committees, with counsel, and with
the aid of the special master', Simon IT. Rifkind, a Plan of reorganization
has practically been agreed upon. This plan provides, briefly, as follows:
Fixed interest
at
the rate of
7o
Per
annum
from Oct.
1,
1935. to
Oct. 1, 1941 (less the above payment on account) and 4% thereafter until
the maturity of the
taxes....
Reserves.........
I nter est—Reorganizatio n—
"*The
bond int...
bonds, with appropriate safeguards against default.
Total
x
After reser
Total
32,043,322 30,955,703
ve
of $196,268.—V.
surplus...
140,
p.
37,500
90,000
530,195
7,268,726
234,453
1,981,586
19,817
37,500
90,000
516,789
6,502,000
233,382
1,673,793
32,043,322 30,955,703
2720.
Southern Pacific Co.—Bonds Authorized—
The Interstate Commerce Commission on July 9 authorized the company
nob exceeding $60,000,000 10-year 3
secured bonds, and to
pledge as part of the coll. sec irity therefor not, exceeding $85,469,000 of its
own bonds anl of sub. companies bonds- the 10-year 3M9 bonds to be sold
at nob less c lan 97*and the proceeds, with treasury funds, used to pay and
purchase c.rtain outstanding obligations aggregating $63,382,250.
(See
to issue
nffwitlffin V
119
11/1037).—V.
143.
u.
125.
'■b
Volume
Financial
143
Southern Indiana Gas & Electric
1, 1935, under the terms of a plan for the extension of the maturity
of these notes to Oct. 1, 1940.
This plan was to become operative when
95% of the total principal amount of the outstanding notes maturing
in 1935, taken as a whole had been deposited under the plan, or, in the
discretion of the board of directors of the company, when at least 66 2-3%
of such outstanding notes had been deposited, or if a petition or answer
by the company for reorganization under Section 77-B of the Federal
Bankruptcy Act had been approved by a court of competent jurisdiction as
Oct.
Co.—Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
1936—12 Mos.- -1935
1936—Month—1935
Period End. May 31
$287,449
$260,662
$3,393,473
,987,277
157,583
143,818
1,699,813
26,385
Gross earnings..
$146,948
Oper. exps., maint. and
Prov. for retirement res.
23,141
Divs.
45,206
27,397
23,141
45,206
1,959,138
312,289
277,700
542,476
$35,133
$21,098
$301,868
taxes
•
Fixed charges
on
pref. stock
Balance
320,378
277,700
properly filed, then upon the confirmation of the plan by the court.
The Court has permitted the continuation of the deposit of notes under
the plan since the date on which the petition under Section 77-B was
filed, and as of Dec. 31, 1935, a total of $10,738,500 of the 20-year 6%
gold notes and $6,591,000 of the 6% conv. gold notes had been deposited,
representing 70.30% of the aggregate face value of the two issues out¬
standing, and at May 31, 1936, 71.18% of such notes were on deposit.
In accordance with the provisions of Section 77-B, at some future date
a hearing will be had by the Court for the consideration of any plans or
reorganization or modifications thereof which may be proposed as provided
in the law.
Due notice of said proceedings will be given to security holders.
Upon order of the Court the company has paid or deposited from time
to time the interest which has heretofore become due on its outstanding
542,436
-V. 143, p. 125.
Southern Ry.-
*
-Earnings—
-—First Week of
Period—
-Jan. 1 to July 71936
1935
1935
1936
Gross earnings
—V. 143, p. 286.
July-
$1,739,239 $62,196,826 $53,288,573
$2,434,372
/
Southwestern
Notes—
Co.—Promissory
Development
notes and debentures.
The
company, having filed with the
declaration under Section 7 (a) of
the Public Utility Holding Company Act of 1935 with respect to the issuance
of promissory notes to the Guaranty Trust Co. of New York having the
following principal amounts, maturities and interest rates:
$750,000 July 1, 1937, 2% per annum; $750,000 July 1, 1938, 2H% per
annum; $750,000 July 1, 1939, 3% per annum; $750,000 July 1, 1940, 3K%
per annum; $3,376,348.36 July 1, 1941, 4% per annum.
The SEC has ordered that said declaration, as amended, be and become
effective on July 14, 1936, on condition that the issuance be effected in
substantial compliance with all the terms and conditions set forth in said
application.
The company is indebted to the Guaranty Trust Co. in the sum of $6,376,348. It proposes to extend the indebtedness by the issuance of the
above promissory notes.
The interest rate on the existing indebtedness is
5% per annum. See also V. 143, p. 287.
company,
a registered holding
Securities and Exchange Commission a
1934
1935
*
and
of $390,000
Street Ry.,
$39,899 by Chippewa & Flambeau Improvement Co.
and
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ending July 11, 1936
totaled
97,930,114 kwh., an increase of 11.4% compared with the corresponding
week last year.—V. 143, p. 287.
__
Standard Oil Co. of Calif.—Vice-President Resigns—
J. A. Moffett has resigned as Vice-President of this company to become
Chairman of the Board of California Texas Oil Co., Ltd., jointly owned
by Standard Oil of California and the Texas Co.—V, 143, p. 126.
Standard Oil Co.
1933
Bank indebtedness of the subsidiary
Company has no bank loans.
affiliated companies at Dec. 31, 1935, was $604,899, consisting
owed by Mountain States Power Co., $175,000 by Market
Springfield Gas Light Co.—Earnings—
Calendar Years—
445
Chronicle
The
1932
(N. J.)—Listing—
Exchange has autnorized the listing of 27,392
(par $25) or so many thereof as may be
official notice of issuance, making the total amount applied
York
New
Stock
additional shares of capital stock
$1,889,178
$1,797,657
1,477,494 /■'. 1,474,825
$1,901,547
1,387,132
$2,124,067
1,483,607
$414,353
19,317
$514,415
7,489
$640,459
6,235
for 26 228 217 stistrcs
On June 24, 1936, the directors authorized an offer to
its capital stock for shares of the common stock (no par)
$433,671
55,691
$521,904
53,721
$646,694
54,942
Oil Co., on the basis of one share of the capital stock of the company for
each 2U, shares of the common stock of Colonial Beacon Oil Co.
No
fractional share will be issued and any holder of Colonial Beacon Oil Co.
Dr6
$377,980
449,764
Dr2,307
$468,183
466,080
Dr2,090
$591,752
467,382
Dr3,443
$746,401
295,877
$825,437
375,207
$932,173
482,409
$1,055,691
589,611
$450,523
$450,230
$449,764
$466,080
.
Income from operat'ns
Non-operating
$320,163
22,420
revenues.
Gross income
Inc. deduct'ns(int., &c.)
$342,583
46,406
"...
necessary,
$296,177
450,230
...
Total surplus.....
Dividends paid
State Street Investment
Surplus, Dec. 31.
1935
Assets—
Misc.
9,498,030
phys.prop..
Other
1935
Liabilities—
$
investments
Cash
29,542
GO,270
,
304,048
9,384,244
51,355
Cap. stk. ($25 par)
Prein.
285,401
5,360,100
5,360,100
3,429,291
on
3,429,291
Coupon notes
539
Notes payable....
500,000
500,000
1,000,000
-380
Accts. receivable..
319.642
334,171
Accounts payable.
58,321
57~078
Materials & suppl.
444,440
516,533
55,496
57,049
in 1936, $631,488 in 1935,
Prepaid accounts.
15,801
19,653
Consumers' depos.
Tax liability
23,685
Debt disct. & exp.
Other
unadjusted
4,837
10,445
Net worth
29,571
Interest accrued..
6,855
5,645
246,347
60,218
2,700
450,523
Surplus...
6,265
$241,515
292,231
$104,222
154,566
$268,500
def$50,716
def$50,344
—-
232,355
Reserve
$268,500
deprec.
Other reserves
Surplus
frbm sale of securities of $4,081,706
$790,824 in 1934, and $55,595 in 1933.
30, '35 June 30, '34 June 30, '33
$49,208,083 $32,685,217 $24,146,632 $14,080,344
212,458
373,075
477,150
471,749
$66.67
$64.72
$68.50
$104.31
June 30, '36 June
No. of shs. outstanding.
&
repairs
Unadjusted credits
v
For the six months there was a net gain
32,224
8,804
Other accrued liab.
22,190
>6,044
34,107
$21,840
Dividends
Notes receivable..
debits..
75,360
$496,172
474,332
Net income
capital
stock
64,369
92,000
Expenses
S
$144,373
$323,876
7,000
$375,825
15,325
Reserve for taxes
1934
S
1933
1934
1935
$685,678
50,000
139,505
Divs. & int. received
1934
Corp.—Earnings—
1936
6 Mos. End. June 30—•
Balance Sheet Dec. 31
Plant & equipment
exchange shares'of
of Colonial Beacon
stock, who would otherwise be entitled to a fractional share of the company's
stock, will receive cash therefor.
The offer will expire Oct. 15, 1936. on or
before which time those desiring to accept the offer must surrender for
exchange their shares of Colonial Beacon Oil Co. to the Guaranty Trust Co.
of New York, the agent in effecting the exchange.
The company now
owns 1,383,33 8 shares of Colonial Beacon Oil Co. and there are 61,632 such
shares owned by minority stockholders.—V. 143, p. 287.
Net inc. transferred to
surplus
Previous surplus
Adjustments
on
Net worth per share
Balance Sheet June 30
60,184
1936
450,230
S
Assets—
1935
1936
1935
$
2,700
%
$
Liabilities—
pay.
and
4,596,292
8,120,790 Accts.
accrued expenses
Accts. receivable-.
13,538
a Securities
45,744,014 25,474,270 Management fee..
Cash
Total
10,699,183 10,696,281
Total
..10,699,183 10,696,281
—V. 141, p. 2446.
541,610
61,736
216,929
306,541
235,875
109,181
41,146
Res. lor Federal &
Standard Gas & Electric Co.—193o Report—
State taxes......
Res. for divs. decl.
A summary of the 1935 annual report shows that total net income for
the
1935 amounted to $2,117,049 after deductions for interest and amorti¬
zation of debt discount and expense.
b
of
Cap.stk.(no par)23,731,354 24,002,504
a
50,353,843 33,595,060
Total
..50,353,843 33,595,060
Total
(ledger cost), $33,003,394 (1935, $23,006,016).
471,749 in 1936 (477.150 in 1935) no par shares after
stock.—V. 142, p. 2687.
At market
sented by
$22,710,972 at the end of 1935.
consolidated
operating revenues of the subsidiary public utility
companies increased $2,565,695 or 2.94% during 1935, as compared with
1934, while
consolidated
net
operating revenue (before appropriation
for retirement and depletion reserves) increased
$1,201,301, or 2.83%.
Taxes (other than Federal income taxes) of the
subsidiary public utility
companies increased $507,839, or 7.22%, while provisions for Federal
income taxes decreased $984,694.
The decrease in Federal income taxes
is due primarily to refunding operations consummated
during the year
1935 by Duquesne Light Co. and San Diego Consolidated Gas & Electric
Co., and these companies will claim as deductions in their 1935 income
tax returns the unamortized debt discount and expense on bonds
redeemed
together with redemption premium and expense in connection therewith'
resulting in no taxable income for such companies.
Improvement in general business conditions, reduction of rates including
especially the extension of inducement and promotional schedules designed
cost and increase the usefulness of the service to the
public,
and vigorous solicitation of new business combined to make 1935 one of
the best years in the history of the Standard Gas & Electric Co.
system
from the standpoint of added new business, according to John J. O'Brien
President of the company. The number of customers served, the use of
service by individual customers, output of electricity and gas, and con¬
treasury
8,682,713
25,476,728
Surplus
Valley Traction Co. (in receivership) and subsidiaries of such companies
had, according to the statements of those respective companies, current
assets
$20,805,816 in excess of current liabilities, and combined cash
The
351,726
State&Fed.taxes
Company and subsidiaries, not including Deep Rock Oil Corp. (debtor
tinder Section 77-B of the Federal Bankruptcy Act, as
amended) and Beaver
resources
190,860
Res. for additional
year
b Repre¬
deducting
Sterling, Inc.—Initial Dividends—Sales-—
,
The directors have declared an initial
common
dividend of 5 cents per share on the
stock, payable Aug. 3 to holders of record
July 25.»An initial
convertible preferred stock at
rate of 37H cents per share, payable Aug. 1 to holders
dividend has also been declared on the $1.50
the regular quarterly
of record July 25.
..
1936, were over 25% higher than for the corresponding
and net profit for the month was substantially higher than
a year ago,
according to E. A. Thomson, President of the company.—
V. 143, P. 126.
Net sales for June,
month of 1935,
Stearman-Hammond Aircraft Corp .—Registers with SEC
See list given on
first page of this department.
to reduce the
(S.) Stroock & Co., Inc.—Earnings—
6 Months Ended June
1935 ""JJ
$74,892
$0.80
1936
30—
$118,998
$1.27
Net profit after depreciation, Federal taxes, &c
Earns, per show on 93,800 shs. cap. stock (no par).
—V. 142, p. 4039.
•
nected load all showed sizable increases.
The average annual use of electric service per residential customer in
1935, based on the average number of customers during the year, was 730
kwh., compared with 677 kwh. in 1934, an increase of 53 kwh. per cus¬
tomer, or 7.82%.
Sales of electric and gas appliances in the companies'
stores totaled $5,277,477, an increase of 39% over 1934.
In the letter to stockholders accompanying the report, Mr. O'Brien said*
"The public utility holding company in a large measure has made possible
the enjoyment of Utility service in thousands of communities that would
otherwise be unable to finance the construction required to meet their
needs.
It is also this method of development and operation that has made
possible present efficiencies and economies in the service.
Any public
policy that interferes with the development of this broad plan of utility
service under adequate public supervision restricts economic and social
progress and seriously affects this industry as a commercially operated
enterprise,
the investment in which, directly or indirectly, represents
the savings of millions of citizens.
"Improvement in the business of public utility companies in the Standard
Gas & Electric Co. system has been reflected in increased gross revenues
and a considerable portion of such gains has been carried through to net
earnings, despite some unavoidable increases in operating expenses.
The
present rate of gain permits a fairly optimistic outlook for the future.
Such optimism, however, must be tempered by due regard to certain factors,
such as adverse legislation and Federal nad municipal competition, which
peculiarly affect the public utility industry at this time."
On Sept. 27, 1935, company filed a petition under Section 77-B of the
Federal Bankruptcy Act, as amended, in the District Court of the U. S.
for the District of Delaware, since which date the company, by order of
the Court, has been continued in possession of its property.
The filing
of this petition was considered necessary by the directors of the company
as
a result of the deposit of an insufficient amount of the $14,823,000
20-year 6%
gold notes and $9,826,500 6%
conv.
gold notes,
both
due
Sunray Oil Corp.—To Be Added to List—
500,000 additional shares of com¬
issuance.—V. 143, p. 287.
The New York Curb Exchange will list
mon
stock, $1 par, upon notice of
Superheatter Co.—Earnings—
,
.
(Exclusive of Canadian Affiliate)
-
1935
1936
6 Mos. End. June 30—
1934
1933
$129,848 loss$198,169
227,195" - 313,712
Profit from plant oper—
$366,152
$201,736
Income from oth. sources
380,446
254,253
$746,598
$455,988
206,362
132,841
$357,044
81,745
18,239
$540,235
'
$0.61
$323,148
$257,059
$0.37
$0.30
Total income
Deprec. & Federal taxes.
Loss on sale of securities.
Net income
Earns, per sh. on
stock (no par)
—V.
capital
$115,543
38,337
_
$77,206
$0.08
142, p. 4193.
Swift &
Co.—:Changes in Personnel—
elected
SmithwicK .was elected ^Comptroller.
John M. Chaplin, who has been ComptrollerTof the company, was
Consulting Comptroller,
—V. 142, p. 4355.
and J.
G.
(James) Talcott, Inc.—Earnings—
6 Months Ended June 30—
1936
1935
Net profit after all expenses and taxes
$300,556
r $230,984
Total volume of business for the first six months of 1936 amounted to
$38,055,201,
p.
287.
an
increase of 19% over the first six months of 1935.—V. 143,
■
•
Financial
446
Chronicle
July 18, 1936
Balance Sheet June 30
Telephone Bond & Share Co.—To Resume Pref. Divs.—
J. G. Crane, President of the company,
announced on July 14 that the
directors at their meeting held July 13 declared dividends of 49 cents per
share on the 7% first preferred stock and 21 cents per share on the S3 first
preferred stock, to be paid on Aug. 10 to holders of record July 15. The
previous dividend payment on these shares was on April 15, 1932.—
V. 142, p.3529.
Texas Gulf
currencies
$2,661,989
Net inc. after all charges
Earns, per sh. on 3,840,-
Interest
.
^
(no par)
----$0.69
$0.50
$1.25
$0.90
company's balance sheet as of June 30 shows current assets of
$13,180,654, including cash and TJ. S. Treasury notes of $10,964,226,
but excluding inventories of sulphur above ground and materials and
supplies.
Current liabilities were $2,203,116.
A year ago current assets,
including $9,484,957 cash and U. S. Treasury notes, amounted to $11,342,869 against current liabilities of $1,506,542.—V. 142, p. 2846.
The
Consolidated Mines,
Arm
See list given on first page
—■
Tishman Realty &
Inc.—Registers with
Construction Co., Inc. (& Subs.)
$13,172
45,559
applied in settlement of lease
Total
—
10,000
4,209
$72,940
227,098
222,109
—-
—
operations of buildings
on
General and corporate expense
Interest and other financial expense
-
286,393
478,545
;—
_
Provision for depreciation
$1,141,205
Operating loss
Excess of face value
of second mortgage over amount paid in
satisfaction of sameExcess of par value over cost of mortgage
34,750
5,690
bonds purchased
Net loss
-
—
-$1,100,765
Consolidated Balance Sheet Dec. 31 1935
on
hand and in banks—
to partly owned companiesSecurity deposit on leasehold.
Deferred operating charges
y496,125 Loan pay.—unsecured—affil.
company..
5,000
49,422 Accounts payable—trade
844,858
46,813
Accpunt payable—other—plus
accrued interest
payable, past
due, plus penalties
—
on
mtges. pay__
payable
Reserve for contingencies
Capital stock
Treasury stock
166,967
1,425,849
40,115
211,000
z400,000
Dr 1,659
Balance of
Dec.
After
capital surplus at
31, 1935
reserve
Total
—.
for depreciation of $3,367,877.
Toho Electric Power Co.,
$7,779,894
Ltd.—Bonds Called—
1936—3 Mos.—1935
1936—6 Mos—1935
$75,978
21,470
33,557
$188,389
43,304
72,409
$182,528
42,996
65,439
$20,951
1,341
Depreciation
Expenses
$99,706
21,645
37,946
$40,115
—
Other income
Net
profit—
Earns, per sh. on 128,000
shs. cap. stk. (no par)
—V. 142, p. 3530.
605
$72,676
2,295
$74,093
2,086
$41,456
$21,556
$74,971
$76,179
$0.32
$0.16
$0.59
$0.59
Trinity Valley Southern RR.—Abandonment—
Tri-Continental
6 Mos. End. June 30—•
„
_
Dividends.
Profit
on
Corp.—Earnings1936
$302,741
685,293
1934
$299,645
536,098
1933
$329,104
541,721
3,862
1,223
underwritings & synd's
.
39,308
Miscellaneous income
;
240,176
129~828
101,858
1,534
85,045
$1,021,100
61,120
265,709
Total income.
Taxes.
,119,088
29,930
$976,910
49,419
177,360
$961,266
37,764
214,656
196,972
Prior years expenses un¬
der-accruedj
Interest
Net
on
102,009
profit
Pref. divs. declared
12,389
189,672
189,672
181,349
$592,263
769,026
5% debs.
$690,124
782,376
$560,458
782,376
$527,497
782,376
Statement of Surplus and
1936
Loss
on
1935
1934
1933
-.-$33,840,667 $33,661,323 $36,195,988 $39,237,584
sale of securities _pf2,892,287
28,415
1,438,472
1,817,362
Transfer
.
to
reserve
for
contingencies
CV15.000
Balance.
52,133
20,000
$36,732,954 $33,647,908 $34,705,383 $37,400,222
Undistributed Net Income from Oct. 30, 1931
1936
Balance, Dec. 31, deficit $1,037,354
Net inc. for 6 months.__
592,263
Preferred dividends._
769,026
_-
Total surplus
investments not readily marketable having been
by the corporation.—V. 142. p. 2689.
Shares—Asset Value—
Trusteed Industry
value of underlying securities as of
of $1,874,172, equal to $1.379 per share for 1,358,890 shares
outstanding on that date, compared with $1,415,100, or $1,345 per share
on 1,052,500 shares outstanding on Dec. 31, 1935, and $939,149, or $1.15
per share on 815,712 shares outstanding on June 30, 1935.
Investments at
cost on June 30, 1936 totaled $1,529,752, compared with $1,358,619 on
March 31, 1936.
The capital fund reported gross profit for the three months
ended June 30, 1936 of $394,296, as against $153,500 for the same period
of 1935.
Gross profit for the first six months of 1936 amounted to $417,095.
compared with $153,249 for the first half of 1935.
Profit realized on
securities sold amounted to $48,586 for the second quart®* of 1936 and
$71,385 for the first half of the year. Net income from dividends received
during the second quarter of 1936 was $14,875, compared with $8,133 in
the same quarter of 1935, and for the first six months of this year was
$26,925, against $13,277 in 1935.—V. 142, p. 2689.
Trusteed Industry Shares reports net
Tubize Chatillon
Corp.—To Expand Plants—
of its class A and preferred stocks to ap¬
July 30 an expansion program calling for the expenditure of
"approximately $2,800,000" on its plants at Hopewell, Va., and at Rome,
Ga., it was announced on July 3.
The plan, outlined in a letter to stockholders by Roland L. Taylor,
Chairman of the Board, calls for the addition of another unit to the viscose
plant at Rome and the revamping of the present equipment there.
Addi¬
tional equipment would be installed in the knitting and dyeing plant at
Hopewell, Va., at a cost unofficially estimated at nearly $500,000.—V.
142, p. 3872.
The company will ask holders
prove
on
.
Twin States Gas & Electric Co .—Earnings—
[Inc. Sub. Berwick & Salmon Falls Electric Co.]
x1939
1935
„
195,037
260,119
1,190,143
$696,462
1,467
$588,508
234,236
32,258
32,168
$697,929
237,850
$289,844
249,475
— -—
$2,300,315
75,251
209,980
270,757
1,047,864
$585,275
3,232
Operating revenues
$388,656
249,475
$40,369
$139,181
$2,326,3/6
95,801
-
Depreciation
All taxes (including Federal income)
Other operating expenses
;
Net operating income—.
Non-operating income (net).
Bond interest
Other deductions
BalancePreferred dividend requirements
35,088
36,334
x
As
:
shown
by the company's
1934
1933
$650,896
560,458
782,376
$192,281
527,497
782,376
--$35,518,837 $32,643,421 $33,832,570 $36,953,061
—
-
Underwood Elliott Fisher Co.
Period End. June 30—
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—6 Mos.—1935
Profit after expenses and
per
no
24,753
68,130
$981,179
120,322
110,000
$1,918,026
239,244
192,157
$1,939,926
240,026
230,000
$750,857
$1,486,625
$1,469,900
$0.91
tax
Net income--..
23,263
$657,964
Depreciation
$1,893,273
$860,841
120,506
82,371
Total income..
$957,916
13,623
Other income
Earnings
666,448
$1,871,796
$847,218
charges
$1.05
$2.08
$2.06
share on
shares
par
stock-.--—
Note—Above earnings exclude net operating
unconsolidated subsidiaries.—V. 142, p. 4357.
6 Mos. End. June 30—
Sales
results of wholly-owned
California—Earnings—
1935
1936
1934
1933
$29,600,000 $32,500,000 $26,500,000 $24,200,000
Profit after Fed'l taxes,
....
6,500,000
3,550,000
3,600,000
4,300,000
$2,000,000
interest, &c__.
Deprec'n, depletion, &c.
6,300,000
$2,950,000
$300,000
x3,400,000
3,200,000
3,300,000
Earns, per sh. on 4,386,-
$200,000
,
070 shs.
capital stock
(par $25).----
$0.45
$0.67
$0.07
$0.05
Includes $1,350,000 non-recurring profitfrom sale of Union AtlanticOo.
Commenting on the second quarter earnings as compared with the first,
L. P. St. Clair, President, stated:
"This improvement is occasioned by the
restoration in gasoline prices in the Pacific Coast territory in April, the effect
of which was not fully reflected in that month's profits.
The results for
the first three months were seriously affected by disturbed marketing con¬
ditions that did not exist in the same period of 1935, which accounts largely
for the difference in the results for the two six months' periods."
Sales for first half of 1936 totaled 14,700,000 barrels valued at $29,600,000
as
compared with 16,350,000 barrels valued at $32,500,000 in first six
months of 1935.
The decrease was in fuel oil sales to the U. S. Navy.
Production, subject to royalty, of crude oil and natural gasoline for the
six months approximated 10,200,000 barrels as compared with 8,100,000
barrels for like period of 1935.
Increase in output reflects drilling campaign
x
started last year.
as
of June 30,
1936, including $9,600,000 cash approxi¬
mated $41,500,000 and current liabilities totaled $6,800,000.
pare with current assets of $41,903,948 on Dec. 31, 1935,
liabilities of $6,358,207.
These com¬
and current
During the six months to June 30, 1936, funded debt was decreased
$1,200,000 to $20,326,500 due to retirement on May 1 of the instalment of
the serial debentures issued last year.
Capital outlay during the first half of this year amounted to $3,500,000
mainly for field development and other additions.—V. 142, p. 2689.
United Aircraft
Corp.—Listing—
The New York Stock Exchange has authorized the listing of 12,300
additional shares (par $5) capital stock on official notice of issuance, making
the total
1935
$912,235
690,124
782,376
-
books and subject to audit at end of
calendar year.—V. 142, p. 3530.
Current assets
Undistributed Net Income June 30
Surplus, Dec. 31
$33,840,667 $33,661,323 $36,195,988 $39,191,051
Arising from common
stock issued
46,533
Total
June 30, 1936 was in excess of
by $5,644,762.
c Represented by 2,429,318 no par shares,
d Rep¬
resented by 8,300 shares in 1936 (35,062 in 1935).
e The market value of
investments and U. S. Govt, securities on June 30,1935 was $6,499,271 less
Netprofit
1935
$110,655
670,268
syndic, partic.
Expenses.
49,655,194: 51,632,913
Total..
b The market value of investments on
cost
Union Oil Co.. of
Comm'ns and profits on
Managem't & service fees
77,491
49,655,194 51,632,913
Total
common
The Interstate Commerce Commission on July 3 issued a certificate
permitting abandonment as to inter-State and foreign commerce, by the
company of its entire line of railroad extending from a connection with the
International-Great Northern RR. at Dodge in an easterly direction to Oakhurst, 5.92 miles, all in Walker and San Jacinto Counties, Tex.
Interest earned
»
contracts--
Federal
Profit.
j
328,428
_
Balance
Transue & Williams Steel Forging Corp.—Earnings—
Period End. June 30—
—„
y
The company on Sept. 15 next will redeem $275,000 of 1st mtge. (Kansai
division) s. f. 7% gold bonds, series A, due March 15, 1955, at 100 and
int.
Payment will be made at the Guaranty Trust Co., 140 Broadway,
N. Y. City, or at the option of the bearer, at the Guaranty Trust Co., 32
Lombard St., London, E. C.3, England.—Y. 142, p. 638.
Gross profit
divs.
receivable, &c_
exchange
Foreign
Gross income
277,054
After reserve of $500,000.
z Represented by 400,000 no par shares including treasury stock.—V. 136,
p. 4107.
x
17,395
Other interest
—-—$7,779,8941
Total
purch.
2,460,000
7,586,900
122,211 6% cum. pref. stk. 6,519,800 7,396,350
c Common stock-. 2,429,318
2,429,318
35,518,837 32,643.421
430,808 Surplus—
d Treasury stock.Dr870,975 Drl,826,183,,
Maintenance
Rents rec. in advance and rent
deposits
against cash
Due for sec.
12 Months Ended May 31—
259,827
Real estate taxes
Acer, interest
2,205,900
243,399
Due for sec. loaned
,
i
Liabilities—
$186,339 Notes payable to banks
-—$2,306,937
:
Accounts and notes receivable32,077 Notes payable
3,632
Advances to mortgagees
47,905 Loans payable—past due, plus
accrued
Interest
Real estate, bldgs. & leaseholdsx6,963,024
(secured
Investments in and advances
partly by collateral)
1,798,498
Assets
Cash
2,275,200
and
Funded debt
for se¬
and
515,387
77,491
accrued
June 30, 1936,
Income—Commission
Bad debts recovered
Loss
474,929
478,575
than cost, the value of
determined by appraisal
of this department.
Earnings for Year Ended Dec. 31, 1935
Rent security
Miscellaneous
synd.
Spec. dep. for divs.
Receivable
478,575
exchange
divs. payable
curities sold
000 shs. capital stock
Thorne
(incl.
360,929
contracts
Int.
Notes receivable--
1936—6 Mos—1935
$4,811,007
$3,455,171
$1,914,302
14,628
el,135,059
9,209
Go vt. securities—
$
$
844,439
& tax
exp.
Foreign
partic.) at cost.b45,350,699e46,072,731
162,081
Sulphur Co., Inci—Earnings—
1936—3 Mos.—1935
3,142,974 Res. for
Deposits in foreign
Invs.
Period End. June 30—
Liabilities—
$
3,470,888
1935
1936
1935
1936
Assets—
Cash
applied for 2,633,174
shares.
At the annual meeting held March 6,
1936, the stockholders adopted
an
amendment of the certificate of incorporation, which provides, among other
things, "the corporation shall have the'right, from time to time, to issue
and sell for cash, to such officers or employers, at such prices and upon
such terms as the board of directors may determine, in its discretion, not
exceeding in the aggregate 50,000 shares pf capital stock; and no stockholde
„
Volume
Financial
143
shall have any preemptive right in or
shares of capital stock so issued and
preemptive right to subscribe to any
sold."
29, 1936, authorized the issue and sale of an aggregate
of 12,300 shares of stock to 11 officers and senior employees of the corpo¬
ration at the price of $15 a share, in cash.
The corporation will realize
from the sale of the shares an aggregate of $184,500, which proceeds will
be applied to working capital and other corporate purposes.—V. 142, p.3364.
Directors
on
June
United Air Lines Transport Corp.;—Voting Trust to End
dated July 2, 1934, will expire by limitation
midnight, July 22, 1936, it was announced on July 13 by the
voting trustees, Martin G. Ansorge, Joseph P. Ripley and Sumner Sewall.
Upon surrender of the voting trust certificates to the City Bank Farmers
Trust Co., holders will receive certificates for capital stock of the corporation
The City Bank Farmers Trust Co. has been appointed transfer agent and
the Kational City Bank registrar of an authorized Issue of 1,200,000 shares
shares provided in the plan for issuance by the board of directors from time
to time under the provisions thereof.
The managers' shares plan was adopted by the stockholders on Oct. 15,
1929, and amended on April 17, 1934, and April 21, 1936.
This plan also
,
common stock based on the equivalent amount
is provided under the class B bonus plan.
It is
now desired to make available the 100,000 shares provided in the plan
for distribution by the trustees from time to time under the provisions
thereof.—V. 142, p. 4358.
provides for distribution of
calculated
The voting trust agreement
United
capital stock.—V. 142, p. 4197.
Corp.—Earnings—
Period End. June. 30— 1936—3 Mos —193*5
Dividends received
$2,696,038
$2,234,669
Taxes
102,829
33,155
Current expenses.
53,824
54,510
1936—6 Mos.—1935
$4,905,930
$4,559,139
162,592
67,119
131,988
119,616
—__
Net income
Preferred
dividends
Profit for the period- _
com. stk. outstand.
$4,611,350
3,733,016
$2,147,004
1,866,516
$2,539,385
1,866,518
...
$4,372,404
3,733,031
$672,867
$280,488
$878,334
$639,373
14,529,491
$0.05
14,529,491
14,529,491
$0.06
14,529,491
$0.04
Shs.
(no par)
Earnings per share
The securities
in
$0.02
the
corporation's portfolio, which at June 30, 1936,
were carried on the books at a cost or declared value of $581,873,751 had
an indicated market value of $229,463,257 at such date based on current
published quotations, and no adjustment has been made for the difference
between the total cost
—V.
142,
Co.—Earnings-
Period End. June 30— 1936—3 Mos.—1935
Net earnings after all
charges but bef. taxes $4,228,000
1936—6 Mos.—1935
$2,300,000
$6,878,000
April—i
May
June____.
2,906,000
2,095,366
2,175,272
2,403,732
3,900,424
;.
Utah Power & Light Co.
Years Ended Dec. 31—
other
Int.
Int.
United Gas Improvement
Week Ended—
Electric output of system (kwh.)
—V. 143, p. 288.
\
July 4, '36 July 13, '35
78,397,322
74,072,750
$4,387,420
27,317
$5",091,048
87,907
on
$4,235,008
2,377,186
mtge. bonds____
$4,190,322
2,413,069
30u,000
216,164
745,575
$4,414,737
2,598,844
300,000
207,922
700,000
$5,178,955
2,599,78
300,000
206,566
300,000
deb. bonds
300,000
206,678
747,298
Other int. & deductions.
Prop, retire, res. approp.
Por. applic. to min. int.
2
_
carried
to1
■
$603,845
284,127
United Public Utilities Corp. (&
$1,958,713
733,039
284,844
192,746
123,118
23,274
16,128
Gas
Ice and cold storage
1
Water
Other operating revenues (net)
$607,971
def$81,783
Cash
in
banks
Liabilities—
898,904
59,568
rec
1,759,626
843,649
Prepayments
53,319
25,198
Misc.curr.assets
Miscell. assets.
Long-term debt.
54,958,787
1,834
53,455,416
Loan payable.
579,006 Accts. payable.
1,058 Dlvs. declared-_
35,332 Contracts pay..
1,832,639 Customers' deps
558406
284,127
5,000
330,923
52,507,416
726,000
564,912
142,063
5,000
348,655
1,116,134
789,973 Accrd. accounts
1,598
20,085 Misc. curr. liabs.
67,561
26,236 Misc. liabilities
66,409
1,970,373
_
Deferred charges
_
98,668
Deferred
credits
51,275
6,909,978
Reserves
| 72,480
$3,171,437
204,749
286,144
1,277,295
170,102
382,290
267,308
43,096
Other income (net)
$590,706
24,502
$615,208
7,867
$557,341
xl7,629
$607,341
2,607,171
Minority interest
in
surplus of
subsidiaries
$540,451
16,890
Net earnings
General interest of subsidiary companies
47,721
6,725,861
2,984,145
to income..-.
2,169,964
106,242
21,320
Dr2,762
.
196
_
$539,712
_____
Gas purchased
Operation
,_
Maintenance.
Provision for retirement and depletion reserves.
__
State, local and miscellaneous Federal taxes
$3,331,863
229,829
329,583
1,283,964
173,901
380,719
270,679
1,556,906
1,325
117,608
.
Earned surplus.
Total operating revenues
Power purchased
8
$
Capital stock. 54,958,787
Subs, com-stock
1,145
x
_.
(on demand).
Notes & loans
1934
1935
1934
$
Matls. & supps.
Operating revenue—Electric
$231,389
Plant, property,
franchises, &C.114.703.979 115,094,376
Investments
3,645
3,645
Accts. receivable
Adjusted
$1,797,386
691,157
372,393
185,699
$1,772,609
1,704,392
Consolidated Balance Sheet Dec. 31
1935
1934
As
$607,971
150,000
Balance
Subs.)—Earnings—
1935
$515,516
284,127
$319,718
earned surplus
Preferred dividends
Common dividends
U. S. Govt. sees.
Years Ended Dec. 31—
Coalmining
Steam heating
35,355
Assets—
Co.—Weekly Output—
July 11, '36
81,740,535
$4,154,967
45,450
stock
_
$9,529,338 $10,447,840
5il41,938
5,356,792
$4,189,558
inwme!
on
1932
1933
1934
_
$1.56
common
Eanrings—
(& Subs.)-
1935
Operatingrevenues...__$10,361,563 $10,000,750
Oper. exps.,incl. taxes.
6,172,004
5,845,782
2,906,000
$2.36
Shares of
x
x
1933
3,014,232
2,720,000
3,013,188
2,977,420
3,006,300
2,673,788
1934
2,690,000
2,826,578
2,803,708
2,755,874
1,206,538
2,441.058
1935
1,790.046
1,701,020
2,021,016
432,760
2,182,090
2,222,200
1936
x March
production was the first in 1936, the smelter being closed down
during January and February.—V. 142, p. 4358.
$4,550,000
outstanding (no par)
2,906,000
2,906,000
Earnings per share
$1.45
$0.79
x Approximate
figures.—V. 142, p. 2690.
as
March
Balance
United Fruit
x
declared value and the indicated market value.
or
earnings
Copper (Pounds)—
January
February
2690.
p.
on
United Verde Extension Mining Co.—Output—
of its term at
of $5 par value
447
Chronicle
Federal and State income taxes
Total...
210,000 shares; outstanding, 41,921 shares; $7 pref. cun. (entitled upon
to $100 a share); pari passu with $6 pref.; authorized, 300,000
shares; outstanding, 207,605 shares; common; authorized and outstanding,
3,000,000 shares —V. 142, p. 4359.
liquidation
Utility & Industrial Corp.—Earnings—
1934
1933
18,048
$16,215
26,700
deflll ,613
$21,114
126,816
$28,594
390,987
7,570
592
$29,598
5,196
8,018
loss$68,698
65,176
7,975
$155,500
70,138
7,152
$420,173
Interest
on
10-year interest scrip
425,785
51,277
___,
Not
comparable
2,934
12,637
2,303
14,213
2,305
17,432
3,053
23,137
*
$8121oss$158,365
2,824,413
2,900,413
$58,472
2,875,720
$307,386
2,293,533
$2,742,047
$2,934,192
$2,600,919
1935
1936
6 Mos. End. June 30—
Interest received
$11,550
Cash dividends.
Net profit onsale of secur.
Interest deductions of United Pub. Util. Corp.
Interest on collateral trust bonds
120,384,673 120,650,983
Total
120,384,673 120,650,983
x
Represented by Utah P. & L. Co. (no par value): $6 pref., cum. (en¬
titled upon liquidation to $100 a share); pari passu with $7 pref.; authorized,
Total income
Interest
Taxes
79,441
7,156
Registration and transfer
Net income.
expenses
$130,278
;
Note—The adjusted consolidated income account for the year 1934 in¬
cludes the income accounts of the subsidiary companies which were con¬
solidated for the year 1935 and the income account of the former parent
company,
x
United Public Utilities Co.
Includes
more
than 1 year's accrual of interest on consumers'
____
Other expenses
'
Net income
Previous earned surplus.
deposits.
$2,825,22 5
Consolidated Balance Sheet Dec. 31, 1935
Assets—
Comparative Balance Sheet June 30
Liabilities—«
S3 cum. preferred stock
Plant, property, rights, fran¬
$3,986,000
chises, &o
;
$17,405,722 $2.75 cum. preferred stock__
3,492,400
686,147 Class A com. stock ($1 par)
149,568
Special deposits..
96,001 Class B com. stock ($1 par)..
224,296
Prepaid accts. & deferred chgs
51,279 Minority interest in common
Cash and working funds
stock and surplus of Peoples
909,772
Investments and advances
_
__
__
Deposit for payment of bond
interest due Jan. l 1936___
a
Service Co
...
8,308
_____
206,486
Funded debt of United Public
375,553
Utilities Corp.__
Deferred liabilities
Notes, warrants and accts.
Federal income taxes
Reserves.
.
receivable
Materials and supplies197,795
8,126,244
227,459
221,454
228,882
207,744
76,607
2,875,124
Accounts payable
Accrued interest
,Accr. State and local taxes,&c
Earned surplus
Total—
a
_____
After reserve of
$19,928,756
$42,719.—V. 142,
United States Realty &
6 Mos. End. June 30—
Net loss after all charges
xl936
$268,331
104,666
Total.
p.
xl934
xl933
$153,244
Realty Corp. which were guaranteed by the parent company. The figure
for 1934 is subject to adjustment to cover increase in depreciation rate
from 1.6% to 2% which increase was made at the end of the year effective
from the beginning of the year.—V. 142, p. 4197.
United States Rubber Co —Listing—
New
York
Stock
Exchange has authorized the listing of 290,000
additional shares of common stock (no par) on official notice of issuance
and payment in full, making the total amount applied for 1,835,959 shares.
The shares are to be issued under three plans, viz: Stock option
plan,
40,000 shares; bonus plan, 150,000 shares, and managers' shares, plan,
100,000 shares.
The Stock option plan was adopted by the stockholders on April 21,1936.
Options were granted to F. B. Davis Jr., President, for 25,000 shares and
to William de Kraft, Vice-President, for 15,000 shares at $20 per share
by the board of directors on Feb. 5, 1936.
The board of directors, on
June 8, 1936, declared these options to be under said plan.
Neither of
these options has been exercised to date.
The bonus plan for employees was adopted by the stockholders on Oct.
15,
1929.
No distribution of common stock under class B of the plan, which
provides for distribution based on earnings, has been made by the Board of
directors because the earnings have not been sufficient for the purpose
prior to the year 1935.
It is now desired to make available the 150,000
cash
Accts.
to
1935
$
Liabilities—
47,550 Collat.
notes
pay'le
payable.
__
462,000
2,540,000
.496
64,785 Accrued interest &
taxes—.——
7,266
U.132
17,142
y Capital stock
9,719,262
9,719,262
Investm'ts, at cost
Capital surplus-.
5,101,427 13,373,424
or less
18,045,459 28,252,184 Earned surplus
2,825,225
2,742,047
810
Deferred accounts.
4,203
note
payable._.
Accr'd inc. receiv.
Other receivables
Total-
—
15,505
133
.
18,115,675 28,385,8661
-
Total..
18,115,675/28,385,866
Convertible pref. stpck (without, par value) issued and outstanding,
673,381 shares at capital of $7 per share; common stock (without par value),
1,000,919 shares at capital of $5 per share; and option warrants outstanding
granting the holders thereof the right to purchase 1,000,000 shares of com¬
mon stock on or before Feb. 1,1944, at $17.50 per share.;
y
To
Value of Stocks—
Change Par
stockholders will be held on Aug. 18 for the purpose
changing the par value of the convertible preferred stock from no par to
$7 per share and changing the par value of the common stock from no par
to $5 per share.—V. 142, p. 1139.
of
$414,166
Exclusive of Geo. A. Fuller Co. and subsidiaries, and Plaza
Operating
Co. and subsidiaries.
The 1935 figures exclude those of G. A. F.
Realty
Corp. (in process of reorganization).
The figures, however, include ac¬
cruals for interest payable on the outstanding 15-year 6% debs, of G. A. F.
x
The
S
S
53,768
A special meeting of
Impt. Co. (& Subs.)—Earns.
xl935
$203,716
Collateral
$19,928,755
3365.
.
1936
1935
1936
Assets—
Cash in banks
Virginia Electric & Power Co.—Earnings—
Period End. May 31—
Gross earnings..
Operation——.
Maintenance
___
Taxes
Balance
•_.
Inc. from other sources.
_
Balance
Interest & amortization.
1936—Month—1935
1936—12 Mos.—1935
$1,315,912
$1,248,235 $15,632,044 $15,199,397
523,696
488,185
6,178,684
5,907,125
90,457
91,772
1,039,000
967,369
165,251
156,808
1,652,697
1,900,984
$536,507
6,666
$511,468 5I 6,761,662
33,333
$6,423,918
$543,173
146,910
$511,468
155,626
$6,794,995
1,9127,819
$6,423,918
1,894,085
$355,841
$4,867,175
1,800,000
1,171,561
$4,529,832
1,800,000
1,171,608
$1,895,614
$1,558,224
Balance..
$396,262
Appropriations for retirement reserve
—
Preferred dividend requirements—
Balance for common dividends & surplus.
-V. 142, p. 4199.
Walworth
The
New
Co.—Listing—
York
Stock
Exchange has
authorized the listing of 40,000
additional shares of common stock
(voting) without par value, on official
notice of issuance, making the total amount applied for 1,321,750 shares.
At the adjourned annual meeting of the stockholders held April 13, 1936
the directors were authorized to give to W. B. Holton, Jr., if he shall
continue to be the executive head of this company either by virtue of the
Financial
448
conferred upon him, as compensation for his services in the
1936/in addition to a cash salary, an option to purchase
20,000 shares of the common stock of which 10,000 shares may be purchased
at any time on or after July 1, 1936, and the remaining 10,000 shares
may be purchased at any time on or after Jan. 1,1937, and as compensation
for his services during each, of the three succeeding calendar years in addi¬
tion to such salary in cash as may be voted to him by the board for each
such year, an option to purchase as to each such year 10,000 shares of the
common stock of which 5,000 shares may be purchased at any time on or
after July 1 in each such year and the remaining 5,000 shares may be
purchased at any time on or after Jan. 1 in the next succeeding year; that
the price to be paid by Mr. Holton for the 10,000 shares which may be
purchased on or after July 1, 1936, shall be the average of the daily selling
prices~of the common stock on the New York Stock Exchange during the
period of four years and eight months immediately preceding July 1, 1936,
may
Western
office'or offices as
by virtue of such other
office which he now holds or
July 18, 1936
Chronicle
Maryland Ry.—Earnings—
First Week
be
calendar
subsequently permitted to be purchased shall be
daily selling prices as aforesaid during the period of five
immediately preceding the earliest date on which said lot of shares is
permitted to be purchased; that each of said options shall accrue to Mr.
Holton only in case he shall continue to be the executive head of this corpo¬
ration down to the earliest date permitted for the exercise thereof, and
shall automatically expire and become null and void as to all shares not
previously purchased thereunder if prior to the exercise thereof or of any
portion thereof (a) the company shall be adjudicated a bankrupt, (b) a
petition or answer praying for the reorganization of the company under
Section 77-B shall have been approved by the Court, or (c) the voluntary
liquidation of the company shall have been determined upon and if such
option shall accrue prior to such liquidation Mr. Holton shall have been
duly notified of such determination and given a period of at least 30 days
subsequent to such notice and such accrual within which to exercise such
option if he wishes to do so, and shall in any event expire and become null
and void as to all shares not previously purchased thereunder on Oct. 31,
years
Western Pacific RR.—Meeting Adjourned
stockholders called for July 14 to act on
The meeting of
Elan before the ICC plan now before the Commission will be made between
kely changes in the have been adjourned until Aug. 25, and it is thought
and the time of
now
to
It was though
stockholders until after hearings
resumption of the hearings.
the meeting of
postpone
Commission.—V. 143, p. 129.
resumed before the
directors were also authorized to cause to be
officers and employees as the board may
At the same meeting the
select, other than its president or any other member of its board of directors,
out of the 68,250 shares of common stock now forming a part of the author¬
ized capital stock, but not heretofore authorized to be issued, not to exceed
in all 20,000 such shares, in such amounts and at such times as the board
determine, as further compensation for services hereafter rendered
such officers and employees in addition to such salaries or wages as may
may
by
be
paid to them in cash.
Pursuant to the foregoing authority and on April
13, 1936 the board
voted W. B. Holton Jr. as compensation for the calendar year 1936 as
President and executive head of this company a cash salary, and the option
to purchase 20,000 shares of the common stock of which 10,000 shares may
be purchased at any time on or after July 1, 1936 and the remaining 10,000
shares may be purchased at any time on or after Jan. 1, 1937, the price to
be paid for the shares so purchased and the terms and conditions of such
option to be as set forth above.
Likewise and on June 8, 1936 the board
voted that an aggregate of 19,334 shares of the authorized but unissued
common stock, not heretofore authorized to be issued, be issued to certain
officers and employees of the company, or of any wholly owned subsidiary,
provided that at the time of issuance such officer and employee shall be m
the employ of this company and that an additional 666 of such shares, be
issued to such officers and employees of this company or of any wholly
owned subsidiary in such amounts and at such times as the board of directors
or the executive committee may hereafter determine, provided that at the
time of the issuance of any such shares such officer or employee shall have
been and shall still be in the employ of the company; all such shares to be
issued as further compensation for services rendered by such officers and
employees since April 14, 1936, to the date of issuance and to be in addition
to such salaries or wages as may be paid to them in cash.
Consolidated Balance Sheet
Mar. 31'36 Dec. 31 '35
Mar. 31'36 Dec. 31 '35
Assets—
Liabilities—
Liabilities—
$
$
Cash on hand & in
banks
659,517
Receivables
1,325,171,
560,132
1,226,961
Interest
on
bonds..
Other interest
on
Profit
$72,288
44,261
12,687
155,937
Cr98,232
debentures-
Loss
sale of securs.
_
_
$50,222
53,158
16,668
349,743
Cr45,216
$57,044
$324,131
$26,508
13,360
33,336
Cr3,308
claim
of
sale
on
7
$74,794
50,985
14,519
81,658
Crl5,323
$73,195
48,895
$42,365
—
sale of securities-
on
1,045
7
Expenses
on
$35,412
13,759
$60,716
14,078
--
Total income
Loss
1933
1934
1935
$60,580
12,608
1936
$56,782
15,506
Miscellaneous income—
Interest
(Del.)—Earnings—
Investing C°rp*
Reserve
Western
6 Mos. End. June 30—
Dividends
-
.7,420
agst. Union Trust Co_
Net loss.
b Notes rec.
(other)
Misc. securities
$439,535
349,226
" "
19,688
Unamort.
..
26,107
d91
dividends
certificates
70
24,554
187,067
64,594
The indicated market value
„
Jloses: Forprior pref. stock, 10,000 and modification of certain rights beeffecting cancellation shares; for possible issuance under terms
onging to
by board of directors, 10,000 shares, and
attached to debentures, 30,000 shares.—
and conditions to be determined
for
V.
stock purchase
142, p. 805.
warrants
Western Union
Telegraph Co., Inc.- -Earnings—
Uncollect, oper. revenues
Taxes assign, to oper
1936—5 Mos.—1935
1936—Month—1935
$7,861,317 $38,772,782 $36,173,755
$8,067,219
6,241,749
31,806,860
30,246,619
6,517,930
55,074
271,409
253,216
56,470
283,334
1,647,838
1,416,667
331,815
Operating income
Non-operating income..
$1,161,004
92,072
$1,281,160
90,419
$5,046,675
615,303
$4,257,253
611,070
Gross income.—....
$1,253,077
682,360
$1,371,579
691,303
$5,661,978
3,432,379
$4,868,322
3,462,747
$570,717
$680,276
$2,229,599
$1,405,575
Period End. May 31—
Teleg. & cable oper. revs.
Teleg. & cable oper. exps
1 to Dec. 31
-V. 143, p.
129.
sub.
83,957
Accrued
3,422
8,176
7,063,703
7,092,512
l
1
94,630
3,989
136,430
163,073
payroll
91,005
155,000
63,501
Acer, reorgan. exp.
Oth. accrued exp__
62,380
3,774
Accrued taxes
Lease
126,978
954
(not due)
co.
32,680
[Including Proprietary
purch. contr.
260,421
Sales billed..
Net profit after deprec.,
Federal taxes, &c
x4,205,524
$1.58
7,141,000
shares
x
6%
Orders received
179,400
184,100
3,203,375
3,203,375
444,385
_
stock.
sulting from
444,385
Sales
stock—balance
.
Jan. 1, 1936
L
billed.
10,475
for depreciation of
$10,031,940 in 1936 and $9,953,061 in
d Represented by 1,281,350 no par shares.—V. 143, p. 128.
(Hiram) Walker-Gooderham & Worts, Ltd.—Earnings
9 Months
3 Months-
per
1935
common
stock
on
1936
$3,316,262
Net income
Preferred stock
$1.21
$5.02
The company will redeem
Sept. 12, 1936, all of its outstanding first
mortgage 5% gold bonds, series A, due Aug. 1, 1951, at their principal
amount and accrued interest, together with a premium of 2%.
Bonds
should be presented on and after that date for payment at the principal
trust office of Chase National Bank, 11 Broad St., New York. Holders may
at their option obtain immediate payment by presenting their bonds before
the redemption date at the same address, in which case they will receive
the principal, premium and interest from Aug. 1 to Sept. 12, less bank
on
M of 1 % per annum from the date of surrender.—
143, p. 288.
Westchester Service Corp.—Compromise Plan—
sinking fund gold
bonds due April 1, 1948, A. O. Van Suetendael, Chairman, has negotiated
a compromise plan which, it is said, retains the essentials of the plan out¬
lined in committee's letter of May 13 (V. 142, p. 3366).
► The court hearing scheduled for July 9 was adjourned to Sept. 21 to
permit attorneys to work out details which will be published as soon as
possible.—V. 143, p. 129.
Western Electric Co.—Sales—
6 Months Ended June 30—
Sales.
-
Provision for Federal income tax
-
deductions..
•
.
$61,977
38,972
/38,989
dividends—Paid
4,043
4,684
10,519
—V. 141, p. 940.
1936
1935
$65,651,000 $50,057,000
1935
Calendar Years—
Operati ng revenues
;
...
General operations
Taxes other than Federal income)
11,516
$231,172
Gross income._
134,035
539
8,682
funded debt
Other interest..
Net income
$211,176
13,587
$224,763
134,600
deductions-
553
11,956
6,619
11,979
$75,958
48,641
Provision for Federal income tax
Amortiz. of debt disct. & exp. & misc.
Preferred stock dividends—paid.
$318,450
65,330
17,019
11,641
13,284
$219,655
Earnings from operations
Other income
on
1934
$323,893
59,502
12,085
17,065
15,585
Maintenance
Provision for retirements
Interest
The protective committee for the first mortgage 6%
142, p. 4041.
$214,973
133,750
Williamsport Water Co.;—Earnings—
West Virginia Water Service Co.—Bonds Called—
r
-
$797,800
$1.85
515
$222,073
137,684
3,654
5,554
10,774
$64,407
...
Amortiz. of debt disc. & exp. & misc.
(no par)
discount at the rate of
funded debt
$3,661,875
345,613
—V. 143, p. 288.
340
Other interest
1935
$913,004
115,204
shares
$214,458
...
Gross income
$1,223,925
660,000
18,565
$221,733
Other income
on
17,541
26,890
195,482
17,524
income)
Earnings from operations
Interest
$472,937
13,749
29,643
...
>
1934
$467,805
185,156
Provision for retirements
Taxes (other than Federal
6i486,475
Subs.)—Earnings^—
Calendar Years—
1936
$1,339,129
115,204
common..
share
13,656,170
Netprof. after deprec.. Fed. income taxes, &c
—V. 143, P. 129.-" v
■•O.¬
Maintenance
13,117,725 12,983,754
Total
1935
1936
Operating revenues
General operations
.* After reserve for doubtful accounts, notes and drafts of $116,368 in
1936 and $100,000 in 1935.
b After reserve for doubtful notes of $45,000.
Surplus for
June 30
$ 147,524,478$117,565,531
137,520,705 109,173,320
,
Westmoreland Water Co. (&
statement of cap.
Earns,
,
re¬
Surp. earned since
Net profit
Preferred dividends.
$2.35
rough provisions for
taxes.
Earnings for 12 Months Ended
836,500
; 836,500
mtge.
Capital surplus re¬
May 31—
$2.98
$1.48
.
Federal income taxes at new rates and with some
,
1st
d Common
Period Ended
6,265,188
Realty
skg. fd. bonds.
13,117,725 12,983,754
7.937,978
3,938,692
sh. on com¬
79,974 shs. 7%
pref. & 2,582,181 com.
per
surtaxes on undistributed
debentures.
Co.
260,421
7,141,000
1st
mtge. 4% bds..
Walworth
Orders received
bined
to 1948 with int.
Walworth Co.
Companies]
1936—6 Mos.—1935
$88,880,060 $64,984,915
77,228,167 62,296.017
1936—3 Mos.—1935
$46,364,591 $34,222,014
43,246,887
36,083,215
Period End. June 30—
Earns,
due in instalm'ts
Co.
Co.—Earnings—
Westinghouse Electric & Mfg.
'35
not due
Walworth
1935.
.$3,952,907 $4,444,383
Total
$3,952,907 $4,444,383
of securities at June 30, 1935, was $2,945,
292.
b 20,000 no-par shares,
c 60,000 no-par shares,
d Representing
270 shares of the corporation's $6 pref. stock and 270 shares common
stock at cost,
e The cost value of securities was in excess of indicated
market values in the amount of $19,437.
,
Note—Common stock in treasury is reserved for the following pura
Acer. int. on bds. of
charges
reserve
330,000
2,091,906
1,656.084
330,000
organ'n, accru. Oct
Prepaid exp. & def.
cAfter
1,768,000
1,767,100
100,000
1,406,200
100,000
40,470 Capital surplus— 2,166,130
Profit & loss deficit 1,587,844
30,375
Net income
under plan of re-
3,725,126
Walworth Realty
Co. bd. indent're
Total.
6% prior pref. stk.
b $6 pref. stock...
b Common stock..i -
portion
of diset. on debs.
Total
1,502,000
debentures
Accrued interest &
Unit
gold
5H%
15-yr.
e3,784,252 a4,233,317
(at cost)
1935
$40,517
2,945
Accrued taxes
Marketable securi¬
ties
1936
$34,421
2,000
Liabilities—
Acer. int. on debs.
$144,421
$118,502
deposit
Deductions
issu'le
are
23,496
by trustee under
Plant & equipm't
Pats. & goodwill..
~ "
3,664,895
186,193
64,347
Skg. fd. cash held
c
$
$
370,632
:
Int. on bds. & debs,
which
dry advances to
officers & empl.
Inventories..
Notes
Notes pay. to bks.
Accounts payable.
Accounts payable.
on
1935
1936
Assets—
Cash
of Walworth Co.
Travel funds, sun¬
—V.
had been
.
#..
Comparative Balance Sheet June 30
issued from time to time to such
V.
the approval or
Interstate Commerce Commission
to Sept. 15. parings on the
the plan of reorganization filed with the
and the Federal Court, has been adjourned
1941.
a
1935
$7,634,074
—V. 143, p. 289.
and for each lot of shares
the average of the
1936
$8,082,599
$205,765
$289,137
Gross earnings (est.)—-
«7on. 1 to JutyJ
of July
1935
i035
Period—
year
$71,011
49,700
—V. 141, p. 941.
Winnipeg Electric Co.—Annual Report—
As the general plan of consolidation and readjustment has become
operative the statements cover the combined business and operations of
Winnipeg Electric Co. after consolidation with Manitoba Power Co., Ltd.
and Northwestern Power Co., Ltd. and its subsidiary companies Winnipeg
Selkirk & Lake Winnipeg Ry. and
Surburban Rapid Transit Co.
Volume
Financial
143
The general effect of the plan declared
summarized
as
Wisconsin Public Service Corp.
operative on April 23,1936 may be
follows:
Winnipeg Electric Co. takes over as of Jan. 2,1935, the assets and liabili¬
ties of Manitoba Power Co., Ltd. and Northwestern Power Co., Ltd. and
acquires all outstanding bonds of Winnipeg, Selkirk & Lake Winnipeg Ry.
and Suburban Rapid Transit Co., of which two companies Winnipeg Electric
already holds ali outstanding shares.
All inter-company liabilities as be¬
tween Winnipeg Electric and
Manitoba Power Co. and Northwestern
Power Co. and all bond guarantees disappear and shares held by Winnipeg
Electric in Manitoba Power and Northwestern Power are canceled.
Winnipeg Electric issues:
(a) New 4^% 1st mtge. bonds, due 1960, to the amount of $3,500,000
for the purpose of refuncdng its present 5% 1st mtge. bonds, due Jan. 1,1935,
and for other corporate purposes.
Additional new 1st mtge, bonds may be
issued up to $7,500,000 (incl. of the $3,500,000) as and when required to
provide 75% of future capital expenditures, subject to a net earnings pro¬
vision.
A sinking fund will be set up to commence alter five years.
(b) New general mtge. bonds, series A and B ranking pari passu, due
1965; series A amounting to $29,275,500 will bear interest at thr fixed rate
of 4% per annum for seven years and thereafter at the fixed rate of 5% per
annum; series B amounting to $6,000,000 will bear interest on an income
basis up to 4% for the first seven years, up to 5% for the next five years and
thereafter at the fixed rate of 5%.
A sinking fund for the general mtge.
bonds payable out of earnings will commence after seven years.
Additional
general mtge. bonds may be issued up to $50,000,000 (incl. of series A
and B) as and when required to provide 80% of future capital expenditures,
subject to a net earnings provision.
..
After 12 years, series A and series B will receive the same interest rates
maintenance and all taxes—
1936
$7,495,463
4,337,433
1935
$7,055,745
4,289,191
Net oper. rev. (before approp. for retir't res.)..
$3,158,030
$2,766,554
27,937
30,631
$3,185,968
$2,797,185
Operating
Operating
revenues
expenses,
Other income
Net operating revenue and other income
appropriation for retirement reserve)
Appropriation for retirement
(before
914,166
749,950
$2,271,801
$2,047,235
1,352,257
1,349,996
56,036
101,253
reserve
Gross Income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
-
24,000
—V. 142, p. 4042.
17,275
$839,507
Net income
$578,710
- V \
'
' r,v
•?
Worcester Street Ry. Co.—Earnings—
Period End. June 30—
Rev. fare pass, carried..
Averagefare
1936—3 Mos—1935
5,166,925
9.81 cts.
$82,221
5,410,186
9.88cts.
_■
Net profit after all chges.
—v. 142, P. 2691.
$87,439
1936—6 Afos.—1935
11,773,056
11,229,077
9.82cts.
9.78cts.
$226,033
$242,045
r
;;
-
Yonkers Electric Light & Power
Co.—Rate Cuts Upheld
See Bronx Gas & Electric Co. above.—V. 142, p. 4201.
Included in the series A bonds of $29,275,500 are bonds amounting to
(excepting the holders of Northwestern bonds) receive in exchange therefor
general mtge. bonds and (or) stock, series A, of an equal principal
Holders of Northwestern bonds receive new general mtge. bonds
and (or) stock, series A, for 40% of the principal amount of their holdings
and new general mtge. bonds and (or) stock, series B, for the remaining 60%.
In addition, the present holders of bonds and debenture stock of all the
companies (excepting the holders of the Winnipeg Electric 5% 1st mtge.
bonds due Jan. 1,1935) are to receive certain common shares and contingent
certificates, and the general mtge. bondholders are represented by one-half
of the board of directors during the first seven years of the plan.
The common stock of the company is increased to 568,581 shares and is
divided into class A and class B, 285,000 will be class A.
Of these 285,000,
281,712 go to holders of bonds and debenture stock and the balance is not
issued at present.
The class B sh^es total 283,277 and comprise all the
common shares of the company heretofore issued, together with the common
shares to be given to the preferred shareholders and balance will be available
for the subsequent exchange (if and when decided upon) for the obligations
given to Manitoba Power Co., Ltd. and Northwestern Power Co., Ltd.
upon closing.
All bond and debenture stock holders (excepting Northwestern bond¬
holders) will receive interest at present rates up to Jan. 2, 1935, from which
date interest to the extent payable thereon is carried by the general mtge.
(& Subs.)—Earnings—
12 Months Ended May 31—
and be identical in all respects.
$1,829,300 to be held by the company's bankers as collateral security to the
bank loan of $1,250,000.
The present Winnipeg Electric 5% 1st mtge. bonds, due Jan. 1,1935, are
being refunded by means of the new 4^% 1st mtge. bonds, due 1960.
Present holders of all other bonds and debenture stock of all the companies
449
Chronicle
York Ice Machinery
Corp.—Gets Contract—
The company announced that it has
iust been awarded a contract for
conditioning the du Pont office building in Wilmington, Del. This is
one of the largest air-conditioning orders of the year, involving 600 tons of
refrigeration and equipment to condition 167,000 cubic feet of air per minute.
air
—V. 142, P. 2691.
_
new
Yreka Western RR.—Receiver's
amount.
bonds and debenture stock.
payable on the basis of 20% of the
Winnipeg Electric preferred shareholders retain their shares (subject to
dividends being non-cumulative and at 4% for the first seeven years of the
plan and 5% thereafter) and in addition will receive common shares class B
at the rate of one-half common shares for each preferred share now held.
The bank loan of $1,250,000 is repayable in eight yearly instalments and
the interest thereon is reduced from 6% to 5%.
*
Consolidated Income Account for
Gross
of not exceeding $25,000 of receiver's
certificates, to be sold or other¬
proceeds applied to the rehabilitation of the
140, p. 3437.
wise disposed of at par and the
railroad of the company.—V.
NOTICES
CURRENT
—Home
owners
planning alterations and those who contemplate building
homes, anywhere east of the Rocky Mountains, in the near future, at a cost
of at least $4,000 are
well-bound
Volume
available for
tions
to receive from the F. W. Dodge Corp., a
eligible
the
describing
$6,352,338
3,090,111
expenses
Net operating income
on funded debt..
Other interest
$3,262,226
1,242,598
66,201
502,334
1,000,000
4,940
60,799
Taxes.
__
Depreciation
Amortization bond discount and expense
Other income deductions
Graphic illustra¬
make this
volume a virtual
medium of "Home Owners' Catalogs," as the
own
book is called, can have their
building show and housing exhibit right in their own living room and at
and learn
how to
suited for the home being planned
about getting them through local dealers and dis¬
go
tributors.
,
Applications for copies of the "Catalog" are being accepted at the offices
New York City as well as at all of their nu¬
of the F. W. Dodge Corp. in
merous
throughout the United States.
branch offices located
—Cohu
their
Into
entry
banking.
Formed in 1923
that date
a
as
York Stock Exchange,
New
of the
members
Brothers,
field of underwriting and
the
are
investment
MyTon S. Hall & Co., the firm has been since
member of the New York Stock Exchange and in recent years
has confined itself to
Interest
and fixtures
establishment.
brief descriptive texts
with
together
modern materials
most
to-day's up-to-date living
necessity to home owners and prospective home owners, who through the
announcing
Year Ended Bee. 31,1935
earnings from operation
Operating
The Interstate Commerce Commission on June 23 authorized the issu¬
ance
their leisure, pick out the products best
Northwestern scrip certificates are
principal amount of the certificates.
Certificates—
Due to increased activity in
brokerage activities.
the firm
security underwritings,
include this field, for which
direction of Junius Powell.
a
decided to enlarge its facilities to
has
department will be formed under the
new
Mr. Powell, for a number of years with the
Guaranty Company both in New York and Chicago, later became vicepresident
in
charge
North American
the
distribution for
of
Securities
Company and, following its dissolution in 1933, engaged in the brokerage
Net income before providing for
int. on series B bonds
$385,354
business.
Consolidated Balance Sheet Dec. 31, 1935
—"Mid-year bank statements indicate the most favorable position of
[After giving effect to the provisions of the general plan of consolidation
and readjustment]
Assets—
Liabilities—
Physical properties
Sundry investments
$74,831,758
12,915
2,947,797
Cash..
a
Consumers'
& other
accts.
receivable
772,332
$5,000,000
13,754,521
36,341,200
Funded debt
Accounts payable, incl. wages
and salaries
42,887
577,527
242,429
10,000
Bond interest
1,382,979
Other Interest
51,539
Other liabilities
Prov.
of
197,027
Manitoba—water
po wer rentals
Miscell.
and
120,000
reserves
for
injuries
consol.
&
contingencies, &c
998,360
1,825^230
Surplus
11,359,188
7,290,947
385,354
Total
$79,427,647
Property
reserve
reserve
increased ^ of 1 per cent, since last
possibilities
Bank
After
....$79,427,647
b 50,000 shares of $100 each,
non-cumulative; dividend ratbs 4% to Jan. 2,1942, thereafter 5%.
c Rep¬
resented by shares of no par value. 281,712 shares class A and 283,277 shares
a
reserve
for
doubtful
accounts,
of class B.
Routine
on
are
attractive.
This combination of features leads us to say:
the bank stocks."
—Mark
for the
fall; earnings leverage is high, at very
recoveries are increasing; preferred stocks and capita
being retired or refunded; and dividend yields and appreciation
notes are
A.
formerly assistant chief accountant investigator
Dunham,
Securities
Commission, Washington,
Exchange
and
become associated with the firm of Floyd D.
&
—Greene
New
members
Co.,
Belay in Interest—
In reviewing recent developments in
connection with the consolidation
readjustment of the company and associated companies, Edward
Anderson, K.C., President, states in a letter dated June 22:
"We had hoped that soon after the consolidation transactions which
took place on the 16th inst., all bondholders affected would be able to
receive the accumulated interest payable under the plan, including all
payments due up to July 2, 1936, on the new general mortgage bonds,
series A and series B.
The money for this purpose is now in the hands
of the company's bankers and has been set aside to be paid out by the
trust companies concerned, but we have been advised by Blake, Lash,
Anglin & CaSsels that the money cannot be paid out until the new definitive
bonds can be delivered.
Rush orders have been placed for the engraving
of these new bonds, but as some of this work is of a complicated character,
a considerable time will be required for its completion."
As a result, interest payments will probably be held up until around
the end of August.—V. 142, p. 3019.
and
prices
on over
industrial
Michigan Power Co.—Files with SEC—To
Issue $10,500*000 1st Mtge. Bonds—
The company on July 11 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2328, Form A-2) under the Securi¬
3%% series,
According to the registration statement, the net proceeds from the sale
of the bonds together with other treasury funds are to be applied to the
redemption on Sept. 1, 1936, at 103M and int., of $5,000,000 1st & ref.
mtge. gold bonds, 5% series, due 1957, and to the redemption at 105 K and
int. of $5,000,000 1st mtge. gold bonds, 4K% series, due 1961.
The price to the public, the names of the underwriters, the underwriting
discounts or commissions and the redemption provisions are to be furnished
142, p. 3701.
> •
Security Dealers Association
pamphlet containing bid and asked
500 "over the counter" bonds and stocks, including quotations
stocks
and bonds,
public utility bonds, real estate bonds,
foreign dollar bonds, investment trust bonds, public? Utility preferred stocks
and brewery stocks.
—The 1936 editions of the Hartley Rogers
ment
by the company states.
United States and Canada, announce¬
It is expected that the current edition of
the Code numbering 15,000 copies will
Dec. 30, 1933 to April 30;
managers.
be promtly distributed.
representative stock issues during the period from
—The trend of 100
compiled by
& Co. Telegraphic Code is
trading departments and branch offices of
1936 is shown in tables contained in a booklet
Lancaster & Co., Inc., New York, investment
Robert E.
The booklet bears the title of "More Money to Spend."
—Frank C. Masterson & Co., 64 Wall St.,
New York, have issued their
1936,
quarterly booklet on unlisted quotations, which lists the June 30,
closing bid and asked prices of approximately
are
most
2,500 stocks and bonds that
frequently traded in over the counter.
—Announcement is
made of the formation of the investment firm of
John Kormendi Company, to transact a
Kormendi formerly was with the New
Wisconsin
Mr. Dunham has a
distribution of securities.
York
37 Wall St., New York, have issued a
being issued to dealers, brokers,
by amendment to the registration statement.—V.
Chicago.
commercial and investment banking
the
investment houses throughout the
ties Act of 1933 covering $10,500,000 of first mortgage bonds,
due 1961.
D. C., has
Cerf Company, exclusively
and brokerage business, as well as in
on
Total
"Credit ex¬
1936.
pansion is taking hold," according to the firm; "the call money rate has
broad background of experience in the
readjust.,
Deferred liabilities
Depreciation
years," Hoit, Ross & Troster, 74 Trinity Place, New
of N. Y. C. bank statements as of June 30,
wholesalers and underwriters of securities,
damages, leased prem¬
ises,
survey
low cost of deposits;
623,718
87,580
Scrip ctfs. (Northwestern)
Compensation
Board, &c
Materials and supplies
Deferred charges to operation
stock....
Common stock
seven
York, state in their current edition of Facts and Figures, which contains
a
Consumers' security deposits.
Working funds & deposit with
Workmen's
b Preferred
c
bank stocks in
and prior to that with Kidder,
general investment business.
Mr.
York office of Washburn & Company,
Peabody & Co.
—Plymouth Fund, Inc. and Plymouth Distributors, Inc. announce that
their directors have completed arrangements with
Reichart, DeWitt & Co.,
Inc. whereby the latter w*ill act as exclusive wholesale distributors
Class A shares of Plymouth
—C.
S.
Frizzelle Jr.
and Harold B.
Presidents of Hiltz & Co., Inc.
the
of the
Fund, Inc.
Smith have been appointed Vice-
Mr. Frizzelle is in chargeof retail sales for
organization and Mr. Smith is in charge of the trading department.
—Blyth & Co., Inc. has prepared a tabulation showing principal balance
sheet items and per share
statistics for 24 New York City banks and trust
companies as of the enc[ of June, 1936, 1935 and 1934.
Financial
450
Chronicle
July 18, 1936
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
Sugar—On the 13th inst. futures closed 1 to 4 points
Transactions totaled 2,200 tons.
In the market for
Cubas and Puerto Ricos were offered at 3.80c.
On
COMMERCIAL EPITOME
lower.
Friday Night, July 17, 1936.
to
Coffee—On tlie 13th inst. futures closed 2 points higher
1 point lower for Santos contracts.
Transactions were
Old Rio contracts closed 6 to 9 points lower
12,500 bags.
New Rio contracts closed 6 to 7
points lower with 2,500 bags transacted.
Rio de Janeiro
futures were 250 to 350 reis higher than on Friday's close,
even
after a loss of 50 to 75 reis during the day.
The
official No. 7 price was 400 reis
higher.^ Cost and freight
offers from Brazil were 15 to 25 points higher with Santos
37,250 bags.
with sales of
Bourbon 4s at from 8.90 to 9.35c.
closed for
The Havre market
was
On the 14th inst. futures closed un¬
changed to 1 point lower for the Santos contract with
transactions totaling 11,000 bags.
Old Rio contracts closed
unchanged to 2 points lower with sales of 4,000 bags.
Rio de
a
holiday.
Janeiro futures
were 25 reis lower.
The official rate was
marked up 190 reis to 11.44 milreis to the dollar, the first
change since Sept. 6, 1935.
Brazilian regulations require
that 35% of all foreign exchange be sold to the Bank of
Brazil at the arbitrarily set official rate, such cover obtained
being used for official payments, &c., outside the country.
Cost and freight offers from Brazil were
irregular at 10
lower to 5 higher with Santos Bourbon 4s
generally in a
range
of from 8.90 to 9.10c.
The Havre market
was
closed
for the
Fete Nationale.
On the 15th inst. futures closed
7 to 8 points down for Santos contracts.
Old Rio contracts
closed 2 to 3 points down and new Rio contracts closed
5 points off.
Cost and freight offers from Brazil
were
generally unchanged.
Santos Bourbon 4s
generally at
were
from
8.90 to 9.20c.
Havre futures market, which was
closed Monday and Tuesday—showed losses of
1% to 2 }/i
francs from
On
the
Saturday's prices.
16th inst.
futures closed 2 points up for Santos
contracts, with sales of 8,750 bags. Old Rio contracts closed
2 to 7 points higher, with sales of
5,750 bags. New Rio
contracts were higher to 5 points lower, with sales of 750
bags. Cost and freight offers from Brazil were light because
of
the
holiday,
and
generally
unchanged,
Bourbon 4s at from 8.90 to 9.20 cents. Havre
with
Santos
unchanged
% franc higher. To day futures closed 4 to 11 points
down for Santos contracts, with sales of 75 contracts. Old
Rio contracts closed 4 to 11
points up on the near months,
and unchanged on the distant
deliveries, with sales of 41
contracts. New Rio contracts closed
unchanged, with sales
of 9 contracts. Rio de Janeiro futures were 25 reis
lower,
while the open market
exchange rate was 50 reis improved
at 17.05.
Cost and freight offers from Brazil were about
unchanged, with Santos Bourbon 4s at from 8.90 to 9.10
was
to
cents.
Havre futures
were
Rio coffee prices closed
July.
September
% franc higher to % franc lower.
as
follows:
\
4.521 December!
May
July—
4.80
—.8.46
8.98
Cocoa—On
the
13th
inst.
September
8.65
December—•
8.85
futures
transferable notices
to
4
Prices
of business on the local
Exchange totaled 2,130 tons. Closing:
July, 5.98; Sept., 6.00; Dec., 6.10; Jan., 6.12; Mar., 6.20;
May, 6.27.
On the 14th inst. futures closed unchanged to
1 point higher.
London was quiet and steady.
New York
to
decline
to
new
low
levels.
Yesterday's decrease of 1,525 bags brought the total down
to
712,318 bags.
Transactions on the local Exchange
totaled 1,018 tons.
Local closing:
Sept., 6.00; Dec., 6.10;
Mar., 6.20; May, 6.27.
On the 15th inst. futures closed
12 to 13 points
up.
This upswing was due to a wave of
commission house buying.
There was nothing special in
the news to account for this renewed
buying.
New York
warehouse stocks were down to 711,993 bags, the lowest in
W2 years.
Volume of business in futures totaled 483 lots,
or 6,472 tons.
Local closing: Sept., 6.12; Dec., 6.22; Mar.,
6.33; May, 6.40.
On the 16th inst. futures closed 2 to 5
points higher. Wall
Street houses were aggressive
buyers. Offerings were not so
liberal on the advance. London was firm.
Importers con¬
tinued to report a scarcity of offerings from the
primary
markets.
Volume on the local Exchange was 243 lots, or
3,256 tons. Local closing: Sept., 6.15; Oct., 6.18; Dec., 6.27;
Jan., 6.30; Mar., 6.37; May, 6.44. To day futures closed
5 to 7 points lower.
Sales were 304 contracts. Operations
consisted chiefly of evening up over the week end. Ware¬
house stocks were unchanged.
Switching from Sept. into
later positions was common.
Local closing: Sept., 6.09
Oct., 6.11; Dec. 6.21; Jan. 6.24; Mar., 6.31; May, 6.39.
i
were as
believed to have
follows:
July
2.811 January
March.
2.52(May____
September
2.81)
2.55
2.54
-
Distribution of sugar in the United States during
months of 1936, January to June, inclusive,
the first
six
totaled
3,107,132 long tons, raw value, as compared with 3,060,073
tons during the corresponding period last year, an increase
of 47,059 tons, or approximately 1.5% according to Lamborn
points
Offerings from primary markets were scarce and at
considerably above the market. Manufacturers were
reported buying.
New York warehouse stocks declined
2,411 bags to a new low figure for the past 3 K years.
Volume
continued
were
.
& Co.
closed 2
levels
stocks
issued and
bought back by the issuers immediately. In the mar¬
ket for raws refiners were believed willing to pay 3.70c. for
August arrival sugars, while only one small parcel, 10,000
bags of Puerto Ricos due next week was offered there.
Lamborn estimates U. S. consumption first 6 months at
3,101,132 long tons raw, against 3,060,073 (1935), an in¬
crease
of
1.5%.
London futures closed unchanged to
Md. lower.
On the 16th inst. futures closed 1 point higher to 2 points
lower.
Sales were 1,750 tons.
In the market for raws
McCahan of Philadelphia took 750 tons of Philippines, due
next week at 3.70 cents, unchanged.
Refiners will still pay
3.70 cents for August sugars, while offers ranged from 3.80
to 3.85 cents.
Philippines for Dec.-Jan. shipment were
offered at 3.55 cents. London futures closed unchanged to
3^d lower, with July at 4s 3%d, after touching 4s 3d at the
opening. To day futures closed 2 to 5 points up on the near
months and 1 point down to 1 up on the distant months.
Trading was quiet during most of the session.
Traders
appear not inclined to do anything in the market until
refiners start buying raws. No sales were reported to-day,
although some Puerto Ricos still were on sale at 3.70 cents.
London futures were l/±d to %d lower, while raws sold at the
equivalent of 0.823^ cents a pound, f. o. b. Cuba.
The firm said:
Cane sugar distribution amounted to 2,498,102 tons as contrasted with
higher.
warehouse
were
been
-.4.68
Santos coffee prices closed as follows:
.8.93
Friday C. & H. of San Francisco announced a reduction to
on immediate shipments, i.e., 7 days, while retaining
30-day contracts at 5c.
Great Western reduced to 4.55c.
and Arbuckle and National met the C. & H. price.
Resale
refined was reported offered at 4.70c., as a consequence of
the refined price reduction.
London futures closed un¬
changed to 34d. lower, while raws were offered at 4s. 6d., or
about 85^2 f.o.b. Cuba.
On the 14th inst. futures closed
unchanged except for spot July, which was nominally off
4 points, and next July, which was 2 lower.
Sales totaled
2,650 tons, mostly in September and November.
In the
market for raws nothing happened.
One parcel of Puerto
Ricos due next Monday was offered at 3.70c., while other
sugars were held at from 3.80 to 3.85c.
Refiners were
believed willing to pay 3.70c. for forward shipment sugars.
All refiners are quoting 4.75c. for immediate shipment re¬
fined, while holding 30-day contract business at 5c.
London
futures closed unchanged to %d. lower while offerings of'
raws were unchanged.
On the 15th instl futures closed 1 to
2 points down.
Trading was comparatively quiet.
Four
4.75c.
.
4.55|March--_
March.
raws
2,390,588 tons in the January-June period of 1935,
tons, or 4.5%.
669,485 tons,
an
increase of 107,514
Beet sugar distribution totaled 609,030 long tons
a
as
against
decrease of 60,455 tons, or approximately 9.1%.
Deliveries of refined sugar by all United States beet sugar
companies increased 72% in June above the same month iu
1935 but were 9% behind last year's volume for the first six
months, the New York Coffee & Sugar Exchange calculated
from figures of the United States Beet Sugar Association.
June deliveries were 137,588 short tons against 77,443 during
May and 80,169 during June 1935, the Exchange announced
July 15, adding:
For the six months ending June 30 deliveries amounted to 637,492 tons
against 700,739 during the similar 1935 period,
or
9%.
a
decrease of 63,247 tons
Stocks of refined beet sugar on hand on July 1 were estimated at
about 360,000 short tons raw value against 410,000 on the same date last
year.
Lard—On the 13th inst. futures closed 15 to 18 points
down, with the exception of December, which was 2 points
up at the close.
The Western run of hogs rose to 78,800
head, far beyond the volume of a year ago.
Chicago hog
receipts were 16,000 head.
Hog tops lost 10 to 25 points.
On the 14thinst. futures closed 22 to 25 points down.
There
was
nothing specially noteworthy about the hog market.
Tops lost 15 points.
The Chicago run was 17,000, with
15,000 estimated for this day.
The Western run was 60,300.
Packers bought 10,000.
Shippers only 1,000.
On the 15th
inst. futures closed 17 to 20 points up.
The strength of corn
and hogs was responsible in large measure for this sharp
recovery in lard.
Chicago received 11,000 head of hogs,
and the Western run was not at all heavy at 48,700 head.
At the finals hog tops were 10 points up at $9.75 to $10.50.
Volume
Financial
143
On the 16th inst. futures closed 25 to 28
points up. This
substantial rise was attributed largely to the unfavorable
crop reports on corn from a number of areas, which condi¬
tions are bound to affect very materially the prospects of
feed.
Chicago received only 10,240 hogs. Prices for hogs
were
15c.
35c.
to
higher, at $9.40 to $10.75. The whole
only 38,900 head. To-day futures closed
unchanged to 15 points up. The strength in this commodity
is attributed largely to pronounced
activity and strength of
corn.
There is every indication that feed is going to be high,
and this in turn affects hogs and lard.
western
run
was
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.
JulySeptember-.
Mon.
10.77
10.62
10.80
October
10.72
Tues.
10.40
10.50
,-10.92
10.77
10.52
——10.65
December.
10.67
10.45
Wed.
10.57
10.67
10.72
10.65
CHICAGO
Thurs.
10.80
10.95
10.97
10.92
Fri.
10.87
10.95
11.62
11.05
Pork—Steady. Mess, $30.00 per barrel; family, $30.,
nominal, per barrel; fat backs, $20.75 to $24 per barrel.
Beef: quiet. Mess nominal; packer, nominal; family, $14. to
$15 per barrel, nominal; extra India mess, nominal.
Cut
Meats: steady. Pickled hams, picnics, loose, c.a.f., 4 to 6
lbs., 16^gc., 6 to 8 lbs., 1524c., 8 to 10 lbs., 14c. Skinned,
loose, c.a.f.: 14 to 16 lbs., 23c., 18 to 20 lbs., 22c., 22 to 24
lbs., 1924c. Bellies, clear, f.o.b., New York: 6 to 8 lbs.,
2234c., 8 to 10 lbs., 22c., 10 to 1'2 lbs., 21c. Bellies, clear,
dry salted, boxed, New York: 14 to 16 lbs., 1534c.; 18 to 20
lbs., 1434c.; 20 to 25 lbs., 1434c.; 25 to 30 lbs., 14c. Butter
creamery, firsts to higher than extra and premium marks,
3334c. to 3324c. Cheese: State, Whole Milk, Held, 1935,
fancy, 23c. to 2334c. Eggs: Mixed colors, checks to special
packs, 1834c. to 2434c. 7
.
Oils-—Linseed oil demand is quiet, though a firmer tone
is in evidence.
Quotations: China Wood: Tanks, forward,
18.6 to 18.7c.;drms,
spot, 19,34®**Coconut, Manila, tanks,
Coast, 434 to 424c. Corn, crude, tanks, West mills, 934c.
Olive, denatured, spot, Spanish, 80c.; shipment distant, 74
to 80c.
Soy Bean: tanks, mills, 834c., C.L. drms 9.1c. to
9.4c.; L.C.L. 9.5c to 9.9c. Edible, 76 degrees, 10c. Lard,
prime, 1124c.; Extra strained winter, lie. Cod, Crude,
Newfoundland, nominal; Norwegian Yellow, 35c. Turpen¬
tine, 40 to 45c. Rosins, $5.75 to $7.00.
Cottonseed Oil sales,
Crude S. E., 8Mc.
December
January
Juue
-
including switches,
Prices closed
as
-9.72®
| August
9.67@9.69 ISeptember
9.68®
October
9.76@9.85 jNovember
9.79@
9.77® 9.80
9.75@
9.70®
--
July.
57 contracts.
follows:
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our
department of "Business Indications,"
in the article entitled
"Petroleum and Its Products."
Rubber—On the 13th inst. futures closed 3 to 6 points
lower.
Sales totaled 470 tons, the smallest in
quite some time
for a full day's session.
Dealers in the outside market re¬
duced prices 1-I6c. to a
spot basis of 1624c. for standard
sheets. London closed
steady, while Singapore closed slightly
Local closing; July, 16.62; Sept., 16.65; Dec., 16.77;
(1937), 16.85; May, 16.95.
On the 14th inst. futures
easier.
Mar.
closed 5 to 8 points down.
Transactions totaled 830 tons.
Sheets in New York declined to 16.62 from 16.63.
London
and Singapore closed
unchanged to l-16d. lower.
Local
closing: July, 16.57; Sept., 16.60; Dec., 16.71; Mar., 16.79;
May, 16.87.
On the 15th inst. futures closed unchanged to
7 points lower.
Transactions totaled 980 tons.
Spot ribbed
smoked sheets
declined to
16.56 from
16.92.
London and
Singapore closed unchanged.
Local closing; July, 16.50;
Sept., 16.60; Dec., 16.70; Jan., 16.73; Mar., 16.79; May,
16.85.
On the
16th inst. futures closed 10 to 16 points down.
Transactions totaled 2,100 tons.
The decline in the market
to-day
was attributed
largely to the threat of labor disturb¬
ance.
London and Singapore closed quiet and steady with
prices virtually unchanged.
Rubber consumption in this
country made a new all-time high in June, reaching 52,636
tons.
This .was the third successive month that United
States consumption of crude rubber exceeded
50,000 tons,
and only the fourth time in all
history that this mark has
been exceeded.
Rubber
consumption for June was up 45.6%
a year
ago.
Local closing:
July 16.36; Sept.
16.47; Oct. 16.50; Dec. 16.57; Jan. 16.59; Mar. 16.63.
To-day futures closed 1 point down to 1 point up.
Trans¬
actions totaled 59 contracts.
London and Singapore closed
virtually unchanged.
The local market on the whole was a
very dull affair.
Closing:
Sept. 16.46; Dec. 16.56; March
16.54; May 16.74.
above June
,
Hides—On the 13th inst. futures closed 10 to 18 points
higher.
Sales totaled 1,360,000 pounds.
The domestic
spot hide situation showed little change.
Local closing:
Sept., 10.75; Dec., 11.07; Mar. (1937), 11.38; June, 11.68.
On the 14th inst. futures closed 3 to 6 points down.
Sales
totaled 1,200,000 pounds.
Business in domestic spot hides
was virtually nil.
Buyers were reported as showing com¬
paratively little interest.
Local closing: Sept.,
10.72;
Dec., 11.04; Mar. (1937), 11.33.
On the 15th inst. futures
closed 11 to 13 points higher.
Transactions totaled 1,240,000 pounds.
The stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 862,106
hides.
The spot situation in the domestic market was
Chronicle
451
unchanged.
Mar.
Local closing:
Sept.,
(1937), 11.45; June, 11.75.
10.83;
Dec.,
11.15;
On the 16th inst. futures closed 2 points
higher to 1 point
The stocks of certificated
hides in warehouses licensed by the Exchange remained un¬
changed at 862,106 hides.
Local closing:
Sept. 11.14
Mar. 11.44; June 11.74'
Today futures closed 14 to 18
points up.
Sales were 33 contracts.
In the domestic spot
market sales of 50,600 hides were reported, with light native
cows
selling at 1034 cents a pound.
Local closing:
Sept.
10.99; Dec. 11.30; March 11.62.
lower.
Trading
was
sluggish.
Ocean Freights—The market for freights continued
paratively quiet with little or no feature.
Charters included:
at
10c.
Five
loads
Grain booked:
of
Canadian
com¬
15 loads to Rotterdam from Albany
wheat
to
Scandinavia
at
13c.
Scrap
metal:
Aug., North Atlantic two ports to two Japan, 14s.; same, Aug.,
rate 14s. 3d.
Sugar: Cuba to
Prompt, New York, Galzta, f.i.o., $3.65.
United Kingdom-Continent, 13s. 9d.
Trips: Round trip Canada about
$1.15; trip across 95c.; trip across $1.30.
Coal—Prices
firm for nearly
all high grade products.
buying has sprung up in the
West, despite crop burning heat and a discouraging
outlook for the
uj>per half of the grain belt. Hampton
Roads, Charleston, and New York are quiet markets.
The
anthracite movement for domestic use is at low ebb again,
but steam sizes are in fair position, and the general bitumin¬
ous demand
by inductries is well sustained at the seaboard,
with little unsettlement of quotations.
are
Some moderate volume of retail
Middle
markets have been generally dull
nevertheless a queit improved
exceedingly low volume of sales
during May and June, incidentally, was looked upon as a
Copper—While
for
copper
time past, there is
demand for the metal.
After
some
rather natural aftermath of the
unprecedentedly large sales
of last
April—the trend of sales during the current month has
been decidedly upward again.
Sales so far this month are
considerably beyond the rate of sales during May and June.
A further increase in copper buying is looked for in the latter
half of the month in the trade, as orders for October delivery
are
usually placed at that time.
Demand for copper both
domestic and foreign, is expanding with business recovery,
particularly since the heavy industries that are the heaviest
consumes of
copper are still going along at an excellent pace.
World stocks of copper fell 7,200 tons during June.
These
stocks at the end of June stood at 458,900 tons, the lowest
in several years.
United States stocks of copper declined
1,400 tons for the month to 228,800 tons.
Another item
of interest in this compilation of the Copper Institute, was
the United States production of scrap, which dropped from
20,800 tons in May to 13,275 tons for the past month, the
June production having been a more normal one.
The May
production of scrap had been the greatest for several years.
Tin—The feature of the week was the skyrocketing of
prices last Monday on the rumors that Siam will make
concessions in her requests for a larger quota when the
present agreement expires at the end of the year. The price
here rose 124c. per pound, spot Straits being quoted at 4424®per pound.
The demand at the higher price, however, was
light. The decision of the Bolivian delegation at the meeting
of the International Tin Committee, surrendering the arrears
I*
of the Bolivian exports, was
regarded bullihsly. However,
be a flash in the pan.
of the week and prices
sagged. Tin afloat to the United States is 7,177 tons. :Tin
arrivals so far this month have been: Atlantic ports, 1,970
tons; Pacific ports, 150 tons. Commodity Exchange ware¬
house stocks are unchanged at 265 tons.
the spurt of Monday just proved to
The demand continued light the rest
Lead—Domestic sales
so
far this month are a trifle
better
than for the
This is
corresponding periods of either May or June.
attributed to the better purchasing of pig lead by
lead-covered cable manufacturers and
a
better volume of
purchases by the public utility companies. However, in the
main the lead business this week has been rather quiet, as
would be expected after sales of well over 10,000 tons for the
preceding week. About one-third of the Aug. requirements
of consumers are said to be under contract, but the fact that
two-thirds are yet to be bought, insures fairly active lead
markets
over
the next few weeks.
1
Zinc—There wa£
nothing, spectacular to the trading or
news, markets ruling generally quiet. The price of zinc ore
was reduced $1.50 per ton in the Tri-State district at the end
of last week, the new quotations becoming $29.50 to $30.50
per ton.
This is the first change in zinc concentrate prices
in about forty weeks. The reduction is regarded as being in
line with the recent declines in the price of slab zinc, amount¬
ing to $3. per ton, since it takes two tons of ore to make one
ton of slab. zinc.
Demand for prime Western slab zinc was
quiet at 4.75c. per pound.
Steel—Operations in the steel industry show a gain of 1.8
points over the preceding week, the estimated figure being
69.0%.
This compares with a rate of 39.9% of capacity
during the corresponding week of last year.
The current
month has ail indications of being the most active July in
the steel industry for several years.
The demand is in
large measure for actual needs.
However, a substantial
portion of the orders are coming from interests who wish to
play safe in case the regular supply of steel is curtailed as a
result of labor disturbance.
The feature of the buying is the
good demand for heavy steel, which is the most active by
Financial
452
comparison with the demand for light steel.
steel sales are far above the average for the
*
certain
observers.
is
It
this
said
July 18, 1936
COTTON
Thus structural
year to
date, and
purchasing by the railroads is brisk.
Rail buying was
thought to have pretty well spent itself, and would not pick
up until the Fall.
But there are fair sized rail tonnages
being purchased now.
Reports from Pittsburgh state that
the demand for wire products is holding up well.
An
advance in the price of nails for the fourth quarter is being
talked of.
If the present rate of activity continues, it is
quite likely that steel items which were not raised for third
quarter, will be marked up for the fourth quarter, according
to
Chronicle
would
include rails
and tin plate.
Tin plate operations have
to the average of about 95% of capacity,
sagged somewhat'
after having been
virtually at full capacity for several weeks.
A steel strike
The
Friday Night, July 17, 1936.
Crop, as indicated by our tele¬
the
Movement of
from the South tonight, is given below.
For the
ending this evening the total receipts have reached
16,973 bales, against 13,381 bales last week and 21,952
bales the previous week, making the total receipts since
Aug. 1, 1935, 6,715,985 bales, against 4,038,899 bales for
the same period of 1934-35, showing an increase since Aug. 1,
grams
week
iuuv
Receipts at—
244
184
91
110
Corpus Christi
247
404
231
158
12
2,055
2,459
1,429
6,838
1,528
664
442
__
Total
834
471
Houston
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
-
Galveston
323
remote than
a
few weeks ago.1
Pig Iron—Businesses reported to be satisfactory for this
time of the j^ear. The hot weather and the vacation season "
are reported as having their usual effect of
slowing up busi¬
ness.
It is reported that consumers will not risk purchasing
more
than carload lots at
time.
It is said
they are assured
of constant and prompt sources of supply and
consequently
they do not feel compelled to load up with iron as they did
in
former
times.
The
a
American
Radiator
&
Standard
Sanitary Manufacturing Co. is being compelled to buy pig
according to reports from Buffalo,
enough iron at its rather small
furnace at North Tonawanda, N. Y., to supply its needs.
The strike of molders in the Brooklyn foundries has had its
effect in slowing down consumption somewhat in the district.
However, there are no signs of the strike spreading to nearby
territories. Hot weather has slowed down
foundry operations
in many sections of the
country. It is said that where the
necessity to produce was not urgent, foundries have closed
down completely.
'
'
iron in the open market,
because it cannot make
-
Wool—The
Department of Agriculture's statement that
the supply of wool available in the United States in 1936
will be smaller than last
year and that although mill con¬
sumption will be smaller than in 1935, domestic wool prices
will be probably be
would
seem
to
fairly steady in the next few monthsjustify the prevailing bullish sentiment. Quiet
conditions have prevailed in the
week.
raw
wool market the past
A
leading wool consignment house went on record as
saying that the statistical position of wool is decidedly indi¬
cative of
stronger rather than weaker values. Illustrating
the strength of the
market, a bid of 85c. for a large clip of
twelve months' Texas was
rejected by one of the leading
houses.
Prices on graded wools are nominal in absence of
real demand, and partly due to hte fact that very little
been graded for season to date.
Spotty sales of
greasy wool are confined to the lower classes of territory
original bag at around 80c. for short French combing up to
any
wool has
82c.
or
83c. for average French
combing.
Wools of the better
class are not meeting much
interest, but are held firmly to
strong unchanged prices. Prices were well maintained at
London Colonial sales.
Offerings at the London wool auc¬
tions on July 15th totaled
9,348 bales. Home and Con¬
tinental buyers operated
freely.
,
Silk—On
the
13th
inst. futures
closed 2 to
3c.
down.
Transactions totaled 2,120 bales.
Japanese cables reported
grade D as rising 25 to 30 yen in Yokohama and Kobe,
going to 755 yen at both centers.
The Yokohama Bourse
32 to 39 yen
higher and Kobe was 30 to 36 yen higher.
Cash sales for both bourses were
1,275 bales and futures sales
at these centers were
12,650 bales.
Local closing:
July,
was
1.72; Aug., 1.66H; Sept., 1.64; Oct., 1.62^; Nov., 1.613^;
Dec., 1.61 Yz.
On the 14th inst. futures closed unchanged
to lc. higher with the
exception of July, which was 2c. lower.
^
Sales
totaled
210
bales.
Spot declined Ac. to $1.75.
Grade D lost 5 yen,
registering 750 yen at Yokohama and
Kobe.
Yokohama futures were 3 to 7 yen higher and at
Kobe were 5 yen lower to 6
yen higher.
Cash sales for both
centers totaled 550
bales, and futures trades totaled 7,400
bales.
Local closing:
July, 1.70; Oct., 1.62^; Nov., 1.62
Dec., 1.61
On the 15th inst. futures closed l^c. lower
to lc. higher.
Sales totaled 840 bales.
Spot declined 13d>c.
to $1.73 A'
Japanese cables reported grade D as holding
at 750 yen.
Yokohama futures lost 11 to 20 yen while a
decline of 5 to 19 yen was
registered on the Kobe Bourse.
Sales for both centers were 700 bales of
spot silk and 5,225
bales in futures.
Local closing:
July, 171;'Aug., 1.67H;
Sept., 1.63Oct., 1.61 H; Nov., 1.60^; Dec., 1.60^.
On the 16th inst. futures closed 1 cent lower to
A cent
higher.
Transactions were 660 bales.
Spot remained un¬
changed at $1,733^.
Japanese cables reported Grade D off
5 yen in Yokohama and Kobe and now
selling at 745.
Yokohama futures were 3 yen lower to 3 yen
higher, and
at Kobe 2 lower to 3 up.
Cash sales were 525 bales, and sales
in futures were 3,500 bales.
Local closing:
July 1.71;
Aug. 1.66; Sept. 1.63; Nov. 1.61; Dec. 1.60. To day futures
closed A to IA cents up on the near months, and lA °cnt
down on the distant deliveries.
Sales were 71 contracts.
The New York spot price of crack double extra silk declined
1 cent to $1.72 34b
The Yokohama Bourse closed 3 points
lower to 3 higher, while the price of Grade D silk in the out¬
side market declined 5 yen to 740 yen a bale.
Yen exchange
was unchanged at 293^.
Local closing:
July 1.72; Aug.
1.66H; Sept. 1.633^; Oct. 1.62; Nov. 1.60Dec. 1.593^;
Jan. 1.59; Feb. 1.59.
1,373
1,213
2",489
""58
981
724
Mobile..
144
124
25
36
45
100
474
Savannah
seems more
65
146
1,300
311
34
16
1,872
206
139
69
~U3
""45
•
New Orleans
Charleston
414
"17
141
VY
total since
2,622
2,305
JLJLL&
1,079
4,054
•
Baltimore
JL XXKJ
335
16,973
1
~""l
Totals this week.
17
"36
1,079
Lake Charles
Wilmington
Norfolk
ICIUIU
2,684
654
4,654
OJL4W VV O
V±X\J
»» vvxx
^
vw v**/-.
-
—
compared with
Aug. 1 1935 and stocks to-night,
last year:
Since Aug
This
1
Week
Galveston.
Texas
City.
2",459 1,730,310
Houston../
273,528
38,052
Corpus
1.429
New Orleans
6~838 1,805,556
Christi—
Beaumont/.
This
Since Aug
1 1934
Week
1935
2,055 1,563,043
44,483
_
Stock
1934-35
1935-36
Receipts to
July 17
911,319
62,895
3",245 1,086,180
276,628
1,555
4,693
9",079 1,051,066
1,886
1935
1936
374,064
1,856
230,381
28,649
28,083
287,701
236,646
2,824
341,010
35.929
87,639
6,508
1,909
155,508
39*460
28". 821
•
20,250
7,718
15,431
17.587
•
768
300,109
Gulfport
"474
393",202
3,317
138",709
582
1,872
167,776
3,792
318,250
"329
80,572
6,883
116,192
...
"414
215,468
"291
....
17
105
335
56,045
23,819
46,496
128
145,966
57,338
18,923
53,614
1,079
36,225
196
27,462
Mobile
Pensacola, &c
Jacksonville
Savannah
9,094
2,835
75,700
459
Brunswick
Charleston...
Lake Charles
1
Wilmington
Norfolk
2
12,149
12,153
26,662
N'port News, &c.
1,731
New York
6,872
1,126
1,421
'
.
398
Boston
Baltimore
1,000
Philadelphia
Totals..
may
be made with other years,
•P/S'M
Da
1934^35
1935-36
Receipts at—
1933-34
ttiv
CiAOOArio*
1930-31
1931-32
1932-33
1,557
2,032
4,759
2,087
1,872
1,886
3,245
9,079
3,317
329
11,017
7,056
15,164
4,871
1,103
11,262
16,678
21,881
5,641
8,953
3,886
3,613
9,444
5,592
1,605
"""414
"""291
"l",l53
"5", 114
"1,226
2,055
Galveston
Houston
New
comparison
k
-
1,285,212 1,114.780
16,973 6,715,985
In order that
2,459
Orleans
Mobile
6,838
.
474
r.
Savannah
922
83
Brunswick
1
2
66
803
264
65
335
128
736
468
929
890
"2", 52 5
"2",438
"l*0", 269
54", 604
"6,049
"2", 823
16,973
Charleston
20.715
51,435
125,404
31,530
16.304
Wilmington..
Norfolk
Newport News
All others
Total this wk.
14
Since Aug. 1__ 6,715.985 4,038,899 7,380,388 8,775,602 9,696,727 8,481,360
Below
the exports for the week:
are
July 17, 1936
Exports from—
Ger¬
Great
Britain France
Galveston
10,373
3,075
Houston
1,351
256
many
Italy
*356
939
981
17,091
9,670
"838
5,221
50
234
259
25
*804
2^284
184
Lake Charles
Total
552
259
New Orleans....
"765
435
1,200
2*.877
1*378
9,850
189
Mobile.
86
275
4,320
44,023
31,229
10,804
61,486
84,604
"*34
Jacksonville
Savannah
34
5,595
Charleston
...
Total 1935
Total 1934
"31
"75
58
19,464
2,830
12,512
9,404
22,503
Norfolk......I.
4,298
3,833
3,691
16,584
Exports from—
Galveston..:
Houston.
Corpus Christi.
Great
2,668
9,996
200
3,234
25,546
2,100
Ger¬
\
Britain \France
193,181153,846
291,587149,900
62,948 55,418
250
Texas City
Beaumont
Orleans..
Lake Charles.
164
4,897
Exported to—
From
Aug. 1, 1935, to
July 17, 1936
_
Mobile
Jacksonville
Pensacola, &c
Savannah
Charleston
Wilmington..
Norfolk
Gulfport
New York
Boston
941
7364
323316 288,833
9,572
5,455
130,79.9 31,936
2,226
2347
84,141
123,924
151,867
3,850
3,783
1,878
574
4,250
1,441
2,721
5,387
210
many
Italy
213,150 89,891
216,088 118,545
32,164: 20,188
China
13,379 257,842 1370,109
14,984323,793 1575,427
1,078 48,297 291,530
2,769
6,838
1,246
10,737
965
745
336
150
200
228,221
3,062
36,423
2,109
16324
10,500
"213
"96
"77
33,858
14,910
5,667
314
35,678
3,506
300
8,506
390
1,700
1,872
10,530
9,701
24,369
16,882
15,258
16,919
457
7*250
552
1437,537 712,366. 875,930395,001 1541,540
6,318
2,737
8,188
285,999
70,998
315
195,235
58,773
Seattle
Total 1934-35.
....
"457
Los Angeles
San Francisco.
Total
8,984231,444 1370,605
42,899
13,402
3,750 28,835 309,437
50
3,780
3,659 148,638
13,306 197,102
6,780 190,681
1,185
792
Philadelphia...
Total
Other
Japan
448,820
460,530
71,437
167,868 121,439
3,931
7,477
53,016 24,678
1,504
3*444
39,123
5,497
43,875
32,034
1300
4,051
1,086
16,437
3,162
2397
4,627
Baltimore-..
Total
Other
"25
Beaumont
New
China
830
Corpus Christi..
Total
Japan
3,004
1,811
4,528
315
42,175962,320,5966,869
778,959 395,037' 437,265490,194 1578,265108,674 965,1314753,525
1933-34. 1300348 738,642 1413,890668.281 1839,115353,022 1050316 7384,114
Volume
Financial
143
NOTE—Exports to Canada—It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns
concerning the
districts
on the
same from week to week, while reports from the customs
Canadian border are always very slow In coming to hand.
In view,
however, of the
regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
have been 22,000 bales.
In the corresponding month of the preceding season the
Chronicle
compared with the previous year in the total lint and linters
combined of 175,476 bales, or 39.5%.
The following is the
statement:
JUNE
numerous Inquiries we are receiving
exports were
11,146 bales.
For the 10 months ended May 31, 1936, there were
203,820 bales exported, as against 193,199 bales for the 10 months of 1934-35.
453
REPORT OF COTTON CONSUMED,
AND
ON HAND,
half bale3, except foreign, which Is In
506-pound bales)
In addition to above exports, our telegrams to-night also
give u& the following amounts of cotton on shipboard, not
cleared, at the ports named:
as
Cotton on Hand
Cotton Consumed
Cotton
Eleven
In Con¬
Months
suming
Britain
Galveston
Houston
New Orleans..
758
Coats-
many
France
700
Foreign
wise
300
1,600
78
200
1,165
653
-
1,276
Stock
Total
800
5,800
2,256
3,660
United States
9,200
3,292
6,754
Savannah
Charleston
Mobile
'loo
"loo
"200
Norfolk
Other ports
j
Cotton-growing
ments
presses
June
(bales)
(bales)
(bales)
(Number)
1936 556,323 5,736,643
1936 469,617
States
Cotton
1,643
2,207
1,817
2,453
5,107
6,778
800
11,716
26,374
53,837
19,446 1,265,766
35,563 1,079,217
71,394 2,353,851
820
2,200
1936
71,272
1935
55,004
764,791
160,031
145,741
5,566,010
1936
15,434
165,035
17,409
220,884
37,607
42,627
4,421
1935
AH other States.
685,978
658,254
17,028
24,451
cotton
1936
5,297
60,799
1935
4,519
77,584
Other foreign cotton
1936
6,885
55,977
27,353
24,274
15,532
1935
3,213
33,712
15,849
1936
1,385
19,673
5,367
418
1935
1,351
10,084
7,452
2,347
1936
63,956
661,244
208,688
1935
60,821
657.699
205,763
46,030
29,671
cotton...
Linters
j
in northern Brazil will be 3 % below that harvested in
1935, said a cablegram to the Foreign Agricultural Service
of the Bureau of Agricultural
Economics, United States
Department of Agriculture.
The first official forecast,
according to the advices, is for a crop in 1936 of 812,000
In 1934 722,000 bales were harvested
only 447,000 bales.
In reporting the foregoing
Washington advices July 16 to the New York "Journal of
Commerce" of July 17, also had the following to
say:
and in 1933
The forecast is predicated upon the continuation
conditions and absence of serious insect
June
Egypt......
now
and harvest
140
British India
annually.
to
cotton merchant.
Mr. Birla is Chairman of the Board of
Directors of The Cotton Agents, Ltd.,
Bombay, India, and
he is also a member of the
Liverpool Cotton Association and
India
Cotton Association.
York
New
Mr. Moody is asso¬
Moody & Co.
Cotton
<
Exchange Lowers
of the New York Cotton Exchange
and his
to
the
of
on
July 13 reduced
11 Mos. Ended June 30
1935
1936
24,493
....
Spain
47,949
32,481
12,319
9,895
19,899
41,942
13,167
1935
1,349,334
668,181
363.593
707,787
353,201
454,785
319,391
230,458
90,318
515,698
740,606
Other Europe
31,785
Japan
66,247
China
2,025
72,134
92,606
1,950
14,549
11,040
2,786
2,740
204,894
155,486
538,870
1,463,297
36,152
238.594
47,133
287,336
344,955
5,806,140
Belgium
3,621
...
Canada
All other
Total.....
1,467,902
107,883
199,487
71,807
4,518,717
Note—Linters exported, not Included above, were 19,128 bales during June In
1936 and 19,006 bales in 1935; 221,218 bales for the 11 months ended June 30 in
1936 and 186,948 bales in 1935.
The distribution for June, 1936 follows: United
Kingdom, 3,547; Netherlands, 3,241; Belgium, 21; France, 2,539; Germany, 8,233;
Canada, 464; Japan, 1,083.
Report
on
Cottonseed
Oil
Production—On
July 11 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on hand
and exported, for the 11 months' period ended June
30,
1936 and 1935:
COTTON
'
SEED RECEIVED,
CRUSHED AND ON HAND (TONS)
or
Received at Mills *
Crushed
Aug. 1 to June 30
State
Aug. 1 to June 30
On Hand at Mills
June 30
final withdrawal of the government from the futures
Since the Federal Government entered the cotton futures
market in 1930 the limit of
interest, which may be fixed by
the Board of Managers at its
discretion, had been practi¬
cally unchanged at 1,000,000 bales.
The Government Cot¬
ton Producers' Pool completed the
liquidation of its con¬
tracts for cotton for future
delivery on July 7.
As to this,
the New York "Times" of
July 8 had the following to say:
1936
Alabama
.
158,932
524,412
223,572
480,828
525,364
247,820
Texas
191,776
207,964
231,442
962,481
96,376
196,160
281,806
720,328
230,521
193,481
208,842
234,387
All other States
104,202
123,106
Arkansas
California
Georgia
Louisiana...
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
made.
It was believed in the trade that the pool was able to
liquidate both
its July and October holdings at a profit....
Out of its holdings of around 6,000,000 bales on
Aug. 1, last year, the
has only about 3,600,000 bales.
The holdings of the
pool have been reduced to less than 100,000 bales, aU spots, while the Com¬
modity Credit Corporation has slightly more than 3,500,000 bales of
10
now
loan
Census Report on Cotton Consumed and on
Hand,
&c., in June—Under date of July 14, 1936, the Census
United States, cotton
on
showing cotton consumed in the
hand, active cotton spindles and
imports and exports of cotton for the month of June, 1936
and 1935.
Cotton consumed amounted to 556,323 bales of
lint and 63,956 bales of linters, compared with
530,799 bales
of lint and 64,670 bales of linters in May, 1936, and
383,982
bales of lint and 60,821 bales of linters in June, 1935.
It
seen
that there is
an
increase in June,
284,937
299,168
294,177
103,244
93,046
423,629
446,189
418,197
177,609
161,259
475,730
974,572
104,326
1935
874
272,463
288,905
102,247
16,725
1,113
1,177
31,442
1,213
24,393
14,676
2,917
696
1,675
107
12,060
3,128
235,085
110,519
538
3,862
1,561
11,723
16,554
883
195,670
295,297
806,435
1,461
10,321
122,782
261
900
34,921
125,339
*
Includes seed destroyed at mills but not 89,575 tons and 222.761 tons on hand
Aug. 1 nor 58,658 tons and 121,867 tons reshipped for 1936 and 1935, respectively.
PRODUCTS
COTTONSEED
MANUFACTURED.
AND
ON
SHIPPED
OUT,
HAND
Produced
Season
Crude oU, lbs
I 1935-36
Refined oil, IDs.
i
1934-35
1936, when
1935-36
1934-35
Cake and
meal, I 1935-36
tons
1
1934-35
Shipped Out
On Hand
Aug. 1 to
Aug. 1 to
Aug. 1
Item
June 30
June 30
*28,262,543 1,152,711,790
34,400,287 1,087,809,891
0444,833,215 51062 520,246
656,804,830 1,041,179,437
198,367
1,719,399
124,572
1935-36
1934-35
fiber,
30,958
71,292
75,958
1935-36
1934-35
1,585,213
980,310
895,453
On Hand
June 30
145,692,205
089,609,554
*36,147,397
35,036,458
1,798,880
1,485,892
0408,965,360
513,357,805
118,886
223,893
1,010,152
500-
lb. bales
868,129
46,762
91,395
67,938
767,950
97,118
1,332
864,775
789,110
37,245
38,465
112
646
66,256
65,691
1,211
1935-36
5,966
42,113
40,972
7,107
1934-35
balej
Hull
76,604
1934-35
Hulls, tons
collateral cotton.
its report
1936
3,727,028 3,387,267 3,781,682 3,484,589
United States
Linters, running
issued
1935
.
During yesterday's session, the pool liquidated 30,000 to 35,000 bales
new high prices for the season
prior to the sale of the block
of 25,000 bales.
However, October reached the best figures of the day,
11.88 cents a pound, in the final trading when the
25,000-bale transaction
12 cent
1936
270,101
of Octover at
government
1935
291,052
294,685
93,393
425,696
176,353
...
About 10 days ago, the manager of the
pool started liquidating its hold¬
ings of 125,000 bales of cotton in the October delivery.
will be
100,323
83,614
31,381
13,668
Italy
member of the Exchange, firm or corporation
its affiliates.
The Exchange ascribed the action
In view of the fact that governmental
participation in the futures market,
through operations of the Producers' Pool, has terminated with the liquida¬
tion of their October contracts, the Board of
Managers of the New York
Cotton Exchange yesterday voted to restore the maximum
limitation of
interest which prevailed prior to such
participation, viz., 250,000 bales
for each month of delivery.
Bureau
134,512
any
market; the announcement by the Exchange, issued
July 14, said briefly:
and
6,403
June
United Kingdom.
France
cotton
was
22,095
1,438
Country to Which Exported
any one
by
834
Exports of Domestic Cottons Excluding Linters
(Running Bales—See Note for Linters)
Census
Limitation
from 1,000,000 bales to 250,000 bales the maximum limita¬
tion of interest on futures contracts for
delivery in
month
44,046
280
12.462
Total
.
Interest to 250,000 Bales—Action Follows Government
Withdrawal from Futures Market—The Board of Mana¬
gers
5,137
1,943
24
Germany
Membership in New York Cotton
Exchange—At a meeting of the Board of Managers of the
New York Cotton Exchange, held
July 13, Alexander B.
McFadden, of New York City; R. D. Birla of Bombay, India,
and William L. Moody, Jr., of
Galveston, Texas, were
elected to membership in the
Exchange.
Mr. McFadden is
East
67,373
1,095
3,185
4,235
All other
1936
upward trend in Brazil in recent
years, the 1935-36 crop having amounted to 1,743,000 bales,
compared
with 1,322,000 bales in 1934-35 and
1,015,000 bales in 1933-34.
The
average for the five years ended with the 1932-33 crop was
only 505,000
the
31
1935
60,861
1,018
24,366
3,387
2,212
Mexico
It is too early to estimate the total 1936-37
crop cotton in Brazil.
South¬
Brazil will not begin
planting until September and the crop there
ciated with W. L.
4,060
45
China
will not be ready for harvest until March, 1937.
Cotton production has shown a marked
a
1936
5,806
Peru
ern
Elected
1935
of favorable climatic
damage between
Three
11 Mos. Ended June 30
1936
time late in August.
Last season the first official forecast
placed the 1935 crop in northern
Brazil at 1,054,000 bales.
The second forecast made in December, 1935,
revised it to 839,000 bales
bales
9,091
Imports of Foreign Cotton (500-46. Bales)
Country of Production
bales of 478 pounds each, which
compares with 839,000 bales
year ago.
10,746
Not Included Above—
crop
a
9,439
Included Above—
Crop
in Northern Brazil Placed at
812,000 Bales in First Official Estimate—The 1936 cotton
harvested
805,748 4,462,120 16,983,252
681,942 5,913,672 16,479,572
59,170
143,757
5,288,092
4,821,408
3,984,480
750,200
1935 311,569
New England States
987,112 4,525,711 22,957,322
884,600 6,068,852 22,703,836
1935 383,982 4,970,155
Amer.-Egyptian
2,834
1,055
6,762
.
1936
364,864
227,089
280,947
155,508
28,821
87,439
26,662
94,436
Egyptian
Total 1936.
Total 1935.—
Total 1934-...
Active
During
June 30
(.bales)
Leaving
Other
Spindles
Storage
June
July 17 at—
Ger¬
Public
In
Establish¬ & at Com¬
Ended
Shipboard Not Cleared for—
Great
30—
June
During—
Year
On
IMPORTED
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting round
3,970
37,796
35,060
6,706
1935-36
835,016
Grabbots, motes.
&c.,
500-lb.
bales
*
Includes 8,916,786 and 8,264.735 pounds held by refining and manufacturing
and 8,589,280 and 10,106,600 pounds In transit to refiners and
establishments
consumers
a
Aug. 1, 1935 and June 30, 1936, respectively.
Includes
5,175,698 ahd 18,381,346 pounds held by refiners,
brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 7,214,525 and 11,741,606 pounds in transit to manufacturers of lard
substitute,
oleomargarine,
&c., Aug. 1, 1935, and June 30, 1936, respectively.
1,153,513,801 pounds of crude oil.
soap,
b Produced from
Financial
454
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS
ENDED MAY 31
FOR 10 MONTHS
Chronicle
1936
Item
However, the market showed
offerings being fairly well ab¬
sorbed.1 The weather map showed heavy rains in Georgia,
portions of Tennessee and in southern Texas, with generally
cloudy conditions prevailing in the eastern half of the belt
and in the West.
Average price of middling based on the
10 designated spot markets was 13.11c.
Today prices closed 16 to 17 points down.
Favorable
weather and crop reports continued to flow in, and this
naturally is having a bearish effect on sentiment and in¬
ducing considerable selling of long cotton, especially from
the speculative element.
A good deal of Wall Street selling
and some hedging caused most of the late losses.
Some fair
sized buying orders appeared on the downward movement,
decided
no
167,942
92,961,121
2,734
Linters, running bales
Imports—Oil, crude and refined, pounds
Cake and meal, tons of 2,000 pounds
50,391
1,222,520
3,131,415
2,430
5,984,677 pounds refined, "entered
directly for consumption," 55,693 crude and 2,554,690 refined "withdrawn from
warehouse for consumption" and 3,303,024 refined "entered directly into ware¬
♦Amounts for June not
house."
•
Included above are
.<
.
cotton for future delivery was fairly
active during the week, with the trend of prices in the main
downward.
This was largely due to the break in the
Speculation
in
the cotton belt generally, and the continuance
reports from most cotton areas.
An¬
drought in
of favorable weather
other 'factor influencing
prices downward was the hedging
operations against government releases^of
which were reported as quite substantial.
On the 11th inst.
was
12c. loan stocks,
prices closed 6 to 11 points down.
There
the week-end, and this,
considerable evening up over
caused prices to ease off con¬
there was a rally toward the close
recovered 4 to 7 points from the lows.
The
together with hedge selling,
siderably.
and
However,
the list
major portion of the trading was in the October delivery.
One broker was credited with buying 10,000 bales of October.
Another
trader
with
spot house connections was said
to
Wall Street houses were fairly good
buyers in the early dealings.
There were reports, though
unconfirmed, that a moderate amount- of 12-cent loan
cotton had been released.
Some placed the amount at
have sold 6,000 bales.
Cotton manufacturing industries
of this country and England continue to enjoy unusually
favorable conditions by comparison with recent years.
It is stated by the New York Cotton Exchange Service "that
mills of this country have sold more than their current
output of cloth."
In fact, the rate of consumption of
cotton throughout the world is making the statistical position
of the staple increasingly stronger as time goes on.
Spot
sales in the 10 designated spot markets from July 6 to
July 10 aggregated 69,808 bales, against 42,366 bales in
the preceding week and 13,855 bales in the like week a
year ago.
On the 13th inst. prices closed 7\ to 14 points
down.
The chief factor in the decline was further hedging
against Government releases of 12-cent loan stocks and
the producers' pool.
Weather reports were comparatively
bearish, with reports of favorable rains in Alabama and
Georgia.
These influences naturally dampened the ardor
of the bullishly inclined, and at one time prices showed a
loss of approximately $1.50 a bale from the recent high.
50,000 to 75,000 bales.
The
near
months
continued firm
due
to
the strong spot
strength of the statistical position was
further accentuated by evidences of larger consumption
figures for June as well as firmness in the textile markets.
Offerings in the near months were relatively scarce.
Liver¬
pool cables were strikingly weak, opening 14 to 26 points
lower than due.
This was looked upon as a natural reaction
situation.
The
sharp advances.
Average price of middling
at the 10 designated spot markets was 13.23 cents.
On the
14th inst. prices closed 3 to 5 points higher.
Trading was
moderately active with the trend of prices downward.
The chief influences were the bearish weather report expected
after the recent
later
in
cotton
day and the forecast of further rains in the
belt.
The market opened firm, 13 to 16 points
the
Liverpool cables were higher than due and traders
during the early session were inclined to take
the buying side.
Wall Street, the Far East and local com¬
mission houses were buyers.
However, immediately on
the posting of the weather map disclosing favorable rains
in many parts of the belt, offerings became increasingly
liberal, so much so that prices dropped 11 points from the
day's high for the July contract, and 15 to 12 points down
from the highs for the rest of the list.
The average price
higher.
generally
of
middling based
13.26 cents.
on
the 10 designated spot markets was
points
down.
The
selling
for Wall Street operators, who were credited with sales of
about 35,000 bales, mostly of October, at 12.50, the closing
On the 15th inst. prices closed 10 to 14
feature of the trading was the heavy
Erice prompted by the This selling was assumed to have
of that month. bearish weather and crop reports
een
and
weaker
Liverpool, that market showing declines of
12 to
18 points more than expected.
The selling from
Wall Street sources was largely liquidation, according to
observers.
There was a fair amount of trade buying at the
close, but it was not sufficient to bring about a substantial
recovery of the earlier losses.
After opening declines of
12 to 18 points, Liverpool closed barely steady at 8 to 10
points decline.
The weather map showed partly cloudy
weather over the belt, except cloudy with rains in southern
Texas and along the Atlantic coast.
The average price
of middling based on the 10 designated spot markets was
a
13.14 cents.
the 16tli inst.
On
major
portion
October
were
prices closed 3 to 8 points down.
the
November
identified
as
day's
business
options.
was
confined
Four leading
spot
the chief sellers of these contracts.
that the
to
The
the
houses
There
producers' pool has completely liquidated all stocks of spot cotton.
According to reports on
the floor, bids have
been received for 300,000 bales of
were
„
and
of
rumors
days past, this being attributed to the effect
some
of freer government offerings.
1935
387,373
2,612,497
10,352
199,412
*118,203,484
Exports—Oil, crude, pounds-Oil, refined, pounds..
Cake and meal, tons of 2,000 pounds
The market has acted slug¬
12c. loan stocks.
government
gishly for
July IS, 1936
but demand
closed
the
weakness,
sufficient to rally the market.
ont
was
A
the day.
lows of
the
around
Prices
of
deal
good
the
believed to be due to hedging against the
12c. loans from spot holdings of the Producers' Pool.
Octo¬
early selling
ber
sold
that
was
down
position
as
low
entered
10.39c.,
as
steady.
but further
point,
this
at
for
support
and the month
held
_
__
Staple Premiums
of
60%
Differences between
grades established
July 23 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
of
six markets quoting
average
for deliveries
for deliveries
on
July 23 1936
contract to
on
15-16
1-inch <fc
inch
longer
.28
.53
Middling Fair
.28
.53
Strict Good Middling.,
.28
.53
Good Middling
White
do
do
.28
.53
Strict Middling
do
.74
.64
.55
39
.28
.53
Middling
do
Basis
.23
.44
Strict Low Middling...
do
.21
.37
Low Middling
do
do
do
...
♦Strict Good Ordinary.,
♦Good Ordinary
.28
.53
Strict Middling
.28
.53
.23
.44
.21
.37
.22
.43
.22
.43
.17
.36
.16
.32
.16
do
do
do
do
do
do
do
.01
do
do
.55
Low Middling........
do
do
1.28
Good Middling
Spotted
.16
Strict Middling
do
.09
Middling
do
.57
♦Strict Low Middling
do
1.30
♦Low Middling
do
...2.05
Strict Good Middling..Yellow Tinged
.07
do
Good Middling
.41
do
do
60
Strict Middling
do
do
1.30
♦Middling
do
do
♦Strict Low Middling
2.04
do
do
♦Low Middling
2.55
do
Good Middling
Light Yellow Stained. .67
♦Strict Middling
do
do
do
...1.30
Mid.
do
do
do
do
on
do
Middling
.32
.31
.16
1.30
2.05
2.58
.55
.39
Strict Low Middling
.32
.16
do
Mid.
on
56 off
Extra White
Good Middling
.53
.28
...
♦Middling....
do
.31
.16
.31
Good
.16
.31
do
Strict Middling
♦Strict Middling
♦Middling
Middling
♦Strict Middling.
♦Middling
do
off
do
do
do
do
off
do
off
do
do
do
do
do
off
do
do
do
do
1.88
do
.2.41
do
48 off
do
.74
do
BlueStained
do
do
do
do
♦Good Middling
do
off
1.30 off
do
♦Middling
do
on
...1.94
Yellow Stained...
do
do
do
do
Gray..
Good Middling
.16
do
do
off
do
1.26
do
..1.27 off
do
1.88
do
2.39
do
Not deliverable on future contract
Futures—The
highest, lowest and
week have been
New York for the past
closing prices
follows:
at
as
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
July 11
July 13
July 14
July 15
July 16
July 17
July (1936)
.
13.45-13.57 13.36-13.42 13.45-13.57 13.30-13.41
13.30-13.41 13.13-13.26
_
13.49-13.50 13.42
13.46
13.33
13.30
13.13
13.44**
13.37*1
13.41**
13.28**
13.25*1
13.08**
Clsoing. 12.82rc
12.72*1
12.76**
12.65**
12.61*1
12.45*1
Range.
Closing
—-?
Aug.—
Range.
Closing
_
_
Sept.—
Range..
Oct.—
Range.. 12.60-12.75 12.46-12.65 12.60-12.74 12.44-12.60 12.45-12.60 12.27-12.43
Closing. 12.67-12.68 12.57-12.58 12.61
12.50
-
12.46-12.47 12.30
Nov.—
Range.
_
Closing. 12.67*1
12.60**
12.56**
12.49**
12.44**
12.28**
Dec.—
Range.
12.60-12.75 12.48-12.64 12.58-12.73 12.42-12.57 12.42-12.56 12.22-12.38
_
Closing. 12.67-12.68 12.56
Jan.
12.59-12.61 12.49
12.42
12.26-12.27
(1937)
Range.
12.62-12.74 12.49-12.60 12.56-12.69 12.38-12.54 12.38-12.51 12.20-12.33
12.53
12.58
12.67
12.46
12.38 -r— 12.22
_
Closing.
Feb.—
Range..
Closing. 12.66*1
12.52**
12.57**
12.45**
12.37**
J
12.21**
March—
Range.. 12.59-12.71 12.47-12.60 12.56-12.(
Closing
12.65-12.67 12.52
12.57
12,63*1
.
12.56**
12.40-12.54 12.37-12.50 12.19-12.33
12.44-12.45 12.37
12.20-12.21
12.43*1
—
12.20**
April—
Range..
Closing
_
12.51**
12.36**
May—•
Range.. 12.58-12.70 12.45-12.59 12.56-12.68 12.40-12.52 12.36-12.50 12.18-12.33
12.56-12.57 12.43
12.65-12.67 12.51
Closing
12.36-12.37 12.20
.
June—
Range.
_
Closing.
**
*
Nominal.
Range for
future prices at New York for week ending
July 17 1935 and since trading began on each option:
Option for—
Rangefor Week
July 1936._ 13.13 July
Aug. 1936.
Range Since Beginning of Option
11 10.21
Jan.
9 1936
13.57
July
10.39
Jan.
91936
11.55
Nov. 25 1935
10.42
17 13.57 July
Sept.
3 1935 12.32 July
Jan.
9 1936
12.78
July
Mar.
3 1936
10.35
May 22 1936
_
Sept. 1936..
Oct.
1936-. 12.27
Nov. 1936_
Dec.
July
17 12.75 July
11
9.08
10.12
.
17 1936
8 1936
10 1936
1936..
12.22
July
9.76
Jan.
9 1936
12.78
July
10 1936
1937__
12.20
July
17 12.75 July
17 12.74 July
11
Jan.
11
9.94
Feb.
25 1936
12.76
Jjly
10 1936
Feb.
1937-.
12.19
July
17 12,71
11
10.20
12.78
July
10 1936
May 1937-- 12.18
July
17 12.70 July
12.78"
July
10 1936
Mar. 1937.-
Apr.
July
Mar. 27 1936
1937-.
11 10.48 June
1
1936
Volume
Financial
143
Chronicle
156,757 bales more than at the same period last year. The
receipts at all the towns have been 7,837 bales more than
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 17—
1936
Stcck at Liverpool
Stock at Manchester...
640,000
117,000
Total Great Britain.....
Stock at Bremen.....
Stock at Havre.
Stock at Rotterdam
Stock at Barcelona...
Stock at Genoa...
__
Stock at Venice and Mestre.
Stock at Trieste....
535,000
71,000
757,000
195,000
141,000
11,000
66,000
77,000
-11,000
.bales.
606,000
168,000
86,000
21,000
64,000
58,000
12,000
11,000
10,000
the
July 11 to July 17—
511,000
1936
13.23c.
1935.:... 12.35c.
1934
1931
--
—
Of the above, totals of American
Havre stock.
Other Continental stock..
American afloat for
Europe
U. S. ports stock
U. S. interior stock
U. S. exports
which show at
closed
today
1913
—
—
27.30c.
.13.05c.
18.90c.
13.25c.
12.35c.
1917
1916
—
—
1908 —11.20c.
1907
13.20c.
1906
10.80c.
1905
11.30c.
on
glance how the market for spot and futures
days.
a
same
/
SALES
Futures
Spot Market
Market
Closed
Saturday.
Monday
Tuesday
Closed
Steady, 6 pts. decQuiet, 7 pts. dec
Steady. 4 pts. adv__
Wednesday. Quiet, 13 pts. decRhursday
Quiet, 3 pts. dec
Friday
Quiet, 17 pts. dec
'
176,000
320,000
388,000
41,000
30,000
42^00
55,000
130,000
119,000
— —
103,000
71,000
98,000
89,000
663,000
796,000
136,000
149,000
140,000
340,000
1,285,212 1,114,780 2,425,245 3,1.51,125
1,301,765 1,145,008 1,179,660 1,255,569
5,149
29,133
16,518
50,457
Bremen stock
-12.55c.
—
....
Market and Sales at New York
237,000
.bales.
Manchester stock
1914
—
1910
1909
Contr 'ct
Spot
Total
follows:
as
'
Liverpool stock
12.40c.
14.10c.
-15.45c.
12.80c.
-22.10c.
1921
7,031,423 7,875,151
and other descriptions are
1912
1911
1922
—
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
1,268,000 1,026,000 1,775,000 1,672,000
68,000
102,000
98,000
117,000
American cotton afloat for Europe
136,000
149,000
140,000
340,000
Egypt, Brazil,&c.,afl't for Europe 157,000
171,000
161,000
97,000
Stock in Alexandria, Egypt
134,000
124,000
245,000
32.9,000
Stock in Bombay, India....
800,000
685,000
991,000
863,000
Stock in U. S. ports
1,285,212 1,114,780 2,425,245 3,151,125
Stock in U. S. interior towns
1,301,765 1,145,008 1,179,660.1,255,569
U.. S. exports today__
5,149
29,133
16,518
50,457
A. ?TlGViC(l7l~~~~m
13.40
40.50c.
1920
1915
—
1926
867,000
Total European stocks.
4,545,921
13.43
1919 ——35.60c.
1918
32.80c.
1928.... .21.50c.
1927
.18.30c.
-18.55c.
1925
-24.30c.
1924
-30.25c.
1923
-27.65c.
13.30c.
11.65c.
5.90c.
9.30c.
-13.15c.
18.90c.
1933
1932
India cotton afloat for Em-ope
Total visible supply..________5,155,126
Fri.
13.23
Wed. Thurs.
Tues.
13.56
Quotations for 32 Years
quotations for middling upland at New York on
July 17 for each of the past 32 years have been as follows:
1930
795,000
420,000
Mon.
13.52
The
1929
Total Continental stocks
-13.59
the
New York
805,000
490,000
18Z.000
20,000
79,000
91,000
980,000
444,000
190,000
20,000
69,000
55,000
7,000
10,000
Sat.
Middling upland
708,000
97,000
103,000
week last year.
same
The official quotation for middling upland cotton in
New York market each
day for the past week has been:
1333_
1 934
877,000
1935
455
Steady
Steady
Steady
Steady
Barely steady.
Barely steady.
_-
_
_
"loo
"233
"200
"133
_
"266
_
Total week.
Since Aug. 1
133
300
433
61,598
32,400
93,998
Overland Movement for the Week and Since Aug. X—
Total American
4,786,423 6,036,151
3,337,126 2,922,921
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
East Inaian, brazil, &c.—
Liverpool stock....
403,000
76,000
Manchester stock
Bremen stock..
Havre stock—
38,000
75,000
68,000
157,000
134..000
800,000
Other Continental stock.
Indian afloat for Europe...
Egypt, Brazil, &c., afloat...
Stock in Alexandria, Egypt
Stock in Bombay, India
—...
Total East India, &c
320,000
42,000
557,000
61,000
359,000
41,000
49,000
15,000
77,000
1 02,000
171,000
124,000
685,000
67,000
,
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
—
71,000
117,000
97,000
329,000
863,000
132,000
98,000
161,000
245,000
991,000
Via Mounds, &c
—
a
week of 139,117 bales, a gain of 609,205
decrease of 1,876,297 bales from 1934,
for
1935 show
3,196
3,000
h
h
h
8,330
h
196
h
196
h
211
h
9,529
h
6,334
h
10,804
h
6,741
h
h
1,589
h
.
Total to be deducted
h
1,079
.
.
*
Including movement by rail to Canada,
h We withhold the totals
since Aug. 1 so as to allow proper adjustment at the end of crop year.
2,720,025 bales from 1933.
Sinbe
Sight and Spinners'
Wpplt
Interior
the
the
Towns
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
Toicns
Movement to July 19.
1936
Ship¬
Week
Season
17
Ship¬
July
Week
59.164
1,114
Eufaula
15,568
171
Montgomery.
82.917
2,510
85,761
109,822
27,572
36,973
31,826
19,363
347
Selma
Ark., Blythville
Forest City
.
Helena
"
Hope
Jones boro
Little Rock..
227
Pine Bluff...
289
Walnut Ridge
1
411
282
Receipts
I
Week
Season
Total in
Stocks
July
Week
_.
"io
'..
855
Atlanta
1,032
Augusta
*
600
17
Macon
Rome
La., Shreveport
Miss.Clarksdale
405
Columbus
36
426
Greenwood..
12
Jackson
Natchez
Vicksburg—
""64
Yazoo City—
3
Mo., St. Louis.
2,955
N,C.,Gr'nsboro
78
24,336
66.165
309,085
188,398
47;789
54,733
15,448
71,437
128,574
41,648
179,927
58,184
8,795
31,656
37,815
242,330
9,828
21,612
109
Austin
17
387,659
762
168,768
12,744 2,056,861
54,788
18,553
27
12,255
610
Dallas
60
Paris
Robstown
—
15
San Antonio.
Texarkana
Waco,
__
151
-j—
Total. 56 towns
98
9,096
24,088
98
44,336
89
"32
123,463
289
5,393
16,332
35,698
77,264
2
77
17,217
36
92
2
829
3
2,366
91
22,422
135
1,509
1,951
2,477
15
28,433
206,725
4,779
248
782
17
44
985
120
5,925
8,154
5,150
400
956
400
U74
670
1,990
191
230
3,427
121
6,975
81
16,279
9,751
43,683
13,811
32,147
11,466
15,929
29,764
103,839
97,782
33,350
32,708
20,859
15,630
1,639
19,645
7,303
7,772
3
"40
"216
44
457
29
300
11
564
"315
118
1,631
67
368
24,400
40,620
14,297
3,322
23,084
43,259
88,965
11,061
13,814
20,473
20,980
550
2,021
2,030
600
367
300
I'M
"887
489
7
88
512
281
2,536
4,234
3,635
527
59,396
35,040
10,533
60
990
196
5,928
24.918
80,311
21,4465,246,414
102
241,210
1,308
133,983
7,3811,431,156
24,007
8
21,235
25
15,304
4
47,811
35,917
"574
7,322
16,793
26,952
52
57,633
1,219 85,194
3,584 38,355
27,181 402,170
6
1,222
64
New Orleans-__
245
69,1831301765
13,609 3,538.547
13.32
13.27
13.53
13.35
13.27
Savannah
Norfolk
Montgomery.
Augusta
Memphis
Houston.
_
_
__
Wed'day Thursday
_
Friday
13.07
13.00
13.35
12.96
12.93
12.80
13.25
13.21
13.17
12.85
13.06
13.46
13.25
13.05
13.17
13.21
13.17
13.43
13.08
13.71
13.10
13.03
12.96
12.66
12.66
13.31
13.15
13.13
13.10
12.95
13.10
13.06
12.90
13.82
13.86
,13.75
13.30
Dallas..--.
Fort Worth.
Tuesday
13.20
13.20
13.13
13.92
—
Little Rock
10,277
4,197
4,279
11,668
13.20
13.25
13.15
13.30
13.20
13.12
13.18
12.87
12.87
13.08
12.77
13.23
13.12
12.81
12.81
12.70
12.70
12.77
13.00
13.55
12.95
12.86
12 .80
12.50
12.50
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as 'ollows:
233
3,299
429 106,152
2,080 38,261
13,513 315,093
8,054
"""§
15
Saturday
July 11
2,385
4,374
47
5.959
"12
27
....
6,517
2,555
13.30
Mobile
11,717
30,114
383
Saturday Monday
Galveston
24,663
1,631
h
13,635
1 so as to allow of
Closing Quotations for Middling Cotton on-
July 17
11,158
281
h
19,748
Decrease,
Week Ended
"708 24,458
15
h
h
sight July 17
of the week:
18,406
"122
h
85,891
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
12,112
194
h
.
h
Below
"505
July (1936) 13.33
Tuesday
July 13
July 14
July 15
Thursday
Friday
July 16
July 17
Bid. 13.17
13.00
Bid. 13.20
12.53-12.54 12.56-12.57 12.46
Bid.
12.42
13.27
Bid.
13.31
Wednesday
bid
September
10,790
1,897
3,400
14,354
7,795
13.62
October
12.27-12.28
November
December. 12.60-12.61 12.53
12.55
12.42-12.44 12.36-12.38 12.24
12.60
12.50
12.51
12.40
12.32
Bid. 12.19
12.61
12.47
12.52
12.42
12.32
12.17
12.60
Bid. 12148
12.52
12.39
12.30-12.31 12.17&-.18a
Jan. (1937)
February
.
March
30,0221145008
April
May
Includes the combined totals of 15 towns In Oklahoma.
Monday
August...
,
*
h
h
.
Oklahoma—
Brenham
h
*16.413
h We withhold the totals since Aug.
proper adjustment at the end of the crop year.
3,734
210
75
34,472
Newport
15 towns *—
102,304
h
96,533
.
North, spinn's' takings to July 17-
19
1
32,639
10,696
52,275
54,195
66,720
7,660
27,706
47,344
29,186
28,085
86,905
17U09
80,550
24,953
4,|633
14,479
80,407
103,841
30,700
14,567
19,308
57,731
135:805
23,553
138,071
25,401
3,936
""70
164,821
31,264
115,733
S.C., Greenville
h
consumption to July 1
Came into sight during week
*
Ala., Birmlng'm
Tenn., Mem phis
Texas, Abilene.
h
h
H
h
144,270
*47,737
1935
ments
Stocks
ments
Receipts
Columbus
Since
Aug. 1
20,715
1,589
80,000
h
-
over
Athens.
h
Week
Excess of Southern mill takings.
Movement to July 17,
Ga., Albany.
Aug. 1
Receipts at ports to July 17
16,973
Net overland to July 17
2,297
Southern consumption to July 17-125,000
detail below:
_
-1934-35-
-1935-36In
At
h
Leaving total net overland*.__ 2,297
bales over 1935, a
and a decrease of
figures
h
h
Shipments—
Inland, &c., from South
52,000 bales.
decrease from last
above
h
h
.13,101
Overland to N. Y., Boston, &c_
Continental imports for past week have been
The
503
h
Between interior towns
-
.
h
4,369
3,000
Total gross overland-....
_
..
h
Aug. 1
1,631
h
Via other routes, &c
Deduct
h
165
:
Via Virginia points
5,155,126 4,545,921 7,031,423 7,875,151
Middling iiplands, Liverpool—.
7.47d.
7.02d.
7.17d.
6.23d.
Middling uplands, New York—
13.23c.
12.30c.
13.00c.
10.10c.
Egypt, good Sakel, Liverpool
I0.74d.
8.33d.
9.26d.
9.13d.
Broach, fine, Liverpool
5.86d.
6.20d.
5.52d.
5.43d.
Peruvian Tanguis, g'dfair, L'pool
8.12d.
C.P.Oomra No.1 staple, s'fine.Liv
5.97d.
Week
Aug. 1
2,140
Via Rock Island
Via Louisville
Total visible supply...
Since
Since
Week
3,427
Via St. Louis
1,818,000 1,623,000 2,245,000 1,839,000
3,337,126 2,922,921 4,786,423 6,036,151
Tot»l American
-1934-35-
-1935-36-
July 17—
Shipped—
Tone-
The
above
decreased
totals
during
show
the week
that
the
interior
47,737 bales and
stocks
are.
have
to-night
Spot—.—
Options
__
Steady.
Steady.
Steady.
Quiet.
Quiet.
Steady.
Steady.
Barely8t'y.
Steady.
Steady.
Steady.
Steady.
Financial
456
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that conditions are more favorable
The most unfavorable weather
in southern Texas.
and
Oklahoma
northwestern
extreme
Rain
5
Texas—Galveston..
1
3
Amarillo
I
Austin
1
.3
Abilene
Brenham
Brownsville
6
Corpus Christi
4
Dallas.
3
Del Rio
El Paso
........2
Henrietta.
was
where
in
tem¬
_.
3
1
1 day
2 days
3 days
Iverrvihe
83
85
82
80
83
86
83
81
88
79
mean 82
low 66
low 70
low 72
low 70
.3 days
2.86 in.
0.G2 in.
1.36 in.
high 96
high 100
high 94
low 68
low 72
low 72
mean
83
3 days
in.
high
low 70
mean
83
low
low
low
low
low
low
low
low
low
mean 86
Palestine
5 days
Paris
1 day
San Antonio..
Taylor
Weatherford
Oklahoma—Oklahoma City.
Arkansas—Eldorado
2
Fort Smith
Little Rock
Pine Bluff
3
4
3
Louisiana—Alexandria
Amite.
New Orleans
1.00
dry
dry
dry
days - 0.12
dry
dry
days
0.98
days
2.42
days
1.78
in.
in.
in.
in.
Mississippi—Meridian.:
Vicksburg.
70
74
71
74
74
75
70
68
70
mean 86
mean 83
mean 81
mean 82
mean 86:
mean
91
90
mean 88
mean 82
mean 82
mean
84
mean 81
low 72
low 72
low 72
mean 85
mean 86
mean
88
4 days
Florida—Jacksonville
Madison
*
Pensacola..
Tampa
1.55 in.
high
95
low 68
mean 82
0.00 in.
0.12 in.
high 102
high 102
low 70
low 72
2 days
3 days
.1 day
2 days
Birmingham..
Montgomery
0.42 in.
1.66 in.
0.02 in.
high
high
high
94
88
88
low 70
low 72
low 70
mean 86
mean 87
mean 82
mean 80
2.98 in.
1.14 in.
1.64 in.
high
90
high
94
low 70
low 69
high 100
low 70
4 days
Georgia—Savannah..
Atlanta
4 days
Augusta
3 days
1.08 in.
3 days
South Carolina—Charleston.2 days
Greenwood
2 days
2 days
Columbia
North Carolina—Asheville__2
days
Charlotte
1 day
Newbern
2 days
Weldon.
Wilmington.
Tennessee—Memphis
:
Cnattanooga
low
low
low
low
low
low
low
66
72
68
70
64
mean
85
mean 85
82
mean
mean
mean
mean
83
86
85
mean
78
70
mean
72
mean
85
85
0.77 in.
.3 days
2 days
2 days
3 days
Nashville
low 70
high 98
high 93
high 104
high 100
high
92
high 100
high 98
79
mean 80
mean 82
mean
high
low 68
mean 82
0.03
2.62
0.44
2.84
2.96
2 days
1 day
Raleigh
high 100
in.
in.
in.
in.
in.
in.
in.
6.06
0.07
1.50
2 .42
0.28
0.18
0.57
Macon
in.
high 102
low 71
mean
in.
in.
in.
high 90
high 97
high 104
low 66
low 73
low 68
mean
78
mean
mean
85
86
in.
high 100
low 68
mean
84
96
No more rain
Prospects this section still good.
week has been ideal for cotton
The moisture is about right,
have had no heavy rains.
Crop prospect at this time is the best for several
years.
Small insect damage reported at this time.
Hillsboro (Hill Co.)—The general outlook for the cotton crop this section
rates 100% as to cultivation and general growing conditions.
The past
week has been without rain, which means the plant is developing a good
tap root.
I have been familiar with crop conditions this territory 25 years
and I cannot recall any year when prospects were better than at this time.
Lagrange (Fayette Co.)—Cotton shedding more than normal due to show¬
ers the first part of this week.
Will need 3 or 4 weeks hot dry weather.
Cleburne (Johnson Co.)—The weather past
and the plant has made excellent progress.
Crop about 3 weeks late.
Taylor (Williamson Co.)—For the most part, our crop made progress
during the past week.
The plants are well fruited, which will prevent
them from growing too rank and furnishing shade and protection from the
sun for insects.
Increased weevil and flea damage has been reported from
a few localities,
but not to a serious extent.
Poison will be used freely
should it become necessary.
Indications are for a good yield.
East Texas
mean
3 days
.2 days
Alabama—Mobile
Central Texas
(Milam Co.)—Weather past week hot and dry.
Cameron
needed.
mean 82
high 98
high 100
high 104
dry
3 days
1.01 in.
1 days
1.30 in.
Shreveport
96
102
108
100
106
102
96
93
99
92
high
high
high
high
high
high
high
high
high
week.
The weather has been fair and warm and the plant is show¬
good growth and is fruiting perfectly.
The fleas are doing some dam¬
in spots, but no other insects showing up yet.
82
81
high 98
high 102
high 94
high 92
Longview
Luling...
Nacogdoches
the past week,
a
age
0.74 in.
2.80 in.
0.62 in.
Lampasas...
(Kaufman Co.)—Crop is showing benefit of rains
putting on added growth and is fruiting heavily.
Cool cloudy
weevils and fleas a chance to make a start, but with weather
like last few days for next two weeks there will be little insect damage.
Another rain not needed before August.
Wills Point (Van Zandt Co.)—Conditions have been just right for cotton
is
weather gave
ing
Thermometer
high 89 low 75
mean
high 96
low 66
mean
high * 96
low 70
mean
high 102
iow 68
mean
high
92
low 72
mean
high 88
low 72
mean
high 90 low 76
mean
high 98
low 74
mean
high 96
low 70
mean
high 96
low 66
mean
high 104
low 72
mean
high 94 low 64
mean
Rainfall
days
0.94 in.
day
0.04 in.
days
5.1.14 in.
day
0.08 in.
days
3.22 in.
days
5.11 in.
days
0.32 in.
dry
days
0.32 in.
daj-s
0.44 in.
dry
days
2.40 in.
day
0.22 in.
Terrell
stalk
the past
mounted to dangerous levels.
peratures have
;
Texas,
July 18, 1936
Chronicle
87
Jefferson (Marion Co.)—There has been a good growth for the past week.
plant is strong and healthy, about three weeks late.
Fields are well
cultivated and clean.
Plenty of moisture for the time being.
No insects,
or signs of any.
Longview (Gregg Co.)—Ideal weather for cotton the past week, very hot
and soil contains plenty of moisture.
Cotton is full of squares and blooms
and about one-third of the crop is boiling.
Tyler (Smith. Co.)—Recent rains have been beneficial.
Cotton is bloom¬
ing in some sections, with the cotton squaring normal.
The plants are
small in some parts of the county.
Some weevils and fleas have been re¬
ported with only slight damage as yet.
The
South Texas
Corpus Christi (Nueces
Co.)—Hardly a day has passed in the past two weeks
showered in some part of this county and also sur¬
rounding territory, and leaf-worms are very active although so far the
farmers have kept them down by poisoning, some having had to poison
4 and 5 times.
Weevil are also present but activity negligible so far, proba¬
bly because of poisoning for leaf-worms.
A fairly good cotton crop is
already on the plant and it has not stopped blooming, but we must have
showers quit and get plenty of hot sunshine immediately.
Under present
weather conditions cotton opening has been further delayed.
We still
have unsettled weather today.
that it has not rained or
San Marcos
(Hays Co.)—Showers first of week, dry last part.
Need dry
normal crop.
Expect first bale August 15 if we have
weather to make a
dry weather, which is about two weeks late.
Seguin (Guadalupe Co.)—No heavy rains this past week, only scattered
showers.
Cotton is making good progress, believe that if we get favorable
weather from now on our county will make a good crop.
However, if rains
continue the crop will be ruined in a week or 10 days more.
In other words,
it now depends on the weather.
OKLAHOMA
has also been received by tele¬
graph, showing the height of rivers at the points named at
The following statement
8
the dates given:
on
a. m.
July 17, 1936
July 19, 1935
Feet
Feet
New Orleans
Above zero of gauge.
1.8
Memphis
Above zero of gauge.
5.0
Nashville
Above zero of gauge.
lu.6
Shreveport
Above zero of gauge.
Above zero of gauge.
3.7
6.5
Vicksburg
Cotton
Dallas
Cotton
Dallas
16.2
18.8
'
,
9.1
12.0
37.6
Exchange
Exchange
Weekly Crop Report—The
each week publishes a compre¬
report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
hensive
July 13, is as follows:
TEXAS
West Texas
[Taylor Co.)—We have had plenty of rain for the time being. The
nicely, tne plant is fruiting well and has lots of
week. The temperature has
has ranged from 85 degrees to
degrees, wnich is just about what the cotton needs.
No complaints
Abilene
is still progressing
crop
half grown bolls.
Have had no rain this
been about right for cotton, the maximum
90
of insects.
Big
Spring
(Howard Co.)—Cotton in this section ranges from plants
fields that are in bloom.
All fields are clean, no in¬
The showers last weekend were entirely too light
3 inches high to some
damage reported.
sect
over
about
one-third of our crop territory, most of which, however, is in
deep sand and the cotton there
continues to grow.
A general rain is still
R66d6(l
Floydada (Floyd Co.)—The past week has been ideal weather for cotton.
We had about 3 inch rain first of the week, which gives us all the moisture
we need for the present.
Cotton that was needing rain badly will revive
and
take
a
start.
new
(Lubbock Co.)—Good rains everywhere the past week.
Fields
worked.
Cotton is growing very fast.
Everything looking very
Lubbock
all well
promising.
Memphis (Hall
Co.)—Scattered rains over county and adjoining counties
No cotton suffering yet as sub-soil moisture is still good. Plants
growing and fields are clean.
Stamford (Jones Co.)-The rain of about 2M inches that fell the first part
this week was about everything that was needed to make crop prospects
this week.
are
of
still
ideal.
Sweetwater
except a few
(Nolan Co.)—Good rains have fallen over all this territory
scattered sections.
Prospects for a bumper crop continue
extremely favorable.
.
_
North Texas
(Red River Co.)—The cotton crop still continues to make ex¬
cellent progress, plant good size with excellent color, and continues to square,
bloom and make bolls with very little shedding.
Prospects are very promis¬
ing now.
A very heavy rain fell over the north and east part of the county
lYiday, July 10, which caused little damage of washing fields.
This rain
was not needed and may cause insects to spread.
At this time there is no
complaint of any kind.
Dallas (Dallas Co.)—Rain early in week will develop good stalk, some of
which is small.
Plant is blooming and forming bolls.
Very little shed¬
ding.
Insect damage negligible.
Need dry hot weather from now on.
Garland (Dallas Co.)—The cotton crop in this territory as a whole is doing
nicely.
The stalk is about knee high and fruiting well.
So far there has
Clarksville
been no report of insects.
75% to 100% over last year.
Average size of plant in Hunt County
knee-high, full of blooms, squares and bolls, with no shedding.
(Fannin Co.)—Weather past week hot and dry.
above
Cotton
doing fine, fruiting well from bottom to top.
Prospect looks good for a
big crop this year.
No report of inscets so far.
Paris (Lamar Co.)—Cotton is growing, squaring, blooming and forming
bolls perfectly and there are no signs of insects bothering it.
The weather
has been ideal the past week.
Fielas are well cultivated and prospects are
the best for a good crop in this territory that has been for several years.
Sulphur Springs (Hopkins Co.)—Cotton all over this territory is looking
very good.
Weather latter part of week partly cloudy with showers.
Complaints of insects general, but no damage yet.
so
far.
(Beckham Co.)—We are still having hot dry weather, cotton is
but a good rain is needed badly and if we don't get moisture
little cotton will be made in this territory.
Frederick (Tiliman Co.)-—The past week has been hot and dry, except for
one or two light showers, which were of very little benefit to growing crops.
The cotton is still holding up exceptionally well, though it is
needing
Elk City
still growing
soon
very
Some parts of the county will have to have rain in the next few days
or the plant will begin deteriorating fast.
As yet the grasshopper is the
only insect we have and the farmers are holding them down with poison.
There is little that We can say at this time, more than that the plant is
still fruiting.
Hugo (Choctaw Co.)-—Ideal weather, stalk is well formed and has fine
color.
Plant is loaded with blooms, squares and bolls ranging from small
to almost full grown.
General opinion is that movement of cotton will
begin around Aug. 15 in southern part of this territory.
Some insects
reported but are scattered and not alarming.
Mangun (Greer Co.)—Around half of our cotton seems to be holding up
fairly well considering the dryness but the other half of late plantings is too
small and making no growth.
Good portion of old cotton taking on some
forms but it will be necessary that we have moisture to make a cotton crop.
Should we have good rains next few days would consider our condition
around 70% of normal, with Altus territory still dryer than we. '
Waurika (Jefferson Co.)—The past week has been extremely hot and
dry and the crop is starting to show the effect of the continued high tem¬
peratures.
Rain is needed and will be very beneficial if it comes within
the week.
Fields are in good shape being free of grass and weeds.
No
insect damage reported as yet.
Prospects for a good crop at this time are
excellent.
Increase in acreage between 10% and 12%.
rain.
ARKANSAS
(Little River Co.)-—Consider rains of July 1st assure normal
crop.
The undersized plant at that date is growing and will have good
size.
Plant set good June crop and is well loaded with bolls, blooms and
squares.
Have seen very little insect infestation with practically no dam¬
age.
Consider prospects at this time the best in 7 or 8 years.
BlytheviUe (Mississippi Co.)—Heavy rains fell July 2 and since that time
weather has been extremely hot with no further rain.
Plant not suffering
for lack of moisture but light rain would be beneficial.
Plant is healthy,
normal in size, and fruiting heavily, with cultivation about perfect.
Looks
like a big crop.
4
Little Rock (Pulaski Co.)—Weather very favorable for cotton the past
week.
Hot and dry all week.
Plants have made rapid growth and fruit¬
ing since the rains of last week.
All reports indicating exceptionally heavy
fruiting.
No insects this section.
Hot dry weather during remainder of
July will be favorable this territory.
Newport (Jackson.Co.)-—With a 3 inch rainfall last week the crop is in
shape to progress for at least two more weeks, without additional moisture.
Altogether, we have the best prospect for a bumper crop that I have seen in
several years.
The plant is above normal in size, fruiting heavily, and no
insects of any kind have appeared so far.
Searcy (White Co.)—Crop conditions in this section are as near perfect
as could be reported.
Several inches of slow rain last week followed by
hot days and nights have been ideal for the cotton crop.
Fields are in
good condition, labor plentiful.
No insects reported.
Prospects for the
largest crop in several years.
Ashdown
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., atfe as
follows, quotations being in cents per pound:
Cotton
(Hunt Co.)—Present condition almost perfect.
From 2 to 4
weeks.
No complaint of worms or insects.
With
continued favorable conditions this section could easily increase production
Greenville
incnes of rain in past 2
Honey Grove
(Pontotoc Co.)—The cotton fields are clean, have had ample moisture,
so we have the best prospects in years.
No insects.
Anadarko (Caddo Co.)—We are still in need of a good general rain though
cotton is holding up remarkably well.
Poisoning is taking care of the
grasshopper situation at present.
The plant is small but well developed
and fruiting very satisfactory.
No complaints of weevil or flea damage
Ada
York,
as
High
Liverpool
Manchester .30c.
High
Stand¬
ard
Density
.45c.
.30c.
.45c.
Density
High
Stand¬
ard
1
Density
Trieste
.50c
.65c.
Piraeus
Flume
.30 c.
.45c.
Salonlca
.85c
Venice
*
85c.
Stand¬
ard
1 00
1 00
.50c.
.65c
*
*
Copenhag'n.42c.
.57c
*
*
Naples
40c.
,55c
Antwerp
.30c.
.45c.
Barcelona
Havre
.27c.
.42c.
Japan
30c
.45c.
Shanghai
Genoa
.45c.
.60c.
Bombay z
.50c.
.65c.
Leghorn
.40c
55c
Oslo
.46c.
.61c.
Bremen
.30c.
.45c.
Gothenb'g
.420
57c
Stockholm
.42c.
.57c.
Hamburg
.32c.
.47c.
Rotterdam
•Rate la open.
x
Only small lots.
Volume
the
Demand for India is improving.
steady.
prices today below
this and last year
for comparison:
MiddVg
32s Cop
Upl'ds
Twist
d.
d.
to Finest
Twist
74,294 1,833,913
10..
35,607
17-
34,922
34.771
25,529
15,829
21,251
20,044
15,791
8..
39,157
15-
40,609
45,482
52,470
21,595
21,001
18,627
75,235 1,779,076 1,398,198
46,544 1,732,379 1,370,838
51,676 1,693,071 1,345,933
34,480 1,651,049 1,328,412
24.
22.
29..
Nil
Nil
Nil
38,413
1,407,085
1,436,369
1,404,254
Nil
Nil
Nil
Nil
1,201
4.060
Nil
30,803
15,228
19,501
1,106
8,601
Nil
Nil
0,280
1,378,269
33,148 1.594.234 1,301.899 1,351,401
21,846
19-
39.972
21,098
8,706
July
Nil
Nil
Nil
lsJl, 181,353|l ,222,383
17—
Nil
Nil
Nil
Nil
1,161,42111,203,873
10.973 20,715' 51,4351,301,7651,145,008 1,179,660
10-
4,302
6.05
@11^
ioK@nH
9
0
@92
6.03
9
0
@92
6.78
10H@ll^
10H@11 %
9 0
@92
6.81
9 0
@92
6.88
6.56
1034@11^
9
0
@92
0.90
6.57
ioy&@n*A
9
0
@92
7.01
6.64
10
@UA
9
0
@92
6.92
8
6
@90
6.83
8 6
@90
6.76
8
@90
6.79
8 6
@90
0.85
8
@90
6.94
6.58
10
1
@93
0.46
6.40
9
d.
d
@92
1
1
s.
0
10
9
d.
9
0.57
1
m
9 1
6.62
9
1
@93
@93
@93
@93
9
m
0
@92
6.68
@ 93
@93
6.82
9J*@1134
9^@11J4
7.00
9J* @11 J*
9
1
9
m
1
22—
29...
9%©llK
June—
5—
12—
m
35,853
16,112
27,222
26—
9 1
97A@11X
m
19...
1
9
10!* @11!*
3...
7.18
@97
@10 0
7.18
10
@11 x
7.58.
10
@11K
8 6
@
90
6.94
@10
7.47
10
@1134
8
@90
7.02
plantations since Aug. 1 1935 are 6,998,758 bales;
were 4,140,563 bales and in 1933-34 were 7,271,017
(2) That, although the receipts at the outports the
past week were 16,973 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 47,737 bales during the week.
9 6
@121*
11
7
9
1134@1234
-
4
9
10M@115i
10—
17.-
0
@93
9 1
m
July—
receipts
(1) That the total
The above statement shows:
15—
33,705
Nil
s.
@llkC
@93
@93
@93
9
Q9A@iih
m
8—
25,524
Nil
1—.
6,431
50,199 1,384,
34,622 1,349,502
9,188
13,918
21,952
13,381
3-
Nil
d.
d.
s.
May—
Nil
59.0541,424,6121,201.2951,236,729
14,317
13,466
20-
Nil
Nil
34,989 1,554,3131,269,5641,312,579
34,833 1,517,9331,244,8201,284,177
47,623 1,465.362 1,218,9311,262,078
18,907
47,072
32,597
5..
7,151
s.
9%
11H
«M@11K
wAmm
17...
24...
Uvl'ds
to Finest
April—
10—.
MiddVg
Common
ings,
,
d.
39.301
15.333
:
•
32,699
1,451,8451,540,878
June
12..
$.763
79.174 1,814,475 1,423,178 1,600,117
May
1—
4,617
1.474,0281,581,871
70.948 1,871,482
Cotton
834 Lbs. Shirt¬
Cotton
ings, Common
32s Cop
0
Apr.
1935
1936
834 Lbs. Shirt¬
1934
1935
1936
1934
1935
1936
1934
1935
1936
cloths is
Receipts from Plantations
Towns
at Interior
Stocks
Recelpls at Ports
Week
and
We give
and leave those for previous weeks of
night from Manchester states that the market in yarns
indicates the actual movement
Ended
received by cable to¬
Market—Our report
Manchester
Plantations—The following table
each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts from
457
Chronicle
Financial
143
1
6
6
from the
in 1934-35
United States the past week have
reached 44,023 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
exports of cotton from the
also the takings or amounts gone out
obtainable;
To Havre—July 14—West Moreland, 254
To Hamburg—-July 14—West Moreland,
To
of
149
149
Takings,
10
Aug. 1
American in sight to July 17—
Bombay receipts to July 16—
Other India ship'ts to July 16Alexandria receipts to July 15
Other supply to July 16. *b
h
4,687,122
h
h
To
h
85,891
h
h
96,533
49,000
2,000
22.000
h
2.000
h
200
h
800
h
h
6,000
h
h
5,450.976
h
4,803,813
h
4,545,921
Osiris. 287.
Of which other
..
295,850
214,650
81,200
h
257,892
180,092
77,800
346—.July 8—
h
h
HOUSTON—To Copenhagen—July
h
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments
To
All Ports
To Japan—July
i
Week
Aug. 1
Week
Aug. 1
Aug. 1
To
Since August 1
For the Week
Great
Conti¬
Britain
nent
Contl- !Jap'n&
Total
*
1935-36..
10,000
1934-35..
1933-34..
3,OOo'
2,000
l'ooo
45,000
18,000
11,000, 47,000
50,000
28,000
396,000 1,359,000 1,869,000
341,000 1,280,000 1,685,000
114,000
64,000
68,000
59,000
336,000 1,037,000 1,441,000
Other India-
l.ooo'
2,000
369,000
602,000
971,000
1934-35..
2,000
2,000
1933-34..
19,000
19,000
268,000
284,000
591,000
643,000
859,000
927,000
483,000
332,000
352,000
998,000 1,359,000 2,840,000
932,000 1,280,000 2,544,000
979,000 1,037,000 2,368,000
1935-36..
1,000
Total all—
1935-36..
4,OOo'
3.000
12,000
1934-35..
1933-34-
l'ooo
30,000
45,000
52,000
18,000
47,000
30,000
78,000
show an
increase compared with last year in the week's receipts of
27,000 bales. Exports from all India ports record an increase
of 22,000 bales during the week, and since Aug. 1 show an
Receipts
and
1933-34
1934-35
1935-36
34
2,676
2,919
50
2,422
2,919
50-.
455
-
—
-
—
Forwarded
—
—
Total imports_:
Of which American..'—
Amount afloat.
Of which American
at that port:
July 10
July 17
65.000
57;000
622,000
626,000
256,000
246,000
64,000
62,000
30,000
23,000
189,000' 188,000
62,000
48,000
5L000
640,000
237,000
90,000
13,000
15L000
56,000
July 3
52,000
605,000
247,000
69,000
*19,000
192,000
52,000
of the Liverpool
tone
44,023
have the follow-
week's imports, stocks, &c.,
June 26
The
75
55
25
189
86
189
Liverpool—By cable from Liverpool we
ing statement of the
31
Exporter, 31
8—West Moreland, 25
CHARLESTON—To Hamburg—July 9—Bessa,
To Rotterdam1—July 9—Bessa, 86
Total
1,328
...
NORFOLK—To Manchester—July 16—Manchester
To Havre—July 17—City of Baltimore, 75
To Hamburg—July 17'—City of Baltimore, 58
Of which American—
ceive
Alexandria, Egypt,
SAVANNAH—To
To Manchester—July 15-—Shickshinny,
To Rotterdam—July 15—Shickshinny,
To Bremen—July 11—Bessa, 2,422
To Hamburg—July 11-—Bessa, 455
To Rotterdam—July 11—Bessa, 1,328
Total stocks..
bales.
Shipments—We now re¬
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two. years:
Alexandria
718
259
Japan—July 16—Kirishima Maru, 259..
BEAUMONT—To Havre—July
According to the foregoing, Bombay appears to
increase of 296,000
.
n
9—Shickshinny, 34
Liverpool—July 15—Shickshinny, 2,676
Total
China
Maru, 654
JACKSONVILLE—To Liverpool—July
&
Japan
■
15—-San Mateo, 307Havana—July 11—Santa Marta, 120
Rotterdam—July 15—Breedjh, 718
CORPUS CHRISTI—To
Exports
| China
13-—Osiris, 713
15—San Mates, 602
To Dunkirk—July
To
nent
.
9—-Laplata Maru, 830
To Japan—July 13—Kirishima, 150; Laplata
To Bordeaux-—July 15—San Mateo, 30
31,000 2,395,000
22,000 2,511,000
49,000 3,032,000
To Havre—July
Since
Since
Since
Bombay
2,854
1,674
218
830
1,571
356
713
602
804
30
307
120
Moreland, 108
To Bremen—July
July 16
Week
Moreland, 34
_..
Moreland, 256
Bremen—July 11—Helgoland, 1,793
July 16—Simon von
NEW ORLEANS—To Hamburg—July 13—Hogan, 1,571
To Liverpool—July 14—Olaf Bergh, 356
—
1933-34
1934-35
2,425
34
256
.
To Hamburg—July 11—'Helgoland, 1,566; West
To Oporto—July 11—West Moreland, 218
1935-36
8—Loch
July
Strecht, 1,061
b Estimated.
Receipts—
—
132
Ranza, 2,293
To Ghent—July 11—West
To Havre—July 11—West
*
Incia Cotton Movement from
.•
650.
Bergh,
11—Olaf
Liverpool—July
To
8—Osiris, 50
13—Delaware, 636
To Gdynia—July 13—Delaware, 93
To Manchester—July 11—Olaf Bergh,
h
633
285
150
132
636
93
650
-
City, 50; Hagen, 235-
Gdynia—July 3—Gateway City, 100—July
To Hamburg—July 3—Gateway City, 132_ —
h
.
22
30
-
To Rotterdam—July 3—Gateway
h
—
28
154
Bremen—July 3—Gateway City,
MOBILE—To
,
h
5.155,126
Total supply
Deduct—•
Bombay—
476
1,895
3,004
To Havre—-July 9—West Moreland, 30—
To Dunkirk—July 9—West Moreland, 154
9,000
Visible supply July 17
Great
215
Ghent—July 9—West Moreland, 22—
h
-
To
Britain
875
15—Margaret Lykes, 215
Dunkirk—July 11—San Mateo, 222___July 14—West
Moreland, 254
■__
—L--To Manchester—July 10—Olaf Bergh, 1,895—;
'
To Japan—July 10—Tsuyama Maru, 3,004—__ —
— -Hybest, 28LAKE CHARLES—To Montyluote—July 9
Season
Week
Season
5,294,243
Visible supply July
Visible supply since
From—
8,478
1,662
--
_
Week
at end of crop year.
10—Olaf
To Puerto Columbia—July
Week and Season
,
107
Gdynia—July 14—Delaware, 107
Liverpool—July 11—Lech Ranza, 3,268—July
Bergh, 5,210
To
1934-35
1935-36
Total takings to July 17
Of which American
254
.
To Bremen—-July 13—Helgeland, 1,662—
To Havre—July 11—San Mateo, 875—
sight for the like period:
Cotton
164
Copenhagen—July 14—Delaware, 164
To
To
66
14—West Moreland, 66
GALVESTON—To Ghent—July
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
World's
are
the
News—As shown on a previous page,
Shipping
bales.
market for spots and futures
of the past week and the
spot cotton have been as follows:
each day
daily closing prices of
July 15
Saturday
Spot
Receipts (cantars)—
■
4,000
8,434,547
4,000
7,367,090
1,000
8,209,014
This week
Tuesday
Monday
Market,
Wednesday
Friday
Thursday
A fair
A fair
A fair
1
This
Week
Exports (Bales)—
To
Liverpool
!___
To Manchester, &c
To Continent &
India—
To America
Total exoorts
6,6oc
This
Since
Aug.
Week
1
203,700
161,259
663,931
37,249
6,000 1074147
This
Since
Aug.
1
Week
12:15
Aug.
l
153,409
727,938
37,844
11,000 1051184
15,000 1186060
I
l'.OOO
Moderate
Moderate
business
business
Moderate
doing.
demand.
demand.
doing.
doing.
demand.
Since
2,000 ^57,604
3,000 186,900
10,000 670,911
70,555
131,993
business
P. M.
Since Aug.
1,000 cantars and the foreign
weigh about 750 lbs .
the week ended July 15 were
shipments 6,000 bales,...
Quiet,
Futures.
Market
1 to
3
7.64d.
7.58d.
7.50d.
7.52d.
Steady,
BarelySt'y,
Quiet,
4 pts. but steady, 9 to 11 pts. 3 to 5 pts. 3
Quiet,
pts. 2 to
advance.
opened
decline.
1
to
2
pts.
7.47d.
Quiet,
to
5
pts.
decline.
advance.
decline.
Steady;
Quiet,
Quiet,
advance.
Steady,
Market,
1
4
Note.—A cantar is 99 lbs.
Egyptian bales
This statement shows that the receipts for
7.66d.
Mid.Upl'ds
P.M.
..
•
to
2
Steady,
Steady,
7 to 10 pts, but steady, 4 to 9 pts.
pts. 5 to 7 pts. 3 to 7 pts.
1 to 6 pts.
decline.
decline.
advance.
decline.
advance.
decline.
Financial
458
Prices of futures at
DAILY
given below:
are
Wed.
Tues.
Mon.
Sat.
July 11
Liverpool for each day
Thurs;
July 18, 1936
Chronicle
CLOSING
July.
September
Fri-
.
December
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Season's
d.
d.
d.
d.
d.
d.
d.
New Contract—
d.
d.
d.
July (1936)
7.21
7.13
7.14
7.19
7.20
7.10
7.11
7.12
7.12
7.07
6.80
6.72
6.73
6.79
6.80
6.69
6.70
6.71
6.72
6.67
December
7.04
October
6.64
December
6.67
-
-
—
-
-
6.57
6.67
6.61
6.60
6.65
6.57
6.59
6.64
6.65
6.54
6.55
6.57
6.58
6.53
6.64
6.56
6.58
6.62
6.63
6.53
6.54
6.56
6.57
6.52
6.54
daily
6.49
May
6.62
July
6.57
6.56
6.52
October
6.25
6.51
6.61
6.60
6.20
mm
6.23
6.54
6.53
6.55
6.48
6.57
mm
..
6.50
closing
of
prices
wheat
6.16
October
6.43
6.22
__
Sat.
6.47
6.51
6.18
-
futures
Man.
91
90%
90%
December.
December
When Made
6, 1935
6,1935
Aug. 19. 1935
July
July
_
July
Fri.
102% 104% 106% 105%
102% 104% 105% 105%
103% 105% 107% 106%
103%
104
105%
Season's Low and
When Made
78%
Apr. 16, 1934 September
December
81
July 31, 1935
88%
Aug.
1. 1935 May
6.50
March.,
97%
98%
May
6.51
January (1937)
High and
102%
September
d.
__,___104%
104%
105%
Thurs.
Wed.
Tues.
chicago
IN
FUTURES
Man.
Sat.
to
July 17
WHEAT
OF
PRICES
Tues.
91%
91%
91%
in
winnipeg
Thurs.
Wed.
93%
92%
92%
91%
90%
90%
94%
93%
93%
Fri..
94%
94%
93%
the 11th inst. prices closed % to 2c. down.
early weather reports indicating very little change, and
the Government report having no detrimental influence,
traders in corn took the buying side early.
Later, when the
official forecast predicting rains, was received, offerings
became substantially heavier, and as a result of this sudden
heavy pressure, buyers immediately withdrew from the mar¬
Corn—On
The
BREADSTUFFS
Friday Night, July 17, 1936.
Flour—As
ment in
a? natural
consequence
of the
upward
move¬
grains, flour prices swung sharply upward.
Bakery
grades generally were 10 to 15c. per barrel higher.
Family
patents rose another 10c.
Rye about 10c. up.
No change
marked semolina.
A fairly good business has been evident,
sensing the market strength and being
of their needs at the prevailing
apparently
buyers
anxious
to
cover
some
prices.
Wheat—On
of the full
the
11th
inst.
permissible limit of
estimate that
was
construed
prices closed with a decline
bushel.
A Government
oc. a
as
bearish and
more
favorable
weather reports
factors in this
from the grain belt were the contributing
slump of prices.
While the spring wheat
production estimate was not much out of line with ex¬
pectations, the winter wheat estimate was considerably
above what was expected by the trade and therefore dis¬
tinctly bearish from the trade viewpoint.
It was stated
that the Government's high figures were due to revision
in its basis rather than because of improved conditions,
and many now believe the figure is subject to a further
upward revision.
Another
influence operating
against
prices was the further talk of heavy importations of Canadian
wheat.
On the 13th inst. prices closed lMc. down on the
July option, and
to l/ic. down on the other months.
The session was very erratic due to conflicting influences.
The much predicted break in the drought did not materialize
in many areas of the wheat belt.
After opening lower and
declining as much as 33^c., wheat recovered practically
all losses.
However, a rather persistent pressure developed
later in the form of hedging, which seemed to effectively
discourage the earlier demand, and as a result prices gave
way and closed at fractional declines.
Red winter wheat
produced in the Chicago area is now being harvested, and
marketings are becoming heavier.
Since there is no apparent
shortage of this variety which is tenderable on Chicago
contracts, the inclination was to pay less attention to spring
wheat conditions.
On the 14th inst. prices closed lksc.
to 13^c. lower.
Bearish weather reports from the spring
wheat territory, and indications that unsettled weather may
develop over the remainder of the grain belt were the de¬
pressing influences in the market.
There was a further
depressant in the form of hedge sales, which were rather
substantial at times.
wheat
belt
Weather conditions in the Canadian
being eyed closely.
It is figured that if
fair quantity of wheat it should have a
highly restraining effect on bullish tendencies in the domestic
markets.
The showers over the spring wheat belt are not
expected to do the crop any good.
On the 15th inst. prices
closed 2^c. to 23^c. up.
It seemed as soon as pressure
was relieved,
prices rebounded quickly on a fresh wave of
buying, traders generally being quite convinced that the
spring grain crops are beyond help, that there will be very
little to salvage from the long period of scorching heat.
There were rains recently, but there are many spots still
unrelieved from the grip of the prolonged drought. Insects
have also played havoc with the growing spring crops.
Trading was extremely active during most of the session,
the
volume being
the largest for some time.
Eastern
interests were again conspicuous on the buying side.
Much
of the demand was said to be replacement of previously sold
out positions.
The continued strong action of spot wheat
are
Canada grows
in
the
a
various
domestic
centers
was
added
an
in¬
bullish
centive.
On the 16th inst. prices closed % to l^c. up.
is
continuing
to make
heavy
inroads
The drought
grain
the
on
crops.
ket and prices fell away 6 to 7c. from the highs of the session.
At this point buying on a large scale was resumed, particu¬
larly in the July and September contracts.
This demand
rallied prices 2 to 3c. from the lows.
Indications point to
a tight situation in the nearby deliveries, due to the improved
demand for spot corn and marketings from the countrybeing disappointing both as to quantity and tenderable
standard.
On the 13th inst. prices closed %o. down to lc.
up.
Traders generally were not inclined to follow up the
recent advance in corn prices, realizing that a level has been
reached that could attract Argentina offerings.
It was
reported that Argentina is offering corn to Coastal ports as
much as 20c. cheaper than the domestic grain.
Such a
difference could easily curtail the Eastern demand for United
States corn.
It is pointed out, in fact, that it could result in
importations to the very heart of the corn belt.
Stress is
further laid on the fact that the prevailing price for corn
makes it no longer profitable as fodder for hogs.
Farmers are
not yet marketing the grain too freely, but offerings very
likely would increase substantially if the upturn is not
checked.
On the 14th inst. prices closed 1% to 2y%c. lower.
The declines were attributed largely to the predictions of
good rains for large areas of the corn belt.
Some rather
serious reports in the way of crop damage came in from Ohio,
Indiana and Illinois, but these appeared to receive onlypassing attention.
With predictions of a decided break
in the unfavorable crop-growing weather, traders were not
inclined to take the buying side, prefering to await further
developments.
Demand for spot corn continues good. On
the 15th inst. prices closed 2% to 3c. up.
This grain ad¬
vanced in spite of the forecast for showers and lower tem¬
peratures.
Reports are becoming more alarming concerning
crop damage in wide areas.
Most corn-producing States
officially confirmed deterioration from excessive heat. How¬
ever, it is said that this condition is not yet general and
could be relieved by the combination of rain and cooler
weather.
The
demand
for spot grain
continues good.
Domestic users are reaching into the Argentine for their
supplies of maize.
..'
,.
.
On
the
missible
of
16th
limit
prices
was
inst.
of
prices closed at the top point
4c.
in many areas as the result of continued absence of moisture
and lower temperatures.
est point since May,
The price level
now
1935, when the short
is at the high¬
of 1934 was
beginning to make itself felt in the price movement.
The
4c. limit
was
weather
reached in the
forecast
occurrence
for
crop
early session, despite
showers
over
the
crop
is almost
a
hopeless affair in
the
trade
and
Ohio fields.
profit-taking ensued, which kept the market function¬
ing until the 4c. limit was reached, when trading came to
halt.
a
•
Today prices closed 2%
to 3%c. above yesterday's finals.
As
a
result of reports of serious crop damage in the corn
belt, big-scale buying of corn set in and shot prices up the
daily 4c. a bushel limit permitted.
This was the second
consecutive day
that
casts
continued
were
for
rainfall in the
corn
corn
belt
prices hit the ceiling.
heat
over
and
absence
bullish
the week-end.
sentiment.
There
was
Daily closing prices of corn in
permitting importations.
is
The marketing
of
winter
wheat
increasingly larger scale, and this is having some¬
restraining effect on futures and the spot price.
Today prices closed % to l%c. down. This was in sharp
on
an
what of
a
contrast to the corn
getting all
the
market, which grain
attention
of
traders.
now
As
a
seems
result
of
to be
this
inattention, wheat prices sagged and at the close registered
considerable losses.
Open interest in wheat was 73,259,000
bushels.
DAILY
PRICES
,
-
OF
WHEAT
Sot.
No. 2 red...
CLOSING
Mon.
-124%
123%
IN
Tues.
122%
new
Sat.
„
No. 2 yellow
tions will be necessary
is regarded by not a few as a cer¬
The grain is being bought in Canada for shipment
to the United States because domestic prices are at a level
important
This, of course,
heavy profittaking on the bulge, many traders not caring to be com¬
mitted
over
the
w-eek-end.
Open interest in corn was
24,475,000 bushels.
intensified
.
.
tainty.
The fore¬
of
many areas.
That wheat importa¬
the
widespread rains over Illinois,
On this bulge in prices consider¬
able
_T
advancing prices.
official
and
of light but rater
Indiana and
This, of course, is being reflected in the renewed bullishness
of
an
belt
corn
.
Spring wheat
or per¬
the
previous close.
The soaring
due to the serious deterioration of this grain
over
101
Mon.
101%
Tues.
99%
new
york
Wed. Thurs. Fri.
101% 105% 108%
daily closing prices of corn futures tn chicago
,
Sat.
,
July,.
September,
85
81%
75%
December
Man. Tues.
84%
82%
82%
80%
.76%
74%
Wed. Thurs.
85
89
82%
87
77%
81%
Fri
97%
89%
83%
Season's High and When Made
September
December
84%
Jan.
65
June
May
68%
July
1
Season's Low and When Made
5, 19351 September
67%
Mar. 25. 1935
6, 19351 December
60%
June
1. 1935
29. 1935IMay
56
Aug. 13.1935
9at8—On the 11th inst. prices closed l%c.
to 2c. down.
This was 23^c. to 3c. down from the
high prices of the day!
The favorable weather forecast for rains in the
grain belt
was
the chief influence apparently
depressing prices.
On
the 13th inst. prices closed
to
J^c. higher.
This was
only grain that registered gains at the close and its
independent action was attributed to improved spot demand.
the
york
Wed.
Thurs.
FH.
124%
125%
122%
On the
14th inst. prices closed
l^c. to
lj^c.
lower.
The
Volume
Financial
143
459
Chronicle
declines in this grain
were due to the favorable weather
predictions and the downward trend of other grains.
On
the 15th inst. prices closed l%c. to 1 Hp. up.
This was in
sympathy with the upward move in the other grains.
On the 16th inst. prices closed % to l%c. up.
The firm¬
ness of this grain, of course, was influenced by the strength
of other grains.
Today, prices closed irregularly from %c.
decline to %c. advance.
There was very little worthy of
comment
on
DAILY
this grain.
OF
52
YORK
NEW
Tues.
Man.
51 %
-
IN
OATS
Sat.
No. 2 white
New York
Sot.
50%
September.
December
Tues.
Man.
37%
38 %
39%
July
Wed.
Thurs.
52-
52%
Fri.
36 %
3734
38%
37%
38%
39%
Wed.
Thurs.
37%
38%
39%
38%
39 %
41
Fri.
38%
39%
40%
December
44%
35%
May
37
I
Season's Low and When Made
7, 19351 September
31%
June 13,1935
4, 19351 December
33%
June 13, 1935
1, 19351 May
29%
Aug. 17, 1935
Jan.
June
Aug.
DAILY CLOSING PRICES OF OATS FUTURES
Sat.
July
October
36%
36%
^
Tues.
Mon.
38%
38%
40%
39%
14,000
20,000
141,000
Montreal
*72*666
1,677,000
Boston
16,000
New
Orleans*
Sorel
On the 13th inst. prices
in sympathy with the
declines in wheat and bearish weather reports also played
their part in the heaviness of this grain.
On the 14tli inst.
34c. to y%e. down.
This
was
prices closed 1 to 134c. down.
This was almost entirely a
sympathetic movement with the other grain markets.
On
the 15th inst. prices closed 2^c. to 2^c. up.
The strength
of this market was based on the good spot demand and
strength in wheat.
On the 16th inst. prices closed 1% to 2c. higher.
With
the
other grains
going forward in price, naturally rye
responded, as it generally does, in a vigorous way.
This
grain also is being affected by the drought and high tem¬
peratures.
Today prices closed l%c. down.
This appeared
be another neglected market,
to
151,000
202,000
56,000
3,546,000
2,420,000
153,000
2,703,000
~"i~666
*9*666
3,162,000
59,159,000
44,000
2,296,000
Week 1935.
211,000
Since Jan.l *35
6,652,000
326,000
22,252,000
8,195,000
190,009•
1,242,000
Receipts do not include grain passing through New
3,738.000
The exports from the several
ended Saturday, July 11 1936,
most of the trade interest
was
on corn,
seaboard ports for the week
are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
47,250
484,000
Albany..--,
128,000
"l'ooo
1,000
*72*666
1*3*6*666
9,000
New Orleans.
1,000
1,000
60*7*666
Sorel__
Montreal
1,677,000
Halifax
2,896,000
--
1,000
129,250
138,000
13,000
151,000
1,000
68,905
110,000
22,000
226,000
1935
for the week and since
The destination of these exports
July 1 1936 is
as
below:
Wheat
Flour
news.
very
DAILY
CLOSING
PRICES
OF
RYE
Sat.
July---September...
Mon.
70%
70%
71%
-
December
—
FUTURES
Tues.
70%
70
71%
July
July 1 to—
July 1
July 11
1936
11
Week
1936
1936
65,075
22,155
35,000
So, & Cent. Amer.
17,000
West Indies
35,000
1936
1936
Bushels
Bushels
Bushels
2,898,000
2,629,000
8*216
ii~66o
RYE
Sot.
July
57%
57%
—
October
CLOSING
DAILY
July
September..
December,
PRICES
OF
FUTURES
Mon.
Tues.
Wed.
Thurs.
72%
71%
72%
57%
57%
IN
73%
73%
74%
Fri.
263,295
2.896,000
68,905
155,560
567,000
Thurs.
visible
64
64
68
-
—
58%
58%
of accumulation at lake
Saturday, July 11, were as follows:
59%
60
58%
59%
"
CLOSING
Galveston-
64
Hutchinson
Sot.
July--
52
October-.-
Man.
49
Closing quotations
.
Tues.
52%
49%
.
Wed.
52%
48%
53%
49%
WINNIPEG
Thurs. Fri.
54%
50%
54%
50%
Corn, New York—
No. 2 yellow, all rail
-.108%
Oata,
Hard winter patent*.
Hard winter clearr
-
-
--
New York—
2 white
51%
Rye. tfo. 2, f.o.b. bond N. Y._ 66%
Barley. New York—
47% lbs malting
74%
Chicago, cash
70-102
7.30@7.60IRyeflour patents
$5.15©
6.95@7.10lSeminola, bbl., Nos. 1-3- 9.15@9.50
5,95©6.35IOats, good
2.80
5.10@5.60ICorn flour
2.50
6.15@6.50 Barley goods—
Co^rsG
2 85
6.30@6.65
5 30@5.50
Fancy pearl,Nos.2.4&7 4.00@4.75
Sioux
City.
1,545, 000
239,000
Oats
Milwaukee
-
—
18,000
-
272,000
Louis
347,000
56,000
18,000
12,000
189,000
69,000
32,000
122,000
14,000
390,000
30,000
114,000
24,000
80,000
202,000
i9~666
5,000
2~3~66o
72,000
55,000
76,000
3,000
597,000
2,292, 000
227, 000
10,906, 000
222,000
158,000
190,000
Kansas City
10,000
-
6*7,666
7,000
162,000
1,622,000
860,000
16,000
—
5.045,000
550,000
344,000
177,000
20,000 11,752,000
492,000
4,812,000
Detroit
6,000
91,000
.
-
6,522,000 31,178,000
11, 1936. —-32,215,000
884,000
3,811,000
896,000
12,000
30,000
464,000
534,000
62,000
85,000
6,382,000
7,793,000
215,666
118,000
16,000
On Canal
Total July
1,041,00^
649,000
afloat...
26,000
2,051,000
1,854,000
7,000
819,000
2,487,000
Buffalo
6,558,000
~
Buffalo, 43,000; on Lakes,
188,000 bushels in 1935.
Wheat, New^York,
435,000 bushels; New York afloat, 423,000; Boston, 41,000; Buffalo, 8,183,000;
Buffalo afloat, 640,000; Duluth, 428,000; Erie, 1,888,000; Albany, 4,767,000; on
Lakes, 1,250,000; Canal, 458,000; total, 18,513,000 bushels, against 6,316,000
grain
Note—Bonded
not
included above: Barley,
110,000; total 153,000 bushels, against
bushels in 1935.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
598,000
216,000
659,000
1,157,000
1,579,000
1,210,000
1,310,000
7,942,000
Ft. William <fc Pt. Arthur.30,199,000
Montreal-.
Other Canadian and other
1936— 70,681,000
251,000
332,000
3,065,000 *2,046,000
.32,540,000
points. 1
2,201,000
6,382,000
2,046,000
7,793,000
2,201,000
Summary—
32,215,000
70,681,000
6,522,000 31,178,000
1936-- 92,896,000
4,1936--- 97,580,000
6,522,000 34,243,000
7,053,000 34,042,000
American
Canadian
3,065,000
'
Total July 11,
Total July
The world's
9,994,000
8,485,000 11,380,000
8,428,000
shipment of wheat and corn, as
14,000
furnished by
103,000
923, 000
37,000
Peoria
216,000
98,000
146,000
688,000
235,000
2,000
58,000
4,894, 000
115.000
—
3,584,000
137,000
344,000
320,000
510,000
Minneapolis-
26,000
62. 000
132, 000
Indlanapolls-
Omaha
St.
315,000
219,000
127, 000
-
Detroit
St.
437,000
1,174,000
195,000
55, 000
Duluth
*1*4*606
22,000
1,752,000
Milwaukee
Barley
637, 000
Minneapolis.
Toledo.
Rye
'lush. 32 lbs. bush.56lbs. bushASlbs.
1,315, 000
Chicago
8*666
114,000
97,000
Total July 11,
Corn
200,000
1,583,000
365,000
15,000
83,000
afloat
water
Wheat
1*7*660
"
62,000
1,070,000
—
St. Louis
of the last three years:
Mis. I96lbs. bush. 60 lbs. bush. 56 lbs
*2*666
144,000
1,606,000
Omaha
"
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Flour
185,000
516,000
On Lakes
No
All the statements below
Receipts at-
1,000
117,000
'
23,000
—-
Hard winter stra gh s—
-
203,000
"
FLOUR
Spring pats..high proteiD
Spring patents
Clears, first spring
Soft winter straight*
1,000
32,000
1,000
62,000
Chicago
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic... 122%
Manitoba No. 1, f.o.b N.Y. 100%
64,000
4,000
"
1,332,000
4,138,000
-
Indianapolis
follows:
were as
*3*666
14,000
18,000
1,556,000
Wichita..
66
*7*666
8*666
28,000
34,000
150,000
_.
Fort Worth
64%
65
*5*666
51,000
New Orleans
Barley
Bushels
*
158,000
232,000
4,000
Baltimore.
64
64
IN
6,000
169,000
76,000
Philadelphia-
Bushels
Bushels
■
afloat
65
PRICES OF BARLEY FUTURES
J-'**'
Rye
Oats
Corn
Bushels
-
New York..
in
and
STOCKS
GRAIN
Wheat
Bushels
United States—
St. Joseph
DAILY
1,000.
of grain, comprising the stocks
supply
seaboard ports
63
63%
62
62
64
63
63
65
1,000
1,000
at principal points
granary
Fri.
BARLEY FUTURES IN CHICAGO
Sot. Man. Tves.
Wed.
Thurs. Fri.
-
1,000
5,561,000
1,531,000
The
72%
72%
73%
WINNIPEG
Wed.
56%
56%
"l'ooo
2*4*666
129,250
Other countries.__
Boston
CLOSING PRICES OF
l'ooo
8,000
2,000
64,000
1,000
8,215
Brit. No. Am. Col.
There
Season's High and When Made
I
Season's Low and When Made
September.—. 76
Jan.
5, 19351 September
45
June 13,1935
December
53%
June
3, 19351 December
48%
June 13, 1935
May
52%
Aug.
1, 1935|May
46%
Aug. 19,1935
DAILY
July 1
1936
1,530,000
1,347,000
7,000
1,000
132,925
3,960
.
Since
July 11
1
July
Bushels
Barrels
Barrels
Kingdom
Continent
Week
Since
Since
Week
and Since
CHICAGO
IN
69%
69
70%
Corn
,
Exports for Week
United
151,000
13,000
567,000
Total week 1936
Same week
Total 1936
which was showing pronounced
the very bearish crop and weather
little to report concerning rye.
on
135,000
1,890,000
Orleans for foreign ports on
Total 1935
being concentrated
strength
22,000,
a
9,166,000
through bills of lading.
New York
closed
13,000
7,000
295,000
7,978,000
41%
Rye—On the 11th inst. prices closed 4^c. to 4%c. down.
This was largely in sympathy with the heavy declines in
wheat and the forecast for rains.
136*666
43
41%
40%
* 2*,000
2*666
41,000
21,000
607*666
"
Total week,'36
Since Jan.1 '36
*
~
6,000
3,000
2,000
20,000
22,000
*3*5*666
Galveston
IN WINNIPEG
Wed. Thurs. Fri.
40%
39%
28,000
692,000
10,000
32,000
51%
Season's High and When Made
September
132,000
Barley
bush.5Glbs. bushASbls.
bush. 32 lbs
Baltimore
I
Rye
Oats
Corn
Wheat
Philadelphia..
CLOSING PRICES OF OATS FUTURES IN CHICAGO
DAILY
Flour
bbls.imbs. bush. 60 lbs.
Halifax
PRICES
CLOSING
Receipts at—
Joseph--
265,000
2,124, 000
Sioux City--
Exchange, for the week
July 10, and since July 1 1936 and July 1 1935, are
Broomhall to the New York Produce
ended
shown in the
following:
Corn
Wheat
1,000
94, 000
Wichita
18,000
19,000
2,000
212,000
Since
talweek,'36
me
me
week,'35'
week,'34'
419.000
371,000
298,000
28,535,000
5,583,000
17,015,000
1,462,000
4,779,000
1,302,000
3,784,000
203,000
1,712,000
410,000
799,000
50,000
Since
451,000]
940,000
July 1
July 1
1935
July 10
1936
1936
1936
1935
Bushels
544,000] 1,147.000
68,000'
300,000
Week
Week
1936
Exports
Since
July 10
3,202, 000
Buffalo
Since
Bushels
Bushels
Bushels
Bushels
Bushels
North Amer.
1935
1934
118,305,000 333,910,000 199,649,000132,483,000 26,109,000 95,149,000
-17,534,000 200,639,000 175,185,0001 49,249,000 14,876,000 59,648 000
17,131.000273,836.000 192,780.000' 72,287.000 13,886,000 53.489,000
1933------
4,844,000
8,982,000
Black Sea—
iinceAug. 1—
168,000
264,000
Argentina—
851,000
Australia
874,000
—
India
Oth. countr's
Total receipts of flour and grain
lie week ended Saturday, July 11
at the seaboard ports for
1936, follow:
|
.
Total
1,780,000
1,398,000
3,370,000
544,000
5,475,000
3,478,000
32,000
32,000
1,032,000
1,792,000
7,305,000' 13,488,000 14,659,000
1
July 1
1,000
1,000
1,000
553,000
1,140,000
8,814,000
13,389,000
3.838,000
------
536,000
July
502,000
196*666
4*3*4*666
1,17*3,666
4,588,000
10,389,000
15,065,000
Financial
460
Increase in Farm Income Under AAA Reported by C. C.
Annual
in
Davis
Administrator—Dis¬
Dec. 31 Totaled $1,529,114,040
Report
bursements of AAA to
as
Combined farm cash income from cotton, wheat, tobacco,
90% from 1932 to 1935, the period
and liogs increased
corn
of the Agricultural Adjust¬
when the adjustment programs
ment Administration
annual report of the Administrator
according to the 1935
of
Act, made public June 28.
the Adjustment
commodities
These five
the first ones for which adjustment pro¬
were
put into effect in 1933.
grams were
The annual report was
Chester C. Davis, who was Administrator during
issued by
portion of the period covered by the report, and
the greater
who
in effect for these commodities,
were
Recently appointed by President Roosevelt to be a
was
member
of the Board of Governors of the Federal Reserve
System.
Confirmation of the appointment by the Senate is
referred to elsewhere in our issue of today.
The
cash income from the
the
that
states
report
five
increased from $1,365,000,000 in 1932
$2,593,000,000 in 1935, while the cash income from all
other farm products increased from $3,012,000,000 in 1932
to $4,307,000,000 in 1935.
It is shown in the report that
major
commodities
to
1935,
totaled
benefit payments and one-sixth was
rental and
as
conservation of surplus.
and
for removal
expended
31,
Dec.
of
as
which more than three-fourths was dis¬
$1,529,114,040, of
bursed
AAA
the
of
disbursements
The
production adjustment programs were largely self-liquidating through processing tax collections.
The following is
from an announcement issued by the AAA with reference
the annual
to
The
five
Mr.
Davis
1932
Act
relating
provisions of
invalidated by the
were
Supreme
The report contrasts the economic
case.
in 1932 with that in 1935, and details the steps
to aid agriculture.
of the farmer
position
under the Act
taken
control
production
to
in the Hoosac Mills
decision
Court
by
cited by
are
extent to which the objectives of the Agricul¬
discussing the
in
low in price in
very
Adjustment Act had been attained; when the important
tural
functioned
period an increasing portion of agriculture has
a
governmental agency," Mr. Davis said.
the three-year
"During
through
unitedly
period of adjustment has been contemporary, with a marked improve¬
in the economic position of agriculture and in agriculture's contribu¬
"The
ment
business
to
tion
were
the three-year period
made in
improvement
which
commodities
the
the
report of Mr. Davis:
and income
price
Immediately preceding the three-year span was
recovery.
disaster, the years 1930-32.
The turning
point occurred after 1932, when the largest farm population in the Nation's
history had the smallest farm cash incqme recorded in the 26-year period
for which records are available.
The turning point in the fortunes of
a
three-year period of economic
agriculture
thus
Adjustment
with
coincident
adoption
the
the Agricultural
of
Act."
Mr.
Davis,
was
points out that the operations under the Act were
however,
of a number of factors which brought about the improvement in
farmers'
position.
Dollar devaluation, business recovery, and other
only
one
the
aided
factors
improving the farmers' position.
in
available
Cash
for
in
living
1935,
deducting
after
Cash farm income
1929, and two and one-half times larger than in 1932.
in
1935
58%
was
larger than
services and commodities
they
in
While prices
1932.
income in 1935
larger than that of 1932.
The
The
sales
during
the
buying
business
measure
consumer
years
freely
more
them
wants
Davis
relatively
a
was
been
of
achieved has
translated
been
that
by
preceded
spending is made possible
among
For
an
those
period
a
small
share
total
of
national
income.
disparity increased.
An enormous accumulation
up.
This deferred1 demand awaited an
measures,
on
the
which
has been
reversed.
of this
for farmers also
trend/ which
farming practice
good
reversal
the pressure on
This
use.
trend:
a
been
factor in
pushed
to the application of
prior
He
was
had
emphasized
One,
the influence
farmers
to
shift
adjust¬
improved prices, which
to
better
a
balanced
a
too
of
farmers to mine their soil; the other, the adjustment
encouraged
two
eased
con¬
type
of
production adjustment programs were largely self-liquidating through
indication
an
the
of
extent
the report points out
applied,
programs
about
150
were
to
that in
which
including
acres,
the
was
commodities for which such
about 180 million acres, and
1935
in effect were produced on
million
adjustment
production
rented
acreage,
were
covered
by
contracts.
Mr.
Davis emphasized
with
cooperatively
"A
to
the
the
major
progress
that agriculture has made in
dealing
problems.
national
large measure of the improvement that has been made is attributable
uniting
of
farmers
for
the attainment of
common
objectives,"
he
said.
"Formerly a force neutralized within itself by the pull of a large "
number of unite -in different directions, agriculture has been magnetized
for
a
united
pull
attain various
differing
Drought conditions have reached, a point where crop prospects are
definitely poorer than at this date in any previous year except 1934.
rather
Pros¬
of acres of crops were
of the South already
relieved by rains, and with the bulk of the cor . crop in the North Central
States small enough to stand considerable dry weather, a pearly average
yield is still possible if rains are not too long delayed.
Although the pros¬
pective supplies of feed grains including grain now on hand, are somewhat
less than last year, and considerably below average, there seems no reason
to look for a repetition of the 1934 shortage of these grains until the hundred
million acre corn crop, which is beginning to suffer over a wide area, shows
as successive millions
dried out beyond possible recovery, but with much
pects have been declining
daily
further deterioration.
The drought has already grealy reduced the production of small grains,
early hay crops, and early vegetables, although in most States conditions
during the spring months were not as bad as in 1934.
The July 1 reports,
received before the blistering hot weather of early July, indicated that in
addition to the loss of about ten million acres of the winter wheat seeded
last fall, more than eleven million acres of spring wheat and nearly as many
acres of oats and barley would be abandoned.
The reports indicated that
in the Dakotas less than
40% of the acreage seeded to spring wheat, oats,
barley would be harvested for grain, and the drought and recordbreaking temperature of the first week of July have probably caused further
loss of acreage in the Dakotas and surrounding States.
In the Dakotas,
the loss of early crops is now probably as complete as in any previous
drought.
The hay crop is forecast at 73,288,000 tons, which would be 26% larger
than that of 1934, but as short as in any of the other recent drought years.
The condition of tobaCco and the condition of sweet potatoes were each the
lowest on record for July 1, the condition of potatoes was the second lowest,
and cotton, peanuts, beans and soybeans have all had an unfavorable start.
However, these crops are still young and judging from the results in previous
dry seasons, they could still make large yields if they are favored by good
weather from now on.
Stands of cotton are irregular in the eastern end of the
belt, where some of the seed did not germinate until late June. Tobacco has
been set under exceptionally unfavorable conditions which probably pre¬
vented the planting of the full acreage intended, even though some farmers
in Kentucky and Tennessee were still setting tobacco after the rains of earlyJuly.
Corn has been considerable injured in some localities and it is threat¬
ened over a rather wide area that normally produces about half of the total
and
but in the main corn
crop,
belt States the bulk of the crop will not reach
for 10 days or more, and it is believed that in
could still show nearly complete recovery if the drought
is relieved in the next few days.
The July 1 reports on the condition of the
the critical tasseling stage
this
area
crop
most fields
indicated a production of
2,244,834,000 bushels, which would be 52%
production in 1934, 8% above production in 1930, about the same
production in 1924 but below production in any other year since the
drought of 1901.
These production estimates make no allowance for
changes since July 1, and since that date prospects for late corn in the
South have been materially improved by rains which covered a large area
above
as
from south Texas
Tennessee.
through Louisiana, Alabama, Mississippi, Arkansas and
in most of the main corn belt, drought
On the other hand,
extremely hot weather have continued during the first week of July,
which has caused corn prospects in that area to be more seriously threatened.
and
about the poorest since 1921, due chiefly to winter
Apple production is expected to fall about one-third
with all States sharing in the decrease.
The peach crop is
expected to be the smallest since 1921 and the grape crop one of the smallest
since that year.
Plums, prunes, apricots, and cherries are all light to very
light crops although pear production will be about average.
The July 1
condition of the new orange and grapefruit crops from the 1936 bloom was
also somewhat below average, but the acreage is bearing has been increasing
rapidly and production is likely to considerably exceed the light crop of 1935
bloom now being picked.
While local vegetable supplies will no doubt be seriously affected by the
drought in many areas, there seems no reason to expect a marked shortage
of any of the important truck crops or canning vegetables this season.
Considering the country as a whole, the rather general increase in acreage,
averaging about 6% over the large acreage of last season, will go far to
offset decreases in yields resulting from the drought.
While it is impossible as yet to determine accurately either the acreage
of crops that will be abandoned or the acreage of late crops that will still
be planted, the present indications are that the total acreage of all crops
harvested will be 9 or 10% greater this year than in 1934, 2 to 4% less than
in 1933 and 1935, and about 9% less than the average acreage harvested
during the preceding 10 years.
The July 1 indications were that in addition to the reduction in acreage
the drought will reduce crop yields to 8 or 9% below the 1921 to 1930 aver¬
age.
Last season yields were nearly 2% above that average and in 1934
they were nearly 19% below.
The condition of pastures on July 1 was reported as 58.1% of normal.
With the exception of the 48.9% reported in 1934, this was the lowest
July 1 pasture condition on record.
New low records for July were reported
from most of the States south of the Ohio and Potomac rivers, while in
the North Central States, the condition was declining rapidly and had begun
to approach the previous low records.
Ranges east of the Rockies were
getting dry on July 1, but they sere mostly average or better in the States
Fruit prospects are
injury and late frosts.
below average
.
...
,
"
of pastures during June caused somewhat more than the usual
milk production, and on July 1, total production was
probably 3 to 5% lower than at the same date last year.
Where drought
conditions were most serious, egg production was somewhat affected, but
in the main producing States production per hen continued at a high level,
and in the country as a whole, the total July 1 egg production of farm flocks
appears to have been about 1% greater than at that season last year.
Wheat—A United States wheat crop of 638,400,000 bushels in 1936 is
indicated by condition on July 1.
This would exceed the 1935 crop by
about 15,000,000 bushels, the 1934 crop by about 112,000,000 bushels:and the 1933 crop by about 87,000,000 bushels.
However, with the excep¬
tion of these three years, it would be the smallest wheat crop produced in
this country since 1917.
The average annual production in the five-year
period (1928-32) was 863,564,000 bushels,
If production should prove to
be about as indicated on July 1, it will be about equal to average annual
domestic requirements, and with the relatively small carry-over on July 1,
1936, there seems to be little probability of net imports during the current
crop season,
1
The area of all wheat for harvest in 1936 is estimated at 51,059,000 acres
compared with 51 348,000 acres harvested in 1935, and 43,400,000 in 1934.
The low point in acreage for recent years was in 1933, when only 49,438,000
acres were harvested.
Except for that year, the 1936 acreage is the'smallest
since 1917.
The average acreage for the period 1928-32 was 60,115,000
The drying
seasonal decrease in
in
one
common
problems
of
direction.
objectives.
drought
The united force has been exerted to
It has been exerted to attack the widely
and
surplus.
It
has
pointed
agriculture
definitely in the direction of a long-time program of efficient land use."
Winter Wheat—Reports on condition and probable yield as of July 1
indicate a winter wheat crop of
wheat production was 464,203,000
processing tax collections.
As
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States De¬
partment of Agriculture made public late Friday afternoon,
July 10, its forecasts and estimates of the grain crops of the
United States as of July 1, based on reports and data fur¬
nished by crop correspondents, field statisticians, and co¬
operating State Boards (or Departments) of Agriculture.
We give below the report:
i
&c.—The
acres.
farming.
The
July 18> 1936
Jfctrth.©!!*
in¬
into
depressions,
past
dammed
land
better
from
away
tracts
as
said that increased income
towards
factors
already
recovery
has
case
flow of income."
increased
far
the
whose need for goods is particularly great.
groups
returned
trend
farmers
in
as
prior to the depression farmers had suffered a disparity of prices
farmer
Mr.
assumed that im¬
fact that the Act
among
and,
During the depression this
ment
to the
income.
farm
"Income circulates
of
this
40% of the total increase in retail trade.
power
activity,
business
of
advance in
which
of
be reflected in national recovery, and', points
three-year period of improvement, increased rural
for about
accounted
creased
for nearly 25%
accounted
income would
farm
"Increased
of
disbursals
payment
report calls attention
that
out
still 35%
was
-
The remainder is attributed to increase in prices.
increase.
proved
some¬
the annual cash income from farm produc¬
$4,377,000,000 in 1932 to $6,900,000,000 in 1935.
from
benefit
and
Rental
for
pay
points out that
report
increased
tion
farmers
in production and living increased
use
the purchasing power of farm cash
what,
operating
wages,
taxes and interest from farm cash income, was the largest since
expenses,
Chronicle
512,085,000 bushels.
In 1935, winter
bushels, in 1934, 437,963,000 bushels;
the five-year (1928-32) average was 622,252,000 bushels.
The acreage of winter wheat remaining for harvest is
extimated at 37,875,000 acres, compared with 33,353,000 acres harvested in 1935, and
34,638,000 acres in 1934.
The five-year (1928-32) average was 39,701,000
acres.
Compared with the five-year (1928-32) average, the acreage for
harvest in 1936 shows decreases in most States in the western half of the
country, and increases in most of the other States.
The greatest percentage increases are in the southeastern States.
While
the Board has not yet revised its estimate of acreage seeded in the fall of
1935 to be comparable with the figures recently published for the years 1923
to 1934, inclusive, it appears that such revision will place the acreage in
the neighborhood of 50,000,000 acres, which would be the largest of record,
with the exception of the 51,391,000 acres seeded in the fall of 1918.
Abandonment of seeded acreage has been excessive in the Western Great
Plains area and was more than average in all of the western States with the
exception of Arizona and California.
In the eastern States, slightly less
than average abandonment occurred.
The condition of winter wheat on July 1, 1936 was reported at 66.3%
of normal, compared with the 10-year (1923-32) average July 1 condition
Volume
of
Financial
143
Chronicle
461
74.5%.
There was little change in prospective yields per acre of winter
wheat during June, slight improvement in the Pacific Northwest having
been largely offset by deterioration in the more northern Great Plain
States and in the East Central States.
Most of the increase in reported
production was due to a change in the acreage estimate necessitated by revi¬
sion of the estimates for recent
years to bring them in line with the acreage
and production enumerated by the census for 1934.
These revised acreage
estimates were not available when the June report was issued.
Yields are
GRAIN STOCKS ON FARMS ON JULY 1
below average in nearly all States.
Spring Wheat—A 1936 spring wheat crop of only 126*314,000 bushels
July 1 condition.
In 1935, production of spring wheat was
159,241,000 bushels, and in 1934 it was 88,430,000 bushels.
The five-year
(1928-32) average production was 241,312,000 bushels.
Except for the
years 1931 and 1934, the prospective 1936 production is the lowest since
1909, when separate estimates of spring wheat were first prepared.
The acreage of spring wheat for harvest in 1936 is estimated at 13,184,000
Wheat
area where corn was farther advanced than in the corn belt.
The acreage of corn for harvest in 1936 is estimated at 98,517,000 acres,
increase of about 3% over the 1935 harvested acreage.
Large increases
major
corn
belt States
were
Per
1,000
Bushels
Cent d
Bushels
Cent d
Bushels
374,012
51,245
148,516
18.1
207,770
44,339
71,354
19.6
20.7
392,181
43,760
247,520
5.7
Total Production {in Thousands)
Condition July 1
Indicated
Crop
Average
1923-32
1936
1935
Corn, all, bushels..
Wheat, all, buBhels
Winter, bushels.
All spring, bushDurum, bush.
Other spr'g, bu
Oats, bushels
Barley, bushels
Rye, bushels
Flaxseed, bushels.
Rice, bushels
Hay, all tame, tons
Hay, wild, tons
Hay, all clover and
timothy b, tons.
Hay, alfalfa, tons..
79.5
75.4
73.0
66.3
85.1
45.7
76.9
88.0
34.7
a73.6
84.6
47.0
79.9
87.5
60.6
80.0
87.6
60.3
76.8
87.3
50.9
_
77.6
77.2
55.8
...
86.7
86.1
83.4
78.2
84.0
64.7
77.4
81.5
55.2
a77.4
84.8
67.6
82.8
87.0
72.0
81.6
85.4
1,
1936
July 1,
1936
2,244,834
2,553,424 2,291,629
623,444
863,564
638,399
622,252
512,085
464,203 481,870
159,241
241,312
126,314
22,957
9,610
54,020
136,284
187,292
116,704
1,215,102 1,196,668
805,420
281,237
282,226
164,866
58,928 33,429
38,212
26,380
15,996
14,123
9,468
38,132
42,826
41,997
76,146
69,533
65,743
10,719
11,338
7,545
60.9
77.1
74.5
76.7
1935
1928-32
72.8
67.5
June
Average
Percent PerCent PerCent
58.1
Pasture
30,545
23,605
26,263
28,726
22,677
26,939
11,858
13,799
11,685
cl67,283
52,808
22;035
Beans,
dry edible,
100-lb. bag
82.4
78.0
76.6
77.8
Peanuts
72.0
70.2
Apples, total crop,
bushels
59.8
64.5
42.6
cl61,333
62.1
60.9
48.2
61.3
Peaches, total crop,
Pears, total crop.bu
Grapes d.tons.
Potatoes, bushels..
Sweetpotatoes, bu.
Tobacco, lbs
Sugar beets, tons..
Hops, lbs
54.7
57.1
c56,451
c23,146
c2,200
83.0
80.5
83.9
82.7
73.5
77.1
73.0
58.8
75.3
72.8
86.4
80.9
81.1
53.9
Short-time average,
quantities not harvested,
a
22,544
372,115
66,368
57.2
85.0
40,615
2,455
387,678
83,198
1,427,174 1,296,810
8,118
7,908
28,011
c47,746
67.7
85.3
103,214
41,260
23,264
1,776
315,359
63,806
1,113,764
8,819
26,994
b Excludes sweetclover and lespedeza.
c Includes some
d Production is the total for fresh fruit, Juice, and raisins.
Wheat—Farm stocks of wheat on July 1, 1936 were estimated at 43,760,000 bushels compared with 44,339,000 bushels a year ago and 51,245,000
bushels, the five-year (1928-32) average.
Stocks were considerably larger
than on July 1,1935 in North and South Dakota but sharply lower in Kansas
and Montana.
WINTER WHEAT
partially offset by decreases in the
Condition
In the corn belt, the West North Central group
of States increased their
last year and the East North Central group about
5%.
The only corn belt States showing decreases were Michigan, Wis¬
consin, and North and South Dakota.
Drought conditions were unfavor¬
able to planting in the Dakotas.
In Michigan and Wisconsin the decrease
is from a relatively high average in recent years, both States having 10%
more acreage in 1936 than the 1928-32 average.
In the important corn
producing States from Ohio west to Nebraska and Kansas, conditions in
general were favorable for preparing the ground and planting and farmers
were able to plant their intended acreage.
10%
7.0
Excludes sweetclover and lespedeza.
b Shown above for all purposes,
c Shortd Per cent of previous year's crop,
e Data based on corn for grain.
a
eastern and southern States.
acreage about
8.4
13.2
time average,
an
in most of the
1,000
12.5
acres
this
Per
17.6
Oats
1,000
Cent d
is indicated by
Corn—Total production of 2,244,834,000 bushels of corn is indicated by
July 1 condition.
Production in 1935 totaled 2,291,629,000 bushels and
the five-year (1928-32) average was 2,553,424,000 bushels.
The condition of corn on July 1, 1936 was reported 72.8% of normal
compared with 67.5% a year ago, and 79.5% for the 10-year (1923-32)
average.
The indicated yield of 22.8 bushels per acre is 2.6 bushels below
the 10-year (1923-32) average and 1.2 bushels below the 1935 harvested
yield.
Although germination of seed corn was below average this year and on
July 1 stands were uneven, the month of June was comparatively favorable
and the corn belt States, with the exception of the Dakotas and Kansas,
had average or near average prospects on July 1.
Conditions were below
average in the southern States, the drought developing earlier in June in
1936
Per
Corn.e
compared with the five-year (1928-32) average of 20,414,000 acres.
Except for the drought year of 1934, this year's acreage is the lowest since
1909, the earliest year for which records are available.
The present estimate
of acreage allows for abandonment which occurred before July 1 and for
additional abandonment which would be expected with average weather
conditions subsequent to that date.
It is estimated that the acreage seeded
to spring wheat was approximately 24,500,000 acres.
During May the crop suffered from lack of moisture and above normal
temperatures in the Dakotas, Nebraska and "Wyoming.
During June,
continued high temperatures and deficient rainfall caused prospects to
decline rapidly in these States and also in Montana and Colorado.
By
July 1, the crop was showing considerable deterioration in western Min¬
nesota.
In Washington and Oregon, prospects improved somewhat dur¬
ing June.
The indicated production shown in this report is based on inter¬
pretation of the reported condition on July 1, without allowance for changes
which may have occurred since that date.
Weather reports indicate that
condition in the northern Great Plains have continued very unfavorable,
which may result in further loss of acreage and further reduction in yield.
Condition of durum wheat in four States on July 1, 1936 as 34.7% of
normal, indicating a production of 9,610,000 bushels in these States. The
five-year (1928-32) average production was 54,020,000 bushels.
Condition of spring wheat other than durum, reported at 47.0 of normal
Indicates a production of 116,704,000 bushesl, compared with a five-year
average of 187,292,000 bushels.
Prospective yields per acre are generally five to six bushels below average
In the main spring wheat area, and two to three bushels below average in
other States except in the Pacific Northwest.
In the latter area, yields are
expected to be considerably better than usual.
1935
Average 1928-32
Crop
State
1936
1935
Thou.
New York
Acres
1936
'23-'32
Per
1935
1928-32
Thou- sand
Cent
1936
Bus hels
275
80
76
4,273
6,325
58
61
87
81
991
83
80
1,153
17,456
1,334
20,811
77
72
77
70
72
72
31,385
26,458
30,674
46,772
29,109
2,048
1,001
2,232
1,840
2,007
854
790
80
75
15,684
18,788
22
25
82
80
605
440
450
3,309
6,698
2,655
5,924
25,562
2,516
275
New Jersey
PennsylvaniaOhio
2,126
Indiana
1,878
than the
Wisconsin
,
Indicated
Average
Avge.
Oats—The oats crop is forecast at 805,420,000 bushels, which is 67% of
last year, and 66% or the five-year average.
The forecast is 72,254,000
bushels greater than the production in 1933 and 263,114,000 bushels greater
production of 1934, when yields were reduced by severe drought
over a somewhat wider area than this year.
The estimated acreage of 34,440,000 is about 86% of last year* and of
the five-year average (1928-32).
Half of the decrease from last year is due
to loss of sown acreage caused by drought in the northern Plains area, with
the Dakotas suffering most heavily.
In the principal corn belt States there
was a considerable shift of acreage frond oats to corn in 1936 and there was
some diversion of oats acreage to other than grain uses.
Production
July 1
Acreage
over
Illinois.
Michigan
-
Minneapolis
118
148
81
70
Iowa
359
400
83
83
2,045
1,984
74
117
115
69
2,938
10,452
74
70
68
88
73
Missouri
75
29,696
84
87
Maryland
428
445
85
78
Virginia
629
623
83
69
West Virginia
149
150
79
73
The
North Carolina
520
536
al0.7
a9.5
20,343
1,699
54,169
177,054
1,781
8,630
9,260
1,747
3,790
indicated average yield of 23.4 bushels for the country as a whole is about
seven bushels lower than the 10-year (1923-32) average of 30.2 bushels.
Over most of the country straw is short and stands thin.
Early drought
in the South and accumulating deficiencies of precipitation over most of the
South Carolina
175
184
al0.3
a8.0
704
195
195
a8.9
a8.0
610
443
443
78
80
468
477
78
72
7,600
1,560
4,430
Tennessee
33,116
15,010
1,750
Georgia
Kentucky
5,088
1,342
18,018
40,176
27,600
I« The
Pacific Coast States and a few States east and south from Oklahoma
have acreages larger than the five-year (1928-32) average.
Missouri is
the only State with considerably more oats acreage than in 1935.
Except in the irrigated sections, indicated yields
are
generally low.
,
more important States, adversely affected the development of the crop in
the early part of the season.
The shortage of rainfall in June resulted in
further deterioration of prospects.
South
Dakota-.
Kansas
Crop Report
as
of July 1,
1936—The
Crop
Reporting Board of the United States Department of Agri¬
following report from data furnished by
culture makes the
correspondents, field statisticians,
and
.
2,600
6,876
-
Delaware
Alabama
7
Acreage (in Thousands)
Yield per Acre
For
Har¬
Average
1935
1928-32
1936
PerCent
vest,
1936
of
Average
1935
1923-32
3,278
3,174
70
103,341
60,115
39,701
I* Winter, bushels
All spring, bushels
20,414
4,805
I fa* Durum, bushels.
* Other
spring, bushels 15,610
40,015
Oats, bushels
12,645
Barley, bushels.
3,315
Rye, bushels
2,772
Flaxseed, bushels
927
Rice, bushels
54,340
Hay, all tame, tons.
13,288
Hay, wild, tons
Hay, all clover and tim¬
26,864
othy a, tons
11,754
Hay, alfalfa, tons
1,760
Beans, dry edible, lbs —
2,635
Soybeans, b
1,491
Cowpeas.b
....
Peanuts, b
1,631
81
Velvetbeans. b
3,327
Potatoes, bushels.......
771
Sweet potatoes, bushels..
1,872
Tobacco, lbs
201
Sorgo for sirup
111
Sugar cane for sirup.
717
Sugar beets, tons
23
Hops, lbs...
.
.
-
—
--
*
95,333
51,348
33,353
17,995
2,262
15,733
39,924
12,243
4,196
2,014
54
304
912
663
26,992
a7.7
33,080
11,473
828
828
69
39
592
562
84
71
al2.1
Wyoming-
119
131
80
38
Colorado
207
455
68
61
40,971
8,998
13,682
1,608
13,051
New Mexico
165
182
56
26
3,236
—
—
12,834
17,672
7,452
11,248
1,309
10,116
2,380
1,155
5,460
1,001
1,056
917
44
48
90
90
518
990
159
175
84
61
3,496
3,021
2
2
92
95
70
56
54
1,298
792
78
71
28,543
32,450
17,424
647
712
82
80
17,610
11,046
10,999
14,596
14,554
15,713
622,252
464,203
512,085
Utah...
Washington
766
827
33,353
37,875
California
States
Yield per acre,
80
78
b74.5
b66.3
1,925
b Allowance made for condition at harvest in Southern States.
WHEAT, BY CLASSES
Indi¬
cated
July 1,
1935
Winter
1936
Spring
White
Year
{Winter <k
Spring)
Hard Red
Corn, all, bushels
Wheat, all, bushels
1,560
5,759
4,532
55,145
1,639
a
5,092
1,472
4,446
36
a9.0
Idaho.
United
Harvested
5,876
a8.5
Oregon
Crop
8,774
8,177
2,384
a8.0
Arizona
cowpeas,
63,947
1,596
al0.2
Montana
have not been revised include all tame
632
44,070
130,650
1,392
7,788
7,476
1,875
al2.5
Nevada
soybeans,
al0.7
27,776
1,696
35,620
78
3,374
2,295
cooperating
hay, dry edible beans,
peanuts, velvetbeans, and all fruit crops:
73
114
Oklahoma
State agencies.
Revised estimates are shown for crops for
which 1935 Federal Census data are available.
Crops which
corp
6
28
•
3,308
Arkansas
Texas
General
—
Nebraska
98,517
51,059
37,875
13,184
1,505
11,679
34,440
8,827
3,015
1,698
103.3
25.4
24.0
14.4
12.1
Hard Red
Bushels
Bushels
Bushels
Bushels
Bushels
371,076,000
403,609,000
509,411,000
280,250,000
176,997,000
207,860,000
202,824,000
266,423,000
164,400,000
179,692,000
261,787,000
159,214,000
162,313,000
188,602,000
203,872,000
195,155,000
145,621,000
157,378,000
72,439,000
189,939,000
106,469,000
53,279,000
107,653,000
69,555,000
57,117,000
59,522,000
22,099,000
42,252,000
17,816,000
6,891,000
23,878,000
10,402,000
85,003,000
86,269,000
71,095,000
85,072,000
88,088,000
69,761,000
85,217,000
96,864,000
12.5
Durum
a
22.8
99.4
Soft Red
113.6
15.2
13.9
13.5
1929
....
73.3
12.4
8.8
9.6
1930
....
66.5
11.7
10.1
6.4
1931
....
74.2
12.6
8.7
10.0
86.3
1932
30.2
30.0
23.4
1933
72.1
22.6
23.1
18.7
71.9
1934
12.0
14.0
8.7
1935.—
84.3
6.9
7.0
5.6
1936 b...
793
895
112.9
43.1
48.1
56,341
11,563
105.0
1.29
1.42
1.17
94.0
.82
.92
.65
20,230
13,781
1,843
5,211
1,567
1,859
22,425
14,333
1,732
4,380
1,870
1,984
110.9
1.15
1.30
1.01
104.0
2.06
2.08
1.88
94.0
670
749
....
46.9
63,672
12,300
—
....
675
a
Total
«
Bushels
823,217,000
886,470,000
936,831,000
756,927,000
551,683,000
526,393,000
623,444,000
638,399,000
Includes durum wheat In States for which estimates are not shown separately,
b Indicated July
1, 1936.
DURUM WHEAT
84.1
V
Condition
Acreage
Production
July 1
State
119.o
Avge.
106.7
1935
98
109
111.2
3,551
3,217
90.6
112.7
109.2
98.1
970
890
91.8
88.5
85.8
71.7
1,437
1,472
102.4
770
902
757
231
215
93.1
158
146
92.4
763
819
107.3
cil.O
10.4
31
79.7
1,274
1,227
871
Acres
'23-'32
Per
1936
Cent
Indicated
1935
Thou sand
Minnesota.....
1936
Bus hels
10.8
39
Thou.
1936
Average
1928-32
97
95
82
North Dakota
1,728
1.210
76
35
South Dakota
406
175
75
20
2,912
38,167
12,607
31
25
75
34
333
356
88
2,262
1,505
76.9
34 7
54,020
22,957
9,610
Montana
Four States
56
1,261
17,280
&
1,045
7,865
4,060
612
Financial
462
Chronicle
July 18, 1936
OATS
(OTHER THAN DURUM)
SPRING WHEAT
Condition
Condition
Production
July 1
Acreage
State
Average
Avge.
1935
1936
Acres
Per
1935
Thou- sand
Cent
92
Bus hels
89
90
89
82
267
333
288
88
79
1,853
1,980
1,740
Massachusetts
6
6
87
78
149
210
120.
Rhode Island
2
2
87
68
63
66
58
578
Connecticut
6
7
87
86
216
198
203
853
853
83
72
25,637
1,181
27,585
60,392
25,590
1,536
26,535
20,472
1,350
23,322
30,965
29,392
87,375
30,992
75,900
105,570
174
132
98
73
203
234
165
Vermont
6
9
80
63
279
120
153
6
8
76
68
274
84
•-
26
34
80
73
2,509
364
..
20
25
81
72
264
320
388
New York..
_
170
150
111
84
86
74
1,659
1,493
a78
54
1,269
14,875
1,720
15,760
1,344
15,676
27
30
84
73
762
284
39.0
Wisconsin....
Minnesota
--
Iowa
Maine
....
45
82
897
83
71
1,126
77
59
48
...
Ohio.
9
9
76
68
136
86
90
Indiana
3,531
a72
23
36,575
19,725
3,055
19,420
3,906
1,692
Illinois.
3,799
Michigan
Wisconsin.
1,402
2,663
Minneapolis
4,897
Iowa
Nebraska
6,040
1,341
2,183
2,215
2,551
Kansas
868
a69
22
47u
282
80
40
64,672
22,696
2,350
12
12
65
38
364
108
78
2,575
2,472
a71
41
Idaho
337
455
86
87
Wyoming.
127
138
86
49
346
415
77
58
35,829
13,546
2,024
4,204
23,175
8,930
1,397
4,152
17,304
11,830
1,380
5,188
South Dakota
...
■V:
Kansas
Montana
.....
Colorado
New Mexico
22
21
78
53
428
308
220
Utah
71
78
88
84
2,196
2,201
2,106
Neveda..
11
13
88
85
311
280
325
700
1,400
71
92
14,255
28,000
231
277
18
90
3,601
12,600
4,504
15,733
11,679
187,292
136,284
116,704
Washington
Oregon.
_
6,094
76
77
2,530
4,309
5,700
1,649
87
73.
83
61
76
55
633
77
30
218,730
39,595
38,397
1,108
2,219
76
31
59,033
81
43
1,494
74
62
2
80
72
97
93
50
46
41
80
62
1,560
66
78
43
2,837
2,883
3,572
1,288
1,640
943
82
Dakota
1,336
3,495
1,192
Delaware
Maryland....
—
---
Virginia
•
57
*
64
79
71
85
48
79
69
66
North Carolina
240
240
al7.6
al5.0
South Carolina
a
a73.6
47.0
Short-time average.
ALL
449
422
a21.5
al8.5
378
Stocks
on
Farms July 1
Stale
on
Farms, July 1
—
35
Tennessee
77
75
38
1936
1935
1928-32
Thous and Bus hels
Maine
New York
645
1936
South Carolina
20
839
849
49
25
.
122
60
107
Georgia
Kentucky
28
101
111
183
222
1,085
2,104
Tennessee
143
128
400
Ohio-...
2,987
2,917
Indiana
1,653
1,243
2,711
3,751
1,898
2,191
902
1,847
1,576
2,866
314
251
410
2,179
1,558
2,361
606
617
435
—
Illinois
__
Wisconsin
Minneapolis
Iowa...
Alabama
Nebraska......
Kansas
46
1,082
3,261
526
229
Montana
.4,144
2,182
Idaho
1,615
1,992
1,110
341
189
298
1,031
619
555
Texas
Wyoming
1,239
1,282
Colorado
2,718
6,463
New
2,910
4,048
_
2
12
2,604
608
4,035
4,077
3,094
Arizona
Utah..
10,236
.
2
9
2,045
1,419
North Dakota.
South Dakota.
2
.
Arkansas.
Oklahoma
5,797
Missouri
47
8,432
3,203
Nevada
1,323
259
43
32
285
305
263
Washington....
Oregon
Virginia
672
357
450
California
226
186
319
316
522
2
52
Delaware
West Virginia.
.
North Carolina.
Corn—Stocks of old
441
United
farms
1,401
901
378
465
99
49
73
51,245
States
929
574
44,339
43.760
1, 1936 totaled 392,181,000
bushels, which is 89% greater than a year ago but only 5% more than the
five-year (1928-32) average.
The July 1, 1935 farm corn stocks of 207,770,000 bushels were unusually low following the 1934 drought.
On July 1,
1934 farm stocks were 488,532,000 bushels or 25% more than this year.
Compared with July 1, 1934 nearly all important corn producing States
have larger corn stocks this year, with the exception of the West North
Central region, where this year's total is about half of two years ago, and
Illinois which has about 80% of the 1934 stocks.
corn
on
' r;.
.
July
*
CORN
Condition
Acreage
924
1,414
1,155
5,160
10,552
3,600
7,182
8,076
5,741
6,103
7,807
116
112
116
2,992
1,871
1,919
1,040
1,078
770
792
92
al7.4
al7.0
47
al9.8
a25.0
837
860
1,175
al8;5
al6.0
2,358
2,737
2,320
45
a22.4
a28.0
481
1,433
a20.8
al6.0
25,434
1,670
1,290
1,369
1,125
35,825
a26.1
al8.5
39,032
348
230
78
51
149
131
87
89
105
84
87
58
7,214
4,820
3,302
1,260
20,640
25,326
4,140
4,585
1,680
160
•_
170
80
1,843
1,564
70
5,043
38,410
7,830
5,215
2,730
4,480
21
25
75
57
667
546
Arizona-
10
12
89
80
304
260
312
Utah
36
40
89
85
1,648
1,368
1,360
3
89
88
91
76
108
7,513
7,878
2,394
9,120
9,164
5,536
8.650
10,304
3,900
b60.6 1.215,102 1,196,668
805,420
Texas
Montana.
Idaho
•
Wyoming
Colorado.
New Mexico
;..
'
Nevada
2
.....
192
...
173
83
92
316
Washington
Oregon
322
86
94
173
130
39,924
34,440
California
United States
a
Yield per acre,
84
80
4,335
475
b79.9
b Allowance made for condition at harvest in Southern States.
Barley—The production of barley is estimated at 164,866,000 bushels,,
The
July 1 condition was 60.3% of normal and the indicated yield per harvested
acre is 18.7 bushels, compared with 23.1 bushels in 1935.
Indicated yields
are generally low in all States, and especially in the States from
North
Dakota south to Texas.
Drought is largely responsible for the reduction of
both acreage for harvest and yield per acre.
The acreage of barley to be harvested for grain is the smallest since 1926,
except that of 1934.
The estimate is 8,827,000 acres compared with 12,243,000 acres in 1935.
This is only 72% of last year's harvested acreage
and 70% of the five-year (1928-32) average.
Last year's acreage was large
because of the need for early feed grain following the drought year 1934;
also, the Agricultural Adjustment Administration ruling permitting the sow¬
ing of barley on retired corn acreage stimulated seeding in 1935.
The
seeded area was less this year, and severe drought further reduced the
acreage to be harvested for grain.
The heaviest reduction in acreage is
shown in the North Central States, where acreage for harvest this year
is about 35% less than in 1935.
There was a slight reduction in the western
group of States, but other groups generally show small increases.
which is about 58% as great as the 1935 crop of 282,226,000 bushels.
Production
July 1
29,133
34
238
217
10
13
Maryland
0
12
395
...
8
14
Mexico.
40,810
50
Oklahoma
1,354
New Jersey
Pennsylvania
34,515
26,384
7,596
11,634
33,285
145
97
Louisiana.
105
171,000
68,421
208,380
29,502
52,392
65,342
72,704
43
Arkansas
Thous and Bus hels
18
7
1935
1928-32
106,372
46,967
86,548
181,189
161
Alabama
Mississippi.
Avge.
63,810
152,009
43,854
85,527
148,841
al6.5
77
OtLttfc
Avge.
Michigan
al7.0
al4.1
-
Kentucky
Stocks
al8.2
7
72
77
Florida
359
8
65
Georgia
WHEAT
186
3
North Dakota.;
Wast Virginia.
United States....
50,652
38,610
4,181
1,540
Missouri
South
•54,-
4,068
4,346
83
915
New Jersey..
Pennsylvania
6,306
"2,630
Nebraska
113
113
_.
New Hampshire
1,407
1,485
Missouri
North Dakota
1936
Bus hels
8
65
84
Indiana
Thou- sand
Cent
58
81
Illinois
Per
9
90
7
11
.....
Ohio.....
Acres
1935
1928-32
1936
•23-'32
66
7
8
13
10
Pennsylvania
55
Thou.
..
Maine
New York
1936
19o5
1936
Indicated
Average
Avge..
Indicated
1928-32
1936
'23-'32
Thou
Michigan
Production
July 1
Acreage
Slate
BARLEY
State
1935
1936
'23-32
Indicated
Average
Avge.
1936
1928-32
1935
1936
Condition
Acreage
Thou.
Maine
12
-...
Acres
Per
Cent
12
80
83
Thou sand
508
Bus hels
456
468
New Hampshire.
17
16
81
86
551
697
84
74
79
79
40
39
80
83
2,604
1,621
3,276
1,640
2,960
1,638
Massachusetts-..
9
83
79
341
378
351
53
51
82
82
New York
734
661
76
75
2,024
20,033
2,067
24,956
New Jersey..^..
200
194
82
83
6,755
8,700
1,384
3.582
4,223
8,273
1,667
2,395
4,514
9,826
3,940
1,305
3,707
8,078
4,380
1,356
3,654
4,476
9,183
79
76
78
66
76
73
78
81
1,500
76
71
2,275
81
4,740
10,900
5,004
1,122
3,410
9,209
4,906
81
78
85
84
78
72
73
45
142
1,989
21,813
7,566
50,850
118,755
152,184
330,588
43,500
72,800
144,570
419,650
110,088
3,366
40,920
179,576
61,325
3,976
14,850
29,946
9
Rhode Island
Connecticut
60,896
Production
July 1
Avge.
672
Vermont
...
.
State
226
154
80
60
1,266
1,393
81
70
200
250
81
70
45,487
129,257
155,968
336,738
39,171
69,926
143,136
438,792
146,489
18,522
78,447
223,843
126,756
3,680
14,431
30,388
11,054
38,415
20,240
36,288
6,506
60,301
58,519
35,533
32,192
31,540
18,756
51,842
80,574
1,401
1,322
2,341
20,847
3,528
Arizona
35
33
87
77
474
630
22
1936
Thou.
Maine
'23-'32
Acres
Per
1936
Cent
1928-32
Indicated
1935
Thou sand
1936
Bus hels
5
89
4
4
86
75
100
108
100
154
157
83
69
4.521
4,158
3,140
1
1
84
85
28
30
30
5
Vermont
New York
...
New Jersey...
94
89
145
140
Pennsylvania
58
58
84
78
1,173
1,537
1,450
Ohio
16
20
80
64
3,548
1,027
11,707
6,288
22,178
432
420
495
Utah
1935
Average
Pensylvania
Ohio.
....
Indiana.
Illinois..
Michigan.
Wisconson
Minnesota
Iowa...
Missouri
North Dakota.
South Dakota
V
68
Delaware
...
Virginia..
67
142
84
84
495
80
78
1,426
80
70
572
_
549
78
67
2,478
1,852
4,619
West Virginia
North Carolina..
South Carolina.
77
78
516
Kansas.
84
1,501
Nebraska.
Mary land
81
76
2,428
82
75
1,667
4,388
74
60
75
60
Florida..
789
805
80
77
Kentucky
2,829
2,802
3,503
2,964
2,183
1,628
1,848
4.583
2,914
2,8 2
80
63
78
56
3,223
2,845
2,183
1,547
1,885
4,262
75
60
74
58
72
52
72
56
180
135
72
44
25
29
84
86
Georgia
Tennessee-
Alabama
Mississippi......
Arkansas
....
Louisiana
Oklahoma.
Texas.
Montana
Idaho
Wyoming
Colorado
New Mexico
73
50
77
47
157,608
160,474
318,510
60,846
81,430
148,962
373,388
72,890
22,838
50,044
106,630
39,420
4,118
17,544
36,774
14,872
47,082
23,150
48,500
7,496
62,238
56,040
45,539
38,532
26,196
27,676
25,872
89,368
1,944
12,627
43,704
19,170
37,298
8,050
61,194
47,634
35,453
34,140
19,647
16,244
12,252
57,537
810
912
1,044
2,260
10,761
2,700
924
3,500
20
86
81
465
451
440
2
2
90
90
51
4£
48
Washington
Oregon.
32
84
84
1,246
1,044
1,184
56
57
86
87
60
60
86
89
1,902
2,620
1,736
California
2,040
1,824
1,980
95,333
98.517
United
States....
79.5
72.8 2,553,424 2,291,629 2,244,834
Oats—Stocks of oats on farms July 1, 1936 were estimated to be 247,520,000 bushels compared with 71,354,000 bushels; a year ago and 148,516,000 bushels, the five-year (1928-32) average.
On July 1, 1934 oats
stocks totaled 107,691,000 bushels.
Compared with both last year and two
years ago the largest increase in oats stocks this year was in the North Cen¬
tral States and in Oklahoma and Texas.
stocks
on
July 1
are
For the United States total oats
the largest in the past 10 years.
26
18
Michigan..
79
61
80
96
84
67
185
Illinois
191
80
68
Wisconsin..
929
892
88
74
Minneapolis
2,226
2,048
83
60
563
422
87
71
49,615
17,882
76
76
78
64
270
2,380
2,152
714
77
28
39,055
35,277
15,386
9,772
Iowa
572
306
1,960
2,112
4,011
23,192
36,854
9,284
1,292
6,873
6,390
8,450
3,861
4,995
25,548
56,763
690
676
260
351
Mary land
37
41
84
65
Virginia..
44
44
82
60
562
14,638
1,292
42,840
41,964
15,180
3,640
1,276
1,144
4
5
83
76
b76
108
Missouri
North Dakota...
South Dakota
Nebraska
Kansas.
.
West Virginia......
North Carolina
Kentucky
.
710
9
77
j
Oklahoma
47
all.O
.10 abl8.1
17
Tennessee
29
81
al5.1
18
29
78
al7.0
170
357
351
55
.
171
177
315
462
435
1,568
1,485
2,869
3,955
1,470
6,420
1,056
1,710
95
81
al5.6
alO.O
99
119
al7.8
al4.0
151
106
80
49
88
8
75
53
Arizona.
32
26
89
90
489
Utah
45
49
90
85
1,508-
....
Montana.
Idaho
113
Colorado
New
Mexico
Nevada.
99
88
60
56
87
59
321
Wyoming..
424
79
64
7
115
361
1,389
3.522
3,826
4,896
2,219
9,636
168
Texas
943
946
65
77
28
510
810
1,666
1,590
3,168
1,008
5,936
161
120
.
806
1,617
7
88
86
233
228
65
58
80
90
1,540
1,982
1,972
112
99
86
91
2,310
29,594
3,024
36,983
2,970
32,161
281,237
282,226
164,866
6
Washington
252
13,234
29
Nevada
Indiana
Oregon
California
United States
1,193
1,109
12,243
8,827
a Yield
per acre,
b Short-time
harvest in Southern States.
79
c80.0
average,
82
c60.3
c
Allowance
made
for
condition
at
Rye—The July forecast of 1936 rye production is 26,380,000 bushels
which is only about 45% of last year's crop and 69% of the five-year (192832) average production.
The estimate of 3,015,000 acres left for harvest is not
only 28% below
the 4,196,000 acres harvested for grain last year but also 9% below the fiveyear (1928-32) average.
The harvested area in 1935 was abnormally large.
Abandonment, resulting from drought, is responsible for some of the reduc¬
tion in acreage to be harvested for grain this year.
The low condition of 50.9% of normal, reported on July 1,
1936, indicates
yield of 8.7 bushels per acre.
This is only .3 of a bushels higher than the
yield per acre in the drought year of 1934.. Yields are low in most of the
States, and are unusually low in some of the States having large acreages,
such
as
the Dakotas and Nebraska.
Volume
Financial
143
Chronicle
463
RYE
1933-1936
WHEAT—PRODUCTION,
Condition
Production
July 1
Acreage
1933
1935
1936
Bushels
Country
1934
Bushels
Bushels
Bushels
State
1935
1936
Indicated
Average
Avge.
•23-'32
1936
1928-32
United States.
1936
1935
551,683,000
281,892,000
New York
Acres
Per
Thou- sand
Cent
86
19
89
79
462
385
86
80
1,671
1,680
1,920
1,310
2,542
1,536
1,089
79
Ohio
128
51
82
74
99
82
74
1,100
128
60
82
79
405
731
221
Illinois
807
228
137
82
76
Wisconsin
314
210
84
80
Minneapolis.
495
346
78
59
1,950
2,189
5,966
88
Michigan
Iowa
122
911
610
80
72
165
24
663
1,576
1
630
4,152
-—
-
189
-
72
28
11,073
4,072
429
82
63
2,667
12,754
8,225
5,362
50
76
72
217
630
525
Kansas.
1,692
3,432
6
91
79
85
75
66
18
16
87
80
266
243
200
Virginia
54
38
84
70
654
621
399
West Virginia
11
10
83
78
151
138
'100
70
70
525
420
Delaware
6
Maryland-
—
'
a7.8
a6.0
486
South Carolina
11
10
a8.6
a7.5
69
94
Georgia
20
20
a6.3
a5.5
99
120
110
Kentucky
17
11
80
72
202
136
116
Tennessee
28
23
78
62
159
182
126
Oklahoma
30
24
114
210
North
Total, 34 countries
900,783,000
913,399,000
Carolina
-
a8.9
a6.0
75
144 ~
3
3
34
34
28
50
55
72
42
574
525
330
9
8
84
87
50
90
88
Texas
Montana
Idaho
a
a9.5
11.0
Wyoming
27
27
Colorado
23
33
78
62
3
3
83
81
84
219
216
135
438
45
3,042,172,000 2,833,976,000 2,924,302,000 2,847,616,000
Estimated world total
ex-
161
231
16
27
:
3,812,317,000 3,514,696,000 3,514,719,000
a
3,660
376
429
-
North Africa (4).
India
980
-
60
-
.
802,242,000
1,745,643,000 1,544,808,000 1,547,162,000 1,467,766,000
113,328,000
115,742,000
109,967,000
135,470,000
350,709,000
363,029,000
351,456,000
352,987,000
2,415
470
—
Dakota
Nebraska..
Total (2).
Europe (27)
720
,3,078
3,925
9,900
1,830
681
79
65
70
84 r21
Missouri
North Dakota..
638,399,000
a275,000,000
323
97
Indiana
South
276
19
22
27
321
623,444,000
277,339,000
Bus hels
112
New Jersey
Pennsylvania
526,393,000
275,849,000
833,575,000
Canada
'
Thou.
Unofficial, based
on
FEED
Barley—The
area
countries reported
countries in 1935.
A'"
weather and yield correlation analysis.
GRAINS
to barley for the 1936 harvest in 17 foreign
date is about 2% below the acreage in the same
The 1936 production in the six countries reported,
sown
to
however, is nearly 22% above the production in those countries last year,
to large increases in Morocco and Tunisia.
Finland also shows an
increase of 10% over the 1935 production and Egypt a 2% increase, while
in Bulgaria there is a 5% decrease and in Japan, exclusive of Hokkaido, a
13% decrease.
\
due
Oats—The 1936 area shown to oats in 12 foreign countries reported is
about 1% below that of the same countries in 1935.
There is a considerble increase in the production of the few countries which have reported,
however, amounting to 62% for Morrocco, 23% for Bulgaria and 2% for
Finland.
■
,
Corn—The five European countries which have reported corn acreage in
a net increase of nearly 4% from that of the same countries in
1935.
The 1935-36 corn production in Argentina is estimated at 379,900,-
1936 show
Washington.
22
18
78
86
162
165
144
000 bushels, which is 16% below the record harvest of 1934-35.
Weather
conditions have been somewhat unfavorable for the harvesting and con¬
Oregon
34
37
84
90
289
442
518
ditioning of the
9
9
—
85
b91
122
126
export.
Utah
California
:
22
crop,
FEED
but there should be
a
large quantity available for
GRAINS—ACREAGE, ANNUAL 1933-1936
'
United
a
Yield
States
per
acre,
4,196
3,015
c76.8
b Short-term average,
C50.9
c
38,212
Allowance
made
58,928
26,380
for condition
at (
1933
1934
1935
1936
Acres
Crop & Countries Reported in 1936
Acres
Acres
Acres
harvest in Southern States.
Potatoes—The July 1 condition of the Nation's potato crop is 73.5%
July 1 condition reported during the
Barley—
of normal, which is the second lowest
United States
past 70 years.
Canada..
The forecast of production on July 1 is 3 1 5,359,000 bushels
compared with 387,678,000 bushels harvested in 1935; 406,105,000 in 1934,
and a five-year (1928-32) average production of 372,115,000 bushels.
The
acreage of potatoes for harvest this year is estimated to be 3,216,700 acres,
or nearly 10%
less than the 1935 acreage and 3% less than the average
acreage harvested during the five years, 1928-32.
Average yield indications
on July 1 were 98.1 bushels per acre compared with 109.2 bushels in 1935,
and a 10-year (1923-32) average yield of 112.7 bushels.
Acreage in the 30 late States is estimated to be 10% less than in 1935.
Planting operations in the New England States were handicapped on account
of a cool, wet, backward season.
In the North Central and Western States
late crop plantings were completed under generally unfavorable conditions
is most areas due to the lack of soil-moisture and the continued
drought
throughout May and June.
The seed potato supply was shorter than
ubual, and many farmers were unable to plant according to scheduled inintentions.
Based on conditions reported on July 1, potato production
in the 30 late States will fall 54,300,000 bushels short of last year's harvet.
In the seven intermediate
States the estimated production of 24,945,000
bushels is 10,000,000 bushels below the total crop harvested in these States
in 1935.
Potatoes are being dug in the intermediate States and, while
9,220,000
bl,87o,000
16,619,000
8,037,000
bl,868,000
37,098,000
43,545,000
39,396,000
88,200,000
Total, 18 countries.
Northern
8,827,000
a4,055,000
16,325,000
89,000,000
92,400,000
36,532,000
13,529,000
23,999,000
29,455,000
39,924,000
6,553,000
3,612,000
16,635,000
8,445,000
1,853,000
4
Japan
Estimated
12,243,00?3,887,000
9,687,000
3,658,000
16,627,000
8,421,000
1,924,000
...
Europe, 11 countries
North Africa, 4 countries.
,3,17,000
Hemisphere
total, excluding China
Oats—
United States.
Canada
530,000
—
Total, 13 countries
Estimated
Northern
13,731,000
23,765,000
516,000
34,440,000
14,096,000 814,150,000
22,538,000 22,255,000
500,000
504,000
74,590,000
...
Europe, 9 countries
North Africa, 2 countries
67,467,000
77,052,000
71,345,000
Hemisphere
total, excluding China
...
135,400,000 131,200,000 141,800,000
sizes
are generally smaller than usual, in most instances the quality is very
good.
While the harvest is practically over in the 11 early States, a small
supply of potatoes remains to be shipped during the month of July.
Pro¬
duction in the early States is estimated to be 25,821,000 bushels compared
Corn
United
States
Europe, 5 countries
105,724,000
23,644,000
__
92,133,000
24,217,000
95,333,000
24,388,000
98,517,000
25,258,000
with
33,799,000 bushels harvested in 1935.
Sweet Potatoes—-A sweet potato production of 63,806,000 bushels is
indicated by the July 1 reported condition of 58.8%, which is the lowest
July 1 condition ever recorded.
This production compares with 83,198,000
bushels harvested in 1935 and 77,482,000 bushels in 1934.
The indicated
yield per acre in New Jersey, Delaware, Maryland and Virginia is 115
bushels compared with 121 bushels per acre last year.
The indicated yield
in the South Central States is 67 bushels per acre compared with 80 bushels
per aero
acre
is
in 1935.
lower
than
The United States indicated yield of 71.7 bushels per
any other year since 1896, when the yield was 70.8
bushels per acre.
Pastures—Pasture conditions declined markedly during June and at
58.1% of normal on July 1 were the lowest ever reported for that date with
the exception of 1934.
This compares with the condition of 85.4% reported
on July 1 last year, 48.9% on July 1, 1934 and the
July 1 average of 81.6
for the years 1923 to 1932.
The reports on pasture conditions show that
extreme drought conditions prevailed on July 1 in two large areas
centering
around Tennessee and southwestern North Dakota.
In nearly all of the
States south of the Ohio and Potomac rivers, the condition of
pastures on
July 1 was the lowest ever reported for that date but much of this area has
had good rains during the last two weeks.
In the North Central States,
outside the bad drought area, the condition of pastures declined
rapidly
during the last half of June but on July 1 averaged higher than at the same
season in 1934.
In this area, however, and extending on eastward to the
Coast the extreme hot, dry weather since July 1 has caused a further
rapid
decline
Plains
in
area
conditions.
Conditions were also low in the Southern Great
where pastimes have not recovered from previous unfavorable
In the Western States, pastures and ranges were
generally
condition.
below average condition east of the Rockies with much of Montana and
Wyoming in the worst drought area but pastures and ranges were in good
condition in most of the area west of the Rockies.
Wheat by Classes—Estimated production of wheat by classes in 1936
as follows:
Hard red winter wheat, 266,423,000 bushels; soft red winter
is
195,155,000 bushels; hard red spring, 69,555,000 bushels; white, 96,864,000
bushels; durum/ including an allowance for some durum grown in States
other than those for which separate estimates are shown,
10,402,000 bushels
The five-year (1928-32) average production by classes was: Hard red winter'
391,731,000 bushels; soft red winter, 178,497,000 bushels; hard red spring'
153,636,000 bushels; white, 83,700,000 bushels; durum, 56,000,000 bushels.
Foreign Crop Prospects—The latest available informa¬
tion pertaining to cereal crops in
foreign countries, as re¬
ported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
at Washington, and given out on July 10, is as follows:
Foreign wheat production in the Northern Hemisphere countries outside
90,000,000 bushels or about 4 ~/0 less than
Prospects in Canada indicate a crop not much different from last
year while those for Europe and India are considerably below last year
being about 5% and 3% less, respectively.
Production in North Africa is
indicated to be higher than last year.
Hot, dry weather in Canada caused a serious reduction in crop prospects
during the past month and the harvesting of an average crop is now highly
improbable.
Grasshoppers are constituting a real menace and stem rust
has been reported.
Crop prospects in Europe showed no improvement
during June and indications now point to the smallest crop produced in
Europe since 1931.
The prospective increase in the Danube Basin is not
sufficient to offset the large decrease in other parts of Europe.
The coun¬
tries having the most marked decreases indicated are
France, Italy, Portu¬
gal, Spain and the United Kingdom.
Production in North Africa
as
reported to date, indicate an increase of about 2 % over t-he 1935 production
This increase is almost wholly accounted for by the increase in Morrocco
Reports for Tunisia indicate a greatly decreased production.
of Russia and China may be about
1935.
The total acreage sown to wheat in Russia this year is estimated to be
acres which is an increase of about 5% over the 1935 acreage
97,860,000
of
acres.
Prospects are generally favorable except that soaking
wide areas in the Eastern grain belt. Production
expected to be about 10% above that of last year.
It is esti¬
mated that production in Japan will be approximately 6% less than in
1935, but an increase of 12% over the preceding 5-year average.
93,290,000
rains
are
still needed ovqr
in China is
Total, 6 countries..
Estimated Northern
129,368,000 116,350,000 119,721,000 123,775,000
186,600,000 173,500,000 172,800,000
total
a
....
Hemisphere
Intentions to plant,
b Exclusive of Hokkaido.
Weather Report for the Week Ended July 15—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 15, follows:
The week was characterized by the persistence of abnormally high tem¬
peratures and scanty rainfall over large areas of the country, especially in
the interior valleys and Central-Northern States.
The heat wave began on
July 3 and has been continuous up to July 14 over much of the country
Rocky Mountains.
The latter part of the week was cooler in
western and northwestern Great Plains, but high temperatures con¬
east of the
the
tinued throughout the central valleys.
The maxima for the week at firstorder stations ranged generally from 100 degrees to 110 degrees from New
York, the Middle Atlantic States, the interior portions of South Carolina,
Georgia, and Alabama northwestward over the central valleys, the Great
Lakes, and the central and northern Great Plains to eastern Montana.
The highest temperature reported from first-order stations was 110 de¬
the 10th at Bismarck, and Devils Lake, N. Dak., Moor head, Minn.,
and Knoxville,
Tenn.
Previous high records were exceeded in many
localities from New York to the upper Mississippi Valley.
The weekly
means ranged mostly from 12 degrees to more than 20 degrees above normal
in the Ohio Valley, the Lake region, the central and upper
Mississippi
Valley and the Plains States from central Kansas northward.
Tempera¬
tures were high also in the southern Canadian prairie provinces,
both
Winnipeg and Minnedosa reporting maxima of 108 degrees and Prince
Albert 102 degrees.
Rainfall during the week was generally scanty, except that local showers
were rather frequent in the more eastern
States, and substantial rains
occurred in some central and northern Rocky Mountain sections, and the
northwestern Great Plains.
Much of the interior valleys had practically a
rainless week.
F'airly good showers occurred in North Dakota on July 9,
and there were good rains in much of eastern Montana, the northern Rocky
Mountain districts, extreme western North Dakota, and extreme western
Nebraska.
The rains occurred principally along the western fringe of the
drought area.
They were helpful, but entirely inadequate to relieve the
serious situation generally.
Since July 1 large interior areas have had very little rain, the total be¬
ing less than 5% of normal in Iowa, only slightly more in South Dakota
and Wisconsin, and mostly from 15 to 25% in eastern North Dakota,
Minnesota, northern Illinois, northern Missouri, much of Kansas and
grees on
western Oklahoma.
Good rains during the week were of great value and materially relieved
the serious drought situation in western Mountain States and parts of the
northwestern Great Plains.
In eastern Montana and most of Wyoming,
while the rain came too late to save
dry-land crops, water holes were re¬
relieving, at least temporarily,
Colorado, much of New Mexico
and Utah, very helpful rains materially improved the outlook.
Conditions
continued favorable from the northern Rocky Mountain Divide westward
to the Pacific Coast, including western Montana, Idaho, Washington and
Oregon, but central Montana was missed by the rains, with crops and
range lands suffering further deterioration.
Additional showers in the Southern States were mostly sufficient to
maintain the improved conditions brought about by last week's rains over
a
belt from Texas, Arkansas and Louisiana northeastward, though in
parts of Kentucky some of the gain has been lost by extremely high tem¬
peratures.
In other parts of this belt minor crops and pastures show
favorable reaction to improved conditions, while in some southeastern
localities, largely missed by last week's rain, such as South Carolina and
Georgia, showers this week were helpful; a considerable area of the ex¬
and the range will improve,
the livestock situation.
Also in western
plenished,
treme
Southeast still needs moisture.
In
the
middle
and north Atlantic
areas conditions are variable, but fairly favorable in most places,
though
the drought has been intensified in much of New York and West Virginia,
and more than half of Pennsylvania still needs moisture.
Financial
464
In the
Great
In the Plains
conditions.
was
and in the central valleys the ex¬
rain during the week greatly intensified droughty
States from Oklahoma to North Dakota there
Plains north of Texas
treme heat and absence of
enough rain, even where showers occurred, to materially improve
while in Ohio, Indiana, Illinois, Missouri, Iowa, Minnesota
were only a few light, scattered showers, and most
not
the situation,
and
Chronicle
July 18, 1936
Deterioration progressing in north-central, but
heat.
local showers hold¬
ing up crops in many places.
Progress and condition of corn in north
half of State poor, except fair in northeast.
Tobacco poor, very irregular^,
helped locally by showers; some blooming prematurely.
Planting late
potatoes where showers occurred.
Heat damaging corn.
Wisconsin there
continued
crops
wells
to
dried up,
are
deteriorate rapidly.
Pastures are
and the situation is extremely bad.
practically
gone,
THE DRY GOODS TRADE
Small Grains—The harvest of winter wheat is nearly done and thresh¬
ing made rapid progress Under favorable weather conditions.
With con¬
tinuous, high temperatures and little or no rainfall in the principal growing
sections the spring wheat crop deteriorated rapidly.
In Minnesota all
grains are now beyond help.
In North Dakota the spring wheat
is still holding out fairly well in a few small areas; elsewhere deteri¬
small
crop
oration
west.
was
rapid.
Conditions continued favorable in the Pacific North¬
Mississippi Valley sections.
Rice is excellent in lower
been done by heat and
drought, but in much of the Corn Belt the bulk of the crop will recover
if rain and cooler weather come soon.
The greatest permanent harm so
far has occurred in the southwestern portion of the belt, principally Mis¬
souri, Kansas and Oklahoma.
In Ohio weekly progress ranged from fair
in some nortnern sections to poor, or actual deterioration, in parts of the
south where some is beyond help.
Deterioration is also reported from
north-central Kentucky, while in Indiana plants are rolling badly in many
Corn—More
or
less
irreparable damage
has
New York,
Friday Night, July 17, 1936.
Less oppressive temperatures
in some parts of the country
served
and scattered beneficial rains in the drought sections,
trade during the past week, although the up¬
to sustain retail
period last year tended to hold gains down to
somewhat lower ratios.
Consumer demand continued to
turn at this
center
Summer merchandise but some stores
on
reported
a
growing interest in the house furnishings division.
Depart¬
ment store sales during June, according to the usual survey
increased 15%
Federal Reserve Board,
the
June
?laces, much some in the north is still in fair condition, but in other por¬
Uinois with
early corn tasseling and immediately burning. In
of
with permanent damage.
Missouri most early corn is beyond recovery, but the late crop could
be saved by immediate rain.
In Oklahoma upland corn is beyond help,
and that on lowlands damaged, while in southeastern and south-central
Kansas more than half has been irreparably harmed.
There has been
more or less permanent damage in Nebraska and South Dakota, and rain
is needed immediately in Minnesota.
In lowa the bulk of the corn crop is still in fair condition, but showing
many blanched leaves.
The earliest is being forced too rapidly into
tassel
and silk,
which are immediately burned beyond recovery.
However,
there has been comparatively small irreparable damage, except in some
western counties.
In the South, corn shows improvement and its con¬
dition is mostly satisfactory in the Atlantic area.
1935; while the month in most cities had one more business
over
corn
tions
some
has reached the critical stage,
Cotton—Temperatures were near normal in the western Cotton Belt,
considerably above normal from the Mississippi Valley eastward.
occurred in most districts in the southwestern and central and
eastern portions of the belt.
The rains were beneficial in the Southeast.
In Texas cotton shows improvement generally, except in parts of the
south where rain has favored weevil.
Weekly progress was mostly good
to very good, with bloom general, except in the extreme Northwest.
In
Oklahoma progress was only fair; the condition of the crop continues good
but rain is now needed; some bloom is showing to the northern limits.
In the Mississippi Valley States progress has been mostly satisfactory
since the rains of last week.
In Georgia and South Carolina recent showers
were helpful, but plants are mostly small and stands irregular, especially
in South Carolina and northern Georgia; in southeastern Georgia the crop
is mostly good, but in the central and northern parts of the State plants
are very small and late,
with some shedding in early fields.
In North
Carolina progress was mostly fair to good, with early plants blooming
freely in eastern sections.
but
Showers
Bureau furnished the following resume of
conditions in the different States:
The Weather
Virginia—Richmond: Temperatures abnormally high; rains mostly light,
except some southwestern counties where semi-
but crops generally fair,
drought prevails.
Cotton fair; corn good, but short, some tasseling; oats
short; potatoes poor to fair, 80% dug.
Tobacco good, topping begun.
Peanuts excellent.
Meadows and pastures still short and dry.
North Carolina—Raleigh: Fair and warm with beneficial showers at
close; favorable for farm work and most crops.
Progress of cotton fair
to good; early blooming freely in east.
Tobacco fair; some beginning to
cure in east.
Corn mostly good, though varying fair to excellent; much
early laid by.
Truck fairly good.
Pastures needing rain badly in moun¬
tain region and becoming short in southeastern counties,
but improved
only four Saturdays as com¬
The New York district showed a
gain of only 11%, whereas Dallas reported an increase of
day than last
17%, and mail order houses made the best showing on record,
not
deterioration
of
corn,
tobacco.
terially, with the number of buyers exceeding that of last
year's
Temperature
about
normal
with
light
rain.
Progress of cotton rather poor; condition fair; squaring; some dropping.
Corn fair; maturing sweet potatoes fair; truck about all gone.
Seed beds
being prepared for fall crops.
Citrus good, fruit holding and sizing nicely;
cane and peanuts fairly good.
Alabama—Montgomery: Very warm; rains mostly light to moderate,
but locally heavy.
Progress of cotton fair; condition mostly poor to
locally fair in middle and eastern areas and fair to locally good in other
sections; bolls south and middle.
Corn, pastures and vegetables im¬
proved; sweet potatoes mostly in poor condition.
•
.
Progress of cotton generally good, except in
mostly east-central, where progress
localities.
Condi¬
late-planted corn
fair to very good with condition of much early-planted poor.
Progress of
pastures and truck greatly improved.
Louisiana—New Orleans: Light rains benefited most sections.
Cotton
growing and fruiting rapidly; condition generally good; weather favorable
for weevil; progress of staple, very good.
Conditions of corn fair, much
early corn failure.
Rice good; cane growing well, stands good..
Little
truck that survived drought much improved; replanting.
Pastures re¬
Mississippi—Vicksburg:
previously dry localities,
rather poor to fair.
Heavy shedding in some wetter
tions generally favoring weevil activity.
Progress of
viving rapidly.
Texas—Houston: Temperatures averaged near normal;
heavy rains over
and adjacent counties; light elsewhere.
Corn improved
generally in fair to good condition.
Winter wheat harvest
in full swing in northwest.
Truck generally in poor condition from mid¬
dle coast northward, but elsewhere mostly fair to good.
Ranges and
cattle generally good to excellent.
Cotton improved considerably except
in Corpus Christi area where recurring rains have favored weevil activity.
Progress and condition of cotton mostly good to very good; blooming
and squaring generally, except in extreme northwest; much picking com¬
pleted extreme south before rain set in.
Oklahoma—Oklahoma City: Drought becoming serious over entire State.
Grasshopper damage heavy in many localities, except in southeast and
panhandle.
Progress of cotton fair; condition good but now needing rain;
some blooms in north.
Threshing nearing completion.
Progress of corn
Coastal
Plains
somewhat and
drought and grasshoppers; much upland corn injured beyond
lowland crop seriously damaged.
Broom corn harvest begun
district.
Pastures, gardens and truck drying up.
Alfalfa and
prairie hay very poor; some alfalfa dying.
Stock water scarce in many
localities and some wells failing.
Feed crops made poor progress.
Arkansas—Little Rock: Scattered light rains in a few localities, other¬
wise none.
Progress and condition of cotton very good to excellent, ex¬
cept in some counties of Fort Smith area and sections in Ozarks where
fair to good; squaring; blooming rapidly in south and east portions, but
growth slow in dry area.
Early corn improved where heavy rains of pre¬
vious week, otherwise, condition poor.
Condition of late corn excellent,
except in northwest where poor to fair.
Tennessee—Nashville: Corn made good progress, much tasseling; con¬
dition of early corn mostly fair; late, very good; planting continues.
Pro¬
gress of cotton very good; condition fair in central and east; good in west;
blooming generally; few b ills in eccreme soutnwest. Tobacco small, but im¬
proving; setting continues; condition mostly poor to fair.
Rapid progress
made in planting forage crops, sweet potatoes, and gardens.
Pastures,
alfalfa, lespedeza and truck improving.
poor account
recovery;
in Lindsay
Kentucky—Louisville: Light to moderate rains locally in west and cen¬
benefited districts with fairly satisfactory growth in extreme west,
east, and locally in south where condition and progress of corn
fair to very good.
Tobacco and pastures continue to improve.
Previous
improvement in othe
southern and most eastern counties checked by
tral;
extreme
season
items such
by
as
a
considerable margin.
sheetings, pillowcases
Purchases of staple
were
made
on
large
a
scale, and the anticipation of higher prices as well as the
continued tight delivery situation
ing of future requirements.
were
did much to induce
cover¬
While the results of the drought
expected to affect sales later in the
year,
for the time
being, little effect from this cause was felt in the volume of
Trading in silk goods expanded moderately, with
business.
the firmness in the
stiffening of prices
raw
on
silk market resulting in a slight
Fall goods.
Business in
rayon yarns
continued active, and predictions were heard that July ship¬
ments are
likely to reach
a new
peak.
With
reserve
stocks
showing steady declines, the possibility of a real shortage in
yarns
later in the season continued to be discussed.
While
weaving numbers again accounted for the bulk of the busi¬
ness,
a
knitting
slight
seasonal improvement
yarns was
noted.
down somewhat.
held steady
to
in
the demand for
^
Goods—Trading in print cloths quieted
Quotations at the beginning of the week
despite the decline in activity, but later resistance
higher asking prices stiffened and slight concessions
were
registered.
A few second-hand offerings appeared in the
market at
slightly lower quotations, but their total remained
negligiblek
Most
inquiries were for nearby deliveries.
believed to be in need of additional amounts of
goods and with no indications of any substantial increase in
production, an early return of the previous strength and
activity is generally expected.
Trading in fine goods was
moderately active, and recent price advances were well
established.
Fancies were in fair demand.
While buyers
were not quite ready to make seasonal commitments, mills
continued to be in a strong statistical position enabling them
to await developments rather than sell forward deliveries
at current quotations.
Closing prices in print cloths were
as follows:
39-inch 80s, 8 to §3^c.; 39-inch 72-76s, 7^8 to
7%c; 39-inch 68-72s, 7 to 734c.; 3834-inch 64-60s, 834c.;
3834inch 60-48s, 534 to 5%e.
With buyers
,
Florida—Jacksonville:
scattered,
excepting the boom period of the late twenties.
Trading in the wholesale dry goods markets expanded ma¬
Domestic Cotton
Continued hot weather caused consider¬
truck, fruit and pastures in most sections;
however, local showers at close beneficial.
Progress of cotton fairly good;
fruiting well; weather favorable for holding weevil in check; but plants
generally small; stands irregular.
Rain still needed in many places.
Georgia—Atlanta: Hot and dry, except general moderate rains Sunday
and Monday.
Heavy showers in some western counties where previously
driest.
Cotton shedding very heavy where in blooming stage or beyond;
some areas in central and north and so small and late may not mature; con¬
dition in southeast mostly good.
Corn badly fired in central and southwest,
still needs heavy rains in most sections.
Weather favorable for curing
South Carolina—Columbia:
were
a year ago.
Gains in sales registered by chain stores averaged
29%.
in most of Piedmont.
able
there
year,
pared with five
Woolen Goods—Trading in men's wear fabrics was fairly
active, and prices continued strong.
With the Fall season
practically at an end, several mills opened their lines for
next year at quotations ranging from 10. to 15c. a yard above
those
of
amount
last year.
Manufacturers
of initial orders for the next
Duplicate orders
placed
a
substantial
Winter resort
trade.
Fall goods were placed in only light
volume.
Retail clothing centres reported a marked increase
in the sale of all classes of Summer wear, with high tempera¬
tures and increased spending of bonus money continuing to
stimulate buying.
Business in women's wear remained at a
satisfactory pace.
Initial orders on Fall garments were
received in substantial quantity, with tweeds and nubbv
effects leading in demaftd.
Consumer interest in beach and
Summer
wear
on
continued unabated.
Foreign Dry Goods—Trading in linens
was fairly active.
heavy, and retailers fre¬
quently found it difficult to obtain needed deliveries as
stocks are usually light at this time of the season, and manu¬
facturers wbre busy on their Winter resort lines.
Black
and printed linens attracted most attention.
Business in
burlaps was quiet, although prices held quite steady, reflect¬
ing firm' Calcutta cables.
Moderate interest was shown in
spot and afloat goods but inquiry for shipments remained
limited, with bag manufacturers not inclined to cover beyond
their third quarter needs.
June consumption figures made
a favorable showing.
Domestically lightweights were quoted
at 3.95e.°, heavies at 5,35c.
Consumer demand continued very
Volume
Financial
143
Chronicle
465
RECONSTRUCTION FINANCE CORPORATION
Chairman
tional
Jones
Municipal
statement issued
New York
Addi¬
of a
July 9 by Jesse H. Jones, Chairman of
Confirms Commitment to Purchase
Bonds—The
on
following
is
the
City—Mayor La Guardia Asks RFC to Lower
and Tri-Borough Bonds—Mayor LaGuardia
wired Jesse Jones, Chairman of the Reconstruction Fin¬
ance Corporation, on
July 13, asking for refinancing at lower
interest rates of N. Y. City and Tri-Borough Bridge Author¬
ity bonds now held by the RFC at 4%.
The Mayor's action followed announcement in Washington
by Mr. Jones of interest reductions up to 1% for various
Rate
text
he above-named Federal agency:
The
Reconstruction
Administrator
Finance
Public
of
yesterday confirmed to the
Corporation
Works
commitment
to
buy
$103,099,000 face
value of municipal bonds to meet allocations heretofore made by the
istrator.
This
commitment
is
part
of the
ministration securities,
commitments
by
the
Admin¬
$250,000,000 revolving fund
which the RFC may have invested at any one time in
classes of borrowers
Public Works Ad¬
The RFC
now holds about $90,000,000 in New York secur¬
consisting of about $50,000,000 of N. Y. City bonds and
about $40,000,000 of Tri-Borough Bridge Authority bonds.
and is made to free these allocations for further
Public
Works
Administrator.
The
ities
commitment
Includes:
Buffalo Sewer Authority bonds, Buffalo, N.Y
City of Detroit,
Wayne County, Michigan
$8,250,000
...
The following projects of the City of New
N. Y.
Biological
7,200,000
...
Laboratory
..
...
Rapid Transit Reconstruction
Centers
;
286,000
616,000
.....
Municipal Building Manhattan Elevator Reconstruction
Rapid Transit Subway
173,000
261,000
Sheepshead Bay ImprovementHealth
Oregon—Measures Listed for Balloting at General Elec¬
amendments, four initiative meas¬
ures and one referendum will appear on the ballot at the
general election in November, according to a press dispatch
from
Salem on July 2, at which time the legal period for
filing petitions expired.
We quote in part as follows from
the news report:
316,000
.
...
.....
...
921,000
Petitions
6,805,000
prohibiting
for
the
so-called
chain store
tax
measure
and
the
measure
a sales tax on foods were not completed.
Constitutional amendments, for which petitions were completed were:
To forbid by constitutional provision the prohibition or regulation of any
advertisement of any business, vocation, profession or service, providing
the advertisement is truthful.
Sponsored by Dr. S. T. Donohue, Eugene.
Providing that the State Board of Control shall administer any laws en¬
provisions of the State water power and hydroelectric
amendments, until such time as a permanent board or commission is elected.
Sponsored by the Oregan State Grange.
News Items
acted to carry out the
Chicago, 111.—Relief Tax Voted by City Council—Denounc¬
a 3-mill real-estate tax levy, designed to raise relief funds,
a
"fraud" and as unconstitutional, the City Council
ing
as
general
tion—Four constitutional
1,077,000
Coney Island High Pressure Pumping Station
Washington Avenue Bridge—
Various
1,740,000
260,000
Bronx County Jail construction
the
to one
6,464,000
construction
Lose—At
reported to have lost by more than a two
majority, while the property assessment increase was
beaten by a substantial majority.
11,700,000
Public school projects totaling
Proposals
increase proposal is
$47,130,000
Hospital projects totaling.
Dakota— Tax
State-wide election held recently the voters are said to have
defeated the proposed tax amendments.
The income tax
9,900,000
York aggregating $84,949,000:
City Tunnel Authority
Triborough Bridge Authority
Incinerator
North
Sewage Disposal
System bonds..
City
on
School Tax Levy Planned
To authorize the Portland School District to levy taxes for 1937 amount¬
ing, exclusive of levies directed by the voters, not to exceed 80% of the
total 1932 levy.
Sponsored by the Portland school directors, affiliated
council of Portland teachers and others.
nevertheless passed the measure on July 8 by a vote of 39
to 8, after relief clients, deprived of food and funds since
July 1, stormed the city hall and council chambers, according
to the Chicago "News" of July 8.
Mayor Kelly is reported
to have praised the aldermen for voting for the tax levy,
"against your better judgment," and he is said to have de¬
clared "the Governor must be made to realize that Chicago,
with its hands tied by State laws, has neither power nor
money to handle the relief problem."
To reduce the permissible
payable in 1937 to 6 mills
such limit 4% annually to
property would be assessed
F. N. Derby of Salem and
Initiative
State tax on real and tangible personal property
per dollar of assessed valuation and reducing
4.8 mills in 1942 and thereafter.
All taxable
at 50% of its true cash value.
Sponsored by
others.
measures:
Authorizing the State to purchase, transmit and sell electric energy,
issue and sell bonds approved by the voters and create an elective com¬
mission of three members to manage such business.
This is known as the
Grange Power bill.
Sponsored by the Oregon State Grange and Oregon
Federation of Labor.
Louisiana—Governor
Stale Bank Proposed
Signs Bill Restoring Taxation Power
to New Orleans—We quote in part as follows from a Baton
Rouge dispatch to the New Orleans "Times Picayune" of
July 10, regarding measures signed by Governor Leche
which restore to the city some of the powers of which it was
stripped under the direction of the late Senator Long:
Creation of a State-owned bank to be operated by a board of directors
composed of the Governor, Secretary of State, State Treasurer, AttorneyGeneral and Labor Commissioner.
Sponsored by the Oregon State Grange
and Federation of Labor.
Prohibiting the operation of traps and gear in the Columbia River and
Sponsored by E. A. Storvik and George H. A. Rhoten of
its tributaries.
Astoria
government of New Orleans the power to levy and collect taxes and four
other measures affecting the municipality.
The authority to impose and collect taxes, which was taken from the
commission council at an extra session of the Legislature, is restored by
amendments to the city's charter.
The charter, as amended by the Legislature which concluded its biennial
session Wednesday, gives the mayor almost complete control of the city
government, places him on the reorganized fire and police boards and the
newly created city civil service commission.
The bill amending the charter of the city of New Orleans wras not given
an Act number by
the Secretary of State today.
Other bills governing
the city of New Orleans which were signed by Governor Leche today are:
Reorganizing the sewerage and water board.
Moving tax collections up to January I from the middle of the year.
Reorganizing the parish board of equalization.
Reducing the period of advertising for sewerage and water board bids
from 30 to 10 days.
The constitutional amendment extending the terms of the mayor, mem¬
bers of the commission council and all other elective municipal and paro¬
chial officers of the parish of Orleans until May 1942, does not require the
governor's signature but must be ratified by the people of the entire State
in the general congressional election in November before it becomes oper¬
,
ative.
All acts
signed by the governor become operative at noon July 28 except
levying the 2% "luxury" sales tax.
This law will not go into effect
1, so as to give the tax collection agency time to perfect the
collection machinery.
the
one
until
Oct.
Mississippi-^—Legislative Session May Be Delayed—Gov.
Hugh L. White is expected to delay the call for a special
session of the State Legislature until after the Aug. 25
Senatorial primary to allow time for a study of 14 recom¬
mendations by a recess committee for reorganization of the
county government, according to Jackson advices.
It is
•
Prohibiting
Governor Richard W. Leche today signed the bill restoring to the city
tional
compulsory military training in Oregon's higher educa¬
Sponsored by the Oregon committee for peace and
institutions.
freedom.
The referendum
attacks a bill enacted at the last legislative session,
transferring approximately $1,000,000 from old-age assistance to relief.
The referendum was sponsored by the Non-partisan Progressive Union;
A check here tonight showed that signatures on the petitions for the
state bank measure number only 151 in excess of those required by law.
Pennsylvania—Relief Crisis Ends in Vote of $3,000,000—
on July 14 approved the Eberharter bills making
available immediately $3,000,000 for unemployment relief,
which were signed soon after by Governor Earle, according
to "Harrisburg advices on that date.
It is said that the
State Emergency Relief Board, geared for action, immediate¬
ly sent out relief checks to those depending on public funds
for food and clothing.
At the same time, the Senate placed in position for final
passage several bills that form the backbone of the revenue
program calculated to provide $45,000,000 for relief until
the end of next January, according to report.
The Senate,
however, still faced the problem of raising an additional
$15,000,000 and its Financial Committee was considering
The House
_
how best to raise
Tax
on
jthe funds.
Personal
Property
Voted
as
Relief Measure—An
Associated Press dispatch from Harrisburg on July 16 had
the following to say in
regard to the, approval by the Legisla¬
ture of a
personal property tax in 'the State:
Republicans and New Dealers in Pennsylvania's Legislature put aside
partisan differences today and approved a personal property tax as the
466
Financial
keystone
Chronicle
$49,000,000 revenue program, chiefly for unemployment
relief.
The bill was sent to Governor George H. Earle.
Passage of the bill was the first "break" in the 3-day deadlock over what
taxes should be levied to provide $45,000,000 for relief.
The Senate Fin¬
ance Committee estimated the tax would provide $19,350,000 by increasing
the levy on personal property from one to four mills.
of
South
CALIFORNIA MUNICIPALS
$25,000 Dept. of Water & Power, City of L. A.
Electric Plant Revenue 4s 12-1-64-65
Carolina—Governor
Signs Highway Bond Limita¬
signed recently a 1936
legislative Act to limit highway indebtedness to the total as
of Jan. 1, 1934, according to news reports from Columbia.
The Governor is said to have approved the measure shortly
after Attorney General John M. Daniel advised him that
not to do so would necessitate carrying out road programs
contained in a number of county road reimbursement bond
Acts, which included no restrictions upon spending.
tion
Act—Governor
3.60%.
Olin Johnston
CBoolhe,Gillette& Co.
Ill
west
LOS ANGELES
7th st.
teletype
LA
566
MEMBER LOS ANGELES STOCK EXCHANGE
California Municipals
The law, enacted on the last day of the session, "expressly prohibits" the
highway commission from "incurring or assuming" a greater amount of in¬
debtedness than that of Jan. 1, 1934, "the provisions of the various Acts
of the general assembly to the contrary notwithstanding."
Its preamble set forth "various county reimbursement bills" were en¬
acted after passage of the highway reorganization Act, which included a
debt limitation provision.
These, it said, contained no restrictions.
The Governor had asked the Attorney General if the provisions of the
reorganization Act would hold indebtedness to a smaller figure than the
limitation
July IS, 1936
a
DONNELLAN
111 Sutter St.
& CO.
San Francisco, Calif.
Telephone Exbrook 7067
Teletype-S F 396
measure.
Mr. Daniel cited the title of the law which he said indicated the
Legisla¬
ture "became thoughtful of the financial and physical ability of the State"
to carry out road programs provided in all the Acts it passed.
He said it
"evidenced its concern over the situation by several 'whereas' clauses."
CALIFORNIA
LOS
COUNTY
ANGELES
(P.
O.
Los
Angeles),
Calif.—BOND
OFFERING—Sealed bids will be received until 2 p. m. on July 27, by L. E.
Lampton, County Clerk, for the
Monica City High School District
WANTED
OFFERINGS
Arkansas—Illinois—Missouri—Oklahoma
Sayable follows: $5,000,1942 to 1948, and $4,000,1949 to 1951. Prin. and
semi-annually. Denom. $1,000. Dated Jan. 1, 1936. Due on
1
an.
MUNICIPAL BONDS
purchase of a $47,000 issue of Santa
bonds.
Int. rate is not to exceed 5%,
as
int.
payable in lawful money of the United States, at the County Treasury.
only and at not less than par and accrued
interest.
Bids will be received for all or any portion of the bonds.
A
cert, check for 3% of the amount of bonds bid for, payable to the Chairman
of the Board of Supervisors, is required.
The bonds will be sold for cash
Francis, Bro. & Co.
ESTABLISHED
1877
MAXWELL PUBLIC UTILITY DISTRICT (P. O.
Investment Securities
TULSA
ST. LOUIS
Maxwell), Calif.—
BONDS NOT SOLD—The $43,000 water and sewer bonds offered on June 29,
as noted here—V. 142, p. 4375—were not sold up to July 8, according to the
District Secretary.
MERCED COUNTY (P. O. Merced),
Bond Proposals and
Negotiations
Ala.—BOND REDEMPTION NOTICE— It is an¬
nounced by C. E. Armstrong, City Comptroller, that immediately upon
presentation to the city's fiscal agent, the Chemcial Bank & Trust Co. in
N. Y. City, the city will pay the face amount of various school, central
repair shop, garbage and incinerator, fire department, public library, grade
crossing, public school and public improvement bonds totaling $54,000,
together with the full face amount of interest coupons, regardless of the
maturity date of either the bond or coupon..
FLORENCE, Ala.—BONDS SOLD IN PART—City Clerk S. B. Howard
us that of the $270,000 4% s.-a. electric distribution system bonds
on July 13—V.
143, p. 303—$240,000 were sold.
The Alabama
Power Co. took $220,000 bonds and the First National Bank of Florence
$20,000, all at a price of par.
The $270,000 bonds offered matured as
follows: $10,000, 1939, 1940 and 1941; $11,000, 1942 to 1956; and $15,000,
informs
offered
1957 to 1961, incl.
We were notified later by the above City Clerk that only $240,000 of the
bonds were offered for sale at this time.
He states that no other bid was
n
SCHOOL
DISTRICT
The
a
list of the bids received on July 7 for the $83,000 Santa
bonds which were awarded to Heller, Bruce & Co.
Int. Rate
Name—
$48,000
Heller, Bruce & Co., San Francisco
R. H. Moulton & Col, San
Francisco
Harris Trust & Savings Bank, Chicago
NO,
38
(P.
O.
Phoenix) Ariz.—
July 13—V. 143,
144—were awarded to Refsnes, Ely, Beck & Co. of Phoenix, the only
bidders, at a premium of $120, equal to 101, a basis of about 3.50%.
Due
$4,000 on June 15 in 1937, 1938 and 1939.
MIAMI, Ariz.—WARRANTS CALLED—Oren F. Fray, Town Treasurer,
following warrants were called for payment at his office on
July 10, on which date interest ceased:
Street fund, to and including No. 12758, dated Sept. 30, 1933.
General fund, to and including No. 16412, dated Aug. 31, 1935.
Sinking fund, to and including No. 15450, dated Feb. 15, 1935.
Also warrants numbered 15930, 16049, 17130 to 17133.
Also all bond
coupons, not exchanged for warrants, which were due Jan. 1, 1934 and
July 1,1934.
Total call is $35,000.
states that the
ARKANSAS BONDS
Markets in all State, County &
Town Issues
SCHERCK, RICHTER COMPANY
Blyth &Co., Inc., San Francisco-.---The Anglo-California National Bank and
Schwabacker& Co., San Francisco
Commercial National Bank
William R. Staats Co., San Francisco-San Francisco
Dean Witter & Co.
SOUTH SAN JOAQUIN
IRRIGATION DISTRICT (P. O. Manteca),
$3,978,000 loan made by the Reconstruction Finance Corporation to
the above district was authorized recently in a telegram received by George
Stephens, Secretary of the bondholders' committee. Funds will be paid over
to depositaries by the Federal Reserve Bank of San Francisco and these
depositaries will notify bondholders to present certificates of deposit.
Bondholders will receive 70 cents on the dollar for their bonds and an
added amount equal to 50 cents on each dollar of amount represented by
past due interest.
Combined payments represent 7ZH cents for each $1
face value of the 5% bonds and 74M cents on the 5H % bonds.
Of total
outstanding face amount bonds of $5,806,250 there has been deposited with
the committee 86K %.
The district's affairs are in Federal Court under the municipal bankruptcy
Act recently declared unconstitutional, and are expected to remain there
until after the next session of Congress, at which remedial action is expected
to be taken.
In the meantime non-depositing bondholders cannot, it is
said, make
any move.
TRINITY
COUNTY (P. O. Weaverville), Calif.—BOND SALE—
$4,000 issue of 5% coupon Junction City School District building bonds
offered for sale on July 10—V. 143, p. 144—was purchased by H. G.
Schlomer, of Helena, Calif., at par.
Denom. $100. TDated July 10, 1936.
Due from July 10, 1937 to 1946, inclusive.
Interest payable July 1.
The
VENTURA
COUNTY
(P.
O.
Rocky Mountain Municipals
ST. LOUIS, MO.
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 17 (P. O.
Osceola), Ark .—RFC AUTHORIZES LOAN FOR REFINANCING—The
following statement was made public by the said Corporation on July 9:
"The
Reconstruction
Finance Corporation has authorized a loan of
$1,669,500 for refinancing Drainage District No. 17, Mississippi County,
amended."
under the
of 1933, as
total to date of $122,181,710.69 authorized
Farm
Mortgage Act
a. m.,
Treasurer.
Due on July 1 as follows:
$1,000, 1937 to 1952; and $3,000
in 1953, 1954 and 1955
Cert, cneck for 2% of amount of bonds bid for,
payable to the Chairman of the Board of County Supervisors, required.
The assessed valuation of the taxable property in said School District for
the year 1936 is $1,398,038 and the amount of bonds previously issued and
now
outstanding is $34,000.
The School District includes an area of
approximately 5,010 acres, and the estimated population of said School
District os 1,000.
State of—REPORT ON BOND PURCHASES—Official
by State Refunding Board of purchases of all descriptions of high¬
way obligations on tenders since effective date of Act 11 of 1934 shows
$8,236,631 par value purchased for $5,797,514, a saving of $2,439,117 on
principal.
Purchases by descriptions follow:
Highway refunding bonds, series A,
$1,364,000; series B, $22,985; toll bridge refunding bonds, series A, $801,000;
series B, $5,414; DeValls Bluff bridge bonds, $1,945; road district refunding
bonds, series A, $4,154,000; series B, $1,503,307; city refunding certificates
$228,360.
Emergency
Calif.—BOND
Hueneme School District.
Denom.
$1,000.
Dated July 1, 1936.
Prin. and semi ann. int. J. 1 & J. 1 payable at the office of the County
ARIZONA—COLORADO—IDAHO—MONTANA
—
WYOMING
DONALD F. BROWN & COMPANY
ARKANSAS,
36,
Buenaventura).
San
OFFERING—L. E. Hallowell, County Cerlk, will receive bids until 10
DENVER
summary
a
250.00
Calif.—DISBURSEMENT OF RFC FUND GRANTED—Disbursement of
NEW MEXICO
Section
39.00
2,047.61
the
ARKANSAS
of
$66,000
17,000
43.00
42.00
MATEO, Calif.—BOND SALE NOT SCHEDULED—It is again
reported by the City Manager that the State Supreme Court has not as yet
handed down a decision on the validity of the $300,000 general obligation
bonds approved by the voters on May 5, as noted here at that time—V.
142, p. 3548. No action can be taken until a favorable ruling is given.
WALTON, SULLIVAN A CO.
LITTLE ROCK, ARK.
This makes
2^ %
2 %%
3%
2H%
3%
3%
2H%
$ 10,000
73,000
of
State & Municipal Bonds
Ark.
$11.00
415.00
114.00
83.88
Aug 3 for the purchase at not less than par of $25,000 ZH % building bonds
BUILDING, ST. LOUIS, MO.
ARKANSAS
provisions
__
The Bankamerica Co., San Francisco—
Premium
2H%
2H%
2%%
2%%
2%%
35,000
BOND SALE■—The $12,000 4% funding bonds offered on
p.
LANDRETH
following is
Ana High School District
of San Francisco:
SAN
■
ARIZONA
MADISON
noted here recently—V. 153, p. 304—we are informed that
dated July 1, 1936, and mature $1,000 from July 1, 1937 to
Coupon bonds, payable on J. & J. 1.
are
ORANGE COUNTY (P. O. Santa Ana), Calif.—BIDS RECEIVED—
BIRMINGHAM,
received.
of 100.10, as
the bonds
1946 incl.
ALABAMA
Calif.—BOND SALE DEATILS—
In connection with the sale of the $10,000 Charleston Elementary School
District bonds to Dean Witter & Co. of San Francisco,, as 4>£s, at a price
Telephone: Keystone 2395
—
Teletype: Dnvr 15
COLORADO
DELTA COUNTY SCHOOL DISTRICT NO. 22-36 (P. O. Cedaredge),
Colo.—BOND SALE—Sidlo, Simons, Day & Co. of Denver have purchased
and
are now offering to investors an issue of $50,000 4H% refunding bonds.
Denom. $500.
Dated July 1, 1936.
Prin. andsemi-ann.int. J. l.and J.l,
payable at the office of the County Treasurer, in Delta.
Due July 1 as
follows:
$1,000, 1938 to 1941; $2,000, 1942 to 1949; $3,000, 1950 to 1955;
and $4,000, 1956, 1957 and 1958.
Financial Statement
Assessed valuation,
Bonded debt
i
1936
Population, 1,100.
-
-
$607,605
51,500
Volume
Financial
143
NORTH SIDE SCHOOL DISTRICT NO. 1 (P. O. Pueblo), Colo.—
BOND ELECTION—We are now informed by the District Clerk that the
election to be held
on
the issuance of the $140,000 in 4% school refunding
bonds, described in these columns in May, has been set for Sept. 29.
CONNECTICUT
WINDSOR, Conn .—BOND OFFERING—Leland P. Wilson, Chairman
of the
(Daylight
Saving Time) on July 29, for the purchase of $200,000 2M% coupon
funding bonds.
Dated Aug. 1, 1936.
Denom. $1,000.
Due Aug. 1 as
follows:
$14,000 from 1937 to 1941, incl. and $13,000 from 1942 to 1951,
incl.
Bids may be made for all or part of the issue.
Principal and interest
(F. & A.) payable at the Windsor Trust Co., Windsor.
This institution
will certify as to the genuineness of the bonds and the validity will be
determined by Gross, Hyde & Williams of Hartford.
A certified check for
2% of the amount bid for, payable to the order of the Town Treasurer,
must accompany each proposal.
Delivery of the bonds will be made at the
Windsor Trust Co., Windsor, about Aug. 1, 1936.
Purpose of the issue is
to finance in part expenses resulting from a change in the fiscal year.
Board of Finance, will receive sealed bids until 8 p. m.
467
Chronicle
COOK COUNTY (P.
O. Chicago), 111 .—WARRANT SALE—The issue
of
$2,000,000 corporate tax anticipation warrants offered
V. 143, p. 304—was awarded as 3s to a group composed of
on July 15—
A. C. Allyn &
Co., inc. of Chicago; Stifel, Nicolaus & Co., St. Louis; Hickey, Doyle & Co.,
Inc.; Illinois Co. of Chicago; Kelley, Richardson & Co., Inc.; John W.
Clarke, Inc., and Bartlett, Knight & Co., all of Chicago.
The warrants
are part of the total of 60 % to be issued
against the 1936 tax levy and the
present emission will increase the amount already outstanding to about
44% of the authorized total.
PRICE PAID—The above syndicate paid par, plus a premium
of $477
for the loan.
Public re-offering was made to yield 2% for the first $1,000,000 warrants, 2M % on the next $500,000 and 2)4 % on the last $500,000.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
111.—NOTICE TO BONDHOLDERS—William J.
Gormley,
Chicago),
Treasurer,
states that payment of July 15. 1936 principal and interest on series J bonds
will be made upon presentation of the obligations to the American National
Bank & Trust Co., Chicago.
EAST PEORIA
SCHOOL
III.—BONDS VOTED—At an
DISTRICT,
election held
on June 27 a favorable vote of 279 to 128 was cast on the ques¬
issuing $60,000 school building bonds.
tion of
HIGHLAND PARK, 111.—BONDHOLDERS COOPERATION SOUGHT
BONDS
FLORIDA
—An appeal is made by the special assessment bondholders committee, in
a report to holders of special assessment
bonds of the city for deposit of
additional bonds to permit procedure of the proposed property acquisition
program.
Harold M. Florsheim, 105 West Adams St., Chicago, is Secre¬
tary.
:•
LA
PIERCE-BIESE CORPORATION
:.
.
GRANGE, III.—BOND
on
July 28 at which
ELECTION—A special election is to be
proposition to issue $510,000 water revenue
a
bonds will be voted upon.
MADISON
JACKSONVILLE
Miami
Orlando
Tampa
held
COUNTY SCHOOL DISTRICT NO.
127, 111.—BOND
of Chicago paid a price of
for the issue of $60,000 4% school bonds purchased by the company, as
reported recently in these columns.
Denom. $1,000.
Interest payable
A. & O. Coupon bonds due $6,000 annually from 1942 to 1951 incl.
ISSUE DETAILS—The Municipal Bond Corp.
par
MERCER TOWNSHIP
election held
on
(P. O. Aledo),
111.—BONDS VOTED—At the
June 30 the residents of the township voted 294 to 211
in
favor of the issuance of $50,000 road bonds.
SULLIVAN
An
election
TOWNSHIP
held
Bel!
Orlando
System
Sullivan),
was
III.—BONDS VOTED—
approval of a proposal to issue
310 "for" to 91 "against,"
INDIANA
CLARK COUNTY (P. O. JeffersonvUIe), Ind.—BOND
Teletype
Jacksonville
10
O.
The vote
Fla.■^^■Jacksonville, Fla.
Orlando,
(P.
June 30 resulted in
on
$45,000 road oiling bonds.
No.
OFFERING—
purchase
The County Auditor will receive bids until 2 p.m., July 23 for the
of $80,000 county welfare bonds.
96
KOKOMO, Ind.—BOND SALE—The issue of $61,000 inpt. bonds offered
July 14—V. 142, p. 4217—was awarded to A. S. Huyck & Co. of Chicago
2%s, at par plus a premium of $236, equal to 100.38, a basis of about
2.68%.
Dated May 1, 1936 and due Jan. 1 as follows: $6,000 from 1938
to 1946, incl., and $7,000 in 1947.
on
as
FLORIDA
DELAND, Fla.—BOND VALIDATION UP FOR HEARING— Objections
were filed in the Circuit Court at Daytona Beach on June 30 by a Deland
attorney, representing a group of local taxpayers, to the validation of
$398,000 in electric revenue certificates, to be used in the construction of a
proposed $468,000 Public Works Administration municipal light plant.
OBTAINED FROM LOCAL BANKS—After the
TAMPA, Fla.—LOAN
Tampa Board of Aldermen passed a budget increasing the millage from 22
mills last year to 29 mills for the coming year. Tampa banks agreed to lend
the city $360,500 to take care of bond obligations, salaries and bills through
July and August.
Thisshort-termloanat4% interest will be secured by the
new tax rule which amounts to $1,943,622 in property taxes or an increase
of $487,812 from the last fiscal year.
$146,000 in interest due on July 1
is not paid, but this money will be forwarded immediately to the Chemical
Bank & Trust Co.
are
of New York.
The local banks participating in this loan
the First National, First Savings &
Trust and the Exchange National.
(P. O. Crown Point), Ind.—BONDED DEBT—
for the year 1935, Joseph E. Finerty.jAuditor, shows
outstanding on Jan. 1, 1936 aggregated $3,806,500.
Maturities during 1936 total $558,950. The county made award on June 20
of $480,000 poor relief bonds to Ballman & Main, Inc. of Chicago as 2s,
at a price of 100.26, a basis of about 1.92%
The data in the annual report
includes a section devoted to the extent of the gravel road indebtedness of
the various townships on Jan. 1, 1936.
.
MARION,
offer for sale
expenses
Ind.—WARRANT OFFERING—On
a
July
27 the city will
block of $50,000 time warrants to obtain funds for operating
until receipt of the fall distribution of taxes.
MONROE COUNTY (P. O.
Bloomington), Ind.—BOND SALE—The
issue of $43,600 county welfare bonds offered on July 15—V. 143, p. 305—
was awarded to Jackson-Ewert, Inc., of Indianapolis as 2s, at par plus a
MONTGOMERY
of Atlanta.
OFFERINGS
COUNTY
county bonds
premium of $445, equal to 101.02.
GEORGIA
BREMEN, Ga.—BOND SALE—The city recently sold $20,000 water¬
works bonds to J. H. Hilsman & Co.
LAKE
In his annual report
that
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
SCHOOL
Other bids
were
as
(P.
O.
Paris
Crossing),
follows:
Bidder—
Premium
'
J
City Securities Corp
MUNICIPALS
TOWNSHIP
Ind.—BOND SALE—The $4,000 4%% debt funding bonds offered on
July 10—V. 143, p. 146—were awarded to the Napoleon State Bank of
Napoleon at a premium of $283.14, equal to 107.0785, a basis of about
3.10%. Jackson-Ewert, Inc., of Indianapolis submitted the next high bid,
offering a premium of $220. Dated July 1, 1936. Due $200 each six months
from Jan. 1, 1937 to July 1, 1946, incl.
$210.00
McNurlen & Huncilman
200.00
190.80
—
Du Pont State Bank
FIRST SECURITY TRUST CO.
Bell Teletype: SL K-37
IDAHO
Idaho—BONDS SOLD PRIVATELY— It is stated by E. L.
Smith, Village Clerk, that the $14,000 water works bonds offered for sale
success on May
2—V. 142, p. 3384—have been sold privately.
without
MONTPELIER
Due from May 1, 1937 to 1956.
DISTRICT, Idaho—BOND ELECTION—
special election for July 21 to
district should issue $88,000 high school building
SCHOOL
I'
follows:
Bidder—
;
McNurlen & Huncilman
City Securities Corp
exchanged $125,000
and due in 1955, for a like amount of
$33,000 bonds on which default had
CAIRO, III.—BOND EXCHANGE—The city has
refunding bonds, dated Feb. 1, 1936
occurred.
Iowa
111.—BONDS DEFEATED—The voters rejected the
and sewage plant bonds on
proposal to issue $133,000 water improvement
July 7.
CHICAGO, 111.-—PREDICTS INCREASE IN TAX RATE— On top of
an increase of $1.25 in the Chicago tax rate to $8.30 for 1935, indications
point to another jump to $9 or more on the 1936 levy, according to John O.
Rees director of the committee on public expenditures.
The additional increase for 1936, he told members of the Kiwanis Club at
a recent luncheon,
"will be due to the relief tax and a very big, wholly
unnecessary and largely illegal increase in 1936 taxes levied by the board of
education."
^
Protests Levy
30-cent property levy for relief, along
expenditures, he said that this "will
further the payment of local taxes."
Protesting the imposition of the
increasing local government
with
simply discourage
Municipals
Polk-Peterson Corporation
Des Moines Building
DES MOINES
Ottumwa
Waterloo
A.
T.
&
Sioux City
Davenport
Sioux Falls, S. D.
Iowa City
Cedar Rapids
T.
Teletype:
DESM 31
IOWA
BELKNAP TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Belknap),
la.—BOND OFFERING—W. B. Eodwell, Secretary of the School Board,
will receive bids until noon July 18 for the purchase of $3,000 bones.
BUCHANAN COUNTY
An issui of $59,000
CHARLESTON,
166.55
_
COUNTY (P. O. Rockport), Ind.—BOND OFFERING—
County Auditor, will receive sealed bids until 2 p. m. on
July 22 for the purchase of $40,000 3)4 % bonds. Proposals must be accom¬
panied by a certified check for 2)4% of the issue, payable to the order of
the Board of County Commissioners.
■
ALTON, ILL.—BONDS AUTHORIZED—At a meeting held on July 6
the City Council authorized the issuance of $399,500 on bonds to finance
two projects: $371,000 for the sewer system and $28,500 for the water
system.
The bonds were approved under a recent Illinois statute which
provides for a combined water and sewer revenue bond, it is said.
The
ordinance is stated to authorize the issue over a period of 40 years at 4 ]4 % int.
The council also passed a resolution to apply to the Public Works Admin¬
istration for a 45% grant on the projects.
including
Premium
$176.00
149.25
SPENCER
ILLINOIS
indebtedness,
(P. O. Springville), Ind.—OTHER
school gymnasium bonds awarded on
Bedford National Bank
UCON, Ida.—BOND OFFERINGS. Reed Andrus, Village Clerk, will
receive bids until 8 p.m., July 21 for the purhcase of $7,500 coupon funding
bonds, which are to bear interest at no more than 6%.
Due on the amortizeriod.
Prin. and int. payable at the American
ation plan over a 15-year
alls, in laano rails,
Cert, c
National Bank of Idaho rails, in Idaho Falls.
National Hank ot iciano
uerr. check for 5% of
amount of bid, payable to.the Village Treasurer, required.
original
4%
Marie Kiegel,
The Board of School Trustees has called a
.bonds.
of $5,000
July 8 to the Stone City Bank of Bedford at par plus a premium of $177,
equal to 103.54, a basis of about 3.05%—Y. 143, p. 305—was also bid for as
CALDWELL, Idaho— BOND ELECTION— July 30 has been set by the
City Council as the date to hold an election for the purpose of voting on
the question of issuing $45,000 bridge reconstruction bonds.
decide whether or not the
TOWNSHIP
SCHOOL
PERRY
Dated May 1, 1936.
(P. O. Oxford), Ind.—BOND
the purchase of $15,000 school bonds.
until 2 p. m. Aug. 1 for
BIDS—The issue
FIRTH,
100.00
SCHOOL TOWNSHIP
OAK GROVE
OFFERING—The Township Trustee and Advisory Board will receive bids
SALT LAKE CITY
Phone Wasatch 3221
First National Bank of Mount Vernon
State
2)4%
(P. O. Independence), la.—BOND SALE—
fund bonds has been sold to the Farmers
poor
Savings Bank of Independence.
FORT
DODGE,
Iowa—BOND SALE—The $20,000 issue of funding
14—V. 143, p. 305—was purchased by the
bonds offered for sale on July
Polk-Peterson Corp. of Des Moines, as 2Ms, paying a premium of $110,
equal to 100.55, according to report.
We were informed later by City Treasurer that the said bonds are in
the denoms;of $1,000 each and mature $2,000 annually from July 1, 1937,
to 1946, incl., giving a basis of about 2.15%.
IDA
COUNTY
(P.
O.
Ida
PLATED—It is stated by C.
Grove),
Iowa—BOND SALE CONTEM¬
H. Dall, County Auditor, that part of the
$960,000 primary road refunding bonds approved by the voters on June 24,
as noted here—V. 143, p. 146—will be offered for sale in the fall of the year.
LEON
INDEPENDENT
The $12,000
SCHOOL
DISTRICT,
la.—BOND
SALE—
school building bonds offered on July 14—V. 143, p. 305—were
468
Financial
Chronicle
awarded to the Decatur County State Bank of Leon on a bid of par for
2Mb.
Dated Aug. 1, 1936.
Due $1,000 yearly on Aug. 1 from 1937 to 1946; and
$2,000, Aug. 1, 1947.
OTTUMWA, Iowa-MATURITY—We
of the Parish School Board,
bonds.
informed by the City Clerk
that the $50,000 improvement bonds purchased by the Carleton D. Beh Co.
of Des Moines, as 3 Ms, at a price of 100.18, as reported here in June—
V. 142, p. 4058—are due on Dec. 1 as follows:
$10,000, 1952; $12,COO,
1953, and $14,000 in 1954 and 1955, giving a basis of about 3.74%.
are
Commissioners, for the purchase of a $10,500 issue of Gravity Subdrainage District A bonds.
Denom. $500.
Interest rate is not to exceed
6%, payable semi-annually.
Dated Nov. 1, 1936.
Due on Nov. 1 as
follows:
$500, 1937 to 1947, and $1,000, 1498 to 1952, all incl.
Legality
to be approved by Thomson, Wood & Hoffman of New York.
A cert,
check for 3% of the amount of the bid, payable to the President of the said
Board, is required.
PERRY, Iowa—BONDS DEFEATED—At the election held on July 9—
142, p. 4059—the voters defeated the proposal to issue $325,000 in
municipal electric light and power plailt bonds, the count being 732 "for"
and 1,220 "opposed."
\
V.
KENTWOOD, La.—BOND SALE—The $15,000 6%
bonds offered
-
Wesley Gilbert, County Auditor.
Bank &
from
one
July 7—V. 142,
on
p.
Co. of Hammond at
Trust
sewage and water
4218—were awarded to the Guaranty
101.
Dated Aug. 1, 1936.
Due in
to ten years.
LEESVILLE, La.—BOND SALE— The $20,000 issue of 6% semi-ann.
Sewerage District No. 1 bonds offered for sale on
purchased jointly by the Vernon Bank, and
& Trust Co., both of Leesville, at par,
Dated Aug. 1, 1936.
Due from 1937 to 1946,
SHENANDOAH INDEPENDENT SCHOOL DISTRICT, la.—BOND
ELECTION—A special election will be held on Aug. 10 at which the question
of issuing $35,000 school building purchase bonds will be submitted
to the
$15,000 issue of school
a
of
la.—BONDS SOLD—The $61,000 debt funding bonds
recently authorized by the City Council—V. 143, p. 305—have been sold,
according to the City Clerk.
to
for the purchase of
JEFFERSON DAVIS PARISH GRAVITY DRAINAGE DISTRICT
NO. 1 (P. O. Thornwell), La .—BOND OFFERING—Sealed bids will be
received until 3 p. m. on July 27, by O. O. Reddell,
Secretary of the Board
OTTUMWA,
SAC COUNTY (P. O. Sac City). Iowa—BONDS VOTED—At the elec¬
tion held on July 8—V/143, p. 146—the voters approved the
issuance, of
the $1,100,000 in primafy road bonds by a count of
2,915 to 1,719, according
July 18, 1936
FRANKLIN PARISH (P. O.
Winnsboro), La.—BOND OFFERING—
It is reported that sealed bids will be received until
Aug. 4, by the Secretary
was
Bank
July 14—V. 143,
p.
147—
the Merchants & Farmers
according to the Mayor.
incl.
voters.
.
WAUKON
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
ELECTION—The School Directors have called an election for Aug. 4 for
the purpose of voting on the question of issuing $28,000 school
building
bonds.
•
'■
,
COUNTY
(P.
O.
Kan.—BOND SALE— The
$40,000 issue of 2 M % semi-ann. poor relief bonds offered fof sale on July 13
—V. 143, p. 305—was awarded to the W. E. Davis Co. of
Topeka, for a
basis of about 1.875%.
a
Due in
from one to ten years.
DODGE
CITY, Kan.—BOND CALL—E. C. Hathaway, City Clerk, is
calling for payment on Aug. 1, the following 5% refunding bonds, series O
of 1933: 586 to 627, incl., due on Aug. 1,
turing
int. to
on
1943, and 628 to 667, incl., ma¬
Payable at the State Treasurer's office in Topeka,
Aug. 1,1944.
on Aug. 1.
authorizing the issuance of
cease
FLORENCE, Kan.—BOND CALL—Notice is given by Anne M. Keech,
as of Aug. 1, Nos. 9 to 36, incl.,
storm sewer bonds dated Dec. 1, 1921, payable Dec. 1, 1951,
optional in 1931 and thereafter.
Denom. $500.
Bonds should be
5resented to the Fiscalthereto, int. to all coupons maturing on and after
'eb. 1, 1937, attached
Agency with cease
Aug. 1, 1936.
ordinance
has
been
passed providing authority for the issuance of $14,000 refunding bonds.
NORTONVILLE SCHOOL DISTRICT (P. O.
Nortonville), Kan.—
BONDS VOTED—It is stated by N. C. Wilkin, District
Clerk, that $33,000
2% % high school bonds were approved recently by the voters.
Due in
from 1 to 15 years.
No date of sale has been set as yet.
Kan.—BOND
CALL—It
is
announced
VERMILION
PARISH
(P. O. Abbeville), La .—BOND ELECTION—
An election is said to be scheduled for Aug. 18 in order to vote
ance of $300,000 in court house and jail construction bonds.
VERMILION
PARISH
SCHOOL
DISTRICT
NO.
ville), La.—BOND SALE—The $20,000 Sixth Ward
bonds offered
1
the issu¬
on
(P. O.
Abbe¬
School District No. 1
July 16—V.
143, p. 147—were awarded to the Bank of
Erath, of Erath, on a bid of par for 4Ms.
The A. M. Smith Investment
Co. of New Orleans offered a premium of $152 for
5% bonds.
Dated
July 15, 1936.
Due serially in 19 years.
on
WASHINGTON
PARISH
HIGH
SCHOOL
DISTRICT
NO.
10
(P. O. Franklinton), La.—BOND ELECTION—It is reported that an
on July 28 to vote on the issuance of
$25,000 in school
election will be held
by K. W. Davis,
City Clerk, that the city has elected to call for redemption on Aug. 1, at
and accrued int., the following 4M% refunding bonds, aggregating
$47,500:
$17,000 bonds dated Aug. 1, 1933, numbered 10 to 26, and 29 to 45, incl.
Denom. $500.
Due serially from Feb. 1, 1937 to 1940, incl.
30,500 bonds dated Aug. 1,1934, numbered 1 to 47, incl., and 50 to 63, incl.
Denom. $500.
Due serially from Aug. 1, 1938, to 1947, incl.
All of the above bonds being callable on
any interest-paying date.
Same
should be presented to the Fiscal Agency for payment, int. to cease on
Aug. 1, 1936.
construction bonds.
WESTON
HIGH
SCHOOL
DISTRICT
NO.
25
(P.
O. .lonesboro)
La.—BONDS NOT SOLD—The $10,000 issue of not to exceed 6% coupon
on July 13—V. 142, p. 4218—was not sold
as no bids were received,
according to the Superintendent of Schools. Dated
Aug. 1, 1936. Due serially from 1937 to 1948.
It is said that they will be
sola privately.
semi-ann. school bonds offered
We Are Specialists in
PHILLIPSBURG,
passed
highway
OPELOUSAS, La.—BONDS NOT SOLD—The $10,000 issue of sewage
disposal bonds offered for sale on June 30—V. 142, p. 3897—was not
sold, according to the City Clerk.
par
been
State
NEW ORLEANS, La.—BONDS CALLED FOR REDEMPTION— It is
Phillips, Secretary of the Board of Liquidation,
City Debt, that the 11th allotment of Constitutional bonds are being called
for payment on Jan. 1, 1937.
It is also pointed out by Mr. Phillips that
Constitutional bonds, called for payment on Jan. 1, 1928, Jan. 1,
1935,
and Jan. 1,1936, and new public improvement bonds called on Jan.
1,1935,
and Jan. 1, 1936, and court house bonds called on Jan.
1, 1936, have not
been presented for payment as yet.
on
FLORENCE, Kan—BONDS AUTHORIZED—An
OAKLEY.
additional $30,000,000 in
announced by Horace P.
City Clerk, that she is calling for payment
of the 5%
and
an
paved road around the lake.
Winfield),
premium of $781.20, equal to 101.95,
FOR APPROVAL
IN NOVEMBER—At the general e ection to be held tl is fall the voters
will pass on two important long-term bond proposals.
By a majority of
more than two-thirds, the Legislature proposed constitutional amendments
bonds and $5,000,000 in Chef Menteur and Hammond-New Orleans road
bonds, the latter to purchase the Pontchartrain Bridge and complete the
KANSAS
COWLEY
LOUISIANA, State of—TWO BOND ISSUES UP
Kan.—BONDS AUTHORIZED—Ordinances have
providing authority for the issuance of $94,353 general im¬
$59,000 refunding bonds.
MAINE—NEW HAMPSHIRE- VERMONT
provement bonds and
Municipal Issues
PHILLIPSBURG,
Kan.—BONDS
CALLED—Cecil
Kingery, City
Clerk, called for payment as of July 1, at par and accrued int., a total of
$59,000 4M % refunding bonds, dated July 1, 1934, maturing from July 1,
1937, to 1948, incl.
Bonds are numbereu from 13 to 100, incl., in denoms.
of $500 and $1,000.
Payable at the State Treasurer's office, int. to cease
as of July 1.
'
E. H. Rollins & Sons
Incorporated
200
ST. PAUL, Kan .—BOND ELECTION—The City Council has voted to
a special election for
July 24 to vote on the question of issuing $37,000
water system bonds.
Devonshire
St., Boston, Mass.
call
MAINE
MAINE
(State of)—NOTE SALE—The issue of $1,006,000 State
institutional building bond anticipation notes offered on
July 15 was
KENTUCKY
awarded to the Eastern Trust & Baking Co. of Bangor at
1.34% interest.
Dated Juiy 15, 1936 and due Oct. 13, 1936. Other bids were as
follows:
Municipal Bonds
Bidder—
New York
Birmingham
Knowllfe
2%
2%
2.30%
2.70%
2.80%
3.50%
National Shawmut Bank..;
Halsey, Stuart & Co., Inc
KENTUCKY
MARYLAND
motion for
a temporary injunction to prevent the issuance of
$65,000 in
improvement bonds by the county.
KENTUCKY, State of— WARRANTS CALLED—John E. Buckingham,
State Treasurer, is said to have called for payment on July 11,
outstanding
interest bearing warrants numbered from D-589 to D-1715, in the
aggregate
amount of
'
Bank of New York & Trust Co
'
Memphis
FLEMING COUNTY (P. O. Fleminsgburg), Ky.—BOND ISSUANCE
UPHELD—The Court of Appeals on July 8 is reported to have ruled out a
school
1.75%
-
Nashville
Chattanooga
Int. Rate
Bankers Trust Co
;
Washburn & Co. (plus $1 premium)
First National Bank of New York
Merchants National Bank of Boston
EQUITABLE
Securities Corporation
$549,173.78.
MARYLAND
(State of)—BOND OFFERING— Sealed bids will be re¬
on Aug. 12 for the
purchase of
$55,000 3% certificates of indebtedness, known as general bond issue of
ceived by the State Treasurer until noon
1935.
The bonds
part of an authorized issue of $855,000, of which
$450,000 have already been sold.
A block of $100,000 was sold
publicly in
August, 1935 and a further $350,000 has been taken by the State Teachers
Retirement Fund.
This agency will also purchase the
remaining $350,000.
The $55,000 bonds now offered will be dated
Aug. 15,1936 and mature seri¬
ally from 1939 to 1951 incl.
are
■.LOUISVILLE, Ky.—BOND SALE—We
are informed by John R. Lind¬
Director of Finance, that a $20,000 issue of 6% coupon semi-ann.
improvement, special assessment bonds was purchased on July 11
by Almstedt Bros., and the First National Bank, both of Louisville, jointly,
at par.
Due in from one to nine years.
say,
MASSACHUSETTS
street
ABINGTON, Mass.—BOND
school bonds
Immediate Firm Bids
on
SALE—The issue of $35,000 coupon
high
offered on July 15 was awarded to Coffin & Burr of
Bost
price of 100.11, a basis of about 2.24%.
Dated July 1, 1936
and due July 1 as follows:
$2,000 from 1937 to 1951, incl., and $1,000 from
1952 to 1956, incl.
Other bids were as follows;
Bidder—
Int. Rate
Rate Bid
Merchants National Bank of Boston
2M%
100.52
Whiting, Weeks & Knowles
2M%
100.45
Tyler, Buttrick& Co_
2M%
as
2Mb, at
a
.
LOUISIANA MUNICIPALS
Sclia r IT L- Jones
INCORPORATED
A. T. T. TEL. N. O. 180
TELEPHONE RAYMOND 1189
LOUISIANA
SCHOOL
DISTRICT
NO. 1 (P.O. Jonesville), La.—BIDS REJECTED—The $90,000 issue of not
exceed 6% semi-ann. school bonds scheduled for award on July 8—
V. 142, p. 3386—was not sold as all bids received were rejected.
to
PRIVATE SALE—It is reported that these bonds
Sutherlin &
Scranton, Inc., of New Orleans,
years.
as
COUNTY
payable Nov. 16, 1936.
bidders were:
COUNTY
(P. O. Cameron) La.—BOND ELECTION
CONTEMPLATED—The Police Jury is said to be planning an election to
have the voters pass on the issuance of $67,000 in court house bonds.
CONSOLIDATED
100.53
100.49
Note—Jackson & Curtis bidding for 2Mb, offered
100.17 for first $30,000
bonds and 100.07 for
remaining $5,000.
BRISTOL
CAMERON
PARISH
2M%
2M%
(P, O. Taunton), Mass.—NOTE SALE— The
$200,000 tax anticipation temporary loan notes offered on
July 14 were
awarded to the Second National Bank of Boston on a
.239% discount rate.
Notes are dated July 16, 1936 and will be
New Orleans
CATAHOULA
100 619
H.C Wainwright & CoHornblower & Weeks
sold privately to
Due serially in 20
were
5Ms.
r,
»
B. M. C
m
,
^
^
Durfee Trust Co., Fall River
Newton, Abbe & Co., Boston
First National Bank, Attleboro
National Shawmut Bank of Boston, Boston
Machinists National Bank, Taunton
Whiting, Weeks & Knowles, Boston
First National Bank of Boston
,
CAMBRIDGE, Mass.—BOND
street bonds offered
of Boston
as
on
1Mb, at
a
Other
Discount Rate
,,
.24%
256%
"" .26%
1
265%
I__ 265%
.28%
I 21 %
-
SALE—The issue of $200,000 coupon
July 16 was awarded to Salomon Bros. & Hutzler
price of 100.07, a basis of about 1.225%.
Dated
Volume
Financial
143
July 1,1936, and due $40,000
were
Other bids
July 1 from 1937 to 1941, incl.
on
follows:
as
Lazard Freres & Co., Inc
Newton, Abbe & Co
Brown Harriman & Co
100.63
100.589
100.48
100.337
100.352
100.237
100.14
1
-
Arthur Perry & Co
Halsey, Stuart & Co., Inc
Wainwright & Co
Harris Trust & Savings Bank
Estabrook & Co. and R. L. Day & Co
IH%
1
114%
IH%
1K%
-—
;
EASTHAMPTON, Mass.—NOTE SALE—Faxon, Gade & Co. of Boston
awarded on July 14 an issue of $17,000 highway construction notes as
Ms, at a price of 100.389, <* basis of about 1.18%. Dated July 15,1936 and
due serially from 1937 to 1941 incl. Other bids were as follows:
were
1
Bidder—
Rate Bid
Int.Rate
1M% •
,
Second National Bank of Boston
First National Bank of Boston.
1 OCT.332
100.177
_.
Jackson & Curtis
Other bids
were
as
follows:
-
—Rate
100.05
1M %
1M %
*
469
July 15, 1936 and will mature $300,000 on each of the dates Feb. 23 and
April21, 1937.
Rate Bid
Int. Rate
Bidder—
Chronicle
100.44
;•
Merchants National Bank of Boston.
-
Bankers Trust Co
Leavitt & Co
First Boston Corp_
—
—
—
First National Bank of Boston
Merchants National Bank & Day Trust Co., jointly
Faxon, Gade & Co—
—
of Discount—
February
April
Maturity
Maturity
0.32%
0.34%
0.338%
0.383%
0.34%
0.38%
0.34%
.0.39%
0.36%
0.39%
0.38%
0.41%
WORCESTER COUNTY (P. O. Worcester), Mass.—NOTE OFFER¬
ING—Ralph R, Kendall, County Treasurer, will receive sealed bids until
11 a. m. (Daylight Saving Time) on July 21 for the purchase at discount of
$15,000 flood emergency loan, Act of 1936notes, authorized by Chapter 197.
The notes will be dated July 21, 1936 and payable July 21, 1937 at the
National Shawmut Bank of Boston.
This institution will certify as to the
genuineness and validty of the notes, under advice of Ropes, Gray, Boyden
& Perkins of Boston.
;
100.31
Whiting, Weeks & Knowles
Bidder—
100.26
■.
100.19
Tyler, Buttrick & Co.
Estabrook & Co
.
100.30
2
_
We Buy for
EVERETT, Mass.—BOND OFFERING—Will!am E. Emerton, City
Treasurer, will receive bids until 11 a.m. (Daylight Saving Time), July 21
for the pin-chase at not less than par of $156,000 coupon, registerable
macadam pavement loan bonds.
Bidders are to name rate of interest, in
a multiple of
H%.
Denom. $1,000.
Dated July 1, 1936.
Prin. and
semi-ann. int. J. 1 & J. 1 payable at the National Shawmut Bank of Boston,
in Boston.
Due on July 1 from 1937 to 1941.
The bonds will be engraved under the supervision of and certified as to
Our Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
genuineness by the National Shawmut Bank of Boston.
The approving
opinion as to legality by Ropes, Gray, Boyden & Perkins of Boston.
A. T. T. Tel. DET347
Telephone CHerry 6828
Financial Statement as of July 1, 1936
Total bonded debt
Present bond issue
$1,819,489.12
156,000.00
.
$1,975,489.12
76,562.80
Less sinking funds
Net debt July, 1936-
--$1,898,926.32
.$75,738,348.00
$88,590.19
V aluation
Tax titles
•«.
_
,
Fiscal Year—
1933
Uncollected
$15,957.22
75,135.11
417,271.78
$2,398,627.00
2,674,122.92
2,534,015.02
*
1934.
1935
Tax Rate—1933, $31.70; 1934, $35.60;
1935, $33.40.
FITCHBURG, Mass.—BOND SALE—The $50,000 coupon macadam
pavement bonds offered on July 15 were awarded to Faxon, Gade & Co. of
Boston on a bid of 100.495 for lMs, a basis of about 1.085%.
The First
National Bank of Boston bid 100.393 for 1 Ms.
Dated July 1, 1936. Due
$10,000 yearly
on
July 1 from 1937 to 1941, incl.
Financial Statement July 2, 1936
Assessed valuation, 1935, incl. motor vehicle excise—
Total bonded debt, not incl. this issue
Water debt (included in above)
Net debt.
Tax collections
to date,
as
.—$51,639,779
2,798,700
410,200
2,388,500
—
of July 2, 1936:
1935 levy, $1,675,511.19; uncollected
$176,777.08; collected, 89.3%.
No uncollected taxes prior to the levy of 1935.
Tax titles held July 2, 1936, $33,947.50.
(Funded under Chapter 49—
$21,900.)
Tax rate, 1935, $32.80; 1936, $34.00.
Population, 1930
census,
40,692; 1935
census,
41,640.
FR AM
INGHAM, Mass.—NOTE OFFERING—John P. Dunn, Town
Treasurer, will receive bids until 11 a. m., July 20 for the purchase at
discount of $100,000 revenue anticipation temporary loan notes.
two notes for $50,000 each, or otherwise as may be agreed
upon.
Denom.
Payable
$50,000 on each of the dates April 16 and May 28, 1937, at Boston or New
lork, at buyer's option.
Delivery to be made on or about July 24.
LAWRENCE, Mass.—BOND SALE—The $85,000
,
coupon, registerable,
bonds described below, which were offered on July 14—V. 143, p. 305—
were awarded to Tyler, Buttrick & Co. of Boston on a bid of
100.599 for
2 Ms, a basis of about 2.41 %:
$65,000fire alarm signal system building bonds.
Due on Jtily 1 as follows: $4,000, 1937 to 1941, and $3,000, 1942 to 1956.
20,000 city home improvement bonds. Due $1,000 yearly on July 1 from
1937 to 1956.
,
Other bidders
were:
int. Rate
Halsey, Stuart & Co., Boston
Newton, Abbe & Co., Boston
Hornblower & Weeks, Boston,
;
Bid'
2M%
2M%
3%
3%
Name—
Brown Harriman & Co., Boston
100.8299
100.745
100.765
100.059
LYNN, Mass.—NOTE SALE—The issue of $300,000 notes, due $100,000
on July 1, July 8 and July 15, 1937, offered on
July 15 was awarded
New York at 0.574% discount. Other bids
each
to the First National Bank of
were
as
follows:
Bidder—
_
Newton, Abbe & Co
Faxon, Gade & Co
Security Trust Co. of Lynn
Day Trust Co—
Discount
0.585%
0.595%
__
0.64%
•_
0.65%
0.873%
—
Leavitt & Co
MALDEN, Mass.—BOND SALE—The $150,000 coupon bonds described
below, which were offered on July 16, were awarded to the Harris Trust &
Savings Bank of New York on a bid of 100.119 for 2s, a basis of about 1.98%:
Due $5,000 yearly on July 1 from
$50,000 street construction loan bonds.
1937 to 1946 inclusive.
60,000 sewer construction loan bonds.
Due $3,000 yearly on July 1 from
1937 to 1956 inclusive.
from 1937 to 1941 inclusive.
Denom.
$1,000.
Dated July 1,
Due $8,000 yearly on July 1
Principal and semi-annual
(Jan. 1 and July 1) payable at the National Shawmut Bank of
Boston in Boston.
Newton, Abbe & Co. of Boston bid 101.26 for 2Ms.
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive sealed bids until 11a.m.
on July 21 for the purchase at discount of $75,000 tuberculosis
hospital
maintenance notes, issued under authority of Chapter 111 of General Laws.
There will be five notes, two of $25,000 each, two of $10,000 each, and one
of $5,000, all dated July 21, 1936, and payable April 7, 1937, at the First
National Bank of Boston, in Boston, Mass.
Delivery will be made on or
about Wednesday, July 22, 1936, at the 17 Court St.
office, Boston.
Notes will be authenticated as to genuineness and validity by the First
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins
of Boston, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
Bids by telephone will be accepted
PEABODY, Mass.—PROPOSED BOND ISSUE—The city plans
soon
to make
of $50,000 street impt. bonds.
SOMERVILLE,
Mass .—BOND
SALE—Tyler,
Buttrick
&
Co.
o
Boston have'purchased $22 5,000 2 % coupon municipal relief bonds. Dated
July 1, 1936. Due July 1 as follows: $23,000 from 1937 to 1941 incl. and
$22,000 from 1942 to 1946 incl. Principal and interest (J. & J.) payable
at the Merchants National Bank of Boston. This institution will
certify as
to the genuineness of the bonds and
they will be approved as to legalty by
Storey, Thorndike, Palmer & Dodge of Boston.
WESTON, Mass.-—BOND SALE—The Second National Bank
purchased
July 14 an issue of $12,000 1 % school bonds at
Due serially from 1937 to 1941 incl.
on
WORCESTER, Mass.—NOTE SALE—The $600,000
a
BANK
Mich.—LOSES
CONTRACT
revenue
anticipa¬
State
OAKLAND
COUNTY
(P.
O.
Pontlac),
Mich.—STATE BODY
APPROVES REFUNDING PLAN— The
Public
Debt Commission of
Michigan has approved the refunding of $446,000 bonds, the new issue to
be due serially from 1936 to 1940, inclusive.
OAKLAND COUNTY
(P. O. Pontine), Mich.—PROTECTIVE COM¬
MITTEE ANNOUNCES INTEREST DISBURSEMENT—'The County
bondholders' protective committee, composed of S. E. Johanigma n,
Chairman; Chicago,
B. T. Batsch,
Toledo and J. A. Nordman, St. Louis,
the Secretary of which is C. E. Huyette, 1859 National Bank Bldg., Detroit,
under date of July 15 announced to holders of certificates,of deposit repre¬
senting highway improvement bonds (Road Assessment Districts 11 through
157 incl.), a disbursement of bond interest as follows:
Enclosed herewith is a remittance for interest on bonds deposited with the
committee at the depositary issuing the check.
The Guaranty Trust Co. of
New York is successor depositary for bonds represented by all certificates
of deposit issued by the Union Guardian Trust Co. and certificates of de¬
posit No. 1 through 885, incl., issued by the Detroit TruBt Co.
As regards bonds of Road Assessment Districts Nos. 93 and 148, interest
is paid in cash at the original coupon rate to and including May 1, 1935.
As regards bonds of all other Road Assessment Districts, interest is paid
in cash at the original coupon rate to and including Nov. 1,1935 (the date
of the refunding bonds).
As regards bonds of all Districts, interest is paid in cash at the rate of 3 %
per annum for the period of Nov. 1,1935 to May 1,1936. This is the amount
of the first coupon on the refunding bonds to be issued and will be applied
in full payment thereof when said refunding bonds are issued.
Mich.—BOND
OWOSSO,
SALE—The
$30,000
general obligation
disposal plant bonds offered on July 14—V. 143, p. 306—-were
awarded to the First of Michigan Corp. of Detroit as 2%s, at par plus a
sewage
premium of $6.50, equal to 100.021, a basis of about 2.74%.
Dated
Oct. 1, 1934 and due Oct. 1 as follows: $2,000 from 1937 to 1945 incl. and
$3,000 from 1946 to 1049 incl.
OWOSSO,
Mich.—DEFEAT
turned "thumbs down"
on
TAX LIMIT PROPOSAL—The yoters
the proposed 15-mill tax limit charter amend¬
plan had carried the
$60,000 for the year
compared to $129,000 in the budget this year for operating.
ment by voting 992 to 672 in a special election.
If the
amount available for city operating expenses would be
HURON, Mich.—STATE SUPREME COURT TO PASS ON
BOND ISSUE—A friendly suit is expected to be taken to the State Supreme
Court for the purpose of removing any possible obstacle to the issuance of
about $2,500,000 revenue bonds to finance the construction of a bridge to
Sarnia, Ontario.
A lower court has already upheld the validity of the bonds.
ROYAL
OAK,
Mich.—EXCHANGE
OF
REFUNDING
BONDS
EXPECTED SOON—R. T. Purdy, Secretary of the Bondholders* Protec¬
tive Committee, under date of July 6 issued the following statement:
To the Holders
of Certificates of Deposit Representing Bonds and Notes
City of Royal Oak, Michigan'.
Issued by the
Gentlemen—We
are pleased to advise that the refunding bonds to be issued
by the City of Royal Oak, Michigan, have been executed by the Mayor and
The committee adopted resolutions on June 11th
declaring the plan operative, and corresponding resolutions were adopted
by the Royal Oak City Commission at its meeting June 29th.
A call has been issued for the deposit of certain bonds and notes that are
held by owners that agreed to cooperate in the reorganization as soon as the
refunding bonds were available for delivery.
When such bonds and notes
are
presented, the committee will proceed to effect exchanges for the
the Clerk of the city.
refunding issues.
Immediately after the exchange of bonds takes place, you will be notified
to surrender
the certificate(s) of deposit which you hold and the refunding
exchange therefor.
bonds will be delivered in
Funds for the payment of the first coupon attached to the refunding
bonds are now on deposit at the Detroit Trust Co., paying agent.
Very truly
par.
SUIT—The
$80,000 from
under a con¬
tract executed Dec. 28, 1932.
In a unanimous opinion written by Justice
Howard Wiest, the Supreme Court affirmed the decree of Judge Fred S.
Lamb of Cadillac, who heard the case in the Ingham County Circuit Court.
The high court held with Judge Lamb to the effect that the city would not
attack validity of the contract after it had benefited by its partial perform¬
ance.
The agreement which was the basis of the suit filed by the bank
against the city for a declaration of rights was made in connection with
arrangements preliminary to the reopening of the local financial institution.
The city claimed that the contract under which the reorganized bank had
the optibn of repurchasing the bonds for $200,000 during a five-year period
was invalid and in violation of the city charter.
The bank brought suit for
a declaration of its rights and return of bonds and cash in excess of the
$200,000 which the board realized from sale of a portion of the securities.
of Boston
price of
tion temporary loan notes offered on July 14 were awarded tp the State
Street Trust Co. of Boston on a .26% discount basis.
Notes are dated
LANSING,
Supreme Court ruled that the American State Savings Bank of Lansing is
entitled to return of bonds and cash totaling approximately
the Lansing board of water and electric light commissioners
PORT
1936.
interest
offering
city.
(P. O. Ecorse), Mich.—BOND OFFERING—
Jessie J. Pettijohn, Township Clerk, will receive sealed bids until 5 p. m.
(Eastern Standard Time) on July 20 for the purchase of $74,000 not to
exceed 5% interest refunding bonds.
Dated. July 15, 1936.
Denom.
$1,000.
Due July 15 as follows: $10,000 from 1938 to 1943 incl. and $14,000
in 1944.
Rate of interest to be expressed in a multiple of M of 1 %.
Prin.
and int. J. & J. 15 payable at the Ecorse Savings Bank, Ecorse.
A cer¬
tified check for $740 must accompany each proposal.
as
40,000 sidewalk construction loan bonds.
an
terms for the service could be obtained by the
ECORSE TOWNSHIP
Tax Collections
Tax Levy
■
MICHIGAN
DETROIT, Mich.—SEEKS NEW FISCAL AGENT IN NEW YORK
—Albert E. Cobo, City Treasurer, has been asked by the Common Council
to select a bank in New York City to act as the city's fiscal agent in place
of the Bankers Trust Co., New York.
The latter institution's contract
expired recently and was not renewed by council in the belief that better
yours,
R. T. PURDY, Secretary.
WINS SPECIAL ASSESSMENT BOND SUIT—The city Is not obligated
interest from the general fund
the purpose, Judge H. Russel
Holland in Oakland County Circuit Court ruled In dismissing a mandamus
to pay special assessment bond principal and
In the absence of a specific appropriation for
action.
The plaintiff, John J. Hettche of Detroit, sought a writ to compel
470
Financial
the city to pay $5,000 in principal and interest from July 1, 1932, from its
general fund on special assessment bonds issued July 1, 1929, and in default
since 1932.
Pointing out that the bonds pledge the "full faith and credit"
of the city, Hettche claimed that the money should be paid from the general
fund
because
in the special assessment fund were insufficent.
sums
VASSAR SCHOOL DISTRICT NO. 1 (P. O. Vassar), Mich .—PRICE
PAID—William R. Stuart & Co. of Chicago paid a price of 102 for the issue
of $20,000 4% coupon school bonds which were reoffered by the bankers
sometime ago on a
and due serially on
yield basis of from 1% to 3.35%.
Nov. 1 from 1936 to 1955 incl.
Dated Nov. 1, 1935
WYANDOTTE, Mich.—REJECTS OFFER FOR DEFAULTED BLOOMFIELD HILLS BONDS—The City Commission recently rejected the offer
of a brokerage firm to pay a price of 54 cents a hundred on $25,000 de¬
faulted bonds of the village of Bloomfield Hills, according to report.
After
taking into account defaulted interest on the obligations,
determined that the offer would net 42 cents.
*
the commission
WYOMING SCHOOL DISTRICT NO. 4 (P. O. Wyoming), Mich.—
BONDS VOTED—A special election held on July 1 resulted in approval of
an issue of $42,000 high school building completion bonds.
The vote was
111 "for" to 17 "against."
Northwestern
Municipals
Chronicle
O. St. Charles), Mo.—BOND SALE—
A $2,232,000 issue of 3% % coupon toll bridge revenue, series A bonds has
been purchased at private sale by a group composed of Stifel, Nicolaus &
Co. of St. Louis; A. C. Allyn & Co. of Chicago, and Kenneth H. Bitting &
Co. of St. Louis.
Denom. $1,000.
Dated June 1, 1936.
Due on July 15,
1956.
Redeemable in whole or in part on any interest date on 30 days'
notice at par.
Legality to be approved by Charles & Trauernicht of St.
Louis.
Prin. and int. J. & J. 15 payable at the office of the New York
Trust Co. in New York, or at the First National Bank in St. Louis, at the
option of the holder.
In the opinion of counsel the series A bonds are payable solely out of the
net bridge revenues, and constitute a first charge thereon.
Not less than
$93,335 is to be credited to the interest and sinking fund account for the
series A bonds during the remainder of the calendar year 1936 and not less
than $160,000 during each calendar year thereafter.
The series A bonds are
additionally secured by pledge of the balance of the net revenues remaining
after the sum of $8,500 shall have been set aside during the remainder of
the calendar year 1936 to pay interest on the bonds of series B and after the
sum of $17,000 shall have been so set aside for said purpose during each
calendar year thereafter.
None of the bonds of series B shall be paid until
all of the bonds of series A shall have been retired, nor shall more than
$17,000 be paid into the sinking fund for the bonds of series B in any one
year until all of the bonds,of series A shall have been retired.
The county has covenanted and agreed that it will continuously operate
the bridges and will fix and maintain such rates of toll as will be sufficient
to create and maintain the sinking fund and to promptly pay principal and
interest
The
Minnesota, North and South Dakota, Montana,
July 18, 1936
ST. CHARLES COUNTY (P.
as
the same become due.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered
Oregon, Washington
the above bonds for public
to date of delivery.
subscription priced at 98.50 and accrued interest
»
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Financial Statement
Assessed valuation 1935 (60% of actual)
*
Bonded debt.
Teletype—Mpls287
MINNESOTA
GLENCOE, Minn.—BOND ELECTION—It is reported that
an election
on July 28 in order to vote on the issuance of $75,000 in not to
5% municipal light, heat and power plant bonds.
Due in from 3 to
will be held
23 years.
SIKESTON
SCHOOL DISTRICT
000 school
on
&
53, Minn.—BOND ELEC¬
July 21 at which a proposal to issue $30,-
building bonds will be voted
MINNESOTA,
State
Co. of St. Louis at
follows: $1,000,1938 to
TRENTON,
NO.
bids
BOND ISSUANCE AUTHORIZED—It is reported by Julius A. Schmahl,
State Treasurer, that the Executive Council on July 16, released for issuance
by the State Highway Board a total of $4,000,000 in State Trunk Highway
bonds, to be issued on or before Dec. 1, 1936..
He states that the offering
date will be fixed by the State Highway Board.
ST. LOUIS COUNTY (P. O. Duluth), Minn .—CERTIFICATE SALE
the First & American National Bank of Duluth, and associates, as reported
these columns recently—Y. 143, p. 306—it is stated by the County
in
sold at 3 % and they mature on Nov. 6,
1936.
SCHOOL DISTRICT NO. 9 (P. O. Soudan), Minn.—
BOND SALE—A $45,000 issue of 3% semi-ann. school bonds was offered
for sale on July 1 and was purchased at par by the State of Minnesota.
Due on July 1 as follows: $11,000, 1941; $5,000, 1942; $10,000, 1943 and
1944, and $9,000 in 1945.
STEARNS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 141
(P. O. Belgrade), Minn.—BOND SALE—The $17,000 school addition and
gymnasium bonds approved by the voters last January, have been purchased
by the State of Minnesota, as 3s at par.
Due from 1941 to 1956.
NEBRASKA
First National Bank BIdg-
State
of—EXCELLENT
FINANCIAL
O.
"Wall Street Jounral" of July 9 carried the following
report:
"The State Treasury reports that at the close of the fiscal year it had on
hand $20,728,557 in cash and investments, with all current bills paid and
Lincoln,
no
news
debt.
Of the balances $6,981,000 is in the State's cash account
$13,747,000 was invested in bonds, some of them issued by other States.
balance does not include nearly $1,000,000 of Federal funds that were
bonded
and
The
forwarded to match State appropriations.
The cash balance is $1,123,000
more than on July 1 a year ago.
The bond account is $114,578 less.
The
large increase in cash arose from improved collections of taxes, particularly
in rural areas, and to reduced State appropriations.
A total of $2,868,000
was paid out of current funds during June.
Payments out in the State
gasoline tax fund in June totaled $2,400,000, of which $900,000 went to
counties for county highway construction."
FREMONT, Neb.—BONDS VOTED—The voters recently approved the
of $76,180 bonds to pay property damages in connection with
issuance
construction of viaducts
NORTH
over
railroad crossings.
PLATTE,
Neb.—BOND OFFERING— S. W. Throckmorton,
City Clerk, will receive bids until 8p.m. July 21 for the purchase at not
less than par of $82,906 coupon Jeffers Street viaduct bonds.
Bidders are
to name rate of interest not to exceed 5%.
Denoms. 75 for $1,000, 14 for
$500 and one for $906. Due $5,500 yearly on Aug. 1 from 1942 to 1955
incl. and $5,906 Aug. 1, 1956. Certified check for $1,000 required.
Pur¬
chaser is to pay for attorney's opinion.
Optional bids on printing of bonds
by purchaser and by city are requested.
?
NEW
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The $200,000
ISSUES
Discount
Bidder—
A. T. & T. Teletype OMA 81
_
Kansas City), Mi>.—
BOND SALE—The $840,000 issue of coupon or registered school, series H
bonds offered for sale on July 16—V. 143, p. 306—was awarded to a syndi¬
cate composed of the Harris Trust & Savings Bank of Chicago, and L. F.
Rothschild & Co., of New York, the Commerce Trust Co., and the City
National Bank & Trust Co., both of Kansas City, as 2%s, paying a
of
101.61,
as
follows:
a
price
basis of about 2.625%.
Dated July 1, 1936.
Due on July 1
$30,000, 1947, and $90,000, 1948 to 1956, incl.
The second high bidders for the above bonds were Lazard Freres & Co.,
Inc.; Stone & Webster and Blodget, Inc., both of New York, and Callender,
Burke & MacDonald, of Kansas City, offering 101.21 for 2%% bonds.
ST. JOSEPH, Mo.—BOND SALE—An issue of $120,000 2A% refunding
bonds is said to have been purchased on July 14 by
$8,000,1949 to 1956.
Prin. and int. M. & S. payable in N. Y. City.
approval by Chapman & Cutler of Chicago.
Legal
LOUIS, Mo.—BOND ELECTION—It is stated by M. J. Cullinane,
City Register, that a special election will be held on Aug. 4 in order to have
the voters pass on four propositions calling for the issuance of $2,250,000
in bonds, divided as follows:
Proposition No. 1—To amend a proposition approved by the voters on
May 15, 1934, by reducing the amount of bonds authorized for the con¬
struction of a Memorial Plaza and a Soldiers' Memorial Building, from
$1,900,000, to $1,400,000, and approving the issuance of the lesser amount.
Proposition No. 2—Authorizing the issuance of $500,000 in bonds for the
construction and reconstruction of public sewers and the acquisition of rightsof-way therefor.
Proposition No. 3—Authorizing the issuance of $100,000 in bonds for the
development, improvement and beautification of Aloe Plaza.
Proposition No. 4—Authorizing the issuance of $250,000 in bonds for the
construction and equipment of fire stations and related projects.
0.45%
0.455 %
0.49%
0.49%
0.49%
0.51%
MANCHESTER, N. H.—NOTE SALE— The City Trust Fund has pur¬
chased $7,000 highway department and fire department equipment notes,
maturing $1,000 annually.
NEW
ENGLEWOOD,
N.
JERSEY
J.—PROPOSED
NOTE ISSUE— Ordinance pro¬
viding for an issue of $95,000 not to exceed 6% interest incinerator plant
bond anticipation notes will come up for final reading in the Common
Council on July 21.
They will mature in 10 years.
EWING TOWNSHIP,
N. J .—BOND OFFERING—M. L. Howell,
Township Clerk, will receive sealed bids until 12:15 p. m. (Daylight Saving
Time) on July 27. for the purchase of $3,000 4% bonds, divided as follows:
$2,000 general refunding bonds. Dated Oct. 1, 1935, and due July 1, 1959.
1,000 serial funding bonds. Dated Oct. 1, 1935, and due Oct. 1, 1955.
Principal and semi-annual interest payable at the Township Treasurer's
office. A certified check for 2% is required. Legality approved by Haw¬
kins, Delafield & Longfellow of New York City.
Halsey, Stuart & Co.
of Chicago, at a price of 100.04, a basis of about 2.49%.
Denom. $1,000.
Dated Sept. 1, 1936.
Due on Sept. 1 as follows: $7,000, 1941 to 1948, and
ST.
,
0.484%
First National Bank of Boston.
National Shawmut Bank
Newton, Abbe & Co
Liberty), Mo.—BONDS VALIDATED—An
(P. O.
anticipation
Faxon, Gade & Co
Mansfield & Co
OMAHA
CITY SCHOOL DISTRICT
revenue
July 15 were awarded to Ballou, Adams & Whittemore,
Inc., of Boston at 0.423% discount. Dated July 17, 1936, and due $100,000
each on Jan. 8 and Jan. 22, 1937.
Other bids were as follows:
opinion is said to have been handed down recently by the Circuit Court
upholding the issuance of $420,000 in water distribution system bonds.
A friendly suit is reported to have been filed to test a State law permitting
the establishment of special water districts in suburban areas.
KANSAS
CONDITION
REPORTED—The
notes offered on
MISSOURI
(P.
purchased.
NEBRASKA
NEBRASKA,
E. H. Rollins & Sons
COUNTY
plant
NASHUA, Mont.—BOND ELECTION—An election has been called for
on the question of issuing $50,000 sewer
Whiting, Weeks & Knowles
CLAY
light
July 21 for the purpose of voting
and water system bonds.
WANTED
The National company
OF
Mo.—BONDS SOLD—An issue of $234,000
MUNICIPALS
OMAHA, DOUGLAS COUNTY, LINCOLN
OTHER
price of 100.66, a basis of about 2.90%. Due as
1940; $1.500,1941 to 1944, and $2,000.1945 to 1947.
scheduled for sale on July 1—V. 142, p. 4220—were not
SOUDAN
AND
Mo.—BOND
BUTTE, Mont.—BONDS NOT SOLD—It is reported by Beryl Wilson,
City Clerk, that the $900,000 not to exceed 4% semi-ann. refunding bonds
'*
DETAILS—In connection with the sale of the $1,115,000 certificates of
indebtedness on July 6 to the Duluth City and County Credit Union, and
OFFERING
Sikeston),
MONTANA
OFFERING—Sealed
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. The certificates will be sold at not less than face
value at the lowest interest rate obtainable.
All bids shall be subject to
accrued interest to date of delivery.
Prin. and int. payable at the State
Treasurer's office.
The approving opinion of the Attorney General of the
State, and Thomson, Wood & Hoffman of New York, will be furnished to
the successful bidder.
A cert, check for $15,000, payable to the State
Treasurer, must accompany the bid.
NEBRASKA
O.
bonds has been sold to the Baum, Bernheimer Co. of Kansas City.
Aug. 1, 1941.
were
(P.
a
upon.
of—CERTIFICATE
will be received until 10 a. m. on July 27, by Theodore H. Arens, Con¬
servator of Rural Credit, for the purchase of an issue of $1,500,000 certifi¬
cates of indebtedness.
Denom. $1,000.
Dated Aug. 1, 1936.
Due on
Auditor that these certificates
DISTRICT
SCHOOL
SALE DETAILS—In connection with the sale of the $15,000 3% semi-ann.
school building bonds, reported in these columns recently—V. 143, p. 306—
it is stated by the District Secretary that they were purchased by Whitaker
'
GROVELAND
TION—An election will be held
$28,212,813
434,000
,
Population, 1920, 22,828; 1930, 24,354.
*
Dobs not include toll bridge revenue bonds, series A and B aggregating
$2,757,0000.
*
DETROIT LAKES, Minn.—CERTIFICATE OFFERING—E. J. Bestick,
City Clerk, will receive bids until 7.30 p. m. Aug. 3 for the purchase of $10,000 3% street impt. certificates of indebtedness.
Denom. $1,000.
exceed
-
legality of the act under which these bonds are issued has been
of the State of Missouri.
affirmed by the Supreme Court
HAWTHORNE, N.J.—ENGAGES FINANCIAL A D VISOR-R esolution
adopted
on
one year
of Norman S. Taber & Co. to act
for
July 8, the Board of Commissioners engaged the services for
as
finacial advisors and arrange
refinancing of the borough's indebtedness.
HOPATCONG, N. J .—BONDS APPROVED—Issuance of $111,000
funding and refunding bonds has been approved by the State Funding
Commission. 1
LONG BRANCH, N. J.—PRICE PAID—A price of 97.45 was paid by
E. H. Rollins & Sons of Philadelphia for the $236,000 4 A % funding bonds
of 1936 purchased privately on July 2, as reported in a previous issue.
Basis cost about 4.84%.
The bonds are dated July 1, 1936 and due
serially on July 1 from 1940 to 1949 incl.
PATERSON, N. J .—BOND OFFERING—Howard L. Bristow, Clerk of
until Aug. 6 for the purchase
$302,000 not to exceed 4% int. coupon general impt. bonds.
Dated
the Board of Finance, will receive sealed bids
of
July 1, 1936.
Denom. $1,000.
Due July 1 as follows: $25,000 from 1937
to 1941, incl.; $30,000 from 1942 to 1946, incl., and $27,000 in 1947.
Legal¬
ity approved by Hawkins, Delafield & Longfellow of New York City.
Volume
Financial
143
CHESTER,
Y.—BOND SALE—The issue of $17,000 coupon or
registered water bonds of 1936 offered on July 15—V. 143, p. 308—was
awarded to the Warwick Savings Bank of Warwick as 3s, at a price of
100.88, a basis of about 2.905%.
Dated Aug. 1, 1936 and due $1,000 on
Aug. 1 from 1939 to 1955, inclusive.
H. L. AllS Company
New Jersey Municipal
N. Y. 1-528
^
100 Broadway
N.
DICKINSON & WAVERLY CENTRAL SCHOOL DISTRICT No. 1
(P. O. St. Regis Falls), N. Y.—BOND SALE—The $23,650 coupon or
registered school bonds offered on July 15—V. 143, p. 150—were awarded
to E. H. Rollins & Sons of New York on a bid of 100.40 for 3Hs, a basis of
Bonds
Telephon^R£:^ror 2-7333
A. T. & T.
471
Chronicle
about 3.45 %.
Roosevelt & Weigold of New York bid second high,
to take the bonds as 3.90s.
Dated July 1, 1936.
Due July 1 as
New York
$1,150,
1937; $1,000, 1938 and
from 1947 to 1956, inclusive.
1939; $1,500,
offering
follows:
1940 to 1946, and $1,000
FALCONER, N. Y.—BOND SALE—The $56,000 coupon or registered
bonds offered on July 15—V. 143, p. 150—were awarded to the
2.60s. at a premium of $784,
Halsey, Stuart & Co. of New
York offered a premium of $53.76 for 2.60s.
Dated July 15, 1936.
Due
July 15 as follows: $5,000, 1938,1939 and 1940; $6,000 in 1941; and $7,000
sewer
Bancamerica-Blair Corp. of New York as
equal to 101.40, a basis of about 2.37%.
municipal bonds
New Jersey
and General Market Issues
from 1942 to 1946.
B. J. Van Ingen & Co.
57
WILLIAM STREET.
T.
A.
T.: N. Y
A.
HUNTINGTON (TOWN), N. Y.—BOND SALE—The $160,000 coupon,
fully registerable emergency relief bonds offered on July 16—V. 143, p. 308—
were awarded to the Harris Trust & Savings Bank of New York as 2s at
a premium of $843.20, equal to 100.527, a basis of about 1.91 %.
Eldredge
& Co., Inc., of New York, bid a premium of $526.40 for 2% bonds.
Dated
July 15, 1936.
Due on July 15 as follows:
$15,000, 1938 to 1941, and
$20,000, 1942 to 1946.
Inc.
Telephone: John 4*6364
N. Y.
Newark Tel.: Market 3-3124
1-730
LOCKPORT, N. Y.—PRICE PAID—In purchasing on July 13 issues of
construction
and improvement bonds totaling $67,000,
as
previously recorded in these columns, the Marine Trust Co. of Buffalo
paid a price of 100.23 for 2.60s, a basis of about 2.57%.
incinerator
$81,000 City of East Orange, N. J.
4%
Yield
To
&
4\i%
Bonds Due 1944-54
2.60%-3.00% According to Maturity
MONROE
Colyer, Robinson $ Company
MArket 3-1718
Raymond Blvd., Newark
New York Wire:
A. T. & T. Teletype
REctor 2-2055
NWRK
24
NEW JERSEY
TRENTON, N. J.—APPROVES $100,000 RELIEF ISSUE— The City
Council has voted to issue $100,000 8-year emergency relief bonds.
WEST DEPTFORD
FUNDING
TOWNSHIP
SCHOOL
OUTLINED—At
PLAN
Committee, the details of
a
recent
DISTRICT,
N. J.—RE¬
Township
meeting of the
plan for refinancing the indebtedness of the
District were considered.
The township, it is said, has defaulted on $40,000 school bonds and it owes $34,000 in int.
This latter item, under the
program offered, will be paid over a period of five years.
Int. on the new
bonds
will
a
in
start
February, 1937,
principal will not begin until 1939.
although
payments
on
account
of
WOODBRIDGE TOWNSHIP (P. O. Woodbridge), N. J .—FINAL
READING OF BOND ORDINANCES ON JULY 20—Ordinances providing
for the issuance of $4,570,000 refunding bonds will receive final reading at
a
meeting of the Township Committee
measures
earlier
enacted
in
the
MEXICO
NEW
AZTEC,
July 20.
This legislation rescinds
involving $6,020,000 bonds.
on
year
N.
Mex.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on July 27, by Maurice Rhodes, Town Clerk, for the purchase
of a $20,000 issue of coupon sewerage disposal system bonds.
Interest rate
is not to exceed 4^%, payable M. & S.
1936.
Due as follows:
$1,000, 1939 to
Denom. $1,000.
Dated Sept. 1,
1952, and $2,000, 1953 to 1955.
Prin. and int. payable at the State Treasurer's office, or such other place
as the bidder may designate.
Each bid shall specify (a) the lowest rate of
interest and premium, if any, above par at which such bidder will purchase
said bonds, and (b) the lowest rate of interest at which the bidder will
purchase said bonds at par.
Legality to be approved by the town attorney.
A certified check for 5% must accompany the bid.
GALLUP, N. Mex.—BOND OFFERING—Sealed bids will be received
until 10 a. m. on July 31, by P. J. Yidal, Town Treasurer, for the purchase
of a $60,000 issue of general obligation bonds.
Each bidder needs to submit
bids specifying (a) the lowest rate of interest at which the bidder will
purchase said bonds at par, or (b) the lowest rate of interest and premium,
if any, above par at which the bidder will purchase said
check for 3% must accompany the bid.
bonds.
(An issue of $110,000 water system bonds was offered for sale
but no bids were received, as we reported at that time.)
on
A cert,
May 24
PORTALES, N. M.—BOND SALE—The $23,500 bonds described below,
which
offered
were
of New
about
Mexico,
3.47%:
July 14—V. 142, p. 4062—were awarded to the State
3>£s, for a premium of $50, equal to 100.212, a basis of
on
as
*
.
$5,000fire station construction bonds. Due $1,000 from July 1, 1938, to
1942, incl.
15,000 sewage disposal plant construction bonds. Due on July 1 as follows:
$500, 1938 to 1941, and $1,000, 1942 to 1954, all incl.,
,
3,500 sewer main extension bonds. Due $500 from July 1, 1939 to 1945,
incl.
E. F. Hutton & Co. of Albuquerque offered a premium of $37.50 for 4&s.
Offeringg— Wanted
New York State Municipals
County—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW
WALL ST.,
1
YORK
Whitehall 4-5770
NEW
ALBANY
STOCK EXCHANGE
N. Y.
YORK
PORT
DISTRICT, N. Y.—-BONDS PUBLICLY OFFERED
—Adams, McEntee & Co., Inc., of New York are making public offering of
$363,000 coupon 4H% bonds dated Feb. 1, 1931, and due Feb. 1, 1970 to
1981 incl., at prices yielding from 3.00% to 3.05%. The bonds are payable
from unlimited ad valorem taxes upon all the taxable real property within
the cities of Albany and Rensselaer, apportioned on a basis of approximately
88% for Albany and 12% for Rensselaer.
They are exempt from all present
and legal investment, in the
opinion of the bankers, for savings banks and trust funds in New York State.
Federal
and New
York
(P.
Rochester),
O.
Y.—STARTS FORET
foreclosure
N.
1,190 vacant lots.
By action of the Boa,rd of Supervisors the legal
department has been instructed to begin immediate action and $15,000 has
been appropriated for expenses.
Long-pending but always heretofore put
off for one reason or another, the huge foreclosure movement is designed
to solve the vacant lot problem in the towns of Irondequoit, Brighton and
Pittsford, long sore spots in the county's financial picture.
Back taxes on these lots now amount to $1,600,000, according to J. R.
Leonardo, special counsel for the County Department of Finance.
With
interest the delinquencies amount to approximately $2,000,000.
In some
cases taxes have not been paid since 1925.
Foreclosure proceedings will
be brought for unpaid 1933 taxes and years prior to that.
This is the last
year under which a foreclosure action can be brought.
Four county towns, on July 1, received a total of $755,662 from the
county
The sum represents the difference between the towns' tax levies
for town purposes and the amounts actually taken in by the town collectors.
Such payment is compulsory under the Slater-Marks bill.
action of
INCORPORATED
1180
COUNTY
CLOSURE ACTIONS—The county has embarked upon a mass
State income taxes
BROCTON, N. Y.—BOND OFFERING— C. J. Coughlin, Village Clerk,
will receive bids until 10 a. m. (Eastern Standard Time) July 21 for the pur¬
chase at not less than par of $45,000 coupon, fully registerable water bonds.
Bidders
are to name rate of int., in a multiple of }4% or 1-10%, but not to
3J^%.
Denom. $1,000.
Dated Aug. 1, 1936.
Prin. and semiann. int.
(F. & A. 1) payable at the Bank of Brocton, in Brocton.
Due
Aug. 1 as follows: $2,000, 1938 to 1949; and $3,000, 1950 to 1956.
Certi¬
fied check for $900, payable to the Village, required.
Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished by the Village.
exceed
.
MONTICELLO, N. Y —BOND OFFERING—C. G. Royce, Village Clerk,
(Eastern Standard Time) on July 27 for
interest registered garbage and
Dated Aug. 1, 1936. Denoms.
$1,000 and $100.
Due $3,200 each Aug. 1 from 1937 to 1951 incl.
Bidder
to name one rate of interest on the issue, expressed in a multiple of l-10th
of 1%.
Prin. and int. F. & A. payable at the Sullivan County Trust Co.,
Monticello.
A certified check for 5% of the amount of the bid, payable to
will receive sealed bids until 2 p. m.
the purchse of $48,000 not to exceed 6%
refuse incinerator plant construction bonds.
the order of
William F. Miller, Village Treasurer, must accompany each
ptoposal.
The bonds are direct general obligations of the village and
payable from taxes to be levied in accordance with the village law.
Pro¬
vision has been made for raising annually by tax on the taxable property
of the village a sum sufficient
and interest on the loan.
ADDITIONAL
coupon
to meet regular instalments of both
OFFERING
principal
,
DETAILS—The above bonds
will be in
principal and interest.
It was originally
The bonds will
legality by Hawkins, Delafield & Longfellow of New
form, registerable as to
announced that they would be issued in registered form.
be approved as to
York City.
NEW
YORK
STATE—REPORT ON 1936 EQUALIZATION TABLE
hit bottom and will move
•—"Real estate values in New York State have
during 1936," Mark Graves, Commissioner of Taxation and
Finance, predicted on July 11 in releasing the State equalization table for
1936 which is based upon 1935 assessed valuations.
Full value of taxable real property in the State at present is shown to be
upward
$30,476,616,979 as compared with $30,539,626,661 last year, a decrease of
$63,009,682 or 0.2%. The estimate was attained by using the figures for
of equalization for the various counties.
Pointing to the fact that full value for 1920 was estimated by the Tax
Commission at $16,395',697,190, Mr. Graves stressed the steady increase
through the ensuing boom years to a high of $35,101,205,631.
During the
depression, values declined about 4.6 billion.
"It is my considered judgment that we are now entering another period
comparable to that which commenced in 1920," Mr. Graves declared.
"I do not believe that the percentage of gain will be as great, but I do think
that a steady upward movement is under way and that it will gain increas¬
ingly rapid momentum.
Thousands and thousands of new homes are being
built this year,
In some sections of the State building booms are under
way."
Explaining that the assessed valuation of all taxable real property in the
State was $25,667,925,760 for 1936, as compared to $25,675,672,127 in
1935, or a decrease of only $7,746,367 or .03%, the State official pointed to
the much greater drops of the preceding few years to substantiate his
claim.
He likewise stressed the fact that New York City valuations had
mounted, even though the figure for the State as a whole is lower.
"In 1935 the decrease from 1934 was $581,494,127, or 2.21 %," Mr. Graves
pointed out.
"At the time we arrived at that figure I expressed the belief
that the downward trend would be checked in 1936.
The very small
decrease this year coupled with the fact that new construction is increasing
impels me to believe that the bottom has been reached and passed."
The new equalization table, which was prepared by Deputy Commissioner
Daniel R. Spratt, Director of the Bureau of Local Assessments, Special
Francise, Land Tax and Equalization, has been approved and adopted by
the State Tax Commission, sitting as the State Board of Equalization.
Members, in addition to Mr. Graves, who is president ex officio, are John
P. Hennessey of Syracuse and John J. Merrill of Alfred.
Copies of the
table are now available for distribution.
Analysis of this year's table as it concerns the five boroughs comprising
New York City shows that taxable real property in the city is assessed at
$16,678,765,548, as compared with $16,649,771,199 in 1935, an increase
of $28,994,349, or .17%.
Valuation fluctuations by boroughs are as follows:
Borough of Bronx increase of $6,060,664 or .3%.
Borough of Kings increase of $21,337,513 or .5%.
Borough of New York decrease of $7,661,553 or .09%.
Borough of Queens increase of $9,301,676 or .4%.
Borough of Richmond decrease of $43,951 or .01%
assessed valuation with the rates
•
.
The aggregate total valuation in the other 57 counties for 1936 is $8,989,160,212, compared with $9,025,900,928 in 1935, or .4% decrease.
The spread between the assessed value and the full value is also narrowing,
Commissioner Graves pointed out.
The ratio for the State as a whole is
74.03% this year.
Inl935 it was 74%. Despite this slight improvement,
the ratio varies from 99% in Allegany County and 98% in Tioga to 35% in
Sullivan and 41% in Clinton. Notable increases in the rate of equaliza¬
tion are shown by Cortland County which jumped from 71% to 78% and
Livingston where the ratio moved from 82 % to 87 %.
Lowered ratios are
disclosed for Franklin, where the ratio tumbled from 74% to 62% and for
Ulster, whose rate moved down from 57 to 52%.
If the wealth of a county can be gauged properly by the value of its real
estate, New York, with an assessed valuation of $8,373,226,997 and Kings
$3,933,060,440 are the wealthiest and Hamilton with $12,344,024 and
BUCHANAN, N. Y.—BOND SALE—The $11,000 coupon or registered
street improvement bonds offered on July 10 were awarded to Faxon, Gade
& Co. of Boston as 3Ms.
A. C. Allyn & Co., next high bidder, offered to
with
the issue at 3.40%.
Dated July 1, 1936.
$1,500 from 1937 to 1942; and $2,000 in 1943.
(P. O. North Collins), N. Y —BOND OFFERING—The district is making
offering of $30,000 not to exceed 6% interest coupon or registered school
bonds.
Elmer O. Stearns, District Clerk, will receive sealed bids on the
issue at the Bank of North Collins, Main St., North Collins, until 12:15
take
Due July 1
as
follows:
CATSKILL, N. Y.—BOND SALE—The $79,000
able, building bonds offered
on
coupon, fully registerJuly 14—V. 143, p. 308—were awarded to
York on a bid of 100.42 for
Schuyler, with $13,464,440 are the poorest.
NORTH
the Manufacturers & Traders Trust Co. of New
p.
basis of about 2.75%.
Geo. B. Gibbons & Co. of New York were
bidders, offering 100.41, for 3s.
Dated July 1, 1936.
Due
$3,000 July 1, 1937; and $4,000 yearly on July 1 from 1938 to 1956, incl.
Aug.
2.80s,
second
a
high
COLLINS
UNION
FREE
SCHOOL
DISTRICT
No.
4
an
(Eastern Standard Time) on July 27.
The bonds will be dated
1936.
Denom. $1,000.
Due $1,000 on Aug. 1 from 1937 to
Bidder to name one rate of interest on all of the bonds, expressed
multiple of M or l-10th of 1%.
Principal and interest (F & A.) pay-
m.
1,
1966 incl.
in
a
472
Financial
able in lawful money of the United States at the Bank of North Collins,
North Collins, with New York Exchange.
A certified check for $600,
payable to the order of Elmer O. Stearns, District Treasurer, must accom¬
The bonds are direct general obligations of the School
District, payable from unlimited taxes.
The approving opinion of Clay,
Dillon & Vandewater of New York City will be furnished the successful
Chronicle
July 18, 1936
GASTONIA, N. C.—BOND REFINANCING PROPOSAL APPROVED
—The City Council is said to have passed a resolution providing for the
refinancing of $773,000 in city bonds that were issued in 1933, scheduled
pany each proposal.
to
bidder.
W. E. Eapterling, Secretary of
According to the data included in the official call for bids, the District
and total bonded debt,
now being offered, of $95,000.
Population about 1,250.
mature
in
1958.
HENDERSON, N. C.—BOND OFFERING—Sealed bids addressed to
the Local Government Commission, will be
received until 11
(Eastern Standard Time) on July 21 for the purchase
a. m.
reports an assessed valuation for 1935 of $950,411
of $18,000 not to exceed 6% interest coupon, registerable as to principal
including the issue
only,
SARATOGA
SPRINGS, N.
Y.—BONDS AUTHORIZED—The City
Council has decided to issue $185,000 bonds.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
SALE—The $50,000 coupon fully registerable general bonds of 1936,
series 2; which were offered on July 14—V. 143, p. 308—were awarded to
R. W. Pressprich & Co. of New York as 1 Ms at a premium of $138.85,
equal to 100.2777, a basis of about 1.12.
Dated July 15, 1936.
Due on
July 15 as follows: $15,000, 1937 and 1938, and $20,000 in 1939.
Other
bidders
were:
underpass bonds.
Dated June 1, 1936.
Denom. $1,000.
Due
$1,000 each June 1 from 1937 to 1954 incl.
Prin. and int. J. & D. payable
in legal tender in New York.
The bonds are ullimited
tax, general
obligations and will be delivered on or about Aug. 6, 1936, at place desig¬
nated by the purchaser.
Split-rate bids may be made on the issue, but not
more than two rates may be named.
A certified check for $360, payable to
the order of the State of North Carolina, must accompany each proposal.
The approving opinion of Masslich & Mitchell of N. Y. City will be fur¬
nished
NORTH
»
'
Bidder—
Int.
Faxon, Gade & Co
—
Rutter & Co., New York
Halsey, Stuart & Co., New York
Stranahan, Harris & Co., New York
James H. Causey & Co., New York
Geo. B. Gibbons & Co., New York
Gordon Graves & Co., New York
Salomon Bros. & Hutzler, New York
A. C. Allyn & Co., New York
——
„
"
Rate.
1M %
1M %
1M%
1M%
IH%
1M %
1M%
1M %
1M%
DAKOTA
Price Bid
GARRI
100.168
100.11
par
SON, N. Dak.—BONDS SOLD—It is reported by the City Audi¬
$2,500 5% semi-arin. sewage plant bonds have been purchased at
tor that
100.09
100.0325
100.0899
$139.80
30.00
by the Garrison State Bank.
LANGDON, N.
Dak.—BONDS VOTED—On July 2
an
election held
here resulted in approval of a proposal to issue $18,500 waterworks system
bonds.
135.00
LARIMORE SCHOOL DISTRICT NO. 44 (P. O. Larimore), N. Dak.
71.00
—BONDS PURCHASED FROM RFC—We are informed by A. N. Johnson,
District Clerk, that the $54,000 4% semi-ann. coupon school building
bonds, reported to have been sold recently—V. 143, p. 309—were purchased
directly from the Reconstruction Finance Corporation the representing,
a $60,000 Public Works Administration issue, to secure the
grant on school construction.
These bonds were purchased by the Justus
F. Lowe Co. of Minneapolis.
Due serially to 1954.
$100,000
remainder of
STATE OF NORTH CAROLINA
Due
bidder.
the successful
3i/2s,
July 1943 at 2.20% basis
OHIO
F. W. CRAIGIE & COMPANY
MUNICIPALS
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
.COLUMBUS
SPRINGFIELD
Southern Municipal Bonds
OHIO
McALISTER, SMITH & PATE, Inc.
67 BROAD
STREET
NEW
ALBANY, Ohio—BOND SALE—The issue of $1,100 5% refunding bonds
offered
July 10—V. 142, p. 4382—was sold to the Citizens Bank of
Albany at a price of 101.
Dated July 1, 1936 and due serially in from
nine months to four years and three months from date of issue.
YORK
Telephone WHltehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
on
CANTON, Ohio—BOND SALE—The issue of $7,414.64 final judgment
.
bonds offered
July 10—V. 143, p. 152—was awarded to Johnson, Kase &
as 2Ms, at a price of par.
Dated July 1, 1936 and due
$1,414.64 in 1938 and $2,000 from 1939 to 1941, incl.
Seasongood & Mayer of Cincinnati offered a premium of $11.85 for 2 Ms.
on
Co. of Cleveland
NORTH
W
BURLINGTON,
N.
Jan.
CAROLINA
C.—BOND
OFFERING—Sealed
bids will be
(Eastern Standard Tine) on July 28, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of a $451,000 issue of coupon
refunding bonds.
received
until
11
a.
m.
Denom. $1,000.
Dated Aug. 1, 1936.
Due on Feb. 1 as follows: $15,000
1938 and 1939; $25,000, 1940 to 1042; $28,000, 1947 and 1948, and $29,000
1949 to 1958.
Interest rate is not to exceed 6%, payable F. & A.
Rate
is to be stated in multiples of M of 1 %.
Each bid may name one rate for
part of the bonds and another rate for the balance, but
more
rate.
than two rates
bid may name
and each bid must specify the amoimt of bonds of each
no
The bonds will be awarded to the bidder
offering to purchase the bonos
at the lowest interest cost to the city.
The bonds are registerable as to
principal only.
Prin. ana int. payable in legal tender in N. Y. City.
Delivery on or about Aug. 18, at place of purchaser's choice. The approving
opinion of Masslich & Mitchell of N. Y. City, will be furnished the pur¬
chaser.
A cert, check for $9,020, payable to the State Treasurer, must
accompany the bid.
.
CABARRUS COUNTY (P. O. Concord), N. C.—BONDS TENTA¬
TIVELY APPROVED—A resolution providing for the issuance of $68,000
in bonds for
a
Public Works Administration school building project is
said
to have been passed
recently by the County Board of Education and has
been forwarded to the Board of County Commissioners.
"
•
GASTONI A, N. C.—BOND OFFERING—Sealed bids will be received by
W. E. Easterling, Secretary of the Local Government Commission, at his
office in Raleigh, until 11 a. m. (Eastern Standard Time) on July 28, for the
1
as
follows:
CINCINNATI, Ohio—MAY VOTE ON $4,000,000 TRANSIT BONDS
City Council will consider at a meeting fixed for Sept. 2, the advisa¬
bility of submitting to a referendum a proposal to issue $4,000,000 bonds to
finance the recommendations made in a recent rapid transit survey*
—The
CLEVELAND, Ohio—CONSIDERS REFUNDING ISSUE—The City
Council, in recess for the summer, may be called in special session shortly
for
the purpose of taking final action on resolutions calling for the
funding of $4,000,000 general obligation bonds now outstanding.
re¬
COLUMBUS, Ohio—BOND OFFERING—Helen T, Howard, City Clerk,
will receive bids until noon Aug. 13 for the purchase at not less than par or
$75,000 4% coupon, registerable, refunding bonds.
Denom.
$1,000.
Dated Sept. 1,1936.
Prin. and semi-ann. int. (Mar. 1 & Sept. 1) payable at
the city's agency in New York.
Due on Sept. 1 as follows: $7,000, 1937 to
1941; and $8,000, 1942 to 1946.
Cert, check for 1% of amount of bonds
bid for, payable to the City Treasurer, required.
Approving opinion of
Squire, Sanders & Dempsey of Cleveland will be furnished by the city.
FRANKLIN
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. O.
Stafford), Ohio—-BOND OFFERING—W. W. Sutton, Clerk of the Board
of
Education, will receive bids until noon July 24 for the purchase at not
4% school building improvement bonds.
Denom.
$1,000, except one for $500.
Dated May 1, 1936.
Interest payable semi¬
annually.
Due $1,000 yearly on April 1 from 1937 to 1944, incl., and
$500 April 1, 1945.
Certified check for $500, payable to the Board of
Education, required.
less than par of $8,500
purchase of
a $773,000 issue of coupon refunding bonds.
Denom. $1,000.
Dated June 1, 1936.
Due on Dec. 1 as follows:
$17,000, 1938 to 1941;
$20,000, 1942; $6,000,1943 to 1946; $40,000, 1947; $44,000, 1948; $48,000,
1949 and 1950; $59,000, 1951 and 1952; $60,000, 1953 to 1957, and $63,000
in 1958.
Interest rate is not to exceed 6%, payable J. & D.
Rate to be
stated in multiples of M of 1 %.
Each bid may name one rate for part of
the bonds (.having the earliest maturities) and another rate for the balance,
but no bid may name more than two rates and each bid must specify the
amount of bonds of each rate.
The bonds will be awarded to the bidder
offering the lowest interest cost to the city.
The bonds are registerable
as to principal
only.
Prin. and int. payable in legal tender in N. Y. City.
Delivery on or about Aug. 18, at place of purchaser's choice.
The approv¬
ing opinion of Masslich & Mitchell of New York, will be furnished to the
purchaser.. A cert, check for $15,460, payable to the State Treasurer,
must accompany the bid.
GRANVILLE COUNTY
(P. O. Oxford), N. C.—Sealed bids will be
received until 11 a. m. (Eastern )Standard Time) on July 21, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raliegh, for the purchase of the following issues of bonds
aggregating
$94,000:
.
$44,000 school bonds.
Due on July 1 as follows:
$2,000, 1939 to 1943;
*
$4,000, 1944, and $5,000, 1945 to 1950 incl.
Due on July 1 as follows: $3,000, 1939 to
1943, and $7,000, 1944 to 1948, all incl.
Denom. $1,000.
Dated July 1, 1936.
Coupon bonds, registerable as to
principal only.
Prin.. and inti J. & J. pyable in legal tender in N. Y. City.
Delivery at place of purchaser's choice.
There will be no auction,.
No
option of prior payment on either issue.
1
A separate bid for each separate issue (not less than par and accrued
interest) is required.
Bidders are requested to name the interest rate or
rates, not exceeding 6% in multiples of M of 1 %; each bid may name one rate
for part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
issue,
and each bidder must specify in his bid the amount of bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds at
the lowest interest cost to the county, such cost to be determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
The approv¬
ing opinion of Storey, Thormdike, Palmer & Dodge, Boston, will be fur¬
nished the purchaser.
Bids must be accompanied by a cert, check upon an
incorporated bank or trust company, payable unconditionally to the order
of the State Treasurer for $1,880.
b
L50,000 public hospital bonds.
ELM
CITY, N. C.—BOND SALE POSTPONED—The three issues of not
6% seini-ann. bonds, aggregating $19,000, scheduled for award
July 14—V. 143, p. 309—were not sold on that date as the offering was
postponed, according to the Secretary of the Local Government Com¬
to exceed
on
mission.
The issues
are
divided
as
follows:
$9,200 water and light bonds.
Due from 1938 to 1950.
4,200 cemetery bonds.
Due from 1938 to 1945.
5,600 funding and refunding bonds.
Due from 1951 to 1956.
.
LUCAS COUNTY (P. O. Toledo), Ohio—Other bids for the $117,000
refunding bonds awarded on July 7 to the BancOhio Securities Co. of
Columbus as 3s, at par plus a premium of $1,813.50—V. 143, p. 309—were
as
follows:
Bidder—
Int. Rate
Premium
The Weil, Roth
& Co., Cincinnati; The Provident
Savings Bank &
Trust
Co.,
Cincinnati, and
VanLahr, Doll & Isphording, Inc., Cincinnati.
3M%
Prudden & Co., Toledo; McDonald, Coolidge & Co.,
Cleveland, and Assell, Goetz & Moerlein, Cin¬
$609.00
^
-
cinnati
3%
Ryan, Sutherland & Co., Toledo, and Braun, Bosworth & Co., Toledo
3%
Stranahan, Harris & Co., Inc., Toledo
3%
The First Cleveland Corp., Cleveland, and Seasongood & Mayer, Cincinnati
3K%
Fox, Einhorn & Co., Cincinnati; Nelson, Browning &
Co., Cincinnati; Grau & Co., Cincinnati; Edward
Brockhaus & Co., Cincinnati; Lawrence Cook &
Co., Cleveland, and Bohmer, Reinhart & Co.,
Cincinnati3%
Mitchell, Herrick & Co., Cleveland, and Johnson,
Kase & Co., Cleveland
3X%
MINERVA,
chased
Ohio—BOND SALE—The
Sinking
Fund
517.00
1,054.00
1,380.00
187.20
.
1
1,417.70
682.00
Trustees
pur¬
issue of $24,743.72 refunding bonds, dated June 1, 1936 and due
June 1 as follows:
$3,000 from 1937 to 1943, incl. and $3,743.72 in 1944.
One bond for $743.72, others $1,000 each.
an
MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND SALE—
The $500,000 coupon refunding bonds offered on July 10—V.
142, p. 4382—
awarded to the Weil, Roth & Irving Co. of Cincinnati, the BancOhio
were
Securities Co. of Columbus and the Provident Savings Bank & Trust Co. of
Cincinnati as 3s at a premium of $1,058, equal to 100.2116, a basis of
about 2.97%.
Widman, Holzman & Katz of Cincinnati, and associates,
offered a premium of $7,101 for 33^s.
Dated July 1,1936.
Due
$25,000
each six months from
July 1, 1941 to Jan. 1, 1951.
NEW
BOSTON, Ohio—BOND OFFERING—Gerald Wintersole, City
Auditor, will receive sealed bids until noon (Eastern Standard Time) on
Aug. 4 for the purchase of $15,500 6% coupon delinquent tax bonds.
Dated April 1,1936.
Denom, $500.
Due as follows: $2,000, Oct. 1,1937;
$1,500 on Oct. 1 from 1938 to 1945 incl. and $1,500 on March 31, 1946.
A
different coupon may be fixed in the bid, expressed in a
multiple of H of
1 %.
Proposals to state the gross amount of the bid, including accrued in¬
terest to date of delivery, and be accompanied by a cert, check for $500,
payable to the order of the city.
Proceeds of the issue will be used to fund
the unsecured indebtedness of the city incurred
prior to the commencement
of the current fiscal year.
Delivery of bonds outside of the city will be
made at the purchaser's expense.
NEWCOMSERSTOWN, Ohio—BOND SALE DETAILS—The $8,000
5% coupon fire truck bonds purchased recently by Bliss, Bowman & Co. of
Volume
Financial
143
a price of par, as reported in these columns previously,
1, 1936, in denoms. of $800 and mature annually to and
Toledo at
of April
1947\
bear date
including
Vici, paying a premium of $50, equal to 100.45.
No other bid was re¬
ceived, according to the Town Clerk.
Due $1,000 from 1939 to 1949 incl.
Interest payable A. & O.
WAURIKA
Ohio—BOND ELECTION—At a special election;to
proposal to issue $10,000 water works and distribution
NEW LEBANON,
be held
on
July 28
a
system bonds will be voted upon.
NORTH
SCHOOL
DISTRICT
(P. O.
Waurika), Okla.—BOND
SALE—The
$35,000 issue of school building bonds offered for sale on
July 14—V. 143, p. 310—was purchased by the Treasurer of Jefferson
County, according to report.
Due $3,500 from 1939 to 1948, incl.
M. Christman,
the purchase
Ohio—BOND OFFERING—E.
OLMSTED,
473
Chronicle
Village Clerk, will receive sealed bids until noon on Aug. 4 for
4H% refunding bonds, divided as follows:
of $43,980
Due Oct. 1 as follows:
$2,500,
$31,770 special assessment bonds.
$3,000, 1941 to 1943 incl.; $2,500, 1944; $3,000, 1945 to 1947
$2,500 in 1948; $3,00 in 1949 and $3,270 in 1950,
12,210 general bonds.
Due Oct. 1 as follows: $1,210, 3cM0; $1,000
1941 to 1949 incl. and $2,000 in 1950.
1
_
_
Each
named
issue
on
is
incl.;
„
from
CAMP & CO., INC.
May 1, 1936.
A different interest rate may be
expressed by the bidder in a multiple of M of 1%.
unit or in part.
Pro¬
Village Treasurer.
OHIO,
Oregon Municipals
1940;
dated
the bonds,
The village reserves the right to sell the bonds as a
posals must be accompanied by a cert, check for 5%,
the
_
State
Porter
payable to the order of
of—RELIEF
BONDS
Ohio Tax
AUTHORIZED—The
OREGON
Commission has authorized six counties to issue Carey poor relief bonds,
totaling $394,600.
The bonds, to be retired over a nine-year-period
through the 1% utilities excise tax, were as follows: Mahoning County.
$132,000 authorized, previously issued $489,000: Huron County, $10,000
authorized, previously issued, $38,000; Fairfield County, $19,000 authorized,
previously issued, $35,000; Cuyahoga County, $171,600 authorized, pre¬
viously issued, $3,775,000; Lorain County, $39,000 authorized, previously
issued, $144,000; Sandusky County, $32,000 authorized, previously issued,
$25,000.
SANDUSKY, Ohio—ISSUANCE OF UTILITY BONDS ENJOINED—
A temporary injunction restraining the city from proceeding with the issu¬
ance of $1,400,000 light and power plant bonds was issued by Common
Pleas Court Judge E. H. Savard at Sandusky on July 3.
Opponents of the
with the city charter.
previosuly had dismissed a suit by the compainants in the present litigation in which it was alleged that although the
voters had approved the construction of the project, it was necessary for
them to pass on the bond issue at another election.
The Court held that
the initial favorable vote covered both points in the program.
bond
issue claimed the
ordinance did not comply
The Ohio State Supreme Court
SEBRING
Portland, Oregon
Building,
•
SCHOOL
MILWAUKIE,
Ore.—BOND
OFFERING—Wm.
B.
Adams,
City
Recorder, will receive bids until 8 p. m., July 27 for the purchase of $7,500
4% fire equipment bonds.
Dated Aug. 1, 1936.
Certified check for 2%,
required.
PORTLAND, Ore.—BOND ORDINANCE APPROVED—It is reported
that the law firm of Storey,
Thorndike, Palmer & Dodge of Boston, has
approved recently an ordinance prepared by the City Attorney, providing
for the sale of the
City Council
on
$6,000,000
sewage
the ordinance is
disposal bonds.
expected.
Final approval of the
now
YAMHILL COUNTY SCHOOL DISTRICT NO. 3 (P. O. Dundee),
Ore.—BOND SALE—The $8,000 4% coupon gymnasium building bonds
offered
awarded
to
Tripp
&
$800 yearly on July 1
the Universal Land &
Mortgage Co. 101.08 and the Federal Securities Co. 100.51.
We were not advised
by the District Clerk why the award was made to
Tripp & McCleary, Inc., instead of to Blyth & Co., Inc., which apparently
on
July
9—V.
143,
p.
152—were
McClearey at 102.44.
Dated July 1, 1936.
Due
from 1937 to 1946, incl.
Blyth & Co. bid 102.87,
submitted the highest bid.
Ohio—BOND SALE—The State
4j^% coupon school
20 years.
Denom. $1,000.
Interest
DISTRICT,
Teachers' Retirement System has purchased $35,000
bonds, due serially in from
payable M. & S.
1
to
TALLMADGE, Ohio—BOND OFFERING—S. A. Schlup, Village Clerk,
than par of
6% town hall bonds.
Denom. $1,000.
Dated July 1, 1936.
Prin. and semi-ann. int. A. 1 & O. 1 payable at the village depository in
Akron.
Due $1,000 yearly on Oct. 1 from 1937 to 1953 incl.
Cert, check
for $200, payable to the Village Treasurer, required.
Approving opinion
of Squire, Sanders & Dempsey of Cleveland, will be furnished by the village.
will receive bids until noon July 23 for the purchase at not less
$17,000
TRIMBLE, Ohio—BONDS NOT SOLD—'The issue of $8,000 4% coupon
and sidewalk bonds offered on July 6—V. 142, p. 4224—was
Dated Dec. 1, 1935, and due $320 annually on Oct. 1 from 1937
sewer, street
not sold.
to
1961. incl.
Ohio—BOND SALE—The
YOUNGSTOWN,
tax
bonds
offered
on
June 26
were
awarded to
$1,193,000
a
delinquent
syndicate composed of
Butler, Wick & Co., Youngstown; Mitchell, Herrick & Co., McDonaldCoolidge & Co., Otis & Co., Johnson, Kase & Co., Cleveland; Stranahan,
Harris & Co., Toldeo; Assel, Goetz & Moerlein, Inc., Van Lahr, Doll &
Isphording, Inc., and Seasongood & Mayer, Cincinnati as 3Ks, at par plus
a premium
of $9,901.95, equal to 100.83.
Dated May 1, 1936.
Due
Oct. 1, 1945; provided that $238,000 bonds will become subject to redemp¬
tion on Oct. 1 in each of the years 1941, 1942 and 1943 and $239,000 on
Oct. 1, 1944.
Other bids were as follows:
Premium
Int. Rate
Bidder—
Edw.
Brockhaus
&
Widman,
Co.;
Holzman
&
Katz; Charles A. Hinsch & Co.; Bohuier-Reinhart & Co., Cincinnati
$6,927.11
Gr,au & Co.; Fox, Einhorn & Co.; Nelson, Brown¬
ing & Co.; Walter Woody & Heimerdinger and
2,507.11
129.00
Midendorf & Co., Cincinnati
SH%
The Provident Savings Bank & Trust Co., Cinti-- 3H%
OKLAHOMA
DISTRICT NO. 105, Okla.—
building bonds offered on July 15—
City at a
premium of $3.60, equal to 100.025, $10,000 bonds maturing $1,000 yearly
on July 15 from 1939 to 1948 to bear int. at 3 X % and $4,000 coming due
$1,000 annually on July 15 from 1949 to 1952 at 3 %.
Bonds are to be dated
July 15, 1936.
Int. payable J. & J.
R. J. Edwards, Inc., of Oklahoma
City bid for $10,000 4s, $1,000 3s and $3,000, 2^s.
•
CANTON
INDEPENDENT SCHOOL
SALE—The
BOND
PENNSYLVANIA
AVALON, Pa.—BOND OFFERING—W. H. Oakley, Borough Secretary,
July 31,
1, 1936.
Denom. $1,000.
Due Aug. 1, 1946.
Interest payable F. & A.
A certified
check for $1,000, payable to the order of the borough,
must accompany
each proposal.
The approving opinion of Burgwin, Scully & Churchill of;
Pittsburgh
will be furnished
the successful
bidder.
will receive sealed bids until 7 p. m. (Eastern Standard Time) on
for the purchase of $20,000 3M% coupon bonds.
Dated Aug.
$14,000 school
V. 143, p. 309—were awarded to Taylor & Stuart of Oklahoma
CARNEGIE, Okla.—BOND OFFERING— O. L. Weaver, Town Clerk,
will receive bids until 10 a. m., July 20 for the purchase of $10,000 park site
bonds.
Due $1,000 yearly beginning five years from date.
BEECH
CREEK, Pa.—BOND OFFERING—Harold A. Robb, Secretary
of Borough Council, will receive bids until 7:30 p. m.,
Aug. 4 for the purchase
4% coupon bonds.
Denom. $500.
Dated July 1, 1934.
Int.
payable Jan. 1 and July 1.
Due July 1, 1954; callable on any interest pay¬
ment date.
Certified check for 2%, required.
of $15,000
TOWNSHIP SCHOOL DISTRICT (P. O. Sewickley
1), Pa.—BOND SALE—The $8,000 coupon school bonds offered
FRANKLIN
R. D. No.
July 13—V. 142, p. 4383—were awarded to the First National Bank of
Greensburg as 4s at a premium of $80, equal to 101, a basis of about 3.78%.
on
CUSHING
SCHOOL
DISTRICT,
Okla.—BOND
ELECTION—An
election has been called for July 21 at which a proposal to issue $40,000 high
school addition building bonds will be submitted to the voters.
MILL
CREEK
JOINT
CONSOLIDATED
SCHOOL
NO. 2, Okla.—BOND OFFERING—W. F. Lewis, Clerk of
DISTRICT
the Board of
Dated Aug. 1,1936 .
Due $1,000 on Feb. 1 from 1938 to 1945; optional on
and after Feb. 1, 1938.
A. B. Leach & Co., Inc. of Philadelphia bid a
premium of $28 and Singer, Deane & Scribner of Pittsburgh, $27.
Education, will receive bids until 2 p. m. July 20 for the purchase at not less
JENKINS
TOWNSHIP, PITTSTON BOROUGH (Now Pittston
City) AND PITTSTON TOWNSHIP POOR DISTRICT (P. O. Pitts-
than par of $17,000 school building bonds, which will bear int. at rate named
in the successful bid.
Due $1,000 yearly beginning three years from date
ton), Pa.—BOND OFFERING—William K. Frew, Secretary of the Direc¬
tors of the Poor of the above unit, will receive sealed bids until 11 a. m.
of bonds.
Certified check for 2% of amount of bids, required.
CORDELL SCHOOL DISTRICT (P. O. Cordell), Okla.—
INTEREST RATES—We are now advised by the District Clerk that the
NEW
$24,000 coupon semi-ann. school bonds awarded on June 30 to Mrs. C. E.
Durgee of Oklahoma City, as noted in these columns—V. 143, p. 152—are
divided as follows:
first, $6,000 as 4Hs; next, $9,000 as 2Hs, following
$3,000 as 4s; last, $6,000 as ZH% bonds.
Due in 19 years.
It is stated
that the net interest cost is about 3.34%.
v
OKLAHOMA," State
of—REDUCTION
IN
DEBT REPORTED—A
special dispatch from Oklahoma City to the "Wall Stret Journal" of July 9
had the following to say:
"State of Oklahoma bonds and notes outstanding June 20 totaled $13,032,-
000, compared to $16,016,000 as of Jan. 1, 1935.
Surplus to be credited
1936-37 is estimated at $5,313,151.
Total cash receipts for the 1935-36
fiscal year were $22,812,704, and June receipts, not transferred by State
Tax Commission, were estimated at $1,250,000 to make a total of $24,062,704.
General
and its
revenues appropriation for the fiscal year
surplus was $2,217,847."
was $21,844,856
PRYOR
SCHOOL
DISTRICT, Okla.—BOND OFFERING—j. S.
Wiles, Clerk of the Board of Education, will receive bids until 10 a. m.,
July 20 for the purchase at not less than par of $10,000 high school building
bonds, which are to bear interest at rate named in the successful bid.
Due $1,000 yearly beginning three years after date of issue.
Cert, check
for 2% of amount of bid required.
ROGERS COUNTY SCHOOL DISTRICT NO. 9 (P. O. Foyil),
Okla.—BOND OFFERING—J. F. Shaffer, District Clerk, will receive bids
until 10 a. m. July 18, for the purchase at not less than par of $10,000 school
building bonds, which are to bear interest at rate named in the successful
bid.
Due $1,000 yearly beginning four years from date of issue.
Certified
check for 2% of amount of bid required.
STILLWATER,
Okla.—BOND ELECTION—An ordinance has been
a proposal to issue $210,000 waterworks extension
bonds be submitted to the voters on July 21.
<
passed providing that
STILLWATER SCHOOL DISTRICT, Okla.—BOND ELECTION—At
election to be held on July 21 a proposal to issue $92,000 school building
an
bonds will be
voted
upon.
VICI, Okla.—BOND SALE—The $11,000 issue of sanitary sewer bonds
offered for sale on July 9—V. 143, p. 152—was purchased by the Bank of
(Eastern Standard Time) on Aug. 4 for the purchase of $287,000 coupon,
registerable as to principal only refuding bonds, to bear interest at any one
of the following rates:
1M, 1&, 2, 2H. 2%, 3, 3M, or 3M%.
All of the
.
The bonds will be dated Sept. 1, 1936.
Denom, $1,000.
The District assumes and agrees to pay any tax or taxes
on prin. and int. of the issue now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of Pennsylvania.
Due March 1 as follows: $10,000 in 1937; $30,000 from 1938 to 1943 incl.;
$32,000 in 1944 and 1945 and $33,00 in 1946.
Bids will also be received in
the alternate for the issue to mature as follows: $10,000,1937; $15,000,1938
and 1939; $20,000 from 1940 to 1944 incl.; $21,000 from 1945 to 1951 incl
Separate bids may be made on each schedule, but tenders will not be con¬
The
sidered for a combination of maturities from each of the schedules.
bonds are being issued under authority of Act of May 9, 1935, P. L. 155,
for the purpose of redeeming, prior to maturity, all of the presently out¬
standing bonds of the District.
They will be direct and general obligations
of the issuing unit.
Proposals must be accompanied by a certified check for
1 % of the bonds bid for, payable to the order of the Treasurer of the Direc¬
tors of the Poor.
They will be issued subject to the favorable legal opinion
of Townsend, Elliott & Munson of Philadelphia and of the approval of the
Department of Internal Affairs of Pennsylvania.
bonds must bear the same rate.
LOWER SALFORD TOWNSHIP-SCHOOL DISTRICT (P. O. Harleysville), Pa.—BOND OFFERING—W. F. Kulp, District Secretary, will
receive sealed bids until 7 p. m. (Eastern Standard Time) on Aug. 3 for the
purchase of $24,000 2K. 2% or 3% coupon school bonds.
The bonds
will be dated Aug. 1, 1936.
Denom. $1,000.
Due Aug. 1 as follows:
$5,000 in 1941, 1946 and 1951 and $9,000 in 1956.
The bonds are regis¬
terable as to prin. only and must all bear the same rate of int.
A certified
check for 2%, payable to the order of the District Treasurer, must accom¬
pany each proposal. The bonds will be issued subject to the favorable legal
opinion of Townsend, Elliott & Munson of Phildelphia.
MEADVILLE SCHOOL DISTRICT, Pa .—BOND SALE—The issue of
$120,000 2H% bonds offered on July 13—V. 143, p. 153—was awarded
Singer, Deane & Scribner, Inc. of Pittsburgh at par plus a premium of
$4,961.60, equal to 104.11, a basis of about 2.37% .
Dated July 1,1936 and
due $5,000 on July 1 from 1937 to 1960 incl.
to
MORGAN TOWNSHIP SCHOOL DISTRICT (P. O. Jefferson), Pa.—
BOND SALE—The $55,000 coupon or registered school improvement bonds
on July 11—V. 142, p. 4384—were awarded to the Peoples-Pitts¬
burgh Trust Co. of Pittsburgh as 2 Ms, at par plus a premium of $225.50,
offered
474
Financial
equal to 100.41,
Dated July 1,1936 and due $5,000
basis of about 2.67%.
a
Jan. 1 from 1937 to 1947 incl.
on
whereas the correct maturity is 10 years; optional
&
Aug. 14.
on
received
after 5 years.
'
A
new
*
OLYPHANT, Pa.—BONDS PUBLICLY OFFERED—Bacon, Stevenson
Co. of New York and M. M. Freeman & Co., Inc. of Philadelphia,
jointly, made public offering on July 14 of $208,000 3% % funding bonds at
prices to yield from 2.25% to 3.25%, according to maturity.
DatedMayl,
1936 and due serially on Nov. 1 from 1939 to 1952 incl.
The bonds con¬
stitute valid and binding obligations of the borough, payable from ad
valorem taxes within the taxing limitations placed by law upon boroughs
in Pennsylvania.
Legality approved by Townsend, Elliott & Munson of
Philadelhpia.
The bonds now offered are part of the issue of $215,000
awarded last April at a price of 101.55.
PENNSYLVANIA, State of—LOCAL ISSUES APPROVED—The fol¬
lowing is the latest list of bond issues approved by the Department of Inter¬
nal Affairs, Bureau of Municipal Affairs.
The information includes the
name of the municipality, amount and purpose of issue and date of
approval:
Date
Municipality and Purpose—
Approved
Borough,
Delaware
County—Constructing
sanitary sewers; acquiring the right to connect with
and use existing sewers of other municipalities, and
constructing jointly with other municipalities trunk
Amount
line
*
$35,000
Yoder
24
24
8,000
30,000
.
25
26,000
25
115,000
25
28,000
26
25,000
26
3,000
26
10,000
June 26
25,000
Throop Borough, Lackawanna County—Funding floating indebtedness
June 26
City and school taxes are paid to the City Treasurer.
Taxes are due
1 and become delinquent on April 1 of each year unless paid on the
Jan
yearly, quarterly or monthly plan before that date.
After taxes become
delinquent a penalty of 2% and M of 1% a month interest is added until
paid.
City and school taxes are liened in the third year after taxes are due
and payable.
Delinquent taxes may be paid on the partial payment plan.
Population, U. S. Census, 1920,'594,277; 1930, 669,817.
There is no litigation nor controversy, pending nor threatened, concerning
the validity of these bonds, the boundaries of the municipality, or the titles
of the officials or their respective off ices.
PHILADELPHIA,
system
LOCAL ISSUES APPROVED—The Department of Internal Affairs.
Bureau of Municipal Affairs, has approved the following issues of bonds,
The record includes the name of the municipality, amount and purpose
of issue and the date of approval:
Canton Township School District, Washington County; $15,000; payment
of operating expenses; June 29.
Doylestown Township School District, Bucks County; $17,000; erecting
and equipping a new school building; June 29.
Heidelberg Borough, Allegheny County; $10,000; payment of operating
expenses; June 29.
Oceola Borough, Clearfield County; $15,000; improvement of streets
and funding floating indebtedness; June 29.
Georges Township,
Fayette County; $56,000; funding floating in¬
19354
debtedness;
June 30.
Township School District, Lehigh County; $24,000;
of operating expenses; June 30Avaion
Borough, Allegheny County; $20,000; funding floating in¬
debtedness; July 1.
New
Eagle Borough School District, Washington
County; $8,000;
erect a public school building; July 1.New Galilee Borough, Beaver County; $3,000; grading, repairing and
improving streets; July 1.
Whitehall Township School District, Lehigh County; $60,000; payment
of operating expenses; July 1.
Abington Independent School District, Lackawanna County; $17,000;
construction of addition to present school building; furnishing and equip >ing
same; July 2.
Kennedy
Township,
Allegheny County;
$24,000;
funding floating
indebtedness, $22,000 for laying system of water lines; remaining $2,000
for completion of work; July 3.
South
Whitehall
payment
.
PERRY
Route
7),
TOWNSHIP
SCHOOL
DISTRICT
Pa.—BOND OFFERING—C.
O.
(P.
Timblin,
W.
Ellwood
City,
District Secretary,
will receive bids until 7:30 p. m., July 31 for the purchase of $12,000 4%
bonds.
coupon
June
1
and
Denom.
Dec.
1.
$500.
Dated June 1, 1936.
Interest payable
Due $500 yearly on June 1 from 1941 to 1964 incl.
Certified check for $200, required.
PITTSBURGH, Pa .—FINANCIAL STATEMENT—The following is
given in connection with the offering on July 28 of $2,800,000 not to exceed
4% interest bonds, previously described in V. 143, p. 310:
Collections of city taxes for the six months amounted to $32,480,695,
against $32,283,812, an increase of $196,882; school taxes were $18,038,725,
against $17,391,152, an increase of $647,573; delinquent city collections
were $5,858,404, against $5,488,357, an increase of $370,047 and delinquent
school $3,278,508, against $2,867,863, an increase of $410,645.
Collections of city taxes for June totaled $5,499,196, against $6,825,059,
a
decline of $1,325,863; school tax collections were$3,061,578, against
$3,665,480, a decline of $603,902, and delinquent city collections $1,070,741,
against $1,595,680, a decline of $524,939.
BILL PERMITS ADDITIONAL LOANS—Governor Earle has
to $9,000,000.
This will prevent a city tax rate increase next year
according to Mayor Wilson.
At present, about $30,000,000 in delinquent
are
outstanding, of which Mr. Wilson, last year as Comptroller,
estimated $21,000,000 would be collected this year.
Council appropriated
the $21,000,000 and this sum will be spent before the year ii§ out, whether
received or not.
The new bill authorizes expenditure also of remaining
$9,000,000, if Mayor and City Solicitor or Comptroller estimate that it, too,
up
taxes
$58,650,500.00
to
be
deducted
gross
in-
■
$2,000 in 1955.
PROSPECT PARK, Pa.—BOND SALE—The $30,000 coupon public
improvement bonds offered on July 10—V. 142, p. 4225—were awarded to
Butcher & Sherrerd of Philadelphia as 2Ms at a price of 100.83, a basis of
about 2.70%.
Dougherty, Corkran & Co. of Philadelphia were second
high with a Did of 101,512 for 3Ms. Dated Aug. 1,1936. Due Aug. 1,1956.
TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BOND OFFERING—Edwin H. Dorney,
(Eastern Standard Time)
on July24for purchase of $24,0003% coup, bonds.
Denom. $1,000. Dated
July 1,1936. Int. payable J. & J. Due July 1 as follows: $1,000, 1937;
$3,000, 1938; $2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000, 1942;
$2,000, 1943 and 1944; and $3,000, 1945 and 1946.
The bonds due on and
after July 1,1942 wil be subject to call prior to July 1, 1941.
Bidder must
name one rate of interest on the issue and the bonds will be secured by the
levyof an "emergency sinking fund tax" and will be further secured by all
outstanding taxes which are liens against real estate in the District, either
recorded or unrecorded for the years 1929-1934.
A cert, check for 2%,
payable to the District, is required.
(Award of the above issue on June 19 to E. H.Rollins & Sons of Phila¬
delphia as 3s, at a price of 100.11, was later canceled.)
SOUTH
Allentown
of said
city included in said
Sinking
Fund
Commission
gross
and
are
redemptions.
D.
No.
for
3),
SUMMIT
TOWNSHIP
SCHOOL
Pa.—BOND SALE—
DISTRICT,
The $9,000 coupon refunding bonds offered on July 13—V.
were awarded to S. K. Cunningham & Co. of Pittsburgh as
bond
Bidder—
Leach Bros., Inc
E. H. Rollins & Sons
,
101.13
101.00
Mrs. Gertrude Oesterling
TOWANDA
Rate Bid
.
,
—
,
SCHOOL
$3,329,776.60
....
Par
Pa .—BOND SALE—The $67,000
coupon bonds offered on July
13—V. 142, p. 4384—were awarded to
Cassatt & Co., Inc. of Philadelphia on a bid of 100.5198 for 2}^s, a basis
of about 2.45%.
Due as follows: $2,000, 1937; $3,000, 1938 to 1948; and
$4,000,1949 to 1956.
DISTRICT,
Other bidders
were:
.
Int. Rate
2%%
2M %
3%
"
3%
3%
3%
3M%
;
;
RHODE
»
Price Bid
100.86
101.541
101.20
101.35
100.87
100.80
100.518
ISLAND
R.
and
*
$75,737,700.00
-
$303,000.00
195,815.48
2,018,140.00
;
142, p. 4384—
3 Ms, at a price
100.50, a basis of about 3.71%.
Due $2,000 on Aug. 1 from 1952 to 1955
incl. and $1,000, Aug. 1, 1956.
Other bids, for 4% bonds, were as follows:
of
Assessed valuation for year 1935Sinking fund bonds
Less: Sinking funds.
158,036.60
Total deductions-
Net debt outstanding
but not issued)
R.
Financial Statement, July 1,1936
demption of the bonded debt of the city
last mentioned..,
Balance of 1936 appropriation
WHITEHALL
District Secretary, will receive bids until 6:30 p. m.
I .—BOND SALE—The $126,000 coupon, highway,
equipment bonds offered on July 16 were awarded to Estabrook
& Co. of Boston on a bid of 100.68 for 2s, a basis of about 1.91%.
Dated
Aug. 1,1936.
Due Aug. 1 as follows: $6,000 in 1938, and $10,000 from 1939
to 1950, incl.
held in the several sinking funds
$1,153,600.00'
Cash held in said sinking funds for the re'
*
and
sewer
bonded debt which have been purchased by
the
Pa .—BOND ISSUE DETAILS—
by the
3M%
follows:
$3,000 from 1950 to 1954. incl.
DISTRICT,
interest and mature March 15 as
NEWPORT,
debtedness:
Bonds
SCHOOL
$60,916,436.23
said
from
PITCAIRN
The $17,000 funding and refunding bonds purchased sometime ago
State Public School
Retirement Board—V.
143, p.
153—bear
_
700,000.00
1,565,936.23
Gross amount of indebtedness
Credit
will be collected.
Dougherty, Corkran & Co., Philadelphia
Edward Lowber Stokes & Co., Philadelphia.
S. K. Cunningham & Co., Pittsburgh
E. H. Rollins & Sons, Philadelphia
Leach Bros., Inc., Philadelphia
M. M. Freeman & Co.', Inc., Philadelphia.
*
Bonds authorized, not issued:
Public Welfare Relief bonds of 1932
Net floating debt
a
Enactment of the law, it issaid, gives thecity additional appropriating power
Butcher & Sherrerd, Philadelphia..
600,000.00
signed
bill sponsored by Mayor S. Davis Wilson which will permit the city to
borrow on its outstanding delinquent taxes, according to press advices.
Name—•
Analysis of Funded and Floating Debt May 31, 1936
The actual indebtedness of the City of Pittsburgh is as follows:
Note and bonded debt outsanding
$58,050,500.00
1% funding dent note due Sept. 1,1936
TAX COLLECTIONS REPORTED
Pa .—HIGHER
June from all sources amounted
$11,322,551, compared with $13,745,861 in June 1935, a decline of
$2,423,310, according to the report of Receiver of Taxes Frank J. Willard.
Receipts for the six months amounted to $66,231,450, compared with
$64,143,928in the like 1935 period, an increase of $2,087,522. All important
sources of taxes,
except water rents which increased in June, showed a
FOR HALF-YEAR—City tax collections for
155,000
a sewer
•
-
Uncollected End
Uncollected
Total Levy
of Year of Levy
Percent
May 31, 1936 Percent
$22,648,581.94
$2,082,720.59
9.196
$552,387.82
2.440
22,954,595.65
3,093,010.32
13.474
1,055,411.47
4.60
20,651,587.09
4,193,885.98
20.307
1,846,964.61
6.97
18,519,649.47
4,676,307.67
25.24
2,366,334.42
12.78
17,998,200.66
4,494,362.14
24.956
2,889,587.31
16.05
17,882,918.11
3,314,436,24
18.534
2,947,154.89
16.48
1936taxlevy, $17,868,478.12; coll. to June 30,1936,$10,817,200.30,60.54%.
1935 taxlevy $17,864,897.71; coll. to June 30,1935, $10,137,845.09,56.75%.
Year—
decline.
June 22
sewers
Township
School District,
Cambria
County—Payment of operating expenses
June
Upper Moreland Township, Montgomery County—•
Refunding bonded indebtedness in the sum of $20,000
and
increasing the bonded indebtedness to the
amount of $10,000 for sewer construction
June
Palmerton Borough School District, Carbon County—
Refunding bonded indebtedness
June
New Kensington City School District, Westmoreland
County—Payment of operating expenses
June
Branch Township School District, Schuylkill County—
Funding floating indebtedness
June
Swatara Township School District, Dauphin County—
Payment of operating expenses
June
Sligo Borough School District, Clarion County—Erect
addition to present school building
June
Dingman Township School District, Pike County—
Erecting and equipping a public school building
June
Rutledge Borough, Delaware County—Establishment
of
20.77% since 1930.
to
Morton
Lower
July 18, 1936
Tax rate'on land and buildings has been reduced
Fiscal
NORWOOD, Pa.—BIDS RETURNED UNOPENED—All bids
for the $10,000 fire fighting apparatus bonds offered on July 10—V. 142,
p. 4225—were returned unopened.
This action was taken because of an
error in the advertisement of offering, the maturity being
given as 20 years,
offering will be made
11199933315204
Chronicle
(which includes bonds authorized
_,__$57,586,659.63
Serial bonds (including this issue)-—Net bonded debt-.—
No
$24
water
bonds.
1934, $23.50;
—
—
.
Population
1935, $24.
107,184.52
1,772,000.00
1,879,184.52
—
1930
27,430.
Tax rate
1930 to 1933,
—
The $2,800,000 bonds to be sold on July 28 are not included in the above
figures.
The proceeds of the $1,300,000 funding issue, will be used for the
of the 1% funded debt note in the amount of $600,000, due
Sept. 1, 1936, and for the reduction .of the floating debt.
retirement
April 30,1936 delinquent city taxes (prior years), $13,252,874.77.
Water bonds oustanding (incl in above bonds outstanding)
$6,516,700.00
Cash in water bond sinking fund.
$329,996.93
__
Bonds in water bond sinking fund
-
16,000.00
(Included in above sinking funds).
345,996.93
Net water debt..
$6,170,703.07
RHODE
ISLAND
(State of)—BOND OFFERING—Percival De St.
Aubin, General Treasurer, will receive sealed bids until noon (Daylight
Saving Time) on July 22 for the purchase of $500,000 not to exceed 3
interest coupon or registered unemployment relief bonds.
Dated Sept. 16,
1935.
Denom.
expressed in
$1,000.
Due
Sept.
multiple of M of 1 %.
15,
1941.
The bonds
Rate
of
interest
to
be
exempt from taxation
of the
Public Laws of 1935 and by vote of the electorate on Aug. 6, 1935.
A
certified check for $5,000, payable to the order of the General Treasurer,
must accompany each proposal.
Copy of the opinion of the Attorney
General of the State with respect to the legality of the issue will be fur¬
a
in the State of Rhode Island
and
are
are
authorized by Chapter 2251
nished the successful bidder.
Schools:
Gross bonded school debt, May 31,1936
Less bond retirement fund
$21,818,949.88
1,802,832.33
Net school debt
1936..
SOUTH
CAROLINA
ROCKHILL, S. C.—PRICE PAID—It is stated) by the City Treasurer
0,016,117.55
Tax Rate Per $1,000
Land
Bldgs
$20.60
$10.30
20.60
10.30
20.60
10.30
20.60
10.30
Assessed
Valuations
$1,211,939,200
1,181,630,770
1,173,280,320
1,212,403,880
i
Budgets
$21,140,355
21,260,049
21,813,341
22,943,838
that the $15,000 4% semi-ann. sewer bonds sold to Frost.
Charleston,
as
noted
here recently—V.
Read & Co. of
143, p. 153—were purchased for a
Due from 1941
premium of $615, equal to 104.10, a basis of about 3.40%.
to 1947.
1
SOUTH
CAROLINA,
Stat-
of—FINANCES DISPLAY IMPROVE¬
MENT—The State of South Carolina closed its books for the fiscal year
1935-36 with a cash surplus of $443,115 iu its general fund, Comptroller
Volume
Financial
143
Chronicle
475
incorporated bank
an
of the face amount of the
trust company for 1 %
or
bonds tendered for purchase.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
LEWISBURG, Tenn .—BONDS VOTED—At the election held on July
7—V. 143, p. 153—the voters approved the issuance of the $30,000 in 4%
and street improvement bonds by a count of 109 to 36.
The date
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
sewer
of sale has not been fixed
KIRCHOFER
ARNOLD
&
INCORPORATED
A. T. T. TELETYPE
RALEIGH, N. O.
on
June 30
The
is
The fund had
cash balance of $784,187
a
$341,071.
highway certificates at competitive
outstanding obligations aggregating
with
State
RLGH 80
CAROLINA
SOUTH
General A. J. Beattie announces.
$1,500,000
offering
Co. in New York City.
Interest shall cease on these bonds
SULLIVAN
within the
"We have been greatly aided by the
"This is the best financial statement the State has presented
last 25 years," Mr. Beattie
declared.
fact that interest charges have been lower than in former years* because in
addition to the retirement of several obligations in full, the rate of interest
on the State's funded debt has been materially reduced through refinancing."
Revenue
receipts of the State during the past fiscal year aggregated
$19,108,859 as compared with $16,652,916 during the 1934-35 period, the
Tax Commission reported.
June collections were given as $1,810,267
compared with $1,460,360 in June 1935.
General fund revenue collected during the fiscal year amounted to $11,872,665, of which $5,336,488 was paid for general apporpriations, $5,074,066
for State and county schools and $912,611 for indebtedness.
Property tax
collections for retirement of the old State deficit aggregated $784,187.
on
the dates called.
Tenn .—BONDS DE¬
p. 4225—the voters
bonds, accord¬
We had previously noted in these columns that the proposal
(P.
O.
FEATED—At the election held
ing to report.
had
been approved
WILSON
on
Blountville),
June 27—V.
142,
SOUTH
DAKOTA,
State
O.
(P.
.
Lebanon),
Tenn.—BOND SALE NOT
bonds approved
by the voters on May 14, as noted at that time-—V. 142, p. 3558—it is
by E. O. Dodson, Clerk of the County Court, that at the July 6
meeting of the Court, action was deferred on a proposed sale until the Octo¬
connection
with the $160,000 school
stated
ber term of Court.
TEXAS BONDS
liquors and gasoline tax receipts.
Bought
—
Sold
—
Quoted
DAKOTA
H. C. BURT & COMPANY
MADISON, S. Dak.—BOND SALE—'The $35,000 issue of 4% semi-ann.
auditorium-armory bonds offered for sale on July 13—V. 143, p. 311—was
awarded to the Allison-Williams Co. of Minneapolis, paying a premium of
$300, equal to 100.85, a basis of about 3.90%, to maturity.
Due on
July 1 as follows: $2,000, 1939 to 1955, and $1,000 in 1956; redeemable
at the city's option on any interest date.
of—REPORT
DEPARTMENT—The
by the voters.
COUNTY
SCHEDULED—In
The commission listed increases during 1935-36 in income, inheritance,
business license, documentary, soft drinks, contractors, electric power,
retail store, beer and wine, alcoholic
SOUTH
COUNTY
defeated the proposal to issue $235,000 in school construction
bidding July 22.
CREDIT
yet, according to the City Clerk.
as
MONTGOMERY COUNTY (P. O. Clarksville), Tenn.—BOND CALLS
—It is stated by John T. Cunningham, County Judge, that the following
bonds are being called for payment:
On Nov. 1, 1936: $12,500 5% highway bonds, numbered 26 to 50, incl.
Denom. $500.
Dated Nov. 1, 1916.
Due on Nov. 1, 1946, optional
on Nov. 1, 1936.
Payable at the office of the County Judge.
On Jan. 1, 1937: $12,500 5H% highway bonds, numbered 27 to 39, incl.
Denom. $1,000, one for $500.
Dated Jan. 1, 1922.
Due on Jan. 1,
1952, optional on Jan. 1, 1937.
Payable at the Chemical Bank & Trust
ON
indebtedness
of
STATUS
South
OF
[Incorporated
TEXAS
RURAL
Dakota's
Rural
Credit Department was
reduced $1,350,000 during the fiscal year 1935-1936,
reports Dierector C. L. Chase.
Receipts were $17,968,948 and disburse¬
ments $16,989,508 during 1935-1936. leaving a cash balance of $979,440
on June 30.
The previous fiscal year receipts totaled $8,148,089 and dis¬
bursements $7,292,164, leaving an $855,925 cash
balance.
Tne large
increase in receipts and expenditures during the past year is accounted for by
refinancing of outstanding bonds.
Proceeds from bond sales during the
year totaled $12,696,000, and during the same period $10,246,000 of bonds
were retired.
Director Chase says refunding operations will result in an
interest saving of $112,564 annually on outstanding bonds which now total
$40,269,000.
The bonded indebtedness at
the close of the 1934-1935
fiscal year was $43,419,000.
BEE
COUNTY
$25,500 sewer construction bonds.
Due from Aug. 1, 1937 to 1956.
7,700 service sewer construction bonds.
Due from Aug. 1,1937 to 1951.
9,000 sewer bonds.
Due from Aug. 1, 1937 to 1951.
(P.
O.
Beeville),
Tex.—BOND
ELECTION—It
is
an election will be held on Aug. 8 to vote on the issuance of
$225,000 in road bonds, defeated at the election held on May 23, as
noted here at that time.—V. 142, p. 3903.
reported that
the
ELDORADO, Tex.—BOND ELECTION—An election is said to be sched¬
of $50,000 in municipal
uled for July 28 in order to vote on the issuance
water and sewer system bonds.
FORT
WORTH
SCHOOL
DISTRICT,
Tex.—BOND
OFFERING
PLANNED—The School Board is planning to offer for sale within the next
month
an
issue of $1,350,000 school construction bonds.
GARWOOD
WATERTOWN, S. Dak.—BOND SALE—The three issues of 4% semibonds aggregating $42,200, offered for sale on July 13, as reported in
these columns—-V. 143, p. 153, 311—were awarded to the First Citizens
National Bank of Watertown, paying a premium of $1,325, equal to 103.13,
a basis of about 3.63%.
The issues are divided as follows:
ann.
Houston, Texas
Sterling Building
SCHOOL
DISTRICT (P. O. Garwood) Texas—BOND
is now reported by the Secretary of the Board of
$7,500 school bonds purchased at par by the State
Board of Education, as reported here recently—-V. 143, p. 311—were sold
as 4s, and mature $250 from Oct. 1, 1936 to 1966.
SALE DETAILS—It
Education
that
the
GEORGETOWN, Tex.—BOND ELECTION—The $60,000 water and
light plant bonds voted by the electors at a recent election will be resub¬
mitted at another election called for July 23.
There was a flaw in the first
election.
ODESSA SCHOOL DISTRICT (P. O. Odessa), Tex.—BOND
SALE—
of coupon school bonds offered for sale on July 13—
154—was purchased by the State of Texas, as 3%s, according
to
the Superintendent of Schools.
Dated Feb. 15, 1936.
Due from
Feb. 15, 1937 to 1951; callable after Feb. 15, 1941.
The $85,000 issue
V.
TENNESSEE
Municipal Bonds
PORT
Memphis
CHATTANOOGA, TENN.—BOND ISSUANCE CONTEMPLATED—
The City is said to be planning to issue $300,000 in bonds, of which $150,000
would be used on a general hospital project and the remainder would be
devoted to various projects put forward by the city departments.
TO
BE
PURCHASED—T.
R.
Preston, Chairman of the Sinking Fund Commissioners, will receive sealed
series B, and funding bonds
tenders of refunding bonds of the city, series A or
of the city, all dated May 1, 1935, and maturing
May 1, 1950, until 10 a. m.
on July 31.
The Sinking Fund Commissioners are said to have in the
sinking fund for the purpose of purchasing saia bonds the sum of $54,000.
Tenders of bidders shall specify the interest rates and numbers of the bonds
to be tendered.
Bidders may stipulate, it they so desire, that their tenders
are for the purchase of all or none of the bonds tendered, and shall state the
time and place said bonds will be delivered, if tenders are accepted.
Tenders
shall be accompanied by certified check upon any incorporated bank or
trust company for 1% of the face amount of bonds tendered or purchased,
payable to the Sinking Fund Commissioners.
COLLIERVILLE, Tenn.—BOND ELECTION—It is reported that
an
election will be held on Aug. 6 in order to have the voters pass on the
proposed issuance of $42,000 in sanitary sewer construction bonds to be
used in connection with a Public Works Administration grant.
COLUMBIA,
Tenn.-—BOND ELECTION—An election is said to be
the issuance of $300,000 in munic¬
scheduled for Aug. 1 in order to vote on
ipal
power
plant bonds.
(We had previously reported that the amount to be voted for this purpose
had been set at
DYER
a
NECHES
SCHOOL
DISTRICT,
Tex.—BOND OFFERING—
ARKANA, Tex.—BOND ELECTION CONTEMPLATED—We are
Clerk that an election will be held in the near future
issuance of $1,200,000 in gas system revenue
bonds, scheduled to bear 6% interest and to mature serially over a 16-year
period.
informed by the City
Tenn.—PWA GRANT REQUESTED—An application is
reported to have been made for a Public Works Administration grant to
be used in connection with a $55,000 issue of school building bonds which
was authorized by the Legislature.
Tenn.—BONDS
V. Newton, District
TEX
TENNESSEE
ATHENS,
CHATTANOOGA,
by J.
C. E. Doyle, District Secretary, will receive bids until July 24 for the
purchase of $40,000 4% coupon school building bonds.
Denom. one for
$1,575 and 29 for $1,325.
Int. payable April and Oct.
Due serially from
1937 to 1966.
Certified check for 2}4 % of bid, required.
Nashville
Knoxville
Chattanooga
Tex.—BONDS SOLD—It is stated
Secretary, that a $30,000 issue of school addition bonds approved by the
voters last December, have been sold to the State Treasurer, at 4J^%.
Securities Corporation
New York
p.
PETERSBURG INDEPENDENT SCHOOL DISTRICT (P. O. Peters,
burg),
EQUITABLE
Birmingham
143,
in order to vote on the proposed
TEXAS, State of—SUPREME COURT DIRECTS ACCEPTANCE OF
COUNTY BONDS—An Austin dispatch to the "Wall Street
DALLAS
Journal" of July 9 had the following to say:
The State Board of Education is without legal power to prevent
refunding
of bonds owned by the permanent school fund of Texas, according to an
opinion given recently by the State Supreme Court.
In the case in question
Charley Lockhart, State Treasurer, was directed by a mandamus to accept
a tender of Dallas County of $14,000 cash and $194,000 refunding bonds for
$208,000 of a 1905 issue.
Lockhart declined to accept the tender of new
bonds as the Board refused to grant permission.
"The Court held that statutes gave the county authority to issue refund¬
ing bonds and did not restrict the power to redeem bonds to any particular
method.
The Treasurer contended the bonds could be redeemed only by
proceeds of an ad valorem tax."
TEXAS, State of—REPORT ON PAYMENT OF RELIEF BONDS—
January Texas has paid back on its $20,000,000 relief bond issue
than it has spent on relief, according to R. B. Anderson, State Tax
Commissioner.
He estimated that only $13,800,000 of the bonds remain
unpaid.
Mr. Anderson estimated the State would close its fiscal year with
a deficit of $8,800,000 in the general revenue fund, a balance of more than
$2,000,000 in the school fund, a deficit of about $5,000,000 in the Con¬
federate pension fund, and a balance of $10,000,000 in the highway fund.
Under normal procedure, the pension deficit will be dissolved by 1941, he
Since
more
said.
WILBARGER COUNTY (P. O. Vernon), Tex—BONDS VOTED—An
$80,000 issue of South Lockett School District bonds is reported to have
been approved recently by the voters.
.:
tentative sum of $204,000—V. 143, p. 153.)
COUNTY
(P.
O.
Dyersburg), Tenn.—BOND REFUNDING
have approved recently the re¬
APPROVED—-The County Court is said to
funding of a total of $761,000 in bonds.
HAMILTON COUNTY (P. O. Chattanooga), Tenn.—PROPERTY
TAX LEVY UPHELD—The State Supreme Court ls reported to have up¬
held the right of the county to
levy against Chattanooga property as well as
unincorporated county property in floating a $739,000 bond issue for
developments.
The high court is said to have reversed the ruling
of the County Chancellor, who maintained that the tax could not be made
to include city property because the city operates its own school system.
VERMONT
COVENTRY, Vt.—BOND SALE—The $30,000 coupon refunding bond
offered on July 15—V.143, p. 311—were awarded to E. H. Rollins & Sbns
of Boston at 3% int. for a price of 101.794, a basis of about 2.78%.
The
Montpelier National Bank of Montpelier bid par plus a premium of $500.
for 3s.
Dated July 15,1936.
Due July 15 as follows: $2,000,1937 to 1946,
school
and $1,000, 1947 to 1956.
Tenn.—BOND ELECTION
CONTEMPLATED—It
is
reported that an election will be held soon in order to vote on the proposed
issuance of $575,000 in electric power distribution system bonds, the system
to be hooked up with Tennessee Valley Authority power lines.
A Public
Works Administration loan has been applied for on this project.
Jenks, Gwynne & Co
Vermont Securities, Inc
JACKSON,
Other bids were as follows:
Int. Rate
Bidder—
—
Coffin & Burr, Inc
3%
3%%
3H%
Rate Bid
100.765
100.53
100.519
VIRGINIA
KNOXVILLE, Tenn.—BOND TENDERS INVITED—It is announced
by R. Rex Wallace, Director of Finance, that he will receive sealed tenders
offering for sale $50,000 refunding bonds dated Jan. 1, 1933, and maturing
Jan. 1, 1958, for the purchase by the Sinking Fund Board in compliance
with the law authorizing same.
Sealed tenders will be received until 10
a. m. on July 27.
Tenders shall be accompanied by a certified check upon
RICHMOND, Va —BOND SALE—The $375,000 2H% coupon semiann. general impt. bonds offered on July 16—V. 143, p. 154—were awarded
to Lobdell & Co. of New York, at a price of 104.525, a basis of about
Due $25,000 on July 1 from 1939 to 1953,
1.995%. Dated July 1, 1936.
incl.
*
Financial
476
Chronicle
July 18, 1936
in the banks for bondholders.
—
Oregon
—
Idaho
—
Money also was deposited for 5% interest due on $7,400,000 worth of
Alberta and Great Waterways Ry. bonds, the only Government issue
exempt under the May 30 order-in-council.
'
The Edmonton Sinking Fund Board, holding $13,000 University bonds,
announced July 3 that it would refuse to accept payment of interest on the
reduced scale fixed by the Province.
Montana
Ferris & Hardgrove
SEATTLE
SPOKANE
CALGARY,
Alta.—CONDITIONS ESTABLISHED BY BANK IN
FINANCING DEBT PAYMENTS—In agreeing to extend Calgary's line
PORTLAND
of credit in-order to prevent default on its obligations
Montreal laid down the following stipulations:
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
Remaining
6M % rate and was the last bond issue carrying such interest.
outstanding issues call for less than 6M% interest.
NORTHWESTERN MUNICIPALS
Washington
The university issue was contracted at a
(1)
June 30, The Bank of
.
The city must practice every economy and levy to meet its legal
obligations.
WASHINGTON
improvement bonds.
YAKIMA COUNTY
(P. O. Yakima), Wash.—BOND
INJUNCTION
SUIT FILED—A suit is said to have been entered in the local Superior
Court to restrain the County Board from issuing and selling the $143,000
general obligation bonds, to be used to take up emergency warrants issued
during the last year.. It is understood that this is in the nature of a test
suit to determine the county's right to pledge revenues for the payment of
annual principal and interest.
WEST VIRGINIA
WEST
VIRGINIA,
State of—BOND SALE-r-The $500,000 issue of
road bonds offered for sale on July 14—V. 143, p. 312—was awarded to
Brown Harriman & Co., Inc., of New York, at a price of 100.011, a net
interest cost of about
2.30%, on the bonds divided as follows:
$125,000
as
3s, maturing on Sept. 1:
$20,000, 1936 to 1941, and $5,000 in 1942; the
remaining $375,000 as 2Ms, maturing on Sept. 1:
$15,000, 1942, and
$20,000, 1943 to 1960 incl.
BONDS OFFERED FOR INVESTMENT—The successful bidder re
offered the above bonds for public subscription at prices to yield from 0.40%
to about
2.35%, according to rate and maturity.
Sinking fund trustees must enter into an unconditional contract to
$125,000 of relief bonds to provide for repayment this
of the 1934 bank loan.
(3) Sinking fund trustees must undertake to pay to the city for applica¬
tion on the city's 1936 revenue loan, the fund's surplus earnings for 1936.
(4) The city council must by resolution go on record as favoring the
inclusion in the 1938 levies of any unpaid balances on 1936 revenue account
(2)
take up this year
SEATTLE, Wash.—BOND CALL—H. L. Collier, City Treasurer, is
reported to be calling for payment from July 11 to July 22, various local
Interest
on
the bonds is
exempt under present laws from all Federal income taxes, and tax exempt
in West Virginia.
year
„
over into 1938.
Upon approval of these stiuplations the bank granted additional credits of
$186,000 for June and $410,000 for interest due June 15, June 30 and July 1.
Provided that advnaces on 1936 revenue account had been reduced to
carried
$350,000 by July 8, the bank agreed to entertain monthly applications for
additional advances in anticipation, of tax collections to assist in meeting
current expenditures provided for in the revised budget.
The bank has agreed to carry over into 1937, if necessary, advances on
revenue account not
exceeding a total of $450,000.
The bank states
definitely that it is not prepared to lend assistance to any expenses not
included in the-city's revised budget.
CANADA
of)—OUTLOOK FOR PRICE INCREASE ON
(Dominion
DEFAULTED BONDS—The following are excerpts from an article in the
July 4 issue of the "Financial Poso" of Toronto, in which is discussed the
propects of future enhancement in values of defaulted bonds generally in
the wake of the continuance of economic improvement in the Dominion:
Defaulted municipal bonds may offer less chance of substantial recovery
in the near future than do industrial bonds, but at the same time the degree
of risk is perhaps smaller.
In the case of many of these defaults it may be
necessary to reduce interest and in others to reduce both interest and
vestment.
grincipal. Nevertheless present prices offer opportunities of profitable
l
Municipal finances, and this is particularly true of Ontario and Quebec,
WISCONSIN
CALUMET COUNTY (P. O. Chilton), Wis.—BONDS AUTHORIZED
—The County Board is said to have voted on July 2 to issue $100,000 in
be on the mend.
Tax collections during the past two years have
shown general gains and most of the defaulting municipalities have recorded
definite improvement.
In Quebec several municipal reorganizations have
bonds for highway paving and grading.
It is expected that half of the
cost of the project, estimated at about $200,000, will be met by Federal
force beforj the end of the year.
appear to
already been approved and in Ontario a number are expected to be put in
funds allotted by the State Highway Commission.
Windsor
LA CROSSE, Wis.—BOND ISSUANCE NOT SCHEDULED—In con¬
nection with the $350,000 sewage disposal plant bonds authorized by action
of the City Council recently—V. 143, p. 156—it i' reported by F. L. Kramer,
City Clerk, that the exact amount of the bonds to be issued will be de¬
termined after reception of the bids on construction.
MADISON, Wis.—BOND SALE—The $96,500 refunding bonds offered
July 10 were awarded to the Cbanner & Joiner Co. of Chicago as 2%b,
on
at
a
was
premium of $257, equal to 100.266.
The Milwaukee Co. of Milwaukee
second high bidder, offering a premium of $251 for 2Ms.
MILWAUKEE
SUANCE
COUNTY
(P.
CONTEMPLATED—It
O.
is
Milwaukee),
summarized below:
Windsor
IS¬
County
by Frank Bittner,
Auditor, that the County Board of Supervisors will consider the authoriza¬
tion of $2,500,000 in county relief bonds, at a meeting.to be held on July 21.
It is expected that the sale will follow shortly after the authorization of
Less:
Cash-...
-
Net cost--
RACINE, Wis.—BOND SALE—The $89,000 bonds described below,
which
were offered on July
Bancamerica-Blair Corp. of
15—V. 143, p. 154—were awarded to the
Chicago, as 2Ms, for a premium of $745.,
equal to 100.837, a basis of about 2.32%:
$35,000 park impt. bonds.
Due $5,000 from June 15, 1937 to 1943, incl.
54,000 bridge construction bonds.
Due on June 15 as follows: $5,000,
1937 to 1946, and $4,000 in 1947.
Denom. $1,000.
Dated June 15, 1936.
Paine, Webber & Qo. of Chicago, offered a $740 premium for 2Ms.
O. Eagle River),
*
-
municipal defaults are Toronto suburban munici¬
palities.
May of these will have to make only minor adjustments, among
these being Mimico and New Toronto.
Others are favorably situated since
they were able to make partial payment of interest in 1935, such as East
York, York and North York townships. Etobicoke township is one which
paid 1935 interest in full. As tax collections improve and relief costs drop
these municipalities should be able to resume debt service with only minor
adjustments. It is expected that the debts of some of these will be refinanced
among
in the current year.
Details of these defaults
are
given below:
Bond
Prices
Bid
Asked
52
70
55
75
Minico
63
73
68
77
none
New Toronto
North York Township
63
67
3%
63
68
3%
54
57
3%
Municipality—
$64,000, divided as follows:
$43,000 general obligation, series G bonds. Dated April 1, 1936. Due on
*
April 1 as follows: $2,000,1937 to 1953, and $3,000,1954 to 1956
Due
WASHAKIE COUNTY (P. O. Worland), Wyo.—PRICE PAID—
Bosworth, Chanute, Loughridge & Co. of Denver bid 100.12 for 2%s, in
procuring the award of the $75,000 coupon court house and jail bonds on
July 7.
Net interest cost to the county is about 2.74%
Dated July 1,
1936.
Due $3,000 on July 1 from 1937 to 1941, and $4,000 on July 1 from
.
1942 to 1956.
Other bidders were:
Name—
Interest Rate
Edward L. Burton & Co., and First Se¬
curities Co., Salt Lake City
3%
Geo. W. Vallery & Co., Denver, and/lst
$25M 3M%1
Bid
100.11
$50M 3M%/
3M %
100
$15M 3M%1
$20M 3U%\ Disct.of$425
$40M 4%
j
Canadian Municipals
Information and Markets,
ELGIN 6438
TORONTO
substantial.
cover interest on approxi¬
mately $13,000,000 of Alberta's $160,000,000 funued debt at full contracted
June
were
are as
follows:
Bond Bid
Prices Asked
78
74
82
77
Y
CANADA (Dominion of)—SELLS $25,000,000 TREASURY BILLS—
new low rate was obtained by the Dominion at the sale on July 14 of
$25,000,000 three-months Treasury bills, the average cost of .757%,
comparing with the previous low of .798%.
CHANDLER,
Que.—INTEREST PAYMENTS—The
municipality is
paying interest coupons dated July 1, 1936. Interest is also being paid on
bonds which matured Jan. 1 and May 1, 1933,1934, 1935 and 1936.
EDMONTON, Alta.—FINANCING PROBLEM CONSIDERED DIF¬
FICULT—-According to press advices from the city, the condition of the
municipal treasury suggests that the city may be forced to seek relief in
the form of concessions from holders or its bonds.
Mayor Olarke, the
report says, is among those favoring a reduction in interest rates.
POINTE-CLAI RE,
Que.—BOND OFFERING—J. L.
Vital Mallette,
PORT ARTHUR, Ont.—BOND OFFERING—Arthur H. Evans, City
Treasurer, will receive sealed bids until 5 p. m. on July 23, for the purchase
of $34,000 4M% sinking fund bonds, dated Dec. 1, 1935 and due Dec. 1,
1955.
Coupon dated June 1, 1936 has been canceled.
Interest, due July 1 on the nine bond issues involved, varied from 4M
to 6M%.
An order-in-council passed last May 30 by the Social Credit
Cabinet authorized the 50% reduction, the reduced rates being effective
from June 1 last.
It was not known whether bondholders had accepted the reduced interest.
cover the payments were deposited in Edmonton banks by the
Funds to
Alberta Government on June 30.
The principal on a $450,000 University of Alberta bond issue which
matured June 30 and the issue's interest on the reduced basis, also Avas
1937 to 1961, inclusive.
SOREL, Que.—BOND OFFERING—A. O. Cartier, Secretary-Treasurer,
will receive sealed bids until 4 p. m. on July 28 for the purchase of $96,000
4 on 4M% bonds, due serially on Aug. 1 from 1937 to 1961 incl.
available for
distribution by banks on July 2.
Prices
Sudbury
Niagara Falls...
from
INTEREST ON REDUCED SCALE—Funds to
as
Principal
Cities in default on principal which should find it necessary to extend
bond maturities only are Sudbury and Niagara Falls.
Both of these cities
have improved their financial positions and built up cash reserves against
defaulted principal.
On 5%, 5M% and 6% coupon bonds the yield is
Province of—PROVIDES FUNDS FOR PAYMENT OF
interest rates for five months and halved rates for
on
none
SHERBROOKE,
Que.—BOND OFFERING—Art. Deslauriers, City
Clerk, will receive sealed bids until 4 p. m. on July 20, for the purchase of
$875,000 2M. 3 and 3M% bonds, dated June 1, 1936 and due serially
CANADA
ALBERTA,
Default
in 1935
3%
full
Secretary-Treasurer, will receive sealed bids until 5 p.m. on July 27 for the
purchase of $14,000 4% bonds, dated July 2, 1936 and due on July 2,1949.
BRAWLEY, CATHERS & CO.
25 KING ST. WEST,
Weston..
York Township
Int. Paid
A
100.33
-
Stockgrowers Nat. Bank, Cheyenne.{Next
Brown, Schlessman, Owen & Co., Denver
(1st
First National Bank of Laramie
-{2nd
[Last
—-
In
WYOMING
$29.00
$99.10
of finance commission and bondholders'
East York Township
Etobicoke Township.
21,000 general obligation, series H bonds.
Dated June 1, 1936.
$1,000 on June 1 from 1936 to 1956 ipcl.
Denom. $1,000.
$9.90
6.1
Toronto Suburbans
Prominent
Wis.—BOND OFFERING—
$1,000.
$245
$15
6.5
committees.
Sealed bids will be received until noon on July 27, by Mary Thomas, County
Clerk, for the purchase of two issues of 4% semi-ann. bonds aggregating
Denom.
$260
15
$535
$35
6.2
$115.30
—-
wich
$620
$680
$42 M
6.2
Before deduction of expenses
Windsor
85
$320
$20
-
Stock yield, %
Cash actual*
(P.
ville
$680
$420
1Q0
—
Fixed interest
OCONTO COUNTY (P. O. Oconto), Wis.—BONDS TO BE SOLD—
Josie M. Cook, County Clerk, states that she will sell $400,000 highway
bonds as follow :
$200,000 in 1937 and the remaining $200,000 in 1938.
The sale will take place about May 1, or June 1, of each year.
These bonds
are said to be the remainder of a $500,000 issue approved by the voters on
April 7.
COUNTY
Sand-
Walker-
Windsor
Per $1,000 Bond—
Price of bonds..
these bonds.
VILAS
Refinancing
East
'
Wis.—BOND
stated
1
Refinancing
Among defaulted bonds are those of the four municipalities merged into
new City of Windsor.
A scheme has been adopted under which the
debenture debt of the four municipalities is to be refinanced at a reduced
rate of interest on a 60-year basis.
In addition, a cash payment is to be
made on account of arrears and provision is made for additional bond pay¬
ments as income of the city increases.
Sinking funds may help to raise
bond prices.
The position of the bonds under the refinancing scheme is
the
STURGEON FALLS,
Ont.—SUPERVISION URGED BY COUNCIL—
Ontario Depart¬
The town is to be placed under the direct supervision of the
ment of Municipal Affairs
with the least possible delay, it was decided at a
meeting of the Council last week, attended by A. J. B. Gray, departmental
representative.
The toAvn has defaulted $50,504 in principal and interest and a further
default is foreseen, it was said.
SYDNEY. N. S.—BOND SALE—An issue of $200 4M% debentures,
due from 1937 to 1956, has been sold to Irving Brennan & Co. of Halifax
at
99.70.
@FedFRASER